/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210722.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, July 22, 2021, Vol. 24, No. 140 Headlines A U S T R A L I A 53 RANKIN: First Creditors' Meeting Set for July 28 BAKARTI PTY: First Creditors' Meeting Set for July 29 MCMASTER HOLDINGS: First Creditors' Meeting Set for July 29 MORONDU PTY: First Creditors' Meeting Set for July 29 SEMANTIC SOFTWARE: ASIC Obtains Wind Up Order SLE EXCAVATIONS: First Creditors' Meeting Set for July 29 SOLARU PTY: First Creditors' Meeting Set for July 29 TRADE WIND: ASIC Bans Adviser and Cancels AFS Licence VERMILION TRUST 2019-1: S&P Affirms B Rating on Cl. F Notes WRAPAWAY TRANSPORT: First Creditors' Meeting Set for July 29 C H I N A ANXIN TRUST: To Sell Ownership to Government-backed Bailout Fund TSINGHUA UNIGROUP: Starts Search for Investors to Fund Bankruptcy TSINGHUA UNIGROUP: Unisoc Looks to Cut Ties with Parent I N D I A BENGAL SHAPOORJI: ICRA Withdraws D Rating on INR200cr LT Loan BHAVANI RICE: ICRA Keeps B Debt Ratings in Not Cooperating BOMMINENI RAMANJANEYULU: ICRA Cuts Rating on INR10cr Loan to B+ DEV COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category DINJOYE TEA: ICRA Lowers Rating on INR10cr Loans to B+ DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating GENIUS EXPORTS: Insolvency Resolution Process Case Summary JAMPANA PADMAVATHI: ICRA Keeps B Debt Ratings in Not Cooperating K. PRASAD: ICRA Keeps B Debt Ratings in Not Cooperating Category KANISHK METALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating NANDAN SALES: ICRA Keeps B+ Debt Ratings in Not Cooperating PLATINO CLASSIC: ICRA Keeps D Debt Rating in Not Cooperating S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category SAMSON AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating SEETHARAMA RAW: CRISIL Keeps B+ Debt Ratings in Not Cooperating SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating SHRADDHA ENERGY: ICRA Raises Rating on INR410cr Loan to C SP SUPERFINE: ICRA Keeps D Debt Ratings in Not Cooperating SUDAMO IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating SUDARSHAN TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating SUPER JEWELLERS: CRISIL Keeps D Debt Rating in Not Cooperating SVE DRILLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating SWASTIK ENTERPRISE: CRISIL Keeps B Debt Rating in Not Cooperating TEJPAL MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating TIRUMALA EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating TULSI OIL: ICRA Moves B+ Debt Rating to Not Cooperating Category VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category S I N G A P O R E HYFLUX LTD: High Court Approves Winding Up - - - - - ================= A U S T R A L I A ================= 53 RANKIN: First Creditors' Meeting Set for July 28 --------------------------------------------------- A first meeting of the creditors in the proceedings of 53 Rankin Investments Pty Ltd will be held on July 28, 2021, at 10:30 p.m. via teleconference. Terry Grant van der Velde and David Michael Stimpson of SV Partners were appointed as administrators of 53 Rankin on July 9, 2021. BAKARTI PTY: First Creditors' Meeting Set for July 29 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Bakarti Pty Ltd will be held on July 29, 2021, at 1:00 p.m. via teleconference. Sule Arnautovic of Hall Chadwick was appointed as administrator of Bakarti Pty on July 20, 2021. MCMASTER HOLDINGS: First Creditors' Meeting Set for July 29 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of McMaster Holdings Pty Ltd ATF the McMaster Family Trust will be held on July 29, 2021, at 1:00 p.m. via teleconference. Sule Arnautovic of Hall Chadwick was appointed as administrator of McMaster Holdings on July 20, 2021. MORONDU PTY: First Creditors' Meeting Set for July 29 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Morondu Pty Ltd ATF the Redfern Trust will be held on July 29, 2021, at 1:00 p.m. via teleconference. Sule Arnautovic of Hall Chadwick was appointed as administrator of Morondu Pty on July 20, 2021. SEMANTIC SOFTWARE: ASIC Obtains Wind Up Order --------------------------------------------- The New South Wales Supreme Court on July 15, 2021, ordered that Semantic Software Asia Pacific Limited be wound up on just and equitable grounds, and that liquidators be appointed. The Court orders were made with the consent of all parties. On June 28, 2021, the Court made orders preserving Semantic's assets and restraining Semantic, director Mr. Duncan Mount and former director Mr. Mark Bradley from receiving or soliciting funds from investors and from advertising, promoting, or marketing fundraising for Semantic. The Court noted that material provided to Semantic shareholders failed to disclose that Semantic did not have sufficient assets available to meet share buy-back guarantees and that investor funds had been transferred from Semantic's bank account to Mr. Mount's personal account. On June 24, 2021, Australian Securities and Investments Commission (ASIC) filed an application to the New South Wales Supreme Court seeking orders, which included the appointment of provisional liquidators of Semantic. ASIC alleged Semantic; * was unlawfully dealing with investor funds; * was not being properly managed; * was insolvent or likely to become insolvent; * had issued shares without compliance with the Corporations Act; * had issued shares to investors with a share buy-back guarantee in circumstances where the company did not have sufficient funds to meet that obligation; and * had entered into related party transactions with Mr. Mark Bradley (a former Semantic director who is a bankrupt) without shareholder approval. The appointed liquidators are Andrew Scott and Martin Ford of PriceWaterhouseCoopers. ASIC's investigation into Semantic is continuing. Any person who has concerns regarding their investment in Semantic can contact ASIC via email at semantic.investor@asic.gov.au. The July 15 orders will be added to this release once published by the Court. Semantic is an artificial intelligence development company that is based in North Sydney. SLE EXCAVATIONS: First Creditors' Meeting Set for July 29 --------------------------------------------------------- A first meeting of the creditors in the proceedings of SLE Excavations Pty Limited will be held on July 29, 2021, at 11:00 a.m. via teleconference only. David Allan Ingram, Richard Albarran and Richard Lawrence of Hall Chadwick were appointed as administrators of SLE Excavations on July 19, 2021. SOLARU PTY: First Creditors' Meeting Set for July 29 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Solaru Pty Ltd ATF the 36 Fitzroy St Unit Trust will be held on July 29, 2021, at 1:00 p.m. via teleconference. Sule Arnautovic of Hall Chadwick was appointed as administrator of Solaru Pty on July 20, 2021. TRADE WIND: ASIC Bans Adviser and Cancels AFS Licence ----------------------------------------------------- Australian Securities and Investments Commission (ASIC) has banned former financial adviser Adam John Bevan for five years from providing financial services, controlling a financial services business, or performing any function in relation to carrying on a financial services business. Mr. Bevan