/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/211104.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, November 4, 2021, Vol. 24, No. 215 Headlines A U S T R A L I A CRIXUS PTY: Second Creditors' Meeting Set for Nov. 11 GREGORY HIGHWAY: Second Creditors' Meeting Set for Nov. 12 MJW BUILDING: Second Creditors' Meeting Set for Nov. 10 WISEYIELD INVESTMENTS: Second Creditors' Meeting Set for Nov. 11 C H I N A BYTON LTD: Misses Payroll as Court Starts Bankruptcy Hearings HNA GROUP: Court Approves Four Separate Restructuring Plans HNA GROUP: Lender Seizes Hong Kong Mansion Linked to Dennis Chen SHINSUN HOLDINGS: S&P Downgrades ICR to 'B-', Outlook Negative YANGO GROUP: Fitch Lowers LT Foreign Currency IDR to 'C' I N D I A ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category ARBIND COLD: CARE Keeps B- Debt Rating in Not Cooperating BABA JHARESHWAR: CARE Keeps B- Debt Rating in Not Cooperating ESSAR POWER: Adani Power Gets NCLT Nod to Acquire Mahan Project EVEREST SEA: CARE Keeps B+ Debt Rating in Not Cooperating Category FABRICO INDIA: CARE Keeps B Debt Rating in Not Cooperating FLIC MICROWAVES: CARE Lowers Rating on INR12.33cr Loan to D GLOW MAC: CARE Keeps C Debt Rating in Not Cooperating Category GURVINDER SINGH: CARE Lowers Rating on INR2.00cr LT Loan to C HANWANT FASTNERS: CARE Keeps B- Debt Rating in Not Cooperating HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating IL&FS LTD: Resolves INR52,200cr Debt as of End of October INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating JAI SAKTHI: CARE Keeps B Debt Rating in Not Cooperating Category KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating KALOSONA HIMGHAR: CARE Keeps B Debt Rating in Not Cooperating KARLA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating LODHI RAJPOOT: CARE Lowers Rating on INR6.05cr LT Loan to B LORDS TRAVELS: CARE Lowers Rating on INR5.00cr LT Loan to B+ M & T CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating MA MAHAMAYA: CARE Lowers Rating on INR9.36cr LT Loan to D MACROTECH DEVELOPERS: Moody's Upgrades CFR to B3, Outlook Positive NIMBUS MOTORS: CARE Lowers Rating on INR32.50CR LT Loan to C PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category R K CHAVAN: CARE Lowers Rating on INR12.37cr LT Loan to C TATA POWER: S&P Assigns 'BB' Issuer Credit Rating, Outlook Stable J A P A N JAPAN AIRLINES: Forecasts Full-Year Net Loss of US$1.28 Billion M A L A Y S I A SERBA DINAMIK: Fitch Lowers LT IDR to 'CCC-' N E W Z E A L A N D PROTECTCRETE NZ: Creditors' Proofs of Debt Due Dec. 2 S I N G A P O R E EAGLE HOSPITALITY: Plan Hearing Slated for Mid-December EAGLE HOSPITALITY: Settles With Creditors, Files Bankruptcy Plan EAGLE HOSPITALITY: US Trustee Calls Chapter 11 Docs Convoluted GLOBAL APPAREL: Court to Hear Wind-Up Petition on Nov. 19 GREENBACK ECOMMERCE: Commences Wind-Up Proceedings MOPU HOLDINGS: Creditors' Proofs of Debt Due Nov. 30 STRAITS VENTURA: Court Enters Wind-Up Order UOL DEVELOPMENT: Creditors' Proofs of Debt Due Nov. 29 - - - - - ================= A U S T R A L I A ================= CRIXUS PTY: Second Creditors' Meeting Set for Nov. 11 ----------------------------------------------------- A second meeting of creditors in the proceedings of Crixus Pty Ltd has been set for Nov. 11, 2021, at 12:00 p.m. via online video conference using Zoom meeting software. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 10, 2021, at 4:00 p.m. Jack James and Paula Smith of Rodgers Reidy were appointed as administrators of Crixus Pty on Oct. 7, 2021. GREGORY HIGHWAY: Second Creditors' Meeting Set for Nov. 12 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Gregory Highway Roadhouse Pty Ltd has been set for Nov. 12, 2021, at 3:00 p.m. via teleconference facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 11, 2021, at 4:30 p.m. Brendan Nixon of SM Solvency Accountants was appointed as administrator of Gregory Highway on Oct. 8, 2021. MJW BUILDING: Second Creditors' Meeting Set for Nov. 10 ------------------------------------------------------- A second meeting of creditors in the proceedings of MJW Building Pty Ltd has been set for Nov. 10, 2021, at 10:00 a.m. via online video conference using Zoom meeting software. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 9, 2021, at 4:00 p.m. Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were appointed as administrators of MJW Building on Oct. 6, 2021. WISEYIELD INVESTMENTS: Second Creditors' Meeting Set for Nov. 11 ---------------------------------------------------------------- A second meeting of creditors in the proceedings of Wiseyield Investments Pty Ltd, trading as Boliver International, has been set for Nov. 11, 2021, at 10:30 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 10, 2021, at 5:00 p.m. Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants was appointed as administrator of Wiseyield Investments on Oct. 7, 2021. ========= C H I N A ========= BYTON LTD: Misses Payroll as Court Starts Bankruptcy Hearings ------------------------------------------------------------- Caixin Global reports that Byton Ltd., a formerly high-flying Chinese electric-vehicle startup, missed payments to workers and idled production lines as a local court started bankruptcy hearings. Caixin relates that a court in Nanjing, Jiangsu province, held a hearing Nov. 1 on the request of Shanghai Huaxun Network System Co., a Byton creditor. Shanghai Huaxun demanded a bankruptcy proceeding for Nanjing Zhixing New Energy Vehicle Technology Development Co., Byton's main business unit. Byton suspended worker payrolls while its factories halted operations, according to a person close to the company, Caixin relays. Byton, which unveiled its first M-Byte concept car in 2018, has yet to start commercial production that was originally scheduled for 2019. Even if the company could launch products soon, Byton cars would not be competitive with rivals under current market conditions, the person, as cited by Caixin, said. Byton Ltd. operates as an electric vehicle company that designs cars as a fully connected smart device on wheels. HNA GROUP: Court Approves Four Separate Restructuring Plans ----------------------------------------------------------- Caixin Global reports that HNA Group Co. Ltd. has received court approval for its restructuring plan just days after its creditors gave their OK, clearing two major hurdles for the debt-ridden conglomerate to move forward with the bankruptcy reorganization that began earlier this year. In its ruling on Oct. 30, the Hainan High People's Court approved four separate restructuring plans, one each for its airline, airport, and retail businesses, as well as one for the conglomerate itself, according to a company WeChat post, Caixin relays. About two weeks earlier, HNA's creditors voted to approve the debt restructuring plans, the company said in a separate WeChat post. Under these plans, Hainan Airlines Holding Co. Ltd. and 10 affiliates will repay CNY161.3 billion of the roughly CNY400 billion sought by their 4,915 creditors. HNA Infrastructure Investment Group Co. Ltd. and its 20 subsdiaries will repay CNY95.2 billion of the CNY189 billion sought by 3,242 creditors. And HNA's retail unit will pay back CNY23.6 billion of the more than CNY33 billion demanded by over 5,600 creditors. Only a portion of the debt will be repaid in cash, according to the plans. According to Caixin, creditors will be paid off within 10 years, starting from 2022, with interest paid annually on one or two days. From the second or the fourth year on, the principal will also be repaid in rising increments, starting at as low as 2% and going to 20%. HNA's restructuring is one of China's largest bankruptcy cases. Caixin relates that the company's financial problems are the result of a freewheeling era in which Chinese conglomerates went on a global spending spree for trophy assets that they financed by taking on enormous debt. It was during this time that HNA attracted global attention by investing in big international names like Hilton Worldwide Holdings Inc. and Deutsche Bank AG. However, this debt-fueled acquisition strategy eventually forced HNA into a hard landing after the government tightened financing rules and oversight on overseas asset purchases in 2017. By the end of that year, HNA's assets had ballooned to CNY1.23 trillion and it had CNY740 million in total debt. In January, HNA's creditors petitioned a court to force the company into bankruptcy restructuring. According to a plan worked out by a government-appointed task force, HNA will become a holding company with no specific operations, but it will be responsible for repaying all of its own debts and those of its subsidiaries after the restructuring. The company will be managed by a creditor committee or asset management company, while its units are supposed to bring on strategic investors to improve their financial positions. In mid-September, two state-controlled firms, Liaoning Fangda Group Industrial Co. Ltd. and Hainan Development Holdings Co. Ltd., separately won the deal for stakes in HNA's airline and airport units. The deals cover two Shanghai-listed companies — Hainan Airlines and HNA Infrastructure Investment. HNA is still seeking strategic investors for its retail businesses, which include Shenzhen-listed CCOOP Group Co. Ltd. and Hong Kong-listed China Shun Ke Long Holdings Ltd. HNA GROUP: Lender Seizes Hong Kong Mansion Linked to Dennis Chen ---------------------------------------------------------------- Caixin Global reports that a mountaintop mansion in Hong Kong linked to Dennis Chen - removed last month as HNA Group Co.'s investment chief - has become the latest luxury property linked to the group to be placed in foreclosure ahead of a possible sale. House 6 on Twelve Peaks, a posh development on Hong Kong Island's Victoria Peak, was seized by the lender on Oct. 15, Caixin discloses citing records from the Land Registry of the Hong Kong SAR. Chen, who is also known as Chen Chao, was removed from his position as chief investment officer at the troubled HNA Group in September, according to Caixin. His uncle, group chairman Chen Feng, was taken in by police that same month. About HNA Group China-based HNA Group Co. Ltd. offers airlines services. The Company provides domestic and international aviation transportation, air travel, aviation maintenance, and aviation logistics services. HNA Group also operates holding, capital, tourism, logistics, and other business. As reported in the Troubled Company Reporter-Asia Pacific, HNA Group on Jan. 29, 2021 declared bankruptcy and restructuring after a multi-year debt and liquidity crisis. The company was informed by South China's Hainan High People's Court on Jan. 29 that "because the company is unable to pay off its debts, related creditors appealed to the court for the company's bankruptcy and restructuring," HNA said. According to Global Times, HNA Group said it will cooperate with the court for judicial review, carry forward the debt disposal, and support the court's protection of the legal rights of its creditors so as to ensure the smooth operations of the company. On March 15, 2021, a court in Hainan approved the merger and restructuring of 320 affiliates of HNA Group into the parent company, paving way for