/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210429.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, April 29, 2021, Vol. 24, No. 80 Headlines A U S T R A L I A CREDIT FOUR: Second Creditors' Meeting Set for May 7 CROWN GROUP: Second Creditors' Meeting Set for May 5 EMMADALE HOMES: First Creditors' Meeting Set for May 6 GG LEASING: Second Creditors' Meeting Set for May 4 KAMI & CO: First Creditors' Meeting Set for May 7 MCWILLIAM'S WINES: Founding Family Joins De Bortoli Bid REDCUE HOLDINGS: First Creditors' Meeting Set for May 7 C H I N A J.K. LIFE: President, CIO Step Down Amid Embezzlement Scandal H O N G K O N G CATHAY PACIFIC: Egan-Jones Retains CC Sr. Unsecured Debt Ratings ORIENT OVERSEAS: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B I N D I A AANAV CONSTRUCTION: CRISIL Keeps B- Rating in Not Cooperating CREATIONS CHENNAI: CRISIL Keeps B+ Ratings in Not Cooperating D R BUILDESTATE: CRISIL Keeps B+ Debt Ratings in Not Cooperating DAEWON INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating DALLU CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating EKSONS AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ESSEM ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating GREEN CHANNEL: CRISIL Keeps B- Debt Ratings in Not Cooperating GURU NANAK: CRISIL Keeps B+ Debt Ratings in Not Cooperating GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating H R ISPAT: CRISIL Keeps B+ Debt Ratings in Not Cooperating HI-TEC ROCKFIBRE: CRISIL Keeps B+ Debt Ratings in Not Cooperating INDRATARA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating INTEGRATED CAPS: CRISIL Keeps D Debt Ratings in Not Cooperating JAGANNATH POLYPACKS: CRISIL Keeps C Ratings in Not Cooperating JAS EQUIPMENT: CRISIL Keeps B Debt Rating in Not Cooperating K. C. PAUL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category KAMRAN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating KHANNA PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating KOHINOOR GRAIN: CRISIL Keeps B Debt Ratings in Not Cooperating KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating LASA LABORATORY: CRISIL Keeps B Debt Ratings in Not Cooperating LIVECITY CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating MEDIPLUS INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating RUDRA GREEN: CRISIL Keeps B+ Debt Rating in Not Cooperating SAFE DEVELOPMENT: CRISIL Hikes Rating on INR35cr LT Loan to B T R HOSPITALITIES: CRISIL Cuts Rating on INR6.5cr Loan to D UNIMARCK PHARMA: CRISIL Keeps B+ Debt Ratings in Not Cooperating J A P A N AEON CO: Egan-Jones Keeps BB+ Sr. Unsecured Debt Ratings FURUKAWA ELECTRIC: Egan-Jones Keeps BB+ Unsec. Debt Ratings J. FRONT RETAILING: Egan-Jones Cuts Unsecured Debt Ratings to B TOKYO DOME: Egan-Jones Cuts Senior Unsecured Debt Ratings to CCC+ N E W Z E A L A N D LAMONT WINES: Central Otago Vineyard Placed in Receivership QEX LOGISTICS: Should Not Delist, NZSA Says P H I L I P P I N E S CEBU AIR: Egan-Jones Keeps CCC+ Sr. Unsecured Debt Ratings S I N G A P O R E ASD ENGINEERING: Court to Hear Wind-Up Petition on May 14 AVAGO TECHNOLOGIES: Egan-Jones Keeps B+ Sr. Unsec. Debt Ratings CHEUNG WOH: Posts SGD3.09MM Net Loss for Half Year Ended Feb. 28 GLAZIERS ENGINEERING: Court to Hear Wind-Up Petition on May 14 NAIISE PTE: First Creditors' Meetings Set for May 14 RISH GEMS: Court to Hear Wind-Up Petition on May 7 UOL DEVELOPMENT: Creditors' Proofs of Debt Due May 19 VIKING OFFSHORE: Court to Hear Bid for Scheme Order on May 28 S O U T H K O R E A KOREA NATIONAL: State-Run Energy Firms Face Tougher Restructuring KT CORP: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings T H A I L A N D THAI AIRASIA: Gets New Loan; To List Under Newly Approved Plan - - - - - ================= A U S T R A L I A ================= CREDIT FOUR: Second Creditors' Meeting Set for May 7 ---------------------------------------------------- A second meeting of creditors in the proceedings of Credit Four Pty Ltd has been set for May 7, 2021, at 10:30 a.m. via electronic facilities. 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 May 7, 2021, at 10:30 a.m. David Michael Stimpson of SV Partners was appointed as administrator of Credit Four on March 22, 2021. CROWN GROUP: Second Creditors' Meeting Set for May 5 ---------------------------------------------------- A second meeting of creditors in the proceedings of Crown Group Pty. Ltd. has been set for May 5, 2021, at 10:00 a.m. via virtual meeting technology. 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 May 4, 2021, at 4:00 p.m. Richard Rohrt of Hamilton Murphy was appointed as administrator of Crown Group on March 22, 2021. EMMADALE HOMES: First Creditors' Meeting Set for May 6 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Emmadale Homes Pty Limited will be held on May 6, 2021, at 3:00 p.m. via virtual meeting technology. Aaron Torline of Slaven Torline was appointed as administrator of Emmadale Homes on April 23, 2021. GG LEASING: Second Creditors' Meeting Set for May 4 --------------------------------------------------- A second meeting of creditors in the proceedings of GG Leasing Pty Limited has been set for May 4, 2021, at 3:00 p.m. via virtual meeting technology. 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 30, 2021, at 5:00 p.m. Ian James Purchas of SV Partners was appointed as administrator of GG Leasing on March 19, 2021. KAMI & CO: First Creditors' Meeting Set for May 7 ------------------------------------------------- A first meeting of the creditors in the proceedings of Kami & Co Pty Ltd will be held on May 7, 2021, at 11:00 a.m. at the offices of BRI Ferrier, Level 4, 307 Queen Street, in Brisbane, Queensland. Ian Alexander Currie of BRI Ferrier was appointed as administrator of Kami & Co on April 27, 2021. MCWILLIAM'S WINES: Founding Family Joins De Bortoli Bid ------------------------------------------------------- Australian Financial Review's Street Talk reports that the McWilliam family has rolled the dice on one final bid to stay involved with its eponymous 144-year old wine business. Street Talk understands the family's David McWilliam has jumped in on De Bortoli Family Wines' proposal to buy McWilliam's Wines for a headline AUD47.5 million, in an offer to be put to the company's creditors on April 29. According to the report, creditors will meet to decide between the De Bortoli/McWilliam deal and a rival offer from Calabria Family Wines and the Medich Family Office – which is worth a headline AUD46.25 million – in a winner takes all style vote. Administrator KPMG has recommended creditors accept the Calabria/Medich offer – although McWilliam's 11th hour move to work with De Bortoli Family Wines gives lenders something extra to think about. And it almost didn't happen, says ODT. ODT says it was announced on April 7 that KPMG had entered into a heads of agreement with Calabria/Medich to sell the McWilliam's business, in a deal that looked done and