/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210325.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, March 25, 2021, Vol. 24, No. 55 Headlines A U S T R A L I A BELGRAVE STREET: Second Creditors' Meeting Set for March 30 CREDIT FOUR: First Creditors' Meeting Set for April 1 CROWN GROUP: First Creditors' Meeting Set for April 1 GREENSILL CAPITAL: Australian Fintechs Get Offers From Buyers GROCON GROUP: Creditors Urged to Back Grollo Rescue Plan HUNT AND GATHER: Second Creditors' Meeting Set for April 1 INNOCO PTY: Second Creditors' Meeting Set for March 30 PERTH AUTOTYRE: Second Creditors' Meeting Set for March 30 [*] AUSTRALIA: 45% of Live Music Firms Expect to Close in 3 Months B A N G L A D E S H PEOPLE'S LEASING: Recovers Only BDT30cr From Defaulters I N D I A AGARWALLA TIMBERS: ICRA Withdraws B+ Rating on INR6.0cr Loan BANSIDHAR AGARWALLA: ICRA Keeps B- Ratings in Not Cooperating DEVEURO PAPER: ICRA Removes D Rating from Issuer Not Cooperating EKAM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating GANAPATI MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating INDIA: Bad Loan Ruling Weighs as Banks Retreat Across Asia JAMPANA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating K S OILS: NCLAT Directs Liquidation of Edible Oil Company KAILASH TRADING: ICRA Lowers Rating on INR4cr LT Loan to D KALYA CONSTRUCTIONS: ICRA Keeps B Debt Rating in Not Cooperating KAYNES TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating MALHATI TEA: ICRA Keeps B- Debt Ratings in Not Cooperating MARUTI NUTRIMENT: ICRA Withdraws B Rating on INR2.50cr Loan MIZORAM ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating MM INTERNATIONAL: ICRA Lowers Rating on INR21.50cr Loan to D NABADIGANT EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating PRAKASH OFFSET: ICRA Keeps B+ Debt Ratings in Not Cooperating RAMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating RLJ MULTIGRAIN: ICRA Keeps B+ Debt Ratings in Not Cooperating SRAVANTHI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating SVS CONSTRUCTIONS: ICRA Keeps B Debt Rating in Not Cooperating TRIDENT SUGARS: ICRA Keeps C Debt Ratings in Not Cooperating TRIVENI ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating URBANEDGE HOTELS: ICRA Reaffirms C+ Rating on INR6cr Term Loan VENSON ELECTRIC: ICRA Keeps B+ on INR3cr Debt in Not Cooperating VISHNUSHIVA INFRA: ICRA Keeps D Debt Rating in Not Cooperating WOOLWAYS (INDIA): ICRA Keeps D on INR10cr Debt in Not Cooperating P H I L I P P I N E S PHILIPPINE TELEGRAPH: Seeks Reversal of Approved Capital Hike PHOENIX PETROLEUM: Plans Asset Sale, Transfer to Manage Debts S I N G A P O R E MASTERPRO HARDWARE: Creditors' Meetings Set for April 5 OCAP MANAGEMENT: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= BELGRAVE STREET: Second Creditors' Meeting Set for March 30 ----------------------------------------------------------- A second meeting of creditors in the proceedings of: - Belgrave Street Developments Pty Ltd - Grocon (Fairfield) Developer Pty Ltd - Grocon (Belgrave St) Developer Pty Ltd - Grocon (Fairfield) Pty Ltd - Grocon Builders (Vic) Pty Ltd - Grocon (Parklands) Holdings Pty Ltd - Grocon Services Pty Ltd - QV No 1 Pty Ltd - QV No 2 Pty Ltd ATF Grocon Land Owning Trust 2 - QV No 3 Pty Ltd ATF Grocon Land Owning Trust 3 - QV No 4 Pty Ltd ATF Grocon Land Owning Trust 4 - QV No 5 Pty Ltd ATF Grocon Land Owning Trust 5 - Grocon Operations Pty Ltd - Grocon Developments NSW Pty Ltd - 61 Lt Collins Street Pty Ltd - Grocon (Victoria Street) Pty Ltd - Grocon Developments (Box Hill) Pty Ltd - Grocon (480 Queen Street) Pty Ltd - Grocon (Scots Church) Pty Ltd - QV Pty Ltd - Grocon (Bouverie Street) Pty Ltd - Grocon (Pitt Street) Developments Pty Ltd - Grocon Developments (55 Elizabeth St) Pty Ltd - Grocon Constructors (SA) Pty Ltd - Grocon (Baroona Rd) Holdings Pty Ltd - Grocon (Bouverie St) Holdings Pty Ltd - Grocon (CB) Development Manager Pty Ltd - Grocon (Spring Street) Pty Ltd - Grocon QV Investments Pty Ltd - QV Property Management Pty Ltd - Grocon (Pixel) Pty Ltd - Grocon (Swanston Square) Holdings Pty Ltd - Grocon (Carlton Brewery) Developments Pty Ltd - Grocon (SQ Stage 2) Developments Pty Ltd - Grocon (Victoria Street) Developments Pty Ltd ATF various trusts - Grocon (FCAD) Pty Ltd - Grocon (Castlereagh St, NSW) Pty Ltd - Grocon Development Holdings Pty Ltd has been set for March 30, 2021, at 9:30 a.m. via videoconference on Microsoft Teams. 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 March 29, 2021, at 9:30 a.m. Craig Peter Shepard and Andrew Knight of KordaMentha were appointed as administrators of Belgrave Street et al. on Nov. 27, 2020. CREDIT FOUR: First Creditors' Meeting Set for April 1 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Credit Four Pty Ltd will be held on April 1, 2021, at 10:30 a.m. David Michael Stimpson of SV Partners was appointed as administrator of Credit Four on March 22, 2021. CROWN GROUP: First Creditors' Meeting Set for April 1 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Crown Group Pty Ltd will be held on April 1, 2021, at 10:00 a.m. via teleconference facilities. Richard Rohrt of Hamilton Murphy Advisory was appointed as administrator of Crown Group on March 22, 2021. GREENSILL CAPITAL: Australian Fintechs Get Offers From Buyers ------------------------------------------------------------- Australian Financial Review reports that Greensill Capital Australia has received offers from potential buyers of fintechs Earnd and Omni Technologies but creditors face a bleak outlook because they are among only a handful of "hard assets" able to be sold by administrators. AFR relates that Grant Thornton, Greensill's administrators, also have furniture from the firm's Australian offices which they will try to sell but even that avenue is looking dire because of the big structural shift to working from home during the COVID-19 pandemic, which means demand for office equipment is low. Earnd, a fintech company that provides services allowing workers to be paid wages earlier than the usual cycle, and lender Omni Technologies are wholly owned subsidiaries of Greensill's Australian parent. They are worth several million dollars combined, the report notes. According to AFR, Greensill's Australian offices were leased and so there are no property assets available to try to bolster the eventual returns to creditors. Greensill bought Earnd in March 2020 for around AUD2 million, and then bought Colombian start-up OmniLatAm (a subsidiary of Cayman Islands-based Omni Technologies) in mid-2020 as part of plans to expand into Latin America. AFR notes that Omni uses technology to provide fast finance to clients, and its chief executive Diego Caicedo said last year it did not ask for financial statements because "they only tell you about the past". The former owners of Earnd and Omni, which include NAB Ventures, have submitted claims for about AUD15.5 million still owed following their sale, AFR discloses. Greensill's 35 former Australian employees, who are owed AUD3 million to AUD5 million in wages and other entitlements including leave allowances, will get paid first, AFR notes. Former staffers are expected to be told as early as this week how much money they are likely to receive from administrators. According to AFR, the insurers of Greensill's securities have not made claims in the Australian administration. Its biggest insurer, Japan's Tokio Marine, said on March 23 that insurance from its subsidiary Bond & Credit Company over Greensill's securities only covered accounts receivable, not Greensill itself, and that the firm's insolvency "does not crystallise" any immediate financial exposure because it has reinsurance. "Our expected net exposure remains unchanged," Tokio Marine said in its first public comments on the impact of Greensill's collapse, AFR relays. "We would like to clarify that trade credit insurance does not cover the liability of the policyholder nor the insured; rather it covers the accounts receivable of the insured. "Hence if Greensill were the insured, trade credit insurance would cover what Greensill is owed, rather than what Greensill owes others." AFR adds that the Japanese group said that it did not expect any material financial impact from Greensill's collapse this year or over the next fiscal year but that it would monitor the situation closely. "We continue to assess the validity of the cover extended to Greensill." Bond & Credit Company underwriting manager Greg Brereton was fired last July by Tokio Marine for issuing too many insurance policies covering invoices packaged by Greensill, AFR adds. About Greensill Capital Greensill Capital is an independent financial services firm and principal investor group. The Company offers structures trade finance, working capital optimization, specialty financing and contract