/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210816.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 Monday, August 16, 2021, Vol. 24, No. 157 Headlines A U S T R A L I A AUSTRALIAN PRESTRESSING: Second Creditors' Meeting Set for Aug. 20 CONCRETE SKATEPARKS: Second Creditors' Meeting Set for Aug. 24 SLE EXCAVATIONS: Second Creditors' Meeting Set for Aug. 23 C H I N A [*] CHINA: Exchanges Ban Cosmetic Surgery Loans in Debt Securities H O N G K O N G CATHAY PACIFIC: First-Half Losses Narrow to HK$7.6 Billion I N D I A AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating CHVV SUBBA: ICRA Keeps B+ Debt Rating in Not Cooperating Category DOSHI CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating INDIAN STEEL: ICRA Reaffirms D Rating on INR1,220cr Term Loans K MOHAN: ICRA Keeps D Debt Ratings in Not Cooperating Category KARDA CONSTRUCTIONS: ICRA Withdraws D Rating on INR31cr LT Loan KAYNES TECHNOLOGY: ICRA Withdraws D Rating on INR40cr LT Loan KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating KRISH CEREALS: ICRA Lowers Rating on INR23cr Fund Based Loan to D KRISHNAIAH MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating LAKSHMI SRINIVASA: ICRA Keeps B+ Debt Rating in Not Cooperating MADURAI TUTICORIN: ICRA Reaffirms D Rating on INR463.91cr Loan MITTAL LIFE: ICRA Lowers Rating on INR4.40cr Loan to B+ NISHI FOREX: ICRA Keeps B+ Debt Rating in Not Cooperating R.K. CITY: ICRA Keeps D Debt Rating in Not Cooperating Category RAMAN EDUCATION: ICRA Withdraws D Rating on INR34cr Term Loans RANA SUGARS: ICRA Withdraws D Rating on INR502.20cr LT Loan ROYALS MARINE: ICRA Keeps B+ Debt Rating in Not Cooperating RUBBER MATTERS: ICRA Withdraws B Rating on INR13.38cr LT Loan SANTHA SPINNING: ICRA Withdraws B+ Rating on INR6.15cr Term Loan SARDAR COTTON: ICRA Keeps D Debt Rating in Not Cooperating SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating SILICA INFRATECH: ICRA Withdraws B+ Rating on INR7cr LT Loan SPICEJET LTD: Defaults on Payments, Dues Over Covid Impact SRINIVASA SALES: ICRA Keeps B+ Debt Ratings in Not Cooperating STRAWBERRY STUDIO: ICRA Keeps B+/A4 Ratings in Not Cooperating TAMIL NADU: ICRA Reaffirms D Rating on INR118.01cr LT Loan TRICHY THANJAVUR: ICRA Reaffirms D Rating on INR172.86cr LT Loan VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating VIINAYAKA RICE: ICRA Keeps B Debt Ratings in Not Cooperating I N D O N E S I A GAJAH TUNGGAL: Moody's Upgrades CFR to B3 Following Refinancing GAJAH TUNGGAL: S&P Raises LongTerm ICR to 'B-', Outlook Stable S I N G A P O R E BIOLIDICS LTD: Net Loss Widens to SGD3-Mil. in H1 Ended June 30 CITY DEVELOPMENTS: Reports First-Half Loss, Mulls China Comeback KRISENERGY MARINE: Creditors' Meetings Set for Aug. 23 MARBLE II PTE: Fitch Withdraws 'BB' LongTerm IDRs PHOENIX AIRCRAFT: Court to Hear Wind-Up Petition on Aug. 27 PROSPECT COBALT: Creditors' Proofs of Debt Due on Sept. 13 SCCPRE HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 13 SUN ELECTRIC: Placed Under Interim Judicial Management - - - - - ================= A U S T R A L I A ================= AUSTRALIAN PRESTRESSING: Second Creditors' Meeting Set for Aug. 20 ------------------------------------------------------------------ A second meeting of creditors in the proceedings of: - Australian Prestressing Services Pty Ltd - Australian Prestressing Services (Engineering) Pty Limited - Australian Prestressing Services (VIC) Pty Ltd; and - APS Southern Pty Ltd has been set for Aug. 20, 2021, at 9:00 a.m. and 10:00 a.m. via Microsoft Teams. 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 Aug. 18, 2021, at 5:00 p.m. Andrew McCabe and Joseph Hayes of Wexted Advisors were appointed as administrators of Australian Prestressing on July 30, 2021. CONCRETE SKATEPARKS: Second Creditors' Meeting Set for Aug. 24 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Concrete Skateparks Pty Ltd as trustee for The Lewers Family Trust has been set for Aug. 24, 2021, at 10:00 a.m. virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 23, 2021, at 5:00 p.m. Bill Karageozis and Jonathan McLeod of McLeod & Partners were appointed as administrators of Concrete Skateparks on July 19, 2021. SLE EXCAVATIONS: Second Creditors' Meeting Set for Aug. 23 ---------------------------------------------------------- A second meeting of creditors in the proceedings of SLE Excavations Pty Limited has been set for Aug. 23, 2021, at 11:00 a.m. via teleconference only. 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 Aug. 20, 2021, at 5:00 p.m. Richard Albarran, David Allan Ingram and Richard Lawrence of Hall Chadwick Chartered Accountants were appointed as administrators of SLE Excavations on July 19, 2021. ========= C H I N A ========= [*] CHINA: Exchanges Ban Cosmetic Surgery Loans in Debt Securities ------------------------------------------------------------------ Bloomberg News reports that Chinese regulators have barred cosmetic surgery loans from structured debt products, a warning shot for the country's big -- and controversial -- plastic surgery industry. The Shanghai and Shenzhen stock exchanges banned consumer debt linked to cosmetic procedures from asset-backed securities traded on the exchanges, according to a person with knowledge of the matter, Bloomberg relays. The rule applies to new issues and won't take effect retroactively, said the person, who declined to be identified discussing non-public information. The move was first reported by Jiemian. According to Bloomberg, China's booming cosmetic surgery industry joins a growing number of sectors under scrutiny in a wide-ranging crackdown aimed at reining in what the government sees as societal excess. The medical aesthetics industry tripled in value to CNY177 billion ($27.3 billion) from 2015 to 2019, Bloomberg discloses citing a report from Deloitte China. Bloomberg relates that many of the clients are young people in lower-tier cities, enabled by apps that help prospective customers see how a modification might look, find surgeons or clinics, and finance the procedure. The government has had the industry in its sights for a while, in particular, the estimated 60,000 clinics and 150,000 doctors who were operating without official license as of 2017, according to Daxue Consulting. ================= H O N G K O N G ================= CATHAY PACIFIC: First-Half Losses Narrow to HK$7.6 Billion ---------------------------------------------------------- Bloomberg News reports that Cathay Pacific Airways Ltd.'s first-half loss narrowed from a year earlier as the Hong Kong-based carrier slashed costs and cargo operations helped offset feeble passenger traffic. The airline reported a net loss of HK$7.6 billion (US$977 million) in the six months through June, compared with a HK$9.9 billion deficit in the same half of 2020. Sales dropped 43% to HK$15.9 billion, Cathay said in a statement on Aug. 11, Bloomberg relays. According to Bloomberg, Hong Kong this month moved to ease some of the world's strictest Covid-related border controls - offering a tiny bit of encouragement for an improvement in passenger demand. But travelers still face seven days of hotel quarantine after arriving from most places, and even longer if coming from the highest-risk spots, including the U.K., one of Cathay's key markets. The airline said that it saw some improvement in demand later in the first half in China, U.S. and U.K. Cathay Pacific Airways Ltd., also known as Cathay Pacific or Cathay, is the flag carrier of Hong Kong, with its head office and main hub located at Hong Kong International Airport. Cathay operates scheduled airline services. As reported in the Troubled Company Reporter-Asia Pacific, Egan-Jones Ratings Company, on April 8, 2021, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Cathay Pacific Airways Limited. EJR also maintained its 'D' rating on commercial paper issued by the Company. ========= I N D I A ========= AJAY ENGICONE: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Ajay Engicone Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 0.28 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to remain under 'Issuer Not Cooperating' Category Fund Based- 1.25 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' Category Non fund based 8.47 [ICRA]D/[ICRA]D ISSUER NOT Bank guarantee 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. Incorporated in March 1997, AEPL constructs and maintains roads, dams, canals and bridges in the states of Jharkhand and Bihar. The company is registered as a Class-I contractor with the Road Construction Department, Jharkhand. In 1997, it took over the entire business of the partnership firm - M/s Ajay Construction, which had been in the same line of business since 1982. BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Bochem Healthcare Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 16.72 [ICRA]D ISSUER NOT COOPERATING; Limits Rating continues to remain under 'Issuer Not Cooperating' Category Non-Fund Based Limits 5.00 [ICRA]D 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. Bochem Healthcare Pvt Ltd (BHPL) is incorporated in the year 2013 in Ujjain, Madhya Pradesh. BHPL is engaged in the manufacture of formulation in various dosage forms, ie, tablets, capsules and ORS (General group) at its WHO GMP certified facility at Nagziri, Ujjain. Mr. Sunil Kumar Jain is the promoter of the company. CHVV SUBBA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of CHVV Subba Rao in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 2.00 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Rating continues CC to remain under 'Issuer Not Cooperating' category Short Term- 10.00 [ICRA] A4; ISSUER NOT Non Fund Based COOPERATING; Rating continues To remain under 'Issuer Not Cooperating' category Long Term/ 11.00 [ICRA] B+(Stable)/[ICRA]A4; Short Term- 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 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. CHVV Subba Rao was incorporated as a proprietorship concern in 1995 to undertake civil engineering