dusted – with no mention of the De Bortoli proposal to be seen. However on April 16, De Bortoli indicated to the Federal court it would be submitting a deed of company arrangement for creditors to consider, and four days later the court ordered KPMG would be justified in presenting the alternative proposal to creditors. It is understood McWilliam's family member David McWilliam - who was spearheading a family proposal for wine business - joined forces with De Bortoli in the past few days, ODT relates. Under the De Bortoli deal, David McWilliam would take an ownership stake and help lead the Mount Pleasant winery and brand in the Hunter Valley as part of a joint venture with De Bortoli, the report discloses. The De Bortoli deal would see 45 McWilliam's employees transferred, compared to 36 in the Calabria/Medich deal, adds ODT. About McWilliam's Wines McWilliam's Wines Group is an unlisted publicly owned company with a rich heritage of 143 years, across 6 generations of family ownership. It has an extensive product range marketed under a portfolio of owned brands, including McWilliam's and Mount Pleasant. McWilliams is also currently the sole Australian distributor for global brands; Taittinger and Framingham. Gayle Dickerson, Ryan Eagle and Tim Mableson of KPMG Australia Restructuring Services were appointed Administrators of McWilliam's Wines Group Ltd and Mount Pleasant Wines Pty Ltd on Jan. 8, 2020. McWilliam's Wines was placed in the hands of administrators in January after racking up about AUD90 million in cumulative losses dating back to 2015. REDCUE HOLDINGS: First Creditors' Meeting Set for May 7 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Redcue Holdings Pty Ltd, as trustee for Dadon No. 41 Family Trust, will be held on May 7, 2021, at 9:30 a.m. The meeting will be held virtually at the offices of Dye & Co Pty Ltd, 165 Camberwell Road, in Hawthorn East. Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. Pty Ltd were appointed as administrators of Redcue Holdings on April 28, 2021. ========= C H I N A ========= J.K. LIFE: President, CIO Step Down Amid Embezzlement Scandal ------------------------------------------------------------- Caixin Global reports that scandal-hit insurer J.K. Life Insurance Co. Ltd. announced on April 23 that President Yu Weihong has left her position and Chief Investment Officer Wang Hongbin has been named the acting person in charge. Several senior and mid-level executives have asked the insurance regulator for permission to leave their posts in the wake of the embezzlement scandal that has engulfed the Beijing-based company, sources with knowledge of the issue told Caixin previously, adding that authorities had been reluctant to approve their resignations. Yu has now been given the regulatory green light to depart, sources at the company said. Aluminum giant China Zhongwang Holdings Ltd., the parent of J.K. Life, allegedly embezzled tens of billions of yuan from the insurer in the last few years, Caixin previously reported. ================= H O N G K O N G ================= CATHAY PACIFIC: Egan-Jones Retains CC Sr. Unsecured Debt Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company, on April 8, 2021, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Cathay Pacific Airways Limited. EJR also maintained its 'D' rating on commercial paper issued by the Company. Headquartered in Hong Kong, Cathay Pacific Airways Limited operates scheduled airline services. ORIENT OVERSEAS: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B ----------------------------------------------------------------- Egan-Jones Ratings Company, on April 9, 2021, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Orient Overseas International Ltd. to B from B-. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Hong Kong, Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services. ========= I N D I A ========= AANAV CONSTRUCTION: CRISIL Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aanav Construction Co. (ACC) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 5.5 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ACC for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 ACC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ACC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACC continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. ACC, a proprietorship firm established by Mr. Manish Sachdeva in 2001, is a civil contractor undertaking power projects and road construction near Delhi and the National Capital Region. Its operations are managed by Mr. Sachdeva. CREATIONS CHENNAI: CRISIL Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Creations - Chennai continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 31 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 69 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with Creations for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 Creations, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Creations is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Creations continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Creations, set up in 1989 and based in Chennai, is a real estate developer. Its operations are managed by the proprietor, Mr R. Kumar. D R BUILDESTATE: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of D R Buildestate Private Limited (DRBPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 11 CRISIL A4 (Issuer Not Cooperating) Long Term Loan 1.55 CRISIL B+/Stable (Issuer Not Cooperating) Overdraft Facility 0.50 CRISIL A4 (Issuer Not Cooperating) Proposed Bank 7.00 CRISIL A4 (Issuer Not Guarantee Cooperating) Proposed Long Term 4.45 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with DRBPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 DRBPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DRBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DRBPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Incorporated in 2004, DRBPL is promoted by Mr. Devendra Kumar and Ms Rajni Singh. It is a civil contractor that undertakes construction of buildings, highways, and roads in Madhya Pradesh and Uttar Pradesh. DAEWON INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Daewon India Auto Parts Private Limited (DIAPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Currency 5 CRISIL B+/Stable (Issuer Not Demand Loan Cooperating) Working Capital 15 CRISIL B+/Stable (Issuer Not Demand Loan Cooperating) CRISIL Ratings has been consistently following up with DIAPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 DIAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DIAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DIAPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 2007 and based in Chennai, DIAPL is a 100% subsidiary of DKUCL. The company manufactures coil springs and stabilizer bars used in the automotive industry. DALLU CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dallu Construction