/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210826.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, August 26, 2021, Vol. 24, No. 165 Headlines A U S T R A L I A ABORIGINAL CONSTRUCTION: First Creditors' Meeting Set for Sept. 2 APLUSPLUS (SA): First Creditors' Meeting Set for Sept. 2 GOLDEN CENTURY: Goes Into Administration MATCON FORMWORK: First Creditors' Meeting Set for Sept. 3 SACCO PTY: First Creditors' Meeting Set for Sept. 3 SIX SEASONS: First Creditors' Meeting Set for Sept. 6 TORRENS TRUST 2021-2: S&P Gives Prelim. BB Rating on Class E Notes B A N G L A D E S H BANGLADESH: S&P Affirms 'BB-/B' Sovereign Credit Ratings C H I N A CHINA EVERGRANDE: Pipe Supplier Sue Over Delayed Payments FOSUN INT'L: S&P Alters Outlook to Stable & Affirms 'BB' ICR GUANGXI LIUZHOU: Fitch Lowers LT IDRs to 'BB-', Outlook Stable KUAISHOU TECHNOLOGY: Posts CNY7 Billion loss in Second Quarter I N D I A A. KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating AG8 VENTURES: CARE Keeps D Debt Rating in Not Cooperating AJAY INDIA: CARE Keeps C Debt Rating in Not Cooperating ALPINE EXPO: CARE Keeps B Debt Rating in Not Cooperating AMMANARUL SPINNERS: Insolvency Resolution Process Case Summary ANJANI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating BAJAJ ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating BALLARPUR INDUSTRIES: Ind-Ra Affirms 'D' Long-Term Issuer Rating BHAVNA GEMS: CARE Keeps C Debt Rating in Not Cooperating CHARTERED HOTELS: CARE Keeps D Debt Rating in Not Cooperating DEOGHAR AGROTECH: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable G. PARANDHAMAIAH: CARE Keeps B- Debt Rating in Not Cooperating GOPAL CHAKRABORTY: Ind-Ra Keeps 'BB' Loan Rating in Non-Cooperating GOPIKRISHNA INFRASTRUCTURE: Ind-Ra Affirms BB+ LT Issuer Rating GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating GVNS TOLLWAY: Ind-Ra Withdraws 'D' Bank Loan Rating J K INTERNATIONAL: CARE Lowers Rating on INR7.95cr LT Loan to B+ J.B. COTTON: CARE Keeps B- Debt Rating in Not Cooperating JAIN PRINTS: CARE Keeps B- Debt Rating in Not Cooperating JASHANK IMPEX: Insolvency Resolution Process Case Summary KASATA HOMETECH: Insolvency Resolution Process Case Summary KAYTX INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating KISHORE INFRASTRUCTURES: Ind-Ra Keeps BB Rating in Non-Cooperating KOPARGAON AHMEDNAGAR: Ind-Ra Keeps 'D' Rating in Non-Cooperating KOTKAPURA MUKTSAR: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating KRISHA ENTERPRISES: CARE Moves C Debt Rating to Not Cooperating MAA TARA: CARE Lowers Rating on INR11.25cr LT Loan to B MANAV INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'BB' MONALISA CERAMICS: CARE Lowers Rating on INR15cr LT Loan to D NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating NCL GREEN: Ind-Ra Assigns B+ Rating to Non-Convertible Debts ORAVEL STAYS: Fitch Assigns Final 'B' LT IDRs, Outlook Negative PENTACLE INFRASTRUCTURES: Insolvency Resolution Case Summary RADHA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating RADHA SMELTERS: Ind-Ra Affirms & Withdraws BB+ Issuer Rating RAJDHANI CRAFTS: CARE Keeps B+/A4 Debt Rating in Not Cooperating RAKMO PRESS: CARE Lowers Rating on INR6.75cr Loan to B- RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating RISHABH BUILDWELL: CARE Cuts Rating on INR5cr LT Loan to B- SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating SATNAM JEWELLS: CARE Keeps B- Debt Rating in Not Cooperating SEYA INDUSTRIES: Insolvency Resolution Process Case Summary SHUBH RICE: CARE Keeps B+ Debt Rating in Not Cooperating Category SIDDS JEWELS: CARE Moves C Debt Rating to Not Cooperating SIWAL INFRACON: CARE Keeps C Debt Rating in Not Cooperating STAR TRACE: Insolvency Resolution Process Case Summary SURVIVAL TECHNOLOGIES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB' WEST INDIA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB' WHITEFIELDS APPAREL: CARE Keeps D Debt Ratings in Not Cooperating J A P A N EAST JAPAN: Egan-Jones Hikes Senior Unsecured Ratings to BB TOKYU CORP: Egan-Jones Retains BB- Sr. Unsec. Debt Ratings M O N G O L I A TRANSPORT & DEVELOPMENT: Moody's Affirms 'B3' LT Deposit Ratings S I N G A P O R E ANZ SINGAPORE: Creditors' Proofs of Debt Due on Sept. 25 EUNETWORKS 1: Commences Wind-Up Proceedings GUIDANCE MARINE: Creditors' Meetings Set for Sept. 6 IX BIOPHARMA: Net Loss Narrows to SGD8.2MM in Year Ended June 30 NO SIGNBOARD: Reports Impairment Loss of More Than SGD478,000 SINOPIPE HOLDINGS: Creditors' Meetings Set for Sept. 8 - - - - - ================= A U S T R A L I A ================= ABORIGINAL CONSTRUCTION: First Creditors' Meeting Set for Sept. 2 ----------------------------------------------------------------- A first meeting of the creditors in the proceedings of Aboriginal Construction Specialists Pty Ltd will be held on Sept. 2, 2021, via virtual meeting technology. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of Aboriginal Construction on Aug. 23, 2021. APLUSPLUS (SA): First Creditors' Meeting Set for Sept. 2 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Aplusplus (SA) Pty Limited, formerly trading as Rema Windows, will be held on Sept. 2, 2021, at 10:00 a.m. via virtual meeting technology. Michael van Dissel of Bernardi Martin was appointed as administrator of Aplusplus (SA) on Aug. 23, 2021. GOLDEN CENTURY: Goes Into Administration ---------------------------------------- The Sydney Morning Herald reports that one of Sydney's most iconic eateries - Golden Century Seafood Restaurant - has gone into administration with the owners blaming the ongoing impact of COVID-19 shutdowns and a lease dispute. Chifley Advisory has been appointed administrator of the institution in the heart of Sydney's Chinatown and a meeting of creditors will be held on August 27, SMH discloses. A notice published by ASIC said the company went into administration on August 17. According to the report, administrator Desmond Teng said the primary reason the restaurant has entered voluntary administration was due its long-term lease coming to an end on August 31. "Golden Century owners have exhausted all options to negotiate a commercial agreement for rent reduction," the report quotes Mr. Teng as saying. "And secondly the business hasn't been trading at full capacity for a long time now [due to COVID-19] and they were technically making losses." SMH relates that Mr. Teng said the majority of creditors were staff members and all entitlements would be paid in full. "A vote will be held for either a deed of company arrangement or for the company to go into liquidation, which is unlikely," he said. The administrator said it was likely the company would reopen in some capacity after being restructured and a new lease agreement negotiated, the report relays. The late-night Chinatown haunt was opened in 1989 by Eric and Linda Wong, who moved to Australia from Hong Kong, and has fed everyone from students to socialites and pop stars to politicians. The restaurant has long been the scene of backroom political maneuvering, with the eatery just a few doors down from NSW Labor headquarters. The Wongs had previously operated a char siu barbecue restaurant in Kowloon for 10 years. MATCON FORMWORK: First Creditors' Meeting Set for Sept. 3 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Matcon Formwork Pty Ltd will be held on Sept. 3, 2021, at 11:00 a.m. via virtual meeting technology. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of Matcon Formwork on Aug. 24, 2021. SACCO PTY: First Creditors' Meeting Set for Sept. 3 --------------------------------------------------- A first meeting of the creditors in the proceedings of Sacco Pty. Ltd, trading as Rite Price Distributors, will be held on Sept. 3, 2021, at 10:30 a.m. via virtual meeting technology. Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as administrator of Sacco Pty on Aug. 24, 2021. SIX SEASONS: First Creditors' Meeting Set for Sept. 6 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Six Seasons Resources Pty Ltd, formerly Trading as "SSR Cleaning", "SSR Labour", and "SSR Security", will be held on Sept. 6, 2021, at 10:00 a.m. via virtual meeting technology. Mathieu Tribut of GTS Advisory was appointed as administrator of Six Seasons on Aug. 25, 2021. TORRENS TRUST 2021-2: S&P Gives Prelim. BB Rating on Class E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to six classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for TORRENS Series 2021-2 Trust. The preliminary ratings assigned to the prime floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread, if any. S&P's assessment of credit risk takes into account Bendigo and Adelaide Bank Ltd.'s (BEN's) underwriting standards and approval process, which are consistent with industry-wide practices; BEN's servicing quality; and the support provided by the LMI policies on 16.3% of the portfolio. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the trapping of excess yield in the excess revenue reserve (subject to conditions), the interest-rate swaps, the liquidity facility, and the principal draw function. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call-option date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. S&P said, "Our rating also takes into account the counterparty exposure to BEN as interest-rate swap provider and liquidity facility provider as well as to National Australia Bank Ltd. (NAB) as standby fixed-rate swap provider and collections account provider. The interest-rate swaps will be provided to hedge the fixed-rate mortgage loans and the floating-rate obligations on the notes. The transaction documents for the swaps and facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We also have factored into our rating the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "In 2020, we updated our outlook assumptions for Australian RMBS in response to changing macroeconomic conditions as a result of the COVID-19 outbreak. As of June 17, 2021, there are no borrowers with COVID-19-related hardship arrangements present within the pool." Preliminary Ratings Assigned TORRENS Series 2021-2 Trust Class A, A$460.000 million: AAA (sf) Class AB, A$19.250 million: AAA (sf) Class B, A$8.250 million: AA (sf) Class C, A$5.750 million: A (sf) Class D, A$2.650 million: BBB (sf) Class E, A$2.100 million: BB (sf) Class F, A$2.000 million: Not rated =================== B A N G L A D E S H =================== BANGLADESH: S&P Affirms 'BB-/B' Sovereign Credit Ratings -------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-term sovereign credit ratings on Bangladesh. The outlook remains stable. Outlook The stable outlook reflects S&P's expectation that Bangladesh's solid growth prospects will prevail against the risks associated with the COVID-19 pandemic over the next 12 months. Upside scenario S&P said, "We may raise the ratings if the government materially improves its fiscal outcomes, including its very low revenue generation and elevated fiscal deficits. We may also raise the ratings if we observe that Bangladesh's institutional settings have markedly improved." Downside scenario S&P said, "We may lower the ratings if fiscal and external debt metrics weaken further. We could also lower the ratings if external debt and financing metrics worsen materially, such that narrow net external debt surpasses 50% of current account receipts, and gross external financing needs exceed 100% of current account receipts plus usable reserves, on a sustained basis." Rationale The ratings on Bangladesh reflect the country's modest per capita income and diminished fiscal flexibility owing to a combination of limited revenue-generation capacity and elevated debt-servicing costs. Evolving administrative and institutional settings represent additional rating constraints. S&P said, "We weigh these factors against consistently fast economic growth and a balanced external position, reflecting substantive engagement with bilateral and multilateral development partners, large remittances from overseas Bangladeshi citizens back to the country, and a globally competitive garment sector. Despite stout near-term challenges, we expect Bangladesh to continue to achieve higher-than-average economic growth compared with its peers." Institutional and economic profile: Recovery in global demand will support ongoing economic recovery -- Bangladesh's economic recovery momentum will continue to build over the next one to two years following a real expansion of 5.5% in the fiscal year ended June 2021. -- Bangladesh's severe COVID-19 outbreak may act as a near-term brake on economic activity, but the impact is unlikely to derail the nascent recovery. -- Bangladesh's highly concentrated political landscape may constrain the effectiveness of institutions and limits checks and balances on the government. Bangladesh's economy has been hit by the pandemic following a steep deceleration in the fourth quarter of fiscal 2020 (April-June 2020) when strict lockdown measures were adopted in the early phase of the outbreak. Domestic restrictions and volatile external conditions drove a weak expansion of just 1.7% in the country's critical manufacturing sector, contributing to a multi-year low real GDP expansion of just 3.5% in fiscal 2020. Over the past year, the economy has embarked upon a gradual recovery, with a progressive normalization of external demand conditions helping to stabilize output and employment in Bangladesh's manufacturing sector. Trade flows and associated employment in external-oriented industries, such as garment manufacturing, have improved, with real GDP growth recovering to 5.5% in fiscal 2021. Bangladesh's current pandemic wave has produced the country's highest daily case count to date, although there has been some easing of case numbers over recent weeks. In an effort to battle the outbreak, which is likely driven by more contagious variants of the coronavirus, the government implemented strict measures, including limitations on operations in the manufacturing sector. Some of these expired in mid-August. S&P said, "We expect the impact on economic growth to be much more contained than in the final quarter of fiscal 2020, because recent measures to counter the spread of the coronavirus are more calibrated and are generally lifted more quickly if infections continue to decline. We forecast real GDP growth will climb to 7% in fiscal 2022 on relatively weak base effects and a continued normalization of external and domestic demand conditions, particularly in the second half of the fiscal year. "Modest per capita income, which we estimate at about US$2,363 for fiscal 2022, remains one of Bangladesh's main rating constraints. This level of per capita income limits the fiscal and monetary flexibility needed to respond to exogenous shocks. "Balancing these impediments, Bangladesh's weighted average real per capita GDP growth of about 5.3% over 2015-2024 indicates a consistently strong growth performance. We assess its economic growth as being much stronger than sovereigns at a similar level of income, which is supportive of our credit ratings on Bangladesh. "The economy has proven its resilience through a variety of political and financial crises over the past two decades, and we expect its strong trend growth performance to remain largely intact." The country's garment industry remains highly competitive on a global basis, with low unit labor costs and ample supply of labor. Demographics continue to favor Bangladesh, and the government is working on strengthening access to key external markets ahead of its expected graduation from least developed country (LDC) status in 2024, with a potential extension to 2026. Bangladesh's highly concentrated domestic political conditions may undermine the predictability of future policy responses. The confrontational stance between the ruling Awami League and opposition Bangladesh Nationalist Party (BNP) reflects deep division between the historically prominent political parties. Given its evolving institutional settings, infrastructure deficiencies, high levels of perceived corruption, and uneven business environment, Bangladesh's foreign direct investment has remained persistently low. The political landscape in Bangladesh remains polarized, with considerable power centered with the ruling Awami League. The opposition coalition's decision to join parliament has helped to restore a degree of stability to the fractious environment. That said, the opposition's representation in parliament remains extremely small, limiting checks and balances on the government. Against this backdrop, Bangladesh's economic outcomes nevertheless have been strong compared with peers and are expected to remain so in the medium term. Flexibility and performance profile: Weak revenue base, high cost of borrowing constrain fiscal metrics -- Improving external demand conditions will help to offset cooling remittance growth following record inflows amid the pandemic. -- Fiscal revenue remains low despite value-added tax (VAT) revisions in 2019, limiting consolidation prospects and raising the government's interest burden. -- The government's net indebtedness will stabilize as nominal GDP growth improves. Bangladesh's fiscal deficit is likely to remain elevated this year owing to some additional pandemic-related expenditure, along with the government's modest revenue performance. S&P forecasts the associated change