was an authorised representative of Gold Coast based Australian financial services licensee, Trade Wind Financial Services Pty Ltd between July 25, 2017 and May 18, 2020. During that period, Mr. Bevan was also the sole director of Trade Wind FS. ASIC found that Mr. Bevan failed to act in the best interests of three Trade Wind FS clients when he failed to make reasonable enquiries about their existing superannuation funds and when he did not put in place measures to ensure their funds were transferred in accordance with his advice. ASIC also found that Mr. Bevan is not a fit and proper person, having regard to his connection to a refusal or failure to give effect to a determination by AFCA. ASIC has also cancelled the AFSL of Trade Wind FS, effective May 26, 2021. ASIC took this action due to a failure by Trade Wind FS to co-operate with the Australian Financial Complaints Authority (AFCA) and pay two AFCA determinations on time. Trade Wind FS also failed to lodge its 2019 and 2020 audited financial accounts and comply with several licence conditions including failing to notify ASIC of the change in the key person for the AFSL. AFSL holders must comply with their licence conditions and have adequate resources to provide the financial services covered by their licence. ASIC may suspend or cancel an AFSL if a licensee fails to meet its obligations. Trade Wind FS held an AFSL since December 16, 2010 (AFSL number 458115). Although ASIC has cancelled the AFSL, it has used its power under s915H of the Corporations Act to allow the licence to continue in effect until August 31, 2021. This ensures that the AFSL is treated as not having been cancelled for the purpose of putting in place a dispute resolution scheme and further arrangements for compensating retail clients, including professional indemnity insurance. Mr. Bevan's banning is recorded on ASIC's Banned and Disqualified register. He has applied to the Administrative Appeals Tribunal for a review of ASIC's decision. VERMILION TRUST 2019-1: S&P Affirms B Rating on Cl. F Notes ----------------------------------------------------------- S&P Global Ratings affirmed its ratings on six classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for Vermilion Trust No. 1 Bond Series 2019-1. The rating affirmations reflect S&P's view that the transaction has been performing in line with its expectations. The underlying collateral portfolio entirely comprises residential mortgage loans to borrowers who are nonresidents of Australia. As of June 30, 2021, the portfolio has a pool factor of 67.5%, with a current weighted-average loan-to-value ratio of 54.8% and weighted-average seasoning of 3.5 years. Loans more than 30 days in arrears make up 1.1% of the portfolio current balance, of which 0.4% are more than 90 days in arrears. In addition, there have been no losses to date and no charge-offs to any of the classes of notes. The credit support available to each class of rated notes, which has increased since closing, is sufficient to withstand the stresses we apply at each respective rating level. This credit support comprises subordination from junior classes of notes, lenders' mortgage insurance on 4.5% of the loans in the portfolio, excess spread, if any, and should certain triggers be met, a loss reserve funded by excess spread. S&P said, "Our cash-flow analysis indicates the transaction's cash flows are supportive of timely payment of interest and ultimate payment of principal to the rated classes of notes under our rating stress assumptions. The various mechanisms to support liquidity within the transaction include an amortizing liquidity facility and principal draws. "Factors constraining our ratings reflect the unique features of the portfolio. This includes that the concentration of borrowers from a single country -- China -- remains high, at 82.9%. Such concentration exposes the transaction to events or policies that could disrupt the flow of funds between countries. In our cash-flow analysis, we applied additional compressed default curves to simulate a possible concentrated disruption in cash flows to the trust." Furthermore, compared with typical prime Australian RMBS, the underlying security property in this portfolio is more concentrated to specific property developments, particularly of high-rise and midrise apartments. From a loss-severity perspective, due to restrictions on nonresidents purchasing established Australian dwellings, it is likely in a foreclosure scenario that newly built properties purchased by nonresidents could only be sold to Australian residents. Thus, S&P applied an adjustment factor to its market-value-decline assumptions to reflect the potential difference between the price paid by one cohort (nonresidents) versus the market value when such properties are sold to another cohort (Australian residents). S&P said, "We expect there would be additional requirements in servicing a portfolio of nonresident loans, especially during times of economic stress. In S&P Global Ratings' view, the standby servicing function provided by Perpetual Corporate Trust Ltd. somewhat mitigates the additional operational risk of managing the portfolio. In addition, we applied a higher replacement servicer fee assumption in our cash-flow analysis." Ratings Affirmed Vermilion Trust No.1 Bond Series 2019-1 Class A: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) Class F: B (sf) WRAPAWAY TRANSPORT: First Creditors' Meeting Set for July 29 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Wrapaway Transport Pty Ltd ATF the Wrapaway Transport Unit Trust will be held on July 29, 2021, at 1:00 p.m. via teleconference. Sule Arnautovic of Hall Chadwick was appointed as administrator of Wrapaway Transport on July 20, 2021. ========= C H I N A ========= ANXIN TRUST: To Sell Ownership to Government-backed Bailout Fund ---------------------------------------------------------------- Caixin Global reports that China's embattled Anxin Trust Co. Ltd. will sell ownership to state-backed investors as part of a restructuring plan to solve its two-year-old debt crisis, the company disclosed July 20 in a filing. Anxin will sell a controlling stake through a private placement to a company called Shanghai Di'an Co., the trust company said, Caixin relays. Shanghai Di'an is a newly formed entity jointly owned by Shanghai government-backed Shanghai Electric Group Co. Ltd., Shanghai Guosheng Assets Co. Ltd., Shanghai International Group, Shanghai Airport Authority and the China Trust Protection Fund Co. Ltd., which operates a state-backed bailout fund for trust companies. In the filing, Anxin also said it reached an agreement with the Shanghai branch of Bank of China to settle a debt dispute, Caixin discloses. Under the agreement, Anxin will transfer part of its assets to the bank to repay the debt. Anxin didn't disclose the amount of the debt, Caixin notes. Based in Shanghai, China, Anxin Trust Co., Ltd, offers trust service for clients in agriculture, biomedicine, city renovation, Internet infrastructure, pension, logistics, and new energy industry fields. The company was formerly known as Anxin Trust & Investment Co., Ltd. and changed its name to Anxin Trust Co., Ltd in April 2014. TSINGHUA UNIGROUP: Starts Search for Investors to Fund Bankruptcy ----------------------------------------------------------------- Caixin Global reports that Tsinghua Unigroup Co. Ltd. is seeking strategic investors who can cope with its vast debt pile, as the state-owned firm is forced into a court-ordered bankruptcy restructuring. These strategic investors should be capable of taking over Unigroup's core chipmaking and cloud computing businesses, according to a Unigroup statement released on July 20 via the National Enterprise Bankruptcy Information Disclosure Platform, a website under the Supreme People's Court, Caixin relates. On July 16, a Beijing court accepted a creditor's application for Unigroup to undergo a reorganization under China's bankruptcy law, with Huishang Bank citing the unpaid debts and doubtful repayment ability of the once acquisition-hungry highflyer, according to Caixin. About Tsinghua Unigroup Tsinghua Unigroup Co., Ltd manufactures computer products. The Company produces computer softwares, computer hardwares, computer auxiliary equipment, and other products. Tsinghua Unigroup also produces electronic components, chemicals, and other products. Tsinghua Unigroup is 51% owned by China's Tsinghua University. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 18, 2020, Tsinghua Unigroup, a major government-backed player in China's technology race, has defaulted on a CNY1.3 billion (US$197.96 million) bond, three sources said, according to Reuters. The default by Tsinghua Unigroup, a wholly-owned division of the prestigious Tsinghua University in Beijing, on Nov. 16, 20210, immediately triggered a credit rating downgrade that is expected to weaken the company's financial health. Reuters said the semiconductor conglomerate has been a major driving force in Beijing's campaign to boost its chip industry amid an ongoing spat over trade and technology with Washington, which has drawn attention to China's reliance on key imported components. Tsinghua Unigroup defaulted after its proposal to extend a repayment deadline failed to gain support from bondholders, sources said, Reuters related. TSINGHUA UNIGROUP: Unisoc Looks to Cut Ties with Parent ------------------------------------------------------- Nikkei Asia reports that China's No. 2 mobile chip developer Unisoc is searching for new anchor investors at a high valuation as it tries to distance itself from its troubled parent Tsinghua Unigroup and pave the way for a long-awaited initial public offering. Unisoc is hoping to find buyers willing to pay CNY20 billion (US$3.1 billion) for Tsinghua's 35.2% stake, according to three people familiar with the discussions, the report relays. Tsinghua is under pressure to sell after missing a string of bond repayments since last November. Nikkei Asia relates that the chip company is meeting potential investors and attempting to assure them of its own financial soundness, according to the sources, who declined to be named as talks are private. But some potential investors are balking at Unisoc's proposal, which would give the company a valuation of CNY55 billion, according to three people. Some potential buyers and existing stakeholders -- including a Shanghai-government linked fund -- value Unisoc at a little over CNY30 billion, according to two people. According to Nikkei Asia, Unisoc is keen to arrange a sale to distance itself from Tsinghua. A high valuation would also help bolster its prospects when it revives plans for an initial public offering and would also help Tsinghua Unigroup alleviate its financial woes Unisoc is touting the role it can play in meeting growing demand for semiconductors in China at a time when the government is striving to boost the country's self-sufficiency in chips. Some potential buyers, however, are flagging negatives, such as competition and a "brain drain" at Unisoc. Despite disagreement over valuation, however, talks are still ongoing and hopes are high for a compromise, according to two sources cited by Nikkei Asia. They added that Unisoc has also indicated it will begin preparing for an IPO, after delaying plans to go public multiple times since 2018. Nikkei Asia notes that the meetings with existing investors came last week after Beijing-backed Tsinghua Unigroup said on July 9 that one of its creditors asked a court to proceed with restructuring under bankruptcy, as it failed to repay debts, according to people familiar with the matter. Unisoc said in a WeChat post on July 12 that the company did not share a management team or have business relations with Tsinghua Unigroup, and the tech conglomerate was not involved in the chip developer's daily operations, according to Nikkei Asia. In an attempt to further downplay Tsinghua's financial woes, Unisoc said in another WeChat post on July 15 that its own revenue in the first half of this year surged 240% on year. "The meeting is mainly to tell existing stakeholders that the business operation is well on track -- despite Tsinghua Unigroup's debt crisis -- and assure existing investors that it will still aim for a public listing as soon as this year," one of the people with knowledge told Nikkei Asia. "They want to make clear to us that we are in the same boat." Most of Tsinghua's other subsidiaries and affiliates are also looking to sever or at least reduce their connection to their troubled parent, says Nikkei Asia. These include Yangtze Memory Technologies, China's most promising memory chipmaker, as well as listed companies Unigroup Guoxin Microelectronics, a security chip developer, and Unisplendour, which provides cloud-computing infrastructure. All are open to a sale that would give them more independence from Tsinghua, people familiar with the matter said. With more than 5,000 employees, Unisoc was once viewed as China's most likely challenger to global mobile chip giants Qualcomm of the U.S. and MediaTek of Taiwan. But in recent years it has suffered an employee exodus and multiple management reshuffles. It is also facing rising domestic competition from ASR Microelectronics, which was founded by Unisoc co-founder Vicent Tai in 2015. Unisoc's other high-profile investors include the China National IC Industry Investment Fund -- also known as the "Big Fund," the nation's top funding vehicle for the semiconductor industry -- and the Shanghai IC Industry Investment Fund, as well as Intel, its only foreign investor, Nikkei Asia discloses. The chipmaker did not disclose its revenue after 2016 when it said its annual revenue was about $2 billion, but two people familiar with the matter said that Unisoc's revenue is now only around $1.2 billion to $1.5 billion, Nikkei Asia adds. About Tsinghua Unigroup Tsinghua Unigroup Co., Ltd manufactures computer products. The Company produces computer softwares, computer hardwares, computer auxiliary equipment, and other products. Tsinghua Unigroup also produces electronic components, chemicals, and other products. Tsinghua Unigroup is 51% owned by China's Tsinghua University. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 18, 2020, Tsinghua Unigroup, a major government-backed player in China's technology race, has defaulted on a CNY1.3 billion (US$197.96 million) bond, three sources said, according to Reuters. The default by Tsinghua Unigroup, a wholly-owned division of the prestigious Tsinghua University in Beijing, on Nov. 16, 20210, immediately triggered a credit rating downgrade that is expected to weaken the company's financial health. Reuters said the semiconductor conglomerate has been a major driving force in Beijing's campaign to boost its chip industry amid an ongoing spat over trade and technology with Washington, which has drawn attention to China's reliance on key imported components. Tsinghua Unigroup defaulted after its proposal to extend a repayment deadline failed to gain support from bondholders, sources said, Reuters related. ========= I N D I A ========= BENGAL SHAPOORJI: ICRA Withdraws D Rating on INR200cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of Bengal Shapoorji Housing Development Private Limited (BSHDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 200.00 [ICRA]D; Rating withdrawn Fund Based Term Loan Rationale The long-term rating assigned to BSHDPL has been withdrawn as there is no amount outstanding against the rated bank facilities as on date. The rating has been withdrawn at the request of the company, based on the no-dues certificates received from the bankers, and in accordance with ICRA's policy on withdrawal and suspension. ICRA is withdrawing the rating and it does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Bengal Shapoorji Housing Development Private Limited (BSHDPL), a Shapoorji Pallonji Group (SP Group) company, is engaged in real estate development. The company is developing a mass housing project named as "Shukhobrishti" over a 150-acre land parcel in Rajarhat, Kolkata. The first phase of the project, spread across an area of 54 acre and comprising of 7,378 units, has been completed. BSHDPL is currently executing the second phase of the project comprising of 12,004 units with an aggregate saleable area of 9.39 million square feet. BHAVANI RICE: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Shree Bhavani Rice Mill in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 1.00 [ICRA] B (Stable); ISSUER NOT COOPERATING; Rating continues to remain under ‘Issuer Not Cooperating' category Cash Credit 5.00 [ICRA] B (Stable); ISSUER NOT COOPERATING; Rating continues to remain under ‘Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 1975, Shree Bhavani Rice Mill (SBRM) is promoted by the Patel family and is engaged in the milling of paddy and par boiled rice as well as trading of paddy and rice. The firm operates from its processing unit located at Bavla in the Ahmedabad district of Gujarat with an installed input capacity of ~100 MT per day. BOMMINENI RAMANJANEYULU: ICRA Cuts Rating on INR10cr Loan to B+ --------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of M/s. Bommineni Ramanjaneyulu (BR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB- (Stable) and continues to remain under 'Issuer Not Cooperating' Category Long Term– 6.00 [ICRA]B+ (Stable) ISSUER NOT Non-Fund Based COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade is because of lack of adequate information regarding Bommineni Ramanjaneyulu performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity." The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Bommineni Ramanjaneyulu, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. M/s. Bommineni Ramanjaneyulu (BR) was founded as a proprietorship concern in 2001 to take up public water supply and drinking water supply projects. BR is a Special Class Contractor (SCC) in Andhra Pradesh (AP). BR mainly executes projects related to rural water supply and sanitation. Most of the projects executed by the company at present are parts of the CPWSS and MVS. DEV COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Dev Cotton & Oil Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 1.21 [ICRA] B(Stable); ISSUER NOT Term Loans COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund Based– 9.25 [ICRA] B(Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Dev Cotton & Oil Industries (DCOI) was established in February 2011 as partnership firm by Mr. Hareshbhai Ghodasara, Mr. Harshadbhai Ghodasara and Mr. Jaywantbhai Baraiya. During the current fiscal i.e. FY 2015-16, the firm underwent change in management with Mr. Harshadbhai Ghodasara voluntarily retiring from the firm and five new partners were admitted. The firm is engaged in ginning and pressing of raw cotton and crushing of cottonseeds with a fleet of 30 jumbo ginning machines, one pressing machine (automatic) and 8 expellers having an installed capacity to produce 325 cotton bales, 5MT cottonseed oil and 55MT of cottonseed oil cake per day, the plant being operational for 24 hours. DINJOYE TEA: ICRA Lowers Rating on INR10cr Loans to B+ ------------------------------------------------------ ICRA has revised the ratings on certain bank facilities of Dinjoye Tea Estate Pvt. Ltd. (DTEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 3.67 [ICRA]B+ (Stable) ISSUER NOT Limit–Cash COOPERATING; Rating downgraded Credit from [ICRA]BB- (Stable) and moved to the 'Issuer Not Cooperating' category Unallocated 6.33 [ICRA]B+ (Stable) ISSUER NOT Limits COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and moved to the 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding DTEPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Dinjoye Tea Estate Pvt. Ltd. (DTEPL), ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. Dinjoye Tea Estate Pvt. Ltd., promoted by Mr. Mahadeo Jalan, was incorporated in 1943. The company owns two tea gardens in Chabua district of Assam, spread over a cultivable area of 244.66 hectare. The company is mainly involved in plucking of green leaves and processing the same to manufacture orthodox variety of black tea. DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Disha Communications Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 9.25 [ICRA] B+(Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Non-Fund Based 0.65 [ICRA] B+(Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Disha Communications Private Limited was incorporated in 1987 and has built an established presence in advertising and media planning business over the years. Headquartered in Bangalore, it also has presence in other major cities such as Chennai, Hyderabad, New Delhi and Mumbai as well as tier-2 cities like Cochin, Jaipur, Meerut, Mathura and Hubli. The company is closely held by Mr. K Mathew and his family. DIVYA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Divya Cotton in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 0.12 [ICRA] D; ISSUER NOT COOPERATING; Term Loans Rating continues to remain under 'Issuer Not Cooperating' category Fund Based– 6.00 [ICRA] D; ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2006, Divya Cotton is engaged in ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The plant of the firm is situated at Gondal, Rajkot (Gujarat). At present the plant of the firm is equipped with 12 ginning machines and one pressing machine. The total installed capacity of the firm is producing ~180 bales per day. Currently, the firm is managed by Mr. Chandresh Thummar and Mr. Kalpesh Thummar. FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Farooq Constructions