/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210407.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, April 7, 2021, Vol. 24, No. 64 Headlines A U S T R A L I A FIRETAIL ENERGY: First Creditors' Meeting Set for April 14 HJIA PTY: First Creditors' Meeting Set for April 15 HSU EVENTS: First Creditors' Meeting Set for April 14 NEGEV AUSTRALIA: Second Creditors' Meeting Set for April 15 VILLAMOYA HOLDINGS: First Creditors' Meeting Set for April 14 I N D I A AIMIL PHARMACEUTICALS: CRISIL Moves D Rating to Not Cooperating AJIT SINGH: CRISIL Moves D Rating to Not Cooperating Category ALPEX SOLAR: CRISIL Moves D Ratings to Not Cooperating Category BEC FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating BEE GEE: CARE Lowers Rating on INR10cr LT Loan to B+ BHARATI INDUSTRIES: CARE Moves D Debt Ratings to Not Cooperating BISWAMATA HEEMGHAR: CRISIL Migrates D Rating to Not Cooperating BSCPL AURANG: CARE Moves D Debt Rating to Not Cooperating DAKSHIN ODISHA: CARE Reaffirms D Rating on INR153.60cr LT Loan EXCEL OVERSEAS: CRISIL Moves D Debt Ratings to Not Cooperating GOLD RANGE: CRISIL Moves B+ Rating to Not Cooperating Category JAYPEE HEALTHCARE: CARE Reaffirms D Rating on INR650cr LT Loan KALASHREEMUKHA: CRISIL Lowers Rating on INR12cr Loans to B KRUSHNARAJ BIO: CARE Moves D Debt Rating to Not Cooperating MAHARAJA COTSPIN: CARE Keeps D Debt Ratings in Not Cooperating MANTRI INFRASTRUCTURE: CARE Moves D Debt Rating to Not Cooperating MARIGOT AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating MARUTI METAL: CRISIL Keeps D Debt Ratings to Not Cooperating NATURAL SUGAR: CRISIL Raises Rating on INR165cr Loan to B+ NIKHIL TOBACCOS: CRISIL Lowers Rating on INR30cr Cash Loan to B PRASAD AGRO: CRISIL Moves D Debt Ratings to Not Cooperating RANVIK AUTOCOMPONENTS: CRISIL Moves D Ratings to Not Cooperating RECORE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating REFRIGERATIONS PRIVATE: CRISIL Moves D Ratings to Not Cooperating SANT BHAGATRAM: CRISIL Keeps B+ Debt Rating in Not Cooperating SHAMBHAVI COTTON: CRISIL Moves B Debt Ratings to Not Cooperating SHIVA LOKENATH: CRISIL Migrates D Debt Ratings to Not Cooperating THREE SIXTY: CARE Lowers Rating on INR6.0cr LT Loan to B VENKATESWARA AGENCIES: CRISIL Moves B+ Rating to Not Cooperating VENTO POWER: CARE Reaffirms D Rating on INR152.59cr LT Loan VINNARASI EDUCATIONAL: CARE Lowers Rating on INR6.63cr Loan to D I N D O N E S I A REJEKI ISMAN: Appoints Helios Capital for Debt Restructuring M A L A Y S I A 1MDB: Former PM Najib Starts Appeal Over 1MDB Conviction P H I L I P P I N E S OCCIDENTAL MINDORO RURAL: PDIC Advises Borrowers to Pay Loans S I N G A P O R E FUJIREBIO ASIA: Creditors' Proofs of Debt Due May 6 GREENSILL ASIA: Creditors' Meetings Set for April 20 HIN LEONG: Court Delays Decision on Founder's Assets Freeze - - - - - ================= A U S T R A L I A ================= FIRETAIL ENERGY: First Creditors' Meeting Set for April 14 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Firetail Energy Services Pty Ltd will be held on April 14, 2021, at 2:30 p.m. at the offices of BCR Advisory, Level 5, 63 Pirie Street, in Adelaide, SA. Stephen Glen James of BCR Advisory was appointed as administrator of Firetail Energy on March 31, 2021. HJIA PTY: First Creditors' Meeting Set for April 15 --------------------------------------------------- A first meeting of the creditors in the proceedings of HJIA Pty Ltd will be held on April 15, 2021, at 10:00 a.m. via via video conference only. Danny Vrkic and Daniel O'Brien of DV Recovery Management were appointed as administrators of HJIA Pty on April 1, 2021. HSU EVENTS: First Creditors' Meeting Set for April 14 ----------------------------------------------------- A first meeting of the creditors in the proceedings of HSU Events Pty Ltd will be held on April 14, 2021, at 11:00 a.m. via virtual meeting. Adam Edward Farnsworth of Farnsworth Carson was appointed as administrator of HSU Events on March 31, 2021. NEGEV AUSTRALIA: Second Creditors' Meeting Set for April 15 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Negev Australia Pty Ltd has been set for April 15, 2021, at 10:00 a.m. via teleconference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by April 14, 2021, at 4:00 p.m. Malcolm Kimbal Howell of Jirsch Sutherland was appointed as administrator of HJIA Pty on April 1, 2021. VILLAMOYA HOLDINGS: First Creditors' Meeting Set for April 14 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Villamoya Holdings Pty Ltd, trading as "Subway Store 25739", will be held on April 14, 2021, at 12:00 p.m. at the offices of Hamilton Murphy Advisory Pty Ltd, Level 3, 213 Clarence Street, in Sydney, NSW. Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as administrator of Villamoya Holdings on March 31, 2021. ========= I N D I A ========= AIMIL PHARMACEUTICALS: CRISIL Moves D Rating to Not Cooperating --------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Aimil Pharmaceuticals India Limited (APIL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 33.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 7.52 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 33.98 CRISIL D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with APIL for obtaining information through letters and emails dated March 9, 2021 and March 15, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of APIL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on APIL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of APIL to 'CRISIL D Issuer not cooperating'. Incorporated in 1995, APIL manufactures screen printing machines and ultraviolet curing machinery. The manufacturing facility is in Faridabad, Haryana. It Mr Chander Prakash Paul and his Ms Swati Paul are the promoters. AJIT SINGH: CRISIL Moves D Rating to Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings has migrated the rating on the bank facilities of Ajit Singh Malik and Co-Owners (ASMC) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with ASMC for obtaining information through letters and emails dated December 23, 2020 and January 29, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ASMC, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ASMC is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of ASMC to 'CRISIL D Issuer not cooperating'. ASMC is a partnership concern established in 2014 by Ajit Singh Malik and friends in Haryana. The firm offers warehouse space on lease to HAFED for storage of food grains. ALPEX SOLAR: CRISIL Moves D Ratings to Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Alpex Solar Private Limited (ASPL) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 12 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Import Letter 11 CRISIL D (ISSUER NOT of Credit Limit COOPERATING; Rating Migrated) Inland/Import 11 CRISIL D (ISSUER NOT Letter of Credit COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with ASPL for obtaining information through letters and emails dated December 23, 2020 and January 29, 2021 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of ASPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ASPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of ASPL to 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 1993 and promoted by Delhi-based Sehgal family, ASPL manufactures Solar PV modules, solar power plants, and AC/DC water pumps. It also undertakes EPC (engineering, procurement, construction) projects in the segment. Moreover, ASPL trades in circular knitting needles, yarn, air purifiers, water pumps, and solar panels. BEC FERTILIZERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of BEC Fertilizers Limited (BFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 63.70 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 3, 2019, placed the rating(s) of BFL under the 'issuer non-cooperating' category as BFL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BFL continues to be noncooperative despite repeated requests for submission of information through e-mails dated March 19, 2021, March 9, 2021 and February 27, 2021 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers At the time of last rating on April 13, 2020, the following were the rating strengths and weaknesses: Key Rating Weaknesses * On-going delays in servicing of debt obligations: As per interaction with the banker, there are delays in servicing of interest and principal. BEC Fertilizers Limited (BFL) was incorporated in 2013 by Mr Veenu Jain, Mr Viren Jain and Mr Arjun Jain. The company is part of BEC group (with flagship company Bhilai Engineering Corporation Limited) which has its presence across diversified business viz. engineering [manufacturing of high precision equipment's catering mainly to railways, power, defence and metals & minerals industry], fertilizers, agro chemicals and food products. BFL is into manufacturing of Single Super Phosphate (SSP, phosphatic fertilizer) as well as is into conversion to value-added Granulated SSP. The company has plants located at Bharuch in Gujarat, Pulgaon in Maharashtra and Bilaspur in Chattisgarh. BEE GEE: CARE Lowers Rating on INR10cr LT Loan to B+ ---------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Bee Gee Automobiles (Solan), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking information from Bee Gee Automobiles (Solan) to monitor the rating vide letter dated March 10, 2021 and e mail communications dated March 9, 2021, March 8, 2021, March 5, 2021 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Best Seeds Karnal will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers The rating has been revised by taking into account non-cooperation by Bee Gee Automobiles (Solan) with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The rating assigned to Bee Gee Automobiles (Solan) continues to remain constrained due to intense competition amongst dealers with pressure to pass on cash discounts to