/raid1/www/Hosts/bankrupt/TCRAP_Public/211202.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, December 2, 2021, Vol. 24, No. 235
Headlines
A U S T R A L I A
OXFORD PHARMACY: First Creditors' Meeting Set for Dec. 9
C H I N A
FARADAY FUTURE: Refutes Nasdaq Delisting Concerns
HONGHUA GROUP: Fitch Places 'B' LT IDR on Watch Negative
KAISA GROUP: Bondholders Reject Offer to Extend Maturity of Debt
SANPOWER GROUP: Wins Creditor Backing for Restructuring Plan
I N D I A
ADYAR GATE: ICRA Revises Rating on INR226.33cr Term Loan to B-
AJIT KUMAR: ICRA Keeps B Debt Ratings in Not Cooperating Category
ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating
B L GOEL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
DURGA MARUTHI: ICRA Assigns B+ Ratings to INR11cr Cash Loan
GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
GOYAL AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
HARI INDUSTRIES: ICRA Withdraws B+ Rating on INR18cr Cash Credit
HBS REALTORS: ICRA Keeps D Debt Rating in Not Cooperating
HEATH VIEW: ICRA Keeps B Debt Ratings in Not Cooperating Category
IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating
IL&FS SECURITIES: ICRA Keeps D Debt Ratings in Not Cooperating
INFRASTRUCTURE LEASING: ICRA Keeps D Ratings in Not Cooperating
KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating
KRISHNA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
MASTER BLENDERS: ICRA Keeps B Debt Rating in Not Cooperating
MGF DEVELOPMENTS: NCLT Initiates Insolvency Proceedings
NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating Category
RAMESHWAR COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating
RIONA LAMINATE: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHANTAI EXIM: ICRA Keeps C Debt Ratings in Not Cooperating
SHANTOL GREEN: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
SORT INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category
SRS HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
SS DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
STALLION LABORATORIES: ICRA Keeps B+ Ratings in Not Cooperating
SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating
VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
I N D O N E S I A
INDONESIA: Central Bank Buys $4BB of Bonds in Debt Monetization
J A P A N
[*] JAPAN: Bankruptcy Threat Hangs Over Pressured Power Market
N E W Z E A L A N D
BUSHNELL INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 10
EFS LIMITED: Court to Hear Wind-Up Petition on Dec. 9
MAXIS DAIRY: Creditors' Proofs of Debt Due on Dec. 24
PALMERS WESTGATE: Creditors' Proofs of Debt Due on Feb. 11
[] NEW ZEALAND: Business Closures Outnumbered New Firms Created
S I N G A P O R E
ARCADIA DEVELOPMENT: Creditors' Proofs of Debt Due on Dec. 28
CIL PORT: Creditors' Proofs of Debt Due on Dec. 26
KIN XIN: Court to Hear Wind-Up Petition on Dec. 10
PHARMATECH RESOURCES: Court to Hear Wind-Up Petition on Dec. 10
PINE CAPITAL: Receives Delisting Notice From Singapore Exchange
VICON ELECTRICAL: Court to Hear Wind-Up Petition on Dec. 10
S O U T H K O R E A
SSANGYONG MOTOR: Sales Fall 26% in November on Lower Demand
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A U S T R A L I A
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OXFORD PHARMACY: First Creditors' Meeting Set for Dec. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Oxford
Pharmacy Pty Ltd, trading as Oxford Pharmacy & In2Health Pharmacy,
will be held on Dec. 9, 2021, at 9:30 a.m. via Microsoft Teams.
Graeme Beattie of Worrells Solvency and Forensic Accountants was
appointed as administrator of Oxford Pharmacy on Nov. 29, 2021.
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C H I N A
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FARADAY FUTURE: Refutes Nasdaq Delisting Concerns
-------------------------------------------------
Caixin Global reports that troubled electric vehicle (EV) startup
Faraday Future Intelligent Electric Inc. has told stakeholders that
its stock is not at risk of being delisted from the Nasdaq, after
the bourse issued a warning letter over its failure to file
earnings for the third quarter.
Shares of Faraday will be stuck with an "out of compliance" label
unless the firm submits a compliance plan within 60 days and
releases its earnings within 180 days, according to a statement
from the firm on Nov. 29, Caixin relates. The company was added to
the Nasdaq's non-compliant companies list on Nov. 17.
About Faraday Future
Faraday Future (FF) -- https://www.ff.com/ -- is a California-based
global shared intelligent mobility ecosystem company focusing on
building the next generation of intelligent mobility ecosystems.
Established in May 2014, the company is headquartered in Los
Angeles with R&D Center and Futurist Testing Lab, and offices in
Silicon Valley, Beijing, Shanghai, and Chengdu. FF is poised to
break the boundaries between the Internet, IT, creative, and auto
industries with product and service offerings that integrate new
energy, AI, Internet, and sharing models, that aim to continuously
transform the mobility of mankind.
About Yueting Jia
Yueting Jia is the founder of Leshi Holding Group and was the CEO
of Faraday Future. Yueting Jia sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12220) on Oct.
14, 2019. The Debtor was represented by James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl & Jones LLP.
Faraday Future announced in August 2020 that the Reorganization of
its founder and CPUO (Chief Product and User Ecosystem Officer), YT
Jia (YT), became effective, and his Creditor Trust has also been
officially established and begun operations. As part of the Plan,
Jia agreed to swap debt claims for pieces of his ownership stake in
Faraday Future.
FF said that approval of YT Jia's Restructuring Plan removed the
biggest hurdle in FF's equity financing efforts and the
implementation of the US-China dual home market strategy, allowing
FF to work vigorously towards its equity financing targets
including an IPO.
HONGHUA GROUP: Fitch Places 'B' LT IDR on Watch Negative
--------------------------------------------------------
Fitch Ratings has placed Chinese oil and gas equipment and service
provider Honghua Group Limited's 'B' Long-Term Issuer Default
Rating (IDR) and senior unsecured rating on Rating Watch Negative
following a proposed controlling shareholder change. The 'B' rating
on its outstanding USD200 million 6.375% senior notes due 2022 with
a Recovery Rating of 'RR4' has also been placed on Rating Watch
Negative.
Honghua's proposal for the controlling shareholder change on 28
November 2021 said its existing shareholder, China Aerospace
Science and Industry Corporation Limited (CASIC), plans to transfer
its entire 29.98% stake in the company to Dongfang Electric
Corporation (DEC) at zero consideration. The transaction is subject
to the State-owned Assets Supervision and Administration
Commission's approval.
The Rating Watch Negative reflects the lack of clarity over the
potential support from the proposed new shareholder to Honghua,
which may adversely impact Fitch's application of the one-notch
uplift on Honghua's Standalone Credit Profile (SCP) due to parent
and subsidiary linkage. The Rating Watch will be resolved upon the
completion of the shareholder change after Fitch assesses the new
shareholder's capability and willingness to provide support to
Honghua in the event of stress.
KEY RATING DRIVERS
Proposed Shareholder Change: The proposal would lead to a
reassessment of the one-notch uplift support Fitch previously
applied on Honghua's SCP as Fitch would need to understand the
linkage between Honghua and DEC following CASIC's share transfer.
Honghua said the proposed transfer is due to CASIC's streamlining
of its non-defence and non-aerospace-related businesses. The Rating
Watch Negative will be resolved once the transaction is completed
and Fitch is able to determine the support notching with evidence
and Fitch's expectations.
Fitch does not expect the proposed shareholder change to
immediately trigger Honghua's US dollar bond change-of-control
(COC) clause and a subsequent early bond redemption. The COC
triggering event would mean a qualified COC and a rating downgrade.
An early redemption would require the bondholders to take up
Honghua's repurchase offer. Fitch expects Honghua to seek parental
support to help repay or refinance the US dollar bond. Fitch would
reassess the company's liquidity should parental support fail to
materialise.
DEC as Stronger Parent: Fitch believes DEC has a stronger credit
profile than Honghua's SCP due to its large share of the power
generation equipment industry, broad product range and geographical
coverage, and strong financial profile with high margins and net
cash. DEC's credit profile may also benefit from its status as a
central state-owned enterprise (SOE) and potential state support.