Company (DCC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 4.5 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DCC for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 DCC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DCC is consistent with 'Assessing Information Adequacy Risk.' Based on the last available information, the ratings on bank facilities of DCC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Set up in 2007, as a partnership concern between Mr. Ram Gopal Gupta and Mrs. Sunita Gupta, DCC, is engaged in civil construction work for Public Works Department (PWD), Pradhan Mantri Gram Sadak Yojana (PMGSY) in Madhya Pradesh. The firm's manufacturing facility is located in Bhopal, Madhya Pradesh. DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dholadhar Developers Private Limited (DDPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.2 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.0 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with DDPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 DDPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DDPL continues to be 'CRISIL C Issuer Not Cooperating'. DDPL, incorporated in 2007 by Mr Gurmit Singh Mann, has set up Maximus Mall, a commercial complex with a 2-screen multiplex, at Dharamsala. The project commenced commercial operations in April 2017. The company's founder has entrepreneurial experience of 48 years. EKSONS AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Eksons Agro Foods (EKSAF) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 4 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with EKSAF for obtaining information through letters and emails dated September 28, 2020 and March 31, 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 EKSAF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on EKSAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EKSAF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Formed in 2010, EKSAF is a partnership firm, based in Bengaluru (Karnataka). The firm processes wheat into flour and maida at its unit in Bengaluru. ESSEM ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Essem Enterprise - Kolkata continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.43 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.57 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with Essem for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 Essem, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Essem is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Essem continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Essem, a Kolkata based proprietorship firm is engaged in civil construction business. Mr. Santanu Mukherjee is the proprietor of the firm. G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of G. K. E. Medical Private Limited (GKE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GKE for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 GKE, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GKE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GKE continues to be 'CRISIL D Issuer Not Cooperating'. GKE was set up as a partnership firm in 1986 and was reconstituted as a private limited company in 2009. The company distributes pharmaceutical formulations in the form of tablets, syrups, and injectibles in Kolkata (primary revenue contributor) and other districts of West Bengal. GREEN CHANNEL: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Green Channel Traders (GCT) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 0.97 CRISIL B-/Stable (Issuer Not Cooperating) Overdraft Facility 5.00 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 2.03 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with GCT for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 GCT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GCT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GCT continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Set up in April 2016, GCT is an Alapuzzha, Kerala - based partnership firm engaged in the trading of cuttle fish, prawns and squids. GURU NANAK: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Guru Nanak Dev Educational Society (GNDES) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 4.30 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 4.06 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.64 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GNDES for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 GNDES, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GNDES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GNDES continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. GNDES was set up in 1988 and manages a graduate college and a post-graduate college: Uttaranchal (PG) College of Technology & Biomedical Sciences (UCTBM) and Uttaranchal College of Education (UCE) in Dehradun, Uttarakhand. Before 2003, GNDES operated a coaching center for diploma and degree courses recognised by the Ministry of Human Resources Development (HRD) of the Government of India. Ms Pushpa Warne is the chairman and Mr. G D S Warne is the secretary of the society. GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of GVR RMN Hubli Lakshmeshwar Road Project Private Limited (GVR-RMN-HL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 160 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GVR-RMN-HL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 GVR-RMN-HL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GVR-RMN-HL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GVR-RMN-HL continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2009, GVR-RMN-HL is a special purpose vehicle (SPV) set up by the joint venture (JV) between GVR Infra Projects Ltd. and RMN Infra Structures Ltd (51:49). The SPV was set up to carry out improvements and widening of the two lane Hubli'Lakshmeshwar state highway (SH-73) between Dharwad and Gadag districts of Karnataka. The project is being carried out on a BOT- annuity basis. H R ISPAT: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of H R Ispat Private Limited (H R Ispat) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B+/Stable (Issuer Not Cooperating) Letter of Credit 1.16 CRISIL A4 (Issuer Not Cooperating) Proposed Long Term 10.00 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with H R Ispat for obtaining information through letters and emails dated September 28, 2020 and March 31, 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 H R Ispat, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on H R Ispat is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of H R Ispat continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. HR Ispat was set up in 2004 by Mr. Krishna Chandra Mondal. The company started manufacturing ingots in January 2009 in Bamunara (West Bengal); it has a capacity of 42,000 tonne per annum. HI-TEC ROCKFIBRE: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hi-Tec