in net general government debt to average 5.6% of GDP annually over fiscals 2022-2024. The Bangladesh government has introduced a variety of measures aimed at mitigating the impact of the pandemic on individuals and businesses. These measures include direct cash assistance to vulnerable segments of society, lending schemes for exporters, and working capital facilities and interest subsidies for businesses. However, total direct fiscal outlays were estimated at just US$2.2 billion as of April 2021, or approximately 0.6% of GDP up to that point. Despite higher pandemic spending and continued efforts to boost capital expenditure over recent years, many basic social and infrastructure needs in Bangladesh remain unmet, implying a higher potential expenditure burden in the future. Bangladesh's higher fiscal deficits amid the pandemic have led to a material rise in net general government debt, which S&P's project at 34.1% of GDP by the end of fiscal 2022, versus an estimated 28% in fiscal 2020. The government continues to fund itself partially through the issuance of costly national savings certificates (NSCs), with interest rates well above the market rate. S&P said, "While we expect the government to eventually shift toward less costly capital market borrowing over the long term, higher NSC funding in the midst of the pandemic will prolong this process. Net NSC issuance accounted for over 16% of total financing in fiscal 2021, compared with 10% in fiscal 2020. The costly nature of NSC funding contributes to Bangladesh's elevated interest burden. We forecast the government's interest payments will account for greater than 20% of revenue through at least 2024." Bangladesh's narrow revenue base constrains the government's flexibility to provide fiscal support to the economy during periods of stress, and to fund important social and capital expenditure requirements. The country has only approximately 5 million registered taxpayers (out of a population of approximately 160 million). General government revenue was less than 10% of GDP in fiscals 2017 to 2020--among the lowest of rated sovereigns globally. The government has outlined numerous initiatives to expand the tax base, culminating most notably with the introduction of new VAT rules in July 2019. S&P does not expect significant revenue increases from the initiatives to expand the tax base relative to the size of the economy. Additionally, since the onset of the pandemic, the government has announced various support measures that will have an impact on medium-term revenue generation. These measures include a hike to the taxable income threshold for individuals in the fiscal 2022 budget. The tax rate for unlisted companies will reduce to 30% from 32.5%, and that for listed companies to 22.5% from 25%. These steps have put downward pressure on an already-weak revenue profile. The Bangladesh sovereign faces limited risk of contingent liabilities from the banking sector. The sector is relatively small with assets less than 100% of GDP. S&P classifies Bangladesh's banking sector in group '9' under its Banking Industry Credit Risk Assessment (with '1' being the highest assessment and '10' being the lowest). Although the private sector banks are in better shape, there are notable risks in the state-owned commercial banks (SOCBs). SOCBs account for less than 30% of total banking sector assets, and their nonperforming loans ratio is considerably higher than that of peer commercial banks. Bangladesh's credit profile benefits from low external borrowings. The country has large remittance inflows and an internationally competitive garment export sector, resulting in a generally modest current account deficit. However, Bangladesh faces some risks to its external profile because of the COVID-19 pandemic and structural trends. The weakened state of the global labor market, combined with the unusually high level of remittances recorded in fiscal 2021, suggests that net inflows may be lower over the next one to two years. In particular, fiscal 2021 remittances may have been considerably higher than trend owing to the repatriation of workers as unemployment rates in overseas markets rose over the course of the past 18 months. Over time, the gradual recovery in overseas labor markets is likely to be supportive of further growth in remittances, but net inflows will also be lower as a proportion of GDP. S&P said, "As the export momentum continues to stabilize and improve, we anticipate the demand for Bangladeshi exports will recover further, with momentum likely to improve in the second half of 2022. While we expect its current account deficit to increase from fiscal 2021, the relative import compression, especially of intermediate and capital goods, should keep help to keep it below 2% of GDP. We forecast Bangladesh's current account deficit to increase this fiscal year to about 1.8% of GDP. "In our view, despite the increase in the current account deficit during the forecast period, Bangladesh's external balance sheet and liquidity will remain supportive of the broader credit profile over the next one to two years. We expect gross external financing needs to remain stable at slightly more than 80% of current account receipts plus usable reserves over 2022-2024." This however implies that the gap between the country's external debt and its liquid external assets is unlikely to decline. Likewise, S&P projects Bangladesh's narrow net external debt to average approximately 47% of current account receipts throughout the forecast period. Strong growth in exports in fiscal 2022 will mitigate the gradual erosion of Bangladesh's external buffer. Bangladesh's external profile draws substantial donor support, ensuring that the bulk of public external debt is low-cost borrowing with long maturity. Additionally, donors and multilateral lenders have in the past provided some degree of direct budgetary support, which may carry conditions for policy formulation. Since the onset of the pandemic, Bangladesh has secured considerable official creditor financing, including US$732 million in emergency assistance under the IMF's Rapid Credit Facility and Rapid Financing Instrument facilities. S&P has also added approximately US$1.4 billion to Bangladesh's foreign exchange reserves to reflect the IMF's increased allocation of special drawing rights. S&P said, "We view Bangladesh's monetary assessment as a neutral factor to the rating. The central bank's limited independence, multiple mandates, and underdeveloped capital markets hamper monetary flexibility. We consider Bangladesh's exchange rate regime as a crawl-like arrangement, which provides some flexibility to mitigate external shocks." However, despite gradual depreciation in the exchange rate since 2015, Bangladesh's real effective exchange rate (REER) has been rising, reflecting the currency depreciation of its trading partners. Should the REER continue to rise, it could strain the competitiveness of the country's export garment sector. Bangladesh's central bank has made progress in managing inflationary expectations. Since 2015, inflation has generally remained below 6% annually. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List RATINGS AFFIRMED BANGLADESH Sovereign Credit Rating BB-/Stable/B Transfer & Convertibility Assessment Local Currency BB- ========= C H I N A ========= CHINA EVERGRANDE: Pipe Supplier Sue Over Delayed Payments --------------------------------------------------------- South China Morning Post reports that debt-laden developer China Evergrande Group has failed to pay some overdue bills, piping supplier Yonggao said, in the latest sign of a cash crunch at the teetering home builder. SCMP says financial markets are worried that the size of Evergrande's debts present a systemic risk were it to fail and the firm's executives last week were issued a rare warning from regulators to get their house in order. Yonggao now joins a handful of suppliers to threaten or launch legal action over missed or late payments, the report relates. In an exchange filing, the Shenzhen-listed pipe-producer said it was owed CNY478 million (US$74 million) in commercial bills, of which CNY195 million was overdue. It said it could sue the developer, adding that since May it had stopped deliveries. Evergrande pledged on Aug. 20 to do everything it can to resolve its debt issues, but markets appear to remain unconvinced and nervous, the report notes. The developer has more than CNY240 billion of bills and trade payables from contractors to settle over the next 12 months, according to ratings agency S&P Global, SCMP relays. 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. FOSUN INT'L: S&P Alters Outlook to Stable & Affirms 'BB' ICR ------------------------------------------------------------ S&P Global Ratings revised the rating outlook on Fosun International Ltd. to stable from negative. At the same time, S&P affirmed its 'BB' long-term issuer credit rating on Fosun and the 'BB' issue rating on the company's guaranteed senior unsecured debt. The stable outlook reflects Fosun's stabilizing capital structure and manageable liquidity, despite significant short-term debt maturities. The outlook also reflects Fosun's stable or improving loan-to-value (LTV) ratio given the company's plans to reduce debt leverage at the holding company level. S&P said, "We revised the outlook on Fosun following the company's recent efforts to lengthen its debt maturities through overseas debt issuances. We also expect Fosun to maintain healthy LTV ratios given strong price performance for its listed assets and the company's planned debt reduction at the holding company level." Fosun's capital structure improvements are likely to be sustainable given its record of successful issuances. The company's good access to overseas capital markets should raise its weighted average maturities to more than two years. Over the past 12 months, Fosun has issued the equivalent of Chinese renminbi (RMB) 10.9 billion of overseas debt, with maturities ranging from five to six years. This led to an improvement of its weighted average maturities to 2.2 years as of June 2021 from 1.8 years in June 2020, despite persistently high weighting of its domestic short-term debt. The weighted average maturities for its domestic debt have also stabilized, though hovering at just over one year. Fosun's reliance on short-term debt funding weighs on its liquidity. The company's short-term debt balance of about RMB50 billion as of June 30, 2021, still accounts than 40% of its total debt (using put dates as maturities for debt with put options). The high short-term debt balance weighs on its liquidity given a much smaller cash balance of RMB20 billion during the same period. However, S&P believes Fosun's marketable securities of about RMB35 billion could be used to meet liquidity requirements, if needed. The company may be able to roll over its domestic and overseas bank borrowings--representing about half of its short-term debt--with relative ease. S&P's view is supported by the Fosun's good banking relationships, given its significant bank borrowings. Fosun's debt-reduction plan could sustain a modest reduction in its LTV ratio. S&P saiod, "We estimate the company's LTV ratio would fall to about 30% over the next six to 12 months from our assessment of 32% as of June 30, 2021, and 33.5% as of end-2020." This assumes Fosun will reduce its debt by about RMB5 billion through net divestments over the same period. Proceeds from divestments could moderately improve Fosun's liquidity, if used to repay short-term debt. Fosun's improving LTV ratio since December 2020 was largely supported by the share price appreciation at Shanghai Fosun Pharmaceutical (Group) Co. Ltd. The unit's share price increased 40% in the first six months of 2021, increasing its weighting within the Fosun portfolio to about 20% as of June 30, 2021, from 19% as of Dec. 31, 2020, by our estimates. The stable outlook reflects Fosun's good access to capital markets and its ability to seek long-term financing both onshore and overseas. Additionally, the outlook considers S&P's base-case forecast of Fosun's LTV ratio remaining at about 30%. This is given the company's plans to reduce debt, which could partially help offset adverse share price movements for its listed assets. S&P said, "We may lower the rating if: (1) Fosun is unable to refinance overseas debt with long-term financing; (2) the company's liquidity further deteriorates due to more aggressive investment spending than we anticipate; or (3) its short-term debt increases materially. In a less likely scenario, we may also lower the rating if Fosun maintains an LTV ratio above 45%. "We may raise the rating if Fosun can maintain its LTV ratio below 30% with sufficient buffer for share price movements for its listed assets as well as improve its weighted average debt maturity to 2.5 years or more. This could happen if Fosun refinances its short-term domestic debt with longer tenured notes, or significantly reduces its short-term debt." GUANGXI LIUZHOU: Fitch Lowers LT IDRs to 'BB-', Outlook Stable -------------------------------------------------------------- Fitch Ratings has downgraded China-based Guangxi Liuzhou Dongcheng Investment Development Group Co., Ltd.'s (LDID) Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BB-' from 'BB'. The Outlook is Stable. Fitch has also downgraded the rating on LDID's USD300 million 7% bonds due 2022 to 'BB-' from 'BB'. The ratings have been removed from Rating Watch Negative (RWN). The downgrade comes after Fitch lowered the financial implications of default to 'Strong' from 'Very Strong' to reflect Fitch's belief the company's access to the capital market has been reduced in recent years, which resulted in a lower overall support score. Fitch has also revised LDID's Standalone Credit Profile (SCP) to 'b-' from 'b' due to increasing leverage. The ratings were placed on RWN on July 13, 2021 after a portfolio review of Chinese government-related entities (GRE). The RWN reflected a potential reassessment of the financial implications of default attribute under Fitch's Government-Related Entities Rating Criteria and the company's SCP. LDID's ratings also reflect the Liuzhou municipality's ownership, control and support of the company as well as the socio-political impact on the government if LDID defaults, according to Fitch's GRE criteria. KEY RATING DRIVERS 'Strong' Financial Implications of Default: Fitch thinks the tightening of policies and the deterioration in the company's access to the capital market in recent years due to Liuzhou municipality's fiscal weakness may have contributed to a rise in the cost of funding. Fitch expects these conditions to continue, potentially weakening LDID's fund-raising capacity in the medium term. Fitch believes LDID's financial failure would still have 'Strong' implications as the company remains the largest GRE in Liuzhou municipality by assets. A failure by the government to provide timely support to LDID, leading to a default by the company, could imply the government is in financial difficulty and hurt its credibility. Higher Leverage Lowers SCP: LDID has a 'Weaker' financial profile due to its increasing leverage. LDID's operating revenue and profitability in 2020 fell due to the economic slowdown and a reduction in government land sales. Its weak cash generation led to high net debt/Fitch-calculated EBITDA of 55x in 2020. Fitch's rating case forecasts leverage will remain above 50x by 2025 due to the company's large capex plan. Debt-service coverage - measured by cash flow from operations/debt repayment and interest payable - remained below 1x in 2020 with fluctuating cash flow from operations. Fitch believes LDID will continue to have large capex, high leverage and poor debt and interest-servicing ability in the medium term, driven by the infrastructure investments in the area. Fitch assessed LDID's revenue defensibility at 'Midrange' under Fitch's Public Sector, Revenue-Supported Entities Rating Criteria because the company has a fairly diversified business profile with somewhat limited pricing ability. Fitch considers the operating risk as 'Midrange' based on its predictable cost structure. 'Very Strong' Status, Ownership and Control: LDID is 100%-owned by the municipality and registered as a limited liability company under China's Company Law. The Liuzhou government appoints most of LDID's board members, senior management and monitoring committee, and closely monitors the company's financing plans and debt. All major decisions and projects require the government's approval. The company is required to report its operational and financial results to the government regularly. The government sets the audit criteria and assesses the company's performance annually. The government has no plan to dilute its shareholding in LDID, according to the Liuzhou State-owned Assets Supervision and Administration Commission. 'Strong' Support Record: The municipal government has been supporting LDID's operations and capex with capital injections, land cost returns, project funds, subsidies and income returns on state-owned asset operations. Routine transfers and grants received in 2020 increased by 15% to CNY262.9 million, including CNY179.3 million received as deferred income with services yet to be provided. LDID also received share transfers of other GREs in 2020, which amounted to CNY409 million. Fitch regards LDID as a core functional GRE in Liuzhou and Fitch expects the legitimate support offered to LDID to continue in the medium term. 