customers. The rating, however, derive strength from experienced promoters. Key Rating Weaknesses * Intense competition amongst dealers with pressure to pass on cash discounts to customers: Presently BGA operates through its showroom located at Himachal Pradesh Region. The number of dealers dipped over the past few years. However, in order to capture the market share, the auto dealers offer better buying terms like allowing discounts on purchases. Such discounts offered to customers create margin pressure and negatively impact the profits of BGA. Apart from competition from the dealerships of other brand vehicles, BGA also faces direct competition from other TML dealer in Himachal Pradesh which has also been associated with TML for long. The ability of the firm to profitably scaleup its operations, while managing the competition from other dealers in the vicinity will remain the key rating sensitivity. Key Rating Strengths: * Experienced promoters: SGA's promoters, Mr. Munish Gupta have been engaged in automobile dealership with an average experience of more than a decade. The promoter's extensive experience has helped the entity in establishing strong relationship with established automobile company. Further the proprietor is supported by experienced management team to carry out the day to day operations of the company. Bee Gee Automobiles (Solan) (BGA) was established in 01st July 2014 as a proprietorship entity by Mr. Munish Gupta. The entity was later on converted into proprietorship entity in 2014. BGA is an authorized dealer of Tata Motors Limited (TML) for sale of all commercial vehicles (with various range of bus, truck and loading vehicle) and its spare parts for Solan & Shimla region. The company operates through its 3S (Sales, spare, & services) facility at Solan & Shimla region. The firm owns & operates mainly five showrooms, one each at Solan and Shimla both providing 3S (sales, service and spare parts) facilities and remaining three at Paonta Sahib, Baddi and Rampur one each providing only sales services. BHARATI INDUSTRIES: CARE Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Bharati Industries (BI) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.39 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank Facilities 0.35 CARE D; ISSUER NOT COOPERATING; Rating moved to ISSUER NOT COOPERATING category Detailed Rationale, Key Rating Drivers and Detailed description of the key rating drivers BI has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE's rating on BI's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating takes into account delays in repayment of debt obligation. Detailed description of the key rating drivers At the time of last rating on March 26, 2020 the following were the rating weaknesses Key Rating Weaknesses * Delays in servicing of debt obligations: There were ongoing delays in the servicing of interest and principal repayment on term loan availed by the entity, the same was on account of stretched liquidity position. The firm has availed moratorium for the period of 6 months from March to August 2020 for interest payments of cash credit account and interest and principal repayments of term loans as per Covid-19 Regulatory Package announced by RBI. Pune (Maharashtra) based, BI was established in 2008 and is promoted by Mrs. Geeta Malgatte. The firm is engaged in fabrication of numerous equipment at its manufacturing facility located at Bhosari, Pune. The firm also provides services like erection & commissioning of all kind of pumps and pumping systems, laying of steel pipes & specials. BISWAMATA HEEMGHAR: CRISIL Migrates D Rating to Not Cooperating --------------------------------------------------------------- CRISIL Ratings has migrated Biswamata Heemghar Private Limited's (BHPL) rating on bank facilities to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.44 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 0.76 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 1.14 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Working Capital 1.66 CRISIL D (ISSUER NOT Facility COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with BHPL for obtaining information through letters and emails dated March 9, 2021 and March 15, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BHPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on BHPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of BHPL to 'CRISIL D Issuer not cooperating'. Incorporated in 2012 and promoted by Mr Shyamal Dandapat, BHPL provides cold storage facilities in Medinipur, West Bengal, to potato farmers and traders, and also trades in potatoes. BSCPL AURANG: CARE Moves D Debt Rating to Not Cooperating --------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of BSCPL Aurang Tollway Limited to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 826.96 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking information from BSCPL Aurang Tollway Limited to monitor the rating(s) vide e-mail communications dated January 21, 2021, February 4, 2021 and March 1, 2021 among others and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating based on the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on BSCPL Aurang Tollway Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). Description of the key rating drivers At the time of last rating on March 24, 2020, the following were the rating strengths and weaknesses. (Updated for the information available from ROC) Key Rating Weaknesses * Cash flow mismatch and stretched liquidity, resulting in ongoing delays in debt servicing: The company's TOI has been relatively stable during FY20 at INR134.57 crore (INR114.09 crore in FY19) despite achieving COD on November 17, 2018. However, the same has been on the lower side vis-à-vis what was envisaged at the time of market survey. Consequently, coupled with higher interest cost, the company reported net loss of INR120.87 crore in FY20 (Rs.106.23 crore in FY19). Owing to lower than envisaged toll collection, there has been a cash flow mismatch resulting in delays in servicing of debt obligations. The bankers have informed that the company has obtained 6-month moratorium on debt servicing from March-2020 to August 2020 on account of Covid-19. * Inherent revenue risk associated with toll-based road projects: With major part of cash outlay being fixed in nature in the form of payments to the concession authority, committed maintenance cost and interest rates; cash flows of toll-based projects are inherently sensitive to traffic growth, traffic composition, traffic diversion to any alternative routes, interest rate changes etc. * Absence of fixed MM agreement: The company proposes to undertake Major maintenance (MM) once in every 5 years and the same is expected to be spread over 3 years owing to the length of the stretch. The company has not created Major Maintenance Reserve (MMR) as stipulated from year of commencement of operations. Due to the absence of fixed price major maintenance contracts, the project company is exposed to risks arising from price variation with respect to the key raw materials. * Interest rate risk: The cash flows of BATL shall remain exposed to variations in interest rate on the project debt as the loans are subject to interest rate resets. As a result, steep increases in the interest rate will subject the SPV to cash flow risk. Key Rating Strengths * Experienced promoters: BATL is as SPV, promoted by BSCPL Infrastructure Limited (BSCPL) which currently holds 100% stake in the company. BSCPL is engaged in various infrastructure segments such as roads, bridges, irrigation projects, airports, real estate and Hydropower plant projects for over 3 decades. * Fixed-price & Fixed-time construction contract with reputed EPC player: BATL has entered into a fixed-time fixed-price EPC agreement with BSCPL. BSCPL has considerable experience in execution of roads and bridges. Given that BSCPL has considerable experience in road works along with fixed price fixed-time contract, the construction risk has been mitigated to a large extent. * Favourable route albeit presence of alternate routes: The 150.40 km length project road stretch falls in the districts of Raipur and Mahasamund in Chhattisgarh state. The project road passes through Burnwarpura sanctuary which is one of the major tourist attractions. The settlements of Saraipali, Basna, Pithora, Patewa and Tumgaon lie along the project corridor. However, the existence of alternate routes is a significant risk factor associated with the project which has led to diversion of traffic resulting in lower toll collection. On the project road there are 3 alternative routes available to avoid the proposed toll plazas. * Presence of fixed price O&M agreement with a reputed EPC player: As per the CA, the company is mandated to undertake routine as well as periodic maintenance of the stretch in line with NHAI standards. The company has entered into fixed O & M contract with BSCPL as per the agreement dated May 2, 2016 for a fixed price. Comfort is derived from the same. BSCPL Aurang Tollway Limited (BATL) is a Special Purpose Vehicle (SPV) incorporated in September 2011 by BSCPL Infrastructure Limited (BSCPL) and BSCPL Infra Projects Limited (BIPL), which currently holds 99% and 1% stake in the company respectively. The project was awarded for Design Engineering, Finance, Construction, Operation and Maintenance of Orissa Border to Aurang section (Chhattisgarh) from KM 88.50 to KM 238.90 of NH 6 (now renamed as NH53) in the state of Chhattisgarh under National Highway Development Programme (NHDP) Phase IIIA on Build, Operate and Transfer (Toll) basis" (Project) by National Highways Authority of India (NHAI). DAKSHIN ODISHA: CARE Reaffirms D Rating on INR153.60cr LT Loan -------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Dakshin Odisha Urja Private Limited (DOUPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 153.60 CARE D Reaffirmed Detailed Rationale & Key Rating Drivers The reaffirmation in rating assigned to the bank facilities of DOUPL continues to factors in the deterioration of the coverage metrics and liquidity profile of the company resulting in delays in debt servicing in the past. There has also been occasion of non-payment of additional interest charged by the lender due to non-perfection of security. However, the rating takes cognizance of long-term revenue visibility due to the existence of power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed tariff for the entire capacity with stable track record of collection. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: * Significant improvement in generation and reduction in expenses on a sustained basis, leading to higher cash accrual. * Substantial improvement in leverage and coverage metrics. Detailed description of the key rating drivers Key Rating Weaknesses * Delay in servicing of debt obligations: The company has delayed the payment of additional interest being charged by the lender due to non-perfection of security. As confirmed by the banker, the said additional interest is being accrued and not paid by the company. Moreover, the auditor has also reported delay in payment of interest in the past. * Subdued operational performance: Against the P-90 level of 21.50%, Capacity Utilization Factor (CUF) has remained low at 17.04% in FY20 (refers to period of April 1 to March 31). During YTD-Jan'21, CUF continued to be low at 17.74%. * Leveraged capital structure with weak coverage indicators: Financial risk profile of DOUPL is weak characterized by negative networth and weak interest cover. Networth of the company swung to negative as on March 31, 2020 on account of large losses incurred during FY20. The company had provided INR64.91 cr for capital advances given to a contractor which has been referred under Resolution Plan vide NCLT order. Further, lower generation and higher interest burden due to higher debt resulted in weak interest cover of -2.16x in FY20 (PY: 0.69x). * Exposure to climatic conditions and technological risks: Achievement of desired CUF going forward would be subject to changes in climatic conditions, amount of degradation of modules as well as other technological risks and generation at envisaged levels remains crucial for the project. Key Rating Strengths * Long-term revenue visibility with off-take arrangement in the form of PPA signed with SECI: DOUPL has entered into a long term PPA with SECI in May, 2017 for supply of power for duration of 25 years at a tariff of INR4.43 per unit, providing stable revenue visibility in future. However, the tariff has been revised downward to INR3.75 per unit as a consequence of the delay in COD achievement. Nonetheless, presence of off-take arrangement provides long term revenue visibility of the project. Further, the payment from off-taker has been received broadly in 75-110 days in the last twelve months. * Experienced promoters with portfolio of geographically diversified assets: Essel Group has developed an aggregate capacity of about 645 MW in Solar PV generation under various Special Purpose Vehicles (SPVs) across Uttar Pradesh, Karnataka, Punjab and Maharashtra. In August 2019, Adani Green Energy Limited (AGEL) has signed a share purchase agreement for acquisition of 205 MW of operating solar assets of Essel group located in Punjab, Karnataka and Uttar Pradesh. During FY20, the group has infused INR17.11 cr in DOUPL in the form of unsecured inter-corporate deposit to support its operations. Liquidity: Poor Lower generation levels of the project coupled with lower tariff (due to delay in COD of the project) has led to low cash accrual vis a vis its large debt obligation. This had resulted in intermittent delays in debt servicing in the past. The cash and bank balance stood at INR2.03 crore as on February 28, 2021. The company had availed moratorium towards interest and principal payment with the lender as per RBI circular dated March 27, 2020. DOUPL is a Special purpose vehicle (SPV) of Essel Green Energy Private Limited and is developing solar PV project of total capacity 40 MW in Bargarh District of Odisha. The Power Purchase Agreement (PPA) has been executed between DOUPL and Solar Energy Corporation of India Limited (SECI) for the purchase of solar power for a period of 25 years at a tariff of INR4.43 per unit which has been revised to INR3.74 per Kwh due to delay in commissioning. EXCEL OVERSEAS: CRISIL Moves D Debt Ratings to Not Cooperating -------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Excel Overseas Private Limited (EOPL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 33.99 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Post Shipment 74.01 CRISIL D (ISSUER NOT Credit COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with EOPL for obtaining information through letters and emails dated March 9, 2021 and March 15, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of EOPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EOPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of EOPL to 'CRISIL D Issuer not cooperating'. EOPL was set up in 1988 as a proprietary concern in 1988 by Mr. Ramesh Shah, and was reconstituted as a private limited company in 2007. The company trades in rough and polished diamonds and is also engaged in cutting and polishing of diamonds. GOLD RANGE: CRISIL Moves B+ Rating to Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Gold Range Castings Private Limited (GRCPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.20 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 2.25 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with GRCPL for obtaining information through letters and emails dated December 23, 2020, March 9, 2021 and March 15, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GRCPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GRCPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of GRCPL to 'CRISIL B+/Stable Issuer not cooperating'. Incorporated in 1994, GRCPL is owned and managed by Mr Bipan Gupta, Mrs Poonam Gupta and Mr Abhilkshya. GRCPL is engaged in manufacturing a wide range of scaffolding couplers, bolts and nuts, cup lock system and tension insulators. Its manufacturing facility is located in Jalandhar (Punjab) and has an installed capacity of 750 tonnes per annum. JAYPEE HEALTHCARE: CARE Reaffirms D Rating on INR650cr LT Loan -------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Jaypee Healthcare Ltd, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 650.00 CARE D Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Jaypee Healthcare Ltd continues to factor in delays in debt servicing by the company. Rating Sensitivities Positive Factors * Timely track record of debt servicing by the company for continuous 3 months. * Sustainable improvement in financial profile along with cash profits. Negative Factors: Not applicable Detailed description of the key rating drivers Key Rating Weaknesses * Delay in Debt servicing obligation: The liquidity position of the company continues to remain weak on account of weak financial performance leading to delay in debt servicing. Jaypee Healthcare Ltd (JHL), a 100% subsidiary of Jaypee Infratech Ltd (JIL, rated CARE D), has a multi-specialty tertiary hospital located at Jaypee Wish Town, Noida. The hospital is 504 bedded (300 operational beds) multi super Specialty hospital with 18 operation theatres and 35 specialties including Liver Transplant and Radiation Oncology. KALASHREEMUKHA: CRISIL Lowers Rating on INR12cr Loans to B ---------------------------------------------------------- CRISIL Ratings has revised the ratings on bank facilities of Kalashreemukha to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.2 CRISIL B/Stable (ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING) Proposed Long Term 1.8 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'CRISIL BB/Stable ISSUER NOT COOPERATING) CRISIL Ratings has been consistently following up with Kalashreemukha for obtaining information through letters and emails dated August 22, 2020 and February 16, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Kalashreemukha, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Kalashreemukha is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Kalashreemukha Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'. Established in 2005 by Bhubaneswar-based Mr Niranjan Sahoo as a proprietorship concern, Kalashreemukha is an authorized distributor of Hindustan Unilever Ltd, Britannia, Dabur India Ltd, and Perfetti Van Melle products in Bhubaneswar and nearby regions. The firm also has a small ready-made garments shop in Konark, Odisha. KRUSHNARAJ BIO: CARE Moves D Debt Rating to Not Cooperating ----------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Krushnaraj Bio Fuel Private Limited (KBFPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking information from KBFPL to monitor the rating vide e-mail communications/letters dated September 8, 2020, October 14, 2020, November 6, 2020, December 11, 2020, January 3, 2021, February 4, 2021, and March 8, 2021 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Krushnaraj Bio Fuel Private Limited bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating to the bank facilities of Krushnaraj Bio Fuel Private Limited (KBFPL) continues to take into account the delays in servicing of debt obligations. Detailed description of the key rating drivers At the time of last rating on May 18,2020, the following were the rating weaknesses: Key Rating Weaknesses * Delays in servicing of debt obligations: As per interaction with the banker during last review, there were delays in servicing of the interest portion of the cash credit and term loan and the account was classified under SMA-0 category. Krushnaraj Bio Fuel Private Limited (KBFPL) was