/raid1/www/Hosts/bankrupt/TCRAP_Public/210716.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
Friday, July 16, 2021, Vol. 24, No. 136
Headlines
A U S T R A L I A
GREENSILL CAPITAL: White Oak Named Successful Bidder of Finacity
ON SOLAR: Second Creditors' Meeting Set for July 23
SELECT CONCRETE: First Creditors' Meeting Set for July 22
C H I N A
REMARK HOLDINGS: Increases Authorized Common Shares to 175 Million
I N D I A
AADIT METAL: Insolvency Resolution Process Case Summary
AAR DEE: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
ADHI MANGALA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BISHWESHWAR LAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CAVIER BATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CREATIVE PROPACK: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CUTTINGEDGE TRANSLATION: CRISIL Keeps Rating in Not Cooperating
DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating
G M COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
JAYKRISHNA RICE: CRISIL Keeps B Debt Rating in Not Cooperating
JD CONTRACTS PRIVATE: Insolvency Resolution Process Case Summary
K E AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KAY ENN: CRISIL Keeps B Debt Rating in Not Cooperating Category
MD DEVCON PRIVATE: Insolvency Resolution Process Case Summary
MUMBAI INTERNATIONAL: Adani to Control of Airport in Rebound Bet
NEELKANTH COAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
P K INFRATECH: CRISIL Moves D Debt Ratings to Not Cooperating
RAGHUVANSHI FIBERS: Insolvency Resolution Process Case Summary
SATKAR PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
SHRE INTERNATIONAL: CRISIL Cuts Rating on INR10cr Loans to D
SHYAM SUNDER: CRISIL Keeps D Debt Rating in Not Cooperating
SPONGE ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
SUPREME DEVELOPERS: CRISIL Keeps B+ Rating in Not Cooperating
SUSAAH LABORATORIES: CRISIL Keeps B+ Ratings in Not Cooperating
THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
VENKATRAMA AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
S I N G A P O R E
HYFLUX: Sias Asks Utico to Deposit SGD10MM in Escrow by July 21
LIPPO MALLS: Fitch Lowers LT IDR to 'B+', Outlook Negative
YONGNAM HOLDINGS: Gives Notice of Three Years of Losses
- - - - -
=================
A U S T R A L I A
=================
GREENSILL CAPITAL: White Oak Named Successful Bidder of Finacity
----------------------------------------------------------------
Jenny Wiggins at Australian Financial Review reports that the US
private equity group in talks with Sanjeev Gupta over refinancing
his Australian operations, White Oak Global Advisors, is moving
deeper into the trade credit business after snapping up one of
Greensill Capital's subsidiaries.
According to AFR, White Oak has been named the successful bidder of
Finacity, a US firm which helps companies raise cash by acquiring
their invoices. The New York-based Greensill Capital Inc bought
the business from Finacity founder and chief executive Adrian Katz
in mid-2019, AFR recounts.
White Oak, which already provides some trade finance, said it had
previously tried to buy Finacity before it was sold to Greensill
Capital and saw it as "an attractive opportunity independent from
Greensill Capital's bankruptcy", AFR relates.
Mr. Gupta, who built his business on funding from Greensill Capital
before it collapsed in March, struck an agreement with White Oak in
May to secure US$430 million of funding for the Whyalla steelworks
and Tahmoor Coal in NSW that would allow it to pay off its debts in
full, AFR recounts.
It is understood that talks are expected to continue for several
weeks, AFR notes.
Mr. Katz wanted to buy back Finacity from Greensill Capital Inc
after it filed for Chapter 11 bankruptcy, offering US$24 million,
including US$3 million cash, to release liabilities related to
earn-out payments, AFR states.
But White Oak has been named the successful bidder, AFR relays,
citing filings with the US bankruptcy court.
A hearing on the sale has been scheduled for July 28, but a
creditors' committee has indicated that it may object to the sale,
according to court filings, AFR discloses.
About Greensill Capital
Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia. It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.
Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.
Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.
Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.
Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.
The Debtor tapped Segal & Segal LLP as bankruptcy counsel, Mayer
Brown LLP as special counsel, and GLC Advisors & Co., LLC and GLCA
Securities, LLC as investment bankers and financial advisors.
Matthew Tocks is the chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021. The Committee is represented
by Arent Fox LLP.
ON SOLAR: Second Creditors' Meeting Set for July 23
---------------------------------------------------
A second meeting of creditors in the proceedings of On Solar Aus
Pty Ltd, formerly trading as Reduce My Bill & On Solar Enterprise,
has been set for July 23, 2021, at 11:00 a.m. via Zoom
teleconferencing.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 22, 2021, at 4:00 p.m.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
On Solar on June 18, 2021.