monetization. Matthew James Byrnes, Philip Campbell-Wilson and Michael McCann of Grant Thornton were appointed as administrators of Greensill Capital on March 9, 2021. GROCON GROUP: Creditors Urged to Back Grollo Rescue Plan -------------------------------------------------------- Larry Schlesinger at Australian Financial Review reports that Grocon administrator KordaMentha has urged creditors of the 88 collapsed companies in the once mighty construction and development giant to back a rescue plan proposed by chief executive and family scion Daniel Grollo. AFR relates that Mr. Grollo's deed of company arrangement proposal (DOCA) was revealed as part of KordaMentha's offical administrators report lodged with ASIC on March 23. According to AFR, the DOCA is based on Grocon securing a significant payout - potentially in excess of AUD200 million - in its dispute with Infrastructure NSW over the botched Central Barangaroo Project from which it can disperse the net proceeds to creditors. AFR says Mr. Grollo, the son of Grocon founder Bruno Grollo, blames the company's woes entirely on the losses it suffered at Barangaroo and the conduct of INSW. The case is due to be heard in the NSW Supreme Court in early 2022. Grocon creditors, owed around AUD100 million, will vote on the DOCA at a crunch second creditors meeting on March 31, the report notes. To be successful, the DOCA must be approved by 50 per cent of creditors by number and 50 per cent in value. Some creditors, like fund manager APN have already indicated they will vote for liquidation, according to AFR. "The key objective of the proposed DOCA is to maximise the return to creditors of the administration entities," AFR quotes a Grocon spokeswoman as saying. "In Daniel Grollo's view, the proposed DOCA will deliver an improved and faster return for creditors of the administration entities when compared with the return if the entities were wound up." AFR relates that KordaMentha said it believed it was in the interests of creditors of the 88 companies to execute the pooled DOCA on the basis that they could get a better and faster financial return from a successful outcome in Grocon's Barangaroo claim than would otherwise be available in a winding up. Also, as part of the DOCA proposal, employees and small creditors - those owed less than AUD10,000 - would be paid out in full from an upfront cash contribution of AUD10 million to be made within 30 days of the DOCA being executed. This in exchange for the transfer of related party loans and shares in one entity to DOCA entities controlled by Mr. Grollo, AFR relays. "In our opinion it is not in creditors' interests that the administration of the companies end. The companies are insolvent with little or no prospect of being able to pay their outstanding liabilities," KordaMentha said, AFR relays. "The pooled DOCA proposal provides a similar or better outcome for creditors of each of the companies in the group." Under the pooled DOCA, the estimated return for large creditors - those owed more than AUD10,000 - and litigation creditors like listed fund manager APN is only slightly better than under liquidation scenario, according to AFR. KordaMentha estimates they could get between 3 and 100 cents in the dollar under the DOCA compared with nil to 100 cents under a liquidation scenario. However pursuing liquidation actions would also require third-party funding given the 88 companies in administration have no money. The administrators report showed total creditor claims of around AUD100 million (excluding related parties) including AUD14.4 million in GST payments owed to the ATO, AFR discloses. Large creditors, mostly subcontractors and tradies, are owed a combined AUD31 million while bond providers are owed AUD17.1 million. AFR says the largest litigation creditor is the Liberman family-backed Impact Investments Group which has a claim of AUD18.7 million for costs related to securing a replacement builder for its Collingwood office project now being constructed by Probuild. Some like APN Property Group, which has a claim against Grocon over a Melbourne office development, have indicated they will vote for a liquidation, arguing it will allow liquidators to pursue entities outside the 88 companies, including more than AUD90 million of loans outstanding to Mr Daniel Grollo and his wife ex-wife Katherina. The mammoth 1567-page administrators report noted the 88 Grocon companies were likely insolvent in 2019, at the same time as the directors sought advice on protections under the Safe Harbour laws. According to AFR, the report said certain related-party loan transactions may constitute uncommercial or unreasonable director-related transactions, but found no evidence of the commission of any offences in relation the company. The report also said that Mr Grollo's ex-wife Katherina, as part of her property settlement application, had sought to have the penthouse in the Eureka Tower be transferred to her. The administrators said they had written to her lawyers to reject that claim, AFR relays. The 80th floor penthouse in the skyscraper built by Grocon is in the process of being put up for sale. Proceeds from the sale will be part of any return to creditors under the DOCA proposal. Australia-based Grocon engages in development, construction and funds management. Grocon was founded in 1954 and has been run by three generations of the Grollo family. In late 2020, 42 Grocon companies were placed into administration. Administrators were also appointed on Feb. 22, 2021, to oversee Grocon Group Holdings Pty Ltd, Grocon Constructors (NSW) Pty Ltd and 43 other development-specific companies. HUNT AND GATHER: Second Creditors' Meeting Set for April 1 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Hunt and Gather Events Pty Limited has been set for April 1, 2021, at 11:00 a.m. at the offices of SM Solvency Accountants, 10/144 Edward Street, in Brisbane, Queensland. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 31, 2021, at 4:30 p.m. SM Solvency Accountants were appointed as administrators of Hunt and Gather on Feb. 25, 2021. INNOCO PTY: Second Creditors' Meeting Set for March 30 ------------------------------------------------------ A second meeting of creditors in the proceedings of Innoco Pty Limited has been set for March 30, 2021, at 10:00 a.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 29, 2021, at 5:00 p.m. Anthony Elkerton of DW Advisory was appointed as administrator of Innoco Pty on Feb. 24, 2021. PERTH AUTOTYRE: Second Creditors' Meeting Set for March 30 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Perth Autotyre Pty Ltd has been set for March 30, 2021, at 10:00 a.m. via teleconference facility. 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 March 29, 2021, at 5:00 p.m. Mathieu Tribut of GTS Advisory was appointed as administrator of Perth Autotyre on Feb. 22, 2021. [*] AUSTRALIA: 45% of Live Music Firms Expect to Close in 3 Months ------------------------------------------------------------------ Lois Maskiell at SmartCompany reports that the live music industry is calling for travel permits and more consistency across state restrictions to help the ailing sector survive once JobKeeper winds down on March 28. According to SmartCompany, a recent survey by the Australian Live Music Business Council (ALMBC), which represents 600 small businesses and sole traders, found almost 70% of live music businesses had seen their revenue drop by 75% to 100% since lockdowns began in March last year. SmartCompany relates that the poll also found 77% of businesses will only survive the next six months if trading conditions improve, and 45% of businesses expect to close by June. ALMBC board member and chief executive at Select Music Agency, Stephen Wade, said the end of the JobKeeper wage subsidy scheme will have a significant impact on the industry. "It will have a major effect because we're in a situation where still a year after we first closed down, we do not have any certainty as to when our industry will be back to 100%," the report quotes Mr. Wade as saying. Mr. Wade said it is essential that state governments work together to establish consistent capacity limits and restrictions for live music events and remove some of the "alarming inconsistencies," SmartCompany relays. "If you have a 1,000-person capacity venue in Perth, Brisbane, Sydney and Melbourne, in each of those cities the capacity would be different," he said. SmartCompany adds that Mr. Wade also said inconsistencies exist within states, citing Victoria as an example where major sporting events held in Melbourne's MCG can hold up to 75,000 patrons. "You would think that would be more dangerous to the health of Victorians than if you had 10,000 people in a live music event," he said. ALMBC is also calling on the government to establish travel permits to