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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
Wednesday, August 25, 2021, Vol. 24, No. 164
Headlines
A U S T R A L I A
BEYOND MERCHANT: First Creditors' Meeting Set for Sept. 2
BROADLINE GROUP: First Creditors' Meeting Set for Sept. 2
FOUR PILLAR: First Creditors' Meeting Set for Sept. 1
HELIOS CORP: First Creditors' Meeting Set for Aug. 31
MAC WINDOWS: First Creditors' Meeting Set for Sept. 2
MINERALOGY PTY: Federal Court Dismisses Claim Against ASIC
MVP PRINT: Second Creditors' Meeting Set for Aug. 31
RESIMAC TRIOMPHE 2021-2: S&P Assigns Prelim 'B' Rating on F Notes
C H I N A
CHINA EVERGRANDE: In Talks to Sell Hong Kong Headquarters
CHINA SOUTH CITY: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
I N D I A
ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating
ALOK HARSH: CARE Lowers Rating on INR4.74cr LT Loan to B
ANDHRA POLYMERS: ICRA Lowers Rating on INR9cr LT Loan to B+
APEKSHA INFRAPROJECTS: CARE Keeps C Debt Rating in Not Cooperating
BHARAT COTTAGE: ICRA Keeps B- Debt Ratings in Not Cooperating
CHAITANYA CORPORATION: ICRA Keeps D Rating in Not Cooperating
COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
DARWIN PHARMA: ICRA Keeps B Debt Rating in Not Cooperating
DIGITAL FACTORY: CARE Keeps D Debt Rating in Not Cooperating
DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating
GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
IL&FS ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
INDIA: Aims to Raise USD81 Billion by Leasing Out Infra Assets
KOHINOOR HOSPITALS: ICRA Keeps D Debt Ratings in Not Cooperating
MAHAKALESHWAR TOLLWAYS: CARE Cuts Rating on INR164.84cr Loan to D
MANEESH PIPES: CARE Keeps B+ Debt Rating in Not Cooperating
MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category
PLASTO INDIA: ICRA Reaffirms B+ Rating on INR4.0cr Cash Credit
PRAGATI MARINE: ICRA Reaffirms B Rating on INR5.0cr LT Loan
RAMDEV STAINLESS: CARE Keeps B- Debt Rating in Not Cooperating
S M ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
SALICYLATES AND CHEMICALS: ICRA Cuts Rating on INR23cr Loan to B+
SANOOR CASHEWS: ICRA Reaffirms B Rating on INR2.0cr LT Loan
SETCO AUTOMOTIVE: ICRA Reaffirms D Rating on INR200cr LT Loan
SHIKHARJEE RICE: CARE Lowers Rating on INR11.75cr Loan to B-
SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating
SHRINATH COTTON: CARE Keeps D Debt Rating in Not Cooperating
SIDDHI VINAYAK: CARE Keeps C Debt Rating in Not Cooperating
TATA STEEL: S&P Places 'BB' LongTerm ICR on CreditWatch Positive
TINNA TRADE: ICRA Withdraws B+ Rating on INR20cr LT Loan
TRUE VALUE: CARE Cuts Rating on INR20cr Short Term Loan to D
VISURA (INDIA): ICRA Reaffirms B+ Rating on INR26cr LT Loan
N E W Z E A L A N D
CANTERBURY AGRICULTURAL: To Get NZD1MM Loan From Council
S I N G A P O R E
TECHNO ELECTRICAL: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
BEYOND MERCHANT: First Creditors' Meeting Set for Sept. 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Beyond
Merchant Capital Pty Ltd will be held on Sept. 2, 2021, at 10:30
a.m. via telephone conference facilities.
Jason Walter Bettles and James Robba of Worrells Solvency &
Forensic Accountants were appointed as administrators of Beyond
Merchant on Aug. 23, 2021.
BROADLINE GROUP: First Creditors' Meeting Set for Sept. 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Broadline
Group Pty Ltd will be held on Sept. 2, 2021, at 11:00 a.m. via Zoom
meeting.
Riad Tayeh and Antony Resnick of de Vries Tayeh were appointed as
administrators of Broadline Group on Aug. 23, 2021.
FOUR PILLAR: First Creditors' Meeting Set for Sept. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Four Pillar
Investments Pty Ltd As Trustee for Four Pillar Investments Unit
Trust will be held on Sept. 1, 2021, at 11:00 a.m. via electronic
means, using Microsoft Teams.
Philip Newman of PCI Partners Pty Ltd was appointed as
administrator of Four Pillar on Aug. 22, 2021.
HELIOS CORP: First Creditors' Meeting Set for Aug. 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Helios
Corporation Pty Ltd in its own right and as trustee for the Michael
Fotios Family Trust will be held on Aug. 31, 2021, at 9:00 a.m. via
virtual meeting.
Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Helios Corporation on Aug. 31,
2021.
MAC WINDOWS: First Creditors' Meeting Set for Sept. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mac Windows
Pty Ltd will be held on Sept. 2, 2021, at 10:00 a.m. via Microsoft
Teams.
Rajiv Goyal and Andrew McCabe of Wexted Advisors were appointed as
administrators of Mac Windows on Aug. 23, 2021.
MINERALOGY PTY: Federal Court Dismisses Claim Against ASIC
----------------------------------------------------------
The Federal Court has set aside, with costs, an application brought
by Mineralogy Pty Ltd against ASIC regarding Mineralogy's audited
accounts for the year ending June 30, 2014.
Mineralogy, of which Clive Palmer is a director, asked the Court to
declare its 2014 accounts to be a true and fair view of
Mineralogy's financial position and that Mineralogy had complied
with its obligations under the Corporations Act regarding the
preparation and lodgement of accounts.
The 2014 accounts contain a statement that Clive Palmer acted
honestly in causing Mineralogy to make two payments totalling
AUD12,167,065. Those payments are the subject of a current criminal
prosecution against Mr. Palmer, with the 2014 accounts lodged with
ASIC after the charges were laid.
In making his decision, Justice Wigney found the Court did not have
jurisdiction to entertain Mineralogy's claim or grant the relief it
sought and, even if it did have jurisdiction, Mineralogy had no
reasonable prospect of successfully prosecuting the proceeding.
His Honour also found that Mineralogy's attempt to 'conjure up a
justiciable controversy' under the Corporations Act was 'entirely
contrived and artificial'.
Mineralogy's application has now been set aside. Mr. Palmer's
criminal charges are next in court on Sept. 17, 2021.
MVP PRINT: Second Creditors' Meeting Set for Aug. 31
----------------------------------------------------
A second meeting of creditors in the proceedings of MVP Print Pty
Ltd (formerly known as Maverick Print Group Pty Ltd) has been set
for Aug. 31, 2021, at 2:30 a.m. via virtual facilities.
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. 30, 2021, at 4:00 p.m.
Andrew Mattinson and Glenn Anthony Crisp of Jirsch Sutherland were
appointed as administrators of MVP Print on July 28, 2021.
RESIMAC TRIOMPHE 2021-2: S&P Assigns Prelim 'B' Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2021-2. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2021-2 is a securitization of prime
residential mortgages originated by RESIMAC Ltd.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
on 23.5% of the loans in the portfolio, which covers 100% of the
face value of these loans, accrued interest, and reasonable costs
of enforcement.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 0.75% of the outstanding balance of the
rated notes, are sufficient under our stress assumptions to ensure
timely payment of interest.
-- The extraordinary expense reserve of A$150,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
Preliminary Ratings Assigned
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-2
Class A, A$900.00 million: AAA (sf)
Class AB, A$64.00 million: AAA (sf)
Class B, A$15.00 million: AA (sf)
Class C, A$11.00 million: A (sf)
Class D, A$5.00 million: BBB (sf)
Class E, A$1.50 million: BB (sf)
Class F, A$1.00 million: B (sf)
Class G, A$2.50 million: Not rated
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C H I N A
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CHINA EVERGRANDE: In Talks to Sell Hong Kong Headquarters
---------------------------------------------------------
Caixin Global reports that heavily indebted developer China
Evergrande Group is in talks with several companies to sell its
Hong Kong headquarters and a building in Guangzhou, sources told
Caixin.
The negotiations show the growing seriousness in which Evergrande
is taking a warning from China's top financial regulators to
"resolve debt risks" as the property giant struggles under the
weight of $300 billion of debt at a time when the country is
looking to prevent the real estate industry's enormous liabilities
from spilling over into the broader economy.
Potential buyers of the Hong Kong building include two state-owned
enterprises in Guangzhou, Caixin learned from a source related to
Hong Kong capital market.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on Aug. 5, 2021, downgraded China Evergrande Group
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its long-term
issue rating on the U.S. dollar notes issued by Evergrande and
guaranteed by Tianji to 'CCC-' from 'CCC+'. The negative outlook
reflects Evergrande's increasing strained liquidity and nonpayment
risk. It also reflects S&P's view that its asset disposal plan,
though potentially substantial, lacks visibility or certainty.
