/raid1/www/Hosts/bankrupt/TCRAP_Public/210513.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, May 13, 2021, Vol. 24, No. 90
Headlines
A U S T R A L I A
BLOCKOUT BLINDS: Second Creditors' Meeting Set for May 18
DATA REPUBLIC: First Creditors' Meeting Set for May 18
DNR AIRCONDITIONING: First Creditors' Meeting Set for May 19
EASTERN CREEK: First Creditors' Meeting Set for May 19
GREENSILL CAPITAL: Margaret Stock Out as Committee Member
MISS CHERI: First Creditors' Meeting Set for May 19
ONSITE RENTAL: S&P Withdraws 'B-' Issuer Credit Rating
ROYAL EXPRESS: First Creditors' Meeting Set for May 20
C H I N A
FOSUN INTERNATIONAL: S&P Rates New USD Unsecured Notes 'BB'
JIANGSU: Restricts New Borrowing by Highly Leveraged LGFVs
JILIN PROVINCE TRUST: Third Former Chairman Convicted of Bribery
LEADING HOLDINGS: Fitch Assigns First Time 'B' Foreign Currency IDR
I N D I A
ANGIKA DEVELOPMENT: CRISIL Moves D Debt Rating to Not Cooperating
ARK INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating
ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
DAINIK SAVERA: CRISIL Moves D Debt Ratings to Not Cooperating
DELTA IRON: CRISIL Moves D Debt Ratings to Not Cooperating
ESSMA TEXTILES: CRISIL Moves D Debt Rating to Not Cooperating
GANESA MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
GURUDEVA TRUST: CRISIL Moves D Debt Ratings to Not Cooperating
INTENSIV-FILTER: CRISIL Moves D Debt Ratings to Not Cooperating
KANAHYA INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating
KANISHK GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating
LE LOTUS: CRISIL Moves D Debt Ratings to Not Cooperating
MAAJAGDAMBE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
MARIA RUG: CRISIL Moves D Debt Ratings to Not Cooperating
MINAKSHI COTEX: CRISIL Keeps D Debt Rating in Not Cooperating
NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
ORCHARD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAVICHANDRA TEXTILES: CRISIL Moves D Ratings to Not Cooperating
RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
S.S MEDICAL: CRISIL Keeps C Debt Ratings in Not Cooperating
SAINARAYAN PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTOSH W/O: CRISIL Moves D Debt Rating to Not Cooperating
SHILPA ELECTRICAL: CRISIL Moves D Debt Ratings to Not Cooperating
SUNGRACIA TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
PT ANEKA TAMBANG: S&P Upgrades ICR to 'B+', Outlook Stable
J A P A N
JAPAN: Hotel and Travel Agencies Struggle as Virus Hits Booking
M Y A N M A R
MYANMAR: Currency Hits Record Low as Economy Fails to Normalize
N E W Z E A L A N D
SACRED HILL: Receivers Appointed to Two Vineyards
S I N G A P O R E
ENVY GROUP: High Court Appoints KPMG as Judicial Manager
SQ2 FINTECH: Placed in Provisional Liquidation
T H A I L A N D
THAI AIRWAYS: Creditors Delay Vote on Debt Restructuring Plan
- - - - -
=================
A U S T R A L I A
=================
BLOCKOUT BLINDS: Second Creditors' Meeting Set for May 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of Blockout Blinds
Pty. Limited has been set for May 18, 2021, at 11:00 a.m. via a
Zoom meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2021, at 4:00 p.m.
Andrew Juzva & Gregory Stuart Andrews of G S Andrews Advisory were
appointed as administrators of Blockout Blinds on April 14, 2021.
DATA REPUBLIC: First Creditors' Meeting Set for May 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Data
Republic Pty Ltd will be held on May 18, 2021, at 12:00 p.m. at
Level 12, 20 Martin Place, in Sydney, NSW.
Barry Frederic Kogan, Jonathan Philip Henry and Robert Bruce Smith
of McGrathNicol were appointed as administrators of Data Republic
on May 6, 2021.
DNR AIRCONDITIONING: First Creditors' Meeting Set for May 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of DNR
Airconditioning & Electrical Pty Ltd will be held on May 19, 2021,
at 10:00 a.m. via teleconference only.
Sule Arnautovic of Hall Chadwick was appointed as administrator of
DNR Airconditioning on May 10, 2021.
EASTERN CREEK: First Creditors' Meeting Set for May 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Eastern
Creek Group Pty Ltd and Mx Hub Pty Limited will be held on May 19,
2021, at 11:00 a.m. via BPS Teleconference facilities.
David Henry Sampson of BPS Recovery was appointed as administrator
of Eastern Creek on May 7, 2021.
GREENSILL CAPITAL: Margaret Stock Out as Committee Member
---------------------------------------------------------
The U.S. Trustee for Region 2 disclosed in a notice filed with the
U.S. Bankruptcy Court for the Southern District of New York that as
of May 5, these creditors are the remaining members of the official
committee of unsecured creditors in Greensill Capital Inc.'s
Chapter 11 case:
1. Rachelle Bower
330 West 56th Street
New York, NY 10019
E-mail: rbower1515@gmail.com
2. Swinda Salazar-Piquemal
1205 Magnolia Drive
Indialantic, Florida 32903
E-mail: swindasp@gmail.com
Margaret Stock was previously identified as member of the creditors
committee. Its name no longer appears in the new notice.
About Greensill Capital
Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia. It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.
Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.
Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.
Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.
Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.
The Debtor tapped Segal & Segal LLP as bankruptcy counsel, Mayer
Brown LLP as special counsel, and GLC Advisors & Co., LLC and GLCA
Securities, LLC as investment bankers and financial advisors.
Matthew Tocks is the chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021. The committee is represented
by George P. Angelich, Esq.
