/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210603.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, June 3, 2021, Vol. 24, No. 105 Headlines A U S T R A L I A ALLPRO SYNERGY: First Creditors' Meeting Set for June 11 CENTREPLEX PTY: First Creditors' Meeting Set for June 14 NORTH AUSTRALIAN: First Creditors' Meeting Set for June 10 ONTHEGO GROUP: First Creditors' Meeting Set for June 10 SAFA SCAFFOLDING: First Creditors' Meeting Set for June 14 STEELCON GROUP: First Creditors' Meeting Set for June 10 UNIFIED SECURITY: Hotel Quarantine Company in Liquidation C H I N A CHINA HUARONG: Contagion Risk Resurfaces at Peers That Owe $454BB DALIAN DETA: Fitch Lowers IDRs to 'BB+', Outlook Stable ZHENRO PROPERTIES: Fitch Rates Proposed USD Green Bonds 'B+' I N D I A ADITHI AUTOMOTIVES: CARE Keeps D Debt Rating in Not Cooperating APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category BEEPEE HOSPITALITY: CARE Cuts Rating on INR10.23cr Loan to C CITYLIFE RETAIL: Insolvency Resolution Process Case Summary DRB RAVANI: CARE Withdraws D Rating on Bank Debts DURGA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating DURGAPUR ISPAT: CARE Lowers Rating on INR10.20cr Loan to B G.R.C INFRA: CARE Lowers Rating on INR50cr Long Term Loan to B- HARAPRIYA INFRASTRUCTURES: CARE Cuts Rating on INR13cr Loan to B HARI PULSES: CARE Lowers Rating on INR8.00cr LT Loan to B- HOTEL PARMESHWARI: CARE Lowers Rating on INR6.00cr LT Loan to B- K. M. M. FOODS: CARE Keeps D Debt Rating in Not Cooperating MANJUNATH BHANDARY: CARE Lowers Rating on INR11.12cr LT Loan to B- MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating NANIS BUILDCON: CARE Lowers Rating on INR10.00cr LT Loan to B- NARSINGH SINGH: CARE Keeps C Debt Ratings in Not Cooperating NATIONAL PLASTICS: CARE Lowers Rating on INR6.32cr Loan to B- NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating NEW TURKI: CARE Lowers Rating on INR7.61cr LT Loan to B- NHS INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating NIGAM INDUSTRIES: CARE Lowers Rating on INR6.40cr LT Loan to B- NYALKARAN INFRA: CARE Lowers Rating on INR15cr LT Loan to D PADMASHREE CHARITABLE: CARE Lowers Rating on INR10.00cr Loan to B- PMS CONSTRUCTION: CARE Lowers Rating on INR2.00cr Loan to B PREMDHARA AGRO: CARE Keeps D Debt Rating in Not Cooperating RAJAT DEVELOPERS: CARE Cuts Rating on INR8.50cr LT Loan to B- RAMESHWAR COTEX: CARE Lowers Rating on INR7.30cr Loan to B- SINTEX INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating SINTEX-BAPL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating SOUTHERN ELECTRIC: CARE Lowers Rating on INR7.60cr LT Loan to B TIRUMALA DALL: CARE Keeps D Debt Rating in Not Cooperating M A L A Y S I A AIRASIA BHD: Shareholders Approve Unit's Restructuring Plan S I N G A P O R E COSDEL (S): Creditors' Proofs of Debt Due July 5 ENVY CAPITAL: Creditors' Meeting Set for June 16 MULHACEN PTE: Fitch Affirms 'CC' LT IDR & Sr. Sec. PIK Notes Rating S O U T H K O R E A SSANGYONG MOTOR: Offers Unpaid Leave, Wage Cut to Employees - - - - - ================= A U S T R A L I A ================= ALLPRO SYNERGY: First Creditors' Meeting Set for June 11 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Allpro Synergy Pty Ltd will be held on June 11, 2021, at 11:00 a.m. via virtual meeting technology. Stephen Robert Dixon of Hamilton Murphy was appointed as administrator of Allpro Synergy on June 1, 2021. CENTREPLEX PTY: First Creditors' Meeting Set for June 14 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Centreplex Pty Ltd, trading as Rosehill Realty, will be held on June 14, 2021, at 11:00 a.m. at the offices of HLB Mann Judd Insolvency WA, Level 3, 35 Outram Street, in West Perth, WA. Kimberley Stuart Wallman and Gregory Paul Quin of HLB Mann Judd Insolvency were appointed as administrators of Centreplex Pty on June 1, 2021. NORTH AUSTRALIAN: First Creditors' Meeting Set for June 10 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of North Australian Cattle Company Pty. Ltd. and Southern Australian Cattle Company Pty. Ltd. will be held on June 10, 2021, at 2:00 p.m. via Teleconference Only. (Melissa) Poh Bee Lau and Jimmy Trpcevski of Jirsch Sutherland were appointed as administrators of North Australian on May 31, 2021. ONTHEGO GROUP: First Creditors' Meeting Set for June 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of: - ONTHEGO Group Pty Ltd (Trading as ONTHEGO Sports) - OTG Labs Pty Ltd (Trading as ONTHEGO Sports) - OTG Regional Pty Ltd (Trading as Everything Sports) will be held on June 10, 2021, at 11:00 a.m. via virtual meeting. Aaron Torline & Michael Slaven of Slaven Torline were appointed as administrators of ONTHEGO Group on June 10, 2021. SAFA SCAFFOLDING: First Creditors' Meeting Set for June 14 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Safa Scaffolding Pty Ltd will be held on June 14, 2021, at 10:30 a.m. at the offices of SV Partners, 22 Market Street, in Brisbane, Queensland. Terry Grant Van der Velde of SV Partners was appointed as administrator of Safa Scaffolding on June 2, 2021. STEELCON GROUP: First Creditors' Meeting Set for June 10 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Steelcon Group Pty Ltd will be held on June 10, 2021, at 10:00 a.m. via virtual meeting. Philip Raymond Hosking of Helm Advisory was appointed as administrator of Steelcon Group on June 1, 2021. UNIFIED SECURITY: Hotel Quarantine Company in Liquidation --------------------------------------------------------- Sky News Australia reports that the hotel quarantine company involved in Victoria's failed scheme, Unified Security, has folded with employees owed hundreds of thousands of dollars. Trent McMillen of MaC Insolvency was appointed as liquidator of Unified Security Group (Australia) Pty Ltd on May 26, 2021. ========= C H I N A ========= CHINA HUARONG: Contagion Risk Resurfaces at Peers That Owe $454BB ----------------------------------------------------------------- Bloomberg News reports that a selloff in China Huarong Asset Management Co.'s bonds is broadening to the nation's other major bad-debt managers. Bloomberg says the yield spread on a China Cinda Asset Management Co. unit's 3% dollar note due 2031 widened to 242 basis points over Treasuries on June 1, the highest since mid-April. A China Orient Asset Management Co. unit's 2.75% bond due 2030 closed at 231 basis points that day, the widest spread since the note was issued in November. According to Bloomberg, turmoil at Huarong since the company delayed its financial results two months ago has cast a shadow over the industry as investors await details of its restructuring and negotiations with the government. China's finance ministry is considering a proposal to transfer its shares in Huarong and the three other bad-debt managers to a new holding company modeled after the one that owns the government's stakes in state-run banks, Bloomberg News reported on June 1. "Due to the prolonged delay of Huarong's 2020 results and increasingly complex restructure potential, investors are increasingly examining exposure to China AMCs," said Dan Wang, an analyst at Bloomberg Intelligence. Huarong's dollar bond due 2025 is indicated at 70 cents on the dollar on June 2, while its 4.5% perpetual is at 60 cents, Bloomberg-compiled prices show. China Cinda, China Orient and China Great Wall Asset Management Co. have combined liabilities of CNY2.9 trillion ($454 billion), including $28 billion of outstanding dollar bonds, according to their latest financial statements and data compiled by Bloomberg. Bloomberg says the four bad-debt managers were created in the aftermath of the Asian financial crisis as decades of government-directed lending to state companies left China's biggest banks on the brink of bankruptcy. Since then, the firms have created a labyrinth of subsidiaries to offer loans and engage in other financial businesses. Cinda has 318 subsidiaries, with controlling stakes in 65 of them, compared to 195 and 30 at Huarong respectively, according to an October report by Financial Regulation & Law. China Orient has 257 subsidiaries, Bloomberg discloses. Bloomberg adds that the bad-debt managers haven't tapped the offshore bond market while uncertainty hangs over Huarong. The last sale of dollar debt by any of the firms and their units was China Cinda HK Holdings Co.'s $2 billion offering in January. About China Huarong China Huarong Asset Management Co., Ltd., together with its subsidiaries, provides various financial asset management services. As reported in the Troubled Company Reporter-Asia Pacific on April 16, 2021, Moody's Investors Service has placed the A3 long-term and P-2 short-term issuer ratings, as well as the b1 baseline credit assessment, of China Huarong Asset Management Co., Ltd. (Huarong AMC) under review for downgrade. In addition, Moody's has placed the debt ratings and medium-term note (MTN) program ratings of Huarong AMC's offshore financing vehicles under review for downgrade. These include the Baa1 long-term backed senior unsecured debt ratings and the (P)Baa1 backed senior unsecured MTN program ratings of Huarong Finance 2017 Co., Ltd and Huarong Finance II Co., Ltd, as well as the Baa1 long-term backed senior unsecured debt rating, the (P)Baa1 long-term and (P)P-2 short-term backed senior unsecured MTN program ratings of Huarong Finance 2019 Co., Ltd. DALIAN DETA: Fitch Lowers IDRs to 'BB+', Outlook Stable ------------------------------------------------------- Fitch Ratings has downgraded China-based Dalian Deta Holding Co., Ltd.'s Foreign- and Local -Currency Issuer Default Ratings (IDR) to 'BB+', from 'BBB-'. The Outlook is Stable. The downgrade follows a change in Dalian Deta's shareholding structure that led us to lower Fitch's assessment of the attributes for status, ownership and control and the financial implications of default. Fitch believes Dalian Deta's policy role remains unchanged, although the shareholding changes diluted the company's status as the flagship entity within Jinpu, a state-level new area in the city of Dalian. Dalian