/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210129.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, January 29, 2021, Vol. 24, No. 16 Headlines A U S T R A L I A HAMELIN BRANDS: First Creditors' Meeting Set for Feb. 8 REDWOOD CONSTRUCTION: Second Creditors' Meeting Set for Feb. 5 TANDEM COLLEGE: Second Creditors' Meeting Set for Feb. 5 C H I N A CHINA FORTUNE: Fitch Downgrades LT Foreign-Currency IDR to 'CCC' CHINA SUNERGY: Module Supplier Unit Files for Chapter 11 CHINA: Gives Small and Midsize Banks New Tool to Replenish Capital GUORUI PROPERTIES: Fitch Gives Final B- Rating to USD323.7MM Notes PEKING UNIVERSITY: Gets More Time for Bankruptcy Restructuring ZUNYI BOZHOU: Defaults on US$34.7 Million Trust Loan H O N G K O N G I-CABLE COMMUNICATIONS: Taps Main Shareholder for More Funds I N D I A 4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category ADIE BROSWON: ICRA Keeps B+ Debt Ratings in Not Cooperating ADILABAD EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating AFFLUENCE ENGINEERING: Insolvency Resolution Process Case Summary AGARWAL STEEL: Insolvency Resolution Process Case Summary AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating ANJALI INFRACRETE: ICRA Keeps B Debt Ratings in Not Cooperating ATR WAREHOUSING: ICRA Keeps D Debt Ratings in Not Cooperating ATS GROUP: Delhi High Court Seeks Response from Central Government CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating DEEPAK BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating ECI INFRA TOWERS: Insolvency Resolution Process Case Summary GOUTHAMI HATCHERIES: Insolvency Resolution Process Case Summary GUPTA & SONS: Insolvency Resolution Process Case Summary GURU NANAK: ICRA Keeps B Debt Rating in Not Cooperating Category HRM OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating IGOPL OFFSHORE: Insolvency Resolution Process Case Summary INDURE PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating INDUS MEGA: ICRA Keeps D Debt Rating in Not Cooperating K.S. OVERSEAS: ICRA Withdraws B+ Rating on INR100cr Loan LIMITORQUE INDIA: ICRA Keeps B Debt Ratings in Not Cooperating LMJ INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating MATESWARI ROYALTIES: ICRA Keeps B+ Rating in Not Cooperating MODERN GLASS: ICRA Keeps D Debt Ratings in Not Cooperating ORIENTAL SALES: ICRA Keeps B+ Debt Rating in Not Cooperating RADIANT HOTELS: ICRA Keeps B+ Debt Rating in Not Cooperating RAMAN EDUCATION: ICRA Cuts Rating on INR34cr LT Loan to B+ SHIV VEGPRO: ICRA Lowers Rating on INR30cr LT Loan to B+ SMR ENTERTAINMENT: Insolvency Resolution Process Case Summary TURTLE BOOKS: Insolvency Resolution Process Case Summary VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating VIKAS KRISHI: ICRA Keeps B+ Debt Rating in Not Cooperating WAGAD INFRAPROJECTS: Ind-Ra Keeps BB LT Rating in Non-Cooperating WAVE DISTILLERIES: ICRA Lowers Rating on INR250cr LT Loan to B+ ZENICA CARS: ICRA Keeps D Debt Rating in Not Cooperating Category ZENICA PERFORMANCE: ICRA Keeps D Debt Ratings in Not Cooperating I N D O N E S I A BARITO PACIFIC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable S O U T H K O R E A SSANGYONG MOTOR: Parent Co. Still in Talks With Potential Buyer - - - - - ================= A U S T R A L I A ================= HAMELIN BRANDS: First Creditors' Meeting Set for Feb. 8 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Hamelin Brands Pty Ltd will be held on Feb. 8, 2021, at 12:00 p.m. via Zoom Meeting. Riad Tayeh and Suelen McCallum of de Vries Tayeh was appointed as administrator of Hamelin Brands on Jan. 27, 2021. REDWOOD CONSTRUCTION: Second Creditors' Meeting Set for Feb. 5 -------------------------------------------------------------- A second meeting of creditors in the proceedings of: - Redwood Construction Services 1 Pty Ltd - Redwood Construction Services 2 Pty Ltd - Redwood Construction Services 4 Pty Ltd has been set for Feb. 5, 2021, at 11:00 a.m. via teleconference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 3, 2021, at 4:00 p.m. David Joseph Levi of Levi Consulting Pty Ltd was appointed as administrator of Redwood Construction Services on Dec. 29, 2020. TANDEM COLLEGE: Second Creditors' Meeting Set for Feb. 5 -------------------------------------------------------- A second meeting of creditors in the proceedings of Tandem College Pty Ltd, trading as Exoskeletons Australia, Minerva College, and Minerva Education Group, has been set for Feb. 5, 2021, at 11:00 a.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Feb. 4, 2021, at 4:00 p.m. Daniel Obrien of DV Recovery Management was appointed as administrator of Tandem College on Dec. 21, 2020. ========= C H I N A ========= CHINA FORTUNE: Fitch Downgrades LT Foreign-Currency IDR to 'CCC' ---------------------------------------------------------------- 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 'CCC' from 'B'. The Recovery Rating is 'RR4'. The ratings have been removed from Rating Watch Negative. The rating downgrade is driven by a further revision in CFLD's Standalone Credit Profile (SCP) to 'ccc-' from 'b-', after it was revised from 'b+' on 14 January 2021. The lowering of the SCP reflects increasing uncertainty over CFLD's access to financing after its failure to provide a clear plan to address upcoming debt maturities. Fitch has applied a one-notch uplift to the SCP due to moderate linkages with its second-largest shareholder, Ping An Life Insurance Company of China, Ltd. (Ping An Life), which held a stake of around 25% in CFLD as of end-2020. KEY RATING DRIVERS Excessive Refinancing Risks: Fitch believes the greater uncertainty over CFLD's access to financing and difficult capital market conditions will expose it to excessive refinancing risks in the near term. CFLD relies heavily on non-bank financing, which is more difficult to extend than bank loans. Fitch estimates that around 50% of outstanding debt consists of capital-market instruments and another 25% is from non-bank lenders. A deterioration in the terms and conditions of any of its short-term debt may have a ripple effect on its longer-dated debt, adding stress to its liquidity. Large Short-Term Maturities: CFLD has sizeable short-term bond maturities. It redeemed its CNY1.5 billion domestic bond on 20 January 2021 and has plans to address 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. Investment from Ping An Life: Apart from Ping An Life's CNY18 billion for the initial 25% equity investment in CFLD, Ping An Insurance (Group) Company of China (Ltd.) has also 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 to reflect 'Moderate' overall linkages with Ping An Life, in accordance with Fitch’s Parent and Subsidiary Linkage Rating Criteria, under 'Path B - Strong Parent, Weak Subsidiary'. Fitch assesses Ping An Life's strategic and operational linkage with CFLD as moderate, but the legal linkage as weak. DERIVATION SUMMARY CFLD's current ratings are constrained by its stressed liquidity and high refinancing risks. Its leverage 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. However, BCL's liquidity is much stronger, with readily available cash of CNY30.6 billion at end-June 2020 more than sufficient to cover short-term debt of CNY24.8 billion. KEY ASSUMPTIONS Fitch's key assumptions within its 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 'RR2' 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: -- Failure to address upcoming debt maturities. -- Weakening linkage with Ping An Life. Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Restored capital-market access and sufficiently addressed liquidity needs. 