the conglomerate to eventually emerge from bankruptcy, Caixin Global said. HNA Group was designated as administrator of the merger, and creditors will hold their first meeting June 4, according to a statement issued March 15 by the Hainan High People's Court. The 320 units will be integrated into HNA group's bankruptcy reorganization, and the group will submit a restructuring plan to the creditor meeting for approval, the court said. SHINSUN HOLDINGS: S&P Downgrades ICR to 'B-', Outlook Negative -------------------------------------------------------------- On Nov. 2, S&P Global Ratings lowered its issuer credit rating on Shinsun Holdings (Group) Co. Ltd. to 'B-' from 'B'. S&P also lowered its long-term issue rating on the company's U.S. dollar notes to 'CCC+' from 'B-'. The negative outlook on Shinsun reflects S&P's view that continuous repayment of maturities with cash will hamper the company's liquidity over the next 12 months. S&P said, "The downgrade reflects our view that Shinsun will face heightened operational challenges in the next one to two years. These challenges include a potential drop in contracted sales and a slowdown in the cash collection rate due to tight mortgage policies in China. The company's attributable contracted sales dropped by 60% to Chinese renminbi (RMB) 14.6 billion in the third quarter of 2021, compared with the second quarter of 2021. Sales further deteriorated to only RMB3.4 billion in September. In our view, this decline was due to Shinsun's land bank exposure mainly in lower-tier cities, albeit in the more economically developed Yangtze River Delta (YRD). "Shinsun faces repayment pressure from nonbank financing. We believe the company will face difficulty in refinancing or rolling over its trust loans. This is because a policy clampdown by the government has made trust companies more selective in extending such financing. Shinsun has total RMB23.4 billion of trust and other financings (RMB15.9 billion and RMB7.5 billion, respectively) as of June 30, 2021, equivalent to about 50% of its debt. The company repaid RMB3 billion-RMB4 billion of trust loans and bank loans in the third quarter of 2021, which indicates potentially narrowing funding access. In our view, Shinsun's use of its cash on hand for debt repayment will reduce its resources for new land acquisition or construction. "Significant minority interest weakens Shinsun's financial transparency. We believe the company will continue to introduce more minority interest partners in its consolidated projects to share the investment burden. This will reduce Shinsun's attributable ratio in these projects to about 70% in 2021 from about 80% in 2020." The decline in attributable ratio may hurt revenue recognition during 2022-2023. Shinsun's increased involvement in joint venture projects could lower its autonomy in mobilizing cash from project companies. Shinsun's cash level could be further depleted if it decides to buy back stakes from its minority interest partners as these projects progress. Shinsun's financing channels have narrowed owing to its impaired access to capital markets. S&P believes the company's access to the offshore capital market is highly uncertain. This is given the volatility in Shinsun's U.S. dollar bond prices and the current unfavorable market sentiment. The company will very likely need to repay offshore maturities using internal resources. Shinsun has US$300 million bond due in January 2022 and two other U.S. dollar bonds totaling US$400 million due in June 2022 and August 2023. Shinsun should be able to manage its US$300 million maturity in January 2022. The company raised US$200 million in bonds in August this year to refinance its US$300 million bond due in January next year. S&P said, "We estimate Shinsin had accessible cash on hand of RMB15 billion as of end-June 2021. This will mostly cover its RMB22 billion in short-term maturities and support repayment capacity. We did not include the company's RMB7.9 billon of "cash from property pre-sales proceeds" and RMB3.8 billion "pledged deposit" in estimating the accessible cash." S&P said, "The negative outlook on Shinsun reflects our view of the company's weak capital structure due to its large exposure to nonbank financing. Shinsun should be able to manage its repayment obligations over the next year including its offshore maturities. However, accelerated repayment of trust loans and a potential buyback of minority interest could hamper the company's liquidity standing over the next 12 months. "We may lower the rating if Shinsun's liquidity shows signs of marked deterioration, possibly due to a significant slippage in contracted sales, refinancing difficulties in any of the funding channels, or escalation of debt repayment in trust loan or other borrowings. Material cash depletion or a sharp increase in funding costs could signal such deterioration." S&P could revise the outlook to stable if: -- Shinsun consistently demonstrates adequate liquidity with sufficient cash on hand to cover short-term maturities even after the company pays down offshore maturities with cash. -- Shinsun's liquidity and capital structure improve such that the ratio of liquidity sources to uses is sustainably above 1.0x. At the same time, S&P would also expect the company to improve its debt maturity profile such that weighted average maturities lengthen to stably above two years. YANGO GROUP: Fitch Lowers LT Foreign Currency IDR to 'C' -------------------------------------------------------- Fitch Ratings has downgraded China-based property developer Yango Group Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'C' from 'B-'. Fitch has also downgraded Yango's senior unsecured rating to 'C' from 'B-' with the Recovery Rating lowered to 'RR5' from 'RR4'. The downgrades follow Yango's announced launch of an offer to exchange its USD247 million senior notes due 2023, which are puttable in November 2021, USD200 million senior notes due January 2022 and USD300 million senior notes due March 2022 into new notes due September 2022, which Fitch considers a distressed debt exchange (DDE) as per Fitch's criteria. The IDR will be downgraded to 'RD' (Restricted Default) if the proposed exchange offer is successfully carried out, and Fitch will subsequently re-rate Yango's IDRs to a level that is consistent with the company's post-exchange capital structure and risk profile, which would likely be within a very low speculative-grade range. KEY RATING DRIVERS Exchange Offer Constitutes a DDE: Fitch expects both of the following to apply when considering whether a debt exchange should be classified as a DDE: the exchange imposes a material reduction in terms compared with the original contractual terms; and the exchange is conducted to avoid bankruptcy, similar insolvency or intervention proceedings, or a traditional payment default. The offer, if successful, would meet both of these terms. Offer to Avoid Payment Default: Fitch believes the exchange offer will help Yango to avoid a default in light of its tight liquidity. The company's available cash balance dropped to around CNY21 billion by end-September 2021, while its ability to access the cash for bond repayment is limited. The exchange offer memorandum also states that the company may not be able to repay the existing notes if the exchange is unsuccessful. Material Reduction in Terms: Yango is offering USD25 in cash and USD1,000 in new notes with an interest rate of 10.25% due September 2022. Fitch believes the exchange offer constitutes a material reduction in the terms of the existing notes as the repayment is being made in the form of new notes with an extended maturity date. In addition, the new notes remove some of the restrictive covenants of the existing notes. Conditions of Exchange Offer: The company's obligation to consummate the exchange offer is conditional upon, among other things, the bondholders tendering not less than 85% in aggregate of the outstanding principal amount of the existing notes. The company reserves the right to amend, modify or waive, at any time, the terms and conditions of the exchange offer. Tighter Liquidity than Guidance: Management said cash restrictions at project companies have tightened further since Yango reported CNY33 billion in Fitch-defined available cash at end-1H21, slightly more than the CNY26 billion in short-term debt. The company said in the exchange offer memo that a significant portion of the cash balance consisted of restricted funds and pre-sale regulated funds, which may not be available for debt repayment at the holding company. Certain non-bank borrowings were also called due to recent rating actions. Recovery Rating Lowered: The lowering of the Recovery Rating on the senior unsecured debt of Yango to 'RR5', from 'RR4', reflects poor recovery prospects. This was mainly driven by a continued increase in trade payables by end-3Q21. DERIVATION SUMMARY Yango's ratings reflect its DDE offer. KEY ASSUMPTIONS KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that Yango would be liquidated in a bankruptcy as it is an asset-trading company. -- Fitch has assumed a 10% administrative claim; -- The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors; -- The 60% inventory advance rate is supported by a quality asset base, which can generate an EBITDA margin of below 20%; -- Advance rate of 60% applied to property, plant and equipment; -- Advance rate of 35% applied to investment properties, which generates a low rental yield of 2%; -- Advance rate of 100% applied to unrestricted cash, while including 100% trade payables in the debt waterfall; -- Advance rate of 100% applied to Fitch-defined restricted cash, which mainly consists of guarantees for the company's bank borrowings, mortgage loans and construction work; -- The allocation of value in the liability waterfall results in recovery corresponding to 'RR5' for the senior unsecured debt. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Fitch will reassess Yango's capital structure and cash flow after the completion of the exchange offer, or if the offer is not completed, to determine its IDR and senior unsecured ratings. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- Fitch will downgrade Yango's IDR to 'RD' if the exchange offer is completed. 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. ISSUER PROFILE Yango is a property developer that mainly operates in the Yangtze River Delta and Fujian province in China. It is one of the country's top-20 property developers by total contracted sales. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch's calculation of net property assets used in the leverage calculation includes: inventory, net deposits and prepayments for projects, investment properties, property, plant and equipment (land and buildings), land-use rights, investments in joint ventures (JV), net amounts due from JVs, and net amount due from non-controlling interests, less contract deposits and deposits received. 