Deta is positioned as an urban developer and utility service provider within Jinpu. KEY RATING DRIVERS Status, Ownership, and Control 'Strong': Fitch has lowered the attribute strength from 'Very Strong' to reflect the government's more indirect ownership, but maintain a look-through approach, as Fitch believes Dalian municipality remains the ultimate sponsor and maintains strong control over the company's strategic direction. Dalian Deta's operations remain independent of the immediate parent, while its chairman is also a member of the parent's board of directors. The Jingpu New Area Management Committee announced a consolidation of nine GREs in November 2020 to improve synergies and lower funding costs. This resulted in Dalian Deta becoming wholly owned by a newly created holding company, Jinpu New Area Industry Holdings, which in turn is wholly owned by Dalian Jinpu New Area State-owned Asset Management Bureau. Previously, the company was directly owned by the Jinpu New Area Management Committee. Support Record 'Strong': Fitch does not expect the shareholding changes to alter ongoing government financial support, which has been large and consistent to maintaining the company's financial viability. Annual subsidies have exceeded profit before tax, with the company receiving a subsidy of CNY498 million in 2020, more than double the amount in 2019, for its social-housing projects. The management committee also injected eight urban maintenance companies with total asset of CNY204 million as of end-April 2020. Socio-Political Implications of Default 'Moderate': Dalian Deta is a key utility service provider and is also responsible for public bus transportation, city maintenance and the development of industrial parks within the new area. Its default could disrupt economic development within the new area, which accounted for 30% of Dalian's total gross regional product. However, the company's geographical concentration within the new area and potential substitutability by other local GREs may limit the implications of a default. Financial Implications of Default 'Moderate': Fitch has revised this attribute from 'Strong', as Fitch no longer regards the company as the flagship entity for the development of Jinpu. The restructure resulted in Jinpu New Area Industry Holdings becoming one of the city's largest policy-driven entities by total assets. Dalian Deta remains an important entity as the holding company's second-largest subsidiary by asset. Fitch believes its default could damage the municipality's credibility and affect the other GREs, but the implication of default has been lowered as a result of the restructuring. Standalone Credit Profile 'b': Dalian Deta's Standalone Credit Profile (SCP) reflects its weak financial profile, which is mitigated by adequate liquidity and refinancing ability. Net debt/EBITDA improved to 14x in 2020, but Fitch expects leverage to increase due to high capex and rising debt. Fitch assesses revenue defensibility and operating risk as 'Midrange' and expect stable utility-related revenue, while operating risk should be mitigated by government subsidies. DERIVATION SUMMARY Fitch classifies Dalian Deta as a GRE, reflecting the government's ultimate ownership and strong control, the company's policy role in utility services within Jinpu New Area, and the importance of the new area to the municipality. Hence, Fitch believes the government has a 'Strong' incentive to provide extraordinary support, if needed. Dalian Deta's IDR is derived from the four factors under the GRE Rating Criteria and the 'b' SCP under Fitch's Public Sector, Revenue-Supported Entities Rating Criteria. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- An improvement in Fitch's credit view on Dalian municipality's ability to provide subsidies, grants or other legitimate sources allowed under China's policies and regulations; -- Closer proximity between Dalian Deta and its sponsor; -- An upgrade in Dalian Deta's IDR will result in a similar change to the rating of the notes. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A deterioration in Fitch's credit view of Dalian municipality's ability to provide subsidies, grants or other legitimate sources allowed under China's policies and regulations; -- Further reduction in the proximity between Dalian Deta and it sponsor could result in a bottom-up rating approach; -- A downgrade in Dalian Deta's IDR will result in a similar change to the rating of the notes. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure 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 three 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 Strong Liquidity: Fitch believes Dalian Deta has a strong liquidity profile; at end-March 2021, Dalian Deta reported unrestricted cash of CNY3.5 billion against short-term debt of CNY1.3 billion. Dalian Deta has an adequate debt structure, with diversified funding sources from the use of bank loans from policy, state-owned and regional banks, as well as bonds, which, combined, accounted for the majority of its borrowings. ESG Considerations The highest level of ESG credit relevance, if present, is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). 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. ZHENRO PROPERTIES: Fitch Rates Proposed USD Green Bonds 'B+' ------------------------------------------------------------ Fitch Ratings has assigned China-based homebuilder Zhenro Properties Group Limited's (B+/Positive) proposed US-dollar green bonds a 'B+' rating, with a Recovery Rating of 'RR4'. The proposed notes are rated at the same level as Zhenro's senior unsecured rating because they will constitute its direct and senior unsecured obligations. Zhenro intends to use the net proceeds from the issue to refinance mainly existing debt, in accordance with Zhenro's green bond framework. The Positive Outlook reflects Zhenro's larger contracted sales scale, which is comparable with that of 'BB-' rated homebuilders. It has consistently deleveraged and reached Fitch's positive rating trigger since end-2019. The consolidation ratio improved significantly in 2H20, which enhanced Zhenro's implied cash collection to be in line with that of peers. However, the small land bank creates some pressure to replenish land, which may pose a challenge in keeping leverage at the current level. Fitch will assess the stability of the financial profile - including leverage and consolidation ratios - over a longer period before considering further positive rating action. KEY RATING DRIVERS Consistent Deleveraging: Zhenro's proportionally consolidated leverage declined further to 35% by end-2020, from 41% a year earlier. This was supported by strong sales and controlled land acquisitions. The implied cash collection - defined as change in customer deposits plus revenue booked during the year - also helped leverage to improve, increasing to 74% of attributable sales in 2020 from 35% in 2019. This was aided by the rise in the consolidation ratio to 56% in 2020 from 38% in 2019. However, Fitch believes leverage may edge up if the company extends the land-bank life to be in line with that of 'BB-' peers. Acquiring land at market prices could limit its ability to keep land costs low, especially if it buys more land parcels in Tier 1 and 2 cities, where competition among developers is more intense. Leverage at the joint-venture (JV) level is very low at 2%. Consolidated net debt and guarantees/consolidated adjusted inventory also dropped to 40% in 2020 from 49% in 2019, as it reduced some guarantees to JVs. Shorter Land-Bank Life: Zhenro's land-bank life of around two years at end-2020 - defined by saleable land bank at end-2020 divided by expected gross floor area (GFA) sold in 2021 - is shorter than that of 'B+' and 'BB-' peers. Therefore, Fitch believes Zhenro will seek to acquire land to sustain contracted sales growth. More than 80% of its land bank is in Tier 1 and 2 cities, which should support the sell-through rate. Fitch tightened the positive leverage trigger to 40% from 45% to address Zhenro's lower-than-peer land-bank life. Larger Sales Scale than Peers: Zhenro's CNY78 billion of attributable contracted sales in 2020 was larger than that of most of 'B+' peers. The rise in Zhenro's implied cash collection to 74% of attributable sales in 2020 suggests a larger portion of its projects was consolidated into its balance sheet, but Fitch will need a longer record to assess the stability of the group structure. Potential Margin Pressure: Fitch expects Zhenro's EBITDA margin to stay below 21% in the forecast period to 2024. Zhenro acquired land at an average cost of CNY12,174/sq m in 4M21 - 83% higher than in 2020 - because 94% of the land acquired was in higher-tier cities. This included land parcels in the Pearl River Delta, where Zhenro has limited exposure. The execution risk is mitigated by its project collaboration with leading developers in the region. Fitch expects the average selling price (ASP) to rise but land costs to account for a higher proportion of contracted sales ASP, which may hurt Zhenro's margin in the longer term. In the shorter term, the 18%-22% gross profit margin of contracted sales that have yet to be recognised is comparable with the 20% recognised in 2020. High but Stable NCI: Zhenro's non-controlling interests (NCI) to equity was 43%-44% in 2019-2020, higher than the average of 'B+' peers. This reflects Zhenro's reliance on cash from contracted sales and capital contributions from non-controlling shareholders, which are mainly developers, as a source of financing to expand scale. This lowers Zhenro's need for debt funding, but creates potential cash leakage and reduces further financial flexibility because homebuilders with lower NCIs can dispose of stakes in projects to reduce leverage. DERIVATION SUMMARY Zhenro's attributable contracted sales and revenue scale are larger than that of some 'B+' rated peers and comparable to that of some smaller 'BB-' companies, such as Central China Real Estate Limited (BB-/Stable) and China SCE Group Holdings Limited (BB-/Stable). Zhenro's and China SCE's consolidated leverage and EBITDA margin are at similar levels, but China SCE has a longer land-bank life of three years against Zhenro's two years. This gives China SCE more room to deleverage by slowing land acquisition. Zhenro's land bank is less diversified than that of most 'BB-' peers, such as KWG Group Holdings Limited (BB-/Stable). Zhenro's 216 projects cover only 32 cities as it chose to expand in familiar regions with 36% of projects in the Yangtze River region, 28% in the western Taiwan Strait area and 18% in western China. Zhenro's consolidated leverage is lower than that of some 'BB-' peers, such as KWG and Times China Holdings Limited (BB-/Stable), although Zhenro's EBITDA margin is much lower. Zhenro's liquidity is stronger than that of most 'B+' and 'BB-' rated peers. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Attributable contracted sales of around CNY83 billion a year in 2021-2024 (2020: CNY78 billion); -- 9% rise on average in ASP a year in 2021-2024 (2020: CNY15,949/sq m); -- Annual land premium maintained at around two years of land bank life; -- 60% rise in land costs in 2021 (2020: CNY6,651/sq m); -- GFA acquired to be 0.6x-1.0x of GFA sold in 2021-2024; -- Selling, general and administrative expense at 3% of contracted sales in 2021-2024. Key Recovery Rating Assumptions: -- 4x EBITDA multiple to derive Zhenro's going-concern value; -- Apply the liquidation value approach, as liquidation of the assets would result in a higher return to creditors; -- 10% administration claims; -- 60% advance rate applied to excess cash, defined by deducting three-month contracted sales from available cash; -- 70% advance rate to accounts receivable; -- 17% advance rate to Zhenro's investment properties; -- 100% advance rate to restricted cash and pledged deposits; -- 60% standard haircut to buildings and leasehold improvements; -- 70% advance rate to adjusted net inventory to reflect Zhenro's 20%-25% EBITDA margin; -- 40% advance rate to available-for-sale securities. It is treated as similar to excess cash. The resulting recovery rate corresponds to a Recovery Rating of 'RR3' for Zhenro. However, the Recovery Rating is capped at 'RR4' because, under Fitch's Country-Specific Treatment of Recovery Ratings Criteria, China falls into Group D of creditor friendliness, and instrument ratings of issuers with assets in the group are subject to a soft cap at the issuer's IDR and a Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A longer record of proportionately consolidated leverage (net debt/adjusted inventory) sustained below 40%; -- No substantial drop in land-bank life; -- No substantial decrease in implied cash collected and revenue; -- EBITDA margin, after adding back capitalised interest in cost of goods sold, above 20% for a sustained period. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- Fitch will revise the Outlook to Stable if the positive rating triggers are not met in 12-18 months. 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 Abundant Liquidity: Zhenro had unrestricted cash of CNY35.5 billion at end-2020, pledged deposits of CNY607 million, restricted cash of CNY6.9 billion, undrawn bank credit facilities and an unused onshore and offshore bond issuance quota for refinancing, which were enough to cover short-term borrowings of CNY19.5 billion. The proportion of trust loans declined to 6% by end-2020, from 19% in 2019. ISSUER PROFILE Zhenro is a China-based property developer with attributable sales of CNY78 billion in 2020. It was listed on the Hong Kong stock exchange in 2018. It is owned by the major shareholder, Mr. Ou Zongrong, whose property development business began in 1998 in Jiangxi. SUMMARY OF FINANCIAL ADJUSTMENTS -- Fitch's calculation of CNY81 billion in proportionately consolidated adjusted inventory at end-2020 includes: CNY118 billion in properties under development; CNY8 billion in completed properties held for sale; CNY3 billion in prepayment; CNY2 billion related to land use rights; CNY2 billion in property-related deposits; CNY6 billion in adjusted inventories on a JV level; CNY61 billion in contract liabilities; CNY8 billion in investment properties; CNY534 million in buildings and leasehold improvement; CNY9 billion due from NCIs and CNY6 billion due to NCIs. Fitch has adjusted the value of investment properties based on investment properties at cost. -- Fitch has included JV net debt of CNY136 million to the net debt calculation in the proportionately consolidated leverage calculation. -- Interest on lease liabilities was excluded in the EBITDA calculation and adjusted in cash interest paid. 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 ========= ADITHI AUTOMOTIVES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Adithi Automotives Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 26, 2020, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating. AAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated April 29 2021 to May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Adithi Automotive Private Limited with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Bellary (Karnataka) based, Adithi Automotives Private Limited (AAPL) was incorporated in the year 2012. AAPL was promoted by Mr. Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. The company is engaged in trading, repairing of light commercial vehicles and trading of spare parts. AAPL is an authorized dealer for Ashok Leyland where the dealership will be renewed every two years and it has 8 showrooms in Hospet, Belgaum and Hubli. Mr. Gonaguntla Jayaprakash, the Managing Director, who has industry experience of more than two decades in automobile industry and manages the dayto-day operations of the business. APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of APT Packaging Limited (APT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 21, 2021, placed the rating(s) of APT under the 'issuer non-cooperating' category as APT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ABC continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and email dated April 30, 2021, May 5, 2021 and May 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). APT name changed from Anil Chemicals & Industries on June 19, 2008 was incorporated in 1980 and is engaged in the manufacturing of Co-Extruded plastic tubes in variety of shapes, sizes and different colours ranging from 10 ml to 300 ml fill size. The company's manufacturing operations are carried out from the plants based in Aurangabad, Maharashtra and Laksar, Haridwar, Uttarkhand. The combined installed capacity is approx. 2.3 lakh pieces per day. ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Asian Impex (AI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 7, 2020, placed the rating(s) of AI under the 'issuer noncooperating' category as AI had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. AI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 23, 2021, April 2, 2021, April 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Asian Impex (AI), incorporated in 2010, is promoted by Mr Haron Haji Panja, Mr Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif Harun Panja, Ms. Halima Safi Panja and Mr. Aaysa Harun Panja. AI is engaged in processing of sea foods and exports the same to Europe, Gulf countries, Africa and China. AI has a processing cum storage facility located at Veraval (Gujarat) with total installed capacity of 50 MTPD (metric ton per day) for processing of Sea Foods and 1,000 metric tons storage capacity as on March 31, 2016. BEEPEE HOSPITALITY: CARE Cuts Rating on INR10.23cr Loan to C ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Beepee Hospitality LLP (BHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.23 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 27, 2020, placed the rating(s) of BHL under the 'issuer non-cooperating' category as BHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BHL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 22, 2021 and April 27, 2021 among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of increase in net losses and decline in profitability margins. BHL registered net losses of INR1.75 crore in FY20 as compared to INR0.55 crore in FY19. Whereas PBILDT margins decline to 34.55% in FY20 from 46.63% in FY19. Beepee Hospitality LLP (BHL) is established on November 4, 2011 as a Limited Liability Partnership. BHL is promoted by Mr. Anup Poddar and Mr. Anil Poddar. The company is engaged in the business of processing of fabrics (viz. Polyster and cotton)i.e spinning, combing, cleaning, weaving and dyeing on job work basis as well as through own production. The product finds its application in hospitality industry (hotels, hospital and airlines). CITYLIFE RETAIL: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Citylife Retail Private Limited K.M.C. Premises No. 14 Congress Exhibition Road Kolkata 700017 West Bengal Insolvency Commencement Date: May 31, 2021 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 26, 2021 Insolvency professional: Anneel Saraogi Interim Resolution Professional: Anneel Saraogi P1 Hyde Lane 7th Floor, Suite-7B Kolkata 700073 West Bengal E-mail: anneelsaraogi@gmail.com - and - C/o Klass Insolvency Resolution Professionals Private Limited 2/7 Sarat Bose Road Vasundhara Apartment, 2nd Floor Kolkata 700020 West Bengal E-mail: cirp.citylife@gmail.com Last date for submission of claims: June 14, 2021 DRB RAVANI: CARE Withdraws D Rating on Bank Debts ------------------------------------------------- CARE has revised the outstanding rating to 'CARE D; ISSUER NOT COOPERATING' from 'CARE B; Stable; ISSUER NOT COOPERATING' and withdrew the rating assigned to the bank facilities of DRB Ravani Developers (DRB) with immediate effect. The revision in the rating assigned to the bank facility of DRB is on account of delays in repayment of term debt due to stressed liquidity. The rating has been withdrawn at the request of DRB and 'No Objection Certificate' received from the banks that have extended the facilities rated by CARE. Detailed description of the key rating drivers Key Rating Weaknesses * Delay in debt servicing: Due to weak liquidity position, there are continuous delays in repayment of term debt obligations and the account has been classified as a Non-Performing Asset (NPA). Constituted in November 2010, Surat-based DRB is a partnership firm amongst the partners of RD and partners of DRB Developers to develop a high-end premium residential project 'Cellestial Dreams' (Registered under Gujarat RERA; RERA registration No.PR/GJ/SURAT/SURAT CITY/SUDA/RAA00654/ 091117) in Vesu, Surat. 