incorporated by Mr. Sourabh Dahiwal and Mr. Sunil Mangwani on August 31, 2018. The company is currently in process of setting up its manufacturing facility for production of bioethanol at its plant located near Borwand, Nanded with an installed capacity of 60,000 liters per day. MAHARAJA COTSPIN: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maharaja Cotspin Limited (MCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.64 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term Bank 11.10 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Negative Short Term Bank 15.60 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated January 22, 2021, placed the ratings of MCL under the 'issuer non-cooperating' category as MCL had failed to provide information for monitoring of the rating as agreed to, in its rating Agreement. MCL continues to be non-cooperative despite repeated requests for submission of information through e-mails and phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The revision in the rating assigned to the working capital facilities of the company takes into account regular instances of delays in the servicing of the debt obligation in the last three months. The same is owing to the stretched liquidity position of the company, which had led to delays in debt servicing in the past also. Detailed description of the key rating drivers Key Rating Weaknesses * Delays in the servicing of the debt obligation: There have been regular instances of delays in the servicing of the debt obligation (for both term loans and working capital borrowings), in the last three months. The same has been on account of the stretched liquidity position of the company. Maharaja Cotspin Limited (MCL) was incorporated in April 2010 as a closely-held public limited company, however, the operations of the company started in August-2011. The company is primarily engaged in the manufacturing of yarns and knitted fabrics at its sole manufacturing facility located at Ludhiana, Punjab with an installed capacity of 26208 spindles for yarn manufacturing and 29 circular knitted machines for knitted fabric manufacturing, as on March 31, 2018. The company is also engaged in the trading of yarns and knitted fabric. The group concerns of the company include Eshan Yarns Private Limited (EYPL; rated CARE B; Stable; Issuer Not Cooperating) which is engaged in manufacturing of polyester fabrics, M/s Maharaja Fabrics (engaged in the manufacturing of knitted fabrics from polyester yarn), M/s Maharaja Trading Company (engaged in the trading of fibers and yarn) and Maharaja Dyeing and Furnishing Mills (engaged in business of dyeing of fabrics). MANTRI INFRASTRUCTURE: CARE Moves D Debt Rating to Not Cooperating ------------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Mantri Infrastructure Private Limited (MIPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 247.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers MIPL has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE's rating on Mantri Infrastructure Private Ltd.'s instruments will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating On April 2, 2020 the following was considered. Key rating weakness * Delays in debt servicing: As per banker interaction, it was informed that there have been continuing delays in debt repayments. Mantri Infrastructure Private Limited (MIPL) is a SPV floated by Mantri group to undertake construction of Mantri Central retail project in Bengaluru. The project involves construction of retail mall with leasable area of 5.91 lsf with construction cost of INR214 crore. MIPL raised an amount of INR250 crore by issuing bonds. The repayment of these bonds will be made out of excess cashflows of entire Mantri group's existing assets (residential+ commercial+ retail) post repayment to the existing senior lenders. MARIGOT AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Marigot Agro Private Limited (MAPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.9 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 4.6 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MAPL for obtaining information through letters and emails dated August 22, 2020 and February 16, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MAPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MAPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. MAPL, set up in 2014 by Mr Sithanand Ganesh and Mrs Marigot Ambujam, is based in Pondicherry. The company manufactures and trades in atta, maida and rava. MARUTI METAL: CRISIL Keeps D Debt Ratings to Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Maruti Metal Industries (MMI) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 9.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 13.05 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 0.45 CRISIL D (Issuer Not of Credit Cooperating) CRISIL Ratings has been consistently following up with MMI for obtaining information through letters and emails dated August 22, 2020 and February 16, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MMI, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MMI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MMI continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. MMI, based in Bhavnagar (Gujarat), is a partnership firm set up in 2003. Managed by Mr. Mahendrakumar Rana, the firm trades in non-ferrous metals such as bronze, copper, nickel, zinc, and lead. NATURAL SUGAR: CRISIL Raises Rating on INR165cr Loan to B+ ---------------------------------------------------------- CRISIL Ratings has upgraded its rating on the long-term bank loan facilities of Natural Sugar and Allied Industries Ltd (NSAI) to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Pledge Loan 126 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') Term Loan 39 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') The upgrade reflects sustained improvement in NSAI's healthy operating performance which has also partly cushioned its liquidity. Despite low sugar crushing in sugar season 2020, revenue was INR452 crore in fiscal 2020 on account of liquidation of existing sugar inventory, which further improved the working capital cycle. In addition, the dairy segment witnessed improved performance. The company is expected to crush about 12 lakh MT of sugar cane in current season, which shall help the company to sustain its moderate scale of operation. Financial risk profile also improved in fiscal 2020; total outside liabilities to adjusted networth (TOLANW) ratio improved to 2.05 times as on March 31, 2020, compared to 3.83 times as on March 31, 2019. Though inventories are expected to be large with higher sugar cane crushing, TOLANW ratio is expected to remain moderate at about 2.5 times in medium term. Liquidity also improved with higher cash accruals and cushion in CC limit. The rating continues to reflect the company's exposure to regulatory changes and to cyclicality in the sugar industry and large working capital requirement and subdued debt protection metrics. These weaknesses are partially offset by the extensive experience of the promoters in the sugar industry, moderate revenue streams and moderate capital structure. Key Rating Drivers & Detailed Description Weaknesses * Large working capital requirement: The working capital cycle, though improved in fiscal 2020, remains large. GCAs were 176 days, on account of sizeable inventory of 169 days, as on March 31, 2020. With ample availability of sugarcane in the region and higher crushing expected for sugar season 2021, the sugar inventory levels are expected to increase significantly, over the medium term, further stretching the working capital cycle. The crushing activity lasts from November to April and the company has to hold the finished products inventory after the crushing season as sugar is sold as per the release mechanism. Receivables, however, are low as payments are received immediately. * Average debt protection metrics: Large debt level and moderate profitability has led to average debt protection metrics. Interest coverage and NCATD ratios were 1.6 times and 0.08 times in fiscal 2020 and are likely to remain at similar level in fiscal 2021. Significant improvement in debt protection metrics remain critical. * Exposure to regulatory changes and to cyclicality in the sugar industry: Sugarcane production and availability is highly dependent on the monsoon, cane prices and prices of alternative crops. The sugar industry is cyclical and highly regulated. The government regulates the domestic demand and supply of sugar by restricting imports and exports. Domestic sugar prices and cane procurement prices are also regulated by the government. Strengths * Extensive experience of the promoters: The promoters have been in the sugar industry for more than three decades. Mr B B Thombare, the key promoter, was instrumental in setting up two sugar companies as managing director and in their transformation into successful units. * Moderate capital structure: Networth was healthy at INR144.51 crore as on March 31, 2020. The company's capital structure improved due to reduction in inventories and steady accretions to reserves. Gearing and TOL/TNW ratio were 1.33 times and 2.05 times, respectively, as on March 31, 2020, due to limited reliance on external term debt. Liquidity: Stretched Bank limit utilization was moderate at 70.46% for the 12 months ended November 30, 2020. Cash accrual is expected to be INR14-20 crore, which should be sufficient against term debt obligation of INR13-17 crore over the medium term. Current ratio was low at 0.94 time as on March 31, 2020. Outlook Stable CRISIL Ratings believes NSAI will continue to benefit from the promoters' extensive experience. Rating Sensitivity factors Upward factors * Increase in revenue, sustained profitability and higher cash accrual * Improvement in the financial risk profile especially