/raid1/www/Hosts/bankrupt/TCRAP_Public/211217.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
Friday, December 17, 2021, Vol. 24, No. 246
Headlines
A U S T R A L I A
IC TRUST 2021-2: Moody's Assigns (P)B2 Rating to Class D Notes
LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba3
QUENCH NATURAL: Second Creditors' Meeting Set for Dec. 23
RAPID NUTRITION: Second Creditors' Meeting Set for Dec. 22
SAPPHIRE XXV 2021-1: S&P Assigns B+ Rating on Class F Notes
SUPA DUPA: First Creditors' Meeting Set for Dec. 23
C H I N A
CBAK ENERGY: Files Certificate of Amendment to Issue 10MM Shares
TSINGHUA UNIGROUP: Submits Draft Debt Restructuring Plan
I N D I A
ACETEL ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
ACHIEVERS BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
AROMA RESTAURANTS: CRISIL Keeps B Debt Ratings in Not Cooperating
B K AUTOMOBILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
B. S. INNOVATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
DESMI EQUIPMENTS: CRISIL Keeps C Debt Ratings in Not Cooperating
DINESH SOAPS: CRISIL Keeps D Debt Ratings in Not Cooperating
FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
GAGAN FIBRES: CRISIL Lowers Rating on INR6cr Cash Loan to B
GANGADASS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
GOPI CHAND: CRISIL Keeps B+ Debt Rating in Not Cooperating
GOYAL ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
MZ FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating Category
NAVEEN DISTRIBUTORS: CRISIL Keeps B Ratings in Not Cooperating
RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category
SACHDEV STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
STEEL PROVIDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHNU OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
VYJAYANTHI LABS: CRISIL Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
AIR NEW ZEALAND: Restructures Support Package with NZ Government
PROVIDENT INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating
S I N G A P O R E
KTH ASIA: Court to Hear Wind-Up Petition on Dec. 31
SVKTECH SINGAPORE: Court to Hear Wind-Up Petition on Jan. 14
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A U S T R A L I A
=================
IC TRUST 2021-2: Moody's Assigns (P)B2 Rating to Class D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited as trustee of IC Trust 2021-2.
Issuer: IC Trust 2021-2
AUD69.75 million Class A Notes, Assigned (P)Baa1 (sf)
AUD3.18 million Class B Notes, Assigned (P)Ba2 (sf)
AUD7.16 million Class C Notes, Assigned (P)B2 (sf)
AUD7.16 million Class D Notes are not rated by Moody's
IC Trust 2021-2 is a cash securitisation of non-conforming consumer
and commercial auto loans extended to borrowers in Australia. The
loans were originated by Fin One Pty Ltd (Fin One, unrated) and Fin
One Commercial Pty Ltd (Fin One Commercial, unrated), both wholly
owned subsidiaries of Investors Central Limited (ICL, unrated) and
are serviced by Fin One. This is Fin One's second ABS transaction.
Fin One, a privately owned non-bank lender, was established in 2010
with a focus of providing auto loans to non-conforming consumer
borrowers in the Australian market. In 2016, the lender expanded
into financing of commercial auto loans.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity reserve in the
amount of 2.50% of the stated balance of the notes, the legal
structure, and the experience of Fin One as servicer and the
availability of a back-up servicer.
According to Moody's, the transaction benefits from credit
strengths such as the high level of excess spread that is available
to cover losses from defaulted receivables, the availability of a
yield reserve and the seasoning of the underlying portfolio. At the
same time, Moody's notes that the transaction features some credit
weaknesses such as high proportion of borrowers with a history of
credit impairment and lower-than-average historically observed
recovery rates.
In addition, Moody's notes that Fin One is a specialist servicer of
non-conforming auto loans. In an event of servicer transfer, there
is a risk of higher level of defaults in the portfolio, if the
substitute servicer does not have the same specialised approach to
servicing as Fin One.