MISS CHERI: First Creditors' Meeting Set for May 19
---------------------------------------------------
A first meeting of the creditors in the proceedings of Miss Cheri
Body Contouring Pty Ltd will be held on May 19, 2021, at 10:00 a.m.
via teleconference facility.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Miss Cheri on May 10, 2021.
ONSITE RENTAL: S&P Withdraws 'B-' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings has withdrawn its 'B-' issuer credit ratings on
Onsite Rental Group Ltd. and its subsidiary, Onsite Rental Group
Operations Pty Ltd., at the issuer's request following the
company's recent refinancing and existing debt repayment. S&P also
withdrew its 'B-' issue ratings on the company's senior secured
term loan B notes due Sept. 30, 2022. The outlook on the issuer
credit ratings at the time of withdrawal was stable.
ROYAL EXPRESS: First Creditors' Meeting Set for May 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Royal
Express Pty Ltd will be held on May 20, 2021, at 2:00 p.m. using
virtual meeting technology.
David Coyne of BRI Ferrier was appointed as administrator of Royal
Express on May 11, 2021.
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C H I N A
=========
FOSUN INTERNATIONAL: S&P Rates New USD Unsecured Notes 'BB'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes that
China-based Fosun International Ltd. will unconditionally and
irrevocably guarantee. Fortune Star (BVI) Ltd., a special-purpose
entity, will issue the notes. The issue rating is subject to its
review of the final issuance documentation.
The rating on the notes is the same as the issuer credit rating on
Fosun (BB/Negative/--) because of credit substitution under the
guarantee. As an investment holding company, Fosun's secured debt
at the parent level is less than 50% of total debt, below S&P's
notching-down threshold for structural subordination risk.
Fosun plans to use the proceeds from the proposed notes for
refinancing, working capital, and other general corporate
purposes.
S&P said, "Our negative outlook on Fosun reflects our view that
short-dated debt will remain a sizable portion of the company's
capital structure over the next 12 months. We expect Fosun to take
steps to improve its capital structure, including by reducing debt
and issuing longer-tenor borrowings.
"We may lower the issuer credit rating if Fosun is unable or
unwilling to issue longer-dated debt to improve its capital
structure, if the company's liquidity weakens, or if Fosun's
loan-to-value ratio exceeds 45%."
JIANGSU: Restricts New Borrowing by Highly Leveraged LGFVs
----------------------------------------------------------
Cheng Siwei and Denise Jia at Caixin Global report that as the
largest local government bond issuer, eastern China’s Jiangsu
province issued rules restricting new debt issuance by local
government financing vehicles (LGFVs) that are highly leveraged and
have mediocre operating performance and poor growth prospects.
For highly leveraged LGFVs with poor performance, debt increases
must be approved by investors, according to guidance issued earlier
this month by the provincial government. LGFVs with good financial
results and low debt ratios can still increase operational debt by
a certain amount, Caixin relays. LGFVs are special purpose vehicles
set up by local authorities to borrow money to fund infrastructure
and public welfare spending.
Caixin relates that the guidance also requires local governments in
Jiangsu province to obtain a clear and full picture of their total
debt and implicit debt, with a focus on the amount of borrowing by
financing vehicles in counties, cities, districts and various
development parks.
JILIN PROVINCE TRUST: Third Former Chairman Convicted of Bribery
----------------------------------------------------------------
Wu Yujian and Han Wei at Caixin Global report that another chairman
of troubled Jilin Province Trust Co. Ltd. was found guilty of
corruption, extending the state-owned company's streak of scandals
involving every chairman since 2001.
Gao Fubo, chairman of the Jilin-based trust company between 2007
and 2015, was convicted of corruption, bribery and embezzlement, a
local court said on May 11. The court handed Gao a 20-year jail
term, a fine of CNY5.1 million ($794,540) and confiscation of
CNY500,000 of personal assets.
According to Caixin, Gao is the third chairman of Jilin Trust to be
convicted on corruption charges, and a fourth is awaiting trial.
Gao's predecessor, Zhang Xinbo -- the company's chairman between
2001 and 2007 -- was sentenced to death with a two-year reprieve
for corruption in 2009, the report notes.
LEADING HOLDINGS: Fitch Assigns First Time 'B' Foreign Currency IDR
-------------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Leading Holdings
Group Limited a Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'B' with a Stable Outlook.
The rating is supported by the company's moderate leverage, solid
market position within Sichuan province and limited joint-venture
exposure, leading to higher financial transparency. The rating is
constrained by lower contracted sales relative to higher-rated
peers, volatile financial metrics and reliance on trust loans. The
ratings also reflect the company's geographical concentration, with
around 70% of contracted sales generated from Sichuan province.
KEY RATING DRIVERS
Limited Scale: Leading Holdings recorded attributable contracted
sales of CNY17.5 billion in 2020, up by 36% yoy from 2019, which
was, in turn, up by 35% from 2018. However, sales are still lower
than those of 'B+' rated peers. The company aims to increase its
annual contracted sales at a rate of around 30% in the next three
years, but Fitch takes a more conservative view, considering
potential volatility in demand given the company's geographical
concentration and focus on lower-tier cities.
Leverage Decreasing, but Volatile: Fitch expects land acquisition
spending to fall to around 40%-45% of sales proceeds, leading to
largely stable land bank life and leverage in the next few years.
This follows a rapid debt-funded expansion during 2017-2019, which
saw net debt, including guarantees, surge to CNY10.3 billion, from
CNY2.9 billion, resulting in leverage, measured by net
debt/adjusted inventory, of 59% in 2019, up from 35% in 2017.