projects pertaining to the comprehensive protected water supply and sanitation (CPWS&S) in Andhra Pradesh. The civil work includes laying of pipelines for water supply, tapping of surface water, construction of filtration plants for brackish water and fluoride water etc, construction of over-head tanks etc. The entity executes these projects for the Government of Andhra Pradesh under various schemes of Andhra Pradesh Rural Water Supply and Sanitation (RWS&S). At present, the firm is executing a railway project for the West-Central Railways. DOSHI CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Doshi Ceramic Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D/[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 0.50 [ICRA]D ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Term Loan 2.92 [ICRA]D ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Bank Guarantee 0.20 [ICRA]D ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Unallocated 1.96 [ICRA] D/[ICRA] D; 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. Doshi Ceramic Industries (DCI) was incorporated on 1st April 2012 and is promoted by Mr. Bipinchandra Doshi and Mr. Rajesh Doshi. DCI is based in the Thangadh (Morbi) region of Gujarat which undertakes the manufacturing of ceramic sanitary ware products like wash basins, closets, urinals, pans and related accessories. The plant has an installed capacity of 10,800 MTPA. The unit commenced commercial operations in January 2013 and initially the sale of the firm was focused in domestic market with majority of the sales being made to wholesalers as well as merchant exporters. However, since FY2015 onwards, DCI is focusing more in overseas market with better market scenario. INDIAN STEEL: ICRA Reaffirms D Rating on INR1,220cr Term Loans -------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Indian Steel Corporation Limited (ISCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- Term Loans 1,220.00 [ICRA]D; Reaffirmed Fund-based limits 148.86 [ICRA]D; Reaffirmed Non-fund based limits 1,032.82 [ICRA]D; Reaffirmed Unallocated 118.85 [ICRA]D; Reaffirmed Rationale The rating reaffirmation factors in the continued irregularities in debt servicing by ISCL, including overdrawal of fund-based (FB) limits and instances of devolvement of letters of credit (LC), on account of its stretched liquidity profile. The company has reported continuous decline in its turnover over the last five years along with significant losses. In addition, the company has been facing working capital funding constraints, which have further limited its scale of operations. Further, the conversion of devolved LCs into fund-based limits has resulted in an increase in debt outstanding in the books of the company. Moreover, continued losses at net level have resulted in erosion of the company's net worth position, which coupled with increased debt has deteriorated ISCL's credit profile. The rating also continues to factor in the intense competition in the segment in which the company operates, which limits the pricing flexibility of industry participants, including ISCL, and adversely impacts the profitability. However, ICRA notes the extensive experience of ISCL's promoters and the company's established operational track record in the steel industry. It has a wide customer base, which includes reputed players from the auto and white goods sectors. Key rating drivers and their description Credit strengths * Established track record of operations: The company started commercial operations from 2004 and has an established track record in the steel industry. Moreover, the promoters have extensive experience of more than 20 years in the steel industry, which has helped the company establish a healthy customer base and a strong dealer network. Credit challenges * Continued irregularities in debt servicing: Given the decline in turnover, continued cash losses and stretched liquidity profile, ISCL continues to default on its debt servicing obligations and the account continues to be classified as a Non Performing Asset (NPA) by the lenders. There have been regular overdrawals of FB limits and devolvement of LCs over the last few years. * Highly leveraged capital structure and weak debt coverage indicators: ISCL's net worth position was completely eroded in FY2017 owing to sizeable losses reported by the company from FY2015 onwards. With continued sizeable losses reported in the subsequent years as well, the company reported a negative net worth of INR682 crore as on March 31, 2021. Further, conversion of devolved LCs into debt and addition of unpaid interest resulted in an increase in debt outstanding in the company's books to INR1,610 crore as on March 31, 2021, from INR1,083 crore as on March 31, 2019, despite a year-on-year decline in scale of operations. Together with weak profitability, this translates into poor debt coverage metrics for the company, as reflected in an interest cover (OPBDITA/interest) of 0.2x in FY2021. * Profitability remains exposed to fluctuations in raw material prices and competitive pressures: Raw material costs constitute a significant proportion of ISCL's overall cost structure. Hot rolled (HR) coil is the major raw material for the company and, hence, its profitability remains exposed to adverse movements in steel prices. Further, the company faces competitive pressures from global players as well domestic peers. * Vulnerability of operations to cyclical downturn in the steel industry: The inherent cyclical nature of the steel industry exposes the firm to steel price fluctuations and inventory losses. Liquidity position: Poor ISCL's liquidity profile remains poor on account of continued cash losses, which have resulted in continued irregularities in debt servicing by the company. The company's cash flows are expected to remain inadequate to meet its near-term debt repayment obligations. While the company is expecting fund infusion by a strategic investor, its ability to secure the same and ensure adequacy of quantum to take care of its overdue obligations as well as build up a liquidity cushion to meet its regular working capital requirements, remains to be seen. Rating sensitivities Positive factors – Timely servicing of debt obligations on a sustained basis could lead to a higher rating action. Negative factors – Not applicable Incorporated in 2002, ISCL is involved in manufacturing cold rolled (CR) coils and sheets along with galvanised plain (GP), galvanised corrugated (GC) sheets and colour-coated galvanised sheets. The company's manufacturing facilities are located at Bhimasar village near Kandla port, Gandhidham (Gujarat), in proximity to the Mundra port. ISCL was jointly promoted by the Ruchi Group of Industries, India, and Mitsui & Co. Ltd., Japan, in 2002. It commenced operations from 2004. Mitsui & Co. Ltd. sold its stake in the company in FY2021. In FY2021, on a provisional basis, the company reported a net loss of INR195 crore on an OI of INR776 crore, compared with a net loss of INR67 crore on an OI of INR902 crore in the previous year. K MOHAN: ICRA Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of K Mohan & Company (Exports) Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 53.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating continues to remain under 'Issuer Not Cooperating' Category Long Term Interchangeable (10.00) [ICRA]D ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category Short Term (68.00) [ICRA]D ISSUER NOT COOPERATING; Interchangeable Rating continues to remain under 'Issuer Not Cooperating' Category Long Term/ 3.50 [ICRA] D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating continues to Unallocated 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. KMCPL manufactures and exports ready-made garments. The company is owned and managed by Mr. Raju Mahtaney and Ms. Gitanjali Mahtaney. The company was initially established as a partnership firm by late Mr. K Mohandas Mahtaney (father of Mr. Raju Mahtaney) in 1973 in Mumbai. The operations were shifted from Mumbai to Bangalore in 1988 with 120 sewing machines, which were gradually ramped up to the current capacity of 3,070 machines. Later in 2004, the firm was converted into a private limited company. The company operates through its six factories located in Bangalore. The product profile mainly consists of knitted and woven garments for men, women and kids. The promoters have set up a subsidiary company in Bangladesh called PRM Fashions Private Limited which is involved in similar line of business and commenced operations in October 2016. KARDA CONSTRUCTIONS: ICRA Withdraws D Rating on INR31cr LT Loan --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Karda Constructions Limited (KCL) at the request of the company and based on the No Dues Certificate received from the banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 31.00 [ICRA]D; Withdrawn Fund based- Term Loan Long Term- 33.00 [ICRA]D; Withdrawn Fund based- Cash Credit Long Term/ 36.00 [ICRA]D/[ICRA]D; Withdrawn Short Term- Fund based/ Non-fund based Long Term– 50.00 [ICRA]D; Withdrawn NCD/Debt Incorporated in 2008, Karda Constructions Limited is involved in the development of residential as well as commercial real estate projects. The company is promoted by Mr. Naresh Karda, who is the managing director of the company and a civil engineer by qualification. A major number of the projects of the Group are residential with homes ranging from 1BHK apartments to penthouses. The company is listed on NSE and BSE. In FY2021, the company reported a net profit of INR20.2 crore on an operating income of INR121.4 crore, compared to a net profit of INR9.6 crore on an OI of INR114.1 crore in FY2020. KAYNES TECHNOLOGY: ICRA Withdraws D Rating on INR40cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Kaynes Technology India Private Limited at the request of the company and based on the No Objection Certificate received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term: 40.00 [ICRA] D; ISSUER NOT Fund based