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 Stressed 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. CHINA SUNERGY: Module Supplier Unit Files for Chapter 11 -------------------------------------------------------- Mark Anderson of Sacramento Business Journal reports that Sacramento solar photovoltaic module manufacturer Sunergy California LLC has filed for voluntary bankruptcy reorganization. The petition was filed Jan. 20, 2021, in U.S. Bankruptcy Court for the Eastern District of California in Sacramento, listing more than $10 million in estimated assets and $17.2 million in liabilities. "They are seeking to reorganize while continuing to operate," said Rosendo Gonzalez, counsel for Sunergy California with the Los Angeles firm Gonzalez & Gonzalez Law. He declined to discuss what led Sunergy to file for bankruptcy, but said company executives believe they can pay down their debts with a reorganization plan. Among Sunergy California's largest debts is to Depcom Power Inc., an industrial-scale solar developer based in Scottsdale, Arizona. Depcom has a court judgment of $3.7 million against Sunergy California. The judgment is disputed and on appeal, according to the filing. The company also faces four other pending suits for breach of contract. Sunergy California is a subsidiary of Nanjing, China-based solar cell manufacturer China Sunergy Co. In 2017, it began renovations of a 140,000-square-foot manufacturing building at McClellan Park to produce solar panels there. The company expanded several times. It has four addresses listed at McClellan, which carry a combined monthly rent of $52,121. Among assets, the company lists $2.4 million in raw material and $2.4 million in finished goods and work in progress. In early 2017, when the company announced it was opening a manufacturing line in Sacramento, Sunergy executives said that it would eventually employ 200 people. The opening of the manufacturing line was delayed by about a year. On its Web site, which appears to have last been updated in 2019, the company said it had 150 employees and that it had delivered more than 6,000 megawatts worth of solar panel capacity. About Sunergy California Sunergy California LLC -- http://www.sunergyus.com/-- is a solar module supplier. Sunergy California was founded in 2016 and is headquartered and has module production facilities in Sacramento, California. Sunergy California LLC filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 21-20172) on Jan. 20, 2021. In the petition signed by Lu Han, chairman, the Debtor disclosed total assets of $7,629,993 and total liabilities of $17,226,553. GONZALEZ & GONZALEZ LAW, P.C., led by Rosendo Gonzalez, is the Debtor's counsel. CHINA: Gives Small and Midsize Banks New Tool to Replenish Capital ------------------------------------------------------------------ Zhu Liangtao and Timmy Shen at Caixin Global report that China is allowing the country's small and midsize banks to use a new type of perpetual bond to raise money, as part of regulators' efforts to help smaller banks replenish capital and keep risks under control. The People's Bank of China (PBOC) and the country's banking watchdog have approved the issuance of perpetual bonds with an equity-conversion feature by two local banks - Zhejiang Chouzhou Commercial Bank Co. Ltd. and Ningbo Commerce Bank Co. Ltd. - the central bank said in a Jan. 25 announcement, Caixin relates. On Jan. 27, Ningbo Commerce Bank issued such a perpetual bond worth CNY500 million ($77.2 million), the PBOC said. It has a 4.8% coupon rate, according to Caixin. In China, the issuance was the first of a perpetual bond that offers investors an option to convert the debt into equity if a certain risk event is triggered, the report notes. GUORUI PROPERTIES: Fitch Gives Final B- Rating to USD323.7MM Notes ------------------------------------------------------------------ Fitch Ratings has assigned Guorui Properties Limited's (B-/Rating Watch Negative (RWN)) USD323.7 million 14.25% senior notes due 2024 a final rating of 'B-' and a Recovery Rating of 'RR4' on RWN. The notes are issued by Guorui and rated at the same level as the company's senior unsecured rating because they represent direct and senior unsecured obligations of the company. The assignment of the final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned on 14 January 2021. Guorui's ratings were placed on RWN in January 2021 to reflect the uncertainty over the refinancing arrangements for the China-based homebuilder's USD455 million (CNY3 billion) senior notes due February 2022, which are puttable in February 2021. Guorui completed an exchange offer on 25 January 2021, swapping the majority of its 2022 notes into the new 2024 notes. Fitch will resolve the RWN when it redeems the remaining USD154.4 million of the 2022 notes. 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 Exchange Offer Completed: The recent completion of Guorui's exchange offer has alleviated some refinancing risk after it extended the maturity of USD300.6 million out of the USD455 million existing bond to 2024 from 2022. Guorui offered USD1,077 in new notes due 2024 for each USD1,000 in principal amount of the existing notes. The exchange bond has a put option exercisable in April 2022. Guorui plans to redeem the remaining USD154.4 million notes in February 2021 with sales proceeds, private bond issuance and onshore borrowing. It secured CNY11 billion in unused bank facilities at end-November 2020, and Fitch believes Guorui's large net unencumbered assets of CNY27 billion at end-1H20 provide the company sufficient room for refinancing onshore. Guorui says it has sufficient quota for remitting onshore funds offshore. Fitch will monitor the progress of the fund transfer - a timely fund remittance to offshore accounts and full redemption of its existing 2022 notes would lead to the resolution of the RWN. Solid Sales: Guorui had CNY14.5 billion in attributable sales in 2020, exceeding 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 Management Strategy - 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 its rating case for the issuer include: -- Attributable contracted sales to rise by 0%-5% yoy 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: -- 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 Management Strategy 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. PEKING UNIVERSITY: Gets More Time for Bankruptcy Restructuring -------------------------------------------------------------- Caixin Global reports that a Beijing court has given debt-ridden Peking University Founder Group Corp. three extra months to submit a draft restructuring plan, which was originally due on Jan. 31, according to a filing released earlier this month. The state-owned company's bankruptcy administrator on Jan. 11 applied for the deadline to be pushed back, saying it is reviewing investment plans submitted by potential strategic investors and also needs more time to finalize a list of such investors, hold discussions with creditors and examine the restructuring plan, according to the filing cited by Caixin. Chinese state-owned Peking University Founder Group Corp. provides information technology services. The Company offers software development, electronic publishing system development, smart city solution development, data operation, and other services. Peking University Founder Group also operates financing, medical technology development, and other businesses. On Feb. 19, 2020, Founder Holdings Limited received a notification letter from Peking Founder, regarding a civil order and decision letter received by Peking Founder from The First Intermediate People's Court of Beijing. Pursuant to the civil order and decision letter, the Court decided to accept the application made by Bank of Beijing Co., Ltd. for the initiation of restructuring procedure against Peking Founder, and appointed Peking Founder liquidation team as the administrator of Peking Founder. The Peking Founder liquidation team consists of, among others, the People's Bank of China, the Ministry of Education of the People's Republic of China, relevant financial regulators and relevant departments of Beijing Municipal Government. Bank of Beijing Co. Ltd., one of the creditors of Peking University Founder Group Corp., asked a court to restructure the indebted state-owned conglomerate in February 2020, according to Caixin Global. ZUNYI BOZHOU: Defaults on US$34.7 Million Trust Loan ---------------------------------------------------- Caixin Global reports that a state-owned investment company in Southwest China's underdeveloped Guizhou province has defaulted on a trust loan, underscoring the financial difficulties faced by the debt-ridden region. Zunyi Bozhou District State-Owned Assets Investment and Management (Group) Co. Ltd. has failed to repay investors CNY255 million ($34.7 million) in principal due on Jan. 10, sources with knowledge of the matter told Caixin. Caixin relates that the trust loan was taken out in December 2017 to fund infrastructure projects in Bozhou district, part of the city of Zunyi. The loan is guaranteed by two other state-owned enterprises (SOEs) in Zunyi, which is located in the north of one of China's poorest provinces. ================= H O N G K O N G ================= I-CABLE COMMUNICATIONS: Taps Main Shareholder for More Funds ------------------------------------------------------------ Georgina Lee at South China Morning Post reports that Hong Kong's biggest pay-TV operator i-Cable Communications is turning to its key shareholder again for cash to help turn around its business and compete with well-funded home rivals. The firm is selling HK$200 million (US$25.8 million) worth of convertible bonds to Forever Top Limited, its controlling shareholder with a 43.2 per cent stake, the Post relates citing a stock exchange filing. The 10-year securities will pay 2 per cent