Notable transactional features are as follows:
Once step-down conditions are satisfied, all notes, excluding the
class D notes, will receive their pro-rata share of principal. Step
down conditions include, among others, that the subordination to
the Class A notes is at least 1.5 times the initial level of
subordination, and that there are no unreimbursed charge-offs.
A yield reserve will be available to cover interest payment
shortfalls on the required payments and any losses not covered by
the excess spread. The reserve is not funded at closing and will
build up from excess spread up to an amount of 2% of the initial
invested amount of the notes, that is AUD1,745,000. If the notes
are not redeemed on the call date, all excess available income will
be trapped in the yield reserve.
Perpetual Corporate Trust Limited is the back-up servicer. If Fin
One is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.
Key model and portfolio assumptions:
Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 50.0%. Moody's mean expected
default rate for this transaction is 15.2% and the assumed recovery
rate is 10.0%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.
The assumed default rate and PCE are higher than for other
Australian auto ABS, reflecting the non-conforming nature of the
securitised portfolio. The lower-than-average assumed recovery rate
reflects Fin One's historical experience.
Key pool features are as follows:
The weighted average seasoning of the portfolio is 12.0 months,
while the weighted average remaining term is 48.7 months;
Around 18.7% of loans have prior defaults or judgments, or both;
Interest rates in the portfolio range from 12.0% to 26.0%, with a
weighted average interest rate of 20.6%;
Around 80.2% of the loans are secured by used vehicles;
Around 68.6% of the pool is composed of consumer loans and 31.4%
of the pool is composed of commercial loans.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Upgrade
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Downgrade
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on ten classes
of notes issued by two Liberty Series SME.
The affected ratings are as follows:
Issuer: Liberty Series 2018-1 SME
Class B Notes, Upgraded to Aaa (sf); previously on Aug 16, 2018
Definitive Rating Assigned Aa1 (sf)
Class D Notes, Upgraded to Aa1 (sf); previously on Feb 19, 2021
Upgraded to A1 (sf)
Class E Notes, Upgraded to Aa3 (sf); previously on Feb 19, 2021
Upgraded to Baa1 (sf)
Class F Notes, Upgraded to A3 (sf); previously on Feb 19, 2021
Upgraded to Ba1 (sf)
Issuer: Liberty Series 2020-1 SME
Class B Notes, Upgraded to Aaa (sf); previously on Sep 10, 2020
Definitive Rating Assigned Aa1 (sf)
Class C Notes, Upgraded to Aa1 (sf); previously on Sep 10, 2020
Definitive Rating Assigned Aa2 (sf)
Class D Notes, Upgraded to Aa3 (sf); previously on Sep 10, 2020
Definitive Rating Assigned A2 (sf)
Class E Notes, Upgraded to Baa1 (sf); previously on Sep 10, 2020
Definitive Rating Assigned Baa3 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on Sep 10, 2020
Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and good collateral performance to
date.
Liberty Series 2018-1 SME
Following the October 2021 payment date, note subordination
available for the Class B Notes has increased to 18.9% from 14% at
closing. Note subordination available for the Class C Notes has
increased to 14.5% from 11.6% at the time of the last rating action
for these notes in July 2019. Note subordination available for the
Class D, Class E and Class F Notes has increased to 10.8%, 7.6% and
5.2% respectively, from 9.8%, 6.7% and 4.1% at the time of the last
rating action for these notes in February 2021.
The Guarantee Fee Reserve Account, fully funded at AUD2.25 million,
provides additional credit support of 0.9% of the current note
balance.
As of October 2021, 0.5% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The deal has
incurred no losses to date. The proportion of bullet loans, which
rely on either refinancing or sale of the underlying property to
repay the loan at maturity, has decreased to 3.9% from 10% at the
time of the last rating action in February 2021. The proportion of
the portfolio categorised into the SME sub-pool has also decreased
to 31%.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 2.1% of the
outstanding pool from 2.6% of the outstanding pool at the time of
the rating action in February 2021.