'Moderate' Socio-Political Implications of Default: LDID is the sole urban developer for the Liudong New District and the city's biggest urban developer. It has a crucial role in the city's development and urbanisation as well as the implementation of the municipality's economic blueprint. Therefore, Fitch expects substantial government support via administrative or fiscal measures to ensure the company's continued operational viability. The government may also appoint other policy GREs to provide substitute services if necessary. DERIVATION SUMMARY LDID's ratings are assessed under Fitch's GRE criteria, reflecting Liuzhou municipality's strong control over the company and the support provided. Fitch also factors in the socio-political and financial implications for the government if LDID were to default. LDID's SCP is assessed as 'b-' under Fitch's Public Sector, Revenue-Supported Entities Rating Criteria, while the IDRs are mainly driven by the four GRE rating factors. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- An upward revision of Fitch's credit view of the Liuzhou municipality's ability to provide subsidies, grants or other legitimate resources allowed under China's policies and regulations; -- An increased incentive for the Liuzhou municipality to provide support to LDID, including stronger socio-political or financial implications of default or a stronger support record; -- Improvement in LDID's SCP or liquidity. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A lowering of Fitch's credit view of the Liuzhou municipality's ability to provide subsidies, grants or other legitimate resources allowed under China's policies and regulations; -- Significant weakening in the socio-political and financial implications of a default, a weaker record of government support, or dilution of the government's stake; -- Rating action on LDID would lead to similar action on the US dollar notes. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. ISSUER PROFILE LDID is the sole urban developer for Liudong New District, which occupies most of the eastern part of Liuzhou. It is also the city's manufacturing hub. LDID is mainly responsible for primary land development, urban infrastructure development, investment and management and other ancillary services for the area, as well as state-owned asset operations and management. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. KUAISHOU TECHNOLOGY: Posts CNY7 Billion loss in Second Quarter -------------------------------------------------------------- South China Morning Post reports that Kuaishou Technology, operator of China's second largest short video-sharing platform, reported worse-than-expected losses of CNY7.04 billion (US$1.1 billion) in the second quarter as Beijing continues its regulatory crackdown on the tech sector. According to SCMP, the earnings results come at a time when the company's share price has fallen to one-fifth of its peak in February amid a broader crash of Chinese tech stocks triggered by the tighter regulatory environment. The company reported a net loss of CNY7.04 billion in the second quarter, missing analysts' consensus estimates compiled by Bloomberg, which was for a net loss of CNY6.25 billion. The latest second quarter number compares with a huge CNY37.6 billion net loss for the same period in 2020, SCMP discloses. SCMP relates that the Beijing-based company reported revenue of CNY19.1 billion (US$29.5 billion) last quarter, representing a 48.8 per cent year-on-year increase, beating the CNY18.7 billion market estimate. Gross profit increased by 89 per cent to CNY8.4 billion from CNY4.4 billion for the same period last year. According to the report, the short video platform reported 293 million average daily active users on its main app, up 11.9 per cent compared with 262 million a year ago. Earlier this month Kuaishou shut down its overseas app Zynn after it failed to challenge the dominance of TikTok, SCMP recalls. Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide. ========= I N D I A ========= A. KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of A. Krishna Reddy (AKR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 18, 2020, placed the rating(s) of AKR under the 'issuer noncooperating' category as AKR 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. AKR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2021, July 14, 2021, and July 24, 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). Telangana-based, A. Krishna Reddy (AKR), was established in the year 2005 as a proprietorship firm with its registered office located at L.B Nagar, Hyderabad. The promoter of the firm is Mr. Abbidi Krishna Reddy. He has the experience of more than two decades in construction industry. The firm is engaged in civil construction works relating to roads and bridges. The firm procures its work orders through online tenders from state government of Telangana. AG8 VENTURES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AG8 Ventures Limited (AVL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 150.40 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 19, 2020, placed the rating(s) of AVL under the 'issuer non-cooperating' category as AVL 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. AVL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and 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(s). Originally incorporated in 1997 as Aakriti Dwellings Pvt. Ltd., AVL is the flagship company of the Bhopal-based "Aakriti Group". AVL is engaged in development of multi-storied residential as well as commercial properties around Bhopal region. In addition to the real estate sector, "Aakriti Group" has presence in sugar, hospitality and education industry. AJAY INDIA: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ajay India Limited (AL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.90 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 0.06 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 23, 2020, placed the rating(s) of AL under the 'issuer non-cooperating' category as AL 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. AL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 9, 2021, May 19, 2021, May 29, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Ajay India Limited (AIL), incorporated in 1996, is promoted by Kabra family of Bhilwara (Rajasthan) and belongs to Ajay Group of Industries based out of Bhilwara, Rajasthan. The group is engaged in the business of manufacturing of finished synthetics fabrics from polyester yarn since 1987 through group concerns which includes Ajay Synthetics Private Limited (ASPL, established in 1987), Shubh Fabrics Limited (SFL, established in 1994,) and Ajay Syntex Ltd (ASL, established in 2006) and into the processing of grey fabrics through Rolex Processor Private Limited AIL is engaged in the business of manufacturing of synthetics grey fabrics from polyester yarn and gets the processing work done on grey fabrics from other processors on job work basis. The manufacturing facility of the company is located in Bhilwara, Rajasthan and has total sulzer looms of 76 looms and 40 airjet looms as on November 30, 2016. The company sells finished synthetic fabrics under the brand name of 'Wipro' and 'Sparsh'. ALPINE EXPO: CARE Keeps B Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Alpine Expo Tex Private Limited (AETPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 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 19, 2020, placed the rating(s) of AETPL under the 'issuer non-cooperating' category as AETPL 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. AETPL continues to be non-cooperative 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(s). Alpine Expo Tex Private Limited (AETPL), incorporated on March 20, 1995 by Mr. Jagdish P Aggarwal along with his wife Smt. Shakuntla Aggarwal as a private limited company. AETPL, based out of Okhla (Delhi) is engaged into trading and supplying of polyester fabric, chiffon fabric, georgette fabric, satin fabric, cambric fabric and cotton fabric for all segments of garmenting like menswear, woman wear or children wear. AETPL is currently managed by Mr. Kapil Aggarwal and Mr. Prayas Aggarwal, son of Mr. Jagdish P Aggarwal having two decades of experience in the relevant line of business. AMMANARUL SPINNERS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Ammanarul Spinners Private Limited 302, Blue Rose Industrial Premises CHSL Off, W.E.H., Nr Petrol Pump Borivali (East), Mumbai City MH 400066 IN Insolvency Commencement Date: August 12, 2021 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: February 8, 2022 (180 days from commencement) Insolvency professional: Vinod Kumar Pukhraj Ambavat Interim Resolution Professional: Vinod Kumar Pukhraj Ambavat Room No. 40 9/15 Morarji Velji Bldg, 1st Floor Dr. M.B. Velkar Street Kalbadevi Road Mumbai 400002 E-mail: vinod.ambavat@ajallp.com - and - D/511 Kanakia Zillion Junction of LBS Road and CST Road BKC Annexe, Kalina/Kurla (West) Mumbai 400070 E-mail: cirp.ammanarulspinners@gmail.com Last date for submission of claims: September 1, 2021 ANJANI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anjani Cotgin (AJC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.02 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide press release dated July 23, 2020, had placed the ratings of AJC under the 'Issuer Noncooperating' category as the firm had failed to provide information for monitoring of the ratings and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. AJC continues to be non-cooperative despite requests for submission of information through phone calls and e-mails dated June 8, 2021, June 18, 2021 and June 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. Anjani Cotgin (AJC) was established as a partnership firm in 2003 by Mr. Subhash Goyal along with family members Mrs. Geeta Devi, Mr. Dipesh Goyal, and Mrs. Vanita Kumari. The firm is primarily engaged in cotton ginning & pressing, however, also undertakes in house cotton seed oil extraction and refining. In addition to this, AJC started manufacturing guar powder and guar meal w.e.f FY13 after taking over the operations of a group firm, Goyal Guar Gum & Chemical Industries. AJC has an associate concern, namely, Gautam Swami Fabric (GSF), established in 2015 as a partnership firm and engaged in the manufacturing of woven sacks. AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AVK Automart Private Limited (AAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.44 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 26, 2020, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 12, 2021, May 22, 2021, July 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet Kumar and is an authorized dealer of Ford India Private Limited in Mumbai. The company has a showroom located at Powai (Mumbai; 8000 sq. ft.) with two workshops at Chandiwali and Powai. BAJAJ ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bajaj Alloys (BA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide press release dated July 7, 2020, had placed the ratings of BA under the 'Issuer Noncooperating' category as the firm had failed to provide information for monitoring of the ratings and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. BA continues to be non-cooperative despite requests for submission of information through phone calls and e-mails dated May 23, 2021, June 2, 2021 and June 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Incorporated in 2015, Bajaj Alloys (BA) is a Bhiwadi, Rajasthan based partnership firm promoted by Mr. Manish Bajaj and Mrs. Lalita Bajaj. The firm is currently being managed by Mr. Manish Bajaj. BA is engaged in the manufacturing of Aluminum and Copper ingots which find their application in various industries such as automobile and other consumer goods. The manufacturing unit of BA is located at RIICO Industrial Area in Bhiwadi, Rajasthan with installed capacity of 250 tonnes per month as on March 31, 2018. The company sells its product to domestic wholesalers and trading houses located Delhi and Haryana. The raw material required for productions of ingots are scrap aluminum and copper which is procures locally from various manufacturing units located in the vicinity (YKK Global, Daikin, Loyd). BALLARPUR INDUSTRIES: Ind-Ra Affirms 'D' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Ballarpur Industries Limited's (BILT) Long-Term Issuer Rating at 'IND D'. The instrument-wise rating actions are: -- INR840.3 mil. Non-convertible debentures (NCDs; Long-term)ISIN INE294A07125 issued on January 28, 2014 coupon rate 11.75% due on January 27, 2024 affirmed with IND D rating; -- INR460 mil. Term loans (Long-term) affirmed with IND D rating; and -- INR2,860.7 bil. Fund-based and non-fund-based working capital limits (Long-term/Short-term) affirmed with IND D rating. Analytical Approach: Ind-Ra continues to take a consolidated view of BILT and its subsidiaries while arriving at the rating. KEY RATING DRIVERS The affirmation reflects BILT's continued defaults in debt servicing since FY17, according to the auditor's report and announcements on the Bombay Stock Exchange. Pursuant to an application filed by one of BILT's lenders, Finquest Financial Solutions Private Limited, before the National Company Law Tribunal in terms of Section 7 of Insolvency and Bankruptcy Code, the tribunal, on January 17, 2020, ordered the commencement of the corporate insolvency resolution process (CIRP) for BILT. The company is undergoing CIRP and is being managed by a resolution professional. A meeting of the committee of creditors has been convened on July 22, 2021. BILT's step-down subsidiary, BILT Graphic Paper Products Limited ('IND D'), is under adjudication for a stay order against the CIRP initiated by one of its lenders, and the matter is sub-judice in the Supreme Court. BILT's Malaysian subsidiary, Sabah Forest Industries Sdn. Bhd, is under a receivership and the management of Grant Thornton Consulting Sdn Bhd. On April 4, 2018, the receiver and manager of Sabah Forest Industries had entered into a sale purchase agreement with Pelangi Prestasi Sdn Bhd (Pelangi) for a total consideration of USD310 million. However, the Sabah government changed the terms for the issuance of new timber licenses, and hence, decided not to issue a new timber license to Pelangi. Pelangi has filed a civil suit against the Sabah government for changing the terms on the issuance of the new timber licenses and the matter is sub-judice. This has led to further delays in asset monetization. BILT has not yet reported its audited standalone financial statements for FY21 and the consolidated financial statements for FY20. According to the qualified audited financial statements published by BILT for FY20, the company's standalone operating revenue fell to INR2,997 million during the year (FY19: INR4,496 million), and its EBITDA loss widened significantly to INR4,515 million (loss of INR252 million). RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. COMPANY PROFILE BILT, on a consolidated basis, has one production facility in Malaysia and five production facilities across India, of which Ballarpur, Bhigwan, and Ashti units are under BILT Graphic Paper Products, while Kamalapuram and Shree Gopal units are under BILT. The company has total paper capacity of around 1 million metric tons and pulp capacity of around 0.8 million metric tons, including rayon grade pulp capacity. BHAVNA GEMS: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhavna Gems (BG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 6, 2020, placed the rating(s) of BG under the 'issuer noncooperating' category as BG 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. BG continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 22, 2021, June 1, 2021, June 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. Established in the year 2004, Bhavna Gems (BG) is engaged in processing and exporting of cut and polished diamonds up to size of from 0.10 carats to 10.0 carats. BG has its processing plant located at Surat (Gujarat). BG imports rough diamonds from Belgium and Dubai. Furthermore, BGs sales are derived from both domestic and export. It primarily exports to countries namely Hong Kong, Israel, South Africa and Australia. CHARTERED HOTELS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Chartered Hotels Private limited (CHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 327.52 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 26.00 CARE A4; 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 4, 2020, placed the rating(s) of CHPL under the 'issuer non-cooperating' category as CHPL 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. CHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 20, 2021, April 30, 2021, May 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. Chartered Hotels Private Limited (CHPL), incorporated in 1996, subsidiary of Saraf Hotels Limited (SHL). CHPL and SHL are part of the Saraf Hotel Enterprises that has over 30 years of experience in hotel, tourism and travel industry and over 22 years of experience in Indian hospitality market. CHPL plans