SELECT CONCRETE: First Creditors' Meeting Set for July 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Select
Concrete Group Pty Ltd will be held on July 22, 2021, at 10:00 a.m.
via video conference.
Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Select Concrete on July 12, 2021.
=========
C H I N A
=========
REMARK HOLDINGS: Increases Authorized Common Shares to 175 Million
------------------------------------------------------------------
Remark Holdings, Inc. held a special meeting of stockholders on
July 8, 2021, at which its stockholders approved an amendment to
its Amended and Restated Certificate of Incorporation to increase
the number of authorized shares of its common stock to
175,000,000.
The company filed a Certificate of Amendment to its Amended and
Restated Certificate of Incorporation with the Secretary of State
of Delaware on July 9, 2021, to reflect this amendment, which
became effective immediately upon filing.
About Remark Holdings
Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes. The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas. The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions. The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.
Remark Holdings reported a net loss of $13.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $25.61 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company
had $14.38 million in total assets, $28.05 million in total
liabilities, and a total stockholders' deficit of $13.67 million.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.
=========
I N D I A
=========
AADIT METAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Aadit Metal Trade Private Limited
Bldg No. 118/120 Gr Floor
Ardishor Dady Street
V P Rd, Mumbai
MH 400004
IN
Insolvency Commencement Date: June 16, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 13, 2021
(180 days from commencement)
Insolvency professional: Rupnarayan Shankarlal More
Interim Resolution
Professional: Rupnarayan Shankarlal More
No. 101, Gulmohar Cooperative Housing
Society Limited
Aarey Cross Road
Near Rajasthani Hall
Goregaon (West)
Mumbai 400104
E-mail: rnmoreassociates@gmail.com
irp.aaditmetal@gmail.com
Last date for
submission of claims: July 20, 2021
AAR DEE: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AAR DEE
Extrusions (India) Private Limited (ADPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 0.9 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1.1 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ADPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ADPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
ADPL, incorporated in 2004, manufactures aluminium collapsible
tubes that are used in the pharmaceuticals and adhesive industries.
ADPL is promoted and managed by Mr. Dipesh Mehta and his wife, Ms.
Reena Dipesh Mehta.
ADHI MANGALA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adhi Mangala
Fabric (AMF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.6 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 3.9 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AMF for
obtaining information through letters and emails dated December 18,
2020 and June 09, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMF continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up as a partnership firm in 2012, Tamilnadu based AMF
manufactures non-woven spun fabric products. Operations are managed
by Mr. A Madhavan.
BISHWESHWAR LAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bishweshwar
Lal Steels (BLS) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Channel Financing 9.8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BLS for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BLS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BLS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BLS continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BLS was incorporated as a partnership in 1991 in Chennai and is an
authorized distributor for JSW Steel and JSW Steel and Power
limited's (JSPL) steel products in Southern India. The day to day
operations are managed by the partners - Mr Arun Gupta and Mr.
Deepak Gupta.
CAVIER BATH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cavier Bath
Fittings Limited (CBFL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with CBFL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CBFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBFL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
CBFL, promoted by Mr Vrundavan Ajudia and based in Jamnagar,
Gujarat, was incorporated in 2008. It manufactures premium bath
fittings.
CREATIVE PROPACK: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creative
Propack Limited (CPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
CPL, incorporated in 1994, is promoted by the Agarwal family. It
manufactures plastic bottles, jars, and caps, primarily for the
fast-moving consumer goods industry. The company has two
manufacturing facilities: one each in Puducherry and in Indore,
Madhya Pradesh. It is also setting up a unit in Assam.
CUTTINGEDGE TRANSLATION: CRISIL Keeps Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Cuttingedge
Translation Services Private Limited (CTSPL) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Bank 1 CRISIL B+/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with CTSPL for
obtaining information through letters and emails dated December 18,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CTSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CTSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CTSPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Noida-based CTSPL, incorporated in 2008 by Mr. Devanshu Kalra and
his father Mr. Yash Kumar Kalra, translates content (brochures,
user manuals and legal documents) for clients from industries such
as insurance, ecommerce, information technology, advertising, and
engineering.
DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deccan
Extrusions Private Limited (DEPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DEPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEPL continues to be 'CRISIL D Issuer Not Cooperating'.