Liberty Series 2020-1 SME
Following the October 2021 payment date, note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 16.6%, 14.2%, 9.6%, 6.5% and 3%
respectively, from 14%, 12%, 8.1%, 5.5% and 2.5% at closing.
The Guarantee Fee Reserve Account, fully funded at AUD3 million,
provides additional credit support of 0.6% of the current note
balance.
As of October 2021, 0.04% of the outstanding pool was 30-plus day
delinquent and 0.04% was 90-plus day delinquent. The deal has
incurred no losses to date. The proportion of bullet loans, which
rely on either refinancing or sale of the underlying property to
repay the loan at maturity, has decreased to 1.7% from 3.9% at
closing.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 2.4% of the
outstanding pool from 2.7% of the outstanding pool at closing.
The transactions are a securitisation of loans to self-managed
superfunds, small-to-medium enterprises and individuals, originated
by Liberty Financial Pty Ltd, an Australian non-bank lender. The
loans are secured by residential or commercial properties, or a mix
of both. A portion of the portfolio consists of loans extended to
borrowers with impaired credit histories or made on a limited
documentation basis, or no documentation basis.
Due to the mixed nature of the pools, Moody's has categorised the
portfolios into separate residential loan and SME sub-pools in its
analysis.
The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
QUENCH NATURAL: Second Creditors' Meeting Set for Dec. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Quench Natural
Spring Water Pty Ltd has been set for Dec. 23, 2021, at 11:00 a.m.
via teleconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 22, 2021, at 5:00 p.m.
Richard Albarran, Richard Lawrence and Kathleen Vouris of Hall
Chadwick were appointed as administrators of Quench Natural on Nov.
22, 2021.
RAPID NUTRITION: Second Creditors' Meeting Set for Dec. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of Rapid Nutrition
Australia Pty Ltd has been set for Dec. 22, 2021 via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 21, 2021, at 4:00 p.m.
Mali Thaggard of Australia Business Rescue was appointed as
administrator of Rapid Nutrition on Nov. 17, 2021.
SAPPHIRE XXV 2021-1: S&P Assigns B+ Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire
XXV Series 2021-1 Trust. Sapphire XXV Series 2021-1 Trust is a
securitization of nonconforming and prime residential mortgages
originated by Bluestone Group Pty Ltd. and Bluestone Mortgages Pty
Ltd. (collectively Bluestone).
S&P said, "The ratings we have assigned to the floating-rate RMBS
to be issued by Permanent Custodians Ltd. as trustee for Sapphire
XXV Series 2021-1 Trust reflect the following factors.
"The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. Our assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.
"The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. Our analysis is on the basis that
the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and we assume the notes are not called at or beyond
the call-option date.
"Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider, and
National Australia Bank Ltd. as the liquidity facility provider.
The transaction documents for the facilities include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.
"In 2020, we updated our outlook assumptions for Australian RMBS in
response to changing macroeconomic conditions as a result of the
COVID-19 outbreak. As of Dec. 13, 2021, there are no borrowers with
COVID-19-related hardship arrangements present within the pool."
Ratings Assigned
Sapphire XXV Series 2021-1 Trust
Class A1S, A$115.00 million: AAA (sf)
Class A1L, A$260.00 million: AAA (sf)
Class A2, A$67.00 million: AAA (sf)
Class B, A$22.50 million: AA (sf)
Class C, A$13.00 million: A (sf)
Class D, A$9.50 million: BBB (sf)
Class E, A$4.00 million: BB+ (sf)
Class F, A$4.50 million: B+ (sf)
Class G1, A$3.60 million: Not rated
Class G2, A$0.90 million: Not rated
SUPA DUPA: First Creditors' Meeting Set for Dec. 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of Supa Dupa
Industries Pty Ltd will be held on Dec. 23, 2021, at 10:00 a.m. via
Zoom teleconference facilities.