Therefore, in the case of a stronger parent, linkages can be
established through evidence of legal ties, operational synergies,
financial support and strategic alignments.
Synergy Potential: Fitch expects Honghua to have some co-operation
with its proposed new shareholder, especially in renewable energy
equipment. Honghua plans to reclaim full ownership of its offshore
drilling segment assets after expected debtor non-payments, which
Fitch believes will lead to synergies in Honghua's and DEC's
offshore wind businesses. DEC's extensive businesses and networks
in overseas markets can also lead to business referrals for
Honghua.
Unclear Support: Fitch is less clear about the potential tangible
financial support from DEC, which is an indication of linkage.
Fitch believes Honghua will continue to benefit from its banking
relationships as a subsidiary of a central SOE.
Weak Equipment Demand: Fitch expects Honghua's SCP to remain at
'b-', constrained by high leverage, weak coverage and large
exposure to the volatile oil and gas equipment sector. Honghua's
lower operating EBITDA margin of 3.9% in 1H21 (2020: 12.5%) led to
weaker coverage of below 1x due to an oversupply of drilling rigs
and related products amid 2020's low oil prices and the Covid-19
pandemic.
Fitch has low visibility on Honghua's drilling equipment orders in
2022, but Fitch believes there will be some business opportunities
for the company in renewable energy and overseas orders following
the proposed shareholder change.
DERIVATION SUMMARY
The Rating Watch Negative on Honghua reflects the lack of clarity
on potential support from its proposed new parent following the
announcement of the plan to change its controlling shareholder to
DEC from CASIC.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Single-digit revenue growth in 2021-2024.
-- EBITDA margin to trend towards 10%.
-- Capex of CNY150 million a year in 2021-2022.
-- No dividend payout
Recovery Rating Assumptions:
Our recovery analysis is based on liquidation value, which is
derived from the value of balance-sheet assets that can be realised
in a sale or liquidation process, and a 10% administrative claim.
The Recovery Rating assigned to Honghua's senior unsecured debt is
'RR4' because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into the Group D of countries in
terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The Rating Watch Negative will be resolved upon the completion
of the proposed shareholder change and Fitch's assessment of
DEC's capability and willingness to provide support to
Honghua.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Evidence or expectation of weaker linkage with DEC, compared
with previous linkage with CASIC.
-- FFO interest coverage of below 1.2x for a sustained period.
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
Reliance on Bank Refinancing: Honghua had CNY2.8 billion of
short-term debt at end-June 2021. This should be covered by CNY542
million of available cash and CNY4.6 billion of undrawn borrowing
facilities. However, these facilities are uncommitted, as committed
credit facilities are not common in the Chinese banking
environment. Fitch expects Honghua to continue to benefit from its
ultimately state-owned background for banking relations following
the proposed shareholder change, as DEC and CASIC hold a similar
status as central SOEs.
FITCH (HONG KONG) LIMITED is providing this rating solely for use
in connection with transactions that are consistent with the
Executive Order 13959 from Nov. 12, 2020 (the "EO") and the
implementing guidance issued by the US Treasury's Office of Foreign
Assets Control. This rating is not meant for, and should not be
used by, any "US persons," as that term is defined in the EO, who
are engaging in transactions that are prohibited by the EO.
ISSUER PROFILE
Honghua is an oil and gas equipment manufacturer and service
provider in China.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Honghua's ratings incorporate a one-notch uplift from potential
support of its parent.
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.
KAISA GROUP: Bondholders Reject Offer to Extend Maturity of Debt
----------------------------------------------------------------
The Financial Times reports that Kaisa Group have rejected an offer
by the ailing group to extend the maturity of its debt and avoid a
messy default next week, according to a letter to the company's
chair seen by the Financial Times.
The FT relates that the move could deepen a crisis at Kaisa, one of
China's most indebted developers, which has launched a fire sale of
its assets in a bid to meet liabilities that include about $3
billion of dollar-denominated bonds that will come due in the next
12 months.
A group claiming to represent more than 50 per cent of the
investors in some of Kaisa's most pressing debt -- a $400 million
bond that will mature on December 7 -- wrote to Kaisa on November
30 to say that a proposal it made late last month to exchange the
bonds was "unacceptable", according to the letter seen by the FT.
The offer, which was proposed by Kaisa on Nov. 25, would swap the
bonds for new notes maturing in June 2023 but required the approval
of 95 per cent of bondholders, the FT says.
According to the FT, Kaisa warned in a stock exchange filing that
if the offer failed, it might not be able to repay the bonds and
could consider a debt restructuring.
The FT says the group of bondholders also proposed a forbearance
period - the temporary postponement of loan payments - in order to
"provide breathing room" for Kaisa and assuage market concerns
about the implications of a potential default.
The bondholders included big investors such as Pimco and Ashmore,
the FT discloses citing a person close to the matter.
The FT notes that Kaisa is the latest Chinese property developer to
be caught in a sector-wide liquidity crisis that has engulfed its
peer Evergrande, the world's most heavily indebted real estate
group.
Kaisa rushed to raise cash from asset sales in Shenzhen, mainland
China's most expensive residential property market, and Hong Kong
in November after it missed payments on wealth management products
it guaranteed, deepening concerns about its ability to meet its
financial obligations, according to the report.
The FT says Kaisa's dollar bond maturing on December 7 is trading
at about 45 cents to the dollar, down by half since mid-September,
when the company's debt was still trading at near-face value. Its
Hong Kong-listed shares have dropped almost three-quarters this
year.
"The group believes that the terms of the exchange offer are
unacceptable and illustrate an unwillingness on the part of the
company to consider more appropriate and holistic ways to address
Kaisa's current short-term liquidity challenges," the letter from
the group of investors said, the FT relays.
The group, which has hired financial advisory firm Lazard to
represent it, has made an offer to provide new financing to Kaisa.
"These new money proposals have broad support among the company's
offshore bond investor base," the letter, as cited by the FT,
said.
About Kaisa Group
Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA. As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the corporate family
rating of Kaisa Group Holdings Ltd to Ca from Caa1. At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by Kaisa to C from Caa2. The outlook remains
negative.
The TCR-AP has also reported that S&P lowered its long-term issuer
credit rating on Kaisa Group Holdings Ltd. to 'CCC-' from 'CCC+'.
The negative outlook reflects Kaisa's very high nonpayment risk and
high probability of debt restructuring. S&P subsequently withdrew
its 'CCC-' long-term issuer credit rating on Kaisa at the issuer's
request.
SANPOWER GROUP: Wins Creditor Backing for Restructuring Plan
------------------------------------------------------------
Caixin Global reports that China's debt-laden private conglomerate
Sanpower Group Co. Ltd. won creditors' approval to carry out a
long-discussed restructuring to address its nearly $10 billion of
debt.
Caixin relates that state-owned bad asset manager China Huarong
Asset Management Co. Ltd. will provide CNY8 billion (US$1.25
billion) of fresh funding for the rescue, according to the plan.
Sanpower's restructuring proposal won 89.91% backing from
creditors, the company's Shanghai-traded retail unit, Nanjing
Xinjiekou Department Store Co., said in a filing on Dec. 1, Caixin
relays.
Sanpower Group Co., Ltd. operates electronic commerce business. The
Company markets computer equipment, digital equipment, game
entertainment equipment, life electronic equipment, smart wearable
equipment, and other products. Sanpower Group also operates
department store retail business.