Commenced commercial operations in 1989, DEPL manufactures
aluminium profiles. The product portfolio consists of various
aluminium profiles which are used as panels, channels and verticals
with their end usage in residential, construction, transport,
power, consumer goods and other industries. DEPL has its
manufacturing facility with an installed capacity of 5400 tonnes
per month (TPM) at Pondicherry.
G M COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G M Cold
Storage Private Limited (GMCSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Fund- 3.05 CRISIL B+/Stable (Issuer Not
Based Bank Limits Cooperating)
Working Capital 1.95 CRISIL B+/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with GMCSPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GMCSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GMCSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of GMCSPL continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Incorporated in 1986 and promoted by Kolkata-based Gorai family,
GMCSPL provides cold storage facilities to potato farmers and
traders and also trades in potatoes. Unit is located in Bankura,
West Bengal.
GOKUL STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gokul Steels
Private Limited (GSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.05 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.45 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up GSPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSPL continues to be 'CRISIL D Issuer Not Cooperating'.
GSPL, promoted by the Bihar-based Mr. Vivek Kasera, recently set up
a steel structural rolling mill in Fatwa, Patna District. The mill
commenced operations in May 2014. The Kasera family does not have
any prior experience of operating a rolling mill. However, the
family has extensive experience of over two decades in trading in
iron and steel product.
HARI OM: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hari Om Rice
Mill Private Limited (HRMPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HRMPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HRMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRMPL continue to be 'CRISIL D Issuer Not Cooperating'.
Chhattisgarh-based HRMPL, incorporated in 2006, mills and
manufactures non-basmati rice. Mr. Subhash Aggarwal is the
promoter.
JAYKRISHNA RICE: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jaykrishna
Rice industries (JKRI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JKRI for
obtaining information through letters and emails dated December 18,
2020 and June 09, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JKRI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JKRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JKRI continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2009, JKRI mills and processes paddy into rice. The
manufacturing plant is in Nellore, Andhra Pradesh. Mr K.
Bramhanandam and Mr K. Kumar and their families are the promoters.
JD CONTRACTS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: JD Contracts Private Limited
Registered address:
E-323, Dakshinpuri
Delhi 110062
Also at:
B-157, L.G.-1
Freedom Fighter Enclave
New Delhi 110068
Insolvency Commencement Date: July 7, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 3, 2022
(180 days from commencement)
Insolvency professional: Vivek Sharma
Interim Resolution
Professional: Vivek Sharma
House No. 449, Jheel Khuranja
P.O. Krishna Nagar
Delhi 110051
E-mail: fcsviveksharma@gmail.com
cirp.jdcontracts@gmail.com
Last date for
submission of claims: July 22, 2021
K E AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K E Agro
Products Private Limited (KEAPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 1.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 2 CRISIL B+/Stable (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with KEAPPL for
obtaining information through letters and emails dated December 30,
2020 and June 09, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KEAPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KEAPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of KEAPPL continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Based in Kottayam, Kerala, KEAPPL was incorporated in 2002 by Mr.
Thomas Mathew and his family. The company processes rice and has
capacity of 120 tonnes per shift.
KAY ENN: CRISIL Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kay Enn
Trading continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Kay for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Kay, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Kay
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Kay continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Kay, established by Mr. K N Abdul Gafoor, commenced operations in
July 2016. The firm is a distributor and retailer of readymade
garments and fabrics.
MD DEVCON PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: MD Devcon Private Limited
501, 5th Floor, Prime Plaza
Next to Asha Parekh Hospital
S.V. Road, Santracruz
Mumbai 400054
Insolvency Commencement Date: May 27, 2021
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 22, 2021
Insolvency professional: Kedar Mulye
Interim Resolution
Professional: Kedar Mulye
1301, Chaitanya Residency
Jay Prakash Nagar
Road No. 2, Goregaon East
Mumbai Suburban
Maharashtra 400063
E-mail: kmulye@hotmail
rp.mddevcon@gmail.com
Last date for
submission of claims: June 9, 2021
MUMBAI INTERNATIONAL: Adani to Control of Airport in Rebound Bet
----------------------------------------------------------------
Bloomberg News reports that Adani Enterprises Ltd. has taken
control of Mumbai's international airport from GVK Group, in a bold
bet by billionaire Gautam Adani that travel will stage a rapid
recovery after being crushed by the pandemic.
The deal for Mumbai International Airport Ltd., India's second
busiest, makes Adani Airport Holdings Ltd. the nation's largest
airport infrastructure company, accounting for 25% of all passenger
traffic and 33% of air cargo, according to a statement on July 13.