coupon annually, and may be converted into ordinary shares at HK$0.068 each, a 13.3 per cent premium over its last-traded price. Forever Top is owned by five parties, including its chairman David Chiu, billionaire Henry Cheng Kar-shun, Chow Tai Fook Enterprises and John Huan Zhao of private equity firm Hony Capital, the report discloses. According to the Post, i-Cable has been losing money for at least a decade, competing with the likes of Now TV, Viu TV and Hong Kong Broadband Network in a city of 7.5 million people. i-Cable had 754,000 pay-TV subscribers as of June 2020, giving it a 38 per cent share of the market, according to its 2020 interim report and data from the Office of the Communications Authority, the Post relays. In December, i-Cable laid-off or reassigned some 100 staff in a bid to survive the economic downturn sparked by the Covid-19 pandemic, the report recalls. The Post relates that the latest plan is the fourth time the firm is tapping its owners for survival over the past two years, after using up its resources. They included a sale of HK$568 million of convertible notes to Forever Top in June 2019, as well as making a HK$84.5 million cash call to all shareholders in the same month, according to its financial reports. “The Board is of the view that the [convertible bond agreement] is necessary to recapitalise the business to allow sufficient time for the restructuring initiatives to be fully implemented,” it said in the filing. The fresh capital will be used to enhance its network infrastructure and acquire programmes, among others. The deal is still subject to approval by minority shareholders at an unspecified general meeting, and approval by the Hong Kong stock exchange, the Post notes. i-Cable is required to invest HK$3.45 billion from 2017 to 2023 in capital investment and programming contents under its concession starting from June 2017 to May 2029, according to its filing cited by the Post. Hong Kong-based i-CABLE Communications Limited -- http://www.i-cablecomm.com/about/profile/index.php-- is an investment holding company principally engaged in the provision of television services. The Company operates through two business segments. The Television segment is engaged in the provision of subscription, advertising, channel carriage and relay of television services, as well as the program licensing, network maintenance and miscellaneous television related businesses. The Internet and Multimedia segment is engaged in the provision of broadband Internet access services, voice over Internet protocol telephony services, as well as the portal operation, mobile content licensing and other Internet access related businesses. ========= I N D I A ========= 4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA said the ratings for the INR65.00 crore bank facilities of 4 Genius Minds continue to remain under Issuer Not Cooperating category. The rating is denoted as '[ICRA]D ISSUER NOT COOPERATING'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 45.00 [ICRA]D ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category Unallocated 20.00 [ICRA]D ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2006 as a partnership firm by Mr. Aditya Agarwal and Mr. Abhishek Agarwal, 4 Genius Minds (4GM) was an Apple Solution Expert; one of the 14 partners authorized by Apple Inc. in India till FY16. In current financial year the firm has been listed as an Apple System Integrator (one among the 4 all over India). The firm has centres across India with two centres in Delhi while one each in Hyderabad, Shimla, Kolkata, Bangalore and Jalandhar. The firm also has a group firm named 4 Genius Minds Private Limited which majorly caters to the retail clients. ADIE BROSWON: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA said the ratings for the INR112.45 crore bank facilities of Adie Broswon Breweries Private Limited continue to remain under Issuer Not Cooperating category. The long-term rating is denoted as [ICRA]B+(Stable) ISSUER NOT COOPERATING and the Short term rating is denoted as [ICRA]A4 ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 72.14 [ICRA]B+ (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 24.31 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term-Non Fund Based 7.00 [ICRA]A4; ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. ABB was incorporated in March 2010 and is a part of the Late Mr. Hardeep Chadha Group. The company had set up a brewery for bottling of beer in Amritsar, Punjab. ADILABAD EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA said the rating for the INR253.69 crore bank facilities of Adilabad Expressway Private Limited continues to remain under the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 15.0 0 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Adilabad Expressway Private Limited (AEPL) is a special purpose vehicle (SPV) promoted by Soma Enterprise Limited (SEL) (88.70% holding) had been awarded a 20-year concession (BOT-Annuity) from NHAI for the design, construction, development, finance, operation and maintenance of a 55 km road stretch on NH-7 (which provides a direct link between Nagpur in Maharashtra and Hyderabad) from Km 175 to Km 230. The scope of work involves developing the 55 km road stretch to four lane divided carriageway standards including strengthening of the existing two-lane road. The project is located in Andhra Pradesh (close to the AP Maharashtra border) and is part of the North-South Corridor of National Highways Development Project (NHDP) – Phase 2. The concession term is 20 years starting from November 2007 (including a two-year construction period). Against a scheduled commercial operation date (COD) of November 2009, the project had achieved provisional COD for the complete stretch in June 2010. AFFLUENCE ENGINEERING: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: M/s. Affluence Engineering & Enterprises Limited Plot No. 48 1st Floor Nagarjuna Hills Punjagutta, Hyderabad Telangana 500082 India Insolvency Commencement Date: January 18, 2021 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: July 16, 2021 Insolvency professional: Madhusudhan Rao Gonugunta Interim Resolution Professional: Madhusudhan Rao Gonugunta E-mail: madhucs1@gmail.com aeelirp@gmail.com Last date for submission of claims: February 3, 2021 AGARWAL STEEL: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Agarwal Steel Structures (India) Private Limited Plot No. 48, Ground Floor Nagarjuna Hills, Punjagutta Hyderabad TG 500082 IN Insolvency Commencement Date: January 18, 2021 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: July 16, 2021 Insolvency professional: Ram Murthy Kommera Interim Resolution Professional: Ram Murthy Kommera Plot No. 143, H.No. 8-19 Metro City Mega Townships Bongulooru, Ibrahim Patnam Post & Village: M.P. Patelguda Ranga Reddy District Hyderabad 501510 E-mail: rammurthyadvocate@gmail.com Last date for submission of claims: February 5, 2021 AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA said the ratings for the INR88.00 crore bank facilities of Akasva Infrastructure Pvt Ltd continue to remain under Issuer Not Cooperating category. The rating is denoted as '[ICRA]D ISSUER NOT COOPERATING'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 50.50 [ICRA]D ISSUER NOT COOPERATING; Cash credit Rating Continues to remain under the 'Issuer Not Cooperating' category Non-fund Based 37.50 [ICRA]D ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in January 2007, AIPL is promoted by Mr. Viren Jain, who is a first-generation entrepreneur. The company undertakes civil construction for industrial spaces, housing, hydropower and thermal power projects. The completed projects consist of building and other industrial construction. The future work orders exhibit projects from diverse sectors, including civil construction for power projects and railways. ANJALI INFRACRETE: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA said the ratings for the INR10.00 crore bank facilities of Anjali Infracrete Private Limited continue to remain under the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 3.50 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund Based 2.05 [ICRA]B (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated Limits 4.45 [ICRA]B(Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in October 2009, by the Radadiya family of Surat, Anjali Infracrete Private Limited (AIPL) manufactures Autoclaved Aerated Concrete (AAC) blocks. The manufacturing unit of the company is located at Dhamrol near Surat (Gujarat) and has an installed capacity to produce 1,00,000 cubic meters of AAC blocks annually. The plant was commissioned in February 2014. AIPL reported a profit after tax (PAT) of INR0.17 crore on an