in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA] D ISSUER NOT COOPERATING; Fund Based Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Farooq Constructions is a civil work contracting firm based in Alappuzha in Kerala and was established in 2000 as a proprietorship concern, owned and promoted by Mr. Baiju Rasheed. In 2009, it was converted into a partnership firm with Mr. Baiju Rasheed and his wife Mrs. Sajeela Baiju as its partners. The firm undertakes Kerala State Public Works Department (PWD) contract works, especially road construction and other related civil work. GENIUS EXPORTS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s Genius Exports Private Limited C-128/2, 1st Floor Mohammadpur Bhikaji Cama Place New Delhi 110066 India Insolvency Commencement Date: July 1, 2021 Court: National Company Law Tribunal, Ghaziabad Bench Estimated date of closure of insolvency resolution process: December 28, 2021 Insolvency professional: Parag Singhal Interim Resolution Professional: Parag Singhal 1002-B, Plot No. 11 Eldeco Apartment Sector-4, Vaishali Ghaziabad, U.P. 201010 E-mail: sparagca@yahoo.co.in - and - 423-B, Pacific Business Park Site IV, Sahibabad Industrial Area Ghaziabad, U.P. 201010 E-mail: irpgeniusexports@gmail.com Last date for submission of claims: July 15, 2021 JAMPANA PADMAVATHI: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Jampana Padmavathi in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.80 [ICRA]B (Stable) ISSUER NOT Fund Based/ TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term 1.20 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Jampana Padmavathi (JP) is a proprietorship concern established in FY15. The business activities include the construction of warehouse and leasing out to Andhra Pradesh State Civil Supply Corporation Limited. K. PRASAD: ICRA Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of K. Prasad Babu in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues Cash credit to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Non-Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The firm was incorporated by Mr. K. Anantha Rao in the year 1983 as sole proprietorship and was engaged in civil construction works and is registered class 1 civil contractor with the government of India. Post the death of Mr. K Anantha Rao in June, 2014 his legal heir Prasad Babu has taken over all the outstanding orders of his father and floated a new firm Prasad Babu as sole proprietorship. The firm is primarily engaged in construction of offices, Hospitals, Govt. residential complexes & blocks, Godowns, schools etc. for government agencies. KANISHK METALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Kanishk Metalloys in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 8.50 [ICRA] B+(Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Kanishk Metalloys (NSC) is a partnership firm set up in April 1994. It is into trading of non-ferrous metals and has been in the business for about 19 years now. The prime role of the firm is to act as a mediator between its customers and vendors. It has been successful in developing relations through its liaisons with non-ferrous suppliers abroad. The firm imports in volumes, non-ferrous metals from countries like the UAE, the US, Sweden, Hong Kong etc. The same upon reaching the warehouse of the firm is sorted, segregated and dispatched in lots to the customers as per the delivery schedule. NANDAN SALES: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Nandan Sales Corporation in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 7.50 [ICRA] B+(Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Nandan Sales Corporation (NSC) is a partnership firm set up in April 1994. It is into trading of non-ferrous metals and has been in the business for about 19 years now. The prime role of the firm is to act as a mediator between its customers and vendors. It has been successful in developing relations through its liaisons with non-ferrous suppliers abroad. The firm imports in volumes, non-ferrous metals from countries like the UAE, the US, Sweden, Hong Kong etc. The same upon reaching the warehouse of the firm is sorted, segregated and dispatched in lots to the customers as per the delivery schedule. PLATINO CLASSIC: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Platino Classic Motors (India) Pvt. Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA] D; ISSUER NOT COOPERATING; Fund Based/ Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Material event There is public announcement by the Insolvency and Bankruptcy Board of India (IBBI) that The Federal bank has made an application in IBBI against Platino Classic Motors (India) Pvt. Ltd. The IBBI has mentioned September 3, 2021 as the estimated date closure of insolvency resolution process. Impact of material event The amount and nature of claim made by The Federal bank is uncertain. Rationale The rating is based on limited information on the entity's performance since the time it was last rated in July 2020. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Platino Classic Motors (India) Pvt. Ltd. is engaged in automobile dealership of BMW cars in Kerala. PCM was incorporated in 2007 by Mr. P.P Aashique. The first showroom was opened in Ernakulum in 2007, following which other showrooms were opened in Calicut in 2011 and in Trivandrum in 2015. The company is related to Koyenco group, which has diverse business interests in automobile dealerships and real estate, among others. S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of S. Nanda Industries Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA] D; ISSUER NOT COOPERATING; Fund Based/ Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Long Term- 4.00 [ICRA] D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under Limits 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SNIPL, promoted by Mr Sudhir Nanda in 1992, is engaged in the business of manufacturing and trading of cotton yarn, polyester fiber, recycled fiber and knitted yarn. Most of the sales (~98%) of the company are from trading operations. The company also manufactures fancy yarn at its own manufacturing capacities located in Ludhiana which has 39 machines with total capacity of 800-900 tonnes per annum. SAMSON AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Samson And Sons Builders And Developers Private Limited (SSBDPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Project Loan 14 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SSBDPL 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 SSBDPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSBDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSBDPL continues to be 'CRISIL D Issuer Not Cooperating'. Established in 2005 as a partnership between Mr John Jacob and Mr Samuel Jacob and reconstituted as a private limited company in 2009, SSBDPL undertakes residential real estate development in and around Trivandrum. SEETHARAMA RAW: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Seetharama Raw and Boiled Rice Mill (SRBRM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.6 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 0.25 CRISIL B+/Stable (Issuer Not Cooperating) SME Credit 0.25 