CHINA SOUTH CITY: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded China South City Holdings
Limited's (CSC) Corporate Family Rating to B3 from B2. At the same
time, Moody's has changed the rating outlook to negative from
ratings under review.
These actions conclude Moody's downgrade review initiated on July
8, 2021.
The downgrade reflects CSC's weak credit metrics and high
refinancing risk due to its weak liquidity and sizable amount of
maturing debt over the coming 12-18 months amid volatile credit
market conditions.
The negative outlook reflects Moody's expectation that the
company's liquidity will remain weak over the next 12-18 months.
RATINGS RATIONALE
CSC's B3 CFR reflects the company's weak liquidity and high
refinancing needs over the next 12-18 months that would limit the
company's operational and financial flexibilities. It is also based
on the company's track record in developing and operating
integrated logistics and trade centers in China, stable rental
income, high geographic concentration and weak credit metrics.
CSC's cash holdings of about HKD9.4 billion (including restricted
cash of HKD3.7billion) as of March 31, 2021 were not sufficient to
cover its short-term debt of HKD16.4 billion as of the same date.
CSC will have about USD1.3 billion of offshore senior notes and
RMB2 billion of domestic corporate bonds due by the end of December
2022. However, the currently volatile market conditions will hinder
CSC's ability to refinance through the debt capital markets.
CSC has been taking measures, including asset sales and seeking new
funding, to address its upcoming debt maturities. But it remains
uncertain if the company can execute the asset sales and raise
funds for debt repayment in a timely manner.
Nevertheless, CSC had 40%-45% of its investment property assets,
valued at about HKD55.7 billion, unencumbered as of March 31, 2021.
Moody's expects the company to use these assets to secure new
onshore loans to refinance some of its maturing debt.
Moody's forecasts that the company will maintain stable contracted
sales at around HKD16 billion for the financial year ended March
2022. Contracted sales increased 8.4% to HKD4 billion for the
quarter ended 30 June. But tight funding conditions in the onshore
market is likely to slow the company's growth pace for the rest of
the year.
Moody's projects that CSC's revenue/adjusted debt and EBIT/interest
will remain weak at around 25%-30% and 1.2x-1.4x, respectively,
over the next 12-18 months, compared with 30% and 1.8x for the
financial year ended March 2021. This is because a likely slowdown
in project delivery amid tight credit conditions in China will
offset the effect of the company's debt reduction.
In terms of environmental, social and governance (ESG)
considerations, Moody's considers the company's concentrated
ownership, with its substantial shareholders, Cheng Chung Hing and
his family, holding a 35.8% stake in the company as of March 31,
2021. Moody's also considers the following: (1) that independent
directors chair the audit and remuneration committees; (2) the low
level of related-party transactions and dividend payouts; and (3)
the presence of other internal governance structures and standards
as required by the Hong Kong Stock Exchange.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade is unlikely given the negative outlook.
However, the outlook could return to stable if the company improves
its liquidity, access to funding and debt maturity profile, as
indicated by successful refinancing of its maturing debt with
long-term debt and at reasonable costs.
On the other hand, Moody's could downgrade CSC's CFR if the
company's access to funding and liquidity deteriorates further,
raising its near-term refinancing risks.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
CSC is a developer and operator of large-scale integrated logistics
and trade centers in China. The company, which listed on the Hong
Kong Stock Exchange in 2009, also develops supporting residential
properties and commercial facilities surrounding its trade centers,
and provides various value-added services to occupants of its trade
centers and other facilities.
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I N D I A
=========
ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of Advaith Bio Remedies in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA] D; ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA] D; ISSUER NOT
Fund Based/TL 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.
Advaith Bio Remedies is a partnership firm based out of Bangalore
manufacturing herbal-based products for pharmaceutical and cosmetic
industry. The firm sells hair care, face care, baby care products
in cosmetic segment and products for diabetes, neurological, heart
diseases in pharmaceutical segment under the brand name BIO CARE.
It has its own research and development center and is closely
associated with laboratories in India like Bangalore Test House for
research and analysis to ensure high-quality products. This ensures
sterilized raw material for highly sensitive Pharmaceutical and
Ayurveda formulations.
ALOK HARSH: CARE Lowers Rating on INR4.74cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Alok
Harsh Rice Mill Private Limited (AHRMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.74 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 27, 2020, placed the
rating(s) of AHRMPL under the 'issuer non-cooperating' category as
AHRMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AHRMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2021, June 22, 2021, July 2, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of AHRMPL have been
revised on account of non-availability of requisite information.
The ratings also factored in deterioration in scale of operations
during FY20 over FY19.
Alok Harsh Rice Mill Private Limited was established in May 2010
with an objective to enter into the rice milling and processing
business. The manufacturing unit of the company is located at
Giddha Industrial Area, Dist: Giddah, Bihar. The current installed
capacity of the unit is 225000 quintals per annum. The company is
procuring raw paddy from the local farmers and small paddy agents.
Mr. Sunil Kumar Keshri (Director) along with Mr. Niraj Kumar
(Director), Mrs. Rajkumari Devi (Director), Mrs. Kiran Devi
(Director), Mr. Pawan Kumar Keshri (Director), Mr. Dipu Kumar
Keshri (Director), Mrs. Nitu Keshri (Director) and Mrs. Premlata
Devi (Director) who have long experiences in similar line of
business are looking after the day to day operation of the
company.
ANDHRA POLYMERS: ICRA Lowers Rating on INR9cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Andhra
Polymers Private Limited (APPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER
Fund Based/CC NOT COOPERATING, Rating
downgraded from
[ICRA]BB (Stable) and
continues to remain under
Issuer Not Cooperating
Category
Long term- 0.69 [ICRA]B+ (Stable) ISSUER
Fund Based/TL NOT COOPERATING, Rating
downgraded from
[ICRA]BB (Stable) and
continues to remain under
Issuer Not Cooperating
Category
Short term- 2.00 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under Issuer Not
Cooperating category
Short term– 11.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under Issuer Not
Cooperating category
Unallocated 0.51 [ICRA]B+ (Stable)/A4 ISSUER
Limits NOT COOPERATING; Long-term
rating downgraded from
[ICRA]BB (Stable) and Short-
Term rating continues to
remain under Issuer Not
Cooperating category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding APPL's performance and in turn, 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 same 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 Andhra Polymers Private Limited, ICRA has been trying to seek
information from the entity to monitor its performance. Despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of the 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.
Andhra Polymers Private Limited (APPL), incorporated in the year
1982, is into manufacturing of ceiling tiles made of calcium
silicate and rubber products like pipe seals, rail pads, gaskets
and variety of custom molded rubber parts at the factory located in
IDA Jeedimetla, Hyderabad. The ceiling tiles are sold under the
brand "Aerolite". The annual production capacity of rubber division
is over 2000 tons and the annual production capacity of ceiling
tiles division is 0.12 crore tiles per annum. APPL has set up a
100% subsidiary Aerolite Industries Private Limited(AIPL) to
manufacture ceiling tiles under the "Aerolite" brand to cater to
the increased demand of ceiling tiles.
APEKSHA INFRAPROJECTS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Apeksha
Infraprojects Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 19, 2020, placed the
rating(s) of AIPL under the 'issuer non-cooperating' category as
AIPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 5, 2021, May 15, 2021, May 25, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Apeksha Infraprojects Private Limited (AIPL) was incorporated in
2008 under the name of Suncity Infraprojects Private Limited (SIPL)
with an objective to carry out the real estate business. It changed
its name in 2013 and assumed its current name i.e. AIPL. AIPL is
presently working on a residential project 'Apeksha Jai Vilas'
consisting of four blocks which includes total 252 flats out of
which 54 flats are of 4BHK specification and 198 flats of 3BHK
specification. The company has envisaged total cost of the project
of INR91.02 crore.
BHARAT COTTAGE: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Bharat
Cottage Industries in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B-(Stable)/A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 9.00 [ICRA]B-(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Term Loans/ 1.18 [ICRA]B-(Stable); ISSUER NOT
Working Capital COOPERATING; Rating continues
Demand Loan to remain under 'Issuer Not
Cooperating' category
Packing Credit (0.80) [ICRA]B-(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Foreign (0.80) [ICRA]B-(Stable); ISSUER NOT
Documentary COOPERATING; Rating continues
Bill Purchase to remain under 'Issuer Not
(FDBP) Cooperating' category
Letter of Credit (0.30) [ICRA]B-(Stable); ISSUER NOT
(Inland) COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Letter of Credit 2.00 [ICRA]A4; ISSUER NOT
(LC) COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Letter of 0.20 [ICRA]A4; ISSUER NOT
Guarantee COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Buyers Credit (1.50) [ICRA]A4; ISSUER NOT
(Sub limit COOPERATING; Rating continues
of LC) To remain under 'Issuer Not
Cooperating' category
Unallocated 0.12 [ICRA]B-(Stable)/A4; ISSUER
Limits NOT COOPERATING; Rating
continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 1961 by late Shri Mangilalji Danrajji Badamia, BCI
is a partnership firm managed by Mr. Mahendra Mangilalji Jain, Mrs.