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I N D I A
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ADYAR GATE: ICRA Revises Rating on INR226.33cr Term Loan to B-
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Adyar
Gate Hotels Limited (AGHL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT Fund based 226.33 [ICRA]B- (Stable); Upgraded
Term Loan From [ICRA]D
LT Fund based 100.00 [ICRA]B- (Stable); Upgraded
Term Loan (LRD) From [ICRA]D
LT Fund based 45.00 [ICRA]B- (Stable); Upgraded
facilities From [ICRA]D
LT Unallocated 14.67 [ICRA]B- (Stable); Upgraded
From [ICRA]D
ST Non-fund 2.00 [ICRA]A4; Upgraded from
based [ICRA]D
Rationale
The ratings revision for the bank lines of AGHL considers the
curing of past delays in servicing loans and timely servicing of
debt obligations for the past six months. The company had opted for
moratorium until August 31, 2020, under the Reserve Bank of India's
(RBI) Covid-19 Regulatory Package. Subsequently, while the company
initiated an application for restructuring its loan with its
lenders, post the moratorium expiry, the company missed its
repayments in view of its stressed cash flows and in anticipation
of a favorable restructuring of loans. However, the application for
restructuring was not formalised and AGHL applied for the Emergency
Credit Line Guarantee Scheme (ECLGS) 2.0 instead. The company
reported overdues of INR6.0 crore pertaining to debt repayment
obligations for November and December 2020. However, the same has
been regularised, as confirmed by the management and the bankers.
AGHL continues to have a stretched liquidity position, and weak
coverage indicators and capital structure because of its high debt
levels and continued losses owing to relatively weak operating
performance. However, the company has undrawn working capital lines
to the tune of INR10.4 crore, INR31.1 crore undrawn term loan and
INR14.5 crore undrawn ECLGS lines as on September 30, 2021. These
are expected to fund AGHL's expected losses and debt obligations in
H2 FY2022. While the
loan sanction terms have a covenant relating to equity infusion of
INR151.9 crore equity by March 2022, materialization of the same
and extent of reduction in debt levels remains to be seen.
AGHL's hotel occupancy was low in FY2021 and Q1 FY2022 due to the
Covid-19 pandemic. The company's revenues declined to INR62.6 crore
in FY2021 (according to unaudited financials) from INR133.2 crore
in FY2020. However, akin to other industry players, the company
witnessed faster-than-expected ramp-up in demand from Q2 FY2022
with easing of restrictions, high pace of vaccinations, pickup
leisure travel (with two hotels in drive-to-leisure destinations),
weddings and part-resumption of business travel. Part of its
occupancy also came from sports events and long-stay guests.
However, the sustenance of demand is dependent on the efficacy of
vaccines and a further Covid-19 wave, and remains to be seen. ICRA
expects AGHL's revenue and profits to reach pre-Covid levels only
over the medium term.
The ratings factor in AGHL's management tie-ups with reputed brands
like InterContinental Hotels Group (IHG)/ITC, locational advantage
of properties in Ooty and Mahabalipuram and the established
position of Crowne Plaza in Chennai. Further, the steady rental
income from the IT park (INR14.5 crore in FY2021) is expected to
support AGHL's cash flow to an extent. AGHL's lease rental
discounting (LRD) loan of INR100.0 crore is sanctioned against the
rental receivables (INR15.2 crore in FY2022P) from the IT Park.
With the creation of rental escrow mechanism for the LRD loan, the
cash flows of LRD loan would be ringfenced. Hence, the rating for
the LRD loan is one notch higher at [ICRA]B (Stable).
Key rating drivers and their description
Credit strengths
* Locational advantage of Intercontinental Mahabalipuram Resort and
Fortune Sullivan; established position of Crowne Plaza: Two of
AGHL's properties are favourably located at Ooty (Fortune Sullivan
Court) and Mahabalipuram (ICMBR). While the first one is at a
driveable distance from several South Indian cities, the latter one
is on the outskirts of Chennai. The 'Crowne Plaza Chennai Adyar
Park' hotel remains an established property in the Central Business
District (CBD) in Chennai. While the demand was impacted in Q1
FY2022 owing to the second wave of the pandemic, Fortune Sullivan
Court and ICMBR witnessed improvement in occupancy (~55% occupancy
in September 2021 vis-à-vis ~5% in May 2021) because of easing of
restrictions, high pace of vaccinations, pent up demand in leisure
travel and weddings. Besides, occupancies in Crowne Plaza improved
to ~60% in September 2021 vis-à-vis ~20% in May 2021 because of
part-resumption of business travel, sports events and longstay
guests.
* Management tie-up with established brand: AGHL's hotels operate
under management contract with ITC and IHG under three brands. Two
of the company's properties—ICMBR and Crowne Plaza (erstwhile
Park Sheraton)—have management and marketing arrangements with
IHG, while the Ooty property (Fortune Sullivan Court) operates
under a management tie-up with ITC. The hotels benefit from the
global marketing and advertising network of these brands.
* Rental income from IT Park support cashflows to an extent: AGHL
owns an IT Park in Velachery, Chennai that is leased to Tata
Consultancy Services (TCS), which is likely to yield an annual
rental of ~INR15.2 crore in FY2022P. While the revenues from hotels
declined sharply in FY2021 due to the subdued demand environment
caused by the Covid-19 pandemic, the rental income from the IT Park
supported the company's cashflows to an extent. Further, no rental
waivers were provided in FY2021 and H1 FY2022 during the
pandemic-related lockdown.
Credit challenges
* Weak capital structure and coverage metrics: AGHL has relatively
high borrowings for its scale of operations due to debtfunded capex
and net losses in the past. It had a total debt of INR346.0 crore
as on March 31, 2021 (according to unaudited financials) that
increased from INR324.9 crore as on March 31, 2020, primarily due
to loss funding during the pandemic. With relatively high debt
levels and cash losses in FY2021, its coverage indicators remain
weak as illustrated by an interest coverage and TD/OPBDITA at 0.2
times and 46.6 times in FY2021 (according to unaudited financials).
Further, its networth reduced to INR2.5 crore as on March 31, 2021
from INR53.1 crore as on March 31, 2020. Going forward, substantial
equity infusion would be required for any meaningful reduction in
debt.
* Sharp dip in revenues and margins due to pandemic in FY2021 and
Q1 FY2022; recovery to pre-Covid levels a few years away despite
the recent pickup in performance: AGHL's performance was impacted
by the pandemic in FY2021. Its revenues declined by 53% YoY to
INR62.6 crore in FY2021 (according to unaudited financials) from
INR133.2 crore in FY2020, and its OPM declined to 11.9% in FY2021
from 17.0% in FY2020 due to weaker operating leverage despite
various cost control measures undertaken. ICRA expects AGHL's
earnings to be materially weaker than pre-covid levels in FY2022,
although the same is expected to be better than FY2021. However,
the sustenance of demand is dependent on the efficacy of vaccines
and a further Covid-19 wave, and remains to be seen. AGHL's
revenues and operating metrics to recover to pre-Covid levels only
over the medium term. Further, the improvement in net margins is
likely to be capped by relatively high interest costs, unless there
is significant reduction in debt.
Liquidity position: Stretched
AGHL's liquidity position remainsstretched because of relatively
high debt levels and continued losses owing to relatively weak
operating performance. However, the company has undrawn working
capital lines to the tune of INR10.4 crore, INR31.1 crore undrawn
term loan and INR14.5 crore undrawn ECLGS lines as on September 30,
2021. Against these sources, it has principal repayment obligation
of INR13.7 crore in H2 FY2022 and INR40.2 crore in FY2023 for its
existing term loans. Further, the company is expected to report
cash losses in H2 FY2022. While the promoters have adequate
networth over INR400 crore and the loan sanction terms have a
covenant relating to equity infusion of INR151.9 crore equity by
March 2022, materialisation of the same remains to be seen. Timely
and adequate equity/unsecured loans support from promoters is
critical for its debt servicing, in case the aforementioned equity
infusion does not materialise.
Rating sensitivities
Positive factors – ICRA may upgrade the company's ratings if
there is sustained improvement in its credit profile because of
improvement in its liquidity, debt position and coverage metrics
along with improvement in operational performance.
Negative factors – Negative pressure on AGHL's rating could arise
from further deterioration in its liquidity profile, arising from
any delay in fund infusion by promoters or prolonged weak operating
performance.