The company slowed its land acquisitions in 2020 to around 50% of
sales proceeds, from 80%-130% in 2017-2019, after building a
sizeable landbank; it had an attributable saleable landbank of 9.2
million square metres at end-2020, enough to support around three
to four years of contracted sales. This allowed leverage to come
down to 44% in 2020, helped by net proceeds from its IPO in
December 2020. Fitch expects the company to spend 40%-45% of sales
proceeds on land acquisitions in the next few years.
Reliance on Trust Loans: The company relied on trust and
asset-management loans to fund its growth, leading such funding to
increase to 51% of total borrowings in 2019, from 19%. The company
plans to replace trust and asset-management loans with development
loans as projects enter the development phase. Trust and
asset-management loans decreased to 43% of total borrowings in
2020, including 28% in trust loans and 15% in asset management
loans. The company targets to reduce it further to 30% of total
borrowings to help lower its average funding cost, which is
currently at over 9%.
Geographical Concentration Not a Rating Constraint: Fitch believes
the company's geographical concentration in Sichuan province is
partially offset by its solid market position. Sichuan is also a
large market, with strong economic and property sales growth. As
such, Fitch does not consider the company's geographical
concentration to be a rating constraint at the current rating
level.
Leading Holdings has over 20 years of experience in Sichuan
province, from which it continues to generate around 70% of
contracted sales, despite expanding to other regions since 2006. It
focuses on third- and fourth-tier cities, such as Mianyang,
Sichuan's second-largest city, as well as Meishan and Leshan, which
are satellite cities to Chengdu. These account for around 80% of
landbank in terms of gross floor area. It also has a presence in
Chengdu, which accounts for around 10% of the landbank.
High Consolidation Ratio: The company has consistently recorded an
implied cash collection rate of over 90% based on consolidated
contracted sales and around 80% based on total contracted sales.
Fitch expects is cash collection rate to remain high. Joint venture
net assets accounted for just 11% of net development property
assets, while net claims from non-controlling interests/net
development property assets were a reasonable 19%. The company's
higher consolidation ratio compared with peers means that the
performance and debt of its projects is reflected in its
financials.
DERIVATION SUMMARY
Leading Holdings has a lower attributable contracted sales scale
than Modern Land (China) Co., Limited's (B/Stable) CNY22 billion.
It is also more geographically concentrated, with 70% of contracted
sales coming from Sichuan province. Leading Holdings also focuses
on lower-tier cities, in contrast with Modern Land's tier one and
two city focus, but it does have a solid market position in its
cities. Leading Holding's leverage is in line with that of Modern
Land and its profitability is also comparable, with a higher EBITDA
margin offset by lower churn.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- 12% annual attributable contracted sales growth in 2021-2022
(2020: 36%);
-- 19% EBITDA margin in 2021-2022 (2020: 19%);
-- 90% cash collection rate in 2021-2022 (2020: 92%);
-- 42% of sales proceeds spent on land acquisitions in 2021-2022
(2020: 49%);
-- 40% of sales proceeds spent on construction costs in 2021-2022
(2020: 39%).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- higher attributable contracted sales, to be in line with those
of 'B+' rated peers on a sustained basis;
-- Longer record of maintaining stable financial metrics.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Net debt/adjusted inventory above 55% for a sustained period;
-- EBITDA margin (added back capitalised interest) at below 15%
for a sustained period;
-- Available cash/short-term debt at below 1.0x for a sustained
period.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: The company had an available cash/short-term
non-bank debt ratio of 1.3x at end-2020, helped by the proceeds
from its IPO in December 2020. The company has no capital market
debt and its non-bank debt is comprised of secured trust loans.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch's calculation of CNY22.3 billion in adjusted inventory at
end-2020 includes properties under development, completed
properties held for sale, investment properties, property, plant
and equipment, investments in joint ventures, investments in
associates, amounts due from joint ventures and amounts due from
non-controlling shareholders of subsidiaries. Contract liabilities,
share consideration payable, payables related to land acquisition,
amounts due to joint ventures and advances from non-controlling
shareholders of subsidiaries are deducted from the summation of
items mentioned above. Fitch adjusted the value of investment
properties by deducting the fair value changes since 2017.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=========
I N D I A
=========
ANGIKA DEVELOPMENT: CRISIL Moves D Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Angika
Development Society (ADS) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 14.4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with ADS for
obtaining information through letters and emails dated January 30,
2021 and February 24, 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 ADS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADS
is consistent with 'Assessing Information Adequacy Risk.'
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of ADS to 'CRISIL D Issuer not cooperating'.
Established in 2004, ADS manages a DPS franchise school and a
teacher training institute, VBCE, in Bhagalpur. The society added
one more school in Ranchi, Jharkhand, in 2016 under the DPS brand.
Operations are managed by the chairman, Mr. Shekhar Dutt (retired
Indian Administrative Service officer, former governor of
Chhattisgarh, and defense secretary, Government of India), and
secretary, Mr. Rajesh Kumar Srivastava.
ARK INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of ARK
Industries Private Limited (Ark; part of the Delta group) to
'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 35 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with ARK for
obtaining information through letters and emails dated January 30,
2021 and February 24, 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 Ark, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Ark
is consistent with 'Assessing Information Adequacy Risk.'
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of Ark to 'CRISIL D/CRISIL D Issuer not
cooperating.'
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Delta Iron and Steel
Private Limited and Ark. This is because the two companies,
together referred to as the Delta group, have a common management
and are in the same business. Moreover, Delta holds 20.62% equity
share in Ark.
The Delta group is promoted by Mr. Akshay Jain and Mr. Dhanesh
Mehta. Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.
ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arya
Construction (AC) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating.'
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AC 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 AC, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk.' Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL D/CRISIL D Issuer not cooperating.'
AC, based in Wardha, Maharashtra, was set up in 1986 by Mr.
Vijaykumar Raju. The firm undertakes construction activities for
state and central governments.