While the coronavirus pandemic has devastated the global aviation
industry, Adani is taking a longer view, betting on an Indian
air-transport market that is forecast to become the world's
third-largest by 2026, according to the International Air Transport
Association, Bloomberg relays.
"While the world navigates its way out of an unprecedented crisis,
post-pandemic demand for air travel in India and the rest of the
world is expected to surge," Adani Airport said in the statement.
Adani Airport will "cater to a 300-million-strong post-pandemic
consumer base comprising fliers and non-fliers."
Adani is seeking a loan of about INR75 billion (US$1 billion) to
refinance the airport's 80 billion rupees debt, Bloomberg News
reported earlier this month. Adani Airport in August agreed to
acquire the debt of GVK Airport Developers Ltd., and bought a 23.5%
stake in the gateway from Airports Co. South Africa and Bidvest
Group Ltd.
Mumbai International Airport separately this week plans to raise
around $389 million selling rupee-denominated one- and two-year 11%
bonds, according to data compiled by Bloomberg.
Bloomberg says the deal catapults Adani Enterprises into the major
leagues, pitting it against GMR Infrastructure Ltd., which controls
India's busiest international airport in New Delhi. Adani, which
operates six airports in India, is expecting its share of passenger
traffic to grow to 100 million people in 2022 from 80 million last
year with the Mumbai acquisition.
"Our larger objective is to reinvent airports as ecosystems that
drive local economic development and act as the nuclei around which
we can catalyze aviation-linked businesses," Bloomberg quotes
Gautam Adani as saying in the statement. "These include
metropolitan developments that span entertainment facilities,
e-commerce and logistics capabilities, aviation dependent
industries, smart city developments, and other innovative business
concepts."
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
11, 2021, CRISIL has downgraded its rating on the bank loan
facilities of Mumbai International Airport Limited (MIAL) to
'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4' while removing the
ratings placed on Rating Watch with Negative implications.' The
rating action reflects continuation of delays in servicing of the
debt obligations beyond December 31, 2020. MIAL had applied for
restructuring its ADF, project and working capital loan facilities
in line with the Reserve Bank of India (RBI) circular dated June 7,
2019, under the change in management clause. The company has
requested lenders to take September 30, 2020, as the cut-off date
for the proposed restructuring [1]. As the application for
restructuring was made before the debt obligation was due and as
the cash flow of MIAL has been severely impacted because of
Covid-19 related disruptions, CRISIL had not treated the missed
debt obligation as default till date in line with the August 2020
circular of the Securities and Exchange Board of India[2]. However,
CRISIL understands that no final decision or implementation
timelines on the proposed restructuring plan have been finalized
till January 4, 2021. Hence, CRISIL has taken treated delays in
debt servicing beyond December 31, 2020 as default on debt
obligations.
NEELKANTH COAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Neelkanth Coal
Manufacturing Private Limited (NCMPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NCMPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NCMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NCMPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in December 2003, NCMPL is part of Gandhidham-based
Neelkanth group. The company's present management consists of Mr.
Arjan Kangad, Mr. Naran Sorathiya and their families. NCMPL was
initially formed for manufacturing of low ash meteorological coke.
However, from 2012, it manufactures industrial salt. The
manufacturing facility at Gandhidham, Gujarat, has an installed
capacity of over 1 lakh tonne per annum.
P K INFRATECH: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of P K
Infratech - Rishikesh (PKIR) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (ISSUER NOT
COOPERATING; Rating
Migrated)
Overdraft Facility 2.5 CRISIL D (ISSUER NOT
COOPERATING; Rating
Migrated)
Proposed Long Term 2.5 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Migrated)
CRISIL Ratings has been consistently following up with PKIR for
obtaining information through letters and emails dated May 31, 2021
and June 30, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PKIR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PKIR
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of PKIR to 'CRISIL D/CRISIL D Issuer not
cooperating'.
PKIR was established in 2014 and is located in Dehradun. PKIR is
promoted by Mr. Gaurav Sharma, Mrs. Rajbala Sharma and Mr. Vishal
Gaur. PKIR is engaged in civil construction works, such as
construction of roads and bridges, canal works, irrigation works
and electrification works. PKIR is also engaged in transportation,
stone crushing and trading of building material.