to tap the mid-market segment/full service segment for business by setting up 4 star and 5 star hotels in tier-2 cities – Raipur (4 star), Hampi (4 star), Lucknow (5 star) & Guwahati (5 star). The company has entered into a management-cum-marketing agreement with Hyatt International Corporation for all the 4 hotels. DEOGHAR AGROTECH: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Deoghar Agrotech Private Limited (DAPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR120 mil. Term loan due on March 31, 2029 assigned with IND B+/Stable rating; and -- INR50 mil. Fund-based working capital limits assigned with IND B+/Stable/IND A4 rating. KEY RATING DRIVERS The ratings reflect DAPL's limited track record as it commenced operations only from May 2021. The revenue booked over May-June 2021 was INR105.2 million. The company receives daily orders in advance. The management expects the scale of operations to remain small in FY22 with sales of around INR425 million as it is the first year of DAPL's operations. In FY22, Ind-Ra expects the operating margins to be modest which is intrinsic to the milling industry, leading to modest credit metrics. Liquidity Indicator - Poor: Ind-Ra expects the cash flow from operations to be negative in FY22, owing to modest profitability. The management expects the net working capital cycle to be around 60 days in FY22, owing to the inventory to be maintained as it receives daily orders. The peak average utilization of fund-based working capital limits was 29.57% during the seven months ended May 2021. The cash and cash equivalents were INR16.86 million at FYE21. The repayment for FY22 is INR10.31 million. The promoters have infused equity worth INR30.3 million in FY20 and INR7.6 million in FY21. DAPL availed a term loan of INR120 million in December 2019 to setup a rice mill in Jasidih town in Deoghar district, Jharkhand. The term loan will be fully repaid in FY29. The ratings, however, are supported by the promoter's more than three decades of experience in the agro-products milling industry. RATING SENSITIVITIES Negative: An inability to meet the management's operating performance expectations in FY22, affecting the debt servicing capability of the company, could be negative for the ratings. Positive: To achieve stable operating profitability, on a sustained basis, will be positive for the ratings. COMPANY PROFILE Incorporated in 2016, DAPL has setup a rice mill for the manufacturing of rice from paddy rice and operations commenced from April 2021. The rice mill is located at Jasidih in Deoghar district of Jharkhand. G. PARANDHAMAIAH: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of G. Parandhamaiah and Company Cotton Ginning Mills (GCCGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 26, 2020, placed the rating(s) of GCCGM under the 'issuer non-cooperating' category as GCCGM 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. GCCGM 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, and July 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). G.Parandhamaiah and Company Cotton Ginning Mills (GPCC) was established in 1973 as a partnership firm and promoted by Gorantla Punnaiah and his family members. The firm is engaged in manufacturing of cotton lint and seeds. The manufacturing unit is spread in total area 11 acres located at Ganapavaram, Guntur (Andhra Pradesh). GPCCGM purchases raw cotton from farmers located in and around Guntur. The firm sells the cotton lint and seeds to the customers within Andhra Pradesh. GOPAL CHAKRABORTY: Ind-Ra Keeps 'BB' Loan Rating in Non-Cooperating ------------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Gopal Chakraborty Charitable Trust's (GCCT) bank facilities' rating in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR244.35 mil. Bank loans* maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being withdrawn. KEY RATING DRIVERS The rating has been maintained in the non-cooperating category as GCCT did not participate in the rating exercise despite continuous requests and follow-ups by Ind-Ra. Ind-Ra is no longer required to maintain the rating, as it has received a no-objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. COMPANY PROFILE GCCT runs the Indus Valley World School, which is spread over 170,000 square feet and offers K-12 education and is affiliated with the Central Board of Secondary Education. The trust was established in 2008 in Kolkata and is registered under the Indian Trust Act, 1882. GOPIKRISHNA INFRASTRUCTURE: Ind-Ra Affirms BB+ LT Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Sri Gopikrishna Infrastructure Private Limited's (SGIPL) Long-Term Issuer Rating at 'IND BB+' while resolving the Rating Watch Negative (RWN). The instrument-wise ratings are: -- Long-Term Issuer Rating affirmed; off RWN with IND BB+/Stable rating; -- INR600 mil. Fund-based limits affirmed; off RWN with IND BB+/ Stable/IND A4+ rating; and -- INR6.440 bil. Non-fund-based limits affirmed; off RWN with IND BB+/Stable/IND A4+ rating. The resolution of the RWN follows the company's significant reduction in net debt to INR890 million by end-1QFY22 (FYE21: INR1,031 million) owing to the promoters' infusion of INR64 million in YTDFY22. The company repaid over INR450 million of debt maturities over March-June 2021 and now has cumulative pending maturities of less than INR50 million to be repaid over FY22 and FY23. The ratings were maintained on RWN in March 2021, due to uncertainty about the company's liquidity position. KEY RATING DRIVERS Liquidity Indicator- Stretched: SGIPL's maximum monthly utilization of fund-based facilities averaged 98.7% for the 12 months ended July 2021 (98.2% over 24 months ending July 2021). The company's ratings are constrained by persistent low availability of spare liquidity. The company had unencumbered cash of INR124 million at FYE21 (FYE20: INR24 million). The company faces cumulative debt repayments and finance costs of over INR800 million over FY22-FY23 (including more than INR500 million already repaid YTDFY22). Ind-Ra expects the company to generate enough free cash flow (FCF) over FY22-FY23 to repay the debt and principal. The company generated free cash flow before interest expense of INR170 million in FY21 (FY20: negative INR145 million; FY19: INR362 million). The company's net working capital cycle has been long and volatile, which creates significant uncertainty with respect to FCF generation. The company's net working capital cycle (inventories + receivables + other current assets - payables - other current liabilities - mobilization advances) elongated to 384 days in FY21 (FY20: 148 days) due to an elongation in the receivable cycle. SGIPL's ratings are constrained by a continued deterioration in its revenue due to COVID-19 led operational disruptions. The company's revenue and absolute EBITDA declined to INR2,483 million in FY21 (FY20: INR6,040 million) and to INR379 million (INR755 million), respectively. According to provisional financials, the company reported EBITDA of over INR150 million in 1QFY22 with the margin exceeding 50% (FY21: 15.3%; FY20: 12.5%), as it executed certain high-margin projects. The ratings are also constrained by SGIPL's weak credit metrics. The net interest coverage (EBITDA/net finance expense) deteriorated to 1.3x in FY21 (FY20: 2.8x) due to the lower absolute EBITDA and an increase in the net debt to INR1,031 million (INR939 million). Unsecured loans from promoters stood at INR213 million at end-1QFY21. The company had provisioned for INR96 million as bonus for the promoters in FY20, but the promoters have not withdrawn the amount thus far. The promoters have told Ind-Ra that they will not withdraw the bonus or the unsecured loans as long as the interest coverage ratio remains below 2x. The extent to which the infused promoter money remains in the company is a key monitorable. The ratings are, however, supported by the company's improving orderbook situation. The orderbook of the company improved to INR10,142 million at end-1QFY22 (FY21: INR6,322 million). However, the orderbook includes INR6,355 million worth of orders where the work commenced recently, creating a medium degree of start-up risk. Assam, Haryana and J&K accounted for 32%, 22% and 21% of the total orderbook , at end-1QFY22. The largest order accounts for 31.6% of the total order book while the top four orders accounted for 84%, reflecting the order book's moderate project and geographic concentration. The ratings are also supported by the promoters of the company. The promoters have more than a decade of experience in the industry and have a strong track record of successful project execution. The promoters have consistently supported the company and infused funds as and when required. RATING SENSITIVITIES Positive: The net interest coverage exceeding 2x on a sustainable basis and a sustained improvement in the liquidity situation of the company may result in an upgrade. Negative: A further deterioration in the liquidity or the net interest coverage falling below 1.5x, on a sustainable basis, may result in a downgrade. COMPANY PROFILE SGIPL was incorporated in 2007 in Hyderabad. It was earlier a partnership firm. The company is promoted by K. Gopal Raju. It is an engineering, procurement, and construction company, involved in rural electrification and electricity transmission projects. The company also has a small presence in civil construction work (5% of the order book at end-December 2020). GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Gujarat Ginning & Oil Industries (GGOI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 July 6, 2020, placed the rating(s) of GGOI under the 'issuer non-cooperating' category as GGOI 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. GGOI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 22, 2021, June 1, 2021, June 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). GGOI was promoted in 1994 as a partnership firm; currently there are two partners Mr. Maganlal Parvadia having 65% share and Mr. Chandulal Parvadia having 35% share in the firm. GGOI is involved in the cotton ginning & pressing and crushing of cotton seed with main products as cotton bales, cotton seeds and cotton seed oil. It has an installed capacity of 300 bales per day (annualized capacity of 90,000 bales as 300 working days) and 50 MT Cotton Oil per day (annualized capacity of 15000 MT as 300 working days) for cotton bales as on March 31, 2018 at its sole manufacturing facility located at Gondal (Gujarat). The firm has two associate concerns named Gujarat Hy-spin Private Limited and Paras Cotton. GVNS TOLLWAY: Ind-Ra Withdraws 'D' Bank Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn GVNS Tollway Private Limited's bank loan rating as follows: -- The 'D' rating on the INR360 mil. Senior project bank loans (long-term) is withdrawn. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the rating, as the agency has received a no-dues certificate from the rated facilities' lender. COMPANY PROFILE GVNS Tollway is a special-purpose vehicle owned by GVR Infra Projects Limited, which secured a 15-year concession from the government of Andhra Pradesh to design, finance, build, operate and transfer a two-lane, 600 meter bridge on the Miryalaguda-Kodada Andhra Pradesh state highway in February 2009. J K INTERNATIONAL: CARE Lowers Rating on INR7.95cr LT Loan to B+ ---------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of J K International-Jalandhar (JKI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.95 CARE B+; Stable Revised from Facilities CARE D; Stable outlook assigned Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of JKI are on account of regularization of debt servicing on account of improving operational performance of the company during H1FY22 (refers to period April 1 to June 30) which has resulted in improvement of the liquidity profile. Furthermore, the firm has comfortable orders on hand indicating revenue visibility during FY22 (refers to period April 1 to March 31). The ratings, however, are tempered on account of small and fluctuating scale of operations, leveraged capital structure and weak debt coverage indicators, elongated operating cycle and its presence in highly competitive nature of industry and partnership nature of constitution. The ratings, however, are underpinned by experienced partners coupled with established long track record of operations and moderate profitability margins. Key Rating Sensitivity Positive Factor: * Increase in scale of operations with total operating income of more than INR50 crore and above over the medium term on a sustainable basis. * Improvement in the capital structure as marked by overall gearing ratio of below 1.50x. * Improvement in debt coverage indicators as marked by interest coverage and TDGCA above 3x and below 5x respectively. Negative Factor: * Decline in scale of operations by more than 20% along with decline in PBILDT and PAT margins below 7.00% and 0.50%, respectively, on sustained basis. * Continued elongation in the operating cycle beyond 100 days. Detailed description of the key rating drivers Key Rating Strengths * Experienced partners and established track record of operations: JKI was established in 2006 and its day-to-day operations are looked after by Mr. Bikramjit Singh Kang and Mr. Sarjit Singh Kang as its partners. The partners have industry experience of around three decades gained through their association with JKI only. The partners have adequate acumen about various aspects of business which is likely to benefit JKI in the long run. Furthermore, the partners are assisted by a team of well-experienced professionals in their respective domains. * Moderate profitability margins: The PBILDT margins of the firm stood moderate around 10-11% for the last three financial years (FY19-FY21) wherein the firm reaps benefits of its established image in the regional market. PBILDT margin of the firm declined marginally and stood at 10.18% in FY21 (prov.) as against 11.30% in FY20 owing to increase in operational and administrative costs incurred during that period. Further, due to increase in interest expenses and depreciation costs PAT margin also declined and stood at 0.65% in FY21 (prov.) as against 2.44% in FY20. Key Rating Weaknesses * Small scale of operations: JKI's scale of operations stood small as marked by total operating income of INR25.11 crore and gross cash accruals of INR1.35 crore respectively, during FY21 (FY refers to the period April 1 to March 31; based on provisional results) as against INR30.93 crore and INR2.06 crore respectively, during FY20 on account of lower intake from its existing customers. Further, the firm's net worth base was relatively small at INR4.05 crore as on March 31, 2021. The small scale limits the company's financial flexibility in times of stress and deprives it from scale benefits. Moreover, the company also suffers on account of lack of economies of scale. Further, the firm has achieved total operating income of INR7.52 crore during Q1FY22 (refers to the period from April 1, 2021 to June 30, 2021; based on provisional results). * Leveraged capital structure and weak debt coverage indicators: The capital structure of the firm stood leveraged as on the past three balance sheet dates ending March 31, '19- '21 on account of high debt levels against the net worth base. Overall gearing (Including Acceptances/Creditors on LC) ratio stood at 2.83x as on March 31, 2021 (prov.) showing marginal improvement from 2.97x as on March 31, 2020 on account of accretion of profits to reserves. Further, on account of high debt levels, the debt coverage indicators of the firm stood weak as marked by interest coverage ratio and total debt to GCA of 2.08x and 8.52x respectively for FY21 (prov.) as against 2.43x and 5.38x respectively for FY20. The deterioration was mainly on account of increase in debt levels consequently resulting into higher interest expenses. * Elongated operating cycle: The operations of the firm are working capital intensive as marked by elongated operating cycle of 88 days for FY21 as against 60 days for FY20. The elongation in operating cycle is on account of increase in inventory holding period and collection period. The firm is required to maintain adequate inventory of raw material and finished goods in order to ensure smooth production process and to meet demand of customers resulting in an average inventory holding period of around 42 days for FY21 (PY: 26 days). The firm normally offers credit period of around 2-3 months to its customers resulting in the average collection period of around 79 days for FY21. The firm receives a credit period of ~30-40 days a month from its suppliers resulting in average creditor's period of 33 days for FY21. The working capital borrowings of the firm remained almost 90% utilized during the past 12 months ending June 2021. * Highly competitive and fragmented nature of industry: The Indian glassware industry is characterized by numerous players. There are large numbers of players both in organized and unorganized sector. Some of the organized players are Borosil, Shott, etc. Furthermore, the switching cost for the final consumer is not very high. The firm has a competitive edge over large number of small players given the proper distribution channel and proper marketing set up. * Partnership nature of constitution: JKI constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision of the lenders. * Project risk: The firm is undertaking a capex pertaining to setting up of new Unit III at Village Dhogri, Jalandhar, Punjab for manufacturing of aluminum doors and windows. The total cost of project is estimated at INR2.26 crore (Excluding cost of land owned by promoters). The same is to be funded through term loan of INR1.70 crore and remaining through internal accruals and infusion of funds in the form of partners' capital. As of August 02, 2021, INR0.34 crore has been incurred towards the project. And the project is expected to be completed by October 2022. The proposal for sanction of fresh term loan of INR1.70 crore has been submitted in the bank and is yet to be sanctioned. Additionally, the firm has submitted proposal for enhancement in the cash credit limit from INR5.00 crore to 6.00 crore. As per banker, the facilities will be sanctioned within a week. Considering the capex, the firm is projecting total operating income of INR38.00 crore for FY22. Liquidity analysis: Stretched The liquidity of the firm is stretched marked by tightly matched accruals vs repayment. The firm is expected to generate to GCA of INR2.05 crore as of March 31, 2022 against repayment obligation of INR2.04 crore in same year. The working capital borrowings of the firm remained almost 90% utilized during the past 12 months ending June 2021. The firm has low unencumbered cash and bank balance of INR0.22 crore as on March 31, 2021. Further, the firm also has low liquidity ratios as reflected by low current ratio and quick ratio at 1.14x and 0.74x as of March 31, 2021. The firm had availed moratorium of 6 months (from March 2020 to August 2020) from bank in light of COVID-19 pandemic for its debt obligations. J K International - Jalandhar was established as partnership concern in 2006. The firm is currently being managed by Mr. Bikramjit Singh Kang and Mr. Sarjit Singh Kang as its partners. JKI is engaged in manufacturing of Toughened, laminated, Insulating & Bullet Proof Glass at its manufacturing facility located in Jalandhar, Punjab having an installed capacity of 61,15,200 square ft. per annum as of March 31, 2021. The firm caters to architectural and automotive glass industry. The firm has one group concern- JBMS Glasses engaged in the trading of glass. J.B. COTTON: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J.B. Cotton (JBC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.84 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 10, 2020, placed the rating(s) of JBC under the 'issuer noncooperating' category as JBC 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. J continues to be non- cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 26, 2021, June 5, 2021, June 15, 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). Amreli (Gujarat) based JBC is a partnership firm established in August, 2013 by its Six partners Mr. Dalsukhbhai Jivrajbhai Vaghasiya, Mr. Umeshbhai Lakhabhai Kalkani, Mr. Jagdishbhai Jerambhai Kalkani, Mr. Sanjaybhai Jerambhai Kalkani, Mr. Bhaveshbhai Jadavbhai Kalkani and Mr. Bhavinbhai Lakhabhai Kalkani. The firm started its commercial operations from February, 2015. The firm is engaged into business of cotton ginning, pressing and cotton seed crushing. The firm has its manufacturing facility located at Amreli with 24 ginning machines and one pressing machine with a total input capacity of Metric Tonnes Per Annum 20240 (MTPA) and two expellers with a crushing capacity of 1980 MTPA as on March 31, 2017. JAIN PRINTS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jain Prints And Packaging (JPP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 7, 2020, placed the rating(s) of JPP under the 'issuer non-cooperating' category as JPP 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. JPP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 23, 2021, June 2, 2021, June 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ghaziabad, Uttar Pradesh-based Jain Prints and Packaging (JPP) is a proprietorship firm and was established 2002 by Mr. Piyush Jain. The firm manufactures PVC Rigid Sheets & Rolls, PVC Acetate Boxes, Blister Packaging Products, Soft PVC Pouches and Printed Fabrics. The overall operations of the firm are managed by Mr. Piyush Jain. The manufactured products find its application in packaging of various products such as cookies tray. Chocolate trays and injection trays apart from this some of the products such as printer fabrics and PVC Acetate Boxes find their application in varied industries. JASHANK IMPEX: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Jashank Impex Private Limited Landmark Empire Build-A 5th Floor, Sh-516 Landmark Corpo Saroli Surat, Gujarat 395010 Insolvency Commencement Date: August 2, 2021 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 28, 2022 (180 days from commencement) Insolvency professional: Mr. Krishna Gopal Ratanlal Maheshwari Interim Resolution Professional: Mr. Krishna Gopal Ratanlal Maheshwari Primus Insolvency Resolution and Valuation Pvt. Ltd. 408, Manish Chambers Sonawala Road Above Kotak Bank Goregaon (E) Mumbai 400063 India E-mail: 1kgmaheshwari@gmail.com cirpjashank@gmail.com Last date for submission of claims: August 20, 2021 KASATA HOMETECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Kasata Hometech (India) Private Limited Shop No. 5 Casa Blenca Destination Architecture Plot No. 45, Sector 11 CBD Belapur, Navi Mumbai Maharashtra 400614 IN Insolvency Commencement Date: August 11, 2021 Court: National Company Law Tribunal, Delhi Bench Estimated date of closure of insolvency resolution process: February 7, 2022 Insolvency professional: Jugraj Singh Bedi Interim Resolution Professional: Jugraj Singh Bedi JSBA House 1250 Ground Floor Mukherjee Nagar Delhi 110009 E-mail: jb@jsba.in irp.kasata21@gmail.com Classes of creditors: Unsecured Financial Creditors Insolvency Professionals Representative of Creditors in a class: Mukesh Verma Flat No. 112, C Wing Manish Rose CHS Building No. 29 Manish Nagar Andheri West Mumbai 400053 E-mail: ip.mukesh@gmail.com Mukesh Khathuria 6B/1105 Sapphire Heights Lokhandwala Township Akurli Road, Kandivali-East Mumbai 400101 E-mail: khathuria@hotmail.com C Ramadurai Flat no. 301, Topaz Block Esteem Heritage Apartments Roase Garden Road JP Nagar 5th Phase Bangalore 560078 E-mail: crd27220@icai.org Last date for submission of claims: September 1, 2021 KAYTX INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kaytx Industries Private Limited (KIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Shor Term Bank 15.00 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 June 29, 2020, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL 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. KIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 15, 2021, May 25, 2021, June 4, 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. KIPL was incorporated in 2005 by Mr. Satish Dutt to undertake manufacturing and trading of steel structures including channels, angles, joists, etc. Subsequently, the company was acquired by the current promoters on April 1, 2011. KIPL is promoted by Mr. Parshotam Lal Aggarwal and Mr. Salil Aggarwal. The company has an integrated manufacturing facility and offers manufacturing, fabrication and galvanization of structured steel products with an installed capacity of 60000 MT per annum for steel structures, 30000 MT per annum for galvanization plant and 300 MT per day of fabrication capacity. KISHORE INFRASTRUCTURES: Ind-Ra Keeps BB Rating in Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Kishore Infrastructures Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- INR160 mil. Fund-based facilities* maintained in non- cooperating category and withdrawn; and -- INR800 mil. Non-fund-based facilities** maintained in non- cooperating category and withdrawn. *Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn KEY RATING DRIVERS Ind-Ra has maintained the ratings in the non-cooperating category because the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to the company's full-year financial performance for FY20, sanctioned bank facilities and utilization, business plan and projections for the next three years, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received no objection certificates from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Ind-Ra will no longer provide analytical and rating coverage for Kishore Infrastructures. COMPANY PROFILE Incorporated in May 2010, Hyderabad-based Kishore Infrastructures is engaged in electrical distribution and transmission projects, which mainly include power transmission, distribution lines and electrical sub-stations in Madhya Pradesh, Uttar Pradesh, Maharashtra, Jharkhand and Rajasthan. KOPARGAON AHMEDNAGAR: Ind-Ra Keeps 'D' Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Kopargaon Ahmednagar Tollways Phase 1 Private Limited's senior project term loan in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is as follows: -- INR1.560 bil. Senior project bank loan(long-term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 4, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Kopargaon Ahmednagar Tollways Phase 1 is a special purpose vehicle that was incorporated to implement the expansion of a 42.6km stretch on the Kopargaon Ahmednagar section of State Highway 10 in Maharashtra to four lanes from two under a seven-year concession from the state government. KOTKAPURA MUKTSAR: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Kotkapura Muktsar Tollways Private Limited's senior project bank loan rating in the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR750 mil. Senior project bank loan (Long-term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 4, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Kotkapura Muktsar Tollways is a special purpose vehicle promoted by Supreme Infrastructure BOT Holdings Private Limited (48%), Supreme Infrastructure India Limited (26%) and SPML Infra Limited (26%). It has been set up to build, operate and maintain a 30-kilometer stretch on State Highway 16. KRISHA ENTERPRISES: CARE Moves C Debt Rating to Not Cooperating --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Krisha Enterprises Private Limited (KEPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 21.00 CARE C; ISSUER NOT COOPERATING Debentures Rating moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking information from KEPL to monitor the rating(s) vide e-mail communications/letters dated June 15, 2021, August 5, 2021 among others and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Krisha Enterprises Private Limited's bank facilities will now be denoted as CARE C; 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(s). Detailed description of the key rating drivers At the time of last rating on June 10, 2021, the following were the rating strengths and weaknesses. Key Rating Weaknesses * Project execution and funding risk: Company is developing 1 tower in Mumbai. Total 160 commercial units and 7 retail units will be developed over total saleable area of 296,000 sq. ft. As of March 12, 2020, company has purchased land however the construction is yet to commence. Therefore, the completion of the construction work in timely manner needs to be seen. The total cost of the project is INR241.65 crore and till March 2020, the total expenditure of INR42.99 crore (18% of the total project cost) was incurred which was funded through contribution from promoters of INR21.99 crore and optionally convertible debenture of INR21.00 crore. Moreover, going forward, for the balance cost of the project amounting to INR198.66 crore, the company is dependent on promoters' balance contribution of INR31.90 crore and balance of INR166.76 crore through customer advances. Therefore, going forward timely arrangement of the above funds to complete the project without any cost and time overrun coupled with receiving of the commencement certificate and occupation certificate would be critical from the credit perspective. * Marketing risk: KEPL is expecting an average rate of INR17,087 per sq. ft. which is reasonable considering the prices prevailing of new projects in the nearby area. The company has not yet sold any unit and received advances. Therefore, going forward the timely monetization from saleable area would be critical which is highly dependent on the successful sale and customer advances to be received from the booked units. Thus, any delay in the receipt of funds from customers, ability to achieve timely sales at envisaged rates given competition from other players in the surrounding vicinity will be crucial. However, the marketing risk is mitigated to a certain extent on account of prime location of the project undertaken as well as past experience of the promoters to undertake such projects. * Cyclical nature of the real estate industry: The real estate in India is highly fragmented and is capital intensive in nature. The life cycle of a real estate project is long and the state of the economy at every point in time, right from land acquisition to construction to actual delivery, has an impact on the project. This capital-intensive sector is extremely vulnerable to the economic cycles. Adverse movement in interest rate affects the real estate players in both ways by hampering demand as well as increasing the cost of construction. The expectations of many developers have been able to hold on to the prices so far. However, given the considerable inventory levels which direction the price graph goes remains to be seen. Liquidity position: Stretched The liquidity position of the company remained stretched marked by inadequate accruals vis-a-vis repayment obligations and company is paying its dues by way of unsecured loans from promoters and related parties. Key rating strengths * Experienced promoters and presence in established group in real estate industry: Directors Mr. Priyal Patel and Mr. Pratik Patel have more than a decade of experience in the real estate industry. Further, the company is part of group Rajesh Lifespaces which has established presence in the real estate industry over five decades. Group has developed several projects over 9.1 million sq. ft. of land in Mumbai over the years. * Location advantage: KEPL's project is located in Vikhroli, Mumbai, being well-established location and is well connected through railways and roadways with proximity to other day-to-day necessities. Nonetheless, its ability to monetize in timely manner amidst the cyclical nature of industry and avoid cash flow mismatches shall be critical from credit perspective. Krisha Enterprises Private Limited (KEPL) was incorporated in 2010 by Patel family as a private limited company and is currently managed by directors, Mr. Priyal Patel and Mr. Pratik Patel, engaged in real estate development. MAA TARA: CARE Lowers Rating on INR11.25cr LT Loan to B ------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Maa Tara Rice Mills (MTRM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.25 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 August 6, 2020, placed the rating(s) of MTRM under the 'issuer non-cooperating' category as MTRM 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. MTRM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 22, 2021, July 2, 2021, July 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of non-availability of requisite information. Maa Tara Rice Mills (MTRM) was established as a partnership firm in January 1997 by the Shaw family. Moreover, the commercial operations of the firm commenced from April 1997. The firm is engaged in milling of raw rice, bran and husk. The milling unit of MTRM is located at Budge Budge, West Bengal with a paddy processing capacity of 80,000 metric tons per annum (MTPA). MTRM procures paddy from farmers & local agents across the district of South 24 paraganas and sells its finished products through the wholesalers and brokers located in West Bengal. MTRM has two associate entities namely Maa Tara Agro Products and Baba Jatadhari Agro (India) Private Limited which are engaged in processing of agro commodities. MANAV INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'BB' ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Manav Infrastructure Private Limited's (Manav Infrastructure) Long-Term Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB-(ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. The instrument-wise rating actions are: -- INR4.610 bil. Term loans due on April 2023 downgraded with IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the best available information KEY RATING DRIVERS The downgrade is pursuant to the Securities and Exchange Board of India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the circular, any issuer with an investment-grade rating remaining non-cooperative with a rating agency for more than six months should be downgraded to a sub-investment grade rating. For further details, refer to the agency's website www.indiaratings.co.in. The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)' may not reflect Manav Infrastructure's credit strength as the company has been non-cooperative with the agency since January 27, 2021. Therefore, investors and other users are advised to take appropriate caution while using these ratings. COMPANY PROFILE Incorporated in 