DAINIK SAVERA: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Dainik
Savera News and Media Network (DSMN) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 0.08 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 3.92 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with DSMN for
obtaining information through letters and emails dated January 30,
2021 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 DSMN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSMN
is consistent with 'Assessing Information Adequacy Risk.'
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of DSMN to 'CRISIL D Issuer not cooperating'.
DSMN was set up in December 2012 and is owned and managed by Mr.
Shital Vij and his family members. The firm operates a printing
press in Jalandhar, Punjab, through which it publishes Dainik
Savera Times, a regional newspaper with circulation in Jammu,
Punjab, Haryana, Chandigarh, Delhi, and Himachal Pradesh.
DELTA IRON: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Delta
to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 37.75 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 182.25 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with Delta for
obtaining information through letters and emails dated January 30,
2021 and February 24, 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 Delta, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Delta
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of Delta to 'CRISIL D/CRISIL D Issuer not
cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Delta and Ark Industries
Private Limited. This is because the two companies, together
referred to as the Delta group, have a common management and are in
the same business. Moreover, Delta holds 20.62% equity share in
Ark.
The Delta group is promoted by Mr. Akshay Jain and Mr. Dhanesh
Mehta. Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.
ESSMA TEXTILES: CRISIL Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Essma
Textiles Private Limited (ETPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with ETPL for
obtaining information through letters and emails dated January 30,
2021 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 ETPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ETPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of ETPL to 'CRISIL D Issuer not cooperating'.
ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra
Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company
manufactures textile products and specializes in woolen fabrics
such as blankets, shawls, suitings, tweed, and soft furnishings.
Its manufacturing facilities are in Amritsar.
GANESA MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesa Modern
Rice Mill (GMRM) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.90 CRISIL D (Issuer Not
Cooperating)
Long Term
Bank Facility 0.72 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GMRM 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 GMRM, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMRM continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1976, GMRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located at Attur (Tamil Nadu). The firm is promoted by Mr. P.
Madheswaran.
GURUDEVA TRUST: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Gurudeva Trust (GT) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 8.2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with GT for
obtaining information through letters and emails dated February 27,
2021 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 GT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of GT to 'CRISIL D/CRISIL D Issuer not cooperating'.
GT was established in January 2001 by Mr. K R Kusuman along with
other partners. Based in Ernakulam, the trust runs the Sree
Narayana Guru Institute of Science & Technology, which offer
post-graduate courses in business and computer management and
engineering degree courses under the Mahatma Gandhi University.
INTENSIV-FILTER: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Intensiv-Filter Himenviro Private Limited (IFHPL; part of the
Intensive Filter group) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Inland/Import
Letter of Credit 6 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with IFHPL for
obtaining information through letters and emails dated April 14,
2021 and April 19, 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 IFHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFHPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of IFHPL to 'CRISIL D Issuer not cooperating'.
Incorporated in 2007 as Himenviro Environmental Technologies Pvt
Ltd (HETPL), IFHPL is promoted by Mr. Manoj Garg, based in Noida,
Uttar Pradesh. The company is engaged in the designing, engineering
and installation of air pollution control equipment, and de-dusting
and filtration equipment. In 2012, HETPL acquired the German
company, Intensive Filter GmbH, and the name was changed to IFHPL.
HEECPL, incorporated in 1993, is promoted by Mr. Manoj Garg. The
company is engaged in the designing, engineering and manufacturing
of pollution control equipment (mainly air pollution). Its
manufacturing facilities are at Shamli and Noida (both in Uttar
Pradesh).
KANAHYA INDUSTRIES: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Kanahya Industries (KI) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund-
Based Bank Limits 5.1 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 1.4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated January 30,
2021 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 KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of KI to 'CRISIL D Issuer not cooperating'.
KI is a proprietorship firm set up by Mr. Pawan Kumar Sharma in
2009, KI manufactures polyurethane (PU) foam sheets used in sofas,
mattresses and cushions. KI has a manufacturing unit and 2
warehouse in Una District, Himachal Pradesh.
KANISHK GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kanishk Gold
Private Limited (KGPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 747 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 300.58 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.42 CRISIL D (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 continues to be 'CRISIL D Issuer Not Cooperating'.
KGPL was established as a partnership firm in Chennai in 2002, and
was reconstituted as a private limited company in 2006. The company
manufactures gold jewellery and is promoted by Mr. Bhoopesh Kumar
Jain.
KRISHNA BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Krishna
Buildcon Private Limited (SKBPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 0.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 54.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKBPL 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 SKBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKBPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2004 and promoted by Agrawal and Goyal families,
SKBPL is developing a commercial real estate project, Palm Mall, in
Korba, Chhattisgarh. The mall is spread across 231,218 square feet
and is expected to cost INR110 crore. The project is likely to be
completed in fiscal 2018.
LE LOTUS: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Le
Lotus Grand (LLG) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4.84 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with LLG for
obtaining information through letters and emails dated January 30,
2021 and February 24, 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 LLG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LLG
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of LLG to 'CRISIL D Issuer not cooperating'.
Set up in 2016, LLG has commenced its operations from Jan-2019. LLG
is engaged in the operation of a hotel which is self-owned. The
hotel is located at Varanasi, Uttar Pradesh. LLG is owned & managed
by Shri Sujit Rai, Smt Anupama Rai & Shri Vijay K Sinha.
MAAJAGDAMBE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maajagdambe
Paper Mills Private Limited (MPMPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MPMPL for
obtaining information through letters and emails dated January 30,
2021 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 MPMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in May 2016, Maajagdambe Paper Mills Pvt Ltd (MPMPL)
is setting up manufacturing unit for kraft paper and writing paper.
The factory is situated at Mahuli, Bihar.