'Cellestial Dreams' consist of seven high-rise residential buildings with a total saleable area of 18.94 lakh sq ft. DURGA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Durga Constructions Co. (DCC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 24, 2020, placed the rating(s) of DCC under the 'issuer non-cooperating' category as Durga Construction Co. Kundapura had failed to provide information for monitoring of the rating. Durga Construction Co. Kundapura continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated April 29 2021 to May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Durga Construction Co. Kundapura with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Karnataka based, Durga Constructions Co. (DCC) was established as a partnership firm in the year 1996 and promoted by Mr. Shetty Subhaschandra Kandavara, Mrs. Anupama S Shetty, Mr. Ramkishan Hegde and Ms. Ashwini S Shetty. The firm is engaged in civil construction works like construction of roads, canals and bridges for state government of Karnataka. The firm receives the work order from government organization by participating in the tenders. DURGAPUR ISPAT: CARE Lowers Rating on INR10.20cr Loan to B ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Durgapur Ispat Peoples Society (DIPS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.20 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable CARE had, vide its press release dated April 15, 2020, placed the rating(s) of DIPS under the 'issuer non-cooperating' category as DIPS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. DIPS continue to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/emails dated March 1, 2021, March 11, 2021 & March 21, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating has been revised on account of non-availability of the latest information from the public domain and noncooperation from client. Further, banker could not be contacted. Durgapur Ispat Peoples Society (DIPS) established in May 2004, under Society Registration Act 1860, at Durgapur in the state of West Bengal. After its commencement, the society set up a diploma college during 2007 in the name of New Horizons Institute of Technology at Durgapur. The college provides three years diploma in engineering, which is affiliated to West Bengal State Council of Technical Education (WBSCTE) and approved by All India Council for Technical Education (AICTE). DIPS is equipped with smart class system. G.R.C INFRA: CARE Lowers Rating on INR50cr Long Term Loan to B- --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of G.R.C Infra Private Limited (GIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 21, 2020, placed the rating(s) of GIPL under the 'issuer non-cooperating' category as the company had failed to provide information for monitoring of the rating. The company continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 9, 2021 to May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by G.R.C Infra Private Limited with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. GRC Infra Private Limited (GIPL), a Bangalore based developer, is engaged in real estate development projects. GIPL was incorporated in the year 2009 and promoted by Mr. G. Ramana Babu and Mr. R.M. Eshwar Naidu. Mr. Babu holds Bachelor's degree in commerce and have three decades of experience in construction field. The second promoter, Mr. R.M. Eshwar Naidu, holds Bachelor of Arts degree and has more than two decades of experience in civil construction works and real estate projects. Both the promoters also hold equal shareholding in one of the associate partnership concern i.e. G R Construction (CARE BB-; Stable assigned in February 2018) engaged in construction of residential complex. HARAPRIYA INFRASTRUCTURES: CARE Cuts Rating on INR13cr Loan to B ---------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Harapriya Infrastructure (HI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 9, 2020, placed the rating(s) of HI under the 'issuer noncooperating' category as Harapriya Infrastructures had failed to provide information for monitoring of the rating. Harapriya Infrastructures continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated May 10 2021 to May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Harapriya Infrastructures with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Bangalore based, Harapriya Infrastructure (HI) is partnership firm established in 1999 by Mr. K.N Surendra Reddy. Later the partnership deed were reconstituted in December, 2012. The firm is engaged in real estate constructions and lease rental agreements. The firm has three partners Mr. K.N Surendra Reddy, Mr. Kartheek S Reddy (Son of Mr. K.N Surendra Reddy), Mrs. Vinutha S Reddy (wife of Mr. K.N Surendra Reddy). The partners of the firm has experience of more than four decades in the construction industry and renting of commercial property. HARI PULSES: CARE Lowers Rating on INR8.00cr LT Loan to B- ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Shri Hari Pulses (SHP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 8, 2020, placed the rating(s) of SHP under the 'issuer noncooperating' category as SHP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SHP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a email dated March 24, 2021, April 03, 2021, April 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings assigned to the bank facilities of SRCI have been reaffirmed on account of non-availability of requisite information for carrying out rating review. Shri Hari Pulses (SHP) based out of Indore (Madhya Pradesh) was formed in 1978 as a partnership concern by Mr Rajendra Kumar and other family members. The partners of the company are Mr Rajendra Kumar, Ms Chanda Bai and Ms Kalawati. SHP is engaged in the business of processing of Moong Dall, Channa Dall and grading of wheat. It is also engaged in the trading of variety of agriculture commodities. HOTEL PARMESHWARI: CARE Lowers Rating on INR6.00cr LT Loan to B- ---------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Hotel Parmeshwari (HPR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 2, 2020, placed the rating of HPR under the 'issuer noncooperating' category as HPR had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. HPR continues to be non-cooperative despite repeated requests for submission of information through phone calls and e-mails dated April 17, 2021, April 19, 2021 and May 6, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of non-availability of requisite information. HPR was incorporated in August 2016 as a partnership firm by Mr. Laxmi Narayan Pujari, Mr Ram Bihari Pujari and Mr. Vishnu Dutt Pujari with an objective to establish a hotel at Salasar (Rajasthan) and agrees to share profit and loss in the ratio of 40:30:30. HPR had started construction of the hotel from the month of August 2017 which envisaged to be completed by March 2019. The project consists total 52 rooms and other amenities like restaurant, banquet hall, swimming pool, gym, spa etc. K. M. M. FOODS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K. M. M. Foods Private Limited (KFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 4, 2020, placed the rating(s) of KFPL under the 'issuer non-cooperating' category as KFPL had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. KFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 20, 2021, March 30, 2021, April 9, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). KFPL was incorporated in 2007 by Mr Prem Manglani and Mr. Ghanshyam S Manglani. It is a contract-based manufacture of Parle 20-20 biscuits for Parle Products Limited (PPPL). The company has its manufacturing unit in Ahmedabad, Gujarat with an installed capacity of 1196 Metric tonne (MT). The raw materials are entirely supplied by PPPL and the manufacturing process is as per standards and specifications of PPPL. KFPL is a part of the Manglani Group, Gujarat, which has a presence in confectionery and bakery products for over four decades. MANJUNATH BHANDARY: CARE Lowers Rating on INR11.12cr LT Loan to B- ------------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Manjunath Bhandary (M B), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.12 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 20, 2020, placed the rating(s) of M B under the 'issuer non-cooperating' category as M B had failed to provide information for monitoring of the rating. M B continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated May 10, 2021 to May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Manjunath Bhandary with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Manjunath Bhandary (MB) is a proprietary concern established by Mr. Manjunath Bhandary. The major business of the proprietorship concern is from Bhandary Gas Agency (BGA) which was established in 1987. BGA has LPG dealership (HP dealer) in the city of Shimoga, Karnataka. BGA has more than forty thousand customers in its customer base. MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Modern Engineering Enterprise (MEE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 17, 2020, placed the rating(s) of MEE under the 'issuer non-cooperating' category as MEE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MEE continue to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/emails dated March 3, 2021, March 13, 2021 & March 