ensure performers can cross state borders for work even if border closures are in place due to the pandemic. "Our artists do 80% of their work in states outside of the one they live in, so we need to have an assurance that we can book shows and national tours in August, September and October knowing that our artists can travel to work," Mr. Wade said. Overall, the ALMBC said a nation-wide commitment to 75% to 100% capacity restrictions and a travel permit system would help the industry overcome the greatest barriers it currently facing. =================== B A N G L A D E S H =================== PEOPLE'S LEASING: Recovers Only BDT30cr From Defaulters ------------------------------------------------------- Dhaka Tribune reports that People's Leasing and Financial Services (PLFS) has received only BDT30 crore from defaulters, a year and nine months since the government approved liquidating the ailing non-bank financial institution (NBFI). Dhaka Tribune says the defaulters of PLFS have provided the amount to the liquidator appointed by the High Court in mid-July of 2019. "We received about BDT30 crore from the defaulters since July 2019," the report quotes PLFS liquidator Md Asaduzzaman Khan as saying. It is not possible to disburse the money to the depositors until a larger amount is recovered, he added. The total outstanding loans of PLFS were BDT1,131 crore as of June 2018, which became defaulted as some of its former directors and other borrowers took out the money in the name of loans, Dhaka Tribune relates. Defaulted loans of the NBFI stood at BDT1,900 crore with interest as of December last year, Dhaka Tribune discloses citing an audited report by the central bank. According to Dhaka Tribune, the defaulters of PLFS did not return the money for a long time, but the High Court recently summoned them and ordered them to return the money to the liquidator, said an official of the Bangladesh Bank (BB) directly involved in the liquidation process. As a result, some of the defaulters are returning the money to the liquidator, he added. Dhaka Tribune relates that the High Court on January 21 summoned 280 loan defaulters of PLFS and asked for an explanation from them on why they were not returning the money they had taken out as loans from the institution. Then on March 17, former PLFS director Arefin Shamsul Alamin returned BDT8.50 crore to the liquidator of PLFS. Some other defaulters have promised to return the money as soon as possible, BB officials said. In July 2019, the Bangladesh Financial Intelligence Unit (BFIU) ordered freezing all bank accounts and shares in the name of the nine directors of PLFS, including Alamin, who were fired owing to major irregularities. Besides, the High Court has also ordered a travel ban on them. The total amount of deposits of PLFS stand at about BDT2,500 crore, as per the audited report. But it is still uncertain if the depositors will get back their money, Dhaka Tribune states. A total of 20 officials, including former PLFS officials, are involved in the liquidation process. The liquidator spends BDT11 lakh every month to liquidate the institution. On June 26, 2019, the finance ministry issued a directive that allowed the Bangladesh Bank to go for liquidation of PLFS due to the company's failure to pay back depositors' money, Dhaka Tribune recalls. It was the first liquidation in Bangladesh's financial sector in line with the Financial Institutions Act, 1993. PLFS is one of the four NBFIs from which rogue banker Proshanta Kumar Halder, also known as PK Halder, swindled at least BDT3,500 crore. ========= I N D I A ========= AGARWALLA TIMBERS: ICRA Withdraws B+ Rating on INR6.0cr Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Agarwalla Timbers Private Limited at the request of the company and based on the No Objection Certificate received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 6.00 [ICRA]B+ (Stable); ISSUER NOT Cash Credit COOPERATING; Withdrawn Non-Fund based- 0.02 [ICRA]A4; ISSUER NOT LG Limit COOPERATING; Withdrawn Non-fund based- 71.00 [ICRA]A4; ISSUER NOT LC & Buyer's COOPERATING; Withdrawn Credit Limit ATPL was incorporated in 1975 as a partnership firm, but was converted to a private limited company in 1999. The company is in the business of trading timber. It is promoted by Mr. Bhimsain Goel and Mr. Subhash Chander Goel. The company's factory is in Gandhidham, Gujarat and operates a total of 27 saw mills. The company imports hardwood and softwood logs from various countries like Malaysia, Solomon Island, Suriname and New Zealand. The sawn timber is distributed from the company's offices in Nangloi in Delhi, Ludhiana in Punjab, Bahadurgarh in Haryana, and 2 Gandhidham in Gujarat. The timber sold by the company finds application in furniture, construction work and packaging industry. BANSIDHAR AGARWALLA: ICRA Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Bansidhar Agarwalla & Co. Pvt Ltd Unit: Chinsurah Cold Storage in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Working Capital 1.50 [ICRA]B-(stable); ISSUER NOT Term Loan COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category Seasonal Cash 3.25 [ICRA]B-(stable); ISSUER NOT Credit COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category Working Capital 0.86 [ICRA]B-(stable); ISSUER NOT Loan COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category Bank Guarantee 0.17 [ICRA]B-(stable); 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 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. CCS, a cold storage unit of Bansidhar Agarwalla & Company Pvt. Ltd was set up in 1963 in Chinsurah, in the Hooghly district of West Bengal. CCS is primarily engaged in the business of storage and preservation of potatoes and occasionally carries out trading of potatoes as well. Currently, CCS has an annual storage capacity of 20,000 tonne. DEVEURO PAPER: ICRA Removes D Rating from Issuer Not Cooperating ---------------------------------------------------------------- ICRA has removed its earlier rating of [ICRA]D from the 'ISSUER NOT COOPERATING' category as Deveuro Paper Products LLP has now submitted its 'No Default Statement' ("NDS") which validates that the company is regular in meeting its debt servicing obligations. The company's rating was moved to the 'ISSUER NOT COOPERATING' category in April 2020. EKAM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Ekam Agro Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 4.00 [ICRA]B+ (Stable) ISSUER NOT Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term-Fund 11.00 [ICRA]B+ (Stable) ISSUER NOT Based TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 3.00 [ICRA]B+ (Stable)/[ICRA]A4 Short Term- ISSUER NOT COOPERATING; Rating Unallocated 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. The company was incorporated in November 2013 by the Kalra Family and is operating as a refinery for crude rice bran oil. The plant is located in Mukstar, Punjab with an installed capacity of 100 tonnes per day. The operations of the company commenced from February 2015. The total project cost incurred was INR17.51 crore and was funded through promoter's contribution of around INR4 crores, unsecured loans of INR0.37 crore, term debt of INR11 crores and INR2.14 crore of advances to suppliers. EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Empee Sugars and Chemicals Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D/[ICRA] D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 384.90 [ICRA] D ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Cash Credit 127.14 [ICRA] D ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Non fund- 128.18 [ICRA] D ISSUER NOT COOPERATING; based Rating continues to remain under 'Issuer Not Cooperating' Category Unallocated 0.78 [ICRA] D 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. ESCL is engaged in the manufacturing of sugar and spirits including ethanol. The Company started its cane crushing operation in 1992 at Naidupet Unit in Andhra Pradesh and later ventured into the production of Spirits namely rectified spirits and extra neutral alcohol. ESCL has two operating units at Naidupet (Nellore) in Andhrapradesh and Ambasamudram (Tirunelveli) in Tamil Nadu. ESCL has 8000 TCD cane crushing capacity, integrated with 60 klpd distillery and 50 MW cogeneration plant at Ambasamudram and 3000 TCD and 20 klpd distillery at Naidupet. ESCL also has a subsidiary Empee Power Company Limited, which operates 20 MW cogeneration power plant at Naidupet. Its Ambasamudram unit is facing cane availability issues and the sugar production is discontinued. Further, the 50 MW power co-gen plant also has stopped generation of power since Dec. 1, 2014. GANAPATI MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Ganapati Motors in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 7.50 [ICRA]D; ISSUER NOT