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. ========= I N D I A ========= ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of ABF Engineering International Private Limited (AEIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.07 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 2.80 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 October 23, 2020, placed the rating(s) of AEIPL under the 'issuer non-cooperating' category as AEIPL 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. AEIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 08, 2021, September 18, 2021 and September 28, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). ABF Engineering International Private Limited (AEIPL) was established in 2007 as a company to render manufacturing services to industries and sectors such as construction, ship building, petrochemical, Oil and Gas, Fertilizers, Chemical plants, Power Sector, Pharma and Engineering Project Construction consultants. ABF is certified by American Society of Mechanical Engineers (ASME) for U and PP stamp to manufacture pressure vessels, piping fabrication and accessories. ABF Engineering is registered with IBR Act, 1950 to manufacture pressure parts and package boiler and certified by Engineers India Limited (EIL) for procurement of pressure vessels, and Nuclear Power Corporation of India Limited (NPCIL) as a vendor for condensers, storage tanks, process piping, structural fabrication, fabricated steel parts, Sheet metal parts etc. AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AMB Food Products (AFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.25 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 November 13, 2020, placed the rating(s) of AFP under the 'issuer non-cooperating' category as AFP 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. AFP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 29, 2021, October 9, 2021, October 19, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Indore-based (Madhya Pradesh) AFP was established in 2015 as a partnership firm by four partners to undertake a green field project for manufacturing of sweets, namkeen and fast food primarily pizza, sandwich, franky and burger. AFP was setting-up a new plant in Indore (Madhya Pradesh) with a proposed installed capacity of manufacturing 1200 (MTPA) Metric Tonnes Per Annum of sweets and namkeen. ARBIND COLD: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arbind Cold Storage Private Limited (ACSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.19 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 November 18, 2020, placed the rating(s) of ACSPL under the 'issuer non-cooperating' category as ACSPL 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. ACSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 4, 2021, October 14, 2021, October 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). Arbind Cold Storage Private Limited (ACSPL), incorporated in the year 2008, is a Samashtipur (Bihar) based company, promoted by the Mr. Amar Kumar, Mrs. Anupama Rani and Mrs. Indu Devi. It is engaged in the business of providing cold storage services to potato growing farmers and potato traders, having an installed storage capacity of 90,000 quintals in Samashtipur district of Bihar. The company is also engaged in trading of potato which contributed around 43% of total operating income during FY19. Mr. Amar Kumar (Director) looks after overall management of the company. Mr. Amar Kumar has more than two decades of experience in cold storage business and is supported by a team of experienced professionals who have rich experience in the same line of business. BABA JHARESHWAR: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Jhareshwar Multipurpose Himghar Private Limited (BJMHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.862 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 October 14, 2020, placed the rating(s) of BJMHPL under the 'issuer non-cooperating' category as BJMHPL 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. BJMHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 30, 2021, September 9, 2021, September 19, 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). Baba Jhareswar Multipurpose Himghar Pvt. Ltd. (BJMHPL) was incorporated in December 25, 2010 by Mr. Prabir Kumar Karan, Mrs. Rupali Karan, Mr. Sukumar Karan, Mr. Bidyut Kumar Mal & Mr. Monojit Kumar Mal of Medinipur, West Bengal to set up a cold storage facility. The company commenced commercial operation from December, 2011. BJMHPL is engaged in the business of providing cold storage facility for potatoes to local potato farmers and traders on a rental basis, having a storage capacity of 3,50,000 Kgs of potatoes in Medinipore district of West Bengal. Besides providing cold storage facility, the company also works as a mediator between the farmers and marketers of potato by taking advances from marketers on behalf of the farmers in order to facilitate the sale of potato stored, and it also provides interest bearing advances to farmers for farming of potato against the potato stored. This apart it provides additional services to farmers such as insurance of potatoes stored & drying of potatoes. ESSAR POWER: Adani Power Gets NCLT Nod to Acquire Mahan Project --------------------------------------------------------------- Livemint.com reports that Adani Power on Oct. 27 said that it has got National Company Law Tribunal (NCLT) approval to acquire Essar Power's 1,200 MW thermal power project in Mahan, Madhya Pradesh. According to PTI, NCLT's Principal Bench at New Delhi in its order dated November 1, 2021, approved the resolution plan submitted by Adani Power Ltd for acquisition of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, Adani Power stated in a BSE filing, Livemint.com relays. EPMPL owns a 1,200 MW thermal power plant in Singrauli District, Madhya Pradesh. Livemint.com relates that the acquisition shall be subject to satisfaction of conditions precedent mentioned under the Resolution Plan, it stated. Earlier in June this year, Adani Power had emerged as the successful bidder for the Essar Power's 1,200 MW project. According to industry sources, the deal size of the project is estimated at around INR2,800-3,000 crore, Livemint.com adds. About Essar Steel Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar Group and is having 10 MTPA integrated steel manufacturing facilities at Hazira, Gujarat and iron ore beneficiation and pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also owns and operates two iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore slurry from the beneficiation plant (located near the iron ore mines in Dabuna and Kirandul) to the pellet plant (located near the Paradip and Vizag ports). A large portion of the iron ore pellets produced are intended for captive consumption by ESIL's steel plant at Hazira for cost optimization. The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted Essar Steel's insolvency case on Aug. 2, 2017. Satish Kumar Gupta of Alvarez and Marsal India has been appointed as interim resolution professional upon the suggestion of State Bank of India (SBI). Essar Steel owes more than INR45,000 crore to lenders, of which INR31,671 crore had already been declared as non-performing as of March 31, 2016, The Economic Times disclosed. The SBI-led consortium of 22 creditors accounts for 93% of this amount. Essar Steel owes $450.67 million to Standard Chartered Bank (SCB) in debt. EVEREST SEA: CARE Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Everest Sea Foods Private Limited (ESFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.10 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 September 29, 2020, placed the rating(s) of ESFPL under the 'issuer non-cooperating' category as ESFPL 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. ESFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 15, 2021, August 25, 2021 and September 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). Mangalore-based, Everest Sea Foods Private Limited (ESFPL) was incorporated on June 07, 2012 and started its commercial operations in October 2012. The company is currently managed by Mr. Waseem Machiwala, Mr. Sanjay K Jaokar, Mr. Sumeet Jaokar and Mr. Sindhuram Puthram who has more than three decades of experience in the seafood industry. The company is engaged in processing, packing and exporting of marine products. FABRICO INDIA: CARE Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fabrico India Private Limited (FIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 39.50 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 November 2, 2020, placed the rating(s) of FIPL under the 'issuer non-cooperating' category as FIPL 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. FIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 18, 2021, September 28, 2021, October 8, 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). Incorporated in 1975, FIPL is promoted by Mr Manmohan Gupta and late Mr Brij Bhushan Singhal. The company initially started its business operations with manufacturing of electrical products such as transmission towers, power transformers, steel tubular poles and other electrical hardware items. Subsequently in 2011, the company also started executing projects for construction of sub-stations, supply and laying of transmission cables, erecting tubular poles/steel structures and rural electrification projects on turnkey basis for various state electricity boards as well as state government undertaking. FLIC MICROWAVES: CARE Lowers Rating on INR12.33cr Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Flic Microwaves Private Limited (FMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Short Term Bank 2.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated February 11, 2021, placed the rating(s) of FMPL under the 'issuer non-cooperating' category as FMPL 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. FMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 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). The rating assigned to the bank facilities of FMPL have been revised on account of on-going delays in debt servicing recognized from publicly available information. Hyderabad-based Flic Microwave Private Limited (FMPL) was established as a partnership firm in 1991 by Mr. Prasantha Pradhan and Mrs. Nivedita Mohanty. Later, the constitution of the firm changed to Private Limited Company in August 1992. FMPL is engaged in manufacturing of Microwaves. The Company majorly deals in Components, Super Components, Sub Systems and EM Systems, etc. FMPL imports raw material i.e. electrical components from USA and sells the final product in domestic market. The company majorly deals with public sector entities such as Defence Research Development Organisation (DRDO), Bharat Electronics Limited, Defense Electronics Research Laboratory, Defence Avionocs Research Establishment, etc. The key person of the company is Mr. Sukumar Pradhan (Managing Director) with post-graduation in Electronics, he has nine years experience as a scientist in Defence Research Development Organisation (DRDO). The company has installed capacity of 500 units per annum. GLOW MAC: CARE Keeps C Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Glow Mac Lighting Private Limited (GMLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 October 5, 2020, placed the rating(s) of GMLPL under the 'issuer non-cooperating' category as GMLPL 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. GMLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 