MARIA RUG: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Maria
Rug International (MRI) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase 4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Packing Credit 2.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 0.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with MRI for
obtaining information through letters and emails dated April 14,
2021 and April 19, 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 MRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MRI to 'CRISIL D/CRISIL D Issuer not
cooperating'.
MRI was set up in 2005 as a partnership firm between Mr. Zakir
Husain Ansari and his brothers, Mr. Shabir Ahmad and Mr. Abdul
Quadir. The firm manufactures and exports rugs, carpets, and home
furnishing products made of wool, cotton, and leather under the
brand MRI.
MINAKSHI COTEX: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Minakshi
Cotex continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Minakshi 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 Minakshi, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Minakshi is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Minakshi continues to be 'CRISIL D Issuer Not
Cooperating'.
Minakshi was set up in 2003 as a partnership firm by the Tayal
family of Madhya Pradesh. The firm has two units in Georai and
Khamgaon (Maharashtra), where it undertakes cotton ginning and
pressing.
NAFREF ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nafref
Engineers Private Limited continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NAFREF 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 NAFREF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
NAFREF is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of NAFREF continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of National Ref and Air Cond
Engg (National) and NAFREF. This is because the two companies,
together referred to as the NAFREF group, have a common management
and are in the same business. Moreover, NAFREF was incorporated to
take over the business of National, which is likely to be wound up
within a couple of years.
Incorporated in 2013 and promoted by Mr. Bal and his family, NAFREF
is engaged in engineering, procurement, and construction of air
conditioning plants and fire-fighting systems, and has also started
undertaking civil construction contracts for government
authorities. The company is also empanelled with Military
Engineering Services. Operations are managed by Mr. Sital Singh
Bal.
ORCHARD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orchard Foods
Private Limited continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Orchard 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 Orchard, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Orchard is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Orchard continues to be 'CRISIL D Issuer Not
Cooperating'.
Set up in 2013 in Thiruvarur (Tamil Nadu) by late Mr. A S Sharath
Chandran, his son Mr. Shiyaam and Ms.R S Sumathi, Orchard trades in
pulses like toor dal, moong dal, chick peas and green peas.
RAVICHANDRA TEXTILES: CRISIL Moves D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Ravichandra Textiles Private Limited (SRTPL) to 'CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 11.22 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 10.28 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SRTPL for
obtaining information through letters and emails dated April 14,
2021 and April 19, 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 SRTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRTPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SRTPL to 'CRISIL D Issuer not cooperating'.
SRTPL, incorporated in 2010, manufactures cotton yarn, primarily in
counts of 10s, 13s, 16s, and 20s. The company's manufacturing
facilities are in Guntur (Andhra Pradesh), and started commercial
production in November 2012.
RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ritisha Oils
Private Limited (ROPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ROPL 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 ROPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ROPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ROPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
In 2012, Mr. Ramit Jain set up Manidhari Oils Private Limited,
which trades in edible oils and has the same set of customers and
suppliers as Ritisha Oils Private Limited.
Ritisha Oils Private Limited was set up in 2009 by Mr. Ramit Jain.
The company is based in Delhi and trades in edible oils.
S.S MEDICAL: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.S Medical
Systems (India) Private Limited (SSMSIPL) continues to be 'CRISIL
C/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 6 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSMSIPL 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 SSMSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSMSIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSMSIPL continues to be 'CRISIL C/CRISIL A4 Issuer
not cooperating'.
Established in 1975, SSMSIPL manufactures and assembles medical
equipment used in hospitals, pathologies, laboratories, at its unit
at Bhimtal in Nainital.
SAINARAYAN PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Sainarayan Plastics Private Limited (SSPPL) continues to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSPPL 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 SSPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPPL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1986, SSPPL manufactures household items, quality tanks,
cans, containers, pots, buckets, and water tanks. It has a
manufacturing facility in Aurangabad and Pune, Operations are
managed by its directors, Mr. Somnath Sakre and Mr. Santosh
Gangwal.
SANTOSH W/O: CRISIL Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Santosh W/O Sh. Vinod Kumar Warehouse (SVKW) to 'CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7.85 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SVKW for
obtaining information through letters and emails dated January 30,
2021 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 SVKW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVKW
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SVKW to 'CRISIL D Issuer not cooperating'.
SVKW was set up in 2014 by the proprietor, Mr. Santosh Jhajhria.
The firm has constructed a 35,000-tonne warehouse in Fatehabad,
Haryana. SVKW has signed a 10-year lease agreement with HAFED to
store agricultural products in the warehouse. The firm is promoted
by Ms Santosh Jhajhria, while the day-to-day operations are managed
by their son, Mr. Udayvir Jhajhria.
SHILPA ELECTRICAL: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shilpa
Electrical Infra Tech (India) Private Limited (SEITPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8.9 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term
Bank Loan Facility 1.1 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SEITPL for
obtaining information through letters and emails dated April 14,
2021 and April 19, 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 SEITPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SEITPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SEITPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in 2007, SEITPL erects high tension electrical
transmission lines and substations, and executes electrical
contracts for industrial and residential buildings. The company is
promoted by Mr. G Sudhakar Reddy and Ms G Sailaja and is
headquartered in Hyderabad.
SUNGRACIA TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sungracia
Tiles Private Limited (STPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.24 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.79 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with STPL 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 STPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
STPL was set up in 2012, by the promoters, Mr. Bharat Dhirajlal
Sarsavadiya, Mr. Manojkumar Govindbhai Patel and Mr. Jainendra
Kapoorchand Malesha. The company manufactures digitally printed
wall tiles.
=================
I N D O N E S I A
=================
PT ANEKA TAMBANG: S&P Upgrades ICR to 'B+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Indonesian nickel miner PT Aneka Tambang Tbk. (Antam) to 'B+' from
'B'.