Madhubala Mahendra Jain and Mr. Priyank Mahendra Jain. BCI
manufactures household plastic items and thermoware products. BCI's
product range comprises water jugs, casseroles, water bottles,
water filter, vacuum flasks, bucket, mugs, waste bins and others.
Its products are mostly used during Diwali and other festivals,
water bottles for the summer season and thermos ware for the winter
season. The firm has a manufacturing unit located at Daman with an
installed capacity of 3125 MTPA and is operating at its full
capacity at present.
CHAITANYA CORPORATION: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Sree Chaitanya
Corporation Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 8.00 [ICRA] D; ISSUER NOT COOPERATING;
Unallocated Rating continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Setup in 2011 as a proprietorship concern, M/s. Chaitanya
Industries was later converted to private limited company in 2015.
SCCPL was promoted by Mr. R.Kanaka Rao for trading of iron ore
fines. Subsequently, several other commodities like coal, rice,
maize, granite blocks were added to the portfolio. SCCPL purchases
coal from local importers and supplies to traders who deal with end
customers across pharma and sponge iron units based out of
Visakhapatnam.
COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Coastal
Energy Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 113.50 [ICRA] D; ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Short Term– 645.50 [ICRA] D; ISSUER NOT
Non-Fund Based COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Long Term/ 335.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating continues
Unallocated 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.
Coastal Energy Private Limited (CEPL) engages in non-coking coal
trading and coal handling services. The company is promoted by Mr.
Ahmed Abdul Rahman Buhari, along with Mr. Ameer Faizal. It
undertakes coal handling services for exports made by its
Dubai-based Group company, Coal & Oil Company, in India.
DARWIN PHARMA: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Darwin Pharma Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The ratings are 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/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.
Darwin Pharma Pvt. Ltd. was incorporated in the year 2009 by Mr.
Devenini Venkata Kiran, Mr. China Venkata Ratnam and Mr.
Rajashekhara Reddy for setting up an oral therapeutic manufacturing
unit at Nuziveed, Krishna district of Andhra Pradesh. The project
cost for establishing the unit is INR19.80 crore which will be part
funded by the term loan of INR12.90 crore (not yet sanctioned) and
remaining through equity. The manufacturing plant would have 2
lines and the combined capacity of 30,000 liters per day.
DIGITAL FACTORY: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Digital
Factory (DF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated August 4, 2020, placed the
rating(s) of DF under the 'issuer noncooperating' category as DF
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. DF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2021, June 30, 2021, and July 10, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Digital Factory (DF) was established in the year 2013, promoted by
Mr. Prasad Nannapaneni. The firm is engaged in manufacturing of
iron and wooden furniture. The firm gets the orders from private
and government entities. The firm makes products like Tables,
Chairs, Racks, and other interior works which is being manufactured
for its well know customer.
DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dynamic
(CG) Equipments Private Limited (DEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 49.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated August 5, 2020, placed the
rating(s) of DEPL under the 'issuer non-cooperating' category as
DEPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. DEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 21, 2021, July 1, 2021, July 11, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dynamic (CG) Equipments Pvt. Ltd. (DCEPL; erstwhile Dynamic JCB
Earthmovers Private limited), incorporated in 2008, is promoted by
Mr. Ashwani Mahendru (Managing Director). DCEPL is an authorized
dealer and service center operator for JCB India Limited (JCBI) in
commercial vehicles and earth moving equipment since 2008 in
Chhattisgarh. The contract of JCB is renewable every three years
and was last renewed in September 2013. Further, the company is
also in the business of leasing and providing after sales service
and deals in accessories & spare parts of Earthmoving Equipments.
The company is also the authorized distributor for Castrol Brand of
Industrial Engine oil, Gear oil, Hydraulic oil and other industrial
oils which it is selling to its customers. Over the years, the
company has built a network in 27 branches and Any Time Parts
(ATP)'s in Chhattisgarh which provides spares and accessories of
JCB. Presently DCEPL has four showrooms cum service centers at
Raipur, Siltara and Bilaspur and Raigarh.
GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Green
Farm Agri Exports 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– 7.60 [ICRA] D; ISSUER NOT
COOPERATING;
Limits Rating continues to remain under
'Issuer Not Cooperating' category
Interchangeable (14.50) [ICRA] D; ISSUER NOT COOPERATING;
Limits Rating continues to remain under
'Issuer Not Cooperating' category
Non-Fund-based 0.69 [ICRA] D; ISSUER NOT COOPERATING;
Limits Rating continues to remain under
'Issuer Not Cooperating' category
Unallocated 1.58 [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.
Established in September 2012, Green Farm Agri Exports is involved
in the trading of various agro-commodities. The firm is located in
Rajkot (Gujarat), and is promoted by two partners—Mr. Dinesh
Tanna and Mrs. Rita Tanna. Tirupati Agri Brokers is a group concern
of GFAE, where Mr. Dinesh Tanna is associated as a partner. It is
involved in the dealing of various agrocommodities as broker.
IL&FS ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS
Engineering and Construction Company Limited (IECCL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 902.81 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2,188.52 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
IECCL has not serviced its debt obligations since September 2018.
The same has been confirmed by the lenders to CARE, as part of
CARE's due diligence exercise. CARE had, vide its press release
dated March 27, 2019, placed the ratings of IECCL under the 'issuer
non-cooperating' category as IECCL had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
IECCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls including
emails dated August 6, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. CARE's ratings on IECCL's
Long-Term and Short-Term bank facilities continue to be denoted as
CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on June 23, 2020, the following were the
key rating factors (updated for the information available from
stock exchange).
Key Rating Weaknesses
* Default in Debt Servicing Obligations: There are continued delays
and defaults on IECCL's principal and interest payments. IECCL has
been classified as an NPA since 2019. The same has been confirmed
by the lenders to CARE, as part of its due diligence exercise.
IL&FS Engineering and Construction Company Limited (IECCL) promoted
by Infrastructure Leasing & Financial Services Limited group
(IL&FS, rated CARE D, holds 42.25%) inducted Saudi Bin Laden Group
of Saudi Arabia (SBG, holds 27.87%) as the second major
shareholder.
INDIA: Aims to Raise USD81 Billion by Leasing Out Infra Assets
--------------------------------------------------------------
Bloomberg News reports that India plans to raise INR6 trillion
(USD81 billion) by leasing out state-owned infrastructure assets
over the next four years to fund new capital expenditure without
pressuring government finances.
The proposal involves handing assets including roads, railways,
airports, sports stadiums, power transmission lines and gas
pipelines to private operators, according to a National
Monetization Pipeline document unveiled by Finance Minister Nirmala
Sitharaman in New Delhi on Aug. 23, Bloomberg relays.
Bloomberg relates that the plan is in line with Prime Minister
Narendra Modi's strategic divestment policy, under which the
government will retain presence in only a few identified areas with
the rest tapping the private sector. The program will free up the
government's budget money for infrastructure creation, while giving
investors access to sectors such as railways that were until now a
state monopoly.
"It was very clear public expenditure in infrastructure will have
to be increased," the report quotes Sitharaman as saying. "What the
asset monetization pipeline does today is to take this entire thing
to the next phase - of public-private partnership."
Ownership of the assets will remain with the government, she said,
adding that private operators are required to hand them back to the
state after the agreed period.
Shares of power distributors, gas utilities and energy companies
surged on Aug. 24. The S&P BSE Oil & Gas Index rose as much as
2.1%, the most since May, to become the top performer among 19
sector indexes compiled by BSE Ltd. A gauge of utilities is up
1.3%, while a measure of power stocks climbed 1.3% as of 11:48 a.m.
Revenue from monetizing roads is pegged at INR1.6 trillion, while
that from railways is seen at INR1.5 trillion, said Amitabh Kant,
the chief executive officer of government think-tank NITI Aayog,
Bloomberg relays. As many as 160 coal projects, 25 airports and 31
projects spread across nine ports will also form part of the
pipeline, he said.