COOPERATING; Cash credit Rating continues to remain under the 'Issuer Not Cooperating' category Fund based 21.00 [ICRA]D; ISSUER NOT COOPERATING; Dealer Rating continues to remain under Financing Scheme 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. Established in 2004, Ganapati Motors (GM) is involved in the automobile dealership business as an authorized dealer of Maruti Suzuki India Limited in Bhilai, Chhattisgarh. INDIA: Bad Loan Ruling Weighs as Banks Retreat Across Asia ---------------------------------------------------------- Suvashree Ghosh and Upmanyu Trivedi at Bloomberg News report that India's Supreme Court allowed lenders to resume classifying delinquent debt as bad loans, reversing a ruling that delayed disclosure of soured credit in an economy already saddled with stressed assets. A three-judge panel headed by Justice Ashok Bhushan delivered the verdict on March 23, supporting a request from the federal government and central bank, which had sought to overturn a September order that barred the categorization of loans as non-performing, Bloomberg relates. According to Bloomberg, the order will come as a relief for investors who have been unable to gauge the impact of the pandemic on asset quality of banks. Regulators had allowed a six-month relaxation on classifying bad loans that was due to expire in August before the court extended it. The Reserve Bank of India expects that roughly 13% of outstanding loans at local lenders could turn sour by September, which would be the highest level since 1999. The key index of Indian bank shares gained 0.8% after the decision, compared with a 0.4% rise for the benchmark gauge. "This will bolster banks' loan recovery efforts as defaulting borrowers will now be tagged appropriately," Karthik Srinivasan, senior vice-president and group head of financial sector ratings at ICRA Ltd., the local arm of Moody‘s Investors Service, said ahead of the ruling. "It will also help investors to be more clear about the extent of bad loans, which was otherwise being reported under proforma or potential bad loans." The ruling also comes about a week before Indian companies can resume filing for bankruptcy, a process that has been frozen over the past year as part of pandemic-relief measures. JAMPANA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Jampana Construction Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable)/ [ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 14.00 [ICRA]B+ (Stable) ISSUER NOT Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term-Fund 7.00 [ICRA]B+ (Stable) ISSUER NOT Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 94.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 1.50 [ICRA]B+ (Stable)/[ICRA]A4 Short Term- ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis 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 2003, Jampana Construction Private Limited (JCPL) is a Bengaluru based civil contactor engaged in the construction of commercial and residential buildings, bridges, hospitals, layout development etc. JCPL undertakes direct as well as subcontracted orders. The clientele of the Company includes, Hindustan Steelworks Construction Limited (HSCL), National Building Construction Corporation (NBCC), Karnataka Housing Board (KHB), Karnataka Road Development Corporation Limited (KRDCL), Karnataka Health System Development Research Projects (KHSDRP),Nagarjuna Construction Company Limited (NCCL), Bangalore Development Authority (BDA), Military Engineer Services (MES), Rashtriya Madhyamika Sikshana Abhiyan (RMSA), RITES Limited, and other state and central government agencies. K S OILS: NCLAT Directs Liquidation of Edible Oil Company --------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has directed to initiate liquidation process of leading integrated edible oil company K S Oils Ltd and set aside an NCLT order passed against it. Terming it "unfortunate", the appellate tribunal observed that even after the lapse of 981 days and repeated compliance by the Resolution Professional to initiate the liquidation process, the NCLT had not considered it. A two-member NCLAT bench headed by Acting Chairperson Justice B L Bhat allowed the appeal filed by the Resolution Professional (RP) saying "fitness of situation" allows to initiate liquidation of the corporate debtor K S Oils, ET relates. "The Appeal is allowed and the impugned order dated January 1, 2021, passed by the Adjudicating Authority (NCLT) is set aside and at the same time the order for initiation for liquidation of the Corporate Debtor Ms. K.S.Oils Ltd is also allowed. The Corporate Debtor - K S Oils shall liquidate in the manner as laid down in Chapter-III of the Code," it said. Earlier, on January 1, 2021, the Indore Bench of the National Company Law Tribunal (NCLT) had dismissed the application filed by the RP of the debt-ridden company to initiate liquidation against K S Oils after it could not attract a buyer within the permissible time frame, ET recalls. According to ET, the NCLT had rejected the RP's plea, after 981 days from the date of filing, terming it as "not maintainable and being infructuous". This was challenged by RP Kuldeep Verma before the NCLAT. According to RP, NCLT after commencing 31 hearings over its application to initiate liquidation from May 11, 2018, to January 1, 2021, dismissed it despite the mandatory 270 days for completing insolvency had lapsed, ET relays. The insolvency resolution process was initiated against K S Oils by NCLT on July 21, 2017, over the plea filed by SREI, a financial creditor. SREI itself had submitted a Resolution Plan but was rejected by a vote of 71.34 per cent, ET notes. KAILASH TRADING: ICRA Lowers Rating on INR4cr LT Loan to D ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Kailash Trading Corporation (KTC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term– 4.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating downgraded from [ICRA]B (Stable) and Continues to remain under 'Issuer Not Cooperating' category Long term– 0.27 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating downgraded from [ICRA]B (Stable) and Continues to remain under 'Issuer Not Cooperating' category Short Term- 0.13 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating downgraded from Facilities [ICRA]B (Stable) and Continues to remain under 'Issuer Not Cooperating' category Short Term– 6.10 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating downgraded from [ICRA]A4 Facilities and Continues to remain under 'Issuer Not Cooperating' category Long Term/ 4.50 [ICRA]D/[ICRA]D ISSUER NOT Short Term COOPERATING; Rating downgraded Unallocated from [ICRA]B(Stable)/[ICRA]A4 and Continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade reflects Delay in debt repayment as mentioned in publicly available sources. The rating is based on limited information on the entity's performance since the time it was last rated in December 2019. 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. 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. Established in 2001, Kailash Trading Corporation (KTC) is primarily engaged in trading of engineering polymers which includes polyacetal, polycarbonate and hostaform of different grades and these products find application in automobiles, electronic devices, consumer appliances, ATM machines, printers etc. Apart from engineering polymers, KTC also undertakes consignment sale of commodity polymers for its principal – LG Polymers India Private Limited, Vishakapatanam and sells to various customers. KALYA CONSTRUCTIONS: ICRA Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Kalya Constructions Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 6.00 [ICRA]B (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Kalya Constructions Private Limited (KCPL) was incorporated in 2009 as a private limited company under Mr. Ram Kalya and family. Mr. Ram Kalya has been acting as the managing director of the company along with Mr. Om Prakash Kalya. The company acts as a civil contractor for government, non-government and private entities. KCPL primarily does mining, earthwork and pipeline work for the entities. The company has also started trading activity of construction raw materials. KAYNES TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Kaynes Technology India Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term: 40.00 [ICRA] D ISSUER NOT COOPERATING; Fund based Rating continues to remain under facilities 'Issuer Not Cooperating' Category Long term: 7.95 [ICRA] D ISSUER NOT COOPERATING; Fund based Rating continues to remain under facilities 'Issuer Not Cooperating' Term Loan Category Long term: (28.00) [ICRA] D ISSUER NOT COOPERATING; Interchangeable Rating continues to remain under 'Issuer Not Cooperating' Category Short term: 38.05 [ICRA] D ISSUER NOT COOPERATING; Fund based