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SRBRM 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 SRBRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SRBRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRBRM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. SRBRM was established in 1994 by Mr. V Srinivasa Rao. The firm mills and processes paddy into rice, rice bran, broken rice, and husk at its facilities in East Godavari, Andhra Pradesh. SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shivalik Vyapaar Private Limited (SVPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 18.96 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.67 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SVPL 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 SVPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVPL continues to be 'CRISIL D Issuer Not Cooperating'. Set up by Mr. Rajendra Agarwal in 2005, SVPL manufactures automotive and industrial batteries and valve-regulated lead-acid (VRLA) batteries. The company has a battery manufacturing facility in Sanwar (Madhya Pradesh). SHRADDHA ENERGY: ICRA Raises Rating on INR410cr Loan to C --------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Shraddha Energy and Infraprojects Private Limited's (SEIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Working Capital Facilities 169.8 [ICRA]C; upgraded from [ICRA]D Fund-based Term Loans 185.4 [ICRA]C; upgraded from [ICRA]D Unallocated Limits 54.8 [ICRA]C; upgraded from [ICRA]D Rationale The rating upgrade factors in SEIPL's track record of timely debt servicing during the last six months. ICRA considers the likely improvement in the sugar business in FY2022, aided by higher crushing in SY2021 owing to improved sugarcane production in Maharashtra, stable sugar prices in the domestic market, as well as healthy exports. The rating considers SEIPL's presence in diverse segments, namely, sugar, construction and power sectors. Further, sizeable wind energy generation capacity, supporting its revenue and cash flows, provides benefits of diversification especially in the years of weakness in sugar business on account of excess supply. The rating, however, is constrained by the company's weakened liquidity profile with sizeable support to subsidiaries and Group companies, depicted by high advances as well as extension of corporate guarantee for funding requirements. Further, high working capital intensity owing to significant inventory levels continue to result in a weakened liquidity position, as evident from the near full utilization of its working capital limits. ICRA notes that sizeable debt repayments expose the company to refinancing risk and the proposed greenfield debt-funded capex for distillery operations would result in further moderation of coverage indicators, despite the availability of interest subsidy. With sugar being the major contributor to its operating revenues, SEIPL is exposed to the cyclical nature of the industry and its inherent regulatory risks. Additionally, timely execution of slow-moving irrigation orders, constituting a sizeable amount of unexecuted order book remains critical for maintaining the profitability and cash accruals. Moreover, the performance of the power business remains vulnerable to wind speed, thereby impacting the plant load factor (PLF) and grid availability. Besides, it remains exposed to counterparty credit risks. The counterparty for the power business is the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 100% of capacity and the collections have witnessed instances of delays in past. The company has a total capacity of 52 MW, out of which long-term PPAs for 29 MW, i.e., 56% capacity has already expired and the remaining are expected to expire in the near term, thus exposing its revenues and profitability to moderation in tariffs. Key rating drivers and their description Credit strengths * Diversified revenue streams: SEIPL is operating across three segments viz. sugar, construction and renewable power (windmill). The diversified cash flows from these segments shields the company from any risk arising out of any industryspecific developments. * Sizeable wind energy generation capacity: The company has installed wind turbine generators across various locations in Maharashtra and Karnataka, with a total capacity of 52 MW, which supports its revenues as well as cash flows. It has offtake arrangement (29 MW on short-term PPA and 23 MW on long-term PPA) with MSEDCL for 100% of the capacity. Credit challenges * Weakened liquidity position reflected by high support to Group companies and stretched working capital intensity: As of March 31, 2021, the company had advanced loans of INR150.5 crore to its Group companies/ subsidiaries and also provided corporate guarantee for their bank facilities. SEIPL's working capital cycle is elongated due to its high finished goods inventory levels in the sugar segment, which remain contingent upon the regulatory intervention in terms of monthly sales volume in the domestic market, Maximum Admissible Export Quota (MAEQ) for exports and the prevailing sugar prices. This has resulted in consistently high utilization of its working capital borrowings, which coupled with high long-term debt levels and sizeable repayments, led to weak debt coverage metrics and poor liquidity position. Moreover, the proposed greenfield debt-funded capex for distillery operations would result in further moderation in coverage indicators, despite the availability of interest subsidy. * Cyclical nature of sugar industry with high regulatory risk: The sugar industry is cyclical in nature and is highly regulated in India. Sugar being a major contributor to SEIPL's operating revenues (57% in FY2021), exposes the company to high volatility and its inherent regulatory risks. This is also reflected in the company's past performance in the form of fluctuating operating income and profit margins. Although the addition of distillery would allow improvement in business profile through additional revenue stream and provide cushion against the cyclicality in the sugar business, the project is still in the nascent stage. * Slow-moving irrigation orders constitute large share of current order book: The company's construction division mainly constitutes of slow-moving irrigation projects funded by the Government of Maharashtra. These projects formed around 60% of the outstanding order book as of March 31, 2020. This is majorly due to lack of adequate funding available for the projects by the state government. However, SEIPL has been recently awarded road projects, which is supporting the revenue and cash flows in the construction segment. * Revenues from power business vulnerable to wind patterns, subdued PLF, expiry of long-term PPAs and counterparty credit Risks: The company's revenues and cash flows remain exposed to fluctuations in the wind pattern and climatic conditions. Further, the PLF remains subdued with an average PLF of 16% in FY2021 (P.Y. 19%) due to overall drop in winds. Also, SEIPL had long-term PPAs with MSEDCL, out of which PPAs for 29 MW, i.e., 56% capacity has already expired and the remaining are expected to expire in near term, which exposes revenues and profitability to moderation