This is "a positive move in terms of fiscal dynamics," Kanika
Pasricha, an economist at Standard Chartered Plc., said, referring
to the government's plan to raise 880 billion rupees through the
program in the current fiscal year. "Implementation needs close
watch as this is monetization and ownership remains with the
government."
Income from the monetization plan, originally announced by
Sitharaman in her annual budget speech in February, is key to
narrowing the nation's budget deficit, which is pegged at 6.8% of
the gross domestic product in the financial year that began April
1, according to Bloomberg. Several economists expect the country
will miss that target due to economic disruptions caused by a
second wave of the Covid-19 pandemic.
In addition, the government has budgeted as much as INR1.75
trillion from sale of stakes in state-run companies in the current
fiscal year to make up for the pandemic-linked drop in tax revenue.
That plan includes an initial public offering by Life Insurance
Corp. of India as well as stake sales in companies such as Bharat
Petroleum Corp. and Air India Ltd, adds Bloomberg.
KOHINOOR HOSPITALS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term rating of Kohinoor Hospitals
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– 35.61 [ICRA] D; ISSUER NOT
COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating' category
Unallocated 21.80 [ICRA] D; ISSUER NOT COOPERATING;
Amount 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 May 2007, Kohinoor Hospitals Private Limited (KHPL)
was promoted by the Mumbai-based Kohinoor Group, as part of the
Group's endeavor to venture into the healthcare sector. KHPL has
set up a 147- bed, multispeciality hospital at the Kurla suburb of
Mumbai, which became operation in FY2011. The project is a part of
an integrated township project undertaken by the Group. The
hospital commenced operations with 71 paid beds that were fully
operational in July 2010. At present, ~123 beds are operational.
KHPL's board of members comprises Mr. Unmesh Manohar Joshi, Ms.
Anagha Manohar Joshi and Ms. Madhavi Unmesh Joshi.
MAHAKALESHWAR TOLLWAYS: CARE Cuts Rating on INR164.84cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahakaleshwar Tollways Private Limited (MTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 164.84 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated May 19, 2020, placed the
rating(s) of MTPL under the 'issuer non-cooperating' category as
MTPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 14, 2021 and August 9, 2021 among others.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised on account of delays in past in debt
servicing, lack of information on the financial performance and
inability to monitor the performance of the company going forward
which is critical for assessing the credit profile of the company.
Mahakaleshwar Tollways Private Limited (MTPL), promoted by a
consortium of SREI Infrastructure Finance Ltd (SREI through Bharat
Road Network Ltd (48%)), Galfar Engineering & Contracting SAOG,
Oman (GEC; 26%) and Varaha Infra Limited (VIL; 26%), is a Special
Purpose Vehicle (SPV) to undertake the four-laning, strengthening
and up-gradation of the Indore-Ujjain Section of SH-27 (49 km), in
the State of Madhya Pradesh (MP), on Build, Operate and Transfer
(BOT) – Toll basis. The project, awarded by Madhya Pradesh Road
Development Corporation Limited (MPRDC), was completed in Oct. 2010
and the commercial date of operation (COD) was announced on Feb 17,
2011. The Concession Agreement (CA) was executed between MTPL
(Concessionaire) and MPRDC on September 17, 2008 for a concession
period of 25 years. In FY20, the company has reported loss of
INR3.20 crore on revenue of INR36.69 crore.
MANEESH PIPES: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maneesh
Pipes Private Limited (MPPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.15 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 20, 2020, placed the
rating(s) of MPPL under the 'issuer non-cooperating' category as
MPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2021, June 15, 2021, June 25, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
MPPL incorporated in March 13, 1991, was promoted by Mr Jagadish
Prasad Jhawar, Mr Brij Mohan Jhawar (brother of Mr J.P. Jhawar) and
Mr Anurag Jhawar (Son of Mr B.M. Jhawar). Initially, the company
was established as a partnership concern in the name of "Maneesh
Fabrication & Allied Products" in 1972. Subsequently, it was
reconstituted as a private limited company in 1991 with its name
changed to the current one. The company is engaged in turnkey
execution of water supply contracts which contributed almost 98.65%
of its total revenue in FY16. Apart from execution of contracts it
is also involved in manufacturing of Reinforced Cement Concrete
(RCC) pipes. The manufacturing facility of the unit is located at
Raipur, Chhattisgarh with testing facilities as per IS 1916, having
an installed capacity of 11,000 metres per annum.
MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 60.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 28, 2020, placed the
rating(s) of MMUPL under the 'issuer non-cooperating' category as
MMUPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MMUPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 13, 2021, June 23, 2021, July 3, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mohan Motor Udyog Pvt. Ltd. (MMUPL), incorporated in 1986, is
promoted by Mr. Sandip Kumar Bajaj (Managing Director) and Mr.
Gaurav Bajaj (Executive Director & son of Mr. Sandip Kumar Bajaj.
MMUPL was an authorized dealer of Sale & Service of Maruti Suzuki
India Ltd (MSIL) till March 2014. After MSIL'S exit, MMUPL has
entered into an agreement with Hyundai Motor India Limited (HMIL)
as its authorized dealer. The group has an integrated mode of
operations, functioning in various verticals of auto dealership
business to provide one stop shop solution to its customers. It has
service stations, spare parts distribution and vehicle finance
which provide the customer with complete solution at single point.
PLASTO INDIA: ICRA Reaffirms B+ Rating on INR4.0cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Plasto
India Private Limited (PIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 4.00 [ICRA]B+ (Stable); reaffirmed
Cash Credit (CC)
Short-term 8.60 [ICRA]A4; reaffirmed
non-fund based-
FLC/ILC
Long-term/ 1.90 [ICRA]B+ (Stable)/[ICRA]A4;
Short-term Reaffirmed
Unallocated
Rationale
The reaffirmation of the ratings factors in the extensive
experience of PIPL's promoters and the company's established track
record of more than a decade in the import and distribution of
advertising flex and vinyl in India, which has helped it build
relationships with its suppliers. The company is an authorized
distributor of advertisement material for LG Hausys (South Korea)
and Ilshin Tarpaulin (South Korea). Further, the ratings favorably
consider the company's product diversification into other
advertising materials like backlit, frontlit, lamination, digital
printable material and LED modules, which has reduced its product
concentration risk.
The ratings, however, continue to be constrained by PIPL's modest
scale of operations as characterized by its operating income (OI)
of INR17.6 crore and tangible net worth of INR6.3 crore in FY2021.
Its OI declined by 36% in FY2021 owing to the impact of Covid-19
pandemic especially in Q1 FY2021. The ratings also consider PIPL's
modest financial profile characterized by thin profit margins and
RoCE of 4.6% in FY2021.
ICRA notes that despite an improvement in the company's working
capital intensity (NWC/OI) as a result of lowering its receivables,
the NWC/OI remains high. A further stretch in receivables could put
pressure on its liquidity position going forward and remains a key
monitorable. PIPL is also exposed to foreign exchange risks as it
imports majority of its products from South Korea and China.
However, as it hedges its positions using forward contracts, the
risks are mitigated to some extent.
The Stable outlook on [ICRA]B+ rating reflects ICRA's opinion that
PIPL will continue to benefit from the extensive experience of the
promoters in importing and trading advertising products.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters in advertising industry: The
promoters have an experience of more than a decade in import and
distribution of advertising materials in India. This, along with an
established sales and distribution network, provides a competitive
edge to the company. PIPL has also diversified its product base by
including more advertising-related products, thereby reducing the
product concentration risk.
* Long association with suppliers: The company is an authorized
distributor of advertisement material for LG Hausys and Ilshin
Tarpaulin. Hence, it has a long association with its suppliers for
the import of advertising material in India.
Credit challenges
* Modest financial profile characterized by thin profitability
margins: PIPL's scale remains modest amid stiff competition from
domestic players and importers involved in the same line of
business. It had an OI of ~INR17.6 crore in FY2021, with thin
profit margins as reflected by operating profit margin of ~4.2% and
net profit margin of ~1.1% for FY2021. As a result of limited cash
accruals, the company's tangible net worth remained modest at
INR6.3 crore as on March 31, 2021.
* High working capital-intensive operations could impact liquidity:
PIPL's working capital intensity continues to remain high. While it
has improved in the recent fiscals as a result of lower
receivables, it remained high at 39.4% as on March 31, 2021. A
further stretch in its working capital cycle could impact its
liquidity position going forward.
* Vulnerability to fluctuations in currency exchange rate: Majority
of PIPL's procurement is imported from South Korea and China with
minimal domestic procurement, thereby exposing it to a high foreign
currency fluctuation risk. However, ICRA notes that the company
hedges its positions using forward contracts, which mitigates the
risks to some extent.