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Further, banker could not be contacted. Modern Engineering Enterprise was established in 1995 by Smt. Khetoli Yepthomi with an objective to enter into undertaking infrastructure and civil construction business. Since its inception, the entity has been engaged in civil construction business in the segment like roads, bridges and building works. The entity is registered and enlisted by various Government Department as PWD (Nagaland) class 'A', ministry of Telecom class 'A1' and BSNL class 'A'. Class 'A' and class 'A1' contractor can bid for all types and higher value of contracts of Public Works Department (PWD) in Nagaland. The registered address of the entity is located at H/ No. 129, Circular Road, Middle point, Dimapur, Nagaland- 797112. NANIS BUILDCON: CARE Lowers Rating on INR10.00cr LT Loan to B- -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Nanis Buildcon Private Limited (NBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 21,2020, placed the rating of NBPL under the 'issuer non-cooperating' category as NBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NBPL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter/email dated February 12, 2021, February 26, 2021, March 10, 2021, May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating has been revised by taking into account no due diligence conducted and non-availability of information due to noncooperation by NBPL with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The revision in the rating also factors in the decline in total operating income of the company during FY20. Incorporated in February 2006, NBPL is a Nagpur based company engaged in real estate development business and has completed 14 projects in Nagpur since inception. Currently NBPL is developing two residential projects named "Nanis Vedant Peridot" and "Nanis Vedant Emerald". NARSINGH SINGH: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Narsingh Singh (NS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 17, 2020, placed the rating(s) of NS under the 'issuer noncooperating' category as NS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NS continue to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and letter/emails dated March 03, 2021, March 13, 2021 & March 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Further, banker could not be contacted. Narsingh Singh was established in April 2005 by Mr. Narsingh Singh with an objective to enter into infrastructure and civil construction business. Since its inception, the entity has been engaged in civil construction business in the segment like roads and bridges projects. Further, the entity is also classified as class 'A' contractor in civil under the department of RWD Government of Bihar. Class 'A' contractor can bid for all types and higher value of contracts of Rural Works Department (RWD) in Bihar. NATIONAL PLASTICS: CARE Lowers Rating on INR6.32cr Loan to B- ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of National Plastics (NPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.32 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 14, 2020, placed the ratings of NPL under the 'issuer noncooperating' category as NPL had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. NPL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated March 30, 2020, April 9, 2020, April 14, 2020, April 19, 2020 and May 12, 2020. In line with the extant SEBI guidelines, CARE has reviewed the ratings on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings assigned to the bank facilities of NPL have been revised on account of non-availability of requisite information. Ahmedabad-based (Gujarat) NPL was established in1978by Jayantilal Patel and his brothers. Later,with his wife Mrs Pushpaben Patel and his son Mr.Ankit Patel who joined NPL and his brothers retired. However, Mr.Jayantilal Patel retired in 2014.NPL is engaged into manufacturing of water and chemical tanks with largest range from 200 litres to 35,000 litres tanks and operates from sole manufacturing unit located at GIDC, Odhav Ahmedabad. NPL is ISO 9001:2000 certified company having installed capacity of 800 Metric Tonne Per Annum (MTPA) as on March 31, 2016.NPL is selling its products under the brand name 'National'. NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Navbharat Explosive Company Limited (NECL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 16, 2018, placed the rating of NECL under the 'issuer non-cooperating' category as NECL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NECL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a email dated May 13, 2021 and May 15, 2021 among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Incorporated in the year 1983, Navbharat Explosives Company Limited (NECL) is a part of the Navbharat group of companies based in Raipur, Chattisgarh. Controlled by the Singh family, the group has interests in steel, mining, explosives and real estate sector. NECL is a manufacturer of industrial explosives and accessories, which encompass cartridge explosives, bulk explosives, detonating fuse and cast booster. The company has three manufacturing facilities, with a combined installed capacity of 28,000 tpa. Apart from NECL, the Navbharat group carries out the explosives business through another legal entity i.e. Navbharat Fuse Company Limited. The Navbharat group also has interest in real estate activities which it carries out through its group companies. The main promoters of the group the Singh family of Raipur –have over three decades of track record in the industrial explosives segment. NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Navbharat Fuse Company Limited (NFCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 23.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 16, 2018, placed the ratings of NFCL under the 'issuer non-cooperating' category as NFCL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NFCL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a email dated May 13, 2021 and May 15, 2021 among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Navbharat Fuse Company Ltd (NFCL) was incorporated in 1988 for manufacturing of industrial explosives at Raipur, Chhattisgarh. The company produces bulk and cartridge explosives with an aggregate installed capacity of 50,000 tons per annum (TPA). The company supplies explosives majorly to Coal India Ltd (CIL) and its subsidiaries including South Eastern Coalfields Ltd, Northern Coalfields Ltd, Eastern Coalfields Limited, etc. Apart from NFCL, the Navbharat group carries out the explosives business through another legal entity i.e. Navbharat Explosives Company Limited (NECL). This apart, the company is also engaged into manufacturing of sponge iron with a 60,000 TPA plant at Jagdalpur, Chhattisgarh. The Navbharat group also has interest in real estate activities which it carries out through its group companies. The main promoters of the group – the Singh family of Raipur –have over three decades of track record in the industrial explosives segment. NEW TURKI: CARE Lowers Rating on INR7.61cr LT Loan to B- -------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of New Turki Cold Storage and General Mills (NTCG), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.61 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 30, 2020 placed the rating of NTCG under the 'issuer non-cooperating' category as New Turki Cold Storage And General Mills had failed to provide information for monitoring of the rating. New Turki Cold Storage And General Mills continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated April 5, 2021, March 26, 2021, March 16, 2021, etc. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating is revised on account of no due-diligence conducted due to non-cooperation by New Turki Cold Storage And General Mills with CARE'S efforts to undertake a review of the rating outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. The ratings continue to remain constrained owing by stabilization risk associated with debt funded newly setup unit, dependence on vagaries of nature and seasonality of business and competitive nature of the industry with high level of government regulation. The ratings, however, continue to take comfort from experienced partners and positive outlook for the Indian cold chain industry. Sambhal, Uttar Pradesh based New Turki Cold Storage and General Mills (NTCG) is a partnership firm established in April, 2017 and started its commercial operations from February, 2018, The firm is currently being managed by Shri Hilal Ahmad; Mr. Mohd Arif; Mr. Gulam Hussain; Mr. Khalid Hussain and Mr. Mohd Yunus sharing profit and loss in the ratio of 25%, 25%, 16.67%, 16.67%, and 16.66% respectively. NTCG is engaged in the business of renting of its cold storage facility for potatoes to the local farmers in Sambhal, Uttar Pradesh from its cold storage unit with multi chambers having storage capacity of 10,318 Metric Tons. NHS INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of NHS Industries (NHSI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.03 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 9, 2020, placed the rating(s) of NHSI under the 'issuer noncooperating' category as NHS Industries had failed to provide information for monitoring of the rating. NHS Industries continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated May 10, 2021 to May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information due to non-cooperation by NHS Industries with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. NHS Industries (NHSI) was established in 2016, by Mr. Bhargav Reddy N.S for manufacturing of High Density Polyethylene (HDPE)/Polypropylene (PP) Woven Bags and Fabrics. The firm majorly manufacture bags which is used in Cement, Sugar & Rice Industry. The manufacturing unit is located at KIADB, Kudumalakunte, Gauribidanur, Karnataka. The Proprietor of the firm is a qualified graduate, however does not have any