The stable rating outlook reflects S&P's expectation that Antam
will prudently invest in its downstream operations over the next
12-18 months such that the company's debt-to-EBITDA ratio remains
below 3x.
S&P said, "We upgraded Antam to reflect the improvement in the
company's underlying operating performance and continued
deleveraging. We believe its strengthened financial profile is
sustainable.
"We anticipate Antam's leverage, as measured by the debt-to-EBITDA
ratio, will remain below 3x in 2021-2022, supported by increased
nickel ore sales amid favorable nickel prices. We forecast the
company's EBITDA will rise to Indonesian rupiah (IDR) 4.3
trillion-IDR4.8 trillion over the period, a 25%-30% improvement
compared with EBITDA of IDR3.6 trillion in 2020. As a result,
Antam's debt-to-EBITDA ratio should stay at about 2x, even as the
company resumes its capital spending program for downstream
expansion. According to our estimates, domestic nickel ore
production will ramp up to 10.5 million wet metric ton (wmt) in
2021 and sales will increase to 8.5 million wmt over the year. This
will drive earnings accretion, even despite our expectation that
earnings from gold mining will likely reduce over the next 24
months due to reserve depletion.
"Our base case projects that Antam will more than double its
domestic nickel ore sales in 2021 to 8.5 million wmt. The jump is
partly because the company did not conduct nickel ore sales in the
first five months of 2020, as domestic market pricing was
economically unviable. This reversed in May 2020 when the
Indonesian government introduced a formula-driven pricing mechanism
for all domestic nickel ore sales, which effectively set a floor
price for domestic nickel ore prices that are linked to global
benchmarks. The floor price paved the way for an economically
viable domestic market and Antam began to ramp up nickel ore mining
for domestic sales from May 2020.
"We believe Antam can manage the ramp-up in nickel ore production
to 10.5 million wmt in 2021, given the company's operational track
record and expertise in nickel ore mining. Antam increased its
nickel ore production in the first quarter of 2021 to 2.6 million
wmt, about four times the volume achieved in the same period last
year. The potential production ramp-up to 8.5 million wmt-10.5
million wmt over 2021-2022 is a level the company had previously
achieved, prior to Indonesia's export ban. However, domestic market
demand for nickel and Antam's ability to sell nickel ore
domestically remain dependent on the continued operation and
development of the downstream nickel sector in Indonesia. Any
severe disruption to demand for nickel ore domestically would lower
Antam's earnings, given Indonesia's existing ban on nickel ore
exports. Based on our forecasts, a 1 million wmt decrease in nickel
ore sales would likely result in a IDR300 billion decline in
earnings for the company.
"In our view, Antam will accelerate its capital spending program to
expand downstream operations. We project investment spending
(capital expenditure and acquisitions) will pick up to an average
of IDR2.5 trillion over 2021-2022, about twice the level of
spending in 2019. Antam's growth strategy focuses on downstream
expansion with the goal of increasing vertical integration and
offtake certainty for its nickel and bauxite mining businesses. We
expect Antam to adopt a prudent approach toward capital deployment
and continue to take a minority interest in greenfield projects.
"We believe the 'B+' rating on Antam can accommodate higher capital
spending of up to IDR4 trillion over 2021-2022 while keeping the
debt-to-EBITDA ratio below the key threshold of 3x. Our base case
projects the company will generate positive free operating cash
flows of IDR1 trillion over the next 18-24 months.
"Antam's increased cash earnings would also likely accommodate a
rise in shareholder distributions. Our base case assumes Antam's
distributions to shareholders will increase to IDR400 billion in
2021 and IDR800 billion in 2022, commensurate with our expectations
for higher profits. This assumes the company will maintain a
constant dividend payout ratio of 35%. Even so, we believe Antam's
debt levels will remain stable over the period, given our forecast
that discretionary cash flow will be marginally negative."
Antam's reported debt has reduced by 25% (or IDR2.5 trillion) over
the past five years, thanks to its financial policy that is focused
on debt reduction. According to our base-case projections, a
US$500/ton shift in nickel prices would result in an approximate
IDR300 billion change in the company's EBITDA. This translates to
an approximate impact on Antam's debt-to-EBITDA ratio of 0.2x, all
else being equal.
Antam's smaller operational scale and exposure to evolving mining
regulations relative to similarly rated mining peers constrain the
ratings. S&P regards Antam's concentration to nickel a weakness
relative to peers because of the company's exposure to evolving
mining regulations surrounding nickel in Indonesia. S&P also
expects Antam to be more reliant on nickel earnings over the next
18-24 months as the company depletes its gold reserves in the
Pongkor and Cibaliung mines and continues to turn around the
loss-making operations of wholly owned subsidiary PT Indonesia
Chemical Alumina.
S&P generally views Antam's ownership by Mining Industries
Indonesia (MIND ID) as neutral from a credit perspective. Antam is
65% owned by MIND ID, the mining state-owned entity mandated to
oversee the development of the mineral resources sector in
Indonesia. MIND ID carries sizable debt, which was used to increase
its stake in PT Freeport Indonesia Tbk. (PTFI) in 2018 and acquire
a 20% stake in PT Vale Indonesia Tbk. in 2020. S&P expects MIND
ID's financial profile to be bolstered materially over the next
12-24 months, given the increasing visibility of dividends to be
derived from PTFI. MIND ID will remain dependent on dividends from
its subsidiaries and investments to service its own debt.
S&P said, "We do not view the credit profile of the broader group
as a constraint, nor does it currently provide any additional
uplift to Antam's stand-alone credit profile. In our view, Antam
remains a strategically important subsidiary to its parent MIND ID.
We believe support to Antam would come directly from MIND ID, which
in turn receives support from the Indonesian government.