Rating continues to remain under facilities 'Issuer Not Cooperating' Category Short term: (28.00) [ICRA] D ISSUER NOT COOPERATING; Interchangeable 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. Kaynes Technology India Private Limited ("KTIPL") is a moderate sized player in the Indian Electronics Manufacturing Services (EMS) industry, primarily engaged in turnkey contracts for manufacturing of circuit boards primarily for IT peripherals, industrial controls, rail signaling, telecom, energy, medical, automobiles, defense verticals for customers namely Seimens, Invensys Rail India, Ansaldo, Larsen & Tubro, Bharat Electronics, Kone Elevator to name a few. Established in 1988 as a sole proprietorship with a single unit at Mysore, KTIPL was converted into a private limited Company in 2008. Further, the Company has also been frequently expanding its operations with the addition of new units to cater to the increase in volumes on the back of entry into newer segments. MALHATI TEA: ICRA Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Malhati Tea & Industries Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 0.89 [ICRA]B-(Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based 6.46 [ICRA]B-(Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based 2.50 [ICRA]B-(Stable) ISSUER NOT Working COOPERATING; Rating continues Capital to remain under 'Issuer Not Cooperating' category Non-Fund 0.15 [ICRA]A4 ISSUER NOT based Working COOPERATING; Rating continues Capital 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. Malhati Tea & Industries Limited was acquired by the present management in 2010-11 from the erstwhile promoters. MTIPL has a tea garden in the Jalpaiguri district of West Bengal, with a total area of around 463.47 hectares under plantation. The total production capacity of MTIL is around 14 lac kg of tea. MARUTI NUTRIMENT: ICRA Withdraws B Rating on INR2.50cr Loan ----------------------------------------------------------- ICRA has withdrawn the rating assigned to the unallocated limits of Maruti Nutriment Products at the request of the firm and in accordance with ICRA's policy on withdrawal of rating of bank facilities. However, ICRA does not have information to suggest that the credit risk has changed since the last rating exercise. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instrument is being withdrawn. The previous detailed rating rationale is available at the following link: click here Amount Facilities (INR crore) Ratings ---------- ----------- ------- Unallocated Limit 2.50 [ICRA]B (Stable); Withdrawn Maruti Nutriment Products was established in January 2020 as a partnership firm by Mr. Manoranjan Samuel and Mr. Mahendra Kumar Sutar, based in Cuttack, Odisha. The firm has been set up to carry out exports of agricultural products. MIZORAM ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Mizoram Ispat Industries in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 4.25 [ICRA]B+(Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based 20.00 [ICRA]B+(Stable) ISSUER NOT Term Loans COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 0.75 [ICRA]B+(Stable)/[ICRA]A4 Limit 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 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. MII was established as a partnership firm in 2010 and had set up an ingot and TMT bar manufacturing plant in Mizoram. The plant was commissioned in July 2012. In FY2016, the firm added a wire rod manufacturing facility. The promoters also have interests in the cement and infrastructure industries. MM INTERNATIONAL: ICRA Lowers Rating on INR21.50cr Loan to D ------------------------------------------------------------ ICRA has revised the ratings on certain bank facilities of MM International, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 15.04 [ICRA]D; downgraded from Term Loan [ICRA]BB- (Stable) Long Term– 21.50 [ICRA]D; downgraded from Fund Based/CC [ICRA]BB- (Stable) Long Term/ 3.46 [ICRA]D/[ICRA]D; downgraded Short term– from [ICRA]BB-(Stable)/ Unallocated [ICRA]A4 Rationale The rating downgrade factors in MM International's constrained liquidity position on account of its exposure to a Group entity involved in the construction business, leading to delays in debt servicing. ICRA notes that MM International was the primary borrower for a loan against property (LAP) in which two of the partners – Mr. Rajesh Vora and Mr. Ram Vora are the coborrowers, and on which facility there were debt servicing irregularities. The proceeds from the LAP facility were on-lend to the Group construction entity to meet its business needs. Further, the ratings are constrained by MMI's modest scale of operations with an operating income (OI) of INR67.47 crore registered in FY2020, which limits its competitive position. The ratings remain constrained by MMI's concentrated customer base with top two customers contributing to over 40% of its revenues during the last three years. The ratings take into account the firm's leveraged capital structure with a gearing of 1.71 times as on March 31, 2020, led by modest net worth position and high debt levels. The ratings remain constrained by the limited value addition involved in its operations, which, along with intense competition in the spice processing industry, restricts its pricing flexibility. Being a net exporter, the profitability is exposed to significant foreign exchange (forex) risk, though the same is mitigated to the extent of forward contracts booked by the firm. The ratings factor in the susceptibility of its revenues and profitability to commodity price fluctuations, which are influenced by external factors such as agro-climatic conditions, adverse changes in Government policies related to exports/imports of commodities, export incentives/duty structure, among others. ICRA notes the risks inherent in a partnership concern, including the risk of any substantial capital withdrawal by the partners. The ratings, however, continue to factor in the established track record of the promoters of MM International (MMI) in the spice industry spanning over three decades and the low product concentration, with its top five products contributing 37% to the total revenues in FY2020. The ratings draw comfort from MMI's diversified geographical presence with exports to countries such as the UK, Australia, Spain, Canada, the US, and so on. Key rating drivers and their description Credit challenges * Constrained liquidity position due to exposure to Group entity, leading to delays in debt servicing: MM International has defaulted in the LAP loan taken by the firm, which it has been further on-lend to its Group's construction business, which is run by the brothers Mr. Rajesh Vora and Mr. Ram Vora. The delays in EMI payment was primarily due to the pandemic-related business challenges encountered by the Group's construction business. * Weak competitive position due to modest scale of operations: MMI's scale of operations has remained modest over the years with an OI of INR69.63 crore and INR67.47 crore registered in FY2019 and FY2020, respectively. As a result, the firm's competitive position remains weak. Nonetheless in FY2021, MMI has been experiencing improved demand for its products and has been able to run its operations during the lockdown as the products come under the essential goods category. As a result, it registered healthy sales of INR46.24 crore in H1 FY2021. * Leveraged capital structure due to weak net worth levels and high debt: The firm's total debt consists of a term loan, a working capital loan from the bank and interest-bearing unsecured loans. The capital structure remained highly leveraged with gearing of 1.71 times, led by its high working capital loan of INR17.79 crore as on March 31, 2020. The high debt resulted in a weak Total Debt/OPBDIT ratio of 6.12 times in FY2020. * Modest profitability in spice processing, vulnerable to commodity price fluctuations and forex fluctuations: Limited value addition involved in the firm's operations, which, along with intense competition in the spice processing industry, restricts its pricing flexibility. High depreciation charges and interest expenses have further put pressure on the firm's profitability over the years. Moreover, being a net exporter, MMI's profitability remains vulnerable to fluctuations in commodity prices and foreign exchange rates. It reported net profit margins (NPM) of 5.52% in FY2020 (provisional) against a net loss of 0.84% in FY2019 owing to a decline in interest expenses led by debt prepayment, a conversion of the term loan to foreign currency term loan and lower working capital utilization, coupled with the decrease in depreciation charges. The NPM was also supported by non-operating income in the form of income from the sale of property in FY2020. * High customer concentration risk; however, widespread