experience in the business. The firm has an installed capacity of 200 MTPM. The firm purchases calcium carbonate and Polypropylene from Plasmix Private Ltd and Mangalore Refinery and Petrochemicals Limited. The firm has reputed clientele i.e., ACC Limited, JSW Cement Limited and other customers. NIGAM INDUSTRIES: CARE Lowers Rating on INR6.40cr LT Loan to B- --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Nigam Industries (NIS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 14, 2020, placed the rating of NIS under the 'issuer noncooperating' category as NIS had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. NIS continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated March 30, 2020, April 9, 2020, April 14, 2020, April 19, 2020 and May 12, 2020. In line with the extant SEBI guidelines, CARE has reviewed the ratings on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings assigned to the bank facilities of NIS have been revised on account of non-availability of requisite information. NIS based in Ankleshwar (Gujarat), was established in 1989 by three partners Mr. Ramehwar Yadav, Mr. Kameshwar Yadav and Mr. Ravindra Yadav. NIS is engaged into processing and trading of chemicals which find application in various industries such as pharmaceutical, agriculture, fertilizer etc. on job work basis. It has an installed capacity of 4100 MTPA for chemical processing as on March 31, 2016. NYALKARAN INFRA: CARE Lowers Rating on INR15cr LT Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Nyalkaran Infra (NKI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 12, 2020, placed the rating of NKI under the 'issuer noncooperating' category as NKI had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. NKI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 28, 2021, April 7, 2021, April 17, 2021 and April 29, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of non-availability of requisite information. Vadodara (Gujarat) based, NKI was established as a partnership firm during June 2014 by Mr. Ashwin Golaviya, Mr. Vijay Golaviya, Mr. Prakash Golaviya, Mr.Chirin Golaviya, Mr. Alpesh Golaviya, Mr. Shailesh Golaviya and Mr. Gokul Golaviya. NKI is currently executing a commercial project named 'Shree Siddheshwar – The Business Harbour' with 488 units (20 showrooms and 468 offices) at Vadodara. NKI is part of Vadodara based 'Nyalkaran group' which has strong presence in Vadodara. Over the period, the group has completed various projects. Till November 7, 2020, 170 out of 488 units have been booked. PADMASHREE CHARITABLE: CARE Lowers Rating on INR10.00cr Loan to B- ------------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Padmashree Charitable Trust (PCT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 12, 2020, placed the rating(s) of PCT under the 'issuer non-cooperating' category as PCT had failed to provide information for monitoring of the rating. PCT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and an email dated May 10, 2021 to May 13, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Padmashree Charitable Trust with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Bangalore(Karnataka) based Padmashree Charitable Trust (PCT) is a trust which was incorporated in early June, 1994 by three trustees Dr. CS Ravi, Dr. Ashwath Narayan C N and Mr. Satish Narayanappa which was later reconstituted on March, 2015 by three trustees Mr. T K Narayanappa, Mr. Satish Narayanappa and Ms. Shruthi H.S with the objective to establish, promote, set up, run, maintain, assist, financial support and help in setting up running schools and institution for orphanage, widow homes, lunatic asylums, poor houses. PCT has various educational institutes such as Padmashree Institute of Physiotherapy, Padmashree Institute of Medical Lab Technology, Padmashree Institute of Clinical Research, Padmashree College of Hospital Administration, Padmashree School of Public Health (which are affiliated to Rajiv Gandhi University of Health Sciences recognized by Government of Karnataka), Padmashree Institute of Management & Science (affiliated to Bangalore University recognized by Research Centre of Bangalore University and approved by AICTE and Government of Karnataka and recognized by UGC u/s 2(f) and 12(b)), Padmashree School of Nursing and Padmashree Institution of Nursing. All the educations institutes are offering post graduate and graduate degrees in health science and management discipline. PMS CONSTRUCTION: CARE Lowers Rating on INR2.00cr Loan to B ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of PMS Construction Company (PMSC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 9.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated March 2, 2020, placed the rating(s) of PMSC under the 'issuer non-cooperating' category as PMSC had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. PMSC continues to be non-cooperative despite repeated requests for submission of information through phone calls and e-mails dated April 17, 2021, April 19, 2021 and May 06, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of non-availability of requisite information. Jhunjhunu (Rajasthan) based PMSC was formed as a partnership firm in the year 2009 by Mr Pawan Kumar Sharma, Mr Suresh Kumar Meel and Mr Mohal Lal. PMSC is AA class contractor of PWD, Rajasthan and Municipal council, Jhunjhunu and mainly engaged in the business of civil construction work and participate in tenders from state government (Rajasthan). The contract includes construction and maintenance of roads. PREMDHARA AGRO: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Premdhara Agro India LLP (PAL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.87 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated April 22, 2020, placed the rating of PAL under the 'issuer non-cooperating' category as PAL had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. PAL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated April 2, 2021, April 5, 2021, April 21, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kalol (Gujarat) based PAL was established in October 2017 as a limited liability partnership firm by three partners and undertook a green field project for manufacturing of boiled rice. The entity has commenced its commercial operations from FY19. RAJAT DEVELOPERS: CARE Cuts Rating on INR8.50cr LT Loan to B- ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Rajat Developers (RDS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 12, 2020, placed the rating of RDS under the 'issuer noncooperating' category as RDS had failed to provide information for monitoring of the rating for the rating exercise as agreed to in its Rating Agreement. RDS continues to be non-cooperative despite repeated requests for submission of information through phone calls and a emails dated March 28, 2021, April 7, 2021, April 17, 2021 and April 29, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating has been revised on account of non-availability of requisite information. Surat (Gujarat) based, RDS was established as a partnership firm in 2013. RDS is currently executing a residential cum commercial projects namely Toral Residency with 188 2 BHK flats and 33 shops at Surat. The implementation of its real estate project named 'Toral Residency' (RERA Registration No. PR/ GJ/ SURAT/KAMREJ/ SUDA/MAA00499/ 181017) commenced in June 2017. Till February 7, 2020, 92 of 221 units have been booked. RAMESHWAR COTEX: CARE Lowers Rating on INR7.30cr Loan to B- ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Shree Rameshwar Cotex Industries (SRCI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.30 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 14, 2020, placed the rating(s) of SRCI under the 'issuer non-cooperating' category as SRCI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SBE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a email dated March 30, 2021, April 9, 2021, April 19, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings assigned to the bank facilities of SRCI have been revised on account of non-availability of requisite information for carrying out rating review. Jamnagar-based (Gujarat) Shree Rameshwar Cotex Industries (SRCI) was established during May 2013 as a partnership firm by 11 partners. During July 2013, two more partners were admitted to the partnership firm and one partner voluntarily retired from partnership firm. SRCI is engaged into the business of cotton ginning pressing and it commenced commercial production from January 2014. SRCI operates from its manufacturing facility located at Jamnagar (Gujarat) with an installed capacity of 14,112 MTPA of cotton bales and cotton seeds as on March 31, 2016. SINTEX INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sintex Industries Limited (SIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 500.00 CARE D; ISSUER NOT COOPERATING Debenture (NCD) Issuer not cooperating; Based Issue on best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated January 4, 2018, placed the rating of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CARE had further reviewed the rating on the above NCD issue of SIL under the 'issuer non-cooperating' category vide its press release dated May 17, 2018, July 26, 2018, May 29, 2019, June 10, 2019, June 12, 2019 and June 11, 2020. SIL continues to be non-cooperative despite repeated requests for submission of information through phone calls and a letter/email dated April 27, 2021 and May 7, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating of the NCD issue of SIL continues to be constrained due to ongoing delay/ default in debt servicing arising out of its stressed liquidity. Detailed description of the key rating drivers Key Rating Weaknesses * Continuing delay/ default in debt servicing obligation: As per SIL's submission to the stock exchange on April 7, 2021, the company has defaulted on payment of interest/repayment of principal amount on loan from banks/financial institutions aggregating INR3,420.34 crore. Moreover, as