debt protection metrics; interest coverage ratio to be above 2.2 times consistently Downward factors * Decline in cash accrual to below INR10 crore due to lower revenue or operating margin * Stretched working capital cycle, weakening liquidity NSAI was established in 2000 by Mr B B Thombare and his family members. Based in Osmanabad, Maharashtra, the company manufactures sugar and has cane crushing capacity of 5,000 tonne per day, 23-megawatt co-generation power plant, and distillery with capacity of 30 kilolitre per day. It also manufactures ferroalloys and processes milk into milk products. NIKHIL TOBACCOS: CRISIL Lowers Rating on INR30cr Cash Loan to B --------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the long-term bank facility of Nikhil Tobaccos (NT) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 30 CRISIL B/Stable (Downgraded Overdraft facility from 'CRISIL B+/Stable') The rating downgrade reflects weakened business risk profile, as indicated by operating income of INR54 crore in fiscal 2020, compared to INR109 crore in the previous fiscal. Capital structure is highly leveraged as showcased by gearing of more than 6 times in fiscal 2020 and it is expected to remain at similar level in fiscal 2021. This is on account of low networth of around INR6 crore. Debt protection metrics continue to remain weak with interest coverage ratio of around 1 time for fiscal 2021. The ratings also reflect the company's exposure to intense competition, its modest scale and weak financial profile. These weaknesses are partially offset by the extensive experience of the proprietor in the tobacco industry. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to intense competition: There is a large presence of organized and unorganized players in the segment, driven by low capital requirement. Intense competition hampers the firm's negotiating power with suppliers and customers and affects its ability to withstand business downturns. * Modest scale of operations: NT's business profile is constrained by its modest scale in the intensely competitive tobacco industry. Operating income declined to INR54 crore in fiscal 2020, against revenue of INR108 crore in fiscal 2019, because of demand issues. Revenue is expected to be around INR65 crore in fiscal 2021. NT's modest scale will continue to limit its operating flexibility. * Weak financial profile: Total outside liabilities to tangible networth (TOLTNW) ratio was 7.5 times and gearing was 6.7 times as on March 31, 2020, and it is expected to be 6.89 times and 6.4 times, respectively, in fiscal 2021. NT's debt protection measures have also been weak in the past due to high gearing and low accrual from operations. The interest coverage ratio is also expected to be low at 1.03 times in fiscal 2021. Strengths: * Extensive industry experience of the proprietor: The proprietor has experience of over 10 years in the tobacco industry. This has given her a strong understanding of the market dynamics and enabled her to establish healthy relationships with suppliers and customers. Liquidity: Stretched Liquidity is constrained by insufficient accrual of around INR26 lakh, against debt obligation of around INR90 lakh over the medium term. The debt obligation is likely to be supported by infusion of unsecured loan by the promoter and related parties. Average bank limit utilization stood at around 99% in the past 12 months through January 31, 2020. Unsecured loan of INR7.40 crore from the directors of the company supports liquidity. The firm has availed contingency funds of INR9 crore in the current fiscal. Outlook Stable CRISIL Ratings believes NT will benefit from the extensive experience of its proprietor and established relationships with clients. Rating Sensitivity factors Upward factors * Sustained revenue growth with improved operating margin, leading to higher cash accrual * Gearing less than 3 times Downward factors * Significant decline in revenue with operating margin below 5% * Further stretch in the working capital cycle Established in 2012, NT is owned and managed by Mrs Suma Gutta. The firm trades in tobacco and is located in Andhra Pradesh. PRASAD AGRO: CRISIL Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Prasad Agro Industries (PAI) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.75 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 3.75 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with PAI for obtaining information through letters and emails dated December 23, 2020 and January 29, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PAI, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PAI is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of PAI to 'CRISIL D Issuer not cooperating'. PAI, a proprietorship firm of Mrs. Vaishali Gulange was set up in 2013-14 in Latur (Maharashtra). The firm is engaged in dal mill with an installed capacity of 30 MT per day. Gulange Warehouse and Allamprabhu Warehouse are engaged in providing warehouse services to agri commodities. Each firm has storage capacity of 6000 tonnes. RANVIK AUTOCOMPONENTS: CRISIL Moves D Ratings to Not Cooperating ---------------------------------------------------------------- CRISIL Ratings has migrated the ratings on bank facilities of Ranvik Autocomponents Private Limited (RAPL) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 5.85 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 6 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 3.15 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with RAPL for obtaining information through letters and emails dated March 9, 2021 and March 15, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RAPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RAPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of RAPL to 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2008, RAPL is promoted by Mr Vishwas Manikrao Jagtap and family. The company manufactures auto components such as chassis and brake parts. The manufacturing unit is in Pune. RECORE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Recore Ceramic continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.75 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.75 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Recore for obtaining information through letters and emails dated August 22, 2020 and February 16, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Recore, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Recore is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Recore continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Established in 2014, Recore was set up by the Morbi (Gujarat)-based Savsani and Nagpara families. The firm manufactures digital wall tiles. Recore commenced commercial operations in June 2015. REFRIGERATIONS PRIVATE: CRISIL Moves D Ratings to Not Cooperating ----------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Shree Refrigerations Private Limited (SRPL) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Bill Discounting 2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 7.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 1.15 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with SRPL for obtaining information through letters and emails dated December 23, 2020 and January 29, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SRPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SRPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of SRPL to 'CRISIL D/CRISIL D Issuer not cooperating'. SRPL, incorporated in 1990, manufactures condensing units, chilling units, spray dampening systems, and appliance-testing machines. Its manufacturing facility is in Karad, Maharashtra. Mr Ravalnath Shende is the promoter. SANT BHAGATRAM: CRISIL Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sant Bhagatram Ginning and Pressing (SBGP) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SBGP for obtaining information through letters and emails dated August 22, 2020 and February 16, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SBGP, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SBGP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBGP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. SBGP was set up as a partnership firm by Mr Raamniwas Sarda, and his family, in 2008. The firm gins and presses raw cotton to make cotton bales, at its processing unit in Manwath, district Parbhani, Maharashtra. SHAMBHAVI COTTON: CRISIL Moves B Debt Ratings to Not Cooperating ---------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Sri Shambhavi Cotton Ginning & Pressing (SSCGP) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 3 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with SSCGP for obtaining information through letters and emails dated December 23, 2020, March 9, 2021 and March 15, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SSCGP, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSCGP is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of SSCGP to 'CRISIL B/Stable Issuer not cooperating'. SSCGP was set up in 2013 as a partnership between Mr Siddesh Angadi, Ms Poornima and Ms Drakshayani. This Koppal (Karnataka)-based firm gins and presses cotton. SHIVA LOKENATH: CRISIL Migrates D Debt Ratings to Not Cooperating ----------------------------------------------------------------- CRISIL Ratings has migrated the ratings on the bank facilities of Shiva Lokenath Rice Mills Private Limited (SLRMPL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.3 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Bank 1 CRISIL D (ISSUER NOT Guarantee COOPERATING; Rating Migrated) Proposed Cash 5 CRISIL D (ISSUER NOT Credit Limit COOPERATING; Rating Migrated) Proposed Fund- 0.16 CRISIL D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Proposed Term Loan 9.54 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with SLRMPL for obtaining