2006, Manav Infrastructure is a real estate developer in Ahmedabad (Gujarat), where it has constructed over 5.9 million square feet of premium residential and commercial space. The company is now expanding its presence in locations such as Rajkot, Vadodara and Mehsana. MONALISA CERAMICS: CARE Lowers Rating on INR15cr LT Loan to D ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Monalisa Ceramics India Private Limited (MCIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 29, 2020, placed the rating(s) of MCIPL under the 'issuer non-cooperating' category as MCIPL 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. MCIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 15, 2021, May 25, 2021, June 4, 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 MCIPL has been revised on account of delays in debt servicing recognized from publicly available information i.e. Annual reports of FY20. Incorporated in September 2010, as a private limited company, by Mr. Shaikh Mashooq Safi and Mr. Suraj Parekh, Monalisa Ceramics India Private Limited (MCIPL) is engaged in trading of ceramic tiles, mainly porcelain flooring tiles under the brand name of "Monalisa". The company procured around 90% of its material from domestic market and rest imported from China. MCIPL has its registered office in Vile Parle (Mumbai), branch office at Delhi and godown at Bhiwandi and Dadar. Further the company sells its products all over India via distributors and currently has tie-up with more than 15 distributors. NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nagayya Makkimane Shetty (NMS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 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 August 17, 2020, placed the rating(s) of NMS under the 'issuer non-cooperating' category as NMS 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. NMS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 3, 2021, July 13, 2021 and July 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Karnataka-based, Nagayya Makkimane Shetty (NMS) was established as a proprietorship firm in 2005 by Mr. Nagayya Makkimane Shetty. NMS is engaged in civil construction works like construction and improvements of roads and drainage works relating to Public Works Department (PWD), Directorate of Municipal Administration (DMA), Karnataka Power Corporation Limited (KPCL), City Municipal Council (CMC), Panchayatiraj Engineering, Department (PRED), and Mangaluru City Corporation (MCC) etc. in the Karnataka state. The firm purchases materials like cement, steel, metal and Tar from local suppliers located in and around Karnataka. NMS procures work orders through online government tender websites. NCL GREEN: Ind-Ra Assigns B+ Rating to Non-Convertible Debts ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned NCL Green Habitats Private Limited's non-convertible debentures (NCDs) a final rating as follows: -- INR392.19 mil. (reduced from INR500 mil.) NCDs*# assigned with IND B+/Stable rating. *Details in annexure #The final rating has been assigned after the receipt of the final documents, including the debenture trustee agreement, by the agency. The final terms and conditions are in line with the information already received by Ind-Ra, based on which the provisional rating was assigned. KEY RATING DRIVERS The rating reflects the saleability risk associated with NCL Green's ongoing Hosur plot development project, with a saleable area of 810,618 square feet (sf) in Tamil Nadu. The construction of the project commenced in April 2020 and the company has completed the entire development in August 2021 at a total project cost of INR731.4 million. The project is awaiting final approvals from the government, which the management expects to receive by end-September 2021 as envisaged. As of 20 August 2021, the company had received advances of INR220 million from the customers. The average realization of the project's area is INR2,116 per sf; the management expects to receive INR1,500 million from thee plots booked by 2022. The vulnerable macro-economic factors which affect discretionary consumer spending, result in project saleability risk. Liquidity Indicator - Poor: As of 20 August 2021, NCL Green had received advances of about 13% from the Hosur project. However, the project's sale and realization is crucial for the timely repayment of NCD coupon. In the past, the promoters have supported the company to meet its debt obligations as there were no ongoing projects till FY21. The rating, however, is supported by the financial support available from the promoters and group companies as indicated by fund infusions since 2001 to purchase a land parcel of 192 acres in Andhra Pradesh, Telangana and Tamil Nadu. As of March 2021, the company had NCDs outstanding of INR392.2 million and inter-corporate deposits of INR271.1 million, and advances from promoters of INR180.5 million (March 31, 2020: INR504.2 million). The NCDs were used to for restructuring these advances (inter group debt) paid for the purchase of land. The ratings are also supported by the locational advantage of the ongoing project with proximity to the Bengaluru city. The project is located in Hosur, which is 25km from the Bommasandra Industrial Area in Bengaluru. RATING SENSITIVITIES Positive: The successful completion of the project with envisaged cash inflows from the sale, resulting in an improvement in the liquidity position would be positive for the ratings. Negative: Any increase in the saleability risk, resulting in high unsold inventory and a further stress on the liquidity position would be negative for the ratings. COMPANY PROFILE Incorporated in 2001, NCL Green is engaged in the business of purchase and sale of land and real estate. It is wholly-owned by NCL Holdings (A&S) Ltd, which also operates in a similar line of business. ORAVEL STAYS: Fitch Assigns Final 'B' LT IDRs, Outlook Negative --------------------------------------------------------------- Fitch Ratings has assigned India-based Oravel Stays Private Limited (OYO) final Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'B'. The Outlook is Negative. Simultaneously, Fitch has assigned a final rating of 'B' with Recovery Rating of 'RR4' to the USD660 million senior secured term loan facility due 2026, issued by OYO's fully owned subsidiary, Oravel Stays Singapore Pte Limited. The issuance is unconditionally and irrevocably guaranteed by OYO and certain other subsidiaries within the group. Although the loan is guaranteed to the extent of 121% or up to USD800 million of the outstanding principal, Fitch considers it full and worthy as it should cover 100% of principal payments plus all interest accrued up to the point at which all principal is paid. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is the same as the expected rating assigned on 20 May 2021. OYO's ratings reflect its technology-led platforms, which connect partner hotels and homes to travellers in its core markets of India, Europe and south-east Asia. OYO has a short operating history of about seven years and a weak financial profile characterised by EBITDA losses. Its business model benefits from high stickiness with property owners due to revenue-sharing with them, moderate competitive barriers and minimal capex requirements. Liquidity and cash access within the group has improved following the issuance. OYO used the proceeds to refinance its entire existing debt and pay related fees. KEY RATING DRIVERS Falling Covid-19 Infections in India: Fitch believes that travel-related demand will gradually recover in OYO's key markets, especially India, where daily Covid-19 infections have ebbed to around 39,000 on 15 August 2021 from the highs of 400,000 in early May. Google's mobility indicators have been progressively improving, which suggest that demand recovery in the hospitality industry is underway from August 2021. However, a rebound in Covid-19 cases amid the slower-than-expected vaccination rate in India and south-east Asia continues to pose risks to the travel market. Negative Outlook: OYO's ratings continue to have low headroom given uncertainty about whether EBITDA can turn positive in the financial year ending March 2023 (FY23) and a likely large free cash flow (FCF) deficit in FY22. Delay in demand recovery and further extension of travel-related restrictions, especially in India, can lead to larger-than-expected negative FCF. Management is committed to break even on EBITDA by FY23, and is unlikely to enter non-core areas and markets or make asset-heavy, debt-funded M&A. Strong Business Profile: OYO's business profile reflects its technology-led platforms, which connect over 100,000 hotels and homes with global travellers. OYO has a strong and established relationship with property owners, with which it has fixed revenue-sharing contracts that provide exclusive rights to OYO to market and price rooms on its platform in its core markets. The company derived about 70% of its total room revenue on its platform from repeat customers in India and south-east Asia. Moderate Entry Barriers; Low Capex: Entry and competition barriers are moderate, as OYO has solid relationships with low- to mid-tier property owners and offer comprehensive services to market their rooms on various distribution channels, including online travel agents (OTAs), offline channels and OYO's own web and mobile platforms. OYO's platforms enable property owners to enhance visibility, build brands, maximise revenue and cut costs, while offering ease of operation. Switching costs are high as OYO's services are well integrated with its platforms. Weak Financial Profile: Fitch expects OYO's EBITDA and free cash flow (FCF) to break even in FY23 and FY24, respectively, driven by a gradual demand rebound and significant cost savings. OYO retreated from non-core markets with the onset of the pandemic to focus on profitable growth in its core markets and cut about 80% of its costs. Management expects group EBITDA to break even in FY23 due to cost savings and recovering demand. Its 1QFY22 unaudited results showed a faster revenue recovery and lower EBITDA deficit than management's expectations. Diversified Markets; Strong Growth Prospects: OYO has a single-digit market share in its core markets in terms of marketable rooms. Revenue diversity will help the company to weather cash-flow volatility from risks inherent in the travel industry. It has strong growth prospects and faces lower competition as it operates in the low- to mid-tier market where travellers and property owners are price sensitive. Fitch forecasts FY22 revenue to grow by 35%-40% as the room count and occupancy rates recover. The hospitality industry is highly fragmented in India and other key markets, with the unorganised sector accounting for 75%-80% of the market, which gives OYO a large addressable market. Rating on Standalone Basis: Fitch rates OYO on a standalone basis. There is no parent-subsidiary linkage between OYO and Softbank group, which owns 45.88% of the company through its subsidiary, SVF India Holdings (Cayman) Ltd. Softbank does not exercise control over the company. SoftBank has supported OYO with equity injections and by extending a term loan in March 2021, but Fitch does not factor in future exceptional liquidity support from SoftBank in Fitch's ratings, given OYO's small size compared with SoftBank's overall investment portfolio. DERIVATION SUMMARY US-based Expedia Group, Inc. (BBB-/Negative) has a significantly better business profile than OYO, with a larger scale and a much better market position. Expedia is the second-largest OTA and it makes over half of its revenue from the merchant model, thus exposing it to higher working-capital requirements during downturns. Expedia's financial profile is significantly better than OYO's, given its solid EBITDA margin of 16%-17%, despite an EBITDA loss in 2020 due to the impact from the Covid-19 pandemic. The Negative Outlook on Expedia's rating reflects the uncertain impact of the pandemic on its credit profile and liquidity. Fitch expects Expedia's EBITDA to recover in 2021-2022 and its FFO gross leverage to be 2.5x-3.0x in 2022-2023. China's Meituan (BBB/Negative) has a stronger business and financial profile than OYO - given its leading position as an e-commerce platform for consumer services, wide customer outreach and merchant base. Compared with OYO, Meituan has more diversified service offerings, including food delivery, in-store, hotel and travel, and electronic bikes. Meituan has substantial operating cash flow from the mature food delivery and in-store business, but the Negative Outlook reflects uncertainty in the pace of investment in new initiatives. Meituan's financial profile is stronger than that of OYO, given its net cash position, strong financial flexibility and access to the equity market to fund investments. OYO's credit profile is comparable to Germany-based online classified information provider Speedster Bidco GmbH (AutoScout24, B/Negative). AutoScout24 benefits from its focus on the online car dealer segment, its established platforms in an environment of low competition, a high level of immunity to new or smaller challengers, and the trend of dealers moving from offline to online platforms. Its scale is smaller than OYO's but it enjoys high EBITDA margin of 43%-44%. The Negative Outlook on AutoScout24's rating reflects its aggressive capital structure with 2022 forecast FFO gross leverage of 7.9x. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Net room additions of 84,000 in FY22, 225,000 in FY23 and 259,000 in FY24; -- Occupancy (ex-Europe homes) of 24% in FY22, 40% in FY23 and 46% in FY24; -- Average room rent (ex-Europe homes) of USD18-19 over FY22 FY24; -- Revenue growth of 38% in FY22 and 100% in FY23; -- Gross margin above 30% during FY22-FY23; -- EBITDA margin of -9% in FY22, 1% in FY23 and 6% in FY24; -- Minimal working capital, capex and dividend outflows over FY22-FY24; -- Annual M&A spend of USD20 million-27 million. Key Recovery Rating Assumptions -- The recovery analysis assumes that OYO would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. -- Fitch estimates that the post-restructuring EBITDA at about USD100 million, a 46% discount to Fitch's FY24 EBITDA estimate. -- An enterprise value (EV) multiple of 5.0x is applied to the GC EBITDA to calculate a post-reorganisation EV. The multiple of 5.0x reflects its business and financial profile, industry dynamics, and comparable peer data, using the multiple assumption tool under Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria. -- 10% taken off the EV to account for bankruptcy and associated costs. -- The total amount of permitted prior-ranking debt under the term loan document is assumed to be fully drawn. -- Fitch estimates the senior secured term loan to have superior recovery. However, the Recovery Rating on the term loan is capped at 'RR4' because under Fitch's Country-Specific Treatment of Recovery Ratings Criteria, India falls into Group D of creditor friendliness, and the Recovery Ratings of issuers with assets in this group are subject to a cap of 'RR4'. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/Stable Outlook: -- Stronger-than-expected EBITDA growth leading to EBITDA break even earlier than Fitch's expectations. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Expansion in other geographies and/or non-core areas delaying the EBITDA break-even beyond FY23; -- Rebound in Covid-19 cases leading to further travel restrictions and delays in demand recovery; -- Higher-than-expected negative FCF compared with Fitch's estimates; -- Liquidity ratio falls below 1.0x BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Improved Liquidity: The liquidity score will improve to 1.9x following the completion of the secured term loan issuance of USD660 million. Fitch estimates that OYO's unrestricted cash, following the term loan closure, will be sufficient to fund short-term debt and Fitch-forecast negative FCF (including acquisitions) of USD130 million - 150 million in the next 12 months. Term loan repayment is back-ended with only 1% amortisation annually in the next four years and the balance to be paid in 2026. Fitch assesses the group's access to local and international banks as moderate with only average access to capital markets. ISSUER PROFILE OYO is an Indian incorporated technology platform that connects small businesses and entrepreneurs that own or operate hotels and homes with travellers in its core markets of India, Europe and south-east Asia. Softbank Group is the single largest shareholder in the company. PENTACLE INFRASTRUCTURES: Insolvency Resolution Case Summary ------------------------------------------------------------ Debtor: Pentacle Infrastructures and Towers Private Limited No. 1-10-3/1, BooruguVihar Beisde Union Bank of India Begumpet, Hyderabad TG 500016 IN Insolvency Commencement Date: August 5, 2021 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: February 7, 2022 (180 days from commencement) Insolvency professional: Ram Murthy Kommera Interim Resolution Professional: Ram Murthy Kommera Plot No. 143, H.No. 8-19 Metro City Mega Townships Bongulooru, Ibrahim Patnam Post & Village: M.P. Patelguda Ranga Reddy District Hyderabad 501510 E-mail: rammurthyadvocate@gmail.com Last date for submission of claims: August 26, 2021 RADHA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radha Poultry Farm (RPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 17, 2020, placed the rating(s) of RPF under the 'issuer non-cooperating' category as RPF 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. RPF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 3, 2021, July 13, 2021 and July 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Radha poultry Farm (RPF) was established in the year 2015 and promoted by Mr. Rathnamma (Managing Partner) along with other family members. The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their Manure The firm have 2 units, for one unit the firm receives only rent and other unit was utilised for poultry business.. The firm sells its products like eggs and cull birds to retailers through own sales personnel and through some dealers located in Assam, Kerala, Maharashtra and Tamil Nadu. The firm mainly buys chicks (small chickens) from Venkateshwara Hatcheries Private Limited. The firm purchases raw materials for feeding of birds like rice broken, maize, sun flower oil cake, shell grit, minerals and soya from local traders. RADHA SMELTERS: Ind-Ra Affirms & Withdraws BB+ Issuer Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Radha Smelters Private Limited's (RSPL) Long-Term Issuer Rating at 'IND BB+' and has simultaneously withdrawn the rating. The Outlook was Stable. The instrument-wise rating actions are: -- The 'IND BB+'/Stable/'IND A4+' rating on the INR610 mil. Fund- based working capital limit* affirmed and withdrawn; -- The 'IND A4+' rating on the INR5 mil. Non-fund-based working capital limit# affirmed and withdrawn; and -- The 'IND BB+'/Stable rating on the INR247 mil. Term loan@ due on March 2025 affirmed and withdrawn. *Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn #Affirmed at 'IND A4+' before being withdrawn @Affirmed at 'IND BB+'/Stable before being withdrawn Ind-Ra is no longer required to maintain the ratings, as it has received a no-objection certificate from the rated facilities' lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. KEY RATING DRIVERS Liquidity Indicator: Stretched: The affirmation reflects RSPL's continued tight liquidity position owing to its high working capital requirement. The average maximum utilization of the working capital limits was 97% over the 12 months ended June 2021. The cash flow from operations rose to INR244 million in FY21 (FY20: INR157 million) due to an improvement in EBITDA. The net working capital cycle elongated to 73 days in FY21 (FY20: 69 days) as the inventory period stretched to 33 days (23 days). The company has debt servicing obligations of INR30 million for FY22 and INR40 million in FY23; the agency expects the debt service coverage ratio to continue to be 1.2x over FY22-FY23. As of March 2021, the company had undrawn lines of around INR50 million. The ratings factor in RSPL's comfortable credit metrics because of healthy EBITDA margins. Ind-Ra expects the credit metrics to remain strong in FY22 on the back of a likely improvement in the absolute EBITDA. The credit metrics improved in FY21 due to the increase in the absolute EBITDA to INR405 million (FY20: INR157 million). The interest coverage (operating EBITDA/gross interest expense) was 3.4x in FY21 (FY20: 1.6x) and the net leverage (total adjusted net debt/operating EBITDA) was 2.8x (5.9x). The ratings factor in the company's continued medium scale of operations, as indicated by revenue of INR5,344 million in FY21 (FY20: INR4,884 million). Ind-Ra expects the revenue to grow slightly in the near-to-medium term due to an increase in the realizations as well as production, driven by higher demand. Despite the impact of COVID-19-led disruptions, RSPL's revenue grew in FY21 due to increased demand coupled with a rise in the capacity utilization to 0.12 million metric tons (FY20: 0.11 million metric tons). The ratings take into consideration the successful completion of capex of INR100 million, which was funded by bank debt, for setting up a 133kva electric line for the plant to improve power efficiency. This would result in power savings of INR3.0 million-3.5 million per month. Also, the company has successfully implemented the ladle refining furnace technology, which improves the quality of the thermo-mechanically treated by reducing the impurity in the same, at its unit in FY21. The ratings are supported by the healthy EBITDA margins. Although the company's per ton EBITDA doubled to INR3,325 in FY21 (FY20: INR1,482), the agency expects the same to moderate by 20%-40% in FY22 owing to a correction in the prices of its products. Despite this, the agency believes the EBITDA margins will remain comfortable over the near term, backed by the benefits from ladle refining furnace technology. The margin rose significantly to 7.6% in FY21 (FY20: 3.2%) due to a fall in raw material prices, better penetration of the brand in the local market, which offers high margins, and higher absorption of fixed costs due to the increased revenue. The ROCE was 22% in FY21 (FY20: 7%). The ratings continued to be supported by promoter's experience of more than three decades in the iron and steel industry, which has led to longstanding relationships with suppliers and customers. Furthermore, RSPL's brand -Radha 550 TMT- is widely known in and around Telangana and Andhra Pradesh. COMPANY PROFILE Incorporated in 2007, RSPL manufactures thermo-mechanically treated bars, billets, mild steel angles and sections at its facilities in Nacharam, near Hyderabad. RAJDHANI CRAFTS: CARE Keeps B+/A4 Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajdhani Crafts Industries Private Limited (RCIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.00 CARE B+; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 17, 2020, placed the rating(s) of RCIPL under the 'issuer non-cooperating' category as RCIPL 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. RCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 3, 2021, May 13, 2021, May 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Jaipur (Rajasthan) based, RCIPL was formed as a proprietorship concern in 1965 by Mr. Samir Agarwal along with his family members under the name of Rajdhani Enterprises. Later in December 2009, the firm was converted into a private limited company and the name was changed to Rajdhani Crafts Industries Private Limited. RCIPL is engaged in the manufacturing and export of wooden furniture and handicraft items. The manufacturing unit of the company is located at Vishwakarma Industrial Area, Jaipur. RCIPL exports its product mainly to Australia, the Netherlands and the United States of America and in domestic market , it sells its products mainly to L&T and Simplex Infrastructures Limited (CARE A; Stable/CARE A1 as of October 2017). The key raw material are Sheesham (Indian Rosewood), Acacia, Mango & Reclaimed Teak wood etc. RCIPL imports its raw material from Germany and Belgium and in domestic market it procures from Uttar Pradesh, Punjab and Haryana. The company sells its products under the brand name of 'Rajdhani'. RAKMO PRESS: CARE Lowers Rating on INR6.75cr Loan to B- ------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Rakmo Press Private Limited (RPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.75 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 25, 2020, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL 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. RPPL 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). The ratings have been revised on account of non-availability of requisite information. Delhi-based Rakmo Press Private Limited (RPPL) was incorporated in the year 1987 and currently, it is being managed by Mr. Rakesh Bhargava, Mr. Mukesh Bhargava, Ms. Geeta Bhargava and Ms. Nisha Bhargava. The company is engaged in printing of catalogues, books, calendar, journals, annual reports, dairies, broachers etc. The company has its printing facility at Greater Noida, Uttar Pradesh. RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ratnagarbha Agro Private Limited (RAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.99 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 1, 2020, placed the rating(s) of RAPL under the 'issuer non-cooperating' category as RAPL 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. RAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/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). Hardoi (U.P) based Ratnagarbha Agro Private Limited (RAPL) was incorporated in February 2007 by Mr. Shri Kishan Agrawal and his son Mr. Ram Kishan Agrawal. However, the company started its commercial operations in October 2013. RAPL is engaged in processing of wheat into refined flour (Maida), Suji and flour (Atta). The company has installed capacity of 90,000 metric tonne per annum (MTPA) as on March 31, 2015 from its manufacturing unit at Hardoi, Uttar Pradesh. RAPL procures raw material i.e. wheat from the grain markets located in Uttar Pradesh, Rajasthan, Delhi and Haryana mainly on cash or advance basis. RAPL sells its products under brand 'Ratan Bhog" mainly through commission agents, brokers and wholesalers located in Delhi, Rajasthan, and Mumbai etc. The products are sold in packaging of 100kg, 100kg and 50kg for Atta, Maida and Suji. RISHABH BUILDWELL: CARE Cuts Rating on INR5cr LT Loan to B- ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Rishabh Buildwell Private Limited (RBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and moved to ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE has been seeking no default statement from RBPL to monitor the rating(s) vide e-mail communications dated July 7, 2021, August 2, 2021 among others and numerous phone calls. However, despite CARE's repeated requests, the company has not provided no default statement for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on RBPL's bank facilities will now be denoted as CARE B-; Stable; 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(s). Incorporated in 2005, Rishabh Buildwell Pvt. Ltd. (RBPL) is engaged in development of real estate projects, mainly in NCR region. Till March 31, 2018, the company has already executed commercial and residential projects over an area of more than 20 lacs square feet (lsf). RBPL belongs to Rishabh group, having presence in various segments including hospitality, education, solar, Television channel and real estate. SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Swadhin Commercials Private Limited (SSCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.64 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 22, 2020, placed the rating(s) of SSCPL under the 'issuer non-cooperating' category as SSCPL 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. SSCPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 7, 2021, June 17, 2021, June 27, 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). Sai Swadhin Commercials Private Limited (SSCPL) was incorporated in August 2008, however after remaining dormant for seven years the company started commercial operation from April 2015. The company was promoted by Mr. Jami Ramesh, Mr. Jami Sivasai, Mrs. Jami Kavita and Mrs. Jami Nirmala based out of Koraput, Odisha. The company has been engaged in extraction of cashew nut shell liquid and cashew de-oiled cake at its plant located at Ganjam, Odisha. The plant has a processing capacity of 252,000 quintals for cashew de-oiled cake and 108,000 quintals for cashew nut shell liquid. The company procures its raw materials from domestic markets and sales through dealers across all over India. Presently, the company has around 25 dealers. SATNAM JEWELLS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Satnam Jewells Private Limited (SSJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 21, 2020, placed the rating(s) of SSJPL under the 'issuer non-cooperating' category as SSJPL 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. SSJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 06, 2021, June 16, 2021, June 26, 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). Sri Satnam Jewells Private Limited (SSJPL) was incorporated on June 1, 2016, by Khurana family of Berhampur, Odisha with Shri Narayan Khurana being the main promoter. SJPL is engaged in retailing of gold and silver jewelry and precious & semiprecious stones studded gold jewelry, through its sole retail outlet located in Berhampur, Odisha. SJPL has entered into an authorized franchisee agreement with Senco Gold Limited (SGL) since July 2016 and the franchise agreement is valid till July 2019. The company offers wide range of products to its customer that includes rings, earrings, pendants, bracelets, necklaces, bangles and medallions under the brand name of Senco Gold & Diamonds. SEYA INDUSTRIES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Seya Industries Limited T-14, M.I.D.C. Tarapur Boisar, Thane 401506 Insolvency Commencement Date: August 3, 2021 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 30, 2020 (180 days from commencement) Insolvency professional: Anuj Bajpai Interim Resolution Professional: Anuj Bajpai Headway Resolution and Insolvency Services Pvt. Ltd. 708, Raheja Centre, 7th Floor Nariman Point, Mumbai 400021 Maharashtra E-mail: anuj19603@yahoo.co.om cirpseya@gmail.com Last date for submission of claims: September 2, 2021 SHUBH RICE: CARE Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shubh Rice Exports Private Limited (SREPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.04 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 16, 2020, placed the rating(s) of SREPL under the 'issuer non-cooperating' category as SREPL 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. SREPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 02, 2021, May 12, 2021, May 22, 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. Shubh Rice Exports Private Limited (SRE) was incorporated in July 2013, however, the commercial operations commenced in September 2014. The company is currently being managed by Mr. Upkar Chand and Mr. Rajesh Kumar. The company is engaged in processing of paddy at its manufacturing facility located at. Patiala, Punjab having an installed capacity of 52800 metric tonnes of paddy per annum as on December 31, 2017. SRE procures paddy directly from local grain markets through commission agents located in Punjab. Furthermore, the company sells its product, ie, basmati rice under the brand name of 'Moti Bagh' and 'Moti Bhandhar' in the states of Punjab, Haryana and Gujarat through a network of commission agents. SIDDS JEWELS: CARE Moves C Debt Rating to Not Cooperating --------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Sidds Jewels India LLP (SJIL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.20 CARE C; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Long Term/ 136.25 CARE D/CARE D; ISSUER NOT Short Term COOPERATING Rating moved to Bank Facilities ISSUER NOT COOPERATING category Short Term 1.36 CARE A4; ISSUER NOT Bank Facilities COOPERATING Rating moved to ISSUER NOT COOPERATING Category Detailed Rationale & Key Rating Drivers CARE has been seeking information from SJIL to monitor the rating(s) vide e-mail communications dated August 6, 2021, August 5, 2021, August 4, 2021, August 3, 2021, August 2, 2021, July 30, 2021 etc., and numerous phone calls. However, despite CARE's repeated requests, firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information, which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on SJIL's bank facilities will now be denoted as CARE D/CARE C/CARE A4; 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(s). The ratings consider delay in servicing of its existing debt obligation as confirmed by bankers. As informed by banker, SJIL has fully repaid the Long-term bank facilities (Term loan) and Short-term bank facilities (Bank Guarantee), however, CARE is in the process of acquiring required documents for withdrawal of ratings. Detailed description of the key rating drivers At the time of last rating on May 31, 2021, the following were the key rating drivers * Delay in servicing of debt obligations: As confirmed by the lenders, there are ongoing delays in debt (working capital facilities) servicing obligation of the firm. Decline in total operating income and significant increase in working capital cycle (largely on account of increased trade receivables) has resulted into significant deterioration of liquidity profile of the group over the past one year. Analytical approach: Combined CARE has combined the financials of Sidds Jewels Private Limited, Sidds Jewels India LLP and Pooja Diam LLP due to the group being controlled by same promoter group and the decision-making being centralized. The group has common finance and administration teams. Also, the group enjoys business synergies with operations in same line of business. Incorporated in 2003, Sidds Jewels India LLP (SJIL) is promoted by Mr. Sunil S. Kothari belonging to the Kothari family from Mumbai. The company is into manufacturing and export of diamond studded jewelry. The manufacturing facility is located in SEEPZ, Mumbai which employs around 200 employees. Apart from interest in G&J business, the Kothari family also has businesses in hospitality, real estate, horticulture and plantation industry. SIWAL INFRACON: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siwal Infracon Private Limited (SIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.28 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 4.