in tariffs. The company is also exposed to counterparty credit risks with delayed payments from MSEDCL as seen in the past. Liquidity position: Poor SEIPL has a poor liquidity profile owing to high working capital requirements, impending debt repayments and absence of any cushion in the cash credit limits. Going forward, its ability to recover advances from Group companies and generate adequate cash accruals will remain critical for improving its liquidity position. Rating sensitivities Positive factors – ICRA could upgrade SEIPL's ratings if an increase in cash accruals as well as working capital intensity results in an improved liquidity profile. Recovery of advances from subsidiaries and Group companies and resultant improvement in liquidity profile, may also trigger a rating upgrade. Negative factors – Negative pressure on the ratings could emerge if any significant decline in sugar prices or recovery rate, or increase in cane costs results in weakening of the company's profitability and debt coverage metrics, coupled with sustained poor liquidity position. Continued support to its subsidiaries as well as Group entities reflecting in increased loans and advances or inability to recover the current outstanding, which further impacts the liquidity, may also trigger a rating downgrade. Based out of Maharashtra, Shraddha Energy and Infraprojects Private Limited (SEIPL) is involved in diverse activities viz construction of infrastructure projects (mainly irrigation), operating of sugar mill and windmill projects. The company has class1 registration with multiple state public works departments and state irrigation departments/ corporations. It has a sugar factory in Partur, Maharashtra with a capacity of 2500 TCD. Apart from this, SEIPL has installed wind turbine generators across Maharashtra and Karnataka, with a total capacity of 52 MW. In FY2020, SEIPL reported a net profit of INR29.1 crore on an operating income (OI) of INR320.1 crore compared to a net profit of INR15.1 crore on an OI of INR209.2 crore in FY2019. The company has achieved an OI of INR314.3 crore in FY2021 (provisional numbers). SP SUPERFINE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of SP Superfine Cotton Mills Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA] D ISSUER NOT COOPERATING; Fund Based Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Long Term- 66.94 [ICRA] D ISSUER NOT COOPERATING; Fund Based Rating continues to remain under Term Loan 'Issuer Not Cooperating' category Long Term- 28.52 [ICRA] D ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Promoted by Mr. Velusamy in 1995, SSCMPL manufactures cotton yarn in the count range of 40s to 80s, with 40-50s forming a major share of the production. The company has an installed capacity of 28,224 spindles and its spinning unit is located in Attur, Tamil Nadu. SUDAMO IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sudamo Impex Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund 5.50 [ICRA] B+(Stable); ISSUER NOT Based-CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term Fund 5.17 [ICRA] B+(Stable); ISSUER NOT based- TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.08 [ICRA] B+(Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- (7.68) [ICRA] B+(Stable); ISSUER NOT Interchangeable COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2006, Sudamo Impex Private Limited (SIPL) is engaged in manufacturing polyester synthetic fabrics for suitings, shirtings, sarees, dress materials, embroidered fabrics, and home textiles. The company's registered office is in Surat (Gujarat) and its weaving unit is at Palsana in Surat. It is part of the Madhusudan Group, which has been engaged in the textile sector since 1982. SUDARSHAN TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sudarshan Textiles Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues Cash credit to remain under 'Issuer Not Cooperating' category Long Term- 3.04 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating continues Term loan to remain under 'Issuer Not Cooperating' category Long Term- 0.96 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues Limit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1994, Sudarshan Textiles Private Limited (STPL) is engaged in the dyeing and processing of grey fabric at Surat, Gujarat. The fabric is provided by the client, while colours and chemicals are bought by the firm for the dyeing process. The dyed fabric is then supplied back to the customers, who may process them further and use them in manufacturing dress materials. SUPER JEWELLERS: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Super Jewellers Private Limited (SJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Term Loan 0.2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SJPL 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 SJPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SJPL continues to be 'CRISIL D Issuer Not Cooperating'. Set up as a partnership firm in 2002, and reconstituted as a private limited company in 2004, SJPL has been promoted by Mr Ajay Garg and Mr Diniv Singla. The company retails in gold, diamond, and silver jewellery from its showroom in Bhatinda. SVE DRILLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SVE Drilling Tools Private Limited (SVE) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL B+/Stable (Issuer Not Cooperating) Foreign Letter 1 CRISIL B+/Stable (Issuer of Credit Not Cooperating) Long Term Loan 6 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 4.5 CRISIL B+/Stable (Issuer Bank Loan Facility Not Cooperating) CRISIL Ratings has been consistently following up with SVE 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 SVE, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SVE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVE continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. SVE was set up in 2011 as a private company by Mr. S V Mohan Reddy. The company is engaged in manufacturing of drilling tools used for drilling inside the water. Its manufacturing unit is based in Hyderabad, Telangana. It started its operations in November 2016. SWASTIK ENTERPRISE: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swastik Enterprise - Ahmedabad (SE) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 5 CRISIL B/Stable (Issuer Bank Loan Facility Not Cooperating) CRISIL Ratings has been consistently following up with SE 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 SE, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SE continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 1990, SE is engaged into trading cloth & chemicals. The firm also have distributorship of HTC, App Daily, and Zopo. The operations are managed by Mr Sandeep Jain. TEJPAL MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tejpal Motors Private Limited (TMPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B+/Stable (Issuer Not Cooperating) Inventory Funding 47 CRISIL B+/Stable (Issuer Facility Not Cooperating) CRISIL Ratings has been consistently following up with TMPL 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 TMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. TMPL, incorporated in 1995, is an authorized dealer for TML for