Liquidity position: Adequate
The company's liquidity profile remains adequate characterized by
low working capital utilization, which averaged at ~17% of its
sanctioned limits and 14% of its drawing power for the 10-month
period ending in June 2021. In addition, there exists no major debt
repayment obligations and limited capital expenditure plans going
forward.
Rating sensitivities
Positive factors – PIPL's ratings could be upgraded if the
company is able to showcase sustained growth in its revenues and
margins, along with improvement in its financial risk profile.
Improvement in its working capital intensity, on a consistent
basis, could also lead to an upgrade. Specific triggers could
include an increase in ROCE to above 10%.
Negative factors – Downward pressure on the ratings could emerge
if the company's scale and profitability take a hit. Further
stretch in working capital intensity and weakening of liquidity
profile could also put negative pressure on the ratings.
Incorporated in 2002, the company is involved in the trading of
advertising flex and vinyl as well as other products like backlit,
frontlit, color vinyl, lamination film and digital printable
material as well as LED modules. PIPL has been an authorized
distributor of LG Hausys products for more than a decade. Almost
100% of the revenues till FY2012 were generated from the sale of
the company's products in northern and eastern India. However, to
diversify its product portfolio, it has become an authorized
distributor of Ilshin Tarpaulin (Korea) products.
PRAGATI MARINE: ICRA Reaffirms B Rating on INR5.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Pragati
Marine Services Private Limited's (PMSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]B (Stable); reaffirmed
Fund-based–
Cash Credit
Long-term– 11.30 [ICRA]B (Stable); reaffirmed
Fund-based–
Term Loan
Short-term– 2.65 [ICRA]A4; reaffirmed
Non-fund Based–
Bank Guarantee
Long-term/ 21.05 [ICRA]B (Stable)/[ICRA]A4;
Short-term- Reaffirmed
Unallocated
Rationale
The reaffirmation of ratings factor in the more-than-a-decade-long
experience of Pragati Marine Services Private Limited's (PMSPL)
promoters in port support services. Their experience and technical
know-how have led to established relationships with its major
customers such as Kolkata Port Trust and JSW Steel Ltd., resulting
in repeat orders from the same. The ratings further consider the
acquisition of the company's own vessels, which is likely to result
in an improvement in its operating profitability going forward.
Further, the company has a diversified revenue stream with income
from three different sources.
The ratings, however, remain constrained by the company's modest
scale of operations, which encumbers its competitive position. This
is characterized by its weak net worth due to low cash accruals in
the recent fiscals. Further, PMSPL remains exposed to high customer
concentration risk with a predominant portion of its revenues being
derived from the top two customers. This exposes it to risks in the
event of a loss of one of the major customers. The ratings are
further constrained by its highly leveraged capital structure.
Owing to the recent debt-funded capital expenditure, the company's
leverage ratios such as its gearing ratio and TOL/TNW have remained
constrained, notwithstanding the equity infusion by the promoters.
The debt-funded capital expenditure has also resulted in moderate
coverage indicators. Further, the company's liquidity position
remains stretched with full utilization of its working capital
facilities in most months.
The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that PMSPL will continue to benefit from its established
relationships with its major customers. Going forward, the
company's ability to achieve revenue growth with improved
profitability metrics and improving its liquidity position, on a
sustained basis, will be the key rating sensitivities.
Key rating drivers and their description
Credit strengths
* Long-standing experience of promoters in industry: The promoters
have an experience of more than a decade in port support services.
Their experience and technical know-how have led to established
relationships with its top customers such as Kolkata Port Trust and
JSW Steel Ltd. leading to repeat orders. The company has also
undertaken extensive capital expenditure in the recent fiscals to
purchase its own vessels. The acquisition of its own vessels is
expected to support PMSPL's profitability going forward.
Credit challenges
* Modest scale of operations that encumbers competitive position:
PMSPL is encumbered by its modest scale of operations,
characterised by an operating income (OI) of INR24.8 crore as per
its provisional financials of FY2021. This apart, the company's
tangible net worth as of March 31, 2021 stood at INR13.1 crore. The
net losses in the previous fiscals caused by high depreciation
expenses has constrained its net worth.
* High customer concentration; majority revenue from two customers:
PMSPL has displayed high customer concentration in the recent
fiscals with top two customers contributing to ~67% of its total
revenue in FY2021. Further, its top five customers accounted for
~99% of its total revenue, exposing its revenue to fluctuations in
case of loss of its major customers.
* Highly leveraged capital structure owing to debt-funded capex,
resulting in heavy long-term repayments: Owing to regular
debt-funded capital expenditure in the previous years, accompanied
by a modest net worth, PMSPL's capital structure is highly
leveraged. Its gearing stood at 1.4 times as of March 31, 2021 with
TOL/TNW at 2.2 times. This apart, it exhibited moderate coverage
indicators with DSCR of 1.3 times as in FY2021 (provisionally).
Liquidity position: Stretched
PMSPL's liquidity is stretched. The company's working capital
facilities are generally fully utilized in all months. Further, it
has low cash and liquid investments to support its liquidity going
forward. However, the presence of escrow mechanism for a part of
its term loans provides comfort.
Rating sensitivities
Positive factors – The company's ratings can be upgraded if there
is a significant expansion in its scale with an improvement in
profitability metrics on a sustained basis. Improvement in its
liquidity profile could lead to a ratings upgrade.
Negative factors – Downward pressure could emerge on the
company's ratings if its DSCR remains below 1.0 times on a
sustained basis.
PMSPL is an ISO 9001-2008 certified company, situated in Navi
Mumbai. Established in 2009, it has been providing ship management
services to ship owners and helps in ensuring smooth and
cost-effective operation of vessels under its management. PMSPL is
also a registered manning agency in D G Shipping of Government of
India (RPSL No.: MUM 173). The company's services are of three
types, namely manning service, charter hire service and dredging
service. It has recently acquired new vessels to increase its
profitability and revenues.
RAMDEV STAINLESS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramdev
Stainless Strips Private Limited (RSSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.39 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 22, 2020, placed the
rating(s) of RSSPL under the 'issuer non-cooperating' category as
RSSPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RSSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2021, May 18, 2021, May 28, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jodhpur (Rajasthan) based RSSPL, incorporated in May 2010, is
promoted by Mr Mohan Lal Agarwal along with his family members.
RSSPL was formed with a purpose to manufacture Stainless Steel (SS)
sheets & circles and utensils from SS flats.
S M ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S M
Enterprises (SMENT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.98 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 1, 2020, placed the
rating(s) of SMENT under the 'issuer noncooperating' category as
SMENT had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SMENT continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 17,
2021, May 27, 2021, June 6, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Indore (Madhya Pradesh) based, S. M. Enterprises (SMENT) was formed
in 1991 with an objective to carry out real estate business.
Subsequently, it undertook a project for construction of commercial
mall under the name of Maloo -01 in Indore. It has completed its
project and started operations June 2015 It incurred total cost of
INR25 crore towards construction of the mall which was funded
through term loan of INR15 crore and balance by way of capital and
unsecured loans from partners. The commercial mall of SMENT has
total saleable area of 1.20 lakh square feet having total units of
57. Out of total 57 units, it has sold out 22 units and has given 2
units on lease. The mall consists of ground floor and eight floors
for corporate office purposes.
SALICYLATES AND CHEMICALS: ICRA Cuts Rating on INR23cr Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Salicylates and Chemicals Private Limited (SCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 23.00 [ICRA]B+ (Stable) ISSUER
Fund Based/CC NOT COOPERATING, Rating
downgraded from
[ICRA]BB+ (Stable) and
continues to remain under
Issuer Not Cooperating
Category
Short Term- 7.00 [ICRA]A4; ISSUER NOT
Non Fund Based COOPERATING; Rating
downgraded from [ICRA]A4+
and continues to remain
under Issuer Not Cooperating
category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding SCPL's performance and in turn, 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 same 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 Salicylates And Chemicals
Private Limited, ICRA has been trying to seek information from the
entity to monitor its performance. Despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of the 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.
Incorporated in 1978, Salicylates and Chemicals Private Limited
(SCPL) is a chemical company engaged in the manufacture of,
Parabenzene based derivatives and sunscreen chemicals. The company
started operations with the manufacture of Salicylic acid in 1982.
In the same year, it started manufacture of Para Hydroxy Benzoic
Acid (PHBA) and over the years, expanded into PHBA derivatives.
SANOOR CASHEWS: ICRA Reaffirms B Rating on INR2.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sanoor
Cashews (SC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term– 2.00 [ICRA]B (Stable); reaffirmed
Fund Based–
Cash Credit
Short term–
Fund Based 5.00 [ICRA]A4; reaffirmed
Rationale
The ratings reaffirmation of SC continues to derive comfort from
the extensive experience of the partners in the cashew processing
industry and the established distribution channel across domestic
and export markets. The ratings also factor in the firm's long
relationship with its clients as well as suppliers for the
procurement of raw cashew nuts (RCNs). However, the ratings
continue to be constrained by the firm's small scale of operations,
low value additive nature of its business and intense competition
owing to the fragmented nature of the cashew industry. The risks
arising due to the partnership nature of operations, including the
risk of capital withdrawal, also remain a concern. Like other
players in the industry, the firm's margins are vulnerable to
volatility in cashew price movements and forex fluctuations.