Rockfibre Private Limited continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.25 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 0.75 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) Term Loan 4.00 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Hi-Tec for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 Hi-Tec, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Hi-Tec is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Hi-Tec continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Incorporated in 2010-11 (refers to financial year, April 1 to March 31) by Mohan Patel and family, Hi-Tec manufactures rockwool insulation products. The company's plant in Rajnandgaon (Chhattisgarh) has installed capacity of 20,000 tonnes per annum. It is managed by Mr. Vikas Patel. INDRATARA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indratara Agro Industries Private Limited (IAIPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.41 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 9.20 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with IAIPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 IAIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on IAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IAIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. IAIPL, promoted by members of the Burad family, was established in 2014 to manufacture castor oil. Mr. Mahendra Kantilal Burad, Mr. Rahul Ashokchand Burad, and Mr. Manish Ashokchand Burad will manage its operations. The company has a castor oil manufacturing capacity of 20,000 tonnes per annum; it also has a solvent extraction unit. INTEGRATED CAPS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Integrated Caps Private Limited (ICPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 8 CRISIL D (Issuer Not Cooperating) Term Loan 17 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with ICPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 ICPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on ICPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ICPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. ICPL, incorporated in 1990 by Mr. Biren Sabharwal, manufactures crown caps and polyethylene terephthalate (PET) preforms. Its manufacturing facility is in Noida. JAGANNATH POLYPACKS: CRISIL Keeps C Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jagannath Polypacks Limited (JPL) continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 4.5 CRISIL C (Issuer Not Cooperating) Proposed Long Term 2.0 CRISIL C (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with JPL for obtaining information through letters and emails dated September 28, 2020 and March 31, 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 JPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JPL continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'. Jagannath Polypacks, incorporated in in 2007, manufactures PP woven sacks for the cement and fertilizer industries. Its promoters, the Cuttack-based Mr. M K Subudhi and his family, have industry experience of three decades. The company's manufacturing facility at Jagatpur in Cuttack began commercial operations in March 2012. JAS EQUIPMENT: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of JAS Equipment & Engineers Private Limited (JASEPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JASEPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 JASEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JASEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JASEPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2007, JASEPL is promoted by Mr. Ahindra Narayan Basuroychowdhury and is engaged in the fabrication of heavy structural components of boilers, conveyors and pollution control equipment. The company has its fabrication and machining units at Durgapur (West Bengal). K. C. PAUL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of K. C. Paul and Sons (KCPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KCPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 KCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. KCPL, established in 1942 as a partnership firm, manufactures and sells umbrella; it also trades in imported umbrella, fireworks, blankets and raincoats. The workshop is in Kolkata and Mr. Anath Nath Paul, Mr. Aloke Nath Paul, Mr. Debnath Paul, Mr. Chandan Kumar Paul, Mr. Anjan Paul, Mr. Ranjan Paul and Mr. Saptarshi Paul are the partners of the firm. However, the operations are primarily managed by Mr. Chandan Kumar Paul and Mr. Aloke Nath Paul. The firm sells all its products under the brand 'K C Paul and Sons'. KAMRAN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kamran Exports Private Limited (KEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Export Packing 25 CRISIL D (Issuer Not Credit Cooperating) CRISIL Ratings has been consistently following up with KEPL for obtaining information through letters and emails dated September 28, 2020 and March 31, 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 KEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KEPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 2009 and based in New Delhi, KEPL trades in polyester fabrics and ready made garments. The company is promoted by Mr. Kultar Singh and his family. KHANNA PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Khanna Properties and Infrastructures Private Limited (KPIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.7 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 39.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KPIPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 KPIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KPIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KPIPL continues to be 'CRISIL D Issuer Not Cooperating'. KPIPL was set up in 2006 and is a part of the Jabalpur-based Khanna group. The company develops residential real estate, primarily in Jabalpur. It has six ongoing projects, with a total of 649 units in Jabalpur: Sukh Sagar Blue, Sukh Sagar Solitaire, Sukh Sagar Platinum, Sukh Sagar Sapphire, Sukh Sagar Lifestyle, and Sukh Sagar Lifespace. KOHINOOR GRAIN: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kohinoor Grain Processing Private Limited (KGPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 0.65 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 4.35 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KGPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 KGPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KGPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'. KGPL was incorporated in December 2012 by Mr. Azeem Panjwani and Mr. Nandkumar Mahajan. It is setting up a flour mill unit in Nagpur. The unit will process wheat into food articles such as maida, wheat flour, suji, and rava. The company is a part of Nanded (Maharashtra)-based Kohinoor group, which has longstanding presence in