information through letters and emails dated December 23, 2020 and January 29, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SLRMPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SLRMPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of SLRMPL to 'CRISIL D/CRISIL D Issuer not cooperating'. SLRMPL, which was set up in 1998, processes non-basmati rice, and trades in wheat and rice. Daily operations are managed by the director, Mr Ranjan Paul. THREE SIXTY: CARE Lowers Rating on INR6.0cr LT Loan to B -------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Three Sixty Textiles Private Limited (TST), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Revised from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking information from TST to monitor the rating vide e-mail communications dated March 8, 2021 etc. and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of best available information which, however, in CARE's opinion is not sufficient to arrive at fair rating. The rating on Three Sixty Textiles Private Limited's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings of the bank facilities of Three Sixty Textiles Private Limited (TST) continue to derive strength from established track record and vast experience of the promoters in trading business, growth in Total Operating Income and comfortable operating cycle days. However, the rating continues to remain constrained by small scale of operations, thin profitability margins and deterioration of capital structure and debt coverage indicators. Detailed description of the key rating drivers Key Rating Weaknesses * Small scale of operations: The scale of operations marked by total operating income continues to remain small albeit improved to INR36.23 crore in FY20 (Rs.35.02 in FY19) along with a net worth base of INR2.00 crore as on March 31, 2020 (Rs.1.95 crore as on March 31, 2019) as compared to its peers. * Thin profitability margins: The profitability margins of the company marked by PBILDT margin remained thin however, improved to 2.27% in FY20(2.21% in FY19). The company has reported no change in PAT margin due to same PAT levels during FY19 and FY20. The same stood at 0.13% in FY20. * Deterioration of capital structure and debt coverage indicators: The capital structure marked by overall gearing and debt equity of the company improved however remained leveraged at 3.01x as on March 31, 2020 (3.99x as on March 31, 2019) due to decline in the utilization of WC limits during year ended March 31, 2020. Further TD/GCA though improved remained leveraged at 60.19x in FY20 as against 73.82x in FY19. Interest coverage remained satisfactory at 1.19x in FY20 as against 1.22x in FY19. Key Rating Strengths * Established track record and vast experience of the promoters in trading business: “Three Sixty Business Process India Private Limited" was established in the year 2007 and promoted by Mr. Kasi V Thiagarajan and Mr.T.Nagappan as first directors of the company. During May 2012, the company name has changed to current nomenclature "Three Sixty Textiles Private Limited." Later in the year 2013, the company was taken over by Mr. S Sethuramasamy, Mr.S. Parimalam, Mr.A.Selvakumar along with their friends and family members. Mr. S Sethuramasamy (Managing Director) and Mr. A. Shanmugasundaram (Director), who manages the day to day operations and has more than 2 three decades and one decade of experience in cotton trading business respectively. Due to long-term presence of the director's in the market, the company has good and established relationships with its customers and suppliers. * Growth in Total Operating Income during FY20: The operating income of the company improved by 3.45% and stood at INR36.23 crore in FY20 (INR35.02 crore in FY19). * Comfortable operating cycle days: The operating cycle of the company stood comfortable albeit elongated at 71 days in FY20 (68 days in FY19) due to increase in average collection days to 191 days in FY20 (99 days in FY19) Three Sixty Business Process India Private Limited" was established in the year 2007 and promoted by Mr. Kasi V Thiagarajan and Mr.T.Nagappan as first directors of the company. During May 2012, the company name has changed to current nomenclature "Three Sixty Textiles Private Limited." Later in 2013, the company was taken over by Mr. S Sethuramasamy, Mr.S. Parimalam, Mr.A.Selvakumar along with their friends and family members. The company's registered office and factory are located in Thanneerpanthal, Coimbatore and is engaged in trading of cotton yarn and cloth. The company has availed moratorium from March to August 2020 amid COVID-19 RBI guidelines. VENKATESWARA AGENCIES: CRISIL Moves B+ Rating to Not Cooperating ---------------------------------------------------------------- CRISIL Ratings has migrated the rating on bank facilities of Sri Venkateswara Agencies - Aratlakatta (SVA) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL Ratings has been consistently following up with Sri Venkateswara Agencies - Aratlakatta (SVA) for obtaining information through letters and emails dated December 23, 2020, March 9, 2021 and March 15, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SVA, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SVA is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL Ratings has migrated the rating on bank facilities of SVA to 'CRISIL B+/Stable Issuer not cooperating'. Set up in 1997 as a proprietorship firm by Mr Y Venkata Rao. SVA is based in Aratlakatta, East Godavari. The firm trades in fertilizers, pesticides, and seeds. VENTO POWER: CARE Reaffirms D Rating on INR152.59cr LT Loan ----------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Vento Power and Energy Limited (VPEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 152.59 CARE D Reaffirmed Detailed Rationale & Key Rating Drivers The reaffirmation in rating assigned to the bank facilities of VPEL continues to factors in the deterioration of the coverage metrics and liquidity profile of the company resulting in delays in debt servicing in the past. There has also been occasion of non-payment of additional interest charged by the lender due to non-perfection of security. However, the rating takes cognizance of long-term revenue visibility due to the existence of power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed tariff for the entire capacity with stable track record of collection. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: * Significant improvement in generation and reduction in expenses on a sustained basis, leading to higher cash accrual. * Substantial improvement in leverage and coverage metrics. Detailed description of the key rating drivers Key Rating Weaknesses * Delay in servicing of debt obligations: The company has delayed the payment of additional interest being charged by the lender due to non-perfection of security. As confirmed by the banker, the said additional interest is being accrued and not paid by the company. Moreover, the auditor has also reported default in repayment of principal and interest in the past. * Subdued operational performance: Against the P-90 level of 21.80%, Capacity Utilization Factor (CUF) has remained low at 14.36% in FY20 (refers to period of April 1 to March 31). During YTD-Jan'21, CUF continued to be low at 17.06%. * Leveraged capital structure with weak coverage indicators: Financial risk profile of VPEL is weak characterized by negative networth and weak interest cover. Networth of the company swung to negative as on March 31, 2020 on account of large losses incurred during FY20. The company had provided INR64.01 cr for capital advances given to a contractor which has been referred under Resolution Plan vide NCLT order. Further, lower generation and higher interest burden due to higher debt resulted in weak interest cover of 0.76x in FY20 (PY: 0.44x). * Exposure to climatic conditions and technological risks: Achievement of desired CUF going forward would be subject to changes in climatic conditions, amount of degradation of modules as well as other technological risks and generation at envisaged levels remains crucial for the project. Key Rating Strengths * Long-term revenue visibility with off-take arrangement in the form of PPA signed with SECI: VPEL has entered into a long term PPA with SECI in May, 2017 for supply of power for duration of 25 years at a tariff of INR4.43 per unit, providing stable revenue visibility in future. However, the tariff has been revised downward to INR3.64 per unit as a consequence of the delay in COD achievement. Nonetheless, presence of off-take arrangement provides long term revenue visibility of the project. Further, the payment from off-taker has been received broadly in 75-110 days in the last twelve months. * Experienced promoters with portfolio of geographically diversified assets: Essel Group has developed an aggregate capacity of about 645 MW in Solar PV generation under various Special Purpose Vehicles (SPVs) across Uttar Pradesh, Karnataka, Punjab and Maharashtra. In August 2019, Adani Green Energy Limited (AGEL) has signed a share purchase agreement for acquisition of 205 MW of operating solar assets of Essel group located in Punjab, Karnataka and Uttar Pradesh. During FY20, the group has infused INR19.69 cr in VPEL in the form of unsecured inter corporate deposit to support its operations. Liquidity: Poor Lower generation levels of the project coupled with lower tariff (due to delay in COD of the project) has led to low cash accrual vis a vis its large debt obligation. This had resulted in intermittent delays in debt servicing in the past. The cash and bank balance stood at INR1.15 crore as on February 28, 2020. The company had availed moratorium towards interest and principal payment with the lender as per RBI circular dated March 27, 2020. Vento Power and Energy Ltd is a Special purpose vehicle (SPV) of Essel Green Energy Private Limited