The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that the firm will continue to benefit from the extensive
experience of the partners in the cashew processing industry.
Key rating drivers and their description
Credit strength
* Significant experience of partners in the cashew processing
industry: The firm is involved in processing RCN to kernels since
1981 and the partners have extensive experience in the cashew
processing industry, which aids in its business.
* Established relationship with suppliers: The partners have
established strong relationship with suppliers, both in the
international and domestic markets, ensuring timely receipt of
materials.
Credit challenges
* Small scale of operations: The firm has a small scale of
operations in the highly fragmented cashew industry, which
restricts the benefits arising from economies of scale. Its net
sales declined to INR18.1 crore in FY2021 from INR20.0 crore in
FY2020.
* Revenues and margins remain susceptible to volatility in raw
material prices and foreign exchange rates: The procurement of RCN
is seasonal. The prices of cashew kernels and RCN vary daily,
depending on the international demand-supply scenario, exposing the
margins of the entity to price fluctuations. Also, the availability
of RCN is subject to agro-climatic risks. As the firm imports RCN,
it remains exposed to volatility in foreign exchange rates as well.
* Intense competition and lack of product differentiation limit
pricing flexibility: The domestic cashew industry is fragmented
with the presence of a large number of small-scale units. Lack of
product differentiation and intense competition restrict the
bargaining position and pricing flexibility of the firm, given the
small scale of operations.
* Inherent risks associated with a partnership firm: The firm is
exposed to the risks associated with a partnership firm, including
the risk of capital withdrawal, as witnessed in FY2021, which can
adversely impact its capital structure.
Liquidity position: Stretched
The liquidity position of Sanoor Cashews remains stretched amid
high utilization of working capital facility by the firm, which
stood at an average of 70% between December 2019 and April 2021.
With negative cash flows from operations, there is limited buffer
to meet any contingencies, leading to a tight liquidity position.
Rating sensitivities
Positive factors – ICRA could upgrade the ratings of the firm if
it is able to scale up operations, while improving its
profitability and coverage indicators. Sizeable accretion to
reserves, leading to an improvement in the net worth position, can
also lead to an upgrade. Specific credit metrics for ratings
upgrade would be total debt/ OPBITDA of less than 5.0 times and an
interest cover of more than 2.0 times on a sustained basis.
Negative factors – Pressure on the rating could arise if the
company incurs losses and the net cash accruals turn negative. Any
sizeable capital withdrawal, resulting in a deterioration in the
net worth position or liquidity, can also be a trigger for a rating
downgrade.
Established in 1981, Sanoor Cashews (SC) is a partnership firm
managed by Mr. Ganesh N Kamath. The firm processes RCNs and
converts the same into kernels and allied products like cashew nut
shell liquid (CNSL), cashew shell cakes etc. SC imports RCN from
African nations and Indonesia, in addition to domestic purchases
from Kerala, Maharashtra and Goa. It also produces and exports
desiccated coconut powder and flakes. The firm's manufacturing
facility is located at Karkala (Udipi, Karnataka) and has an
aggregate installed capacity to process ~8 tonnes per day of RCN.
In FY2021, on a provisional basis, the firm reported an operating
income (OI) of INR18.1 crore and a net profit of INR0.6 crore
compared to an OI of INR20.0 crore and a net profit of INR0.6 crore
in FY2020.
SETCO AUTOMOTIVE: ICRA Reaffirms D Rating on INR200cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Setco
Automotive Limited (SAL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-
Bonds/NCD/LTD 200.0 [ICRA]D; Reaffirmed
Long Term-
Bonds/NCD/LTD 15.0 [ICRA]D; Assigned
Rationale
For arriving at the ratings, ICRA has taken a consolidated view of
SAL, and its subsidiaries, given the close business, financial and
managerial linkages among the entities.
The rating reaffirmation considers SAL's ongoing irregularities in
servicing of its bank debt obligations on account of weak liquidity
position arising from its stretched financial profile. This was on
the back of the downturn faced by the medium and heavy commercial
vehicles (M&HCV) industry during the last two years, which was
further exacerbated by the Covid-19 pandemic. Besides, internal
challenges in scaling up of Lava Cast Private Limited (LCPL), a
subsidiary of SAL, resulted in high cash burn at the consolidated
level and affected the Group's liquidity profile. The rating
factors in the modest debt coverage indicators and high working
capital-intensive nature of business, given the stretched debtor
position and high inventory levels. The rating, however, notes the
extensive experience of the promoters, established operational
track record and strong relationships with original equipment
manufacturers (OEM) in the M&HCV clutch manufacturing business.
ICRA notes that the company has proposed a restructuring of its
business, wherein it proposes to repay all its bank obligations by
raising fresh debt from an external investor. Post that, the plan
covers transfer of its sole (clutch) manufacturing business on a
slump sale basis to Setco Auto Systems Private Limited (SASPL,
erstwhile TransStadia Sport Sciences Private Limited), a
wholly-owned subsidiary1 of SAL. It has further plans to raise debt
at the SASPL level to streamline the business, and re-energize the
company through this liquidity support.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters and established operational
track record of SAL in auto component industry: SAL is managed by
Mr. Harish Sheth, who has an extensive experience of over 35 years
in the auto component industry. It manufactures clutches primarily
for MHCVs and has an established operational track record. The
company's revenues are distributed across three key segments,
original equipment manufacturers (OEM), original equipment
suppliers (OES) and independent aftermarket (IAM). It forayed into
the manufacturing of clutches for the farm tractor segment in
FY2021. SAL also sells its products in foreign markets through its
three foreign subsidiaries.
* Strong relationships with OEMs with repeat businesses: The
company has developed an established customer base with several
repeat businesses. It has an established brand presence in the
automotive market with reputed M&HCV OEMs in India.
Credit challenges
* Ongoing delays in servicing of debt obligations: SAL has been
delaying its debt servicing from the last fiscal owing to the
downturn faced by the automotive industry, which was further
exacerbated by the Covid-19 pandemic, resulting in its poor
liquidity position. The regularisation of debt servicing for a
sustained period remains a key rating monitorable.
* Weak financial profile characterised by net losses, high working
capital intensity and modest debt coverage indicators: The
company's financial profile remained weak on the back of net losses
at the consolidated level during the last four years. It reported
losses of INR123.3 crore in FY2021, increased from INR49.6 crore in
FY2020 owing to significant exceptional losses and lower top line.
SAL's revenues at the consolidated level declined to INR359.3 crore
in FY2021 from INR471.1 crore in FY2020 and INR681.2 crore in
FY2019, led by the industry-wide slowdown in the automotive sector,
migration to BS-VI vehicles, Covid-19 pandemic leading in lockdown
and global supply chain issues in FY2021. On a consolidated level,
the company witnessed losses due to internal challenges in LCPL, a
subsidiary of SAL. Its working capital intensity of operations have
historically remained on the higher side in the range of 20-30%
during FY2016 to FY2020 owing to elongated receivables and high
inventory levels. The company's debt coverage indicators remained
weak in FY2021 on account of negative net worth.
* Stressed financial profile of LCPL, which has undergone debt
restructuring in FY2021: LCPL, an 89.2% subsidiary of SAL, started
commercial production from April 2016, wherein it has an installed
casting capacity of 30,000 MTPA. LCPL has been reporting losses for
the past four years owing to internal challenges such as higher
rejections and lower yields. The downturn in the OEM production
during the last two years further impacted the company's
utilization levels. LCPL could not service the debt obligation in
FY2020 due to high losses and internal challenges. The company
underwent debt restructuring, which was implemented in FY2021,
providing much-needed liquidity buffer to LCPL through elongated
repayment period, along with lower interest cost. The same is also
expected to reduce dependence on SAL going forward, however, the
actual scenario remains to be seen.
* High exposure to cyclicality in auto industry and near-term
challenges posed by Covid-19 pandemic: SAL primarily caters to the
automobile industry and manufactures clutches used in MHCVs. Thus,
it remains exposed to the cyclicality in the auto industry as
evident from the volatility in the top line over the past fiscals.
Further, it is exposed to near-term challenges related to the
Covid-19 pandemic, affecting demand in the auto industry.
Liquidity position: Poor
The company's liquidity profile remained poor with negative cash
accruals, resulting in delays in repayment of debt obligation.