COOPERATING; Withdrawn facilities Long term: 7.95 [ICRA] D; ISSUER NOT Fund based COOPERATING; Withdrawn Facilities- Term Loan Long term: (28.00) [ICRA] D; ISSUER NOT Interchangeable COOPERATING; Withdrawn Short term– 38.05 [ICRA] D; ISSUER NOT Fund based COOPERATING; Withdrawn facilities Short Term: (28.00) [ICRA] D; ISSUER NOT Interchangeable COOPERATING; Withdrawn Kaynes Technology India Private Limited (KTIPL) is a moderate sized player in the Indian Electronics Manufacturing Services (EMS) industry, primarily engaged in turnkey contracts for manufacturing of circuit boards primarily for IT peripherals, industrial controls, rail signaling, telecom, energy, medical, automobiles, defense verticals for customers namely Seimens, Invensys Rail India, Ansaldo, Larsen & Tubro, Bharat Electronics, Kone Elevator to name afew. Established in 1988 as a sole proprietorship with a single unit at Mysore, KTIPL was converted into a private limited Company in 2008. Further, the Company has also been frequently expanding its operations with the addition of new units to cater to the increase in volumes on the back of entry into newer segments. KHODAL COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Khodal Cotton Processing Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 0.14 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to remain under 'Issuer Not Cooperating' Category Fund Based- 9.00 [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 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 2011, Khodal Cotton Processing Private Limited (KCPPL) is a private limited company. The company is managed by four directors namely Mr. Mansukhbhai Ajani, Mr. Lalitbhai Ajani, Mr. Maheshbhai Bhayani and Mr. Ashvinbhai Ajani. The company is engaged in ginning and pressing of raw cotton. KCPPL's manufacturing facility is located 2 at Jangvad, Rajkot District in Gujarat and is currently equipped with 24 ginning machines and one pressing machine to produce cotton bales and cottonseeds. KCPPL has an installed capacity to produce 280 cotton bales per day (24 hours operation). KRISH CEREALS: ICRA Lowers Rating on INR23cr Fund Based Loan to D ----------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Krish Cereals Pvt. Ltd. (KCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 23.00 [ICRA]D ISSUER NOT COOPERATING; limits Rating downgraded from [ICRA]B+ (Stable) and continues to remain in the 'Issuer Not Cooperating' category Material event The rating downgrade reflects Delay in Debt Repayment as mentioned in publicly available sources. Impact of material event There is Delay in Debt Repayment as mentioned in publicly available sources. Hence, the Long term rating is downgraded to [ICRA]D; ISSUER NOT COOPERATING. Rationale The rating is based on limited information on the entity's performance since the time it was last rated in May 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. Krish Cereals Pvt. Ltd. (KCPL) is engaged in the business of milling of Basmati Rice. The company has processing unit with capacity of 16 tonnes per hour which is located in Nissing (Distt. Karnal)- Haryana. The Company caters to both domestic as well as export markets. KRISHNAIAH MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Krishnaiah Motors Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 15.00 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term– 9.50 [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 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. KMPL, established in 2002 by Major (Retd) P.T Choudary, is a MSIL dealer in passenger cars in Hyderabad under the name "ACER Motors"; KMPL is involved in the sales of new cars and used cars, service of vehicles along with sale of spare parts. The company has two showrooms and two service centers in Hyderabad. The stockyard of the company is located at Alwal. LAKSHMI SRINIVASA: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Sri Lakshmi Srinivasa Raw & Boiled Rice Mill in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 11.25 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Rating continues CC to remain under 'Issuer Not Cooperating' category Long Term/ 3.75 [ICRA]B+(Stable)/[ICRA]A4; Short Term 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. Sri Lakshmi Srinivasa Raw & Boiled Rice Mill (SLSRBRM) was established as a proprietorship firm in 1983. In 2002, SLSRBRM was reconstituted as partnership firm, SLSRBRM is engaged in the milling of paddy, and produces raw and boiled rice. The firm has a milling unit in Nellore District of Andhra Pradesh. SLSRBRM has a milling capacity of 36000 MTPA of paddy. MADURAI TUTICORIN: ICRA Reaffirms D Rating on INR463.91cr Loan -------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Madurai Tuticorin Expressways Limited (MTEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- Fund Based TL 463.91 [ICRA]D; Reaffirmed Rationale The rating reaffirmation considers continued delays in repayment of MTEL's debt obligations and has also been classified as non-performing asset by the lenders. Despite restructuring of debt in December 2012, MTEL's liquidity position remained poor due to lower traffic than envisaged. The toll collections continue to remain significantly below expectations when compared to initial projected levels. Further, MTEL witnessed 6.3% decline in toll collections in FY2021 owing to adverse impact of the COVID-19 pandemic. ICRA also notes that the prospects for traffic growth along the route are modest, given that the stretch is not an arterial route. Given the poor toll collections, major maintenance (MM) reserve could not be created. As per concession agreement, the first MM was due in July 2016. However, due to funding constraints, it was delayed by 22 months and finally commenced in May 2018 with an estimated cost of INR115.67 crore which is being funded through project cash flows. As of March 31, 2021, 80% of the MM work is completed and expected to be completed by FY2022. Key rating drivers and their description Credit challenges * Delays in debt servicing: Due to delays in repayment of MTEL's debt obligations, it has been classified as nonperforming asset by the lenders, the delays are due to lower toll collections owing to lower traffic than envisaged. Lack of funding for MM: As per concession agreement, the first MM was due in July 2016. However, due to funding constraints, it was delayed by 22 months and finally commenced in May 2018 with an estimated cost of INR115.67 crore which is being funded through project cash flows. As on March 31, 2021, 80% of the MM work is completed and expected to be completed by FY2022. * Inherent risk in BOT (Toll) road projects: The project remains exposed to risks inherent in BOT (Toll) road projects, including risks arising from political acceptability of toll rate hike over the concession period and development/improvement of alternate routes and likelihood of toll leakages. Liquidity position: Poor The company's liquidity position is poor. The principal repayment obligation for FY2022 for MTEL is Rs.56.11 crore which cannot be met through cashflow from operations. Rating sensitivities Positive factors – The rating could be upgraded if the company demonstrates track record of regular debt servicing. Negative factors – Not Applicable MTEL is a special purpose vehicle (SPV) promoted by Madhucon Projects Limited, Madhucon Granites Ltd and SREI Infrastructure Finance. MTEL has been formed to improve and widen a 128.15 km stretch on National Highway (NH) - 45B on BOT basis. The stretch extends between Km 138/800 and 264/500, connecting the cities of Madurai & Tuticorin in the State of Tamil Nadu. The project has been awarded by NHAI on Build-Operate-Toll (BOT) basis, with a concession period of 20 years starting July 2006. The scheduled Commercial Operations Date (COD) of the project was January 2010; however, after a delay of more than 16 months, tolling has started in July 2011. The project road is a key arterial route connecting Tuticorin to Madurai and the rest of India. The only other highway that connects Tuticorin is NH-7A, which goes towards Tirunelveli, & southern Tamil Nadu. MITTAL LIFE: ICRA Lowers Rating on INR4.40cr Loan to B+ ------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Mittal Life Style Limited (MLSL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based– 4.40 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Downgraded from Facility [ICRA]BB (stable); Rating Moved to the 'Issuer Not Cooperating' category Unallocated 5.60 [ICRA]B+ (Stable) ISSUER NOT Limited COOPERATING; Downgraded from [ICRA]BB (stable); Rating Moved to the 'Issuer Not Cooperating' category Rationale The rating downgrade is because of the lack of adequate information regarding MLSL 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, despite the downgrade. As part of its process and in accordance with its rating agreement with MLSL, 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. ICRA has also been sending repeated reminders to the entity for payment of surveillance fee that became due. However, despite multiple 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. Established in 2005 by the Mittal family, MLSL is involved in trading of denim fabric. The company was listed under SME platform of National Stock Exchange (NSE) in 2018. J. K. Denim Fab Private Limited, the largest shareholder (33%) of MLSL, is involved in similar line of business and is a closely-held private company by the Mittal family through Mr. Brijesh Kumar Mittal, Mr. Pratik Brijesh Kumar Mittal and Mrs. Sudha Brijesh Kumar Mittal, who are also the shareholders and directors of MLSL. The company procures denim fabric primarily from Ahmedabad (Gujarat) and sells it in Mumbai and Ulhasnagar (Maharashtra). It has a registered office in Mumbai. NISHI FOREX: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Nishi Forex & Leisure Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable)/[ICRA] A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 