21, 2021, August 31, 2021, September 10, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Rajasthan-based Glow Mac lighting Private Limited (GMLPL), incorporated in February 18, 2008, and is being managed by Mr. Arun Kumar Jain and Mr. Vibhor Jain. The company is engaged in the manufacturing of various electrical items such as LED (Light Emitting Diode) and Non-LED lights such as Garden Light, Bollard light, Wall Light, Street Light Pole etc and fittings and fixtures at its manufacturing facility located in Bhiwadi (Rajasthan). The main raw material for the company includes various electrical components such as copper, aluminium conductor, transformers, raisins, pipes, etc. which the company procures mainly from various wholesalers available local. GURVINDER SINGH: CARE Lowers Rating on INR2.00cr LT Loan to C ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Gurvinder Singh (GS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Short Term Bank 4.30 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 October 28, 2020, placed the rating(s) of GS under the 'issuer non-cooperating' category as GS 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. GS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 13, 2021, September 23, 2021, October 3, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has revised on account of non-availability of requisite information. Gurvinder Singh (GVS) is a proprietorship firm established in 2008 by Mr. Gurvinder Singh (aged 47 years). The firm is engaged in providing services as transport contractor to Food Corporation of India (FCI) for the transportation of food grains from one center of FCI to anther center of FCI in different districts of Himachal Pradesh and Punjab. The firm gets contract through competitive bidding process (tender basis) and hires the truck from the transport companies for the movement of food grains. HANWANT FASTNERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hanwant Fastners Private Limited (HFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.41 CARE B-; 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 October 12, 2020, placed the rating(s) of HFPL under the 'issuer non-cooperating' category as HFPL 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. HFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 28, 2021, September 7, 2021 and September 17, 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). Hanwant Fastners Private Limited (HFPL) was incorporated in September 1994 and started its commercial operations in March 1995. The company is currently being managed by Mr. Mahavir Singh and Mr. Hari Singh. The company is engaged in manufacturing of fasteners mainly bolts. The product of the company finds its application mainly in the automobile industry. The company has its manufacturing facility located at Rohtak, Haryana. The company procures raw materials consisting majorly of bright bars, mild steel wires and high tensile wires directly from the manufacturers in the domestic market mainly from Punjab, Haryana and Delhi. The final products are sold to the manufacturers of auto-parts (mostly vendors of automobile companies) in the domestic market. The company manufactures the products as per Deutsches Institut für Normung (DIN) standards in addition to customized fasteners as per specific design and requirements and has ISO 9001-2000 for quality certifications. HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Him Cylinders Limited (HCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 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 October 1, 2020, placed the rating(s) of HCL under the 'issuer non-cooperating' category as HCL 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. HCL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 17, 2021, August 27, 2021, September 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). HCL, incorporated on August 19, 1983 as a private limited company, belongs to the Him Group of Companies of New Delhi and is engaged in manufacturing of LPG Cylinders. Subsequently, it was converted into a public limited company in July 1999. The manufacturing facility of the company is located in Una district of Himachal Pradesh having an installed capacity to manufacture 15.56 lakh cylinders per annum. The company manufactures the products according to the client's specifications and sells its entire output to the public sector oil marketing companies (OMC). IL&FS LTD: Resolves INR52,200cr Debt as of End of October --------------------------------------------------------- Livemint.com reports that Infrastructure Leasing and Financial Services (IL&FS) on Nov. 2 said that the group has resolved INR52,200 crore of debt by October end and will address the remaining INR4800 crore through the course of the year to achieve the repayment target of INR61,000 crore by fiscal end, chairman Uday Kotak said. Livemint.com relates that the company is currently sitting on a cash balance of INR16,700 crore as of end-October, when it completed the third year of its bankruptcy. The company has repaid INR14,100 crore of debt this fiscal so far. The resolution of INR52,200 crore represents 86% of the overall estimated resolution value of INR61,000 crore and 53% of the total debt, which stands at INR99,000 crore. "There are currently INR21,000 crore of debt in NCLT. The court has already approved 13,2000 crore of INR21,000 cr. We will now start the process of documentation. INR8000 cr of debt in still pending in NCLT. Therefore we believe we are on track to reach INR57,000 core by March," said the management. Of the 347 entities under IL&FS Group as of October 2018, a total of 235 entities stand resolved till date, including resolution applications filed with courts, and applications for additional 15 entities are expected to be filed with courts by March 2022, he said. The group estimates resolution of the remaining nearly INR4,000 crore debt across 97 entities to move into the next fiscal, Livemint.com notes. Since July 2021, the Group has resolved additional debt of INR8,500 crore from monetisation initiatives including: InvIT Phase 1, Terracis Technology (erstwhile IL&FS Technologies), ONGC Tripura Gas based power project, Warora Chandrapur Road project and IL&FS Prime Terminals Fujaira, according to the report. Additionally, it has also submitted an application with the NCLT seeking approval for transfer of five road projects, with a resolution value of around INR4,000 crore, under phase 2 of the InvIT monetisation and has launched sale process of IFIN's external bad loan portfolio of around INR4,300 crore under the Swiss challenge method, Livemint.com relays. About IL&FS Infrastructure Leasing & Financial Services Limited (IL&FS) -- https://www.ilfsindia.com/ -- is an infrastructure development and finance company based in India. It focuses on the development and commercialization of infrastructure projects, and creation of value added financial services. The company operates in Financial Services, Infrastructure Services, and Others segments. The Indian government, in October 2018, stepped in to take control of crisis-ridden IL&FS by moving the National Company Law Tribunal (NCLT) to supersede and reconstitute the board of the firm which has defaulted on a series of its debt payments, according to Indian Express. This was said to be an attempt to restore the confidence of financial markets in the credibility and solvency of the infrastructure financing and development group. INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indigo Collections Private Limited (ICPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.50 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 October 5, 2020, placed the rating(s) of ICPL under the 'issuer non-cooperating' category as ICPL 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. ICPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 21, 2021, August 31, 2021, September 10, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers Delhi-based, Indigo Collections Private Limited (ICPL) was incorporated on February 2, 2005; however started its commercial operations in April 2008. ICPL is currently being managed by Mrs. Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder Singh and Mrs. Seema Ghai with the help of qualified management. The company is a manufacturer and exporter of readymade garments for ladies and children such as tops, blouses, pants, shirts etc. The manufacturing facility is located in Gurgaon, Haryana. ICPL exports 90% of its production to established brands such as ZARA, RNA Group, CALAO Imports S.L. etc. based in the USA, UK and UAE. The company procures the raw material such as fabrics and related accessories like buttons, threads, labels, zippers etc. from manufactures and traders located in the domestic and overseas market. JAI SAKTHI: CARE Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jai Sakthi Mills (JSM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 35.62 CARE B; 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 October 21, 2020, placed the rating(s) of JSM under the 'issuer noncooperating' category as JSM 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. JSM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 06, 2021, September 16, 2021 and September 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). JSM is a partnership concern established in April 2010, for production of yarn and cloth in Sulur, Coimbatore, Tamil Nadu. JSM has 10 partners, all belonging to same family. In FY14, the firm has added 7 more partners from the own family in order to infuse more capital to support the operations. Although established in April 2010, JSM commenced its commercial production of yarn and cloth from June 2012. The installed capacity of the firm as on March 31, 2015, is 18,000 spindles. The firm has 15 ring-frames with 1200 spindles. The entire cloth manufacturing is completely outsourced to other units wherein the yarn is supplied by JSM. JSM produces yarn varieties in the count of 25s, 30s and 34s semi-combed hosiery yarn, which are used in making cloth which is finally used in the making of men's vests and T-Shirts. KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kaizen Autocars Private Limited (KAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.57 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 October 27, 2020, placed the rating(s) of KAPL under the 'issuer non-cooperating' category as KAPL 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. KAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 12, 2021, September 22, 2021, October 2, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. KAPL was incorporated in the year 2013 and is an authorized dealer for the four wheelers of Honda. The company has two showrooms located in Solapur and Latur. KALOSONA HIMGHAR: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kalosona Himghar Udyog Private Limited (KHUPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.20 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 October 14, 2020, placed the rating(s) of KHUPL under the 'issuer non-cooperating' category as KHUPL 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. KHUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 