Adyar Gate Hotels Limited (AGHL) is owned by the Goyal family and
has a track over three decades of presence. The company has three
properties in South India and its flagship property is located in
the Central Business District in Chennai. The flagship property,
has a 287-room five-star hotel, that earlier operated under the
name Sheraton Park Hotels and Towers. In July 2015, the hotel
changed its brand to 'Crowne Plaza' under the IHG umbrella. AGHL
also commenced operations of a 106-room resort in Mahabalipuram
under the name InterContinental Chennai Mahabalipuram Resort
operated by IHG from October 2015 and Fortune Hotel Sullivan Court
in Ooty with 67 rooms (managed by ITC). Apart from the hotels, AGHL
owns ~2,50,000 square feet space in Sai Real Tech Park, an IT park
in Velachery, Chennai (currently leased to TCS). AGHL also has two
wholly-owned non-operational subsidiaries with land holdings in
Kodaikanal, Tamil Nadu.
AJIT KUMAR: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ajit Kumar
Swain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable)/A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 2.00 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 1.00 [ICRA]B (Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Bank Guarantee 5.00 [ICRA]A4 ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 2.00 [ICRA]A4 ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2009 as a proprietorship firm, the entity commenced
operations in the second quarter of FY2015. Ajit Kumar Swain (AKS/
the entity) is a civil constructor involved in irrigation canals
– earthwork, rehabilitation etc, and road works in Odisha. AKS is
a registered Special Class Contractor with the Public Works
Department (PWD), Odisha, and this allows the entity to bid for
large contracts floated by the department. The proprietor of the
firm is also engaged in construction activities through a group
firm – M S Infraengineers Pvt Ltd (MSIPL), of which he is the
Chief Executing Officer.
ARSHIT GEMS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Arshit
Gems in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 28.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Limits Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while sing this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1988, Arshit Gems is a partnership firm based in
Mumbai. The firm is engaged in importing rough diamonds, cutting,
polishing and marketing them in India as well as to other
countries. The firm has manufacturing unitssituated at Surat (two
units), Bhavnagar (three units) and Rajkot (one unit).
B L GOEL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of B L Goel &
Company in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term– 10.00 [ICRA]A4; ISSUER NOT
Non fund Based COOPERATING Rating Continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Based in Delhi, B L Goel & Company (BLG) was established as a
partnership firm in 1998. Mr. B L Goel who is a civil engineer by
profession has experience of more than 30 years in the field of
construction. Currently Mr. B L Goel, his wife Mrs. Ram Murthy Goel
and son Mr. Sanjay Goel serve as partners to the firm. The
promoters have been in the construction business for more than two
decades and have taken up work related to construction of
residential as well as institutional buildings. The current
operations of the firm are handled by Mr. B L Goel and his son Mr.
Sanjay Goel. BLGC is involved in the business of civil construction
and takes up work related to construction of multi storey buildings
for group housing societies which includes civil, sanitary and
electrical work. The operations of the firm are confined to the NCR
region and the total value of the contracts completed by the firm
till date is around INR500 crores. The firm has completed work for
both government as well as private entities for construction of
residential as well as institutional buildings. Some of the work
completed by the firm in the past includes construction of
residential units at JNU campus, Construction of Kissan Bhavan at
Azadpur, etc. BLGC is also registered as a Class S contractor with
Military engineering services (MES), Western Command which enables
it to bid for contracts up to INR15 crores.
CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ciemme
Jewels Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 24.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 13.90 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 0.40 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while sing this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Ciemme Jewels Limited (CJL) is a wholly owned subsidiary of C
Mahendra International Limited (CMIL). CMIL is in turn a wholly
owned subsidiary of C Mahendra Exports Limited which is the
flagship company of the C Mahendra Group. CMIL is the holding
company for all other C Mahendra group companies. CJL was
incorporated on April 3, 2003 as C.M. Jewels Private Limited to
buy, sell, export, import, deal, market and manufacture diamonds,
precious stones, semi-precious stones and jewellery. The name of
the company was changed to Ciemme Jewels Private Limited on June 6,
2003. The company was converted into a public limited company and
name was further changed to Ciemme Jewels Limited with effect from
June 28, 2007. The company is engaged in the manufacturing and
marketing of Diamond studded jewellery. It also engages in trading
of diamonds.
DURGA MARUTHI: ICRA Assigns B+ Ratings to INR11cr Cash Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Sri Durga
Maruthi Automotive Pvt. Ltd (SDMAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term–
Fund-based/
Term loans 3.86 [ICRA]B+(Stable); assigned
Long-term–
Fund-based/
Cash credit 11.00 [ICRA]B+(Stable); assigned
Rationale
The assigned rating considers SDMAPL's small scale of operations in
the automobile dealership business and intense competition in the
Indian passenger vehicle (PV) dealership market, which resulted in
a revenue decline for the company over the past three years. ICRA
notes that supply constraints owing to semiconductor shortage are
expected to limit the growth potential for the company in the near
term. The rating is also constrained by the company's weak
bargaining position in the automobile dealership business, wherein
pricing policies are decided by the principal OEMs. The rating
factors in SDMAPL's weak financial risk profile, characterised by a
high gearing of 4.2 times a s on March 31, 2021 and moderate
coverage indicators, as indicated by an interest coverage ratio of
1.6 times and Debt/OPBITDA of 4.9 times in FY2021. The company's
liquidity position is stretched, as indicated by a minimal buffer
in the working capital limits of around INR0.2 crore and repayment
obligations of around INR0.7 crore in H2 FY2022. The company's
financial profile is expected to remain weak in the near term given
its debt-funded expansion plans.
The rating, however, favourably factors in the significant
experience of promoters in the automobile dealership business. The
rating also draws comfort from its authorised dealership of Maruti
Suzuki India Limited (MSIL) – NEXA, which is the largest player
in the Indian passenger vehicle (PV) market.
The Stable outlook on [ICRA]B+ rating reflects ICRA's opinion that
SDMAPL will continue to benefit from MSIL's strong market position
in the PV market and the extensive experience of the company's
promoters in the automobile dealership business.
Key rating drivers and their description
Credit strengths
* Long presence in auto dealership business through Sri Durga
Group: Incorporated in 2016, SDMAPL is a dealer of MSIL, which is
the market leader in the PV segment with around 48% market share in
FY2021. SDMAPL deals in the Nexa range of four-wheelers and spares,
accessories and services. It is the authorised dealer in Anantapur
district of Andhra Pradesh and has five outlets, including
showrooms and workshops. Moreover, the company plans to open two
new workshops in Kadapa and
Tadipatri districts. SDMAPL is a part of the Sri Durga Group, which
has been involved in the automobile dealership business since
1995.
Credit challenges
* Small scale of operations: SDMAPL has a small scale of operations
with revenue of INR33.5 crore in FY2021. The company's revenue
declined over the past three years owing to increased competition
in the region. The company reported revenue of INR18.2 crore in H1
FY2022 despite healthy demand. Supply constraints owing to
semiconductor shortage are expected to limit the company's growth
potential in the near term.
* Weak financial risk profile: The company's financial profile is
stretched with a gearing of 4.2 times as on March 31, 2021 owing to
a low net worth of INR3.6 crore. The total debt of INR15.2 crore
comprised working capital borrowings of INR11.1 crore and term
loans of INR4.1 crore. The coverage indicators were stretched with
an interest cover of 1.6 times, TD/OPBDIT of 4.9 times and NCA/TD
of 7.8% in FY2021. The company's financial profile is expected to
remain stretched in the near term given the modest margins and
debt-funded expansion plans.
* Intense competition among dealers of MSIL and other OEMs:
Although the company is an authorised dealer of MSIL, its sales and
profitability remain susceptible to intense competition from
dealers of MSIL as well as other OEMs in the region. The dealers
have to pass on additional benefits to customers to increase sales
owing to intense competition, which impacts their profitability to
an extent.
Liquidity position: Stretched
The company's liquidity position is stretched as reflected by
minimal cushion of INR0.2 crore available in the working capital
limits, expected retained cash flows of INR1.5-2.0 crore, and low
free cash and bank balances against term loan repayment obligations
of INR0.7 crore in H2 FY2022. The company has capex plans of around
INR1.0 crore in H2 FY2022 towards opening up of new workshops,
which would be partly funded through debt. However, the debt is yet
to be tied up.