"The stable outlook reflects our view that Antam's debt-to-EBITDA
ratio will stay below 3x over the next 12-18 months while the
company prudently manages its expansion into nickel and bauxite
downstream operations. We expect Antam to maintain its adequate
liquidity position with proactive refinancing of maturing debts,
the maintenance of a sizable cash buffer, and manageable capital
spending that can be funded with internal accruals."
S&P could lower the rating on Antam if it projects the company's
debt-to-EBITDA ratio will stay above 3x on a sustained basis. This
could materialize if, all else being equal:
-- Commodity prices fall materially below S&P's current
expectations with nickel prices remaining well below
US$13,500/ton,
-- Antam fails to achieve at least 7 million wmt of nickel ore
sales per year, or
-- The company embarks on significant debt-funded investments
beyond S&P's base case with no immediate earnings accretion.
S&P said, "We currently consider ratings upside to be remote. We
could consider an upgrade if Antam develops a record of increased
scale of operations and vertical integration for its nickel and
bauxite segments such that we believe the company can better
sustain its operating and financial performance through the
industry cycle, while maintaining more conservative leverage."
=========
J A P A N
=========
JAPAN: Hotel and Travel Agencies Struggle as Virus Hits Booking
---------------------------------------------------------------
The Japan Times reports that wave after wave of infections and a
third state of emergency are pummeling hotels and travel agencies
in Japan, decimating sales and leaving the tourism industry
drowning in a sea of red ink.
The Japan Times, citing results of an online survey released on May
11 by the Japan Tourism Agency (JTA), relates that more than 40% of
respondents in the hotel business said reservations plummeted by
over 70% between January and May this year compared with the same
period in 2019.
Meanwhile, figures were even worse for travel agencies, with around
80% saying reservations have fallen by more than 70% during the
same period compared with 2019, the report relays.
According to the Japan Times, the questionnaire, conducted between
April 19 and 22, garnered responses from 5,467 hotel operators and
3,117 travel agencies taking part in the government-sponsored Go To
Travel campaign, a subsidy program aimed at promoting domestic
tourism.
The Japan Times relates that Ken Nagamine, the owner of Yamanosho,
a ryokan (traditional inn) in Hakone, a hot-spring mecca in
Kanagawa Prefecture, said the number of reservations had been down
by 80% over the past few months compared with a regular year. Even
during the Golden Week holidays from late April to early May, when
tourist destinations would typically be crowded, only around half
of the inn's 10 rooms were occupied, he said, as vacation-goers
were urged to stay home to curb contagion risks.
"And that's with discount offers," the report quotes Mr. Nagamine
as saying. "Many of the ryokan in my area are now only open during
the weekends.
"The streets are empty. It's pretty hopeless, and I don't know when
things will recover."
Looking more closely, 42.3% and 43% of hotels and inns surveyed
said reservations slid by more than 70% in January and February,
respectively, the report discloses. That fell to 31% in March, when
virus counts saw a temporary lull, before climbing back up to 42.3%
in April. The figure is expected to reach 47.2% in May.
The Japan Times says the government enacted its third state of
emergency on April 25 as case counts soared. The emergency decree
is slated to last until May 31.
For travel agencies, those that said reservations dropped by more
than 70% was 81.4% in January, 84% in February, 76% in March and
81.5% in April. In May, the figure is expected to climb to 84.2%.
The Japan Times adds that the JTA said in its report that the
suspension of Go To Travel, which some experts have said was behind
a surge in virus infections, was partially responsible for the drop
in reservations. The program, which aimed to address the economic
fallout from the pandemic, was suspended on Dec. 28 and it remains
unclear when it will resume.
=============
M Y A N M A R
=============
MYANMAR: Currency Hits Record Low as Economy Fails to Normalize
---------------------------------------------------------------
Nikkei Asia reports that Myanmar's foreign exchange hit a record
low of MMK1,660 on the dollar on May 10, according to state media.
Despite continuous efforts by the junta, the currency has lost 20%
of its value since a military coup on Feb. 1, the report says.
Nikkei says the previous record low was MMK1,650 on the dollar in
September 2018 when the China-U.S. trade war led to a fall in the
value of the yuan. That also brought down the kyat.
Nikkei relates that the drop results from growing distrust in the
national currency that has prompted many to turn to money changers
in search of hard currencies.
A money changer in Yangon told Nikkei Asia: "Demand for cash
dollars is increasing day by day, and my dollar inventory is about
to run out."
The exchange rate continued to spiral down on May 10, going below
MMK1,685 in the open market -- lower than reported by state media.
That led some money exchangers in Yangon to shut up business for
the day earlier than usual.
"Today, the exchange rate is unstable, and the owner instructed us
not to carry on operating," a staffer at a money exchange in
downtown Yangon told Nikkei.
Separately from the exchange rate, the central bank also calculates
a reference rate for banks to use among themselves, and for
corporates trading and investing overseas, Nikkei notes.
The reference rate held steady at MMK1,593.5 on May 10, doing
better than the lows recorded in September 2018. That suggests
popular distrust on the streets is the main driver pushing down the
currency value, says Nikkei.
"People are taking out deposits and replacing them with dollars and
gold in order to try and protect their assets," an employee of a
foreign bank told Nikkei.
=====================
N E W Z E A L A N D
=====================
SACRED HILL: Receivers Appointed to Two Vineyards
-------------------------------------------------
Stuff.co.nz reports that receivers have been appointed to Sacred
Hill's Hawke's Bay and Marlborough vineyards businesses.
A notice in the New Zealand Gazette said Rees Logan and Andrew
McKay of BDO were appointed joint receivers of Sacred Hill
Vineyards on May 6, Stuff discloses.
They were appointed by Westpac, under the terms of a general
security agreement from 2003, giving the bank a secured charge over
all assets of the company, the report says.