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 SIPL under the 'issuer non-cooperating' category as SIPL 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. SIPL 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. Jaipur-based (Rajasthan) Siwal Infracon Private Limited (SIPL) was initially formed in 2004 as a partnership concern in the name of M/s Siwal Builders & Developers by its key promoter, Mr. Rajesh Siwal. Subsequently, there was amendment in partnership deed which was later reconstituted as a private limited company in 2012 with assuming its present name. Initially, SIPL was primarily engaged in execution of civil construction contract works pertaining to real estate projects for private sector companies; however, form FY14 on-wards SIPL had also ventured into executing project related to commercial and institution with major contracts secured from private sector clientele located in Rajasthan. STAR TRACE: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Star Trace Private Limited New No. 5, Old No. 7 Jeevanandham Street Red Hills Chennai 600052 Insolvency Commencement Date: August 9, 2021 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: February 5, 2022 Insolvency professional: K Ganesan Interim Resolution Professional: K Ganesan New No. 9, Old No. 2/1 Reddi Kuppam Road West Mambalam Chennai 600033 E-mail: ganesank453@gmail.com ganeshkrishrp19@gmailcom Last date for submission of claims: August 23, 2021 SURVIVAL TECHNOLOGIES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB' ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Survival Technologies Pvt. Ltd.'s Long-Term Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. The instrument-wise rating actions are: -- INR233.19 mil. Term loan due on March 2021 downgraded with IND BB (ISSUER NOT COOPERATING) rating; -- INR120 mil. Cash credit downgraded with IND BB (ISSUER NOT COOPERATING) rating; -- INR140 mil. Packing credit limit/pre-shipment credit in foreign currency downgraded with IND BB (ISSUER NOT COOPERATING) rating; -- INR120 mil. Letter of credit downgraded with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Fund-based limit downgraded with IND BB (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING). Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information. KEY RATING DRIVERS The downgrade is pursuant to the Securities and Exchange Board of India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. According to the circular, any issuer with an investment-grade rating remains non-cooperative with rating agency for over six months, should be downgraded to sub-investment grade rating category. Survival Technologies Pvt. Ltd. has been in the non-cooperative with the agency since November 30, 2020. Survival Technologies Pvt. Ltd.'s current rating of 'IND BB+ (ISSUER NOT COOPERATING)' may not reflect its credit strength as the issuer has been non-cooperative with the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. COMPANY PROFILE Formed in 2005, Survival Technologies manufactures 400 different types of fine and specialty chemicals. It has two manufacturing sites, one in Ankleshwar and in Vapi. It has a total production capacity of 550 metric tons per annum. STPL has an in-house research and development facility, which is certified by the Department of Scientific and Industrial Research. The proposed greenfield capex of the Mahad unit is postponed due to pending regulatory approvals and other permissions. WEST INDIA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB' --------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded The West India Power Equipments Private Limited's (WIPE) Long-Term Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating actions are: -- INR5 mil. Non-fund-based working capital limits downgraded with IND A4+ (ISSUER NOT COOPERATING) rating; -- INR305 mil. Fund-based working capital limits* is withdrawn; and -- INR114.12 mil. Term loans* due on March 2026 is withdrawn. *withdrawn on the receipt of no-dues certificate from the lender Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information. KEY RATING DRIVERS The downgrade is pursuant to the Securities and Exchange Board of India circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. According to the circular, any issuer having an investment-grade rating remaining non-cooperative with a rating agency for over six months should be downgraded to a sub-investment grade rating. Ind-Ra has withdrawn the ratings of the term loan and the fund-based working capital limits on the receipt of a no-dues certificate from the lenders. The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)' may not reflect WIPE's credit strength as the issuer has been non-cooperative with the agency since June 22, 2020. Therefore, investors and other users are advised to take appropriate caution while using this rating. COMPANY PROFILE WIPE, which commenced operations in 1986, manufactures wiper systems and other ancillaries, primarily for passenger cars. Its plants are in Jagdishpur, Pune, Rewari, Kancheepuram and Lucknow. WHITEFIELDS APPAREL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Whitefields Apparel (WA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.35 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 10, 2020, placed the rating(s) of WA under the 'issuer non-cooperating' category as WA 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. WA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 26, 2021, July 6, 2021 and July 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). Whitefields Apparel (WA) was established in April 2011 as a proprietorship concern by Mrs. Kalpana Anand, daughter of Mr. K. P. Ramasamy, the Chairman of K.P.R. Mill Limited. WA is a Tirupur-based firm engaged in manufacture and export of knitted garments. ========= J A P A N ========= EAST JAPAN: Egan-Jones Hikes Senior Unsecured Ratings to BB ----------------------------------------------------------- Egan-Jones Ratings Company, on August 20, 2021, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by East Japan Railway Company to BB from BBB-. Headquartered in Shibuya City, Tokyo, Japan, East Japan Railway Company provides rail transportation services in the Kanto and Tohoku regions, including Tokyo. TOKYU CORP: Egan-Jones Retains BB- Sr. Unsec. Debt Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on August 19, 2021, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Tokyu Corporation. EJR also maintained its 'B' rating on commercial paper issued by the Company. Headquartered in Shibuya City, Tokyo, Japan, Tokyu Corporation provides railway services. =============== M O N G O L I A =============== TRANSPORT & DEVELOPMENT: Moody's Affirms 'B3' LT Deposit Ratings ---------------------------------------------------------------- Moody's Investors Service has affirmed Transport and Development Bank LLC's (TransBank) B3 local- and foreign-currency long-term deposit ratings. At the same time, Moody's has affirmed all of the bank's ratings and assessments. The outlook on TransBank's ratings remains stable. The rating action follows the Bank of Mongolia's approval on July 28, 2021 the merger of TransBank and Credit Bank LLC (Credit Bank, unrated). The merger, which will take effect from August 25, 2021, is part of the plan to convert TransBank into a closed joint stock company in accordance with the Mongolian Banking law. RATINGS RATIONALE The affirmation of TransBank's B3 local- and foreign-currency long-term deposit ratings reflects Moody's assessment that the credit profile of the merged entity will be broadly similar to that of TransBank prior to the merger. The B3 long-term deposit reflects its very high capitalization, which offsets its challenges as a smaller bank in accessing stable deposit funding and managing liquidity; and its relatively high concentration to the mining and construction sectors. The bank's b3 Baseline Credit Assessment (BCA) is the same as the bank's deposit ratings, which include no uplift for government support. The merger will close with a share swap with no share premium involved. All assets, liabilities, equities, and branches of Credit Bank will be consolidated into TransBank. The merger will result in a larger loan portfolio and branch network, while the composition of the loan portfolio will broadly be unchanged, with relatively high exposures to corporates. The merged entity is planning to gradually increase its retail loans over the next 12 to 18 months, to around 20% of the total loan portfolio from 14% at the time of the merger. In addition, the merger may lead to a stronger deposit franchise, lower costs, and higher profitability. Moody's has not incorporated affiliate support for TransBank, and therefore, the Adjusted BCA is in line with the bank's BCA of b3. No government support uplift is reflected in TransBank's long-term ratings because Moody's assumes a low level of government support for the merged entity given its importance to the Mongolian banking system is limited with a combined market share of around 1%-2%. Furthermore, the bank's BCA is already at the same level as the Mongolian government's issuer rating of B3. TransBank's long-term Counterparty Risk (CR) Assessment of B2(cr) and long-term Counterparty Risk Ratings (CRRs) of B2/B3 take into consideration the b3 Adjusted BCA and Moody's Basic Loss Given Framework (LGF) analysis, which positions the Preliminary Rating Assessment of the CR Assessment and CRRs one notch above the bank's Adjusted BCA, prior to the incorporation of government support. ESG Considerations Moody's has considered the positive impact of the merger on TransBank's corporate governance under its environmental, social and governance (ESG) framework, given its implications for the bank's organization structure. Following the merger, the number of TransBank's shareholders will increase to eight from current three, reducing the bank's ownership concentration and achieving a better balance of ownership, management and control. The action reflects the impact that governance factors have on TransBank's credit quality. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TransBank's b3 BCA is at the same level as the sovereign rating, and upward rating pressure is unlikely to develop in the absence of an upgrade of the sovereign rating. Moody's could downgrade the bank's ratings if its BCA or the sovereign rating is downgraded, or both. The bank's BCA could be downgraded if there are signs of asset quality deterioration in its mining and construction loan book, given its credit concentration risks to these two sectors. A significant deterioration in the bank's funding or liquidity strength, or both, could also result in a downgrade of the bank's BCA. The principal methodology used in these ratings was Banks Methodology published in July 2021. Transport and Development Bank LLC, headquartered in Ulaanbaatar, Mongolia, had total assets of MNT360.2 billion (USD126.2 million) as of the end of December 2020. LIST OF AFFECTED RATINGS AND ASSESSMENTS Issuer: Transport and Development Bank LLC Baseline Credit Assessment (BCA) of b3 affirmed Adjusted BCA of b3 affirmed Long-term Counterparty Risk Assessment of B2(cr) affirmed Short-term Counterparty Risk Assessment of NP(cr) affirmed Local currency long-term Counterparty Risk Rating of B2 affirmed Foreign currency long-term Counterparty Risk Rating of B3 affirmed Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed Local currency and foreign currency long-term deposit rating of B3 affirmed, outlook remains stable Local currency and foreign currency short-term deposit ratings of NP affirmed Local currency and foreign currency long-term issuer ratings of B3 affirmed, outlook remains stable Local currency and foreign currency short-term issuer ratings of NP affirmed Outlook remains stable ================= S I N G A P O R E ================= ANZ SINGAPORE: Creditors' Proofs of Debt Due on Sept. 25 -------------------------------------------------------- Creditors of ANZ Singapore Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Sept. 25, 2021, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 20, 2021. The company's liquidator is: Thio Khiaw Ping Kelvin Chan Li Shan c/o Ardent Corporate Recovery Pte Ltd 30 Cecil Street #15-08 Prudential Tower Singapore 049712 EUNETWORKS 1: Commences Wind-Up Proceedings ------------------------------------------- Members of Eunetworks 1 Pte Ltd, on Aug. 23, 2021, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Leong Chang Hong Boardroom Corporate & Advisory Services 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623 GUIDANCE MARINE: Creditors' Meetings Set for Sept. 6 ---------------------------------------------------- Guidance Marine Pte Limited will hold a meeting for its creditors on Sept. 6, 2021, at 3:00 p.m., at via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint Liquidator(s); and c. to appoint a Committee of Inspection ("COI") of not more than 5 members, if thought fit; and d. any other business. IX BIOPHARMA: Net Loss Narrows to SGD8.2MM in Year Ended June 30 ---------------------------------------------------------------- The Business Times reports that iX Biopharma said its net loss for the financial year ended June 30 narrowed to SGD8.2 million from the previous year's loss of SGD10.5 million. This is due to a 77 per cent increase in revenue to SGD1.7 million, boosted by demand for the group's nutraceutical products and WaferiX-based product development services from pharmaceutical companies in China, the Catalist-listed company said in an exchange filing on Aug. 23, BT relays. iX Biopharma Ltd is a Singapore-based specialty pharmaceutical and nutraceutical company. The Company operates business model from drug development to manufacturing and supply, with facilities in Australia. The Company focuses on the development and commercialization of therapies for diseases of the central nervous system using its platform sublingual drug delivery technology, WaferiX. Its pipeline of products under development includes Wafermine (ketamine wafer) and BnoX (buprenorphine wafer) for pain management. It offers drugs for the treatment of erectile dysfunction, Wafesil and Silcap. Its nutraceuticals division, Entity Health Limited (Entity), is engaged in the development and commercialization of nutraceutical products that address specific conditions and improve quality of life. It distributes its Entity line of nutraceutical products in Australia through pharmacies and health food shops and in China and globally through its online e-commerce stores. NO SIGNBOARD: Reports Impairment Loss of More Than SGD478,000 ------------------------------------------------------------- The Business Times reports that No Signboard Holdings recorded an impairment loss of over SGD478,000 due to losses incurred by its restaurants affected by the Covid-19 pandemic, the Catalist-listed company said in response to an SGX query. In particular, its two outlets of the Little Sheep Hotpot business and three Mom's Touch fastfood outlets recorded lower revenue than anticipated due to Heightened Alert restrictions, which include a ban on dine-ins, resulting in a write-down of nearly SGD430,000 for its third quarter, BT discloses. No Signboard Holdings Ltd., an investment holding company, manages and operates food and beverage outlets in Singapore. The company operates a chain of seafood restaurants under the No Signboard Seafood brand that serve various seafood cuisine prepared in Chinese and Singapore styles. It owns and operates three restaurants, as well as operates one restaurant under a franchise agreement. The company also produces, promotes, and distributes beer under the Draft Denmark brand; and distributes various third party brands of beer, as well as operates as an OEM beer supplier for third party brands. In addition, it produces and distributes ready meals through a network of vending machines. Further, the company engages in leasing financial intangible assets, such as patents, trademarks, brand names, etc. SINOPIPE HOLDINGS: Creditors' Meetings Set for Sept. 8 ------------------------------------------------------ Sinopipe Holdings Limited will hold a meeting for its creditors on Sept. 8, 2021, at 2:00 p.m., via a live web broadcast. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to resolve that Cameron Lindsay Duncan and David Dong-Won Kim care of KordaMentha be and are hereby appointed jointly and severally as Liquidators of the Company for the purpose of such winding up and that their remuneration be based on their normal scale rates and be paid out of the Company's assets; c. to appoint a Committee of Inspection of not more than five members, if thought fit; d. to resolve that the Liquidators be at liberty to open, maintain and operate any bank account or an account for monies received by him as Liquidators of the Company, with such bank as the Liquidators deem fit; and e. to resolve that the Liquidators be authorised to exercise any of the powers provided by Section 144(1)(b), (c), (d), (e) and (f) of the Insolvency, Restructuring and Dissolution Act 2018; and f. any other business. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. 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