30, 2021, September 9, 2021, September 19, 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). Kalosona Himghar Udyog Private Limited. (KHUPL), incorporated in the year 2004, is a Arambagh (West Bengal) based company, promoted by Mr. Priyo Mohan Dey and Mr. Mukti Podho Kundu. It is engaged in the business of providing cold storage services to potato growing farmers and potato traders, having an installed storage capacity of 170,000 quintals in Hooghly district of West Bengal. Mr. Mukti Padho Kundu and Mr. Priyo Mohan Dey, both having experience of more than three decades, look after overall management of the company. Both directors are supported by other two directors and a team of experienced professionals who have rich experience in the same line of business. KARLA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Karla Constructions (KC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 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 October 27, 2020, placed the rating(s) of KC under the 'issuer non-cooperating' category as KC 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. KC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 12, 2021, September 22, 2021 and October 2, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Karla Constructions (KC), based out of Udupi, Karnataka is a sole proprietorship firm established in 1972. KC is engaged in executing civil construction contracts such as construction of National Highways and roads for government organizations. The firm's operations are managed by its promoter, Mr. Shivaram Shetty. The firm is a class I govt. contractor registered with public works department (PWD). LODHI RAJPOOT: CARE Lowers Rating on INR6.05cr LT Loan to B ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Lodhi Rajpoot Ice And Cold Storage Private Limited (LRICS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.05 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 October 5, 2020, placed the rating(s) of LRICS under the 'issuer non-cooperating' category as LRICS 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. LRICS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 21, 2021, August 31, 2021 and September 10, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Uttar Pradesh-based Lodhi Rajpoot Ice and Cold Storage Private Limited (LRICS) was incorporated in June 1996 as a private limited company. The company is currently managed by Mr. Mohan Datt & Mr. Ram Gopal. The company is engaged in renting of its cold storage facility for potatoes to the local farmers in Shikohabad, Uttar Pradesh with multi chambers having storage capacity of 239942.30 quintals. The company has one group associate namely; "P G Ice and Cold Storage Private Limited" (incorporated in April 2015); engaged in same line of business. LORDS TRAVELS: CARE Lowers Rating on INR5.00cr LT Loan to B+ ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Lords Travels Private Limited (LTPL), 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 Revised from CARE BB-; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated October 15, 2020, placed the rating(s) of LTPL under the 'issuer non-cooperating' category as LTPL 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. LTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 31, 2021, September 10, 2021 and September 20, 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. The ratings also consider the company's small scale of operations as well as a decline in overall profitability in FY20. Delhi based, LTPL was incorporated in 1994, and is currently promoted by Mr. Bhagwant Singh Arora and Ms. Mohinder Kaur Arora. The company is engaged in providing one stop travel solutions including Air tickets, Visa assistance, travel insurance, Forex, Multi currency cards, Hotels, Cruises, International & Domestic Packages, Car rentals and other allied services. LTPL is an IATA (International Air Transport Association) approved travel agent. The company derives its revenue from commission on air ticketing and hotel booking. LTPL currently operates in the B2B business and has around 250 subdealers across India. M & T CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of M & T Constructions (MTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; 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 October 21, 2020, placed the rating(s) of MTC under the 'issuer non-cooperating' category as MTC 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. MTC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 6, 2021, September 16, 2021 and September 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). MTC is a partnership firm established in the year 1993 by the partners Mr Manoj Krishna and Mr Thomas V.T. The profits of the firm are shared equally between the partners. The firm is registered as an 'A' class contractor with Public Works Department (PWD) of State Government of Kerala from the year 2003. MTC constructs roads and bridges for PWD and Kerala State Construction Corporation Limited in Kerala which contributes the entire revenue of the firm. MA MAHAMAYA: CARE Lowers Rating on INR9.36cr LT Loan to D --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Ma Mahamaya Rice Mill Private Limited (MMRMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.36 CARE D Revised from CARE B+; Facilities Stable Short Term Bank Facilities 0.45 CARE D Revised from CARE A4 Detailed Rationale & Key Rating Drivers The revision in the rating assigned to the bank facilities of MMRMPL takes into account the ongoing delays in repayments of term loan (Principal and Interest) and delays in payment of interest on cash credit facility for more than 30 days. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: * Regularization of debt servicing for a continuous period of 3 months * Company earning sufficient cash accruals so as to meet its debt repayment obligations Detailed description of the key rating drivers Key Rating Weaknesses * Delay in debt servicing: There has been ongoing delays in repayments of term loan (Principal and Interest) and delays in payment of interest on cash credit facility for more than 30 days. Liquidity: Poor Poor liquidity marked by lower accruals when compared to repayment obligations, fully utilized bank limits and modest cash balance. This could constrain the ability of the company to repay its debt obligations on a timely basis. Ma Mahamaya Rice Mill Private Limited was incorporated in July 2006 with an objective to enter into the rice milling and processing business. The manufacturing unit of the company is located at Madhyamgram, Dist: Burdwan with an installed capacity of 40000 metric tons per annum. The company sells its finished product under the brand name of Mahamaya Bhog. The company is procuring raw paddy from the local farmers and small paddy agents. Mr. Sandip Hazra (Director) and Mrs. Madhumita Hazra who have around 21 years and 16 years of experiences, respectively, in a similar line of business, are looking after the day-to-day operation of the company. MACROTECH DEVELOPERS: Moody's Upgrades CFR to B3, Outlook Positive ------------------------------------------------------------------ Moody's Investors Service has upgraded to B3 from Caa1 the corporate family rating of Macrotech Developers Limited (MDL) and the backed senior secured rating of Lodha Developers International Limited's USD bonds that are guaranteed by MDL. The outlook on the ratings is positive. "The upgrade of MDL's ratings to B3 from Caa1 reflects an improvement in the company's credit profile as a result of debt reduction measures by the management, as well as a strong recovery in the company's operating performance both at India and London following the easing of pandemic-related restrictions," says Sweta Patodia, a Moody's Analyst. "The positive outlook reflects our view that MDL's credit profile could improve further once the company raises additional equity which strengthens its liquidity, as well as refinances over the next few months its USD-denominated bonds due in March 2023," adds Patodia. RATINGS RATIONALE Moody's estimates that MDL's gross consolidated borrowings, including debt at London, have reduced to around INR188 billion as of September 30, 2021 from INR223 billion as of March 31, 2021. This has been driven largely by proceeds from an initial public offering (IPO) completed in April 2021 and repayment of a loan by the promoter in June 2021. At the same time, MDL's operating performance has recovered strongly following the easing of pandemic-related restrictions. The company achieved operating sales of INR20 billion for the second quarter ended September 30, 2021 (2Q FY2022), at its Indian operations, compared with INR10 billion in the immediately preceding quarter. The recovery in operating sales was despite the second quarter being seasonally weak because of the monsoon season in India, when construction activity slows down. The improving pace of vaccinations and a ramp-up in economic activity have improved consumer sentiment in India. At the same time, the pandemic has resulted in structural changes in consumer preferences for bigger homes. Moody's expects that these factors, combined, will keep operating sales strong over the next 12-18 months. Moody's estimates MDL's operating sales will be around INR80 billion at its Indian operations for the fiscal year ending March 31, 2022 (FY2022). Operating performance at London has also improved following UK's re-opening. In September 2021, MDL achieved operating sales of GBP110 million at Grosvenor Square (GSQ), one of its projects in London. Moody's expects that sales momentum at GSQ will remain buoyant given the gradual resumption in international travel and re-opening of UK's borders for international tourists. MDL will use proceeds from sales of up to December 2021 to partially repay the existing inventory finance at GSQ. The company plans to enter a new inventory finance facility to be secured against the unsold inventory at the project, which Moody's estimates will be around GBP450 million by December 2021. Proceeds from this inventory facility will be used to settle outstanding dues under the current facility and refinance the outstanding bond. This will alleviate refinancing risks relating to the USD-denominated bonds maturing in March 2023. Sales performance at Lincoln Square also remains buoyant with GBP61 million of sales in the first half (1H) of fiscal 2022. With just GBP59 million of unsold inventory, Moody's expects the project to be fully sold within fiscal 2022. Moody's also expects that proceeds from existing sales will be used to repay the existing inventory loan of around GBP33 million. MDL will likely transfer the surplus proceeds to India after meeting the interest expense on the USD bond and the loan facility at London. In addition, the company plans to raise up to INR40 billion ($533 million) of equity over the next twelve months which will strengthen the company's liquidity. Board approvals for raising equity are in place. In terms of environmental, social and governance (ESG) factors, MDL is exposed to the effects of the pandemic on the operating environment in India. Moody's considers this to be a social risk. In terms of the governance risk, Moody's expects MDL to remain exposed to risks from concentrated ownership as the promoter group continues to hold 88.5% of the company. In addition, the company's dividend policy might change following its public listing. Payment of dividends, if substantial, will reduce MDL's free cash flows and slow down the likely deleveraging. However, Moody's expects the risk around concentrated ownership to moderate as the company is planning to raise further equity over the next twelve months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if 1) the company successfully executes its planned equity offering which improves its liquidity profile and; 2) refinances its USD bond, such that the company does not have significant debt maturities over and above its cash resources, either at India or London, over the next 12-18 months. Moody's could also revise the outlook to stable if MDL's liquidity profile fails to improve as expected and its debt maturities over the next 12-18 months remain at elevated levels. A sharp decline in MDL's operating performance that reduces the company's earnings and cash flows and slows the expected pace of deleveraging, could also constrain its rating. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Macrotech Developers Limited is the largest real estate developer in India by sales of residential apartments. The company is focused on residential developments in the Mumbai Metropolitan Region, with some projects in nearby Pune. It has also expanded to the London market with two projects in the city, namely Grosvenor Square and Lincoln Square. It is listed on the Indian stock exchanges, with the promoter group, comprising the Lodha family and their respective investment vehicles, owning around an 88.5% stake in the company. NIMBUS MOTORS: CARE Lowers Rating on INR32.50CR LT Loan to C ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Nimbus Motors Private Limited (NMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.50 CARE C; 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 October 6, 2020, placed the rating(s) of NMPL under the 'issuer non-cooperating' category as NMPL 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. NMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 22, 2021, September 1, 2021, September 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). The rating has been revised on account of non-availability of requisite information. The ratings also consider a decline in scale of operations coupled with net loss reported in FY20 compared to FY19. Nimbus Motors Pvt Ltd. (NMPL) is an authorized dealership of Hyundai Motors India Ltd at Noida, incorporated in April, 1998 by Mr. Sunil Dewan. Currently, the company operates showroom in Noida and four workshops selling premium Hyundai cars (Creta, Grand I20 and Verna, Santro, Eon, i10). The company derives revenue from vehicle sales, servicing, sale of spare parts and sale of oil and lubricants. The company was incorporated as a Public Ltd company; however, it was converted into a Private Ltd company on July 6, 2016. PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Prakash Steelage Limited (PSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 150.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 70.00 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 November 13, 2017, placed the ratings of PSL under the 'issuer non-cooperating' category as PSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter dated September 1, 2021; September 6, 2021 and September 13, 2021 and October 19, 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). Detailed description of the key rating drivers At the time of last rating on August 03, 2020 the following were the rating weakness (updated for the information available from stock exchange): Key Rating Weakness * Delay in servicing of debt obligations: There have been delays in servicing of its debt obligation as per audit qualification statement of FY21. PSL, incorporated on May 9, 1991, was converted into a public limited company on August 12, 1997 and was listed in August 2010. PSL started its business with trading in the stainless steel (SS) sheets, coils, plates and scrap. The company now is engaged in the manufacturing of stainless steel (seamless and welded) pipes and tubes and trades into stainless steel sheets and coils. The company products are used in heat exchanger, evaporators, heating elements, fluid piping, pumps, valves, condensers and in many other instrumentation equipments. The company exports its products to several countries, such as USA, UAE, South Africa, European countries, Canada, Singapore, Saudi Arabia, Turkey, Vietnam, etc. PRAVARA RENEWABLE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pravara Renewable Energy Limited (PREL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 186.08 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 October 8, 2020, placed the rating(s) of PREL under the 'issuer non-cooperating' category as PREL 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. PREL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 24, 2021, September 3, 2021, September 13, 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. Pravara Renewable Energy Limited (PREL) is a special purpose vehicle, incorporated as a wholly-owned subsidiary of Gammon Infrastructure Projects Limited (GIPL), to implement the 30 MW bagasse based co-generation power project adjacent to the sugar mill of Padmashri Dr. Vithalrao Vikhe Patil, Sahakari Sakhar Karkhana Limited (Karkhana) at Pravaranagar, District Ahmednagar, Maharashtra on Build Own Operate and Transfer basis (BOOT). The total project cost (including cost of modernization of the sugar plant) is Rs. 250.78 crore (revised from Rs. 239.59 crore), financed through debt of Rs.191.67 crore and equity of Rs. 59.11 crore (i.e. Debt to equity ratio of 3.24). The COD for the project was achieved in November 2015. PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Priti Gems Exports Private Limited (PGEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 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 October 13, 2020, placed the rating(s) of PGEPL under the 'issuer non-cooperating' category as PGEPL 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. PGEPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 29, 2021, September 8, 2021, September 18, 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 1995, Priti Gems Exports Private Limited (PGEPL- converted from partnership firm into private limited company in 2010), a group concern of K. Chandrakant & Co. International Pvt. Ltd., is engaged in the manufacturing of cut & polished dark brown diamonds ranging from 0.01 carat to 20 carats in round as well as other shapes like Princess, Oval, Emerald, Marquise, Pears, Heart, etc. The company has its own manufacturing set-up in Dahisar and Surat. PGEPL imports rough diamonds from Belgium and supplies polished diamonds to jewelry manufacturers based in Australia, Belgium, Germany, Hong Kong, Israel, Japan, Korea, Thailand, UAE, UK and USA. R K CHAVAN: CARE Lowers Rating on INR12.37cr LT Loan to C --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of R K Chavan Infrastructure Private Limited (RKCIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.37 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 2.63 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 October 23, 2020, placed the rating(s) of RKCIPL under the 'issuer non-cooperating' category as RKCIPL 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. RKCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 8, 2021, September 18, 2021, September 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. The ratings have been revised on account of non-availability of requisite information. The ratings also consider a delay in debt servicing of loan instalments (not rated by CARE) as recognized from publicly available information. Latur-based (Maharashtra) RKCIPL was incorporated in the year 2011 and was promoted by Mr Raj Kumar Chavan. The company obtains the orders from the government as well as private players. The company is engaged in the business of civil construction (primarily roads). The company gets subcontracts within infrastructure basket it undertakes the construction of roads, bridges, buildings; etc. and executes orders for only private players within the state of Maharashtra. TATA POWER: S&P Assigns 'BB' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigns 'BB' long-term issuer credit rating on India-based Tata Power Co. Ltd. S&P said, "The stable outlook reflects our expectation that Tata Power's stable regulated cash flows, prudent growth in its renewables segment, and ongoing asset divestments will result in adequate interest-servicing capability over the next 12-18 months. We also expect Tata Power will appropriately manage its liquidity via its supportive banking relationships and good access to the credit market as part of the wider Tata group." Tata Power's predominantly stable cash flows are underpinned by its regulated businesses and continuing growth in its renewables segment. About 80% of the company's EBITDA is generated from its regulated transmission and distribution businesses, as well as from the renewables segment. S&P continues to expect Tata Power's regulated businesses to provide earnings stability amid the COVID-19 pandemic in India. Following the recent 51%-stake acquisition of four distribution companies in Odisha, these regulated assets will account for about 60% of the company's consolidated EBITDA over fiscals 2022 and 2023. The company also benefits from good scale and diversity across its various business segments. Tata Power's well-diversified business operations across regulated businesses (transmission and distribution) and generation (coal and renewables) provide diversity to cash flows. S&P believes renewable energy and related businesses (such as solar engineering, procurement, and construction businesses) will become Tata Power's growth engine in the next two to four years, while its regulated businesses provide stable cash flows. Although Tata Power's business profile has been weighed down by the loss-making thermal power plant, Coastal Gujarat Power Ltd. (CGPL) in Mundra, the asset's profitability has stabilized in recent years. In addition, stable dividend contributions from its minority stakes in Indonesian coal mines partially hedge against CGPL's exposure to the price of imported coal. However, higher coal prices currently will hurt profitability at CGPL. S&P said, "We expect Tata Power's financial profile to remain resilient, driven by the company's commitment to continue to delever and contributions from new growth segments.We estimate the company's FFO cash interest coverage to be higher than 2.5x over fiscals (ending March 31) 2022 and 2023. Given that 60% of the company's business is regulated and the ability to pass through all costs, earnings and cash flows from these businesses should remain stable, notwithstanding challenging conditions due to the COVID-19 pandemic. "We expect Tata Power to continue to improve its leverage through its plans to sell noncore assets, which are in various stages. We also expect the company to exercise prudence in its upcoming growth