per stock exchange announcement dated March 30, 2021 by SIL, the company has defaulted in the coupon payment on its NCD issue (ISIN - INE429C07057) which was due on March 30, 2021. Further, there are delays in debt servicing of bank facilities availed by SIL. The above-mentioned delay/ default in debt servicing indicates stress on SIL's liquidity arising from its weak operational and financial performance during FY20 (FY; refers to period April 1 to March 31) and 9MFY21. The company reported a net loss and cash loss in FY20 and 9MFY21. Further, the National Company Law Tribunal (NCLT), Ahmedabad Bench vide order dated April 6, 2021, has initiated Corporate Insolvency and Resolution Process (CIRP) against SIL u/s 7 of the Insolvency and Bankruptcy Code, 2016 and has also appointed an Interim Resolution Professional. Analytical Approach: Consolidated; while assessing the credit risk profile of SIL, CARE has considered the consolidated financials of SIL which also includes its wholly owned subsidiary, BVM Overseas Limited (engaged in trading of cotton yarn). Incorporated in 1931, SIL commenced its operations with its textile mill at Kalol in Gujarat and diversified into manufacturing of water storage tanks in 1975. Previously, till FY16 (refers to the period April 1 to March 31), SIL had three business segments i.e. Textile, Plastic and Infrastructure. However, under the composite scheme of arrangement amongst various Sintex group companies, SIL had demerged its Plastic and Infrastructure business with effect from April 1, 2016 and continued with textile business. Currently, SIL manufactures and processes high-end structured dyed yarn fabric and cotton yarn. In April 2016, SIL commissioned a green field project of cotton yarn manufacturing at Amreli, Saurashtra by installing 306,432 spindles (Phase – I) having an installed capacity to produce 62,500 Metric Tonne Per Annum (MTPA) of cotton yarn. Further, SIL also commissioned Phase – II of the cotton yarn project with another 306,432 spindles during FY18. As per last available information, SIL was also undertaking capex of 1,52,000 spindles towards linen, melange, silk, wool and other value-added yarns which was expected to be commissioned by H1FY20. SINTEX-BAPL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sintex-BAPL Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 810.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 250.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Non-Convertible 200.00 CARE D; ISSUER NOT COOPERATING; Debentures Based on best available (NCD -ISIN: Information INE631U07019) Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated May 10, 2019, placed the ratings of Sintex-BAPL under the 'issuer not-cooperating' category as Sintex-BAPL had failed to provide information for monitoring of the ratings. CARE had further reviewed the ratings of Sintex-BAPL under the 'issuer non-cooperating' category vide its press release dated June 17, 2019, August 19, 2019, August 29, 2019 and July 23, 2020. Sintex-BAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/e-mail dated May 10, 2021. In line with the extant SEBI guidelines, CARE has reviewed the ratings on the basis of the best available information which, however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings of the bank facilities and NCD issue of Sintex-BAPL continues to be constrained due to on-going delay/defaults in debt servicing arising out of its stress liquidity. Detailed description of the key rating drivers Key Rating Weaknesses * Continuing delay/ default in debt servicing obligation: The auditor in its limited review report for un-audited standalone financial for the period ended Sep 30, 2020, has informed the defaults in interest payments towards the listed NCDs as well as non-listed NCDs. Further, the auditor also mentioned that the company has defaulted in repayments due to lenders in respect of its borrowings, as a result of which the account with these lenders have continued as NPA. Furthermore, as per the stock exchange filling dated March 02, 2021, the company has informed that, it has defaulted on interest payments of NCD (ISIN: INE631U07019) due on March 1, 2021. Moreover, as per the stock exchange filling dated December 26, 2020, the company has informed that "the petition for initiation of Corporate Insolvency Resolution Process under Section 9 of the insolvency and Bankruptcy Code, 2016 filed by operational creditor has been admitted against the Company vide Hon'ble NCLT, Ahmedabad bench order dated December 28, 2020 and the Hon'ble NCLT has also appointed Interim Resolution Professional under section 13(1)(c) of the insolvency and Bankruptcy Code, 2016." Originally incorporated in December 2007 as Bright Autoplast Private Limited, the name of the company was changed to Sintex-BAPL in September 2015. Subsequent to incorporation, Sintex-BAPL acquired automotive business of Bright Brothers Limited which was engaged in automotive business since 1975. Sintex-BAPL was earlier a wholly owned subsidiary of Sintex Industries Limited (SIL; CARE D; Issuer not cooperating). However, under the composite scheme of arrangement amongst various Sintex group companies, SIL divested its 100% ownership to Sintex Plastics Technology Limited (SPTL). Sintex-BAPL is engaged in manufacturing of various engineering plastic components for automobile Original Equipment Manufacturers (OEMs), tier-I auto ancillaries and electrical goods manufacturers in the domestic market. Moreover, subsequent to the transfer of custom moulding business (both domestic and overseas), the product portfolio of SintexBAPL has expanded significantly. Presently, Sintex-BAPL's portfolio includes various kinds of moulded plastic based products like water tanks, sheet-moulding casting (SMC), industrial products, doors, section and interiors, power transmission & distribution accessories, FRP storage tanks and automobile and electrical components. The company has its manufacturing facilities located at 12 places across India with an aggregate installed capacity of 84,800 Metric Tons Per Annum (MTPA) as on March 31, 2018. During FY20, the company sold entire equity holding in its step-down wholly owned subsidiary i.e. Sintex-NP SAS, France at a consideration of Euro 155 million. SOUTHERN ELECTRIC: CARE Lowers Rating on INR7.60cr LT Loan to B --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Southern Electric Company (SEC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.60 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE has been seeking information to monitor the rating vide e-mail communications dated April 28, 2021 to May 13, 2021, and numerous phone calls. However, despite repeated requests, the firm has not provided requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by Southern Electric Company with CARE's effort to undertake a review of the outstanding ratings as CARE views information availability risk as key factor in its assessment of credit risk profile. Karnataka based, Southern Electric Company (SEC) is a certified CLASS I Electrical Contractors established in the year 2005 as partnership firm and promoted by Mr. Madiwalayya G. Math (Managing partner) and his wife Mrs. Neelamma Math (Partner). SEC's head office is located in Bangalore; whereas it has its branches spread all over India in the states of Tamil Nadu, Gujarat, Assam, Maharashtra and Haryana. SEC is engaged in electrical works such as supply, erection, and installation of sub-station transmission network and distribution substations on turnkey basis with single and double circuit lines. TIRUMALA DALL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tirumala Dall Udyog (TDU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 21, 2021, placed the rating(s) of TDU under the 'issuer non-cooperating' category as TDU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TDU continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated April 30, 2021, May 5, 2021 and May 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). TDU based out of Nagpur, Maharashtra is a proprietorship concern promoted by Mrs Vijayalaxmi Bholla was established in March 2003. The entity is engaged in the business of processing of pulses (chana Dall andDalliya) with its processing facility located at Nagpur, Maharashtra. =============== M A L A Y S I A =============== AIRASIA BHD: Shareholders Approve Unit's Restructuring Plan ----------------------------------------------------------- Reuters reports that AirAsia X Bhd shareholders have approved the Malaysian budget airline's debt restructuring, it said on June 1, allowing it to pursue a scheme it viewed as key to survival. Reuters relates that shareholders of the long-haul affiliate of AirAsia Group Bhd approved all resolutions at an extraordinary general meeting, including a rights issue and a share subscription for new investors to raise MYR500 million. AirAsia X last October proposed restructuring its MYR64.15 billion ($15.6 billion) debt into a principal amount of MYR200 million and having the rest waived, Reuters recalls. According to Reuters, the airline said in a separate statement that the resolutions were passed with at least a 99.8% margin, and marked a major milestone in its restructuring progress. “These approvals have been obtained simultaneously with final negotiations being held with creditors,” it said, adding that with advisers New York-based Seabury Capital it had been “in active and productive” talks with lessors and others. A Malaysian court in February granted the airline leave to convene separate meetings with its different groups of creditors within six months, to vote on its scheme, Reuters notes. The meeting is scheduled for late July or August, AirAsia X said. In March, the court also granted AirAsia X a three-month order against any proceedings that may be filed against it, which could have slowed down its restructuring, says Reuters. Reuters says planemaker Airbus last year joined more than a dozen creditors to challenge the debt restructuring plan, telling