network of retail chains in international markets mitigates the risk to an extent: MMI's customer base consists of retailers and traders, who supply ingredients to food manufacturers. The credit period offered to the customers ranges from nil to 90 days. The firm's customer base is highly concentrated with the top two customers contributing to over 40% of the total revenues from FY2018-FY2020. However, the fact that its customers have an established network of retail stores in the international markets mitigates the risk to an extent. * Risk of capital withdrawal inherent in partnership firm: Given MMI's constitution as a limited liability partnership firm, it is exposed to discrete risks, including the possibility of capital withdrawal by the partners and the risk of dissolution of the firm upon the death, retirement or insolvency of the partners. Credit strengths * Established track record of promoters in spices industry: MMI was incorporated in 1997 and its operations are being managed by the Mumbai-based Vora family. The promoters have experience of over 30 years in the spice industry, enabling MMI to establish its position in the market. * Low product concentration risk and diversified geographical presence: MMI trades in over 150 spices, blended spices and food products. Although turmeric, chilli powder, cumin and coriander form its core products, the top five products contributed ~37% to the revenues in FY2020, indicating low product concentration risk. Further, the firm has a diversified geographical presence with exports to countries such as the UK, Australia, Spain, Canada and the US, among others. The firm's liquidity is poor owing to modest cash flow from operations, moderate debt repayments, and funding commitments to weaker Group entities. Rating sensitivities Positive factors – Sustained track record of timely debt servicing would lead to an upgrade in the rating Negative factors – NA MM International was established in 1997 by the Vora family, which is involved in spice trading for the last 100 years. The firm processes spices and exports them to international markets. MMI trades in over 150 products, exporting them to different countries (such as New Zealand, Australia, Japan, South Korea, Belgium, England, Italy, the US and Canada). However, it primarily trades in four major spices (coriander, turmeric, cumin and chilli powder), which contribute to most of its revenues. As per FY2020 provisional estimates, MMI reported a net profit of INR3.72 crore on an OI of INR67.47 crore, against a net loss of INR(0.59) crore on an OI of INR69.63 crore in the previous year. NABADIGANT EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Nabadigant Educational Trust in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 15.00 [ICRA]B+(Stable) ISSUER NOT Limit-Term COOPERATING; Rating continues Loan to remain under 'Issuer Not Cooperating' category Fund based– 4.95 [ICRA]B+(Stable) ISSUER NOT Corporate COOPERATING; Rating continues Mortgage to remain under 'Issuer Not Cooperating' category Fund based 0.05 [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 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. NDET is a charitable trust, established in 1997, with an aim to impart higher education in India. The trust manages five colleges, located at Bhubaneswar, Odisha, offering courses across various streams like engineering, information technology, management and media under the brand name "Koustuv Group of Institutions". PRAKASH OFFSET: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Prakash Offset Printers in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 4.00 [ICRA]B+ (Stable) ISSUER NOT Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term-Fund 3.00 [ICRA]B+ (Stable) ISSUER NOT Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term-Fund 2.50 [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 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. Promoted by Mr. P Mohandas Nayak and his family in 1983, Prakash Offset Printers was initially engaged in printing labels for an associate concern, Prakash Beedies Pvt. Ltd. However, subsequently, the firm entered the commercial offset printing business and is currently engaged in printing books, leaflets, posters, banners, brochures, and magazines, as well as in postpress activities including pinning, binding, lamination and other finishing jobs. POP houses imported advanced Heidelberg printing equipment for undertaking printing in a variety of sizes—including 14" x 20", 18" x 23" and 28" x 40"—as well as a digital printing machine. The firm currently operates from a single printing facility in Mangalore, Karnataka, catering to customers across Goa, Karnataka and Kerala. RAMAN AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Raman Agro Exports Pvt ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 4.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based 6.00 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2008, RAEPL manufactures cattle feed at its manufacturing facilities located at Varanasi, Uttar Pradesh (UP) and Raigarh, Chhattisgarh, with a total manufacturing capacity of 200 tonnes per day, with the Varanasi plant being automated in all stages of production, from the feeding of raw material to the packing of the finished product. RAEPL sells its products through distributors in Bihar, Jharkhand, UP, Madhya Pradesh, and Odisha under the brand names, 'Doodh Dhara' and 'Kranti'. RLJ MULTIGRAIN: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of RLJ Multigrain Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 6.50 [ICRA]B(Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based 5.50 [ICRA]B(Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. RLJ Multigrain Private Limited was originally incorporated as a partnership firm M/s Swastik Udyog. Subsequently, the promoters reconstituted the company as a private limited entity in 2012. The company is promoted by Jain family based out of Kolkata and the unit has rice milling annual capacity of 63,000 tons. SRAVANTHI ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sravanthi Energy Private Limited in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 633.75 [ICRA] D ISSUER NOT COOPERATING; Fund based- Rating continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 50.00 [ICRA] D ISSUER NOT COOPERATING; Non fund-based Rating continues to remain under 'Issuer Not Cooperating' Category The rating is denoted as "[ICRA] D ISSUER NOT COOPERATING" 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. SEPL is developing a 2*225 MW gas-based power project in two phases (Phase-I and Phase-II) at Udham Singh Nagar district In Uttarakhand state of India. Land has been fully acquired and all clearances are in place. The total project cost is to be funded in a debt equity ratio of 3:1. The combined cycle for Phase-I of the project was completed in March 2012. SVS CONSTRUCTIONS: ICRA Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Svs Constructions in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [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 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. M/s SVS Constructions was incorporated in the year 2012 as a partnership firm with Mr. R Rajasekhar Reddy and Mrs. R Laksmi Prasanna as partners. The entity is into the business of real estate development and has completed four residential projects in Bangalore since its inception. The promoters have long experience in the field of real estate development and construction through other group concerns. Presently, the company is engaged in execution of a residential apartment project, "Trend square Precioso" at Kalkere, Horamavu, Bangalore. Started in August 2016, the project is spread across 1.82 acres of land parcel and houses 140 apartments with an aggregate super built up area of 1,57,035 sqft. TRIDENT SUGARS: ICRA Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Trident Sugars Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA] C ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 28.00 [ICRA]C ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Term Loan 13.95 [ICRA]C 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. Trident Sugars Limited commenced its operation as a cooperative mill and was acquired by Ganapati Sugar Mills in 2002. TSL was then acquired by Rajshree Sugars and Chemicals Limited in 2006, further it was subsequently acquired by Natems Sugar Private Limited (NSPL) in April 2017 and now is a 100% subsidiary of NSPL. The standalone sugar mill of TSL, having crushing capacity of 2500 tons of cane per day, is located in Zaheerabad Tq. of Andhra Pradesh. TRIVENI ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Triveni Enterprises in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 6.00 [ICRA]B+ (Stable) ISSUER NOT 