RAGHUVANSHI FIBERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shree Raghuvanshi Fibers Pvt Ltd
C/o Gopal Enterprise
New Sardar Marketing Yard
Shop No. A-174
8B National Highway Gondal
Rajkot, GJ 360311
Insolvency Commencement Date: February 18, 2020
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: August 15, 2020
Insolvency professional: Divyang Pareshrai Majmudar
Interim Resolution
Professional: Divyang Pareshrai Majmudar
72, Madhuban
Near Madalpur
Under Bridge, Ellisbridge
Ahmedabad 380006
E-mail: dpm@dpmca.com
Last date for
submission of claims: March 14, 2020
SATKAR PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satkar Papers
Mills Private Limited (SPMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 11.14 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPMPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPMPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in May 1989 and promoted by Mr. Gurmit Singh, Mr.
Gagandeep Singh, and Mr. Avnit Singh, SPMPL manufactures kraft
paper at its existing unit in Ludhiana and is setting up another
kraft paper plant for enhancing its production capacities.
SHRE INTERNATIONAL: CRISIL Cuts Rating on INR10cr Loans to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Shre International (SI) to 'CRISIL D' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.2 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Long Term 2.08 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
Working Capital 1.72 CRISIL D (Downgraded from
Term Loan 'CRISIL B+/Stable')
The rating downgrade reflects delays in servicing interest and
principal repayments on working capital facilities and term debt
respectively.
The rating reflects the company's modest scale of operations and
weak financial risk profile. These weaknesses are partially offset
by the extensive experience of the promoters.
Analytical Approach
Unsecured loans of INR70 lakh as of March 31, 2020, from promoter's
family and friends has been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: SI's business profile is constrained
by its modest scale of operations as seen in estimated sales of
less than INR 15 crore in FY2021. The modest scale of operations
constrains bargaining power with customers and hence limits the
operating profitability. SI's scale of operations is expected to
remain modest over the medium term
* Weak financial risk profile: SI's financial risk profile is weak
marked by estimated gearing and TOL TNW of over 3 and 3.5 times
respectively as of 31st March 2021. The company's debt protections
are also weak as indicated by estimated interest coverage and net
cash accrual to total debt (NCATD) ratio of less than 1.5 times and
0.09 times respectively for FY2021. SI's debt protection measures
are expected to remain at similar levels over the medium term.
Strength:
* Extensive experience of the promoters and established track
record: The partners have an experience of over 10 years in the
ready-made garment industry. This has given them an understanding
of the dynamics of the market, and enabled them to establish
lasting relationships with suppliers and customers.
Liquidity: Poor
The company's bank limits have been almost fully utilized on
account of working capital-intensive nature of operations. Given
the economic slowdown because of Covid-19, sales have been modest
resulting in lower than expected profitability.
Rating Sensitivity factors
Upward Factors:
* Track record of timely payments on working capital limits and
term loan obligations for more than three months
* Sustained improvement in scale of operation by 20% and sustenance
of operating margins at over 6%, leading to higher cash accruals
* Improvement in working capital cycle
SI was established in 2013. The company is engaged in the
manufacturing of readymade garments for kids. SI is owned & managed
by Shaju Thomas and Linta Jose.
SHYAM SUNDER: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shyam Sunder
Estates Private Limited (SSEPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 30 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSEPL continue to be 'CRISIL D Issuer Not Cooperating'.
SSEPL, promoted by Mumbai-based Darvesh group, is currently
undertaking construction of residential project- 'Darvesh Grand' at
Khar (West), Mumbai.
SPONGE ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sponge
Enterprises Private Limited (SEPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 9 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letters and emails dated December 18,
2020 and June 09, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
SEPL was set up in 2008 by the Raipur-based Jain family and is
engaged in export of rice and iron ore fines. The company is
promoted and managed by Mr. Mukesh Jain, Mr. Umesh Jain and Mr.
Jeetmal Jain.
SUPREME DEVELOPERS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Supreme
Developers continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 20 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Supreme for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Supreme, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Supreme is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Supreme continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Supreme was set up as a partnership venture of Mr. Sukhwani, with
four more partners in fiscal 2015. The firm undertakes residential
real estate development in Pune and is currently executing a
project ' Kingstone Avenue.
SUSAAH LABORATORIES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Susaah
Laboratories Private Limited (SLPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 3.75 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SLPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in 2007 as a private limited company, SLPL is a
manufacturer of active pharmaceutical ingredients (APIs) and bulk
drug intermediaries. Based in Hyderabad, Telangana, the company is
promoted and managed by Mr. K Srinivas.
THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thangamman
Exports (TE) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bills Receivable 1 CRISIL A4 (Issuer Not
Discounting Cooperating)
Long Term Loan 0.3 CRISIL C (Issuer Not
Cooperating)
Packing Credit 3 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 1.7 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Short Term Bank 1 CRISIL A4 (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with TE for
obtaining information through letters and emails dated December 29,
2020 and June 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TE
continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
TE was established in 1985 by Mr. Chandrasekaran as a
proprietorship firm in Tiruppur, Tamil Nadu. The firm manufactures
and exports readymade garments. It undertakes knitting, cutting,
stitching, and packaging of garments at its unit in Tiruppur.