edible oil and wheat products processing. KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kothainayagi A (KA) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with KA for obtaining information through letters and emails dated September 28, 2020 and March 31, 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 KA, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KA continues to be 'CRISIL D Issuer Not Cooperating'. KA runs a hotel-cum-lodge in Tirunelveli, Tamil Nadu. It started commercial operations from June 2017. Its operations are run by Mr. Ayyasamy and his son, Mr. Annadurai. LASA LABORATORY: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lasa Laboratory Private Limited (LLPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating) Letter of Credit 8 CRISIL A4 (Issuer Not Cooperating) Term Loan 19 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with LLPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 LLPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LLPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. About the Group LLPL, part of the Omkar group, was founded in 1998. The company manufactures pharmaceutical products. It offers products in the areas of anthelmentic and veterinary active pharmaceutical ingredients. In April 2012, OSCL acquired 100 per cent stake in LLPL for a consideration of Rs.60 million. OSCL, set up in 1983, manufactures speciality chemicals, organic and inorganic chemicals, and inorganic intermediates such as iodine, selenium, molybdenum, and their derivatives. The company's managing director, Mr. Pravin Herlekar, has nearly 35 years of experience in the speciality chemicals business. It manufactures a wide range of products for an established clientele, including Dr. Reddy's Laboratories Ltd, Cipla Ltd, Biocon Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+'), Asahi India Glass Ltd, Jubilant Organosys Ltd, Cadila Healthcare Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+'), and Lupin Ltd. LIVECITY CERAMIC: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Livecity Ceramic Private Limited (LCPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2.00 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 3.75 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 3.00 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with LCPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 LCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LCPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Set up in Morbi in 2013 by Mr. Kamlesh Rupala and Mr. Haresh Patel, LCPL commenced operations in July 2014. It manufactures digital wall tiles. MEDIPLUS INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mediplus India Limited (MIL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 CRISIL A4 (Issuer Not Cooperating) Cash Credit 7.25 CRISIL B/Stable (Issuer Not Cooperating) Letter of Credit 5.00 CRISIL A4 (Issuer Not Cooperating) Term Loan 0.12 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MIL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 MIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MIL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. MIL, set up by Mr. Sundelal Goel and his family members in 1995, manufactures and exports intra venous (IV) cannulae, medical equipment, surgical equipment, and medical and surgical disposables. It sells products under its Plusflon, Pluscan, Pluscan Alpha, and Plusneo brands. The company has a capacity to produce 4 lakh IV units per day at its facility in Bahadurgarh, Haryana. RUDRA GREEN: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rudra Green Ship Recycling Private Limited (HSC; previously known as Harikrishna Steel Corporation) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B+/Stable (Issuer Not Cooperating) Letter of Credit 76 CRISIL A4 (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HSCfor obtaining information through letters and emails dated September 28, 2020 and March 17, 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 HSC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HSC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. HSC was set up in 1997 and is being actively managed by Mr.Nikhil Gupta and his father, Mr. Ashok Gupta. It undertakes ship-breaking activities at Sosiya, an extension of Alang (Gujarat). From 2014-15 onwards the firm has started high sea sales of scrap to its group company MD Inducto. MD inducto markets TMT bars under its brand name 'RUDRA TMX'. SAFE DEVELOPMENT: CRISIL Hikes Rating on INR35cr LT Loan to B ------------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with Securities and Exchange Board of India guidelines, had migrated its rating on the long-term bank facilities of Safe Development Alms Trust (SDAT) to 'CRISIL D Issuer Not Cooperating'. However, SDAT has subsequently started sharing requisite information for carrying out a comprehensive review of the rating. Consequently, CRISIL Ratings is migrating its rating on the long-term bank facilities of SDAT to 'CRISIL B/Stable' from 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 35 CRISIL B/Stable (Migrated Bank Loan Facility from 'CRISIL D ISSUER NOT COOPERATING') The rating reflects exposure of SDAT to risks related to modest scale, geographic concentration and unfavourable regulatory changes. These weaknesses are partially offset by its strong track record and moderate financial risk profile. Analytical Approach Unsecured loans from the promoter of INR31 crores, as on 31st March 2021, has been treated as NDNE (Neither debt nor equity) as the same is expected to remain in the business. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: Operating income marginally dropped to an estimated INR39 crore in fiscal 2021 from INR41 crore in fiscal 2020. Small scale amid intense competition may continue to constrain the business. * Geographic concentration in revenue: Operations are limited to a single location, Palakkad (Kerala), where the hospital and medical college are located, exposing the trust to the dynamics of a single market. * Exposure to regulatory changes: Establishment and operations of educational institutions are regulated by various governmental and quasi-governmental agencies, such as Central Board of Secondary Education, and state governments. Each body has detailed procedures for granting permission to set up institutions and approvals need to be renewed every 3-5 years. Any non-compliance will result in cancellation of affiliation or license, leading to loss of reputation for the college and revenue for the trust. Strengths * Strong track record: Presence of more than two decades in various fields of medicine will continue to support operations. * Moderate financial risk profile: Financial risk profile should remain strong as the trust has repaid all its debt. Gearing is estimated at a healthy 0.20 time as on March 31, 2021, with networth adequate at INR67 crore. Debt protection metrics