17.00 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Rating continues CC to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA] A4; ISSUER NOT Non Fund Based COOPERATING; Rating continues To remain under 'Issuer Not Cooperating' category Long Term/ 20.00 [ICRA] B+(Stable)/[ICRA]A4; Short Term- 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 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 August 2014, Nishi Forex & Leisure Private Limited is an Authorised Dealer II (AD II) license holder based in Bangalore. Nishi primarily caters to foreign exchange needs of corporate clients, retail customers and wholesale customer. It had initially received the FFMC license from RBI in December 2014 before receiving the AD II license in May 2018 which has enabled it to undertake remittance-related activities directly. While it started its operations in Bangalore, it currently has branch offices in Andhra Pradesh, Telangana, Tamil Nadu, Kerala and Delhi. The company also provides air ticketing, tours and other travel-related services. R.K. CITY: ICRA Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has retained the long-term rating of R.K. City Developers Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 18.00 [ICRA]D ISSUER NOT COOPERATING; Limits 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. R.K. City Developers Private Limited (RK City) is a closely held company promoted by Mr Rakesh Kumar and his father Mr Vijay Kumar who take up construction of real estate and commercial projects for the group and other regional players. The company has been in this line of business for the past four years and has completed construction of a housing project for its promoter group comprising 74 apartments at Moga (Punjab). RAMAN EDUCATION: ICRA Withdraws D Rating on INR34cr Term Loans -------------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of Raman Education Society (RES), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 34.00 [ICRA]D; reaffirmed and Fund-based– Withdrawn Term Loans Rationale The rating primarily considers the irregularity in debt servicing in the recent past by RES on account of cash flow mismatches owing to delay in realization of fees from students amid the Covid-19 pandemic. An uneven pattern of fees collection, as inherent in the higher education segment, gives rise to the risks of cash flow mismatches, making proper treasury operations important. The rating is also constrained by the moderate profile of the educational institute run by RES and significant competition faced by it, which are likely to restrict the flexibility to increase fees, going forward. RES plans to undertake a sizeable capex for setting up a medical college and hospital, a major portion of which is likely to be funded by debt. This would adversely impact the entity's capital structure and liquidity. Moreover, as a new entrant in the healthcare business, RES is likely to remain highly vulnerable to the risks related to implementation of the proposed project within the budgeted cost and the estimated timeframe and operational risks associated with the sector post commissioning. ICRA, however, continues to consider the established track record of the society in imparting education for more than two decades and the status of a state private university (C. V. Raman Global University/CGU) conferred to the institute by the Government of Odisha in 2020, leading to a significant increase in fresh admissions in the academic year 2020-21. The same is likely to improve the institute's acceptance among the students and potential employers, going forward. The rating has been withdrawn in accordance with ICRA's policy on withdrawal, and as desired by the entity on receipt of no objection certificates provided by the lenders. Key rating drivers and their description Credit strengths * Established track record of the society in imparting education: The educational institute managed by RES started its operations in 1997 with four undergraduate (UG) programs. Now, the institute offers 17 UG programs in engineering, and many post-graduate (PG) programs in engineering, management, science, literature as well as Ph.D. courses. It has created many centers of excellence for facilitating specialized training and research in various subjects, in collaboration with renowned industry partners. * Status of a state private university received in 2020; fresh admissions improved significantly: The erstwhile C.V. Raman College of Engineering (CVRCE) was converted into a state private university named C. V. Raman Global University (CGU) in 2020. Consequently, the number of fresh admissions in the institute's UG engineering courses increased to 945 in the academic session 2020-21 compared to 625 in the previous session. The status of a university has rendered greater flexibility in admission procedure, course designing, evaluation mechanism, implementation of research plans, independent governance policies etc. This is likely to improve the institute's acceptance among the students and potential employers, going forward. Credit challenges * Irregularities in debt servicing in the recent past: The society availed moratorium on debt servicing from March 2020 to August 2020 because of the pandemic. However, significant cash flow mismatches because of delay in fees collection from students following deferment of admissions and academic sessions due to the pandemic led to irregularities in debt servicing in the subsequent months. * Susceptibility to cash flow mismatches due to an uneven pattern of fees collection: As the tuition fees are not received on a monthly basis, cash inflows of the institutes in the higher education segment are not uniformly spread across the year, though the operating expenses and outflows towards capital expenditure are spread over the entire year. Given the irregular nature of fees collections, prudent management of cash flows and liquidity becomes vital from the credit perspective. Though fees are usually collected by CGU in advance from the students for the academic year, a significant amount of fees remained due from the students (INR13.87 crore as of December 31, 2020) due to the pandemic, which exerted pressure on the entity's cash flows. This, in turn, led to delays in servicing of term loans. * Moderate profile of the institute and significant competition likely to limit flexibility in fees hike, going forward: The engineering faculty of CGU was ranked 93 by the National Institutional Ranking Framework (NIRF). Despite an improvement in the fresh admission in the UG engineering courses in the academic session 2020-21, the occupancy of the approved intake capacity in the UG engineering courses stood at a moderate level of 66%. The institute's placement track record also remained modest in the recent years. Besides, CGU would continue to face significant competition from other established engineering institutes in Odisha, which in turn, is likely to restrict the flexibility in fees hike, going forward. * Sizeable capex planned for a medical college and hospital likely to result in a rise in debt level and exert pressure on liquidity: The society plans to set up a medical college with 150 MBBS seats and a hospital with 650 beds in Bhubaneswar, Odisha. It has received approval from the Government of Odisha for the same, however, approval from the National Medical Commission (NMC) is pending. Initially, RES plans to set up a 350-bedded hospital in the first phase of the project, for which the budgeted cost is around INR150 crore. The major portion of the project cost is likely to be funded by term loans and the balance from internal sources. This is likely to result in a significant increase in the entity's debt level and keep its liquidity under pressure. Besides, RES is likely to remain highly vulnerable to the risks of time and cost overrun in the proposed project and operational risks associated with the sector post-commissioning as it is a new entrant in the industry. Liquidity position: Poor The liquidity position of RES is poor. The entity incurred sizeable capital expenditure in the recent years and is in the process of executing incremental capital expenditure for construction of hostels, purchase of equipment etc. The term loans availed for capex led to increased debt repayment obligation. The society's overdraft limit remained fully utilized as of December 31, 2020. RES availed moratorium on debt servicing from March 2020 to August 2020 due to the pandemic. However, there were delays in collection of fees from students following deferment of admission and academic sessions amid the pandemic, leading to income-expense mismatches and irregularities in debt servicing in the subsequent months. A sizeable debt-funded capex planned for setting up a medical college and hospital is likely to exert further pressure on the entity's liquidity. However, the project is at a nascent stage at present. Rating sensitivities Positive factors – Regularization of debt servicing on a sustained basis, supported by an improvement in liquidity position, may lead to an upgrade of the rating. Negative factors – Not applicable. Established in 1989, RES started an engineering college named C.V. Raman College of Engineering (CVRCE) in Bhubaneswar, Odisha in 1997. In 2020, the institute was accorded the status of a state private university by the Government of Odisha and was accordingly renamed as C. V. Raman Global University (CGU). It offers various courses like B.Tech, M.Tech, MBA, M.Sc., M.A. (English), Ph.D. and a few short-term courses. The strength of students in CGU stood at 3,567 in the 2020-21 academic session. The institute's engineering section was ranked 93 by the National Institutional Ranking Framework (NIRF). RANA SUGARS: ICRA Withdraws D Rating on INR502.20cr LT Loan ----------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Rana Sugars Limited at the request of the company and based on the No Due Certificate and No Objection Certificates received from its bankers. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 502.20 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating Continues to remain under Cash Credit the 'Issuer Not Cooperating' Category/Rating Withdrawn Long Term- 104.87 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating Continues to remain under Term Loans the 'Issuer Not Cooperating' Category/Rating Withdrawn Long Term- 81.13 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under the 'Issuer Not Cooperating' Category/Rating Withdrawn Short Term- 31.80 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based- Rating Continues to remain under BGs and LCs the 'Issuer Not Cooperating' Category/Rating Withdrawn RSL is engaged in the business of manufacturing sugar and undertaking the allied businesses of cogeneration and distillery. Incorporated in July 1991, RSL was promoted by Rana Gurjeet Singh and Rana Ranjit Singh as a joint venture with Punjab Agro Industrial Corporation Ltd. (PAIC). At present, the company is being managed under the managing directorship of Rana Inder Pratap Singh. PAIC divested its stake in Rana Sugars during FY2005 by selling its stake to the promoters, as per the provisions of the Financial Collaboration Agreement. ROYALS MARINE: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Royals Marine Food Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 10.00 [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 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. Royals Marine Food Private Limited was incorporated in Dec 2015 under the name of M/s. R.K. Builders & Developers India Pvt. Ltd and had not undertaken any commercial operations. In FY2018, the company changed its name to "M/s. Royals Marine Food Private Limited". The company is setting up a shrimp feed manufacturing unit with an initial capacity of 5T/ hr and subsequently double its capacity by FY2020. The total project cost is estimated at INR33.0 crore which is proposed to be financed by term loan of INR10.0 crore (30.0%) and equity contribution of INR23.0 crore (70.0%) and expected to begin commercial operations from February 2019. As of November 30, 2018, the company has incurred INR16.54 crore (50.2% financial progress) and is in line with the schedule. RUBBER MATTERS: ICRA Withdraws B Rating on INR13.38cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Rubber Matters Private Limited at the request of the company and based on the No objection Certificate received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term, 13.38 [ICRA]B (Stable); ISSUER NOT Fund based- COOPERATING; Withdrawn Term Loan Long Term, 2.00 [ICRA]B (Stable); ISSUER NOT Fund based- COOPERATING; Withdrawn Cash Credit Long Term- 0.02 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Withdrawn Incorporated in year 2015, Rubber Matters Private Limited (RMPL or the Company) is presently setting up a green field project of manufacturing reclaimed rubber, crumb rubber and rubber powder from waste rubber. The company was established under the name R D Deshpanday Healthcare & Pharmaceuticals Private Limited in 2015 and was subsequently renamed as Rubber Matters Private Limited in 2016. The manufacturing plant of RMPL will be set up in Kurkumbh, Pune with a proposed production capacity of 9000 MTPA. The promoters of RMPL – Mr. Mayur Bubna and Mrs. Sarika Bagaria have diversified business interests, across diverse fields such as rice processing, operations and maintenance services, launching online trading platforms, etc. SANTHA SPINNING: ICRA Withdraws B+ Rating on INR6.15cr Term Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Santha Spinning Mills Private Limited at the request of the company and based on the No Objection Certificate received from the banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.15 [ICRA]B+ (Stable) ISSUER NOT Fund based– COOPERATING; Withdrawn Term Loan Short term- 4.50 [ICRA]A4 ISSUER NOT Non-Fund COOPERATING; Withdrawn based Long term/ 8.35 [ICRA]B+(Stable)/[ICRA]A4 Short term- ISSUER NOT COOPERATING; Unallocated Withdrawn Santha Spinning Mills Private Limited (SSMPL), incorporated in 2001, is engaged in manufacturing of cotton yarn. SSMPL's spinning unit is located at Coimbatore with a capacity of 20,976 spindles. The company is also involved in 3 weaving of fabric under the brand name of "Santha"; however, it does not have its own power looms and weaving is outsourced to other companies in the region. SARDAR COTTON: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sardar Cotton in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 11.30 [ICRA]D 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 as a partnership firm in 2012, Sardar Cotton (SC) is engaged in cotton ginning and pressing operations. The firm is managed by Mr. Pravin Patel along with 2 other partners with manufacturing facility located near Rajkot, Gujarat. The firm has 24 ginning machines and 1 pressing machine having a cumulative processing capacity to manufacture 100 bales per day with 12 hours of operations. The major raw material of the firm is Shankar-6 which is procured directly from the farmers located in Rajkot, and close by areas at market prices on cash payment basis. SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Shyam Cottex in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based– 1.38 [ICRA]B(Stable)ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based– 4.00 [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 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 April 2014, Shyam Cottex is a partnership firm, engaged in the business of ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The manufacturing facility of the firm is located at Jivapar, (distt: Rajkot) and is currently equipped with 24 ginning machines and 1 pressing machine having a capacity to produce 250 cotton bales per day. The firm mainly deals in Shankar-6 type of raw cotton. SILICA INFRATECH: ICRA Withdraws B+ Rating on INR7cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Silica Infratech private Limited at the request of the company and based on the No Objection Certificate received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 7.00 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Withdrawn Cash Credit Long Term– 1.25 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Withdrawn Term Loan Short Term- 0.75 [ICRA]A4; ISSUER NOT Fund based COOPERATING; Withdrawn Short Term- 0.50 [ICRA]A4; ISSUER NOT Unallocated COOPERATING; Withdrawn Short Term– 10.00 [ICRA]A4; ISSUER NOT Non Fund Based COOPERATING; Withdrawn Silica Infotech Private Limited (SIPL) provides Information Technology (IT) services to a varied range of customers belonging to different sectors such as telecom, FMCG, etc. The company supplies and installs routers, switches, firewalls, access points, etc. After installing these devices, the company also provides annual maintenance contract services. In FY2017, the company diversified into bottling of LPG cylinders, under a contract agreement with Hindustan Petroleum Company Limited. The company has set up seven units, of which three each are in Uttar Pradesh and Bihar, and one in Himachal Pradesh. SPICEJET LTD: Defaults on Payments, Dues Over Covid Impact ---------------------------------------------------------- Livemint.com reports that announcing its financial results for June quarter, SpiceJet said that it has deferred payments to various parties, including lessors and other vendors and its dues to statutory authorities. The defaults were on account of its operational and financial position, and the impact of the ongoing Covid-19 pandemic, the airline said in a regulatory filing on Aug. 13. "The company has a negative net worth of INR3,298.72 crore as at June 30, 2021. The losses have been primarily driven by adjustments on account of implementation of IndAS 116, adverse foreign exchange rates, fuel prices, pricing pressures, and the impact of Covid-19 (first wave and recent second wave), whose effects have continued to have an impact on the results for the year ended 31 March 2021 and quarter ended 30 June 2021," the airline said, Livemint.com relays. "On account of its operational and financial position, and the impact of the ongoing Covid-19 pandemic, the company has deferred payments to various parties, including lessors and other vendors and its dues to statutory authorities," SpiceJet further added. According to Livemint.com, SpiceJet said its management is confident that they will be able to negotiate settlements in order to minimise or avoid any or further penalties. On grounded Boeing 737 MAX aircraft, SpiceJet said that it is continuously engaging the aircraft manufacturer to recover damages on account of expenses incurred by it due to the grounding of the 737 MAX fleet. SpiceJet said it is also engaging with lessors of the grounded MAX aircraft to restructure the present leases, the report relays. The budget carrier reported a net loss of INR729 crore for the quarter ended June 30, 2021, as against a loss of INR593.4 crore in the corresponding quarter last year, Livemint.com discloses. The loss came despite substantial rise in revenue during the quarter as the airline said its business continued to face headwinds due to the Covid-19 restrictions. Total income for the quarter under review increased 80 per cent to INR1,265.85 crore as against INR704.56 crore in the same quarter of the previous year. Total revenue from operations grew 112 per cent to INR1,089.73 crore, from INR514.69 crore, Livemint.com adds. About Spicejet SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second- biggest budget airline, after IndiGo. SRINIVASA SALES: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Srinivasa Sales and Service Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable)/[ICRA] A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 9.70 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term– 7.50 [ICRA]B+(Stable)ISSUER NOT Fund based COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 6.30 [ICRA]A4; ISSUER NOT Non Fund Based COOPERATING; Rating continues To remain under 'Issuer Not Cooperating' category Long Term/ 1.61 [ICRA] B+(Stable)/[ICRA]A4; Short Term 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 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. Srinivasa Sales & Service Pvt. Ltd. (SSSPL) is the authorised distributor for sales and providing after sales services for the products manufactured and marketed by Cummins India Limited. The company has distributorship for 17 districts of Andhra Pradesh and Telangana state covering all districts in Telangana and East Godavari, Guntur, Krishna, Prakasam, Srikakulam, Vishakhapatnam, Vizianagram, and West Godavari districts. The company is the nonexclusive dealer for CIL however as on date SSSPL is the only authorised dealer for the above-mentioned districts and the agreement is valid till December 31, 2017 and is renewed on yearly basis. The company has three branches in Hyderabad, Vijayawada and Vishakhapatnam. The company also undertakes servicing of old engines sold by CIL and others; CIL enters AMC with bulk customers for servicing of CIL engines and other branded engines. STRAWBERRY STUDIO: ICRA Keeps B+/A4 Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Strawberry Studio Exports Private Limited. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable)/[ICRA] A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 12.70 [ICRA] B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 0.98 [ICRA]A4; 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 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. SSEPL was incorporated as a proprietorship concern for the manufacturing of ladies and kids wear in 1996 by second generation entrepreneur Mr. Hemant Ruparleia. Mr. Hemant had previously worked in his father Mr. Atul Ruparleia's business at Maestro fashion. In 1999, the proprietorship was incorporated as a private limited company and post 1999, the company shifted its focus to kids wear. The company is engaged in the manufacturing and export of readymade kids garments like skirts, dresses, tops etc. They deal in the manufacturing of woven and trading of knitted garments. TAMIL NADU: ICRA Reaffirms D Rating on INR118.01cr LT Loan ---------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Tamil Nadu Dindigul Karur Expressways Limited (TNDK), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- Fund Based TL 118.01 [ICRA]D; Reaffirmed Rationale The rating reaffirmation considers continued delays in repayment of TNDK's debt obligations and has also been classified as non-performing asset by the lenders. Despite restructuring of debt in December 2012, TNDK's liquidity position remained poor due to lower traffic than envisaged. The toll collections continue to remain significantly below expectations when compared to initial projected levels. Further, TNDK witnessed 14% decline in toll collections in FY2021 owing to adverse impact of the COVID-19 pandemic. ICRA also notes that the prospects for traffic growth along the route are modest, given that the stretch is not an arterial route. Given the poor toll collections, major maintenance (MM) reserve could not be created. As per concession agreement, the first MM was due in November 2014. However, due to funding constraints, it was delayed by 50 months and finally commenced in January 2019 with an estimated cost of INR76.6 crore, which is being funded through the project cash flows. As on March 31, 2021, 90% of the MM work is completed and expected to be completed by FY2022. Key rating drivers and their description Credit challenges * Delays in debt servicing: Due to delays in repayment of TNDK's debt obligations, it has been classified as nonperforming asset by the lenders, the delays are due to lower toll collections owing to lower traffic than envisaged. * Lack of funding for MM: As per concession agreement, the first MM was due in November 2014. However, due to funding constraints, it was delayed by 50 months and finally commenced in January 2019 with an estimated cost of INR76.6 crore, which is being funded through the project cash flows. As on March 31, 2021, 90% of the MM work is completed and expected to be completed by FY2022. * Inherent risk in BOT (Toll) road projects: The project remains exposed to risks inherent in BOT (Toll) road projects, including risks arising from political acceptability of toll rate hike over the concession period and development/improvement of alternate routes and likelihood of toll leakages. Liquidity position: Poor The company's liquidity position is poor. The principal repayment obligation for FY2022 for TNDK is INR32.48 crore which cannot be met through cash flow from operations. Rating sensitivities Positive factors – The rating could be upgraded if the company demonstrates track record of regular debt servicing. Negative factors – Not Applicable TNDK is a special purpose vehicle (SPV) promoted by Madhucon Projects Ltd (MPL), Madhucon Infra Limited and Madhucon Toll Highways Limited. TNDK has been formed to strengthen and widen the existing 68 km long stretch between Karur-Dindigul on NH-7. The project also includes the improvement, operations and management of the already 4 lane stretches in adjacent section from Karur Bypass (chainage 292.600 km) to end of Karur Bypass (chainage 305.600 km) covering total length of 9.60 km. The project has been awarded by NHAI on Build-Operate-Toll (BOT) (Toll) basis, with a concession period of 20 years starting Oct 2006. The project has been delayed by about seven months, with the actual COD being November 2009 instead of April 2009 scheduled earlier. This highway is the major arterial route that serves a significant volume of passenger traffic traveling to various important cities in the state like Madurai, Kanyakumari, Rameswaram, Coimbatore & Kodaikanal. TRICHY THANJAVUR: ICRA Reaffirms D Rating on INR172.86cr LT Loan ---------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Trichy Thanjavur Expressways Limited (TTEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- Fund Based TL 172.86 [ICRA]D; Reaffirmed Rationale The rating reaffirmation considers continued delays in repayment of TTEL's debt obligations and has also been classified as non-performing asset by the lenders. Despite restructuring of debt in December 2012, TTEL's liquidity position remained poor due to lower traffic than envisaged. The toll collections continue to remain significantly below expectations when compared to initial projected levels. Further, TTEL witnessed 19% decline in toll collections in FY2021 owing to adverse impact of the COVID-19 pandemic. ICRA also notes that the prospects for traffic growth along the route are modest, given that the stretch is not an arterial route. Given the poor toll collections, major maintenance (MM) reserve could not be created. As per concession agreement, the first MM was due in May 2016. However, due to funding constraints, it was delayed by 28 months and finally commenced in September 2018 with an estimated cost of INR39.7 crore which is being funded through the project cash flows. As on March 31, 2021, 75% of the MM work is completed and expected to be completed by FY2022. Key rating drivers and their description Credit challenges * Delays in debt servicing: Due to delays in repayment of TTEL's debt obligations, it has been classified as nonperforming asset by the lenders, the delays are due to lower toll collections owing to lower traffic than envisaged. Lack of funding for MM: As per concession agreement, the first MM was due in May 2016. However, due to funding constraints, it was delayed by 28 months and finally commenced in September 2018 with an estimated cost of INR39.7 crore which is being funded through the project cash flows. As on March 31, 2021, 75% of the MM work is completed and expected to be completed by FY2022. * Inherent risk in BOT (Toll) road projects: The project remains exposed to risks inherent in BOT (Toll) road projects, including risks arising from political acceptability of toll rate hike over the concession period and development/improvement of alternate routes and likelihood of toll leakages. Liquidity position: Poor The company's liquidity position is poor. The principal repayment obligation for FY2022 for TTEL is INR32.51 crore which cannot be met through cashflow from operations. Rating sensitivities Positive factors – The rating could be upgraded if the company demonstrates track record of regular debt servicing. Negative factors – Not Applicable TTEL is a special purpose vehicle (SPV) promoted by Madhucon Projects Ltd (MPL) for the strengthening and widening of an existing 55.75km long stretch between Trichy-Thanjavur on National Highway (NH) - 67. The project has been awarded by NHAI on Build-Operate-Toll (BOT) (Toll) basis, with a concession period of 20 years starting June 2006. The scheduled Commercial Operations Date (COD) of the project was June 2009; however, after a delay of more than 22 months, the actual COD was achieved in May 2011. The project road connects Thanjavur, a prominent tourist city to Trichy and other places in the western part of South India. VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Vardhman Vitrified Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D/[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 6.