VENKATRAMA AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Venkatrama
Agro Tech (SVAT) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVAT for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVAT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVAT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVAT continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2011, SVAT mills and processes paddy into rice, rice
bran, broken rice, and husk. It is promoted by Mr. Padmakar
Choudary and family.
=================
S I N G A P O R E
=================
HYFLUX: Sias Asks Utico to Deposit SGD10MM in Escrow by July 21
---------------------------------------------------------------
The Business Times reports that the Securities Investors
Association (Singapore), or Sias, has requested white knight suitor
Utico to place a non-refundable deposit of SGD10 million in Utico's
solicitor's account or an escrow account by 10:00 a.m. on July 21,
2021, to confirm its plans to restructure Hyflux.
In a letter dated July 15 to the Middle Eastern utility firm, Sias
president and chief executive officer David Gerald said it would
require concrete milestones and a credible restructuring proposal
from Utico, BT relates.
This is so Sias can canvass support to extend Hyflux's judicial
management order from the retail holders of its preference shares
and perpetual securities (PnP), before the next hearing for the
troubled water treatment firm on July 21, 2021.
According to BT, Sias has requested that the utility company give
an undertaking, by the same date, that the deposit will be released
to Hyflux immediately upon a court grant to extend the judicial
management.
Utico may place its own restrictions on the use of the deposit,
such as permitting it to be used for Hyflux's working capital
requirements pending the completion of Utico's restructuring
proposal, or not allowing the deposit to be used to pay down fees
of advisers or the judicial managers and their lawyers, Mr. Gerald
said.
BT says Sias further requested that Utico give an undertaking, by
July 31, to provide a term sheet for its proposed restructuring
proposal, which should contain terms not less favourable than its
offer to Hyflux in its draft affidavit in June 2021.
The term sheet should also contain details on when Hyflux's
creditors may receive payment under the restructuring proposal and
whether such payment is in the form of cash or other consideration,
Sias added.
According to the report, Sias said that while it appreciates that
Utico is the only remaining investor with an offer to the PnP
Holders, it noted that the negotiations have been a "long-drawn-out
affair which has consumed substantial time and effort of all
stakeholders for more than 1.5 years with no result to show".
Sias also said it is prepared to put Utico in touch with some PnP
holders who may be interested in selling some of their holdings to
Utico, as the utility company may not be able to intervene in the
judicial management of Hyflux as a potential investor.
Sias added it would require a response from Utico by July 16.
Hyflux's winding-up hearing, initially set on July 12, was
adjourned after Utico made a last-ditch attempt to intervene. High
Court Justice Aedit Abdullah had granted permission to circulate
among creditors Utico's draft affidavit, which was said to refute
what the judicial managers had asserted regarding the failure to
proceed with certain negotiations for the restructuring, BT
relates.
About Hyflux Ltd
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It has business
operations across Asia, Middle East and Africa.
On Nov. 17, 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.
Borrelli Walsh is the financial adviser of an unsecured working
group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC
Bank, KfW, Korea Development Bank, and Standard Chartered Bank,
according to The Business Times. The group had applied to put the
ailing water treatment firm under judicial management, BT said.
LIPPO MALLS: Fitch Lowers LT IDR to 'B+', Outlook Negative
----------------------------------------------------------
Fitch has downgraded Lippo Malls Indonesia Retail Trust's (LMIRT)
Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB-'. The
Outlook is Negative. LMIRT's senior unsecured notes due 2024 and
2026, issued by subsidiary, LMIRT Capital Pte. Ltd., have also been
downgraded to 'B+', from 'BB-', with a Recovery Rating of 'RR4'.
The downgrade follows the temporary closure of LMIRT's malls across
Java, Bali and Medan amid the country's reinstated pandemic-related
restrictions to combat the spread of Covid-19. This is likely to
drag funds from operation (FFO) fixed-charge cover to below 1.3x,
which is the minimum threshold for LMIRT's 'BB-' rating. Fitch does
not expect the ratio will recover quickly given the ongoing
pandemic-related restrictions.
The Negative Outlook reflects the risk of further deterioration of
LMIRT's profile amid the uncertain duration of mall closures and
the economic implications of the reinstated restrictions.