Rating sensitivities
Positive factors – ICRA may upgrade SDMAPL's rating if the
company's liquidity position improves and it witnesses a sustained
growth in revenues while maintaining healthy margins, leading to an
improvement in the overall credit metrics. Specific credit metrics
that may lead to an upgrade of SJAPL's rating include interest
coverage of more than 2.0 times on a sustained basis.
Negative factors – Pressure on SDMAPL's rating may arise if any
significant decline in profitability adversely impacts its
financial performance and liquidity position.
Incorporated in 2016, SDMAPL is an authorised dealer of MSIL for
the Anantpur district of Andhra Pradesh for the Nexa range of
four-wheelers and spares, accessories and services. The company is
promoted by Mr. Venkateshwar Rao. The company has five showrooms
and workshops in Anantapur and is planning to open additional
workshops in nearby districts.
GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gillco
Developers & Builders Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
Fund Based- 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Term Loans Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Gillco Developers & Builders Private Limited (GDB) was incorporated
in February 2011 and is involved in real estate development in the
Mohali region in Punjab. The company is closely held by the Gill
family based in Chandigarh, Punjab and has Mr. Ranjeet Singh Gill
as its Managing Director. Mr. Gill has more than 10 years of
experience in the real estate development business, having executed
various residential projects in Mohali, Punjab. The company builds
residential spaces in Mohali, Punjab which includes plots, flats,
villas and commercial complexes.
GOYAL AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Goyal
Automobiles in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 5.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2000 as a proprietorship firm, Goyal Automobiles
(GA) is an authorised dealer for vehicles manufactured by Hero
Motocorp Limited (HML). The company sells vehicles and provides
ancillary services that include vehicle servicing and sale of spare
parts and accessories from its showroom based in Raigarh,
Chhattisgarh.
HARI INDUSTRIES: ICRA Withdraws B+ Rating on INR18cr Cash Credit
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shree Hari Industries at the request of the company and based on
the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.00 [ICRA]B+ (Stable); ISSUER NOT
Fund Based/ COOPERATING; Withdrawn
Cash Credit
Incorporated in 1959, SHI manufactures mustard oil and mustard
cake. The operations of the firm are managed by the Aggarwal
family. The firm mainly operates in the branded retail segment,
primarily in the states of Bihar, Jharkhand, Orissa and the
North-East, through its registered brand 'Engine.
HBS REALTORS: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the Non-convertible debenture of
HBS Realtors Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 53.56 [ICRA]D ISSUER NOT COOPERATING;
debenture Rating remains in 'Issuer Not
Programme Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1995, HBS Realtors Private Limited is a
Mumbai-based real estate developer involved in large scale
city-centric developments in commercial as well residential
segments. The group has a diversified product mix with a strong
presence in residential, retail, commercial, hospitality and SEZ
developments. Over the last decade, HBS has built strategic
partnerships with reputed business houses such as Phoenix Mills
Limited for the development of its 'Marketcity' projects, and with
the Mody Group of JB Chemicals and Pharmaceuticals for the
development of its pharma SEZ project. Over the years, HBS has also
attracted various financial investors like IL&FS, MPC Fund, SREI
Infrastructure Finance Ltd. and Edelweiss across its various
projects.
HEATH VIEW: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Heath View
Holiday Resorts Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 17.50 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based 3.00 [ICRA]B (Stable); ISSUER NOT
Overdraft COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Non-fund-based 0.50 [ICRA]A4; ISSUER NOT
limits–Bank COOPERATING*; Rating
Continues
Guarantee To remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1993, Heath View Holiday Resorts Limited (HVHRL)
was established with the purpose of construction and operation of a
hotel at Mahabaleshwar. The company was established by the Patel
Group and was taken over by Evershine Builders in 2004. Evershine
Group then commenced construction of the hotel property, which was
completed by May 2010. Meanwhile, a hotel operating agreement was
signed between HVHRL and Berggruen Hotels Private Limited (BHPL)
assigning the rights of management and operations of hotel to BHPL
under the Keys brand name. The hotel commenced operations in
October 2010.
IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the commercial paper programme of
IL&FS Financial Services Limited (IFIN). The rating remains in the
'Issuer Not Cooperating' category and is denoted as '[ICRA]D;
ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Commercial 4,000 [ICRA]D ISSUER NOT COOPERATING;
Paper Rating remains in 'Issuer Not
Programme Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
IL&FS Financial Services Limited (IFIN) is a wholly-owned
subsidiary of Infrastructure Leasing and Financial Services Limited
(IL&FS). IFIN is registered as a non-banking financial company
(NBFC) and is the lending arm of the IL&FS Group. IL&FS is the
holding company of the IL&FS Group (302 entities). By way of an
order dated October 1, 2018, the National Company Law
Tribunal (NCLT) granted approval to the Government of India (GoI)
to appoint a new board of directors for the debt resolution of
IL&FS and Group companies.
IL&FS SECURITIES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the short-term bank facilities of
IL&FS Securities Services Limited (ISSL). The rating remains in the
'Issuer Not Cooperating' category and is denoted as '[ICRA]D;
ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short term– 100.00 [ICRA]D; ISSUER NOT
COOPERATING;
fund based Rating Continues to remain under
Bank Lines 'Issuer Not Cooperating'
Category
Short term– 250.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
ISSL is engaged in a range of capital market related activities
such as depository, custodial, and professional clearing services.
Small brokerage houses avail its services to maintain a demat
account for their broking clients and to act as a professional
clearing member on their behalf. As a professional clearing member,
ISSL serves as an intermediary between the brokerage houses and the
exchange houses for maintaining adequate margin cover with the
exchange houses on behalf of the trading members.
INFRASTRUCTURE LEASING: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the commercial paper programme,
non-convertible debentures (NCD) and long-term bank facilities of
Infrastructure Leasing & Financial Services Limited (IL&FS). The
rating remains in the 'Issuer Not Cooperating' category and is
denoted as '[ICRA]D; ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 5,225 [ICRA]D ISSUER NOT COOPERATING;
Debenture Rating remains in 'Issuer Not
Programme Cooperating' category
Commercial Paper 2,500 [ICRA]D ISSUER NOT COOPERATING;
Programme Rating remains in 'Issuer Not
Cooperating' category
Long-term Bank 350 [ICRA]D ISSUER NOT COOPERATING;
Lines– Term Loans Rating remains in 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
IL&FS was incorporated in 1987 with the objective of promoting
infrastructure projects in the country. It was promoted by Central
Bank of India (CBI), Housing Development Finance Corporation
Limited (HDFC) and Unit Trust of India (now known as Specified
Undertaking of Unit Trust of India - SUUTI). While SUUTI has
largely exited (stake of 0.82% as of March 31, 2019), the
shareholding has broadened over the years with the participation of
many institutional shareholders. As of March 31, 2019, Life
Insurance Corporation of India (LIC) and ORIX Corporation Japan
were the largest shareholders in IL&FS with stakes of 25.34% and
23.54%, respectively, while Abu Dhabi Investment Authority (ADIA),
HDFC, CBI and State Bank of India's (SBI) held a stake of 12.56%,
9.02%, 7.67% and 6.42%, respectively. Over the years, IL&FS' focus
has shifted steadily from project sponsorship to the role of
project advisory and project facilitator for the development and
implementation of projects. It acts as the main holding company of
the IL&FS Group with most business operations domiciled in separate
companies. The IL&FS Group companies are currently involved in
infrastructurerelated project sponsorship, development & advisory,
investment banking, corporate advisory, asset management and
advisory services in the environmental and social management
segment, with a presence across sectors like surface
transportation, urban infrastructure, energy (thermal and
renewable), education, maritime & ports, etc.
KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kanchan
Auto Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2010, Kanchan Auto Private Limited (KAPL) is
engaged in the two-wheeler dealership business as an authorized
dealer of Bajaj Auto Limited. The operations of the company are
managed by Mr. Vimal Bolia who has an experience over 15 years in
this line of business. KAPL has showrooms and service outlets in
Ulhasnagar, Thane, Dombivli, Kalyan, Mumbra and Kanjur Marg. The
firm also operates through a network of Authorised Service Centres
(ASCs) beyond Murbad in the rural areas of Maharashtra.