Further, it had minimal liquidity buffer in the form of undrawn
working capital due to almost full average monthly utilization
levels of the fund-based working capital limits during the past
12-month period that ended on July 31, 2021. However, the company
intends to improve its liquidity position and streamline its
business through the upcoming restructuring plan.
Rating sensitivities
Positive factors – The rating may be upgraded in case of an
improvement in the credit profile of the company, resulting in the
regularization of debt servicing for a sustained period.
Negative factors – Not Applicable
Consolidation/Standalone
For arriving at the ratings, ICRA has considered the consolidated
financials of SAL.
Established in 1982 in collaboration with Gujarat Industrial
Development Corporation (GIDC), Gujarat Setco Automotive Limited
(GSAL) was a manufacturer of clutches for original equipment
manufacturers (OEMs). Around 2000, GIDC stepped out of GSAL and it
was renamed as Setco Automotive Limited (SAL). SAL is the flagship
company of The Setco Group, promoted by the Sheth family and is
involved in manufacturing of clutches primarily for MHCVs. The
company sells clutches under its own brand name – LIPE. SAL is
managed by Mr. Harish Sheth, who have an extensive experience of
over 35 years in the auto component business. The company has its
own manufacturing unit in Gujarat and another assembly unit in
Uttarakhand. In addition to OEMs, the company caters to the
original equipment suppliers (OES) and independent aftermarket
(IAM). Further, SAL has forayed into manufacturing of clutches for
the farm segment (tractors) in FY2021. At present, there are no
operations in SASPL. However, after the slump sale, the entire
clutch business will be transferred to SASPL from SAL.
SHIKHARJEE RICE: CARE Lowers Rating on INR11.75cr Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shri
Shikharjee Rice Oil LLP (SSROL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 26, 2020, placed the
rating(s) of SSROL under the 'issuer non-cooperating' category as
SSROL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSROL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 12, 2021, May 22, 2021, June 1, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SSROL have been
revised on account of non-availability of requisite information.
Seoni (Madhya Pradesh) based Shri Shikharjii Rice Oil LLP (SSROL)
was formed as a limited liability partnership concern in October
2015 by Mr Gyan Singh Chordia and Mr Kirti Chordia with an
objective to set up greenfield project for Rice Bran Oil plant
(Solvent & Refinery). The plant of the firm will have installed
capacity of 74400 M.T. per annum for Rice Bran and 14800 M.T. per
annum for edible Rice Bran Oil. SSROL has envisaged total project
cost of INR22.15 crore to be funded through debt equity ratio of
1.2:1.
SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Cotton
Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.40 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 25, 2020, placed the
rating(s) of SCI under the 'issuer non-cooperating' category as SCI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SCI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2021, May 21, 2021, May 31, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SCI was established in November 2011 as a partnership firm by 12
partners for setting up of new ginning and pressing unit with the
installed capacity of 7,668 MT per annum. The manufacturing plant
is situated at Babara (District: Amreli), Gujarat. SCI commenced
its operations from July 2012 onwards.
SHRINATH COTTON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shrinath
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.03 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 10, 2020, placed the
rating(s) of SCI under the 'issuer non-cooperating' category as SCI
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SCI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 26,
2021, May 6, 2021, May 16, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shrinath Cotton Industris (SCI) is a partnership firm established
in 2006 by three partners Mr. Keshavlal Popat, Mr. Bharat Popat and
Mrs. RakshaPopat which was later reconstituted with the retirement
of Mr. Keshavlal Popatas on January 18, 2011. It is now managed by
Mr. Bharat Popat and Mrs. Raksha Popat and has its manufacturing
facility at Amreli district, Gujarat. SCI is engaged in the cotton
ginning and pressing business. The firm is ISO 9001:2008 certified
and Technology Mission on Cotton (TMC) approved firm by the
Ministry of Textile, GOI. As of March 31, 2017, SCI had a total
installed capacity of 24,000 bales of cotton and 6,133 metric tonne
per annum (MTPA) of cotton seed.
SIDDHI VINAYAK: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Siddhi
Vinayak Cottsin (SVC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 24, 2020, placed the
rating(s) of SVC under the 'issuer non-cooperating' category as SVC
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SVC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 10,
2021, May 20, 2021, May 30, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in July 2010, Siddhi Vinayak Cottsin (SVC) is a
partnership firm formed by two partners named Mr. Kishanlal
Padamdas Swami and Mr. Sanjay Trilokchand Goyal. SVC is engaged
into cotton ginning and pressing activity. The partners were
primarily engaged in processing of raw cotton and manufacturing and
trading of cotton bales and cotton seeds. SVC operates from its
sole manufacturing facility located at Ralegaon (Maharashtra) with
an installed capacity to process 475 cotton bales per day as on
March 31, 2013. In addition to SVC, other associate entities also
operate in other cotton processing units named Riddhi Siddhi Cotex
Private Limited and Rishi Fibers Private Limited in Ahmednagar
district and Aurangabad district of Maharashtra respectively.
Furthermore, two proprietorship firms namely Riddhi Siddhi
Enterprises and Riddhi Siddhi Cotton Corporation in Sendhwa
District of Madhya Pradesh are engaged in trading of cotton bales
and cotton seeds.
TATA STEEL: S&P Places 'BB' LongTerm ICR on CreditWatch Positive
----------------------------------------------------------------
S&P Global Ratings placed the long-term issuer and issue credit
ratings on Tata Steel Ltd. ('BB'), Tata Motors Ltd. ('B'), ABJA
Investment Co. Pte. Ltd. ('BB'), TML Holdings Pte. Ltd. ('B'), and
Jaguar Land Rover Automotive PLC (JLR; 'B') on CreditWatch with
positive implications.
S&P said, "The CreditWatch signals that we could potentially
reassess the relationship between these Tata Group entities and the
holding company Tata Sons Pte. Ltd. (unrated), the potential for
extraordinary support from Tata Sons, and therefore the ratings on
these group entities. We regard the credit quality of Tata Sons to
be strongly investment grade.
"We believe Tata Sons and its subsidiaries and associates have
become more cohesive in recent years. Previously, we considered
Tata Sons as an unlisted investment holding company for the group
and did not factor in any direct support in assessing the credit
profiles of the individual group companies.
"Although we believe the various group companies still operate
independently under professional directors and management, we
observe a greater influence of Tata Sons on the strategy and
financial policies of the group." Some of the recent relevant
developments are:
-- Perceived influence on financial policy. Several Tata group
entities have recently prioritized debt reduction to a greater
extent, which is consistent with Tata Sons' objectives. Influence
over financial policy is a key consideration in S&P's assessment of
the evolving relationship within the group and potential group
support.
-- Increased ownership in entities. Between 2019 and 2021, Tata
Sons significantly increased its ownership in several group
companies. For example, its shareholding in Tata Motors and Tata
Power Co. Ltd. increased to about 46% currently from about 35% and
31%, respectively, in 2019.
-- More evidence of financial support. While Tata Sons has
historically supported group entities via equity participation in
certain situations, recent support to entities such as Tata
Teleservices Ltd. provides further evidence of financial support
during times of liquidity stress. Tata Sons has provided financial
support and injected capital in Tata Teleservices to reduce its
debt and improve liquidity. While Tata Sons may not step in with
support under normal circumstances, e.g. to help with deleveraging,
S&P believes the company is more likely to provide financial
support to group entities in the event of liquidity stress.
S&P said, "We will seek to resolve the CreditWatch in the next four
to six weeks. Our CreditWatch resolution will focus on the strength
of the relationship as well as the extent and form of potential
financial support that the various entities could receive from Tata
Sons. The review will also focus on whether the support could vary
depending on each entity's strategic importance, branding, and
financial contribution to the group.
"We will also assess whether a step-down subsidiary such as JLR
will receive a comparable level of support as Tata Motors and the
other directly owned subsidiaries of Tata Sons. We note that in
recent years, JLR has navigated the negative effects of Brexit,
choppy demand in China, tightening carbon dioxide regulations, the
COVID-19 pandemic and global semi-conductor shortage with a clear
strategy and track record of self-funding. We also note that
despite these pressures, consistent with other group entities, JLR
has not received direct financial support from its parent, to at
least partly offset a deterioration in its credit profile.
"Although we view the Tata group companies as important to the
group, Tata Sons' less than majority ownership could justify a
lower level of support. We may then potentially assess these
entities to be moderately strategic or, in a less likely scenario,
strategically important to Tata Sons, which would result in rating
uplift of one and three notches, respectively. It is also possible
that our review could conclude that the expected support for some
entities is not strong enough to warrant a rating uplift."