KEY RATING DRIVERS
Second Wave Derails Recovery: Fitch expects lower near-term cash
generation given Indonesia's reinstated restrictions, introduced on
3 July, to curb Covid-19 infections. This will lead to FFO fixed
charge that is weak for LMIRT's rating, with the extended
pandemic-related restrictions hampering LMIRT's ability to improve
its financial metrics.
Fitch estimates that LMIRT's FFO fixed charge should be sufficient
for a 'B+' rating, as its malls are in partial operation, its
service charges, two master leases and guaranteed net property
income (NPI) from Lippo Mall Puri. However, there is a lack of
substantial headroom, especially against the risk of prolonged
restrictions and an economic downturn. The government aims to
inoculate around 70% of the population by the end of the year, but
slow progress will hamper LMIRT's recovery, as reflected in the
Negative Outlook
Economic Disruption Risk to Recovery: Fitch has revised Indonesia's
2021 GDP growth to 4.8%, from 5.3%, amid the spread of more
infectious Covid-19 variants in southeast Asia and the country's
slow vaccine rollout. Government's support, including tax rebates
and cash transfers, may provide temporary relief, but a sustainable
recovery depends on how well the pandemic is brought under control.
Around half of LMIRT's revenue is derived from low- to
middle-income consumers, who are most likely to be affected by
furloughs and job cuts in a weaker economy.
Performance on Track Prior to Restrictions: LMIRT's improving
performance prior to the recent restrictions suggests a healthy
portfolio under normal operation. Its 1Q21 results were in line
with Fitch's forecasts, with revenue and net NPI, excluding the
newly acquired Lippo Mall Puri, increasing by 30% and 90%,
respectively, from 4Q20, as longer mall operating hours allowed for
lower rental rebates to tenants. This more than offset the revenue
loss from divested assets in 3Q20 and significant bad-debt
provisions in 4Q20.
Guaranteed NPI from Lippo: Fitch forecasts SGD34 million in
guaranteed NPI annually for Lippo Mall Puri from LMIRT's sponsor
and majority unitholder, PT Lippo Karawaci TBK (Lippo, B-/Stable),
until 2024. Fitch expects Lippo Mall Puri's underlying NPI to
weaken amid pandemic-driven pressure and the asset's shorter
operating life compared with the rest of the trust's portfolio.
Fitch thinks Lippo has the financial capacity to provide the
guaranteed rent, but there could be risk beyond 2022 depending on
its ability to improve contracted sales and operating cash flow or
to sell assets.
Ringfenced from Parent: Fitch rates LMIRT on a standalone basis, as
the trust is sufficiently ringfenced from LPKR, aside from the
guaranteed NPI for one mall and two master leases. LMIRT has a
right of first refusal over Lippo's malls. It bought a large
portion of malls from its sponsor, but as a Singapore-listed REIT,
it is subject to stringent regulations that require two independent
valuations and minority unitholder approval for related-party
transactions. Fitch thinks these rules adequately mitigate the risk
such transactions pose to minority unitholders.
Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million of perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss-absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure by
replacing them at their next call-date with similar instruments or
common equity.
DERIVATION SUMMARY
PT Pakuwon Jati Tbk (PWON, BB/Stable) is rated two notches higher
than LMIRT due to its stronger investment-property portfolio, which
has larger and better-quality retail malls with higher occupancy
and rent per square foot. Its projects also comprise mixed
developments, with office and hotels, which attract more traffic
than stand-alone properties. This, together with PWON's stronger
financial profile, which stems from its conservative approach to
property development and expansion, more than offsets its
development-property risks compared with LMIRT.
Ronesans Gayrimenkul Yatirim A.S. (RGY; B/Negative) is a Turkish
property company with a portfolio of 13 destination shopping
centres across seven of Turkey's largest cities. RGY is rated lower
than LMIRT, owing to its smaller and less diversified portfolio. It
also has higher currency risk. Both entities have predominantly
foreign-currency debt against local-currency cash flow. However,
Fitch believes currency mismatch is more manageable for LMIRT, as
the Indonesian rupiah has been more stable than the Turkish lira
amid the challenges posed by the pandemic. The Turkish lira
depreciated by more than 40% against US dollar in 2020, versus
around 2% for the rupiah.
KEY ASSUMPTIONS
-- Pandemic-related restrictions to extend beyond 20 July 2021;
-- The same rebate policy and waivers to be applied in 3Q21 as in
2Q20. Excluding newly acquired Lippo Puri Mall, this results
in revenue and NPI being 13% lower than in 2020;
-- Sustained occupancy at 84%;
-- Annual capex of SGD15 million-20 million over the next three
years.