KRISHNA CONSTRUCTIONS: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Krishna
Constructions in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in year 2004, Krishna Constructions, a partnership firm
is presently engaged in the execution of a project; Lotus Court at
Kharadi, Pune. Lotus Court is a residential cum commercial project
involving construction of 62 residential units and 24 commercial
units. The project would comprise two 10 storey buildings having
commercial units at the ground floor, two floors for vehicle
parking and the remaining floors for residential units. The
residential units would comprise 2BHK and 3BHK apartments. The
construction of Lotus Court began in November 2015 and the project
was launched in March 2016.
MASTER BLENDERS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Master
Blenders Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.75 [ICRA]B (Stable) ISSUER NOT
Fund Based COOPERATING; Rating continues
Limit to remain under 'Issuer Not
Cooperating' category
Short Term- 3.25 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short-term (2.50) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating Continues
Limit to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Master Blenders Private Limited was incorporated in September 4,
1985. In September 11, 1993 the company was taken over by the
Kalani family. The company is currently closely held within the
Kalani family with Hiralal Kimatram Kalani and Kanyalal Kimatram
Kalani as its directors. MBPL manufactures IMFL and deals in
different products such as whisky, vodka, rum, brandy and gin. The
company buys the molasses based alcohol which it uses for further
manufacturing. The company has its registered office in Mumbai and
its manufacturing facility is in Khopoli (Maharashtra) with an
installed capacity of ~4 lakh cases per year. Apart from this, MBPL
also trades in IMFL which are procured from its sister concern:
Deejay Distilleries Private Limited (Rated BWR BB- in April 2018).
MGF DEVELOPMENTS: NCLT Initiates Insolvency Proceedings
-------------------------------------------------------
The Economic Times of India reports that the National Company Law
Appellate Tribunal (NCLAT) has initiated insolvency proceedings
against NCR-based real estate firm MGF Developments Limited, on a
petition filed by a group of homebuyers.
The NCLT has also appointed an interim resolution professional for
the company, the report says.
"The company is yet to receive a copy of the order. We are still
in the process of understanding the impact and exploring all
available legal options. The project was delivered more than five
years ago," ET quotes a company spokesperson as saying.
"The present application under Section 7 of the IBC Code, 2016 has
been filed by The Vilas Condominium Association consisting of
homebuyers having 327 units allotted in the name of members of the
association . . .," the NCLT order said.
According to the creditor, the default amount is under various
heads and includes INR11.48 crore of interest-bearing maintenance
security collected from the homebuyers and not refunded to the
association of homebuyers as per law, ET relates.
Also, the common area maintenance and common area electricity
charges which the corporate debtor is supposed to pay for the
period from the date of accrual of maintenance charges till the
date of allotment to a home buyer, is not paid despite repeated
request, according to the order cited by ET.
ET notes that the Supreme Court in the past had said that in a
Section 7 application, the adjudicating authority only has to
determine whether the financial creditors in a class who have filed
the application jointly have a 10% mandate as per the first
provision to Section 7 of the Insolvency and Bankruptcy Code.
MGF had formed a joint venture with Dubai-based Emaar Properties,
which entered India in 2005 making the largest foreign direct
investment in the realty sector till then under Emaar MGF Land,
says ET.
In April 2016, Emaar decided to end the joint venture and two
months later, Shravan Gupta, the then executive vice chairman and
managing director of the joint venture, resigned. The demerger was
approved in July 2018, ET recalls.
Currently, the erstwhile partners are at loggerheads after Emaar
accused fraud in joint venture agreements and land deals and filed
a petition with the NCLT in November 2019, seeking investigation
into its allegations, the report relates. It has sought bank
guarantees of INR2,400 crore to secure its losses.
MGF Developments Limited was founded in 1996. The company's line
of business includes the construction of non-residential
buildings.
NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Navin Cold
Storage Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 1.81 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based– 1.17 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund based 5.50 [ICRA]D;ISSUER NOT COOPERATING;
working capital Rating continues to remain under
loan 'Issuer Not Cooperating'
Category
Unallocated 0.52 [ICRA]D;ISSUER NOT COOPERATING;
Limits Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Navin Cold Storage Pvt. Ltd. had set up its cold storage unit in
West Medinipur, West Bengal in 1990 to carry out the business of
storage and preservation of potatoes. The current capacity of the
cold storage unit is 23,557 metric tones (Mt).
RAMESHWAR COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rameshwar
Cottex in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in April 2016, as a partnership firm, Rameshwar Cottex
(RC) is involved in cotton ginning and pressing to produce cotton
bales and cottonseeds and in trading of raw cotton at its
manufacturing facility located in Rajkot, Gujarat. Its facility is
equipped with 36 ginning machines and a pressing machine with an
installed production capacity of 54 MTPD or 320 bales per day. The
firm set up its manufacturing facility in November 2015 and
commercial operations commenced from January 2016. The promoters
associated with the firm have vast experience in agro-commodities.
RIONA LAMINATE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Riona
Laminate Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 3.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund Based 3.50 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2011, Riona Laminate Pvt. Ltd. (RLPL) was set up to
manufacture high pressure decorative laminates which are primarily
used in furniture for surface decoration. The company commenced
commercial production in September 2012. It is owned and managed by
Mr. Kishan Bhalodiya, Mr. Jayntilal Kanani and Mr. Jaydeep Kanani.
The plant is in Morbi (Gujarat) and has an installed capacity to
manufacture 90000 sheets per month. The company mainly manufactures
decorative sheets of the size 8'x4' with thickness ranging from
0.8mm-1.0 mm which is the most common size sold in India. The
company also manufactures phenol resin and melamine resin for
captive consumption as well as sold externally.
SHANTAI EXIM: ICRA Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shantai
Exim Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA] C/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]C; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Limit 'Issuer Not Cooperating'
Category
Short-term– 23.00 [ICRA]A4; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Limit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2004, Shantai Exim Limited manufactures and exports
children's wear and women's wear like sarees and dress materials.
The company procures greige fabric from Surat and gets the fabric
processed by third parties on job work basis. The activities
outsourced on job work include dyeing, printing, embroidery,
pleating, crushing, stamping, foiling, coding, taping and flocking.
Stitching, garmenting, hand-work and final packaging of the
products are done at the company's facility in Surat. At times, SEL
also buys finished fabrics and gets them processed further. The
company has its registered office in Mumbai and its manufacturing
facility is in Surat(Gujarat).
SHANTOL GREEN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shantol
Green Energy (India) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
Fund Based- 18.50 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Shantol Green Energy (India) Pvt. Ltd. (SGEPL) (earlier known as
Shantol Green Hydro Carbons (India) Pvt. Ltd.), incorporated in
August 2011, is promoted by Mr. Shaileshkumar Makadia & Mr. Amit
Bhalodi along with the equity ownership from the corporate entity-
RNG Finlease Private Limited. SGEPL was formed to set up a
green-field unit for pyrolysis of used automobile tyres at
Bhilwara, Rajasthan with an installed capacity of 30,000 TPA.
Besides SLPL, the promoters also have other group companies engaged
in the logistics sector, namely Satkar Terminals (for empty
container warehousing, handling, transportation, container survey
and repair) and Satkar Air (for air freight forwarding).
SIDDARTH INTERCRAFTS: ICRA Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Siddarth
Intercrafts Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.50 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term/ 7.50 [ICRA]C/[ICRA]A4; ISSUER NOT
Short Term- COOPERATING; Rating Continues
Unallocated to remain under issuer not
Cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth
Group is engaged in the manufacturing of ladies' garments, kids
garments, scarfs and fashion accessories. Siddarth Group comprises
of three Independent units producing Ladies and Children Garments
namely Siddarth Organisation, Siddarth Organisation Limited and
Siddarth Intercraft Private Limited. The
factory is geared up to deliver 2 million Garments annually. The
company is engaged in manufacturing and trading of garments
primarily for women (such as kurtis, cardigans, tops, coats,
tunics, leggings, dresses, pants, leggings & salwar kameez).