operating income (OI) of INR21.04 crore in FY2018, compared to a PAT of INR0.35 crore on an OI of INR17.9 crore in FY2017. AIPL reported a profit after tax (PAT) of INR0.23 crore on an operating income (OI) of INR17.3 crore in FY2019 (Provisional numbers). ATR WAREHOUSING: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA said the ratings for the INR77.00-crore bank facilities ATR Warehousing Private Limited continue to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.50 [ICRA]D ISSUER NOT COOPERATING; Fund Based/CC Rating continues to remain in the 'Issuer Not Cooperating' category Long Term- 25.75 [ICRA]D ISSUER NOT COOPERATING; Fund Based TL Rating continues to remain in the 'Issuer Not Cooperating' category Long Term– Unallocated 38.75 [ICRA]D ISSUER NOT COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. ATR Warehousing Pvt. Ltd was established in 1972. However, it forayed into full fledged client centric warehousing in the year 2000. The company is having a fleet of transport vehicles and other facilities for material handling and transportation. AWPL has warehouses at Visakhapatnam, Vijayawada, Kakinada, Rajahmundry, Raipur, Haldiya and Nellore in 2 states, Andhra Pradesh and Madhya Pradesh, covering 2.2 million sqft. ATR Group was founded by Mr. A.T Rayudu, and currently managed by Mr. Avinash Anumolu. ATR Warehousing Pvt Ltd is the flagship Company of the group and controls all other group companies through direct or indirect holdings. The group controls over 4 million square feet of covered warehousing and open space in strategic locations across Southern India. ATS GROUP: Delhi High Court Seeks Response from Central Government ------------------------------------------------------------------ GoaChronicle.com reports that the Delhi High Court on Jan. 18 issued notice in a petition challenging Section 10A of the Insolvency and Bankruptcy Code 2016 insofar as it allows insolvency proceedings against persons and personal guarantors (Getamber Anand vs UOI). A Division Bench of Chief Justice DN Patel and Justice Jyoti Singh sought response from Central government and Insolvency & Bankruptcy Board of India, GoaChronicle.com says. GoaChronicle.com relates that the petitioner, Getamber Anand, is the Chairman and Managing Director of the ATS Group, a leading real estate group in the Delhi-NCR area. Last month, the petitioner received a notice from Xander Finance Pvt Ltd purportedly under Rule 7 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019, the report recalls. According to GoaChronicle.com, the notice sought to initiate insolvency resolution process against the petitioner in his capacity as the personal guarantor to a loan provided by Xander Finance to ATS Infrastructure. The petitioner, while contending that the demand is incorrect and untenable, also challenged the constitutional validity of Insolvency and Bankruptcy (Second Amendment) Act 2020 which introduced Section 10A, GoaChronicle.com notes. The Amendment is wholly ultravires and unconstitutional insofar as it violates Article 14, 21 of the Constitution by discriminating between the corporate debtors and the personal guarantors without any reasonable justification and intelligible differentia, the plea, as cited by GoaChronicle.com, said. GoaChronicle.com relates that the petitioner has submitted that although the object of the Amendment was to provide relief to entities affected by the COVID-19, Section 10A fails to consider that individuals persons/personal guarantors have been equally affected by the pandemic. It is asserted that Section 10A leads to an absurd consequence that while the corporate creditors remain free, personal guarantors are made liable for the same alleged debt/defaults. According to GoaChronicle.com, the petitioner has further argued that a personal guarantor cannot be held liable for any debt/default in the absence of the principal liability and thus, no proceedings can be initiated against a personal guarantor under the IBC if the principal debtor i.e., the corporate debtor is protected against the insolvency proceedings for any default. The petition is filed through Advocate Kartik Nayar, KN LEGAL, Advocates and Solicitors. Senior Advocate Rajiv Nayar appeared for Petitioner, the report notes. The matter will be heard next on February 18, GoaChronicle.com says. CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA said the ratings for the INR63.70 crore bank facilities of Cheema Spintex Limited continues to remain under the 'Issuer Not Cooperating' category. The Long term rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING" and the Short term rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 48.70 [ICRA]D ISSUER NOT COOPERATING; Fund Base/cc Rating continues to remain under the 'Issuer Not Cooperating' category Short Term– 15.00 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1994, CSL was set up as a 100% export-oriented unit by Mr. Harbhajan Singh Cheema and Mr. Hardyal Singh Cheema, in association with Punjab State Industrial Development Corporation (PSIDC). The company manufactures combed and carded cotton yarn in counts ranging from 20s to 30s; and has an installed capacity of 30,240 spindles. CSL exports its products mainly to Hong Kong, Taiwan, Bangladesh, China, South Korea, Singapore, Thailand, Malaysia, and Canada. In 2009-10, due to erosion of 100% of its net worth, the company had filed an application with the Board for Industrial and Financial Reconstruction (BIFR) for declaration of the company as sick under the Sick Industrial Companies Act (SICA). DEEPAK BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA said the ratings for the INR60.00-crore bank facilities of Deepak Builders continue to remain under 'Issuer Not Cooperating' category'. The Long term rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". And the short term rating is denoted as '[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 35.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Deepak Builders is a partnership firm and is one of the leading Government Contractor and builders of Punjab. The firm is in this line for last 25 years and has undertaken and completed many construction projects in Punjab. The firm is being run by key person Mr. Deepak Kumar Singal who has experience in construction line for the last 23 years. The profit sharing in the firm is majorly with Mr. Deepak Singal at 81% and the balance is with his wife Mrs. Sunita Singal at 19%. ECI INFRA TOWERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: M/s. ECI Infra Towers Company Private Limited Registered office: Plot No. A-12 & A-13 Panchavati Township Hyderabad, TG 500089 IN Plant Location: Kaveli Village, Kohir (M) Medak District 502321 Insolvency Commencement Date: January 18, 2021 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: July 19, 2021 Insolvency professional: Kalpana G Interim Resolution Professional: Kalpana G H.No. 16-11-19/4, G-1 Sri Lakshmi Nilayam Saleem Nagar Colony Malakpet, Hyderabad 500036 E-mail: kalpanagonugunta1@gmail.com ipeciinfra@gmail.com Last date for submission of claims: February 3, 2021 GOUTHAMI HATCHERIES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s. Gouthami Hatcheries Private Limited Flat no. 102, 1st Floor 5-9-22/40 JVR Amrut Enclave, Adarsh Nagar Hyderabad TG 500063 IN Insolvency Commencement Date: January 19, 2021 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: July 18, 2021 Insolvency professional: Nethi Mallikarjuna Setty Interim Resolution Professional: Nethi Mallikarjuna Setty Flat No. 101, Laurel Residency Road no. 18, Panchavati Colony Manikonda, Hyderabad Telangana 500089 E-mail: malliknethi@gmail.com - and - Sankalp Restructuring Private Limited 113, First Floor Manjeera Trinity Corporate Eseva Lane, Phase 3 KPHB Colony, Kukatpally Hyderabad 500072 E-mail: ip.gouthami2021@gmail.com Last date for submission of claims: February 3, 2021 GUPTA & SONS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s Gupta & Sons (Motors) Pvt Ltd. 4, Laxmi Colony Gwalior - and - Maina Wali Gali Opp Old High Court Lashkar, Gwalior Insolvency Commencement Date: December 16, 2020 Court: National Company Law Tribunal, Gwalior Bench Estimated date of closure of insolvency resolution process: June 15, 2021 Insolvency professional: Mr. Anil Agrawal Interim Resolution Professional: Mr. Anil Agrawal 342, Karamchand Chowk Marhatal, Jabalpur (M.P.) E-mail: anilagrawalca1999@gmail.com - and - 2006, Duplex No. 4 Opp Deshbandhu Complex Naudra Bridge Jabalpur M.P. Last date for submission of claims: January 20, 2021 GURU NANAK: ICRA Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA said the rating for the INR6.00 crore bank facilities of Shree Guru Nanak dev rice Mills continues to remain under Issuer