Recovery Rating Assumptions
Fitch assigned a liquidation value under a distressed scenario of
SGD1.2 billion as of end-March 2021. The estimate reflects Fitch's
assessment of the value of trade receivables under a liquidation
scenario, with a 75% advance rate. Fitch believes a 25% discount is
sufficient to cover potential bad debt on account of the pandemic.
As a reference, LMIRT added a SGD5 million provision for bad debt
in 2020, which translated to around 14% of total trade receivables.
This amount is higher than the usual SGD2 million provision due to
the pandemic.
Fitch uses stressed capitalisation values to arrive at recoveries
for investment properties. Fitch uses a 10% capitalisation rate as
a reference, being the average of cap rates from recent divestments
and acquisitions, and apply this to Fitch's 2022 NPI estimate.
These assumptions result in a 'RR1' Recovery Rate for the
outstanding senior unsecured bonds. Nevertheless, Fitch rates the
senior unsecured bonds at 'B+' with a Recovery Rating of 'RR4',
because, although LMIRT is incorporated in Singapore, it derives
its entire economic value from assets located in Indonesia. Under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria,
Indonesia falls into Group D of creditor friendliness, and
instrument ratings of issuers with assets in this group are subject
to a soft cap at the issuer's IDR.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The Outlook may be revised to Stable if LMIRT maintains FFO
fixed charge of above 1.2x on a sustained basis.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- FFO fixed charge falls below 1.2x for a sustained period.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: LMIRT's next major maturity is a term loan of
SGD67.5 million due in November 2022. Its June 2021 cash balance
was SGD155 million. Fitch expects that LMIRT should be able to
manage its maturity based on Fitch's forecast negative free cash
flow of SGD37 million in 2021 and SGD24 million in 2022. LMIRT's
financial flexibility is also supported by its ability to tap banks
and capital markets, even during the pandemic. It raised USD200
million via an unsecured note issuance in February 2021, which,
along with Fitch's expectation of a gradual improvement in
operating conditions, should support its ability to meet its
obligations.
LMIRT's SGD140 million perpetual securities are callable in
September 2021, and Fitch expects it will most likely opt not to
call. This is because the trust intends to maintain the perpetual
securities as a permanent feature in its capital structure and
raising additional equity or similar instruments in current
conditions may be challenging.
ISSUER PROFILE
LMIRT is a Singapore-listed REIT with a portfolio of retail assets
in Indonesia. It had the largest mall portfolio in Indonesia as of
end-2020, with a net lettable area of 910,000 square meters and a
property value of SGD1.8 billion.
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.
YONGNAM HOLDINGS: Gives Notice of Three Years of Losses
-------------------------------------------------------
The Business Times reports that Yongnam Holdings gave notice of
three consecutive years of losses in a regulatory filing on July
14, while its independent auditor also noted material uncertainty
over the steel fabricator's ability to continue as a going
concern.
As at July 14, Yongnam's latest six-month average daily market
capitalisation was SGD43.3 million, BT discloses.
An issuer is placed on the Singapore Exchange's watch-list if it
records pre-tax losses for the three most recently completed
consecutive financial years and has an average daily market
capitalisation of less than SGD40 million over the past six months,
according to BT.
BT relates that Yongnam's auditors, Ernst & Young, issued an
unmodified opinion on the group's audited financial statements for
the year ended Dec. 31. They drew attention to the group's SGD77.8
million loss for the year, and net current liabilities of SGD129.5
million for the group and SGD12.6 million for the company.
"In addition, the group has also breached certain financial
covenants in relation to its transferable term loan borrowings as
of that date. The group's operations are affected by work stoppages
caused by Covid-19 pandemic," said the auditor.
The above factors indicate material uncertainty which may cast
significant doubt about the group's and company's ability to
continue as a going concern, it added, BT relays.
BT adds that the auditor also noted that as disclosed in the
financial statements, Yongnam's ability to continue as a going
concern and meet its financial obligations depends on its ability
to generate cash flow through operations and scrapping idle steel
beams and columns, as well as on continued support from lenders and
bond holders.
Yongnam's ability could be impaired if significant project delays
occur, or market demand for scrap steel changes for the worse, it
added. Its opinion remains unqualified.
Yongnam Holdings Limited (SGX:AXB) -- http://www.yongnam.com.sg/--
provides structural steelworks including design, supply and
erection of steel frames for aircraft hangars, high rise buildings,
commercial and industrial buildings. The Company also operates
civil and mechanical engineering businesses.
*********
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
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***