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' Category Fund Based- 3.00 [ICRA]D ISSUER NOT COOPERATING; Bank Guarantee Rating continues to remain under 'Issuer Not Cooperating' Category Unallocated 10.00 [ICRA] D/[ICRA] D; ISSUER NOT Limits 10.00 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 July 2009, Vardhman Vitrified Private Limited manufactures vitrified floor tiles of three sizes — 600 X 600 mm, 800 x 800 mm and 1000 x 1000 mm. The company started its commercial operations from May 25, 2010. VVPL's manufacturing facility, located at Morbi (Gujarat), has an annual manufacturing capacity of 37,800 MT. It sells its products under the brand name of 'Vardhman'. VVPL was promoted by Mr. Vitenkumar Kavar, who has extensive experience in the ceramic industry by virtue of his association with other companies engaged in a similar line of business like New Vardhman Vitrified Private Limited and Comet Ceramic. VIINAYAKA RICE: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term and short-term ratings of Sree Viinayaka Rice Mill in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 3.60 [ICRA]B(Stable)ISSUER NOT Fund based COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term– 4.00 [ICRA]B(Stable)ISSUER NOT Fund based COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term– 3.40 [ICRA]A4; 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. Sree Vinayaka Rice Mill (SVRM) was established as a partnership firm in the year 2011. The firm had setup a rice mill with production capacity of 13 TPD to produce raw & boiled rice. The Firm operates in three shifts per day. The unit is located at Rangampeta mandal of East Godavari district of Andhra Pradesh. The firm is promoted by Mr. P. Ranga Rao, Mr. P. Ravi Kumar. The promoters are well experienced in rice milling business and the unit will be run under the direct supervision & control of the promoters. ================= I N D O N E S I A ================= GAJAH TUNGGAL: Moody's Upgrades CFR to B3 Following Refinancing --------------------------------------------------------------- Moody's Investors Service has upgraded the Corporate Family Rating of Gajah Tunggal Tbk (P.T.) to B3 from Caa1 following the refinancing of its 2022 senior secured notes. At the same time, Moody's has upgraded the ratings on the $175 million senior secured notes due in 2026 to B3 from Caa1. The outlook has been changed to stable from ratings under review. This action concludes the review for upgrade initiated on June 9, 2021. "The rating upgrade reflects the improvement in Gajah Tunggal's capital structure and debt maturity profile following the refinancing of its 2022 notes," says Stephanie Cheong, a Moody's Analyst. RATINGS RATIONALE On August 10, 2021, Gajah Tunggal redeemed all of its outstanding 2022 senior secured notes, with proceeds from a new IDR1.45 million 7-year senior secured amortizing term loan and its new $175 million 2026 notes (issued in June 2021). The notes redemption alleviates near-term refinancing risks and extends the company's debt maturity profile. In addition, the refinancing includes a rupiah-based loan which helps reduces some of the company's foreign currency exposure. Around 55% of its debt is now USD denominated, a decline from 75% prior to the refinancing. Gajah Tunggal's B3 CFR continues to reflect its leading position in the Indonesian domestic tire market and its balanced sales mix. The company also reported strong credit metrics, including a debt/EBITDA of 3.1x and EBITDA margin of 17.1%, for the 12 months ended June 30, 2021. However, the B3 rating also incorporates Moody's expectation for a moderation in Gajah Tunggal's profitability and cash flows given rising raw material prices and its growth in export sales, which will ultimately pressure its working capital cycle. Indonesia's implementation of emergency public-activity restrictions (PPKM) after a surge in the country's coronavirus cases, will also likely dent overall tire demand. As a result, Moody's expects leverage will trend towards 4.0x and EBITDA margin towards 13%-14% over the next 12-18 months. Gajah Tunggal's rating continues to be constrained by its exposure to cyclical raw material prices and foreign exchange movements, which lead to a volatile financial performance, increased reliance on short-term funding and reduced covenant cushion during periods of margin pressure. Moody's expects Gajah Tunggal will continue to rely on its short-term working capital facilities over the next 12 months. However, Moody's expects the company will maintain access to substantially all of its working capital facilities, as it has done in the past. The rating also incorporates governance risks arising from the company's concentrated ownership and increasing related-party transactions. Gajah Tunggal's 2026 senior secured bond is not exposed to legal or structural subordination risk, hence the rating is in line with the CFR at B3. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if liquidity position improves, such that Gajah Tunggal increases its covenant cushion and materially reduces its reliance on short-term funding. Further, a ratings upgrade would require Gajah Tunggal to sustain EBITDA margins above 15%, EBITA/Interest above 1.5x and debt/EBITDA below 4.5x through the cycle. The rating could be downgraded if (1) Gajah Tunggal's earnings decline and margins weaken such that EBITA/Interest is consistently below 1.25x; (2) payments from its related parties continue to be delayed; or (3) liquidity deteriorates, either due to cash balances falling below $40 million, a loss in access to its working capital lines or (4) or a breach in covenants becomes likely. The principal methodology used in these ratings was Automotive Suppliers published in May 2021. Headquartered in Jakarta, Indonesia, Gajah Tunggal Tbk (P.T.) is Southeast Asia's largest integrated tire manufacturer, with an installed capacity to produce 55,000 passenger car radial (PCR) tires, 14,500 bias tires, 95,000 motorcycle tires, and 2,000 truck and bus radial (TBR) tires per day. The company also has the capacity to produce 40,000 tons of tire cord and 75,000 tons of synthetic rubber per year for internal consumption and third-party sales. Gajah Tunggal's key shareholders include Denham Pte Ltd (49.5%), a subsidiary of Chinese tire manufacturer Giti Tire, and Compagnie Financiere Michelin (10%). The remaining shares are publicly traded on the Indonesian Stock Exchange. GAJAH TUNGGAL: S&P Raises LongTerm ICR to 'B-', Outlook Stable -------------------------------------------------------------- S&P Global Ratings raising its long-term issuer credit rating on Indonesia-based tire maker PT Gajah Tunggal Tbk. to 'B-' from 'CCC+' and finalizing the issue rating on its US$175 million senior secured notes at 'B-'. At the same time, S&P is revising the outlook on Gajah Tunggal to stable from developing. S&P said, "The stable outlook indicates our view that Gajah Tunggal will maintain sound operating performance, while managing covenant levels and liquidity needs over the next 12 months. "We upgraded Gajah Tunggal upon the company's successful refinancing and repayment of its US$250 million notes maturing in August 2022. On Aug. 10, 2021, the company repaid the remaining US$98 million of its US$250 million bond, using proceeds from IDR1.45 trillion in syndicated bank loans. Gajah Tunggal had previously priced US$175 million in new senior secured notes maturing in 2026 at a fixed coupon rate of 8.95%, which were also used to repay the existing bond. Its weighted average debt maturity lengthened to about four years, alleviating refinancing risk. "Our 'B-' rating on Gajah Tunggal reflects our view of the company's margin sensitivity to raw material prices, along with our expectations of growing working capital requirements in line with increasing related-party exposure. Our rating on the company also considers its relatively weaker market access compared with peers rated in the 'B' category. Tempering these risks are the company's sound domestic presence in Indonesia, significant improvement in its capital structure and liquidity post-refinancing, as well as a meaningful reduction in foreign currency risk exposure." COVID-19 resurgence in Indonesia along with still high raw material prices will weigh on Gajah Tunggal's margins. S&P said, "We project the company's EBITDA margin to fall to 12%-13% in 2021 and 2022, compared with 15% in 2020. Reported EBITDA margin fell to 7.4% in the quarter ended June 30, 2021, compared with 15.4% in the previous quarter. For the first six months of 2021, average prices of natural rubber were close to 50% higher than the same period last year. They could remain at that level throughout 2021 according to current futures. Given that approximately 80% of Gajah Tunggal's raw material costs are linked to natural and synthetic rubber, and other related chemicals, we anticipate higher rubber costs will constrain its profit margins. While Gajah Tunggal has historically been able to pass on some increases in raw material prices to its customers, weak consumer sentiment and intense competition may limit its ability to do so in a timely manner. Our base case assumes Gajah Tunggal's reported EBITDA will be IDR1.8 trillion-IDR1.9 trillion in 2021, compared with about IDR2.1 trillion in 2020. Reported EBITDA was IDR0.85 trillion for the six months ended June 30, 2021. "We believe the effects from COVID-19 resurgence in Indonesia could be more apparent in the third quarter of 2021, which could derail Gajah Tunggal's sales recovery, since over 60% the company's sales are to domestic customers. Sales in the second quarter of 2021 fell 15% compared to the first quarter largely due to seasonality from holiday celebrations in Indonesia. The average quarterly sales run-rate for the second half of the year could be about 5%-10% lower than the revenue generated in the first quarter of the year, in our view. This would bring Gajah Tunggal's 2021 revenue to about IDR14.2 trillion-IDR 14.8 trillion, compared to IDR13.4 trillion in 2020. "The rating also reflects our expectations for minimal discretionary cash flow over the next two years, amid growing working capital requirements and a pickup in capital spending. "The company's cash balance as of June 30, 2021 grew to IDR1.4 trillion, compared to IDR1.2 trillion as of end-March 2021. We note that this was largely derived from additional proceeds from the recent refinancing exercise. Faster collection of third-party receivables along with lengthening of trade payables partially mitigated the significant build up in inventory levels during the second quarter. Account payables days are currently near a multi-year high, while accounts