the court it stands to lose more than $5 billion worth of orders if the scheme goes through. Other challengers include lessor BOC Aviation (BOCA), which called for a debt-to-equity swap. AirAsia X in February proposed a separate restructuring program for its aircraft lessors that aims to address their concerns about forward commercial agreements and the viability of the airline's business after recapitalization, adds Reuters. About AirAsia AirAsia Berhad provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. AirAsia, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. As reported in the Troubled Company Reporter-Asia Pacific on July 9, 2020, auditor Ernst & Young said the carrier's ability to continue as a going concern may be in "significant doubt." In a statement to the Kuala Lumpur stock exchange, Ernst & Young said AirAsia's current liabilities already exceeded its current assets by MYR1.84 billion at the end of 2019, a year when it posted a MYR283 million net loss, Bloomberg News disclosed. That was before the coronavirus crisis, which has further hit the carrier's financial performance and cash flow. ================= S I N G A P O R E ================= COSDEL (S): Creditors' Proofs of Debt Due July 5 ------------------------------------------------ Creditors of Cosdel (S) Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by July 5, 2021, to be included in the company's dividend distribution. The company's liquidator is: Don M Ho, Liquidator C/o DHA+ pac 63 Market Street, #05-01A Bank of Singapore Centre Singapore 048942 ENVY CAPITAL: Creditors' Meeting Set for June 16 ------------------------------------------------ Envy Capital Pte. Ltd. and Envy Strategic Holdings Pte Ltd. will hold a meeting for its creditors on June 16, 2021, at 3:00 p.m. and 4:00 p.m., respectively, via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of Messrs Bob Yap Cheng Ghee and Toh Ai Ling, both care of KPMG Services Pte. Ltd., 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581, as the joint and several Liquidators of the Company; c. to resolve that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators of the Company, with such bank(s) as they deem fit; d. to resolve that the Liquidators be at liberty to appoint solicitors to assist them in the administration of the winding up of the Company; e. to appoint a Committee of Inspection of not more than 5 members, if thought fit; and f. any other business. MULHACEN PTE: Fitch Affirms 'CC' LT IDR & Sr. Sec. PIK Notes Rating ------------------------------------------------------------------- Fitch Ratings has affirmed Mulhacen Pte Ltd's (Mulhacen) Long-Term Issuer Default Rating (IDR) and senior secured payment-in-kind (PIK) toggle notes at 'CC'. Mulhacen is a non-operating holding company set up by Värde Partners to acquire WiZink Bank (WiZink), which is Mulhacen's only significant asset. Mulhacen is not included in WiZink's regulated banking group supervised by the Bank of Spain. KEY RATING DRIVERS IDR AND DEBT The Long-Term IDR of Mulhacen is primarily driven its reliance on the dividend payments from WiZink to service its outstanding PIK notes and by the structural subordination of its creditors to all of WiZink's creditors. The ratings of Mulhacen reflect very high credit and refinancing risks, in Fitch's view, as WiZink's earnings-generation capacity and, ultimately, the ability to upstream dividends remains negatively affected by litigation risks arising from the adverse ruling by Spain's Supreme Court in March 2020 on revolving credit facilities. Additional risk stems from the need to adjust its product pricing in Spain and business model in response to such ruling. The number of claims linked to usury cases has increased since 3Q20 upon the reopening of legal and court processes after the lockdown in Spain. The bank increased the level of provisions related to usury cases to EUR210 million following the ruling by the Supreme Court in March 2020, of which EUR95 million had been consumed by end-March 2021. In Fitch's view, these legal risks could affect the bank's capacity to distribute dividends in the medium term, considering the still high uncertainty on the future evolution and cost of the claims. In addition to the impact of the legal risks on profits, Fitch expects WiZink's earnings challenges to intensify due to lower business volumes and high loan impairment charges (LICs), given the impact of the economic downturn in Spain and Portugal on the bank's cyclical business. However, Fitch acknowledges the bank's record in successfully managing past economic crises and the potential benefits from an expected economic recovery in 2H21-2022. Fitch's financial projections do not yet reflect any contribution from WiZink's plans to expand into new businesses, such as point-of-sales, personal loans or auto loans, since these are still in early stages of development. WiZink was loss-making in 2020 as a result of an increase of LICs to about 10% of gross loans, of which 2pp related to management's overlay, and the repricing of the back-book following the Supreme Court ruling (decline of net interest income by 16%). Fitch expects the bank to adjust its underwriting standards to the new pricing to support its risk-adjusted profitability, as it has done in Portugal after the implementation of a legal cap on interest rates. In 1Q21, the bank benefitted from lower LICs due to better-than-expected asset-quality performance and a positive impact from a portfolio sale. The impaired loan ratio was 10.9% at end-March 2021 (15.6% excluding recent changes in the write-off policy), while the fully-loaded Common Equity Tier 1 ratio remained low at 13.5%. The ratings of the PIK notes reflect Fitch's view that the debt is the main reference liability of Mulhacen and thus a default of the instrument would be considered by Fitch as a default of Mulhacen. Mulhacen activated the PIK mechanism option in the last two coupon payments of the notes, which Fitch expects to be repeated at least in the next coupon payment as the bank could not distribute dividends following reported losses in 2020. Absent of any extraordinary support, the activation of the PIK mechanism is likely in 2022 as WiZink's capital buffers will remain limited, in Fitch's view. Fitch does not assign Recovery Ratings given that at this stage there is still a wide range of possible outcomes, as outlined in the ratings sensitivities section, until the notes reach maturity in August 2023. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Rating upside could arise if WiZink's ability to distribute cash dividends resumes earlier than expected and on a sustained basis. This could be the result of a significant easing of pressures on the bank's earnings-generation capacity, which could result from lower-than-expected litigation costs or higher earnings. A more benign economic impact from the pandemic, driving higher business volumes or lower LICs, could also be rating-positive. -- Higher capitalisation at WiZink as a result of organic or inorganic developments. -- Visibility on the refinancing strategy of the notes by Värde Partners. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The ratings of Mulhacen and the PIK notes could be downgraded if Fitch expects Mulhacen's liquidity position and capacity to service its financial obligations to deteriorate further and if there are clear indications that Mulhacen will not be able to resume cash dividend payments and reimburse the principal of the notes. Any regulatory restriction on WiZink's capacity to pay dividends or increased regulatory capital requirements would also be rating-negative for Mulhacen. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Financial Institutions and Covered Bond 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. ===================== S O U T H K O R E A ===================== SSANGYONG MOTOR: Offers Unpaid Leave, Wage Cut to Employees ----------------------------------------------------------- Korea Times reports that SsangYong Motor has offered unpaid leave and a wage cut to its employees in its efforts to stay afloat, industry sources said June 2. SsangYong Motor, under court receivership, offered a two-year unpaid leave to half of its 4,732 employees, while demanding them to accept an extension of lower wages and suspended welfare benefits until June 2023, a person familiar with the matter told Yonhap News Agency over the phone. The company also offered an additional 20 percent pay cut to executives whose wages have already been reduced by 20 percent, he said. According to the report, SsangYong's unionized workers plan to vote on the proposals next week. If they vote to accept the proposals, the company plans to submit the unpaid leave plan to the Seoul Bankruptcy Court, the person said, Yonhap relays. About Ssangyong Motor Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. engages in the manufacture and sale of automobiles. The Company mainly manufactures and sells recreational vehicles (RVs), sports utility vehicles (SUVs), multi-purpose vehicles (CDVs) and passenger cars under the brand name of rexton sports, korando, korando sports, korando turismo, tivoli, tivoli air and others. The Company also provides automobile parts. The Company distributes its products within domestic market and to overseas markets. Mahindra acquired a 70% stake in SsangYong for KRW523 billion in 2011 and now holds a 74.65% stake in the carmaker. SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic, according to Yonhap News Agency. The decision comes after SsangYong Motor failed to pay KRW60 billion (US$54.8 million) worth of debts to its three creditor banks. On April 15, 2021, SsangYong Motor Co. was placed under court receivership as its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. Under court receivership, SsangYong's survival depends on whether there will be a new investor to acquire a streamlined SsangYong after debt settlement and other restructuring efforts, Yonhap said. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***