The property in receivership is all the company's "present and
after acquired property", the notice, as cited by Stuff, said.
If a company is unable to pay its debts to a secured creditor, it
can be forced into receivership. A secured creditor can appoint a
receiver to sell company assets over which they have a financial
claim.
Mr. Logan and Mr. McKay were also appointed receivers of Sacred
Hill Marlborough Vineyards on May 12, Mr. Logan said.
The receivers were undertaking "urgent assessment" of both
companies' financial positions to determine the options available
and would be communicating with key stakeholders of the businesses,
he said, Stuff relays.
There were a number of other Sacred Hill entities that were
unaffected by the receivership and continued to operate, he said.
Sacred Hill Vineyards is 65 per cent owned by Sacred Hill Winery
and 30 per cent owned by Hong Kong company Jebsen Beverage Company.
Antony Bish owns 3 per cent and Richard Foddy owns 2 per cent,
Stuff discloses.
David Mason is the sole director of Sacred Hill Vineyards and 90
per cent owner of Sacred Hill Winery.
When contacted on May 12, Mr. Mason told Stuff to speak to the
receiver.
"Receivers are in, and they're assessing things now. They've only
been in for a day or two."
Sacred Hill Marlborough Vineyards is 76 per cent owned by Sacred
Hill Winery and 24 per cent owned by Jebsen Beverage Company.
Sacred Hill Vineyards' most recent financial statements filed to
the Companies Office show it made a $1.3 million after tax profit
in the year to June 30, 2018.
The receivership comes just weeks after Sacred Hill's drinks
distribution business Quench Collective went into liquidation owing
unsecured creditors NZD3.16 million, Stuff notes.
=================
S I N G A P O R E
=================
ENVY GROUP: High Court Appoints KPMG as Judicial Manager
--------------------------------------------------------
The Business Times reports that KPMG has been appointed by
Singapore's High Court as the interim judicial manager for
companies caught up in an alleged bogus nickel trading scheme, the
accounting firm said on May 4.
BT relates that the alleged fraud, one of Singapore's biggest,
centres around a former managing director of trading companies Envy
Global Trading and inactive Envy Asset Management, who has been
charged with cheating and fraud in the scheme that purportedly
raised at least SGD1 billion from investors.
The companies have not been accused of any wrongdoing.
According to BT, the case is the latest in a string of scandals
involving other Singapore trading companies that have shaken
confidence in the sector over the last year when some commodities,
including nickel, have rallied strongly.
"The immediate focus of the interim judicial managers is to conduct
an inquiry into the affairs, business and property, with a view to
preparing a report for the Court within four weeks of 27 April 2021
as to whether the objectives of judicial management will be
achievable," BT quotes Bob Yap, a partner and head of restructuring
at KPMG in Singapore, as saying.
"At this juncture, it is still preliminary to provide any
information on the affairs, business and property of the
companies," Mr. Yap said.
Envy Global Trading said in February that its local bank accounts
had been frozen by Singaporean authorities, according to Reuters.
BT says the trading firm's ex-managing director Ng Yu Zhi has
received 11 charges in total to date, including alleged cheating
and fraudulent trading of millions of dollars from investors.
The two latest charges against him, filed on April 26, alleged he
forged bank documents to commit fraud, the report adds.
Envy Group is a Singapore-based commodity trader.
SQ2 FINTECH: Placed in Provisional Liquidation
----------------------------------------------
Lim Soh Yen and Lynn Ong Bee Ling of Acutus Advisory were appointed
as joint and several Provisional Liquidators of SQ2 Fintech Private
Limited on April 30, 2021.
The provisional liquidators can be reached at:
Lim Soh Yen
Lynn Ong Bee Ling
Acutus Advisory
133 New Bridge Road #24-01
02 Chinatown
Point Singapore 059413
===============
T H A I L A N D
===============
THAI AIRWAYS: Creditors Delay Vote on Debt Restructuring Plan
-------------------------------------------------------------
Anuchit Nguyen at Bloomberg News reports that a vote by creditors
on whether to approve Thai Airways International Pcl's debt
restructuring plan has been delayed by about a week, according to
the carrier's legal adviser.
Bloomberg relates that debtholders met on May 12 by video
conference to discuss the restructuring plan and some proposed to
push back the vote until next week, Kitipong Urapeepatanapong,
chairman of Baker & McKenzie in Bangkok, said by phone. Lenders
holding 10% of the debt can seek a delay, Kitipong said.
According to Bloomberg, the national flag carrier needs more than
50% of creditors to accept its plan, which is part of measures to
help it return to profitability as it navigates the devastation
wreaked on the global travel industry by the pandemic. The airline,
which has total liabilities of at least $11 billion, in March
proposed a three-year freeze on loan repayments in one of the
nation's most high-profile restructurings.
Thai Airways is seeking a deferment of bond repayments for six
years and a waiver of unpaid interest on loans as part of the plan,
involving about THB170 billion ($5.44 billion) of debt, Bloomberg
says. It's also looking to raise THB50 billion in new capital,
plans to slash its workforce in half and sell property to help
return to profitability.
Bloomberg notes that the Southeast Asian country is facing renewed
woes more than a year into the pandemic as a new wave of infections
brings more turmoil to its crucial travel sector. Thai Airways,
which saw a record loss of THB141 billion last year, joins other
global peers in trying to get debt relief as mass flight
suspensions cause carriers to seek financial help from governments
and investors.
A senior lawyer at Kudun & Partners Ltd., which is representing the
creditors, said in March that their initial response to the
proposed restructuring was favorable, Bloomberg relays. Thailand's
finance ministry, the Bangkok-based airline's largest shareholder,
indicated its backing for the debt plan that same month.
About Thai Airways
Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand. The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.
As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.
The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.
Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.
On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.
Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.
The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.
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