Domenico Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of Supa Dupa on Dec. 15, 2021.
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C H I N A
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CBAK ENERGY: Files Certificate of Amendment to Issue 10MM Shares
----------------------------------------------------------------
CBAK Energy Technology, Inc. filed a Certificate of Amendment to
Articles of Incorporation of the Company with the Secretary of
State of Nevada, to authorize the Company to issue 10,000,000
shares of preferred stock, par value $0.001 per share, which may be
issued in one or more series, with such rights, preferences,
privileges and restrictions as shall be fixed by the Company's
Board of Directors from time to time. The Certificate of Amendment
became effective upon filing.
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.
CBAK Energy reported a net loss of $7.85 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$192.17 million in total assets, $90.34 million in total
liabilities, and $101.84 million in total equity.
Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2020. All these factors raise substantial
doubt about its ability to continue as a going concern.
TSINGHUA UNIGROUP: Submits Draft Debt Restructuring Plan
--------------------------------------------------------
Caixin Global reports that Tsinghua Unigroup has submitted a draft
debt restructuring plan to a court for approval after reportedly
securing a CNY60 billion ($9.42 billion) cash injection from
strategic investors to help pay off creditors, as the debt-plagued
chipmaking giant attempts a reboot.
A consortium led by Beijing Jianguang Asset Management Co. Ltd. and
Wise Road Capital Ltd. has worked with Unigroup on the draft plan,
which has been sent to the Beijing No.1 Intermediate People’s
Court for approval, according to a company filingto the Shanghai
Stock Exchange on Dec. 13, Caixin relays.
About Tsinghua Unigroup
Tsinghua Unigroup Co., Ltd manufactures computer products. The
Company produces computer softwares, computer hardwares, computer
auxiliary equipment, and other products. Tsinghua Unigroup also
produces electronic components, chemicals, and other products.
Tsinghua Unigroup is 51% owned by China's Tsinghua University.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
18, 2020, Tsinghua Unigroup, a major government-backed player in
China's technology race, has defaulted on a CNY1.3 billion
(US$197.96 million) bond, three sources said, according to Reuters.
The default by Tsinghua Unigroup, a wholly-owned division of the
prestigious Tsinghua University in Beijing, on Nov. 16, 20210,
immediately triggered a credit rating downgrade that is expected to
weaken the company's financial health. Reuters said the
semiconductor conglomerate has been a major driving force in
Beijing's campaign to boost its chip industry amid an ongoing spat
over trade and technology with Washington, which has drawn
attention to China's reliance on key imported components. Tsinghua
Unigroup defaulted after its proposal to extend a repayment
deadline failed to gain support from bondholders, sources said,
Reuters related.
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I N D I A
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ACETEL ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of ACETEL
Enterprises Private Limited (AEPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AEPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
AEPL was incorporated in August 2015, promoted by Mr. Harish
Dhingra. The Company has been appointed as the exclusive regional
distributor for Reliance Jio in Punjab and Jammu & Kashmir from
September 2015.
ACHIEVERS BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Achievers
Builders Private Limited (ABPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 21.82 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ABPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continue to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in March 1999 and promoted by Mr. J L Bhatia and Mr.
Vijay Bhardwaj and their family members, ABPL undertakes real
estate development in Faridabad.
AROMA RESTAURANTS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aroma
Restaurants And Resorts Private Limited continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 4 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Aroma for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Aroma, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Aroma
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Aroma continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 1999 and promoted by Mr. Sachin Mehndiratta and his
elder brother, Aroma operates 16 restaurants in Chennai.