plans, and tie up sufficient funding prior to its spending commitments. Any successful implementation of asset monetizations or divestments could aid deleveraging and improve liquidity more quickly." Tata Power's liquidity remains less than adequate due to its continued heavy reliance on short-term funding in its capital structure.The company's dependence on commercial paper (CP) has increased to Indian rupee (INR) 83 billion at the end of the first quarter of fiscal 2022 (ended June 30, 2021) from INR39 billion at the end of fiscal 2021. S&P believes short-term debt maturities will remain elevated over the next 12-18 months. S&P said, "Nonetheless, Tata Power's liquidity pressure is manageable, in our view. We expect the company to benefit from its strong relationships with lenders and access to the credit market as part of the wider Tata group. The company has demonstrated good access to the CP market amid tighter funding conditions, allowing it to roll over its maturing debt. "The 'BB' rating benefits from a one-notch uplift from the stand-alone credit profile (SACP) of 'bb-' because we believe Tata Power is moderately strategic to the Tata group.We believe Tata Sons will provide financial support to Tata Power, especially in times of liquidity stress. In our view, Tata Power's presence in India's power sector and growth aspirations in renewable energy will help fuel Tata Sons' strategic investment in infrastructure, despite the company contributing less than 10% of Tata Sons' EBITDA on a proportionate consolidated basis." Tata Sons has demonstrated a record of support to Tata Power in the event of stress. Tata Sons participated in preferential rights issues to alleviate Tata Power's liquidity concerns. The Tata group has also demonstrated continuing support to CGPL when the latter sustained losses from spikes in coal prices. S&P believes reputational damage in the event of a default is another key incentive for Tata Sons to support Tata Power. S&P said, "In our view, Tata Sons will have a greater influence on the long-term strategy and financial policies of Tata Power as the single largest shareholder. An indication of the parent's support and control is when Tata Sons increased ownership in Tata Power to 46.9% in fiscal 2021 from 33% in fiscal 2019. "The stable outlook reflects our expectation that Tata Power's stable regulated cash flows, prudent growth in its renewables segment, and ongoing asset sales will result in adequate interest-servicing capability over the next 12-18 months. We anticipate FFO cash interest coverage to stay above 2.0x over the period. "We also expect Tata Power will appropriately manage its liquidity with supportive banking relationships and good access to the credit market as part of the wider Tata group. "We would lower the rating if Tata Power's liquidity shows signs of deterioration due to elevated short-term debt maturities or delays in rolling over its maturities because of unexpected weakening in banking relationships or prolonged poor access to capital markets. "We would also lower the rating if Tata Power's FFO cash interest coverage falls sustainably below 2.0x. This could happen if the company's operating performance significantly deteriorates, or it embarks on higher debt-funded growth investments than we expect. "We could also lower the rating if we believe Tata Power's strategic relevance to the Tata group has declined, for instance if its status within the group seems less entrenched or if the ownership of the parent company Tata Sons reduces significantly. "We would raise the rating if: (1) Tata Power adopts a more prudent capital structure with less dependence on short-term funding, such that sources of liquidity would exceed liquidity uses by more than 1.2x on a sustainable basis; and (2) the company maintains FFO cash interest of more than 2.0x. "We could also raise the rating on Tata Power if we assess its relationship with its parent to have strengthened. This could happen if Tata Power becomes more strategic and integrated with the Tata group, such that it contributes a larger portion of the consolidated group's earnings and continues to carry out the group's key policy objectives." ========= J A P A N ========= JAPAN AIRLINES: Forecasts Full-Year Net Loss of US$1.28 Billion --------------------------------------------------------------- Japan Airlines on Nov. 2 forecast a net loss of JPY146 billion ($1.28 billion) for the fiscal year ending March 2022, as it struggles to recover from the coronavirus pandemic. JAL had refrained making a forecast for the current fiscal year until now, amid lingering uncertainties related to COVID-19. The company is now expected to have operating losses for a second consecutive fiscal year. The airline forecasts JPY766 billion in consolidated sales for the current fiscal year, up 59% from the previous year. For the April-September period, the carrier posted a consolidated net loss of JPY104.9 billion, as it was hit by weak domestic passenger demand due to repeated coronavirus states of emergency. Japan was under an emergency for much of the period, which encompasses some peak travel periods. In the face of the global travel slump, JAL revealed that it will reduce the group's total employees by 2,500 to 33,500 by the end of fiscal 2023, via a combination of attrition and cutting back on new hires. "I feel a great deal of management responsibility," Hideki Kikuyama, the company's chief financial officer, said during the earnings conference on Tuesday. Although Kikuyama mentioned that there had been "signs of a recovery in demand in July," the expanded state of emergency made the situation worse after that. "I have a responsibility to recover the business performance as soon as possible." JAL said earnings before interest and tax should see profitability return in the January-March quarter, assuming domestic demand recovers to 90% of pre-pandemic levels during that period. The group is aiming to be profitable in the year ending March 2023. Japan's top airline, ANA, is also expected to have operating losses for a second consecutive fiscal year. On Friday, the group revised down its previously announced forecast of a net profit of JPY3.5 billion to a loss of JPY100 billion for the fiscal year ending March 2022. As part of its cost-cutting efforts, ANA has unveiled plans to reduce its workforce by about 20% or 9,000 employees by the end of fiscal year 2025, including by cutting back on new hires. Although the aviation industry is starting to see signs of recovery amid falling new infection cases in Japan, a full-fledged recovery is coming more slowly than expected. About Japan Airlines Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air transport, aerial work, and aircraft maintenance services. It operates through the Air Transport and Others segments. The Air Transport segment engages in air transport business, airport passenger service, ground handling service, maintenance service, cargo service, passenger transport service and airport area business. The Others segment includes travel planning and sales. As reported in the Troubled Company Reporter-Asia Pacific in February 2021, Egan-Jones Ratings Company, on Feb. 16, 2021 downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Japan Airlines Co Ltd. to BB from BB+. =============== M A L A Y S I A =============== SERBA DINAMIK: Fitch Lowers LT IDR to 'CCC-' -------------------------------------------- Fitch Ratings has downgraded Malaysia-based energy-service provider Serba Dinamik Holdings Berhad's (SDHB) Long-Term Issuer Default Rating to 'CCC-' from 'B-'. Fitch has also downgraded the senior unsecured sukuk due May 2022 and March 2025 to 'CCC-', from 'B-' with a Recovery Rating of 'RR4'. All the ratings were removed from Rating Watch Negative (RWN), which was placed on 3 June 2021. The downgrade reflects SDHB's diminished cash reserves, stretched liquidity and heightened refinancing risk on short-term debt with MYR100 million in commercial paper and USD222 million in sukuk, both due in May 2022. SDHB's access to debt funding will continue to face challenges given the previous auditor requested an independent review - compounded by delays in the release of its audited financial statements. The review is ongoing, and it is unclear when it will be finalised and, pending its satisfactory completion, SDHB has limited time to address its impending maturities. KEY RATING DRIVERS Refinancing Risks, Diminished Cash: Fitch believes there is sufficient cash for the MYR99 million amortisation payment on a syndicated loan in December 2021 but liquidity will then weaken materially. Two other key loans due in May 2022 are the MYR100 million in commercial paper and the USD222 million in sukuk. Cash reserves had declined to MYR497 million by end-June 2021 from MYR1 billion at end-March. Fitch also forecasts free cash flow to be negative for next three years because of SDHB's high working-capital requirements, and therefore additional funding for its business will further exacerbate its liquidity position. High Working Capital: SDHB's working capital remained high as inventories and plant property and equipment increased again during 2Q21. SDHB has continued to stock up inventories on site to better carry out its service contracts. This has greatly diminished it cash reserves. Receivables were flat in 2Q21 compared with the previous quarter, indicating that SDHB's customer collections during this period could be slower than Fitch expected. In contrast, payables declined, which could hint at supplier pressure for shorter payment periods and concerns with respect to reputation, which could affect successful bidding on new contracts. SDHB's working-capital needs will remain high as it relies on increasing working-capital facilities to smooth operations and bridge the lag between rendering services and the receipt of cash. Weak Quarterly Performance: SDHB's business operations remained weak in 2Q21, hurt by movement restrictions during Covid-19. Service delivery was affected but costs also remained high as SDHB could not reduce costs materially, such as mobilising its contracted labour. The gross profit margin declined to about 11%, from an average 17%. Fitch estimates 3Q21 performance remained muted, as its first and third quarters are generally more subdued. Still, operations should improve as restrictions are lifted and the business environment recovers. Delayed financials: SDHB's audited June 2021 financial statements will be delayed by one month to November 2021, despite a change in its financial year end from December to June. Any further delays will create more uncertainty and cloud refinancing prospects. Audit Review Constrains Funds Access: SDHB's ex-auditor KPMG had during the 2020 statutory audit, requested an independent firm to review SDHB to assess the veracity and accuracy of parts of the business, including several customers and suppliers as well as receivables and inventories. This review is ongoing and pending its conclusion, Fitch believes SDHB's access to credit facilities, especially given delayed audited financial statements, could be constrained as lenders become more stringent in requirements. Suspension of Trading Activity: The regulator has suspended trading of SDHB's shares, and instructed the company to release a status update on the special independent review. SDHB responded that all findings were preliminary and inconclusive. The stock trading remains suspended, thus further dampening lender and investor confidence. ESG - Governance: SDHB has an ESG Relevance Score of '4' for Management Strategy and Financial Transparency, due to the delayed release of its audited financials as well as an ongoing independent review by E&Y. DERIVATION SUMMARY SDHB's 'CCC-' ratings reflect the high refinancing risks surrounding its ability to pay the amortisation amount on its syndicated loan in December 2021 (MYR99 million), and extend the MYR100 million in commercial paper and USD222 million in sukuk due in May 2022. The timing of the completion of its refinancing is uncertain. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Bid book to increase by 5% to 10% annually from 2022; -- New order book win rate of 25% in 2022 -2024; -- Order book renewal rate of 30% in 2022-2024; -- EBITDA margin of around 15% to 17% over 2022-2024. KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that SDHB would be reorganised as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA level upon which Fitch bases the enterprise valuation. Fitch estimates EBITDA at MYR660 million, which considers EBITDA in 2018 to 2019, and factors in queries raised by KPMG over the earnings quality from certain customers, including inventory and receivables. An enterprise value multiple of 4x EBITDA is applied to the going-concern EBITDA to calculate a post-reorganisation enterprise value. In determining the multiple, Fitch has taken into consideration SDHB's customer quality as well as revenue and cash flow history and outlook, although its high working-capital and capex requirements will constrain free cash flow generation. The going-concern enterprise value corresponds to a 'RR4' Recovery Rating for the senior unsecured notes after adjusting for administrative claims. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- SDHB putting in place a refinancing plan for its debt maturities and rollover or refinance its short-term debt that leads to a sustained improvement in liquidity. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The audit report is delayed beyond November 2021 or the special independent review highlights significant findings with credit implications; and/or -- Inability to address upcoming maturities in a timely manner. 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 Liquidity is Stretched: SDHB had readily available cash of around MYR497 million as of end-June 2021, against short-term debt maturities of MYR1.45 billion. Cash levels were at the lowest in eight quarters. SDHB indicated that it has about MYR800 million in committed undrawn lines available. Fitch believes that the ongoing independent review has hampered SDHB's ability to drawdown on existing facilities, hence the reduction in cash during 2Q21. Management has indicated that some banks have instituted more stringent requirements, such as a two-tier approval process or higher deposits before lines are released. This situation will persist, with the audit as well as independent review pending. Nevertheless, these lines will be accessible when the auditors give SDHB a clean bill of health. SDHB can still pay down the MYR99 million amortisation on its syndicated loan in December 2021, but the cash balance will be insufficient to redeem MYR100 million of commercial paper and USD222 million of sukuk, both due in 2022. This is on the assumption that all revolving credit facilities will be successfully rolled over at maturity. ISSUER PROFILE SDHB is one of Malaysia's leading oil-and-gas service and equipment companies, ranked fourth by sales in 2019. It has operational facilities in Malaysia, Indonesia, United Arab Emirates and the UK . ESG CONSIDERATIONS SDHB has an ESG Relevance Score of '4' for Management Strategy due to an ongoing independent review requested by its auditors, on certain aspects of its business, including clarity on suppliers, customers, inventories and account receivables. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. SDHB has an ESG Relevance Score of '4' for Financial Transparency due to a delay in the publication of its audited financial reports, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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. ===================== N E W Z E A L A N D ===================== PROTECTCRETE NZ: Creditors' Proofs of Debt Due Dec. 2 ----------------------------------------------------- Creditors of Protectcrete NZ Limited, which is in voluntary liquidation, are required to file their proofs of debt by Dec. 2, 2021, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 28, 2021. The company's liquidator is: Kevyn Andrew Botes I-Business Recovery Limited PO Box 302612 North Harbour, Auckland New Zealand ================= S I N G A P O R E ================= EAGLE HOSPITALITY: Plan Hearing Slated for Mid-December ------------------------------------------------------- Ameya Karve of Bloomberg News reports that a U.S. bankruptcy court will conduct a hearing in mid-December to confirm a liquidation plan filed by Eagle Hospitality Real Estate Investment Trust and related Chapter 11 entities. The entities on Oct. 14, 2021 filed the Chapter 11 plan, Singapore-listed Eagle Hospitality Trust said in a filing on Tuesday, October 12, 2021. They also filed a disclosure statement that helps creditors of the bankrupt entities to make "a reasonably informed decision" on whether to vote to accept or reject the plan: filing. About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis, in a diversified portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes, as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc., and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1, Inc., estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is the claims agent. EAGLE HOSPITALITY: Settles With Creditors, Files Bankruptcy Plan ---------------------------------------------------------------- Daniel Gill, writing for Bloomberg Law, reports that hotel owner Eagle Hospitality Real Estate Investment Trust and 26 subsidiaries filed a Chapter 11 plan to liquidate in bankruptcy and pay secured lenders at least $360 million. The Plan, was jointly filed by the Debtors, the unsecured creditors committee, and a pre-bankruptcy secured lender -- a loan syndicate led by Bank of America NA as its agent. It follows a deal under which the secured lenders agreed to have $380.5 million in claims allowed in the bankruptcy and recover a $360 million minimum, according to plan disclosures. Jeff Montgomery of Law360 reports that the Debtors aim to complete voting by Dec. 9, 2021 and secure a confirmation on Dec. 16 or 20, 2021 for a liquidation that will pay about $379.5 million to top creditors in the 15-hotel bankruptcy. According to Law360, documents filed late Thursday, Oct. 14, 2021, show that the property company lenders would see the largest recovery, at least $360.2 million, under a Plan in the works since January, when the venture moved most of its 18 hotels into Chapter 11 with more than $500 million in debt. About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis, in a diversified portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes, as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc., and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1, Inc., estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is the claims agent. EAGLE HOSPITALITY: US Trustee Calls Chapter 11 Docs Convoluted -------------------------------------------------------------- Jeff Montgomery, writing for Law360, reports that struck by "confoundingly dense" descriptions of plan and disclosure terms in chronically murky Eagle Hospitality Group's proposed Chapter 11 documents, the Office of the U.S. Trustee urged a Delaware bankruptcy court judge to reject their approval, and said the plan is not ready for voter solicitations. The 27-page objection took aim at key plan provisions in a 15-hotel case that arrived in Chapter 11 in January 2022 under parent EHT US 1 Inc. after months of disputes over control of the businesses, unpaid debts and allegations of fraud that stretch across the country and to Singapore and a real estate investment trust. The U.S. Trustee says it objects to the motion to seek approval of the Disclosure Statement and solicit votes on the Liquidating Plan because: (1) the proposed opt out mechanism does not sufficiently demonstrate creditors' consent to the broad, third-party, non-debtor releases; (2) as non-consensual third-party releases, the releases at issue do not pass muster under In re Continental Airlines, 203 F.3d 203 (3d Cir. 2000); (3) the exculpation provision in the Plan is overly broad because it includes non-estate fiduciaries and is not limited to the proper temporal scope; and (4) the Plan's various claim treatment provisions are inadequate for solicitation because the treatment of allowed claims in certain classes are convoluted, complex and confoundingly dense. About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis, in a diversified portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes, as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc., and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1, Inc., estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is the claims agent. GLOBAL APPAREL: Court to Hear Wind-Up Petition on Nov. 19 --------------------------------------------------------- A petition to wind up the operations of Global Apparel And Textile Pte Ltd will be heard before the High Court of Singapore on Nov. 19, 2021, at 10:00 a.m. Bangkok Bank Public Company Limited filed the petition against the company on Oct. 25, 2021. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 GREENBACK ECOMMERCE: Commences Wind-Up Proceedings -------------------------------------------------- Members of Greenback Ecommerce Limited, on Oct. 29, 2021, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Iain Andrew Nellies c/o Insolvency Management Limited PO Box 1058, Dunedin 9054 New Zealand MOPU HOLDINGS: Creditors' Proofs of Debt Due Nov. 30 ---------------------------------------------------- Creditors of Mopu Holdings (Singapore) Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by Nov. 30, 2021, to be included in the company's dividend distribution. The company's liquidators are: Mr. Ong Woon Pheng Mr. Sajjad A. Akhtar PKF-CAP Advisory Partners Pte Ltd c/o 6 Shenton Way #38-01 OUE Downtown 1 Singapore 068809 STRAITS VENTURA: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Oct. 29, 2021, to wind up the operations of Straits Ventura Pte. Ltd. HPC Builders Pte Ltd filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 UOL DEVELOPMENT: Creditors' Proofs of Debt Due Nov. 29 ------------------------------------------------------ Creditors of UOL Development (Dakota) Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by Nov. 29, 2021, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 28, 2021. The company's liquidator is: Sim Hang Khiang 9 Kelantan Lane #06-01 Singapore 208628 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. 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