SORT INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sort India
Enviro Solutions Limited. in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 8.00 [ICRA]D;ISSUER NOT COOPERATING;
Debentures Rating continue to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in January 2010, Sort India Enviro Solutions Limited
(SIESL) is engaged in collection and sorting of paper recyclables
in major cities of Gujarat namely Vadodara, Ahmedabad, Surat,
Mehsana, Rajkot, Anand & Nadiad. The company promotes itself under
the name Pastiwala.com and collects recyclables from various
sources like households, companies, banks, retailers etc & also
from local waste pickers. The recyclables are then manually sorted
into different categories and sold to various recycling units. In
addition, the company also provides shredding services to banks,
accountants, lawyers, doctors etc for disposal of confidential
data. The company has its warehouse facility in BIDC Vadodara and
is promoted by Mr. Paresh Parekh and other relatives.
SRS HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of SRS
Healthcare and Research Centre Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 115.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Non Fund Based Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in May 2013, SRS Healthcare and Research Centre
Limited is a part of Faridabad-based SRS Group. Approximately 85%
stake in SRS Healthcare is owned by BTL Holding Company Limited,
which is the holding company of SRS Limited. SRS Healthcare was set
up with the objective of venturing into hospitals business. For
this purpose, the Company entered into an operations and management
agreement (OMA) with a charitable trust –Bharadwaj Welfare Trust
(BWT) – for a hospital in Sector 16A Faridabad (Haryana).
Thereafter, it commenced a major renovation of the hospital while
also expanding its bed capacity to 285 beds from 210 beds earlier.
SS DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank lines of SS Developers
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 35.50 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
SS Developers was established in the year 2011 by Mr. Ramalinga
Reddy and his wife Ms. Chamundeshwari along with Mr. Gopal Reddy.
Mr. Ramalinga Reddy has been a seven-time member of the legislative
assembly (MLA) from Bangalore and was appointed as a cabinet
minister in 2013. The partners have leased out the land to the firm
which has developed it and constructed four warehouses and leased
it out to PUMA Sports India Private Ltd and DHL Supply Chain India
Private Ltd. The warehouses are located in Mayasandra Village in
Anekal.
STALLION LABORATORIES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Stallion
Laboratories Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA] A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term– 7.50 [ICRA]A4; ISSUER NOT
fund Based COOPERATING Rating Continues
to remain under the 'Issuer
Not Cooperating' category
Short Term– 1.50 [ICRA]A4; ISSUER NOT
Non fund Based COOPERATING Rating Continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.
Stallion Laboratories Private Limited (SLPL) is a pharmaceuticals
company engaged in manufacturing formulation drugs in its own brand
name as well as contract manufacturing of branded generic drugs for
merchant exporters, domestic formulators and state level government
bodies. SLPL is promoted by Mr Vijay Shah who acquired the entity
in 1990 from Mr Yatin Davda who set up the company in 1988. SLPL
has developed more than 400 generic products that it manufactures
in its WHO GMP
compliant plant at Bavla in Ahmedabad, Gujarat, with a total
installed manufacturing capacity of 105 crore tablets, 15 crore
capsules and 3 lakh litres of liquid formulation per year.
SURYA OIL: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Surya Oil
& Agro Industries in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 7.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund Based 3.79 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in August 2011, Surya Oil and Agro Industries (SOAI) is
a partnership firm engaged in refining of edible cottonseed oil and
maize oil. SOAI is promoted by Mr. Sanket Zalaria, Mr. Narottam
Patel and Mr. Jateen Adroja. The firm also carries out trading of
other edible oils such as Sunflower oil, sesame oil, rice bran oil
etc. SOAI operates from its plant located in Wankaner, Rajkot with
a total installed capacity of refining 100 MT of edible oil per
day.
VANSHIKA SUGAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vanshika
Sugar & Power Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 14.50 [ICRA]B+(Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under issuer not
cooperating category
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
The company Vanshika Sugar and Power Industries Limited (VSPIL),
incorporated in 2012, is engaged in the business of manufacturing
of White Crystal Sugar and sale of its by-product. The company's
cane processing plant is at Narsinghpur in Madhya Pradesh with an
installed capacity of 2,500 tonnes of canes crushed per Day (TCD).
=================
I N D O N E S I A
=================
INDONESIA: Central Bank Buys $4BB of Bonds in Debt Monetization
---------------------------------------------------------------
Bloomberg News reports that Indonesia's central bank bought IDR58
trillion (US$4 billion) of government bonds, the first transaction
in its latest round of debt monetization.
Bloomberg relates that Bank Indonesia purchased IDR14.5 trillion
each of four series of notes due in five to eight years via a
private placement, the finance ministry's debt management office
said on Nov. 30.
Future bond-buying by the central bank will be done gradually, in
line with the government's need to fund its pandemic stimulus, the
office said in a statement on Nov. 30.
According to Bloomberg, Bank Indonesia plans to buy about IDR215
trillion of government bonds this year and IDR224 trillion in 2022
under its latest round of "burden sharing" arrangement to help
finance the state budget.
That's even as the government plans to use its spare cash to buy
its own bonds from the market after canceling the rest of its bond
auctions this year, the report states.
Bloomberg says the situation in Indonesia has been big turnaround
ever since the Covid-19 cases have been going down over the last
few weeks.
Indonesia on Nov. 29 confirmed 176 new Covid-19 cases, raising its
tally of infections to 4,256,112, according to the country's Health
Ministry, the report relays.
=========
J A P A N
=========
[*] JAPAN: Bankruptcy Threat Hangs Over Pressured Power Market
--------------------------------------------------------------
Bloomberg News reports that the specter of freezing weather in
Japan and surging energy prices are raising risks the nation's
power retailers could follow their U.K. and Singaporean peers into
bankruptcy.
According to Bloomberg, Japan's government and utilities, stung by
last year's record rally in spot electricity prices, are now
preparing for what could be the tightest power supply in a decade.
Liquefied natural gas inventories have been boosted to their
highest seasonal level in five years, while some regional utility
companies are curbing power output.
A slew of factors -- from colder-than-usual weather, to changes by
power producers in how they price spot electricity -- also threaten
to roil Japan's energy retailers in the coming months as they face
surging costs of wholesale electricity when they are selling to
consumers at a set rate, the report says.
There's a chance some sellers could go out of business this winter,
according to Yusuke Kojima, a director at Looop Inc., which
supplies electricity to more than 330,000 households and small
shops, Bloomberg relays.
"You're basically getting punched two years in a row," he said.
"Retailers can't rebuild their business back up. Larger retailers
might also be hit and forced to withdraw from business" depending
on this year's situation, Bloomberg quotes Mr. Kojima as saying.
Bloomberg notes that retail electricity providers globally have
been hit by surging gas and electricity prices. In the U.K., 23
companies have collapsed since August, and independent operators
have gone bust in Singapore, hindering attempts to liberalize its
power sector.
In Japan, companies affected by last winter's spike in energy
prices are aware of the need to add fuel hedges, Mr. Kojima said in
an interview on Nov. 26, relates Bloomberg. However, a tight
market and higher LNG prices are restricting those opportunities.
The sector is also responding to changes in how power producers
price spot electricity in the wholesale market.
According to the report, power generators Jera Co. and Tohoku
Electric Power Co. said they will sell power linked to additional
spot fuel procurement, which will better reflect sky-high spot LNG
costs, as opposed to an average rate that includes long-term
contracts. The move is needed because the current methodology
doesn't reflect procurement costs, Jera President Satoshi Onoda
said Nov. 25.
While such market structure changes are inevitable, the pace at
which they are implemented is "a little too fast," according to Mr.
Kojima. It also makes electricity bills even more exposed to the
price of LNG, he said.
"It's possible that with the current market structure, we'll see a
tight power market in future winter seasons," he said. "Fossil fuel
is being kicked out, so unless nuclear power plants restart,
there's no reason that this will go away."
=====================
N E W Z E A L A N D
=====================
BUSHNELL INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 10
---------------------------------------------------------------
A petition to wind up the operations of Bushnell Investments
Limited (formerly Bushnell Builders Limited) will be heard before
the High Court at Christchurch on Feb. 10, 2022, at 10:00 a.m.
Pi-Hui Beatrice Tsai Hsu and Kenneth Tsai filed the petition
against the company on Nov. 9, 2021.