B K AUTOMOBILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B K
Automobiles Private Limited (BKAPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.55 CRISIL B+/Stable (Issuer Not
Cooperating)
Electronic Dealer 2.75 CRISIL B+/Stable (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Proposed Long Term 2.70 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BKAPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BKAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BKAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BKAPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BKAPL was incorporated in 2009, promoted by Mr Pritam Singh Sahni,
Mr Suminder Kour Sahni, and Mr Rasvinder Singh Sahni, who are also
the directors. The company is an authorized distributor and service
provider for commercial vehicle spare parts, accessories, and
aggregates of Tata Motors Ltd in Andhra Pradesh.
B. S. INNOVATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. S.
Innovations (BSI) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Export Packing
Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Working 0.5 CRISIL D (Issuer Not
Capital Facility Cooperating)
Standby Line 1 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with BSI for
obtaining information through letters and emails dated September
22, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BSI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BSI continue to be 'CRISIL D Issuer Not Cooperating'.
BSI, incorporated in 2008 and based in Tirupur, Tamil Nadu,
manufactures and exports ready-made garments. The operations are
managed by the partners, Ms S Kalpana, Ms. B Anuradha, and their
families.
DESMI EQUIPMENTS: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Desmi
Equipments Private Limited (DEPL) continue to be 'CRISIL C Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 3.9 CRISIL C (Issuer Not
Cooperating)
Overdraft Facility 5.0 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 6.1 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with DEPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEPL continue to be 'CRISIL C Issuer Not Cooperating'.
Incorporated in 1997 by Mr. Deepak Achuthan, DEPL manufactures
metal enclosures and wired panel assemblies in mild steel,
stainless steel, aluminium alloy and corten steel. The
manufacturing facility is located in Mumbai.
DINESH SOAPS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dinesh Soaps
and Detergents (DSD) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 60 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with DSD for
obtaining information through letters and emails dated September
22, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DSD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DSD continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
DSD is a partnership firm engaged in high-seas trading of crude
palm oil. The partners have been in this business for the past two
decades.
FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Farouk
Sodagar Darvesh and Co. Private Limited (Darvesh) continues to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest 17 CRISIL D (Issuer Not
Term Loan Cooperating)
Letter of Credit 15 CRISIL D (Issuer Not
Cooperating)
Working Capital 85 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with Darvesh for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Darvesh, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Darvesh is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Darvesh continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003 but discontinued the business in 2012
because of slowdown in the end-user industry (real estate).
GAGAN FIBRES: CRISIL Lowers Rating on INR6cr Cash Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Gagan
Fibres Private Limited (GFPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with GFPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GFPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
GFPL was incorporated in 1997, promoted by Mr Kishan Makar. The
company is a del credere agent for RIL for polyester staple fiber
and PET (polyethylene terephthalate) chips in North India.
GANGADASS ENTERPRISES: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Gangadass Enterprises Private Limited (SGEPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 1.94 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 2.50 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SGEPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGEPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
SGEPL, incorporated on April 2016 by Ms Neelam Sharma, Mr Saurabh
Sharma, and Mr Ajay Kumar Sharma, has a cold store at Aligarh, with
chamber capacity of 2 lakh bags. It is used for preservation of
potatoes and other perishable goods.
GOPI CHAND: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gopi Chand
Krishan Kumar Bhatia (GCK; part of the Gopi Chand group) continues
to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.90 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GCK for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GCK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCK continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of G. K. International (GKI,
rated 'CRISIL B+/Stable Issuer Not Cooperating') and GCK. This is
because the two firms, together referred to as the Gopi Chand
group, have significant business linkages and are in the same line
of business. Also, at the operational level, the firms share common
administrative infrastructure with common procurement, finance, and
management teams.
The Gopi Chand group imports and trades in dry fruits such as
almonds and pistachios. GCK is a proprietorship concern under the
Mr. Krishan Kumar Bhatia HUF and is actively managed by son Mr
Vikram Bhatia. GKI, set up in 1984, is a proprietorship concern and
is managed by Mr. Vikram Bhatia.