have also been robust, with interest coverage and net cash accrual to adjusted debt ratios of 55.00 times and 0.37 time, respectively, in fiscal 2021. Liquidity: Stretched SDAT does not have any bank facility. Current ratio is low and estimated at 0.16 time as on March 31, 2021. However, the trustees are likely to extend timely, need-based funds (equity and unsecured loans) to aid financial flexibility. Outlook: Stable SDAT will continue to benefit from the extensive experience of the trustees in the education segment. Rating Sensitivity Factors Upward factors * Cash accrual increasing to more than INR5 crore per annum * Significant improvement in financial risk profile Downward factors * Steep decline in fees and/or delay in fees collection, resulting in cash accrual of less than INR2 crore * Further weakening of liquidity due to limited fund support from trustees SDAT is a registered charitable trust constituted by the Minority Community of Muslims, with its headquarters at Karuna Hospital Campus at Melamuri in Palakkad. Since its inception in 1993, the trust has been in the medical education and healthcare segments. T R HOSPITALITIES: CRISIL Cuts Rating on INR6.5cr Loan to D ----------------------------------------------------------- Due to inadequate information, CRISIL Ratings, in line with SEBI guidelines, had migrated the rating of T R Hospitalities (TRHL) to 'CRISIL B/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL Ratings is downgraded the rating on bank facilities of TRHL from 'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.5 CRISIL D (Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') The rating downgrade reflects the delays servicing debt obligation in the last three months. The rating continues to reflect the long gestation period for returns in the hospitality business, exposure to risks related to the ongoing project, and a leveraged capital structure. These weakness are partially offset by the extensive industry experience of the promoter. Key Rating Drivers & Detailed Description Weakness: * Delays in servicing debt obligation: TRH has availed term loan amount of INR6.50 crore from Bank of Baroda. There have been instances of delays in principal as well as interest payments by the firm over the past few months on account of delays in operationalization of the project. * Long gestation period for returns in the hospitality business: The gestation period in the business is long owing to large capital and fixed costs involved. This results in moderate profitability during the initial years. Further, on account of impact of Covid, expectations of ramp up in operations remain muted due to the hospitality industry expected to face demand issues. * Exposure to risks related to the ongoing project: The firm is scheduled to commence operations at its project in April 2020. Demand risk is expected to be moderate as the industry is highly fragmented due to a low entry barrier given the limited capital and technological requirements. Also, intense competition is likely from other players in the segment. Timely completion and successful stabilization of operations at the new unit will remain key rating sensitivity factors. Strength: * Extensive industry experience of the promoter: The promoter has an experience of over five years in the hotels and resorts industry. This has given them an understanding of the dynamics of the market, and enabled them to establish relationships with suppliers and customers. Liquidity: Poor Liquidity is likely to remain under pressure over the medium term, mainly due to delays in project execution, which has led to delays in payment to bank. Rating sensitivity factors Upward factors * Track record of timely payment of interest and principal on term loan for more than three months * Improvement in scale of operations along with profitability. Incorporated in 2013, TRHL is owned and managed by Mr. Chetan Sharma. The firm is setting up a 32-room hotel with a restaurants. Operations are scheduled to commence from June, 2021. UNIMARCK PHARMA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Unimarck Pharma (India) Limited (UPIL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Term Loan 1 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with UPIL for obtaining information through letters and emails dated September 28, 2020 and March 17, 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 UPIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on UPIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UPIL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of Unibiotech Formulations (UBF) and Unimarck Pharma (India) Ltd (UPIL). This is because these two entities, together referred to as the Uni group, have the same management, promoters, and customers and are engaged in similar line of business. UPIL was incorporated in 1984 by Chandigarh-based Bhatia family. The company manufactures, markets and trades in pharmaceutical formulations under its own brand name. The manufacturing unit is in Baddi. UPIL mainly manufactures injections and ointments. UBF was incorporated in 2004 by Chandigarh-based Bhatia family. The firm manufactures and markets tablets, capsules, syrups and pharmaceutical formulations. The manufacturing unit is in Baddi, Himachal Pradesh. ========= J A P A N ========= AEON CO: Egan-Jones Keeps BB+ Sr. Unsecured Debt Ratings -------------------------------------------------------- Egan-Jones Ratings Company, on April 16, 2021, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by AEON CO., LTD. Headquartered in Chiba, Chiba, Japan, AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. FURUKAWA ELECTRIC: Egan-Jones Keeps BB+ Unsec. Debt Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on April 13, 2021, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Furukawa Electric Co., Ltd. Headquartered in Chiyoda City, Tokyo, Japan, Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. J. FRONT RETAILING: Egan-Jones Cuts Unsecured Debt Ratings to B --------------------------------------------------------------- Egan-Jones Ratings Company, on April 15, 2021, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by J. Front Retailing Co., Ltd to B from B+. EJR also downgraded the rating on commercial paper issued by the Company to B from A3. Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a holding company established through the merger of Daimaru and Matsuzakaya. TOKYO DOME: Egan-Jones Cuts Senior Unsecured Debt Ratings to CCC+ ----------------------------------------------------------------- Egan-Jones Ratings Company, on April 6, 2021, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Tokyo Dome Corporation to CCC+ from B-. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Japan, Tokyo Dome Corporation operates an air dome-type baseball stadium and an urban amusement center. ===================== N E W Z E A L A N D ===================== LAMONT WINES: Central Otago Vineyard Placed in Receivership ----------------------------------------------------------- Otago Daily Times reports that an organic Central Otago vineyard has been placed in receivership, after two separate parties appointed receivers. The vineyard was launched in 2001 by the McLachlan family and in 2009 it was converted to organic but the company is now owned by Craig and Angela Gasson. Early last week, BDO Christchurch was appointed receiver of Lamont Wines Ltd in Bendigo, ODT discloses. ODT relates that in a notice on the Companies Office website, Colin Gower and Diana Matchett, of BDO, were appointed receivers and managers of the company by Westpac New Zealand Ltd, under the terms of a General Security Agreement (GSA) from 2014. However, they have now retired after an overdraft to the bank was refinanced. Before this, on April 8, Duncan Fea of Findex (NZ) Ltd, was appointed receiver by Southern Ventures NZ Ltd, under a GSA dated June 26, 2017. "The property in receivership is all of the Company's present and after acquired property," the notice said. According to ODT, Mr. Fea said the property and "Lamont" label will be sent to market and sold "as soon as possible". According to the companies office, Southern Ventures NZ Ltd is 50% shareholder in the business, ODT notes. QEX LOGISTICS: Should Not Delist, NZSA Says ------------------------------------------- Nicholas Pointon at Radio New Zealand reports that the Shareholders' Association (NZSA) wants the troubled shipping company QEX Logistics to remain listed on the stock exchange. The company announced plans to delist from the NZX on April 27 so it could sell the business to a third party, the report says. According to the report, QEX said the move was in the best interests of its shareholders because negative publicity surrounding the business in recent months had made it difficult to find independent directors after they all resigned in February, citing issues with chief executive Ronnie Xue. RNZ relates that Shareholders' Association chief executive Oliver Mander said delisting was the worst possible outcome for shareholders, as it would mean the company would no longer be required to meet the high transparency and accountability standards that come with being on the NZX. "We do not believe that there will be an enhanced opportunity for accountability if the company were to delist," he said, adding the lack of transparency could increase the risk of further losses to shareholders. RNZ says the company had been beset by numerous setbacks in the past six months, which included losing $4 million worth of stock from a Chinese warehouse, breaching its debt obligations, the abrupt resignation of its independent directors, and charges laid against the company and Xue by the Ministry for Primary Industries. QEX was also being investigated by the NZX's regulatory arm, NZ RegCo, for matters relating to continuous disclosure and compliance with listing rules, RNZ relays. RNZ adds that Mr. Mander said QEX's situation was unprecedented and welcomed the investigations by regulators. He said the NZSA would vote its proxies against the delisting in any upcoming vote of shareholders. QEX Logistics Limited provides logistics services. The Company offers storage, packaging, customs clearance, freight forwarding, and delivery services. QEX Logistics serves customers in New Zealand. ===================== P H I L I P P I N E S ===================== CEBU AIR: Egan-Jones Keeps CCC+ Sr. Unsecured Debt Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on April 14, 2021, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Cebu Air Inc. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Pasay, Cebu Air Inc. operates an airline which provides air transportation services. ================= S I N G A P O R E ================= ASD ENGINEERING: Court to Hear Wind-Up Petition on May 14 --------------------------------------------------------- A petition to wind up the operations of ASD Engineering And Construction Pte Ltd will be heard before the High Court of Singapore on May 14, 2021, at 10:00 a.m. Wong Ee Shen (Wang Yushen) @ Adam Wong Ee Shen filed the petition against the company on April 8, 2021. The Petitioner's solicitors are: Eugene Thuraisingam LLP 1 Coleman Street #07-06 The Adelphi Singapore 179803 AVAGO TECHNOLOGIES: Egan-Jones Keeps B+ Sr. Unsec. Debt Ratings --------------------------------------------------------------- Egan-Jones Ratings Company, on April 9, 2021, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Avago Technologies Ltd. Based in Singapore, Avago Technologies Ltd. manufactures semiconductor products such as optoelectronics, radio-frequency and microwave components, and application-specific integrated circuits. The Company's products are used in mobile phones, consumer electronics, enterprise and telecom networking gear, optical mice, automotive electronics, and military and aerospace systems. CHEUNG WOH: Posts SGD3.09MM Net Loss for Half Year Ended Feb. 28 ---------------------------------------------------------------- The Business Times reports that Cheung Woh Technologies posted a SGD3.09 million loss for the half year ended Feb. 28, 2021, narrowing a SGD4.6 million loss in the corresponding period of the previous year. Revenue shrank 43.3 per cent to SGD13.4 million on the back of declines in its hard disk drive (HDD) components and precision metal stamping (PMS) components segments. Loss per share was 1.04 Singapore cent, compared to loss per share of 1.54 Singapore cents in H2 2020, BT discloses. For the full year, net loss was SGD2.9 million compared to net loss of SGD5.07 million in the previous year, according to BT. Revenue decreased 35.3 per cent to SGD31.6 million due to declines in HDD and PMS components segments. The declines were partially offset by revenue improvement in the forged and machined components segment. Cheung Woh Technologies Ltd is engaged in investment holding and trading. It manufactures and supplies precision hard disk drive (HDD) components. It operates through two segments: hard disk drive components, which include voice coil motor (VCM) plates and air combs, and precision metal stamping components, which mainly include sheet metal machined parts and stamped parts, prototypes, stamping tool design and fabrication. Its subsidiaries include Cheung Woh Technologies (Malaysia) Sdn Bhd, which is the manufacturer and provider of stamping process for metal works and manufacturer of tool and die; Cheung Woh Technologies (Johor) Sdn Bhd, which is the provider of services in the secondary processes of computer parts and components; Cheung Woh Precision (Zhuhai) Co., Ltd, which is the manufacturer of VCM plates and provider of precision metal stamping services, and Cheung Woh Technologies (Zhuhai) Co., Ltd, which manufactures hard disk drive components and sheet metal machined parts. GLAZIERS ENGINEERING: Court to Hear Wind-Up Petition on May 14 -------------------------------------------------------------- A petition to wind up the operations of Glaziers Engineering Pte Ltd will be heard before the High Court of Singapore on May 14, 2021, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 22, 2021. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 NAIISE PTE: First Creditors' Meetings Set for May 14 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Naiise Pte Limited will be held on May 14, 2021, at 11: a.m. via video-conference and/or tele-conference. Agenda of the meeting includes: a. to present a Statement on the company's affairs showing the assets and its estimated realisable value, together with a list of creditors and the estimated amount of the claims; b. to confirm the appointment of the Liquidators; c. to appoint a Committee of Inspection; d. to propose giving the Liquidators the power to appoint solicitors; e. to propose giving the Liquidators the power to compromise claims and debts; and f. Any other resolutions. The company's liquidator is: Tan Wei Cheong c/o 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 RISH GEMS: Court to Hear Wind-Up Petition on May 7 -------------------------------------------------- A petition to wind up the operations of Rish Gems Pte Ltd will be heard before the High Court of Singapore on May 7, 2021, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on April 13, 2021. The Petitioner's solicitors are: Kelvin Chia Partnership 6 Temasek Boulevard 29th Floor, Suntec Tower Four Singapore 038986 UOL DEVELOPMENT: Creditors' Proofs of Debt Due May 19 ----------------------------------------------------- Creditors of UOL Development Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by May 19, 2021, to be included in the company's dividend distribution. The company's liquidator is: Sim Hang Khiang 9 Kelantan Lane #06-01 Singapore 208628 VIKING OFFSHORE: Court to Hear Bid for Scheme Order on May 28 ------------------------------------------------------------- An application by Viking Offshore and Marine Limited for an order that the proposed Scheme of Arrangement dated Feb. 22, 2021, between the Company and its Creditors be sanctioned and approved by the Court so as to be binding upon the Company and the Creditors, will be heard before the High Court of Singapore on May 28, 2021, at 2:30 p.m. The Company's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 ===================== S O U T H K O R E A ===================== KOREA NATIONAL: State-Run Energy Firms Face Tougher Restructuring ----------------------------------------------------------------- Yonhap News Agency reports that a special task force of experts on April 28 advised the government to roll out intensified belt-tightening moves on troubled state-run resource firms, amid growing concerns that their financial health may further deteriorate down the road. The state-run Korea National Oil Corp. (KNOC) lapsed into complete capital erosion in 2020 as its liabilities exceeded its assets due to continued losses, Yonhap discloses. KNOC's liabilities stood at KRW18.64 trillion (US$16.7 billion) as of the end of last year, up nearly KRW514 billion from 2019. Korea Resources Corporation, another financially troubled state-run resource firm, also saw its capital base fully eroded last year, Yonhap relates. "So far, state-run resource companies have failed to come up with significant improvements in their restructuring efforts due to the COVID-19 pandemic and the decrease in global crude prices," Yonhap quotes an independent task force of experts as saying in a statement. In order to find a breakthrough, the task force said South Korea should consider merging the troubled firms and establish a new resource company. Yonhap adds that the team also said each company should come up with detailed plans to improve their financial health by 2029. Korea National Oil Corporation provides crude oil and natural gas exploration and development services. The Company offers oil stockpiling, petroleum distribution, and other services. Korea National Oil offers services throughout South Korea. KT CORP: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on April 5, 2021, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by KT Corporation. Headquartered in Seongnam-si, South Korea, KT Corporation is an integrated telecommunications service provider based in South Korea. =============== T H A I L A N D =============== THAI AIRASIA: Gets New Loan; To List Under Newly Approved Plan -------------------------------------------------------------- The Sun Daily reports that AirAsia Group Bhd on April 27 revealed that Thai AirAsia's largest shareholder Asia Aviation Public Co Ltd approved a restructuring plan which entails the listing of the carrier on the Stock Exchange of Thailand (SET) for a loan of up to THB3.15 billion (MYR410 million) from a new investor. Sun Daily, citing a SET filing, relates that the new investor, who is not a connected to Asia Aviation and Thai AirAsia, will provide the loan with no interest charged, in the form of a convertible loan agreement or convertible bond with the right to convert it to ordinary shares of Thai AirAsia with a three-year term. It stated that the two parties have agreed on a conversion price of 20.4 baht per share. According to the report, AirAsia revealed that should the conversion not materialise regardless of the reason, the investor will remain as a creditor and the loan or bond will have an interest of 3% per annum. Currently, the investor is conducting due diligence on Thai AirAsia and it is expected to be completed mid-May 2021, the report notes. Asia Aviation stated that the investor intends to invest in Thai AirAsia rather than invest through holding shares in Asia Aviation, as Thai AirAsia is the operating company and has received various licences to directly operate its airline business, Sun Daily relays. Furthermore, as shareholders of Thai AirAsia, the investor will receive dividends directly from Thai AirAsia, not by payment of dividends through the holding company. It added that listing Thai AirAsia as the listed company on SET in place of Asia Aviation will increase the opportunities for Thai AirAsia to raise funds by itself rather than being dependent on the holding company for fundraising, according to Sun Daily. Sun Daily says Asia Aviation opined that the shareholders should pass a resolution to dissolve and liquidate the company so it could allocate the assets of Thai AirAsia. However, it pointed out that Asia Aviation's board has yet to approve of such a measure. After it goes public, the new investor is estimated to hold a 11.4% equity stake in the carrier, Sun Daily notes. Thai AirAsia is a joint venture of Malaysian low-fare airline AirAsia and Thailand's Asia Aviation. It serves AirAsia's regularly scheduled domestic and international flights from Bangkok and other cities in Thailand. Thai AirAsia launched operations in February 2004. ********* 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 ***