The Petitioner's solicitors are:
Anthony Harper
Level 9, Anthony Harper Tower
62 Worcester Boulevard
PO Box 2646
Christchurch
New Zealand
EFS LIMITED: Court to Hear Wind-Up Petition on Dec. 9
-----------------------------------------------------
A petition to wind up the operations of EFS Limited (trading as
Engineeringfullstop) will be heard before the High Court of
Palmerston North on Dec. 9, 2021, at 10:00 a.m.
Valmont Coatings (a division of Webforge (NZ) Limited) filed the
petition against the company on Aug. 3, 2021.
The Petitioner's solicitors are:
Credit Consultants Group NZ Limited
Level 12, 15 Willeston Street
Wellington Central
Wellington 6011
New Zealand
MAXIS DAIRY: Creditors' Proofs of Debt Due on Dec. 24
-----------------------------------------------------
Creditors of Maxis Dairy NZ Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 24,
2021, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 24, 2021.
The company's liquidators are:
Damien Grant
Greg Sherriff
Waterstone Insolvency
PO Box 352
Auckland 1140
New Zealand
PALMERS WESTGATE: Creditors' Proofs of Debt Due on Feb. 11
----------------------------------------------------------
Creditors of Palmers Westgate Trading Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
Feb. 11, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 26, 2021.
The company's liquidators are:
Christopher Carey McCullagh
Stephen Mark Lawrence
PKF Corporate Recovery & Insolvency (Auckland) Limited
PO Box 3678
Auckland 1140
New Zealand
[] NEW ZEALAND: Business Closures Outnumbered New Firms Created
---------------------------------------------------------------
Otago Daily Times reports that the number of business closures has
exceeded the creation of new firms for the first time in nearly a
decade.
ODT, citing data from Stats NZ and the not-for-profit organisation,
The Facts, discloses that 64,809 firms closed their doors in the
year ended February, while 64,488 firms were created, resulting in
a net decline of 321 firms - the first since 2012.
According to the report, small business consultant and co-founder
of The Facts, Geoff Neal, said the sharp increase in closures can
only be explained by the Covid-19 pandemic, and the associated
lockdowns and travel restrictions.
"There's a very consistent trend that there's about 60,000
businesses created per year and about 50,000 close, and this has
really bucked the trend of previous years," the report quotes Mr.
Neal as saying.
ODT relates that Mr. Neal said the data did not specify reasons for
closures but it appeared the level of exit sales and owners
retiring had remained consistent with prior years.
Closures were most prominent in those sectors most affected by the
pandemic, including hospitality, tourism, event, wholesale trade
and fitness sectors, he said.
The consequences were devastating for many people's livelihoods, he
said.
Mr. Neal expected the figures for the current financial year, which
will include the latest round of lockdowns, will reveal a
continuation of the recent trend.
ODT meanwhile reports that the industry group representing
receivers and insolvency experts, RITANZ, said the number of
insolvencies in the economy remains below levels seen prior to the
pandemic.
Chair John Fisk said some businesses were doing very well through
the Covid period, with government and creditor support for
businesses a key factor in the low numbers, ODT relays.
"We are expecting to see a period of catch up early next year given
the number of liquidation applications, particularly in Auckland,
that have been adjourned until February/March 2022."
=================
S I N G A P O R E
=================
ARCADIA DEVELOPMENT: Creditors' Proofs of Debt Due on Dec. 28
-------------------------------------------------------------
Creditors of Arcadia Development Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 28,
2021, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 19, 2021.
The company's liquidators are:
Victor Goh
Khor Boon Hong
C/o Baker Tilly TFW LLP
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
CIL PORT: Creditors' Proofs of Debt Due on Dec. 26
--------------------------------------------------
Creditors of CIL Port Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Dec. 26, 2021, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Nov. 19, 2021.
The company's liquidators are:
Farooq Ahmad Mann
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
KIN XIN: Court to Hear Wind-Up Petition on Dec. 10
--------------------------------------------------
A petition to wind up the operations of Kin Xin Engineering Pte Ltd
will be heard before the High Court of Singapore on Dec. 10, 2021,
at 10:00 a.m.
GC Lease Singapore Pte Ltd filed the petition against the company
on Nov. 17, 2021.
The Petitioner's solicitors are:
I.N.C. Law LLC
4 Battery Road
#26-01 Bank of China Building
Singapore 049908
PHARMATECH RESOURCES: Court to Hear Wind-Up Petition on Dec. 10
---------------------------------------------------------------
A petition to wind up the operations of Pharmatech Resources (FE)
Pte Ltd will be heard before the High Court of Singapore on Dec.
10, 2021, at 10:00 a.m.
GC Lease Singapore Pte Ltd filed the petition against the company
on Nov. 17, 2021.
The Petitioner's solicitors are:
I.N.C. Law LLC
4 Battery Road
#26-01 Bank of China Building
Singapore 049908
PINE CAPITAL: Receives Delisting Notice From Singapore Exchange
---------------------------------------------------------------
The Business Times reports that Catalist-listed Pine Capital on
Nov. 26 received a notification of delisting from the Singapore
Exchange (SGX), it said in a bourse filing Nov. 29.
According to the report, the company's shares will be delisted
after an exit offer is made to shareholders and holders of other
classes of listed securities to be delisted.
The company, however, said it intends to appeal the delisting
notice as it has on Nov. 22 entered into a non-binding term sheet
with Genv Holdings for a subscription of new shares and the
proposed acquisition of a new business.
Pine Capital had previously been granted a 3-month extension from
June 1 to Aug. 31 to enter into a binding sale and purchase
agreement (SPA) for a new business, to comply with Catalist rules,
BT recalls.
But to-date, SGX noted that the company had failed to do so under
the extended timeline, the report says. Although it entered into a
term sheet with Genv Holdings, Pine Capital did not sign a
definitive SPA nor disclose the identities of potential target
companies, SGX said.
BT adds that SGX also noted that the company failed to meet ongoing
reporting requirements and listing obligations, despite a reminder
letter sent on Jan. 14.
Pine Capital Group Limited, formerly OLS Enterprise Ltd, is a
financial service company that offers investment solutions to its
individual and corporate clients. The Company offers a range of
products and services to its clients, encompassing major asset
classes, such as equities, fixed income and alternatives. It
provides customized financial advice, investment solutions and
portfolio management services to public and private corporations,
statutory bodies, government agencies, insurance companies,
foundation and investment companies. The Company's subsidiary,
Advance Capital Partners Asset Management Private Limited is a
asset management company.
VICON ELECTRICAL: Court to Hear Wind-Up Petition on Dec. 10
-----------------------------------------------------------
A petition to wind up the operations of Vicon Electrical & Builders
Pte Ltd will be heard before the High Court of Singapore on Dec.
10, 2021, at 10:00 a.m.
GC Lease Singapore Pte Ltd filed the petition against the company
on Nov. 17, 2021.
The Petitioner's solicitors are:
I.N.C. Law LLC
4 Battery Road
#26-01 Bank of China Building
Singapore 049908
=====================
S O U T H K O R E A
=====================
SSANGYONG MOTOR: Sales Fall 26% in November on Lower Demand
-----------------------------------------------------------
Yonhap News Agency reports that SsangYong Motor Co. said Dec. 1 its
sales fell 26 percent last month from a year earlier amid a
prolonged chip shortage.
SsangYong Motor sold 8,748 vehicles in November, down from 11,859
units a year earlier, the company said in a statement, Yonhap
relays.
Domestic sales declined 32 percent to 6,277 units last month from
9,270 a year ago, while exports were down 3.4 percent to 2,501
units from 2,589 during the same period, it said.
From January to November, its sales fell 3.4 percent to 75,351
autos from 96,763 during the same period of last year, Yonhap
discloses.
About SsangYong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.
Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.
On Dec. 21, 2020, SsangYong Motor filed for court receivership as
it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.
On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra failed to
attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.
SsangYong and its lead manager, the EY Hanyoung accounting firm,
recently selected a local consortium led by Edison Motors Co. as
the preferred bidder for the debt-laden carmaker.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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