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 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. Triveni Enterprises (Triveni) was established by late Mr. O. P. Agarwal in 1968 to engage in the trading of iron andsteel products. Currently, the firm is owned and managed by his wife Mrs. Suchita Agarwal and his son Mr.Ashirwad Agarwal. The firm buys and sells products ranging from angles, beams, channels, squares, rounds, flats,plates, sheets etc which are extensively used in construction, automobile and engineering segment. The firm alsoprovides various services like slitting, cutting, de-coiling and straightening at its warehousing facility located at Bangalore (Karnataka) spread across 17 acres of land. The firm is ISO 9001:2008 certified. URBANEDGE HOTELS: ICRA Reaffirms C+ Rating on INR6cr Term Loan -------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Urbanedge Hotels Private Limited (UHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 6.00 [ICRA]C+; reaffirmed Term Loan Rationale The rating considers UHPL's weak financial profile, which is characterised by higher debt levels in relation to its current scale of operations and operating/net losses since inception, and stretched coverage indicators. Given the losses, the company requires periodical fund infusion from its private equity (PE) investor, Apollo Global LLC, towards fulfilling its debt obligations. From April 2013 to YTD FY2021, the PE investor has infused ~INR350.9 crore, for loss funding and towards debt repayments. The fund infusion has largely remained timely, barring a two-month period in October–November 2017, wherein there was a delay owing to the disqualification of the board, pending submission of financial statements for the period FY2014–FY2017. UHPL appointed third-party financial advisors in July 2015 to review the company's financial transactions and provide accounting and advisory services, which helped in streamlining its accounting and internal controls. The company witnessed a steep decline in revenues in H1 FY2021 to INR1.9 crore (INR30.5 crore in H1 FY2020), owing to the sharp fall in occupancies post the onset of the Covid-19 pandemic. To tide over the liquidity stress, the company had initially availed moratorium for the period of March–August 2020. Post that, UHPL applied for a loan restructuring relief under the resolution framework for pandemic-related stress specified by the Reserve Bank of India (RBI). ICRA notes that the restructuring proposal was not invoked by the lender and the same was communicated to the company on December 28, 2020. However, when the proposal lapsed as on December 28, 2020, the company's debt servicing was timely and there were no overdues. UHPL had cleared all the principal and interest obligations for the period of March 2020–December 2020, using the proceeds from the sale of its property at Ahmedabad, Gujarat; the debt outstanding on its books is INR49.7 crore as on January 31, 2021. Additionally, the company has received in principle sanction of INR15.0 crore of working capital term loan (20% of its outstanding debt as on February 29, 2020), under Guaranteed Emergency Credit Line 2.0 scheme (GECL 2.0) from its lender, which is expected to support the debt repayments in the near term. UHPL's three hotels have locational advantage by virtue of being in proximity to large business parks in Chennai, Bangalore and Coimbatore. This can help the hotels to attract corporate customers. The company's strategy to focus on corporate customers is expected to drive improvement in occupancy over the longer term. Further, in line with the industry, UHPL's revenues and margins are exposed to industry cyclicality, economic cycles and exogenous risks. Going forward, the company's ability to service its debt obligations on a timely basis remains dependent on the timely infusion of funds by its investors. Key rating drivers and their description Credit strengths * Periodic fund infusions from PE investor supports debt servicing: The company is yet to achieve break-even at the operating level and requires constant financial support. The PE investor, who currently holds a 98.33% stake in the company, has infused ~Rs. 350.9 crore over the past eight years (since April 1, 2013 till January 31, 2021) for loss funding and towards servicing of debt obligations. With the company's accruals likely to remain under pressure in the near term, timely equity infusions from the PE investors will be critical for repayment of principal and interest obligations going forward. * Strategic location of hotels in areas of its operations likely to support future occupancy: UHPL's hotel properties are strategically located near business/information technology parks, airport, etc., attracting corporate customers (which contributed to over ~50% of the FY2020 revenues for the company) and business travellers. The company's flagship property at Whitefield, Bangalore (which contributed to ~40% of the revenues in FY2020) reported occupancy of ~60–70% in FY2018–FY2020, owing to the higher demand in the region. The company's overall occupancy is at present low at ~4% (H1 FY2021), given the steep fall in the demand amid the pandemic and the company' high dependence on the IT sector for two of its properties (in Chennai and Bangalore). Nevertheless, its strategy to focus on corporate customers is expected to drive improvement in occupancy over the longer term. Credit challenge * Financial profile characterised by stretched coverage indicators and insufficient cash flows from operations to meet debt obligations: The company's revenues witnessed a sharp deterioration to INR1.9 crore in H1 FY2021 vis-à-vis INR30.5 crore in H1 FY2020, owing to the steep fall in occupancies amid the pandemic. UHPL has been incurring operating and net losses since its inception in FY2007. The company's operating cash flows are not sufficient to meet the term loan obligations (both interest and principal), resulting in negative debt coverage indicators. UHPL had availed moratorium for the period March–August 2020; the interest and principal obligations during the moratorium period would be paid at the end of the loan tenor along with the last instalment. UHPL had met all the principal and interest obligations (INR37.2 crore) for the period September–January 2021 from the proceeds arising from the sale of its property at Ahmedabad, Gujarat and the current debt outstanding on its books is INR49.7 crore. Despite reduction in the debt levels, UHPL is highly leveraged with debt at unsustainable levels, given the current scale of operations. The company's coverage indicators are expected to remain stretched going forward. * Past delays in debt servicing; however, UHPL has been regular in payments since then: UHPL's term loans were restructured in 2012, consequent to delays in meeting the debt obligations. Since April 2015, the company has been regular in meeting the term loan obligations with continued equity infusions from PE investors. There were temporary delays in repayment of term loan during October–November 2017 due to disqualification of directors by the Ministry of Corporate Affairs for delay in filing of financial statements. Subsequently, the company has been regular in debt servicing. * Vulnerability of revenues to inherent industry cyclicality and economic cycles: The hotel industry is highly cyclical, with performance heavily dependent on the general economic performance and extent of global travel, apart from exogenous shocks. Any weakness in macro-economics in the key source markets and in India will drive down the travel into the market, thus adversely affecting the performance of the hotel industry. Liquidity position: Poor The company's liquidity has remained poor with net losses since its inception, resulting in negative cash flow from operations. Including the anticipated drawdown of INR15.0 crore of GECL, the company is expected to have repayment obligations of INR22.8 crore, INR21.4 crore and INR3.8 crore in FY2022, FY2023 and FY2024, respectively. With insufficient cash flow from operations to meet the interest and principal obligations, the same is expected to be carried out through equity infusion by the private equity investor. The company had cash and liquid investments of ~Rs. 1.4 crore as on September 30, 2020. Going forward, UHPL has no major capex plans. The equity infusions from the PE investors will be critical in meeting the debt obligations going forward. Rating sensitivities Positive factors – Substantial improvement in the credit profile of the company, with reduction in debt levels and sustained serviceability of the debt obligations from its operational cash flows could trigger a rating upgrade. Negative factors – Further weakening in liquidity in the absence of timely and adequate support from the investors could lead to a downgrade