Not Cooperating category. The long-term rating is denoted as [ICRA]B(Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Shree Guru Nanak Dev Rice Mills (SGNDRM) is a partnership firm, was set up in 2008 by Mr. Gurcharan Singh. The firm is engaged in the trading and milling of basmati rice. It has a plant at Cheeka (Haryana) which has a milling capacity of 4 tonnes per hour. The firm has a fully automated plant. The by-products of basmati rice viz husk, rice bran and 'phak' are sold in the domestic market. HRM OVERSEAS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA said the ratings for the INR30.00 crore bank facilities of HRM Overseas continue to remain under Issuer Not Cooperating category. The long-term rating is denoted as [ICRA]B(Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 4.35 [ICRA]B+ (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 0.65 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. HRM Overseas (HRM) is a partnership firm set up in 2013 by Mr. Mukesh Kumar, Mr. Ashwani Kumar, Mr. Heeranand Goyal and Mr. Mohit Goyal. In October 2017 the partnership firm was reconstituted with Mr. Hiranand, Mr. Parshant Goyal and Mr. Mohit Goel as partners with equal profit-sharing ratio. It has a rice milling plant at Nissing in Haryana which has a milling capacity of 12 tonne per hour (TPH) and 1 sortex machinery with a capacity of 8 TPH. The firm is dealing in basmati rice exports indirectly and in direct sale in the domestic market. IGOPL OFFSHORE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: IGOPL Offshore Private Limited Floral Deck Plaza, A-Wing, 6th Floor Unit No. 603-606 Central MIDC Road Opp. Seepz, Andheri (East) Mumbai 400093 Insolvency Commencement Date: January 15, 2021 Court: National Company Law Tribunal, Mumbai Bench II Estimated date of closure of insolvency resolution process: July 20, 2021 Insolvency professional: Mr. Bhavesh Manshukhbhai Rathod Interim Resolution Professional: Mr. Bhavesh Manshukhbhai Rathod A/101, Shelter CHSL CSC Road, Opp. Shakti Nagar Dahisar East, Mumbai Suburban Maharashtra 400068 E-mai: bhavesh76@gmail.com - and - Office No. 152, First Floor Raghuleela Mall, Off. S V Road Kandivali West, Mumbai Suburban Maharashtra 400067 E-mail: igopl.cirp@gmail.com Last date for submission of claims: February 4, 2021 INDURE PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA said the ratings for the INR1650.00-crore bank facilities of Indure Private Limited (IPL) continue to remain under 'Issuer Not Cooperating' category. The long-term and short term rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING . Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 250 [ICRA]D ISSUER NOT COOPERATING; Fund Based/ Rating Continues to remain under Cash Credit the 'Issuer Not Cooperating' category Short Term– 1,400 [ICRA]D ISSUER NOT COOPERATING; Non-Fund Rating Continues to remain under Based the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. IPL is a part of the Desein-Indure Group of Companies and was promoted by late Mr. O. P. Gupta in 1970. Since its establishment, IPL has been associated with installation of over 230 ash handling plants catering to a total generating capacity of more than 70,000 MW. Over years Indure has also established its presence in international market by executing turnkey contracts in Australia, Vietnam, Indonesia and Malaysia. Since 2002, the company has been involved in EPC contracting for complete power plants and balance of plant packages by entering in consortium bidding/execution of EPC with focus on Balance of plant (BoP) and where in BHEL/Tata projects did BTG activities and Reliance Energy undertook Civil part. IPL's business activities can be broadly classified into 5 areas of operation: 1) Manufacturing of ash handling plants and undertaking EPC for ash handling plants contracts; 2) Undertaking EPC contracts for complete power plant and balance of plant; 3) Undertaking operating and maintenance service for ash handling plants; 4) EPC contracting for coal and lignite handling systems 5) Others - Including sales of spares, export sales etc. INDUS MEGA: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------- ICRA said the ratings for the INR15.00-crore bank facilities Indus Mega Food Park Pvt. Ltd. continue to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]D ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Indus Mega Food Park Pvt. Ltd. (IMFPL) is a special purpose vehicle, incorporated in 2011, for setting up a mega food park in Panwa village of Madhya Pradesh under the mega food park scheme of MoFPI. IMFPl is being promoted by Ananda Enterprises India Private Limited, Ananda Aqua Exports Private Limited, Ananda Bhagavathi Foods Pvt. Ltd., ARGM Agro Foods Pvt. Ltd., Devi Sea Foods Limited, Him Kailash Hydro Power Private Limited, Vasistha Holdings Limited, and HES Infra Pvt. Limited. K.S. OVERSEAS: ICRA Withdraws B+ Rating on INR100cr Loan -------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of K.S. Overseas Private Limited (KS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 100.00 [ICRA]B+(Stable); ISSUER NOT Limits COOPERATING; Withdrawn Rationale The Long-term ratings assigned to KS have been withdrawn at the request of the company and based on the No Objection Certificate received from the banker, and in accordance with ICRA's policy on withdrawal and suspension. ICRA is withdrawing the rating and that it does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Key rating drivers and their description Key rating drivers have not been captured as the rating is being withdrawn. Liquidity position Not captured as the rating is being withdrawn. Rating sensitivities Not captured as the rating is being withdrawn. KS was initially set up by Mr. Satpal Gupta in 1950 as a Hindu Undivided Family (HUF). It was reconstituted as a partnership firm in July 2011 and again reconstituted as a private limited company in March 2013. The company isengaged in milling and processing of basmati rice and has an installed capacity of 16 tonne/hour at its facility in Karnal,Haryana. The company derives more than 60% of its revenues from the domestic market, with the remaining comes from export sales. The day-to-day operations of the company are managed by Mr. Pankaj Goyal, who has more than twodecades of experience in the rice milling business. LIMITORQUE INDIA: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA said the ratings for the INR31.00 crore bank facilities of Limitorque India Limited continue to remain under Issuer Not Cooperating category. The long-term rating is denoted as [ICRA]B (Stable) ISSUER NOT COOPERATING and the Short Term rating is denoted as [ICRA] A4 ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.90 [ICRA]B (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 17.00 [ICRA]B (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term-Non 2.10 [ICRA]A4 ISSUER NOT Fund Base COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 1985, LIL is promoted by Mr. Shyam Maheshwari, who holds a 47.2% stake in the company. The company designs, develops, manufactures and supplies custom-built electric actuators. The products manufactured have applications in end-user industries like gas, power, etc. The manufacturing facility of the company is located at Faridabad, Haryana. LMJ INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA said the ratings for the INR546.70 crore bank facilities of LMJ International Limited (CPD) continue to remain under 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 173.70 [ICRA]D ISSUER NOT COOPERATING; Limits Rating continues to remain in the 'Issuer Not Cooperating' category Non-Fund 330.00 [ICRA]D ISSUER NOT COOPERATING; Based Limits Rating continues to remain in the 'Issuer Not Cooperating' category Unallocated 43.00 [ICRA]D ISSUER NOT COOPERATING; Limits Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Established as a partnership firm in 1968, LIL was converted into a closely-held public limited company in 1992. The company is primarily involved in the trading of agro and non-agro commodities in domestic as well as international markets. Besides, the company is involved in the processing of few agro products like rice, wheat, pulses and coffee. The company has its processing units located in Kushalnagar (Karnataka), Coimbatore (Tamil Nadu), Vizag (Andhra Pradesh), Panipat (Haryana) and Sankrail (West Bengal). Apart from these, LIL also provides storage facilities to various parties with its warehouses located at Kushalnagar (Karnataka), Vizag (Andhra Pradesh), Panipat (Haryana), Sankrail (West Bengal) and Kolkata (West Bengal). The company is an ISO 22000:2005 certified and a Government-recognised export house. MATESWARI ROYALTIES: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------ ICRA said the rating for the INR5.00 crore bank facilities of Mateswari Royalties (MR) Continues to remain under Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 5.00 [ICRA]B+(Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues to remain under Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Mateswari Royalties, incorporated in FY 2016 is a partnership concern, promoted by Mr. Sunil kulhari (60%), Mr Sunil Kumar (20%) and Mr Narendra (20%). The firm is a royalty contractor for Masonary Stone and other minerals in the state of Rajasthan. Such contracts are awarded on competitive bidding by Directorate of Mines and Geology (DMG), Government of Rajasthan. Under these contracts, the firm collects royalties from the miners based on volumes extracted by the latter and in turn pays a fixed royalty amount to DMG as per the pre-fixed schedule. Currently, Mateswari Minerals is working on three Royalty collections for mining area in Bikaner, Jaipur and Tonk region of Rajasthan. Details about which are further discussed in report. MODERN GLASS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA said the ratings for the INR35.00 crore bank facilities of Modern Glass Industries continue to remain under Issuer Not Cooperating category. The rating is denoted as '[ICRA]D/[ICRA]D ISSUER NOT COOPERATING'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 21.61 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating Continues to remain under the 'Issuer Not Cooperating' category Fund based- 10.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under the 'Issuer Not Cooperating' category Long Term/ 0.39 [ICRA]D/[ICRA]D ISSUER NOT Short Term– COOPERATING; Rating Continues Unallocated to remain under the 'Issuer Not Cooperating' category Short Term– 3.00 [ICRA]D ISSUER NOT COOPERATING; Nonfund Based Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Modern Glass Industries is an Uttar Pradesh (Firozabad) based firm, incorporated in 1984. MGI's promoters are Mr. Balkrishnan Gupta, Mrs. Urmila Bansal, Mrs. Neeta Gupta and Mrs. Sushma Gupta. Company is engaged in the production of glass bulb shells and glass tubes which are used in electrical industry. ORIENTAL SALES: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA said the ratings for the INR26.00 crore bank facilities of Oriental Sales Corporation continue to remain in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short-term Non Fund Based 19.40 [ICRA]A4 ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short-term Unallocated 4.60 [ICRA]A4 ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. OSC is a partnership firm which was established in 1992 and commenced operations in 1996 and is managed by Mrs. Neelu Gupta. The firm executes turnkey projects of laying of power transmission lines for Jaipur Vidyut Vitran Nigam Limited and Jodhpur Vidyut Vitran Nigam Limited. Project activities include site survey, soil investigation, development of access roads and accompanying infrastructure, foundation work; design, manufacturing and testing of towers, mobilization of manpower and equipment, and testing and commissioning of transmission lines. RADIANT HOTELS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA said the rating for the INR30.00 crore bank facilities of Radiant hotels Private limited continues to remain under Issuer Not Cooperating category. The long-term rating is denoted as [ICRA]B+(Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 30.00 [ICRA]B+(Stable); ISSUER NOT Fund Based/ COOPERATING; Rating Continues to TL remain under Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in October 1993, RHPL is a private limited company with Mr. Suresh Gupta and his family holding 100% shares of the company. The company was initially incorporated with the objective of developing and running a hotel. Accordingly, the land was purchased in 1995-96, but the unit was not established. Now the company has decided to construct a residential housing project on the same property. The promoters have been engaged in the activity of cutting, polishing and trading of gems for the last 30 years. The firm is currently developing residential villas, consisting of total 30 villas of various sizes at Tonk Road, Jaipur, with a saleable area of 1.50 lakh sq, ft. RAMAN EDUCATION: ICRA Cuts Rating on INR34cr LT Loan to B+ ---------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Raman Education Society (RES), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 34.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating downgraded from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' Category Rationale The ratings are downgrade because of lack of adequate information regarding Raman Education Society performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Raman Education Society ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Established in 1989, RES started CVRCE in Bhubaneswar, Odisha in 1995. CVRCE offers various courses like B.Tech, M.Tech, MBA, M.Sc., Ph.D. and a few short-term courses. The college is affiliated to the Biju Patnaik University of Technology and its courses are approved by AICTE. The strength of students at CVRCE stood at 3,479 in the 2018-19 academic session. The college has been accredited 'A' by NAAC and has been ranked 94 by the National Institutional Ranking Framework (NIRF). An autonomous status granted by UGC to CVRCE provides it with academic flexibility in terms of course designing and evaluation mechanism. SHIV VEGPRO: ICRA Lowers Rating on INR30cr LT Loan to B+ -------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Shiv Vegpro Private Limited (SVPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating downgraded from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' Category Rationale The rating downgrade is because of lack of adequate information regarding SVPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Shiv Vegpro Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. SVPL is engaged in solvent extraction of soybean seeds, producing soybean oil and deoiled cake. The promoters belong to the Saboo Group, which has a long track record of about four decades in the food processing industry and business, having been involved in the manufacture of edible oil in Hadoti area comprising Kota, Bundi, Baran, Jhalawar and Bhawanmandi. The company has solvent extraction and allied 3 processes at RIICO Industrial Area, Kota with a crushing capacity of 400 TPD (tonnes per day) of soybean seed for production of de-oiled cake. SMR ENTERTAINMENT: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: SMR Entertainment Private Limited 2284/14, Baghichi Ragunath Sadar Thana Road Delhi 110006 Insolvency Commencement Date: January 7, 2021 Court: National Company Law Tribunal, Delhi Bench Estimated date of closure of insolvency resolution process: July 6, 2021 Insolvency professional: Mr. Kailash Chander Jain Interim Resolution Professional: Mr. Kailash Chander Jain D 32, East of Kailash New Delhi 110065 E-mail: sasd32@yahoo.com smr.cirp@gmail.com Last date for submission of claims: January 27, 2021 TURTLE BOOKS: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Turtle Books Private Limited Flat No. 103/3 M Con Circus Delhi South Delhi 110001 IN Insolvency Commencement Date: January 19, 2021 Court: National Company Law Tribunal, Gurugram Bench Estimated date of closure of insolvency resolution process: July 18, 2021 Insolvency professional: Rajesh Ramnani Interim Resolution Professional: Rajesh Ramnani D-44, 2nd Floor Naraina Vihar New Delhi 110028 E-mail: rajeshramnani2407@gmail.com - and - 83, National Media Centre Shanker Chowk Nr. Ambiance Mall/DLF Cyber City Gurugram 122002 E-mail: cirp.turtlebooks@gmail.com Last date for submission of claims: February 2, 2021 VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA said the ratings for the INR22.00-crore bank facilities of The Vasista Educational Society continue to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D/D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based/CC Rating continues to remain in the 'Issuer Not Cooperating' category Long Term- 8.20 [ICRA]D ISSUER NOT COOPERATING; Fund Based TL Rating continues to remain in the 'Issuer Not Cooperating' category Long Term/ 11.80 [ICRA]D/D ISSUER NOT Short Term- COOPERATING; Rating continues Unallocated to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The Vasista Educational Society was established in August 2000 at Seetharampuram village, West Godavari District of Andhra Pradesh by Mr. K.V. Satyanarayana & Mr. S. Ramesh Babu to promote technical education. The Society runs two engineering colleges Swarnandhra College of Engineering & Technology (SCET) and Swarnandhra Institute of Engineering & Technology (SIET) offering Diploma, B. Tech, M. Tech, MBA and MCA courses. VIKAS KRISHI: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA said the rating for the INR6.00 crore bank facilities of Vikas krishi seva Kendra continues to remain under Issuer Not Cooperating category. The long-term rating is denoted as [ICRA]B+(Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Vikas Krishi Sewa Kendra is a proprietorship firm engaged in the trading of seeds, fertilizers, pesticides, oil paints and colour etc. In seeds the firm trades in BT Cotton Seeds (T-1 and T-2 variety), hybrid Maize, Jowar, Wheat etc. In fertilizers, the firm trades in UREA, Superphosphates, DAG etc. The firm also deals in the pesticides and has dealership of Asian Paints. WAGAD INFRAPROJECTS: Ind-Ra Keeps BB LT Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Wagad Infraprojects Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' and has simultaneously withdrawn the rating. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital facility # maintained in the non-cooperating category and withdrawn; -- INR250 mil. Non-fund-based working capital facility ## maintained in the non-cooperating category and withdrawn; and -- INR500 mil. Proposed non-fund based working capital facility withdrawn (the company did not proceed with the instrument as envisaged). # Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being withdrawn ## Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn KEY RATING DRIVERS The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise, despite repeated requests by the agency. Also, t has not provided annual reports over the last four years, interim financials, bank limits utilization, projections for the next three years, bank statements and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Set up in 1986, Wagad Infraprojects is an engineering procurement and construction contractor. WAVE DISTILLERIES: ICRA Lowers Rating on INR250cr LT Loan to B+ --------------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Wave Distilleries and Breweries Limited's (WDBL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 99.00 [ICRA]B+ (Stable) ISSUER NOT Fund based COOPERATING; Rating downgraded Cash Credit from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' Category Long term- 151.00 [ICRA]B+ (Stable) ISSUER NOT Fund based COOPERATING; Rating downgraded Term Loan from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding WDBL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by the rated entity". The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Wave Distilleries and Breweries Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. WDBL was incorporated as UBIO Chemicals Limited in 2008. The company was acquired by Chadha group in 2009 from the promoters of UBIO Chemicals for the consideration of close to INR93 crore under share purchase agreement. The company manufactures country liquor, IMPL and beer from its manufacturing plant located in Aligarh district of UP having a production capacity of 2.70 crore litres of ENA (which is used in manufacturing CL), 10 crore litres of brewery and 45 lakh litre of Industrial alcohol. The sales of Country liquor manufactured takes place to Flora and Fauna Land Developers private limited which has got the wholesale license to distribute the country liquor in UP. ZENICA CARS: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA said the rating for the INR150.00-crore bank facilities of Zenica Cars India Private Limited continue to remain under Issuer Not Cooperating' category'. The Long term is denoted as "[ICRA]D". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 150.0 [ICRA]D ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under Limits the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Established in October 2013, KBR is a partnership firm with Mr. Bhagwan Dass Singla, Mr. Krishan Murari and Mrs Adesh Singla as partners. The firm is involved in the milling, processing and trading of Basmati and non-Basmati rice. KBR's plant is located at Jundla near Karnal (Haryana). Incorporated in 2007, Zenica Cars India Private Limited ("ZCIPL") was the first authorised dealership of Audi in Indian automotive market with its first sales showroom located in Gurgaon (Golf Course Road). Company opened its second sales showroom in Delhi's Connaught Place named Audi Delhi Central which commenced its operations in August 2013. The company further expanded by opening pre-owned car showroom (Audi Approved Plus) and service workshop in April 2014 and September 2014 respectively. The company is a part of the Zenica Group which also operates a Porsche dealership, Zenica Performance Cars Private Limited, comprising one Porsche centre in Gurgaon and one Porsche workshop in Chandigarh. Further, the group has diversified interest with presence of iZenica stores (Zenica Lifestyle Private Limited) across the country which are engaged in reselling of Apple, Inc. products. ZENICA PERFORMANCE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA said the ratings for the INR50.00-crore bank facilities of Zenica Performance Cars Private Limited continue to remain under Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D/D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 40.00 [ICRA]D ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category Short Term- 10.00 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2013, Zenica Performance Cars Private Limited was the first authorised dealership of Porsche in Indian automotive market with its sales showroom cum service workshop, Porsche Centre Gurgaon, located in Gurgaon, Haryana (Golf Course Road). In addition, company also has a Porsche workshop in Chandigarh. The company is a part of the Zenica Group which also operates an Audi dealership, Zenica Cars India Private Limited, in DelhiNCR comprising two Audi showrooms, one Audi Approved Plus (pre-owned cars showroom) and one Audi Service Gurgaon. Further, the group has diversified interest with presence of iZenica stores (Zenica Lifestyle Private Limited) across the country which are engaged in reselling of Apple, Inc. products. ================= I N D O N E S I A ================= BARITO PACIFIC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Indonesia-based PT Barito Pacific Tbk's Long-Term Issuer Default Rating at 'B' with a Stable Outlook. Barito's rating benefits from its diversified presence across the petrochemical and energy sectors, its leading market position as Indonesia's largest petrochemical producer and strong record in geothermal operations, with long-term contracts driving stable revenue. The rating also reflects Barito's fractured shareholding in key operational subsidiaries and low holding-company interest cover. Barito, as a holding company, relies on cash from its subsidiaries, PT Chandra Asri Petrochemical Tbk (CAP, BB-/Stable) and Star Energy Group Holdings Pte Limited. Fitch assesses the Barito group's credit profile at 'b+' and rates Barito one notch below at 'B', with the two subsidiaries proportionately consolidated, in light of the fractured shareholding in CAP and Star Energy, its key businesses, and cash flow subordination arising from restrictive covenants on debt at the operating entities. KEY RATING DRIVERS Diversified Businesses: Barito's investments are diversified among petrochemicals through CAP, and power through Star Energy, the largest Indonesian geothermal energy producer. Fitch expects Barito to continue to benefit from CAP's dividends, which may be volatile, and improving dividends from Star Energy. Fractured Shareholding; Structural Subordination: Barito's access to CAP's and Star Energy's cash flow is limited by its shareholding structure. Barito effectively holds 47% of CAP and, through its 67% holding of Star Energy, effectively owns between 35%-40% of Star Energy's operating assets. The structure results in significant dividend leakage to minority shareholders, and the covenants on the debt at the operating entities limit cash leakage and lead to structural subordination. Fitch therefore rates Barito one notch below the group credit profile. Low Holding-Company Interest Cover: Fitch expects the Barito holding company's interest cover to weaken to 0.8x in 2021 (2020: 1.8x), driven by an increase in interest expense after the drawdown of USD184 million from a USD253 million term-loan facility for its share of a joint venture (JV) investment in the Java9 &10 power project under PT Indo Raya Tenaga. The interest cover is also affected by Fitch’s expectation of lower dividends from CAP as tighter petrochemical spreads hit its profitability. The higher interest cover in 2020 was helped by the receipt of USD52 million in dividends from the Star