their entire range of commercial vehicles. The company has dealership for the entire Navsari and Vapi districts of Gujarat and for Silvassa (UT Dadra and Nagar Haveli). It has 8 outlets across the districts. The day-to-day operations are managed by Mr. Kamalsingh Ailsinghani and his nephew Mr. Tejpal Ailsinghani. In 2014-15, the company has entered into dealership of passenger vehicles for Honda Motors Co Ltd with a showroom in Thane district of Mumbai in the name of Regent Honda. TIRUMALA EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Tirumala Educational Institute in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash credit 0.20 [ICRA] B+(Stable); ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Term Loan 13.10 [ICRA] B+(Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 6.70 [ICRA] B+(Stable); ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Tirumala Educational Institutes was established in the year 2011-12 by Mr. N Tirumala Rao. The institute campus is spread over an area of 8.8 acres, about 9 KMs away from Rajahmundry, Andhra Pradesh. In the year 2011–12, LKG to 9th standard was started and subsequently 10th standard was started in the year 2012-13. It also started Junior Intermediate in the year 2012-13 and expanded to Senior Intermediate in the year 2013-14. The total strength of Tirumala Group for the year AY2018-19 has increased to 8244 students from 7386 students in AY2017-18. The institute provides buildings, hostel and other related services to the school and three junior colleges run by Tirumala Group. TULSI OIL: ICRA Moves B+ Debt Rating to Not Cooperating Category ---------------------------------------------------------------- ICRA has moved the ratings on certain bank facilities of Shri Tulsi Oil Product (STOP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based COOPERATING; Rating moved to Cash credit 'Issuer Not Cooperating' category Rationale The rating reaffrmation is because of lack of adequate information regarding STOP's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. As part of its process and in accordance with its rating agreement with Shri Tulsi Oil Product's (STOP) ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. Shri Tulsi Oil Products is a partnership firm promoted by Mr. Chetan Chopda and his wife, Mrs. Payal Chopda. It commenced operations from 2008. The firm is engaged in crushing cottonseeds for producing cotton oil and cotton DOC. Cotton oil is sold to oil refineries, while the DOC is sold to farmers and dairies as cattle feed. The firm's manufacturing units are located in Buldhana district of Maharashtra with a total installed production capacity of 10,000 metric tonne per annum. VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Vera India Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA] D; ISSUER NOT COOPERATING; Fund Based/ Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. VIL was incorporated in July 2013 with Mrs. Sita Rani, Mr. Vijay Kumar and Mr. Rakesh Kumar as its promoters. The company began operations in August 2013 and is engaged in trading of tea, cotton and mustard seeds, cakes and oil. The company operates out of its office situated at Muktsar, Punjab, in the same area as the group's other manufacturing companies: Vijay Oil Mills and Vijay Agro Foods Pvt Ltd. ================= S I N G A P O R E ================= HYFLUX LTD: High Court Approves Winding Up ------------------------------------------ The Straits Times reports that Hyflux Ltd has finally reached the end of the road after the High Court approved its winding up on July 21. The move followed a three-year-long restructuring attempt that involved a number of surprising twists, the report says. According to ST, the ruling also means the long-suffering creditors of Hyflux, including around 34,000 retail investors holding its perpetual and preference (PnP) shares and who were owed SGD900 million, will likely end up with nothing. This comes after former white knight Utico failed to meet minimum commitments to present a viable restructuring proposal before the hearing on the winding-up application that was filed last month by Hyflux's judicial managers. The managers made the application after restructuring negotiations with several potential investors collapsed, ST says. ST relates that Hyflux's winding-up hearing was initially set for July 12 but was adjourned after Utico pleaded to be heard on its application to intervene. The Securities Investors Association (Singapore), or Sias, was supportive of Utico's attempt but put down a marker on July 15. It told the Middle Eastern utility that it "required concrete milestones" and a "credible" restructuring proposal from Utico for Sias to "canvass support" from the retail PnP holders to extend Hyflux's judicial management order. But Utico failed to meet minimum commitments, including providing a non-refundable deposit of SGD10 million in Utico's lawyer's account or an escrow account in Singapore by 10:00 a.m. on July 21. With Hyflux expected to run out of working capital by the end of July and no viable restructuring offer on the table, its winding up was inevitable, sources close to the matter said, ST relates. "I am saddened by the result, but the court was very patient and accommodating. I feel really sorry for the PnPs who may now end up getting nothing," the report quotes Sias president and chief executive David Gerald as saying. "They put their trust in (founder) Olivia Lum and the board entirely. These are small investors and they have lost their investments. Those responsible for bringing down Hyflux will have to live with their conscience." ST adds that law firm Gibson Dunn partner Robson Lee said: "The unfortunate bond holders and note holders are not likely to receive anything from the winding up. But the writing has been on the wall for some time and I believe these investors have come to accept such an ending. "Any further delay in winding up is likely to prejudice the sale of various assets of the company which the judicial managers have negotiated with credible parties for some time. Meanwhile, whatever remaining balance cash would be depleted. This would be fatal and final." Borrelli Walsh's winding-up application said that there are six bids involving individual assets, according to Bloomberg, ST relays. There is no specific timeline to sell these assets, but the judicial managers aim to do so as soon as possible, it added. Keppel Infrastructure Trust (KIT) announced earlier this month that it had entered into a conditional agreement to acquire the remaining 30 per cent stake it does not already own in SingSpring Desalination Plant from Hyflux for SGD12 million, ST notes. Asset sales in the liquidation process would likely bring in less than SGD200 million, a fraction of the SGD2.8 billion in total investor claims against Hyflux, Bloomberg reported. Hyflux's judicial managers were appointed as its liquidators on July 21, ST discloses. They had asked for Utico to pay SGD6,000 in legal costs following Utico's intervention on July 12, noted media reports. Justice Aedit Abdullah ordered Utico to pay SGD5,000. 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. ********* 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 ***