of the company's rating. UHPL was incorporated in 2006 as a special purpose vehicle (SPV) between Auromatrix Hotels Private Limited (Auromatrix 1.67% stake) and CPI (India) Private Limited (CPI). CPI, a fund managed by Apollo Global Management LLC1 , owns a 98.33% stake in UHPL. Auromatrix was promoted by Mr. Kumaran Sitaraman in 2002 to develop, operate and manage hotels. UHPL owns three hotels, one each in Chennai (Old Mahabalipuram Road IT Expressway), Bangalore (Whitefield) and Coimbatore (Singanallur) with a total inventory of 462 rooms. In December 2020, the company sold its hotel at Ahmedabad (SG Road) for a total consideration of INR67.5 crore. Auromatrix has developed the hotels and currently manages the same under a franchisee agreement of the four-star upscale brand Aloft, owned by the Marriot Hotels Group. In FY2020, the company incurred a net loss of INR33.1 crore on an operating income (OI) of INR61.6 crore compared with net loss of INR35.8 crore on an OI of INR61.8 crore in FY2019. VENSON ELECTRIC: ICRA Keeps B+ on INR3cr Debt in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Venson Electric Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 3.00 [ICRA]B+ (Stable) ISSUER NOT Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 9.00 [ICRA]A4 ISSUER NOT Non-Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis 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. Venson was established as a proprietorship concern in 1973. Later in 2000, it was converted into a private limited company. The company is engaged in manufacturing control and relay panel boards for generations, transmissions and distribution switchgear equipments. The company has an installed manufacturing capacity of 200 panels per month at its Peenya facility in Bangalore, Karnataka. VEPL is a closely held company owned and managed by Mr. M. V. Satyanarayanaand his family. The company is ISO 9001:2008 certified. VISHNUSHIVA INFRA: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Vishnushiva Infrastructures in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 10.00 [ICRA] D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain 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. Established in March 2008, Vishnushiva Infrastructures (VI) is a partnership firm engaged in overburden removal, coal excavation contract and road excavation contracts. The firm is majorly involved in sub-contract and joint venture work for Sadbhav Engineering Ltd. The firm is promoted by Mr. Birendra Rana and other family member. WOOLWAYS (INDIA): ICRA Keeps D on INR10cr Debt in Not Cooperating ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Woolways (India) Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long/Short- 10.00 [ICRA]D/D ISSUER NOT COOPERATING; term Fund Rating continues to remain under based '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. WIL was incorporated in 1994 as a public limited company. It is engaged in the manufacturing of readymade garments from its two manufacturing facilities at Ludhiana, Punjab. The company is promoted by Mr. Rakesh Nayar and his wife, Mrs. Babita Nayar, who have over three decades of experience in readymade garment manufacturing. The company has its own brands for children's wear, 'Unikid'. The company also manufactures knitting garments for other players. WIL markets its product through its 21 retail outlets spread across northern and central India. WIL also has tie-ups with online aggregators for marketing and selling its products online. The company derives around 15-20% of its revenues from exports to Middle Eastern markets, such as Saudi Arabia and the United Arab Emirates (UAE), as well as to China. ===================== P H I L I P P I N E S ===================== PHILIPPINE TELEGRAPH: Seeks Reversal of Approved Capital Hike ------------------------------------------------------------- BusinessWorld Online reports that Philippine Telegraph & Telephone Corp. (PT&T) is asking the SEC to reverse its approved capital hike. In a disclosure to the exchange on March 22, PT&T said its board of directors decided to propose a reversal of the authorized capital increase previously sought to accommodate the conversion of debts to equity under PT&T's rehabilitation plan, BusinessWorld relays. "Considering the nature of the documentary requirements imposed by the Securities and Exchange Commission (SEC) in converting the debts to equity, PT&T deems it proper to first address the said documentary requirements before implementing any debt-to-equity conversion and increase in its authorized capital," the company explained. BusinessWorld relates that PT&T said the proposal will not affect the company's rehabilitation plan. "The debt-to-equity conversion mandated under the rehabilitation plan will still be implemented by PT&T, but the same will be done in several tranches or every time PT&T completes the documentary requirements imposed by the SEC," the company said. Makati City-based Philippine Telegraph & Telephone Corporation -- http://www.ptt.com.ph/-- operates a telecommunication network. The Company also offers basic telephone and long distance services, digital data and other data communication services, and a variety of other products. PHOENIX PETROLEUM: Plans Asset Sale, Transfer to Manage Debts ------------------------------------------------------------- BusinessWorld Online reports that the board of directors of Dennis A. Uy-led Phoenix Petroleum Philippines, Inc. has given management the go signal to unload certain corporate assets for its debt management activities. In a disclosure to the exchange on March 23, the company said transactions will cover the "transfer, sale, mortgage or disposition of certain corporate properties, assets, or investments" that may be relevant to the success of the company's financial management program, BusinessWorld relays. According to BusinessWorld, Phoenix Petroleum's management has been authorized to enter negotiations "under reasonable and acceptable terms and conditions advantageous to the corporation" with any interested entity. BusinessWorld relates that the board decision comes a day after the company told the stock exchange that the company or any of its subsidiaries "is open to consider any investor willing to invest and believes in the operations [of Phoenix Petroleum] and can further add value to its business activities." It said that such offers are nothing new to the company and that it had been open to investors who believe in its core business and can bring in value to its operations, finances, and to its shareholders. "We see these as opportunities for growth," it said. But Phoenix Petroleum said that the dilution of its shareholdings had not been a subject of any discussion at any level in the company. Last week, Davao-based businessman Mr. Uy sold off the entire stake of Chelsea Logistics and Infrastructure Holdings Corp. in 2GO Group, Inc. worth around 31.73% of shares to SM Investments Corp. at PHP8.50 apiece, the report adds. Phoenix Petroleum Philippines, Inc. is engaged in the marketing and distribution of petroleum products on a wholesale and retail basis as well as the operation of gas stations, oil depots, storage facilities and allied services. ================= S I N G A P O R E ================= MASTERPRO HARDWARE: Creditors' Meetings Set for April 5 ------------------------------------------------------- Masterpro Hardware Pte Ltd will hold a meeting for its creditors on April 5, 2021, at 3:00 p.m., via electronic means. Agenda of the meeting includes: a. to present a Statement of the Company's affairs showing in respect of assets the method and manner in which the valuation of the assets was arrived at, together with a list of the creditors and the estimated amount of the claims; b. to consider the nomination of the Liquidator for the Company and on the appointment of Mr. Jonathan Ong Shyue Wen as the Liquidator of the Company; c. to consider the appointment of a Committee of Inspection pursuant to Section 169(1) of the Insolvency, Restructuring and Dissolution Act 2018; d. consider the appointment of solicitors to assist the Liquidator in his duties; and e. consider any other matter which may properly be brought before the meeting. The Provisional Liquidator is: Jonathan Ong Shyue Wen Krys & Associates Singapore Pte Ltd 60 Paya Lebar Road #11-37 Paya Lebar Square Singapore 409051 Email: Jonathan.Ong@krys-global.com OCAP MANAGEMENT: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on March 15, 2021, to wind up the operations of Ocap Management Pte Ltd. Wirecard Acquiring and Issuing GMBH and Wirecard AG filed the petition against the company. The company's liquidators are: Mr. Cameron Duncan Mr. David Kim KordaMentha Pte. Ltd. 16 Collyer Quay #30-01 Singapore 049318 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***