TINNA TRADE: ICRA Withdraws B+ Rating on INR20cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Tinna Trade Limited at the request of the company and based on the
No Due Certificate and No Objection Certificate/Closure 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, Key Financial indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 20.00 [ICRA] B+(Stable); ISSUER NOT
Long Term Limits COOPERATING; Withdrawn
Fund based- 25.00 [ICRA]A4; ISSUER NOT
Short Term Limits COOPERATING; Withdrawn
Non fund 35.00 [ICRA]A4; ISSUER NOT
based–Short COOPERATING; Withdrawn
term limits
Unallocated 20.00 [ICRA] B+ (Stable)/[ICRA] A4
Limits ISSUER NOT COOPERATING;
Withdrawn
Tinna Trade Limited (formerly Tinna Trade Private Limited)
commenced operations as a JV between Viterra Asia Pte. Ltd and
Tinna Rubber & Infrastructure Limited (TRIL) in 2009. However, in
May 2013, Viterra sold its entire stake in the company to TRIL
which became the sole promoter in the company post the global
acquisition of Viterra by Glencore. Further TTL has been converted
from Private Company to Public Company limited by shares.
Consequently, the name of the entity was changed to Tinna Trade
Limited (TTL) from Tinna Trade Private Limited on December 08,
2015. At present, TTL is an independent company as the company has
been demerged from TRIL in FY2018. TTL is engaged in the business
of importing and trading of various pulses and oilseeds in India.
It is also engaged in the trading of other agro commodities such as
wheat, crude degummed soyabean oil, cotton, maize etc.
TRUE VALUE: CARE Cuts Rating on INR20cr Short Term Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of True
Value Homes (India) Private Limited (TVHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE A4
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 25, 2020, placed the
rating(s) of TVHPL under the 'issuer non-cooperating' category as
TVHPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TVHPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 11,
2021, May 21, 2021, May 31, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of TVHPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. Annual reports of FY19 and
FY20.
Chennai-based True Value Homes (India) Private Limited (TVHPL),
established in 1997, is engaged in the development and sale of
residential and commercial real estate properties.
VISURA (INDIA): ICRA Reaffirms B+ Rating on INR26cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Visura
(India) Limited (VIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 26.00 [ICRA]B+(Stable) reaffirmed
Fund-based/CC
Long-term/ 7.50 [ICRA]B+(Stable)/[ICRA]A4
Short-term– Reaffirmed
Non fund based
Long-term/ 7.00 [ICRA]B+(Stable)/[ICRA]A4
Short-term– Reaffirmed
Unallocated
Rationale
The ratings reaffirmation considers the modest scale of operations
of VIL in the polymer trading business with revenues of INR4.0
crore in FY2021. Further, the ratings note its weak financial risk
profile with a gearing of 6.3 times as on March 31, 2021
(provisional) and an interest coverage of 1.2 times in FY2021. The
ratings consider its exposure to default risk on payments from
customers with high adjusted total credit exposure/net worth of
623% as on March 31, 2021 (provisional). The credit risk is
transferred by Gas Authority of India Limited (GAIL) and
Brahmaputra Cracker and Polymer Limited (BCPL) to VIL, which serves
as the del credere agent and consignment stockiest (DCA/CS) agent.
The ratings, however, favorably factor in the established
association with GAIL and BCPL as DCA and CS agent in the Andhra
Pradesh and Telangana, and long track record of the promoters
spanning over three decades in the polymer distribution business.
The ratings also consider a diversified customer profile with top
five customers accounting for 25% of FY2021 revenues.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters and established track record of
the company in polymer trading business: VIL trades in polymer
products and is a DCA/CS of GAIL and BCPL for Andhra Pradesh and
Telangana. It supplies polymer raw materials such as high density
polyethylene (HDPE), linear low-density polyethylene (LLDPE), and
polypropylene (PP). The promoters have more than three decades of
experience in the polymer trading business. VIL handled DCA volumes
of about 30,974 MT in FY2021, which improved from 29,575 MT in
FY2020.
* Diversified customer profile: VIL's customer profile includes
plastic product manufacturers such as Jain Irrigation Systems Pvt.
Ltd, Nagarjuna Polymers, Star Plast Industries etc. The customer
concentration risk has been low with top five clients contributing
25% to the total sales in FY2021.
Credit challenges
* Modest scale of operations in DCA/CS business: VIL acts as a
DCA/CS and is eligible for only commission on sales. The company's
scale of operations has been modest over the years with an
operating income of INR4.0 crore in FY2021. Further, its revenues
are likely to be in a similar range as previous financial years,
going forward.
* Leveraged capital structure due to low net worth and high working
capital borrowings: The gearing stood high at 6.3 times as of March
31, 2021 due to its low net worth and high total debt of INR31.1
crore as of March 31, 2021 due to its high working capital
borrowings. The other debt coverage indicators remained weak with
an interest coverage of 1.2 times, Total Debt/OPBDITA of 10.2 times
and NCA/Total Debt of 1.9%. Further, the adjusted total clean
credit exposure/net worth remained high at 623% as on March 31,
2021. Further, the company's profitability margins are exposed to
any default by customers, and interest rate movements.
* Intense competition in industry: VIL is involved in the
distribution and sales of HDPE, LLDPE, PP manufactured by GAIL and
BCPL in Andhra Pradesh and Telangana regions. It faces stiff
competition from DCA/CS agents of other principals such as Reliance
Industries Limited, Indian Oil Corporation Limited, Mangalore
Refinery and Petrochemicals Limited, Oil and Natural Gas
Corporation Limited) etc.
Liquidity position: Stretched
The company's liquidity position is stretched with limited cushion
available in the working capital limits and low cash position.
The average working capital limit utilization stood high at 91.3%
in the past 12-months period ending in May 2021. VIL does not have
any repayment obligation and capex plan in the near term, which
supports its liquidity position to an extent.
Rating sensitivities
Positive factors – The ratings could be upgraded if the company's
sales volumes increase significantly and its debtor days reduce,
resulting in an improvement in its liquidity position. Specific
credit metrics that could lead to an upgrade of VIL's ratings
include an interest cover of more than 1.50 times on a sustained
basis.
Negative factors – Pressure on VIL's rating could arise if
lower-than-anticipated cash accruals, or material delays in debtor
realizations, weakens its liquidity. Specific credit metrics that
could l result in a downgrade of VIL's rating include interest
cover less than 1.10 times on a sustained basis.
Incorporated in 1985, VIL trades in polymer products. The company
is a DCA/CS agent of GAIL (India) Limited for Andhra Pradesh and
Telangana for polymer raw materials such as HDPE/LLDPE/PP from
1998-1999. It is managed by Mr. Suresh Kumar Ramsisaria, who has
more than 30 years of experience in the polymer industry. From
FY2017, it is dealing with HDPE/LLDPE/PP of BCPL, which is a joint
venture company of GAIL, Oil India Limited (OIL), Numaligarh
Refinery Limited and the Government of Assam.
=====================
N E W Z E A L A N D
=====================
CANTERBURY AGRICULTURAL: To Get NZD1MM Loan From Council
--------------------------------------------------------
Otago Daily Times reports that Christchurch City Council has
offered a NZD1 million loan to the New Zealand Agricultural Show if
Covid-19 restrictions force the event to be cancelled for the
second year in a row.
ODT relates that the potential loan for the Canterbury Agricultural
and Pastoral Association was approved on Aug. 17, shortly before
the Delta variant outbreak placed New Zealand into level 4
lockdown.
Formerly known as the Canterbury A&P Show, the three-day event
usually takes place during November's Show Weekend but was scrapped
in May last year after organisers cited financial uncertainty due
to the pandemic and public health concerns, ODT says.
It was the first time the show, which debuted 157 years ago, had
not been held since World War 2.
According to the report, the council described the loan as a
"prudent financial safety net" to meet the association's financial
obligations if this year's show is cancelled because of a lockdown
or change in alert levels.
"There is considerable risk associated with planning a major event
during a pandemic and the CAPA board is concerned that, if Covid-19
forces the cancellation of this year's show, they would incur a
substantial financial loss that could ultimately lead the
organisation into voluntary liquidation," ODT quotes Deputy Mayor
Andrew Turner as saying.
"To help alleviate that financial stress the council has approved a
loan of up to $1 million so CAPA will be able to meet its financial
obligations without the spectre of liquidation."
ODT relates that Mr. Turner said the loan would not impact on
ratepayers as the interest CAPA pays would cover the borrowing
costs.
To minimise any financial risk to the council, the loan will also
be secured against land and buildings CAPA owns next to the
Canterbury Agricultural Park on Curletts Rd, the report says.
=================
S I N G A P O R E
=================
TECHNO ELECTRICAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Aug. 20, 2021, to
wind up the operations of Techno Electrical Engineering Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Mr. Gary Loh Weng Fatt
Mr. Leow Quek Shiong
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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