Energy Geothermal (Salak-Darajat) Restricted Group (SEGSD RG, senior secured debt: BBB-/Stable) after its US dollar note issuance. Consolidated Leverage to Improve: Fitch expects the group's net leverage - measured by net debt/EBITDA with CAP and Star Energy proportionately consolidated - to decline to 4.1x in 2021 after rising to 5.0x in 2020 (2019: 3.7x) because of a recovery in CAP's operating performance. Net leverage in 2020 jumped due to an increase in borrowings at the Barito holding-company level and lower EBITDA generation at CAP. Stable Geothermal Operations: Star Energy's established operations and long-term contracts with PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable), which have residual terms of 20 years or more, result in stable revenue and cash flow, enhancing Barito's consolidated credit profile. Star Energy's operations benefit from high availability, inherently low operating costs and the long operating history of its assets. Fitch expects Star Energy's financial performance to be stable with EBITDA generation of around USD410 million per annum. Weak Linkage with CAP: Fitch assesses the linkage between CAP and its largest shareholder, Barito, as 'Weak', due to a financial profile divergence and evidence of ring-fencing to prevent material cash leakage. CAP's capacity to make restricted payments under the bond covenants, based on 50% of consolidated net income, has dropped due to a net loss in 9M20. CAP did not pay final dividends in 1H20 due to weak product spreads and instead used part of its cash balance to prepay long-term borrowings, while Fitch expects the Barito holding company's borrowings to rise. Moderate Spreads at CAP: Fitch expects spreads to stay low for most petrochemical products affected by demand reduction amid the coronavirus pandemic and supply issues from global capacity additions. Average product spreads fell sharply in 9M20, resulting in CAP's EBITDA margin falling to 5.2%. Fitch estimates CAP's EBITDA margin remained low at 6.8% in 2020 (2019: 9.3%), before improving to 9.9% in 2021 with the stabilisation of supply and demand of petrochemical products. CAP2 Capex Delay: CAP expects capex to be delayed and the final investment decision (FID) for its second petrochemical complex, CAP2, to be pushed to 2022 because of coronavirus-related volatility. Fitch expects pre-FID CAP2 capex of around USD300 million to be incurred in 2021 and 2022. Fitch estimates total investment cost for CAP2 to be around USD5 billion, but have only factored in pre-FID capex - mainly land acquisition costs - in Fitch’s analysis, as the project's ownership and funding structure have yet to be finalised. DERIVATION SUMMARY Barito's ratings reflect its diversified petrochemical and energy businesses - it has the largest petrochemical and geothermal operations in Indonesia. The ratings also factor in Barito's moderate financial profile (with CAP and Star Energy proportionately consolidated), its fractured shareholding in key operating subsidiaries and subordination due to cash flow restrictions arising from debt at its operating subsidiaries. Golden Energy and Resources Limited's (GEAR, B+/Stable) financial profile is stronger than that of Barito group's financial profile (with CAP and Star Energy proportionately consolidated), although the diversification of Barito's cash flow results in a similar assessment of their group credit profiles. However, Barito's fractured shareholding and structural subordination result in a rating that is one notch below its group credit profile. In comparison, GEAR is rated at the same level as its 67%-owned coal subsidiary, PT Golden Energy Mines Tbk (GEMS, B+/Stable), reflecting the absence of material debt at GEMS and stronger access to cash flow, as the subsidiary's policy of high dividend payouts explains the one-notch difference between GEAR and Barito. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Marginal improvement in CAP's petrochemical product margins (spreads) in 2021 to USD83/ton (2020: USD51/ton) -- CAP's dividend payout ratio of 40% in 2021 and 2022, no payouts in 2020 -- Capex of around USD500 million until 2022, of which USD360 million will be incurred by CAP and the balance by Star Energy -- Star Energy's units operating at an average availability rate of around 94% -- Tariffs in line with PLN's long-term contracts -- Dividend received from Star Energy to range from USD25 million to USD30 million in 2021 and 2022 RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Barito group's credit profile improves to 'bb-', reflected by net leverage - measured as net debt/ EBITDA with CAP and Star Energy proportionately consolidated - below 3.5x and Barito holding company EBITDA interest cover improving to above 1.5x (2019: 0.7x). Barito holding-company EBITDA includes dividends from CAP and Star Energy, and holding-company interest includes debt at the fully owned subsidiaries -- Linkages between Barito and CAP strengthen, provided Barito's group credit profile remains intact Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Barito's holding-company liquidity deteriorates, along with a material increase in refinancing risks -- Holding company's EBITDA interest cover is not on track to improve to above 1.2x by 2022 -- Deterioration in Barito group's credit profile, with proportionately consolidated net leverage exceeding 4.5x for a sustained period 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 Manageable Holding-Company Liquidity: Fitch estimates the holding company's cash balance of about USD80 million at end-2020 and dividends of USD33 million from Star Energy and CAP will be sufficient to cover its scheduled debt repayment of about USD50 million and interest costs of about USD28 million over next 12 months. Fitch expects Barito to be able to raise the funds as a result of its sound access to bank funding and record of timely fund raising from the debt and equity markets. Barito's liquidity was boosted by the receipt of USD114 million in June 2020 from the warrants exercised by two large shareholders. In addition to the USD253 million Bangkok Bank facility, Barito raised USD52 million from the rupiah bond market in 2020. 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. ===================== S O U T H K O R E A ===================== SSANGYONG MOTOR: Parent Co. Still in Talks With Potential Buyer --------------------------------------------------------------- Yonhap News Agency reports that SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Jan. 28 that its Indian parent company is still in talks to sell its controlling stake, denying media reports that the deal has fallen through. According to Yonhap, SsangYong Motor made the statement in response to media reports that Mahindra and HAAH Automotive Holdings, Inc., a California company that imports vehicles for the U.S. market, have failed to reach a compromise for the deal and notified SsangYong's main creditor Korea Development Bank (KDB) of the failure. Yonhap relates that the KDB said it has not received any notice of the deal's failure from Mahindra and a potential investor in SsangYong Motor. Mahindra has been seeking to sell a major stake in SsangYong as part of its global reorganization plan amid the COVID-19 pandemic. The Indian parent has said it does not have a plan to inject fresh capital into SsangYong and will give up its status as the biggest shareholder of the Korean unit if it finds a new investor, Yonhap relays. Early this month, Mahindra Managing Director Pawan Goenka said the Indian carmaker is in talks with an unidentified investor and aims to conclude the deal by Feb. 28, recalls Yonhap. About Ssangyong Motor Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. engages in the manufacture and sale of automobiles. The Company mainly manufactures and sells recreational vehicles (RVs), sports utility vehicles (SUVs), multi-purpose vehicles (CDVs) and passenger cars under the brand name of rexton sports, korando, korando sports, korando turismo, tivoli, tivoli air and others. The Company also provides automobile parts. The Company distributes its products within domestic market and to overseas markets. SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic, according to Yonhap News Agency. The decision comes after SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., failed to pay KRW60 billion (US$54.8 million) worth of debts to its three creditor banks. The company received a three-month suspension of its obligation to pay its debts, as it aims to find a new investor during the period before the court-led restructuring begins on Feb. 28, Yonhap says. ********* 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. 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