receivables days from third parties, are near multi-year lows. We believe those are likely to normalize over the rest of the year given the intensely competitive environment and subdued consumer sentiment, which could widen working capital outflows and diminish Gajah Tunggal's improved cash balance. The company's related-party exposure should rise incrementally, as it looks to expand exports. Along with a pick-up in capital spending, this could dampen discretionary cash flows through 2022. We project the company's cash balance to hover around IDR1 trillion over the next 12 months." Gajah Tunggal's currency risk related to debt servicing has reduced following its refinancing exercise. S&P said, "We estimate the company's foreign currency debt will now account for less than 50% of its total debt from close to 70%, in view of increased local currency capital raising. The company's U.S. dollar-denominated EBITDA should sufficiently cover its dollar-denominated interest expenses. However, the company's growing working capital requirements would most likely be funded by U.S. dollar lines, keeping a structural exposure to fluctuations in the Indonesian rupiah, in our view. "We expect the company's leverage to improve modestly over the next two years, with ratio of funds from operations (FFO) to debt to be in the 15%-20% range. This is on the back of gradual reduction in scheduled term loan amortizations, along with continued growth in the business. EBITDA interest coverage ratio will be maintained around mid-2x, and gradually improve toward 3x over the period. The company's average interest rates should reduce slightly, given the absence of withholding tax and hedging costs for the Indonesian rupiah term loans, in our assessment. "The stable outlook reflects our view that following its refinancing, Gajah Tunggal will maintain its profitability and its liquidity buffer, along with steady debt reduction through the scheduled term loan amortizations over the next 12 months. "We may downgrade Gajah Tunggal if the company's liquidity position were to potentially weaken because of a significant deterioration in earnings, working capital or substantially negative cash generation. Downside pressure could also arise if covenant headroom were to tighten. "We may raise the rating if Gajah Tunggal establishes a track record of managing working capital and capital expenditure prudently, preventing a significant buildup in short-term debt and liquidity needs. An upgrade would also be contingent on transparency on related-party transactions, as well as the company's ratio of FFO to debt approaching 20% sustainably." Gajah Tunggal was founded in 1951 and is headquartered in Jakarta. The company produces and markets tires for cars (11.7 million passenger car radial and 2.9 million bias units sold in 2020), motorcycles (19.6 million), and truck and bus radials (0.6 million). It also manufactures other rubber-related products. Gajah Tunggal sells and distributes products in Indonesia, the Americas, Asia, Europe, Africa, Australia, and the Middle East. ================= S I N G A P O R E ================= BIOLIDICS LTD: Net Loss Widens to SGD3-Mil. in H1 Ended June 30 --------------------------------------------------------------- The Business Times reports that Biolidics Limited posted a SGD3 million loss for the six months ended June 2021 - widening from the SGD0.1 million loss in the year-ago period - amid a "highly competitive market" with a growing supply of antigen and antibody test kits. Group revenue for the period tumbled 91 per cent to SGD0.6 million, from SGD7.1 million in H1 FY2020. Basic loss per share stood at 1.14 Singapore cents, compared to 0.04 cent in H1 FY2020, BT discloses. "As the Covid-19 pandemic unfolded since the start of 2020, there has been a significant increase in manufacturers involved in the development of Covid-19 diagnostic test kits as well as antigen and antibody test kits. "Hence, the growing supply of antigen and antibody test kits has led to a highly competitive market with intense price competition," the company said in a business update on Aug. 13, BT relays. Sales of Covid-19 related products brought in SGD0.4 million in H1 FY2021, compared to SGD6.4 million in the year-ago period, adds BT. Biolidics Limited -- http://www.biolidics.com/-- a precision medicine medical technology company, focuses on developing a portfolio of diagnostic solutions. It operates through Cancer, Infectious Diseases, and Laboratory Services segments. The company engages in the research, experimental development, marketing, and distribution of biotechnology, life and medical science, and electronics related industrial design services. It offers ClearCell FX1 System, an automated in vitro diagnostic medical device that separates and enriches cancer cells from blood; and antigen and antibody test kits, as well as laboratory services. The company has a strategic collaboration with Sysmex Corporation. It serves academic and research institutes, hospitals, and laboratories in Singapore, China, Hong Kong, Japan, the United States, and other European Union countries. The company was incorporated in 2009 and is based in Singapore. CITY DEVELOPMENTS: Reports First-Half Loss, Mulls China Comeback ---------------------------------------------------------------- Bloomberg News reports that City Developments Ltd, run by Singapore's richest property dynasty, reported a first-half loss on the fallout from the pandemic and said it is mulling a deeper China presence after being stung by write downs on an earlier investment. Bloomberg relates that travel restrictions caused revenues to decline at the firm's hotel operations and investment properties, while the withdrawal of Covid tax relief plans contributed to a SGD32.1 million loss in the first six months. Touching on the developer's plans for China, chief executive officer Sherman Kwek said the world's most populous nation is still a "very viable" market, Bloomberg relays. The upbeat outlook for China underscores how difficult it is for Asia's property developers to ignore the world's second-largest economy. According to Bloomberg, the company is still reeling from a record loss of SGD1.9 billion for the last financial year, largely because of impairments from its bungled backing of Chinese developer Chongqing Sincere Yuanchuang Industrial Co. China has caused jitters among investors following a regulatory crackdown on some of the nation's biggest tech companies, while its "Three Red Lines" requirement for property developers has tightened borrowing limits and made it harder for indebted companies to refinance, the report notes. City Developments Limited (SGX:C09) -- http://www.cdl.com.sg/-- is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. KRISENERGY MARINE: Creditors' Meetings Set for Aug. 23 ------------------------------------------------------ Krisenergy Marine Pte Ltd will hold a meeting for its creditors on Aug. 23, 2021, at 10:00 a.m., via audio visual communication. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint Liquidators; and c. to consider and if thought fit, appoint a Committee of Inspection ("COI") of not more than 5 members; and d. any other business. MARBLE II PTE: Fitch Withdraws 'BB' LongTerm IDRs ------------------------------------------------- Fitch Ratings has withdrawn Marble II Pte. Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings of 'BB'. Fitch is withdrawing the ratings of Marble II as Marble II is undergoing a reorganisation. Accordingly, Fitch will no longer provide ratings or analytical coverage for Marble II. KEY RATING DRIVERS Marble II has completed the sale of its entire 56% equity stake in Mphasis Limited and has redeemed the USD500 million senior unsecured bonds due June 2022. Fitch believes Marble II will have limited remaining assets or liabilities after this reorganisation. RATING SENSITIVITIES Not applicable, as the ratings have been withdrawn. ESG CONSIDERATIONS Following the withdrawal of Marble II's ratings, Fitch will no longer be providing the associated ESG Relevance Scores. 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. PHOENIX AIRCRAFT: Court to Hear Wind-Up Petition on Aug. 27 ----------------------------------------------------------- A petition to wind up the operations of Phoenix Aircraft Leasing Pte. Ltd. (formerly known as Phoenix Aircraft Leasing And Sales Pte. Ltd.) will be heard before the High Court of Singapore on, Aug. 27, 2021, at 10:00 a.m. Export-Import Bank of Malaysia Berhad filed the petition against the company on Aug. 2, 2021. The Petitioner's solicitors are: A.Ang, Seah & Hoe 63 Market Street #05-01 Bank of Singapore Centre Singapore 048942 PROSPECT COBALT: Creditors' Proofs of Debt Due on Sept. 13 ---------------------------------------------------------- Creditors of Prospect Cobalt Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by Sept. 13, 2021, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 24, 2021. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SCCPRE HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 13 ------------------------------------------------------------- Creditors of SCCPRE Hospitality Reit Management Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by Sept. 13, 2021, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 6, 2021. The company's liquidator is: Lai Seng Kwoon c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 SUN ELECTRIC: Placed Under Interim Judicial Management ------------------------------------------------------ Sun Electric Energy Assets Pte Ltd. was placed under interim judicial management on Aug. 6, 2021. Abuthahir Abdul Gafoor -- abuthahir@aag-ca.com -- and Yessica Budiman -- yessicabudiman@aag-ca.com -- of AAG Corporate Advisory have been appointed Joint and Several Interim Judicial Managers of the company. The Judicial Managers can be reached at: AAG Corporate Advisory 144 Robinson Road #14-02 Robinson Square Singapore 068908 ********* 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 ***