and has developed solar PV project of total capacity 40 MW in Kalahandi District of Odisha. The Power Purchase Agreement (PPA) has been executed between VPEL and the power distribution company- Solar Energy Corporation of India Limited (SECI) for the purchase of solar power for a period of 25 years at a tariff of INR3.64 per unit. VINNARASI EDUCATIONAL: CARE Lowers Rating on INR6.63cr Loan to D ---------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Vinnarasi Educational & Social Service Trust (VESST), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.63 CARE D Revised from CARE BB-; Facilities Stable Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of VESST continues to be constrained by delays in servicing its debt obligations due to stressed liquidity position. Rating sensitivities Positive Factors * Improvement in liquidity position and delay-free track record for a minimum period of consecutive three months. Detailed description of the key rating drivers Key Rating Weaknesses * Delays in servicing debt obligations: The trust is unable to generate sufficient cash flows leading to strained liquidity position resulting in ongoing delays in meeting its debt obligations. * Small scale of operations with declining gross receipts: The scale of operations of the trust remained small measured by its gross receipts of INR7.13 crore in FY20 which has declined from INR9.40 Crore in FY20. Gross receipts of the trust has degrown on account of decline in overall student enrolment followed by distance education services. * Weak debt protection metrics: The debt coverage indicators marked by TD/GCA has deteriorated to 40.02x in FY20 as against 3.91x in FY19 owing to decrease in cash accruals. Further the interest coverage deteriorated to 1.33x in FY20 as against 3.42x in FY19 due to decrease in SBID in absolute terms. * Uneven cash-flow associated with educational Institutes: The revenue stream of the trust is skewed towards the beginning of the academic year (normally between June-August) when the bulk of the tuition fees, exam fees and other related income is collected whereas the trust incurs regular stream of payments for meeting staff salary, maintenance activities, interest expenses amongst others. * Highly regulated nature of educational industry: VESST is operating in a highly regulated industry. In addition to AICTE, the educational institutions are regulated by respective State Governments with reference to matters such as determining the number of management quota seats, amount of tuition fee charged for government quota and management quota giving limited flexibility to the institutions. The technical education sector also requires regular approvals from various government bodies for addition of new courses/seats as well as the continuation of the existing courses which exposes it to high regulatory risk. These factors have significant bearing on the revenues and surplus levels of the institutions and resultantly on VESST's financial risk profile. * Presence in a highly competitive industry: The education sector offers immense potential as there is a growing demand for the services offered driven by increasing propensity of the middle class to spend on education and India's increasing population. Due to new colleges being added every year along with established colleges results in high competition level in the state and adjoining areas of the trust. Also, the fees for various courses are presently fixed by regulatory authority, which limits on revenue growth. Key Rating Strengths * Long track record of the trust and experience of the promoters for more than two decades in educational services Industry: VESST was established in 1995 by Mr. B.Chandra Bose (President), Ms. Antonysamy Lourdumary (Managing Trustee) and Ms. S.Mathalin Mary (Trustee). Mr. B.Chandra Bose is a graduate (B.Tech) by qualification and has more than 30 years of experience in educational services industry. Ms. Antonysamy Lourdumary is a qualified graduate (B.A.) and has 25 years of experience in educational service industry. Ms. S.Mathalin Mary is one of the trustees has 26 years of experience in educational services industry. * Financial Profile marked by moderation albeit satisfactory surplus margins and continued healthy solvency position: SBID margin has dropped to 12.70% in FY20 as against 20.06% in FY19 on account of increase in operating expenses and surplus margin has declined significantly to 2.64% in FY20 from 21.26% in FY19 on account decrease in SBID terms. The capital structure marked by overall gearing improved to 0.19x as on March 31, 2020 as against 0.28x as on March 31, 2019 on account of increase in corpus fund. * Satisfactory infrastructure facilities and resources: The St.Josephs's Polytechnic College (krishnagiri) campus, which is spread over 8.5 acres of land with separate blocks and building for every department. It has multiple libraries with vast and comprehensive collections on various topics and subjects. The institution has laboratories with sophisticated modern equipment for undertaking leading edge research. Each Department is provided with the latest computer systems and internet facility. Also, the campus provides other facilities like canteen and post office. St.Josephs's Institute of Advance Research has sophisticated classrooms, libraries for students belonging to different courses. St.Josephs's Nursery & Primary School (CBSE) has smart classrooms with computer lab facility for students. St.Josephs's Industrial Training Institute has separate blocks and building for every department. It has separate laboratories for each department with modern equipment. It also has hostel and canteen facilities. St.Josephs's School of Nursing (Krishnagiri) with general hospital has modern facilities and equipment for the students pursuing Auxiliary Nursing Midwifery (ANM) and General Nursing and Midwifery (GNM) courses. Stretched Liquidity Liquidity is stretched marked by tightly matched accruals of INR0.19 crore in FY20 to repay its term debt of INR5.87 crore as on March 23, 2021 and the cash and bank balance of the trust stood low at INR0.30 crore as on March 31, 2020. As per RBI announcements, the trust has availed COVID-19 moratorium for its bank facility. Vinnarasi Educational and Social Service Trust (VESST) was established in the year 1995 by Mr.B.Chandra Bose (President), Ms.Antonysamy Lourdumary (Managing Trustee) and Ms. S. Mathalin Mary (Trustee). VESST presently runs seven educational institutions which include St.Josephs's Polytechnic College (Krishnagiri), St.Josephs's Institute of Advance Research (Distance Education)(Hosur), St. Antony college of Nursing (Hosur), St.Josephs's School of Nursing (Krishnagiri), St.Josephs's Industrial Training Institute(Hosur and Krishnagiri), St.Josephs's Industrial School (Hosur and Krishnagiri), and St.Josephs's Nursery & Primary School(CBSE) (Krishnagiri). St.Josephs's Institute of Advance Research is the study center for J.R.N.Rajasthan Vidyapeeth (Delhi), IASE University (Delhi) and KSOU (Mysore). The trust also conducts medical camps in villages and also gives ITI training to students who are school dropouts at free of cost as a social service. ================= I N D O N E S I A ================= REJEKI ISMAN: Appoints Helios Capital for Debt Restructuring ------------------------------------------------------------ Tassia Sipahutar at Bloomberg News report that Indonesia's biggest listed clothing firm Sri Rejeki Isman has appointed Helios Capital and Assegaf Hamzah & Partners to represent the company in its debt restructuring process, according to a statement on April 3. The company, known as Sritex, has been trying to extend a dollar loan's maturity by two years to January 2024. The loan was announced in 2019 and had a deal size of $350 million, according to data compiled by Bloomberg. According to Bloomberg, Sritex said in a March 22 statement that it was in a "vulnerable position" after the mandated lead arrangers and bookrunners decided to postpone the loan extension signing, scheduled for March 19, due to unprecedented events. The delay led Fitch Ratings to cut the company to B- from BB-, citing increased liquidity and refinancing risks. The company had revenue growth of 8.52% last year during the pandemic, according to the statement on March 3, Bloomberg relates. Despite the increase, Sritex said several of its bank facilities were sizeably reduced due to the financial sector's growing concerns toward the textile industry, adds Bloomberg. PT Sri Rejeki Isman Tbk is an Indonesia-based company primarily engaged in integrated textile and garment industry. Its business activities are spinning, weaving, greige dyeing, bleaching and printing as well as garment manufacturing. Its products include yarn, comprising rayon, cotton and polyester yarn; greige; finished fabric, and garments. Its manufacturing plants are located in Sukoharjo and Semarang, Indonesia. =============== M A L A Y S I A =============== 1MDB: Former PM Najib Starts Appeal Over 1MDB Conviction -------------------------------------------------------- AFP News reports that former Malaysian prime minister Najib Razak on April 5 began an appeal against his conviction on corruption charges and 12-year jail term linked to the multi-billion-dollar 1MDB scandal. Najib was found guilty last year on all counts in the first of several trials he is facing related to the looting of the 1Malaysia Development Berhad sovereign wealth fund, according to AFP. AFP relates that the 67-year-old, who remains free on bail, and his cronies were accused of stealing billions of dollars from the investment vehicle and spending it on everything from high-end real estate to pricey art. On April 5, Najib began his first challenge at the Court of Appeal, declining to comment to reporters as he arrived. "There is a total breach of fair trial - unheard of," defense lawyer Muhammad Shafee Abdullah told the court as proceedings got under way, the report relays. "We have a mess, so we have to deal with it." Anger at the plunder played a large part in the shock loss of Najib's long-ruling coalition at elections in 2018, and he was arrested and hit with dozens of charges following his defeat. Following a lengthy trial, Najib was found guilty of abuse of power, money-laundering and criminal breach of trust over the transfer of MYR42 million ($10.1 million) from a former 1MDB unit to his bank accounts, AFP says. As well as the jail term, he was fined almost $50 million. He denies any wrongdoing, AFP notes. During the appeal, set to run until April 22, Najib's lawyers will argue he had no knowledge of the transactions into his accounts, according to AFP. They are seeking to portray him as a victim and blame financier Low Taek Jho - a key figure in the scandal who has been charged in the United States and Malaysia - as the mastermind, AFP adds. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operated as a government agency. The Company offered financial assistance, analysis, and advice through investors, corporations, and consultants to startups and growth companies. 1MDB focused on investments with strategic value and high multiplier effects on the economy, particularly in energy, real estate, tourism, and agribusiness. As reported in the Troubled Company Reporter-Asia Pacific in June 2015, Reuters relayed that Singapore Police Force has frozen two bank accounts to help with an investigation in to Malaysia's troubled state-owned investment fund 1Malaysia Development Bhd (1MDB), which is being probed by authorities in Malaysia for financial mismanagement and graft. Reuters said the freezing of the Singapore bank accounts follows a similar move in Malaysia where a task force investigating 1MDB said earlier in July that it had frozen half a dozen bank accounts following a media report that nearly $700 million had been transferred to an account of Malaysia's Prime Minister Najib Razak. The Wall Street Journal reported in July 2015 that investigators looking into 1MDB had traced close to US$700 million of deposits moving through Falcon Bank in Singapore into personal bank accounts in Malaysia belonging to Najib. The TCR-AP, citing Bloomberg News, reported in November 2015, that 1MDB agreed to sell its power assets to China General Nuclear Power Corp. for MYR9.83 billion (US$2.3 billion) as the state investment company moved one step closer to winding down operations after its mounting debt raised investor concern. Bloomberg, citing President Arul Kanda in October 2015, related that the company faced cash-flow problems after a planned initial public offering of Edra faced delays amid unfavorable market conditions. The listing plan was later canceled as the company opted for a sale of the assets, Bloomberg noted. The TCR-AP, citing The Wall Street Journal, reported in April 2016, that the company defaulted on a $1.75 billion bond issue, triggering cross defaults on two other Islamic notes totaling MYR7.4 billion ($1.9 billion). Asian Nikkei Review reported in June 2016 that Malaysia has replaced the board of 1Malaysia Development Berhad with treasury officials, paving the way for the dissolution of the troubled state investment fund. ===================== P H I L I P P I N E S ===================== OCCIDENTAL MINDORO RURAL: PDIC Advises Borrowers to Pay Loans ------------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Occidental Mindoro Rural Bank, Inc., reminded borrowers of the bank that they are under obligation to pay their loans notwithstanding the closure of the bank. PDIC advised borrowers to transact only with authorized PDIC representatives, emphasizing that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank. PDIC advised borrowers to always secure copies of Official Receipts issued by the PDIC, as liquidator of the closed Occidental Mindoro Rural Bank, Inc. Occidental Mindoro Rural Bank, Inc. was ordered closed by virtue of Monetary Board Resolution No. 338.A dated 25 March 2021. It is a single-unit rural bank located at OMRI Bldg., Quezon St., Brgy. Bagong Sikat (Pob.), Lubang, Occidental Mindoro. Deposits of borrowers who have past due loans with the bank are automatically applied to their loans, by operation of law. If the loans are on current status, the borrowers may opt to apply their deposits against their loans, to avoid paying interest on their loans. Borrowers of Occidental Mindoro Rural Bank, Inc. may pay their loans and other obligations through any of the following modes: 1. by paying directly at any Philippine National Bank (PNB) branch. Payment should be for the account of PDIC BURL- Occidental Mindoro Rural Bank, Inc. Borrowers are advised to indicate their assigned Account Reference Numbers which will be provided by PDIC, on the PNB payment slips. Borrowers should submit a copy of the duly-validated Payment Slip to the authorized Deputy Receiver (DR) for Loans or Assisting Deputy Receiver (ADR) for Loans by mail to the Public Assistance Department, PDIC, 3rd Floor SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City 1226; or by email to occminrb-pad@pdic.gov.ph. 2. by paying through postal money order (PMO) or check payable to PDIC BURL - Occidental Mindoro Rural Bank, Inc. Payment should be directly sent via mail to the PDIC Loans Management Department 1, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City 1226. 3. by paying directly at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. In compliance with health protocols, visit to the PAC is by appointment basis only. To make an appointment, borrowers may call the Public Assistance Hotline during office hours at (02) 8841-4141 or at Toll Free number 1-800-1-888-7342 or 1-800-1-888-PDIC (for clients outside Metro Manila), send an email to occminrb-pad@pdic.gov.ph, or send a private message at PDIC's official Facebook page, www.facebook.com/OfficialPDIC. Payment through check will be applied to the account of the borrower only upon clearance of the check. Official Receipts will be sent by PDIC by mail for payments made through PNB branches and PMO/check sent via mail. In case of non-receipt of Official Receipts within a reasonable time, please notify PDIC through mail, email and phone. Borrowers who do not receive their Official Receipts are advised to send by mail/email a copy of their PNB deposit/payment slips to the PDIC Public Assistance Department (PAD), 3rd Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or via email to occminrb-pad@pdic.gov.ph and to Ms. Thelma A. Peña at tbarias@pdic.gov.ph. Borrowers of the bank may contact the PDIC Public Assistance Department for any queries or concerns at (02) 8841-4141 during office hours or send these through email at occminrb-pad@pdic.gov.ph or private message at PDIC's Facebook page, www.facebook.com/OfficialPDIC. Borrowers outside Metro Manila may also call PDIC during office hours at its Toll Free Hotline at 1-800-1-888-PDIC (7342). ================= S I N G A P O R E ================= FUJIREBIO ASIA: Creditors' Proofs of Debt Due May 6 --------------------------------------------------- Creditors of Fujirebio Asia Pacific Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by May 6, 2021, to be included in the company's dividend distribution. The company's liquidator is: Mr. Mitani Masatoshi 10 Anson Road #14-06 International Plaza Singapore 079903 GREENSILL ASIA: Creditors' Meetings Set for April 20 ---------------------------------------------------- Greensill Asia Pte Limited will hold a meeting for its creditors on April 20, 2021, at 4:30 p.m., at 46 South Bridge Road, #02-01 Kingly Building, in Singapore 058679. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm appointment of Liquidator; c. to authorise the appointed Liquidator to open bank accounts with a bank for the orderly winding up of the Company and the authorised signatories of such bank accounts be appointed by the Liquidator. c. to consider and if thought fit, appoint a Committee of Inspection ("COI") for the purpose of winding up the Company. The company's liquidator is: Mr. Aw Eng Hai Foo Kon Tan LLP 24 Raffles Place #07-03 Clifford Centre Singapore 048621 HIN LEONG: Court Delays Decision on Founder's Assets Freeze ----------------------------------------------------------- Reuters reports that a ruling on a request to freeze the assets of Lim Oon Kuin and his two children following the collapse of Lim's oil trading firm Hin Leong Trading Pte Ltd will be made at a later date, following a whole day's hearing at the Singapore High Court, four sources said on April 5. According to Reuters, court-appointed liquidators of Hin Leong had asked the court to freeze the family's assets worldwide, from multi-million-dollar homes to country club memberships, shares and funds to recover money owed to nearly two dozen banks and other creditors globally. Reuters relates that the delay followed a day-long hearing during which the parties made their case, the sources familiar with the case said on condition of anonymity. They said the judge was expected to make a judgement at a date yet to be decided. Reuters was not immediately able to find out why the judge did not give a judgement. About Hin Leong Trading Hin Leong Trading (Pte.) Ltd. provides petroleum products and transportation services. The Company offers oil, lubricants, grease, and diesel products, as well grants storage, terminalling, trucking, and marine logistics services. Hin Leong Trading serves customers globally. Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, 2019, according to the people, who asked not to be identified as the matter is sensitive, Bloomberg News reported. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. Ernst & Young (EY), has been appointed interim judicial manager for Ocean Tankers. ********* 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 ***