GOYAL ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goyal Ispat
Private Limited (GIL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GIL for
obtaining information through letters and emails dated September
22, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it was
purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL has a
thermo-mechanically treated bar manufacturing facility in Chennai.
MZ FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MZ Food
Products Private Limited (MZF) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.2 CRISIL D (Issuer Not
Cooperating)
Packing Credit 0.8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.52 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.38 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MZF for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MZF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MZF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MZF continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MZF, incorporated in 2011, is promoted by Anand, Gujarat-based Mr
Nirav Patel and his family members. The company processes frozen
vegetables such as carrots, baby corn, broccoli florets, diced
onions, and potatoes, and frozen fruits such as sliced bananas,
mangoes, and pomegranates.
NAVEEN DISTRIBUTORS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Naveen
Distributors continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 0.06 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 5.69 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Naveen
Distributors for obtaining information through letters and emails
dated September 15, 2021 and November 12, 2021 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Naveen Distributors, which
restricts CRISIL Ratings' ability to take a forward-looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Naveen Distributors is consistent with 'Assessing
Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of Naveen Distributors
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1988 by Mr Jitendra Bhandari, Naveen Distributors, a
proprietorship firm, is engaged in trading of cement and tires. The
firm also operates two solar power plant with a total capacity of
1.7MW. The power is sold to the grid. The firm is based out of
Jodhpur, Rajasthan.
RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of RG Royal Hotel
& Convention (RGHC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RGHC for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RGHC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RGHC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RGHC continue to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2013 in Bengaluru as a proprietorship firm by Mr Ravish
Gowda, RGHC operates a hotel with 65 rooms, 3 banquet halls, and 3
restaurants-cum-bar. The hotel, which became operational in April
2016, operates under the RG Royal brand.
SACHDEV STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sachdev Steel
Works Private Limited (Union Enterprises) (SSWPL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.25 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 2.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSWPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSWPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSWPL continue to be 'CRISIL D Issuer Not Cooperating'.
SSWPL was established as a sole proprietorship firm by Mr Raj
Sachdev in 1975; the firm was reconstituted as a private limited
company with the current name in 1986. Currently, the director, Mr
Bharat Bhushan Sachdev (son of Mr Raj Sachdev), manages operations.
The company manufactures mild steel bars and rods at its facility
in the Adityapur Industrial Area of Jamshedpur, Jharkhand.
STEEL PROVIDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Steel
Providers (SP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.0 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 3.5 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with SP for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SP
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2014 as a partnership firm by Mr Harsh Kumar and Mr
Rakesh Negi, SP trades in steel products including hot rolled and
cold rolled steel coils and plates, and thermo-mechanically treated
(TMT) bars. The firm is based in Loha Mandi, Ghaziabad, Uttar
Pradesh.
VISHNU OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Vishnu
Overseas Private Limited (SVOL; a part of the Shri Vishnu group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 50 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Export Packing Credit 20 CRISIL D (Issuer Not
Cooperating)
Foreign Bill Purchase 20 CRISIL D (Issuer Not
Cooperating)
Packing Credit 30 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVOL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVOL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVOL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVOL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Shri Vishnu Eatables
(India) Ltd (SVEL) and Shri Vishnu Overseas Pvt Ltd (SVOL), herein
referred to as the Shri Vishnu group. This is primarily because
both entities are controlled by the same management and are engaged
in the same business - processing of rice. The entities also derive
considerable operational and business synergies from each other.
SVOL was set up in 1995 by the same promoters. The group is in the
business of milling rice as well as wheat. The processing unit of
the group is located in Kaithal, Haryana.
SVEL was set up as a partnership firm in 1993 and was incorporated
in 1996 by Mr. Banarasi Lal Mittal and his five sons. The group
mills paddy and trades rice and related items. SVEL's processing
unit is in Kaithal (Haryana).
VYJAYANTHI LABS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Vyjayanthi Labs Private Limited (SVLPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 1 CRISIL D (Issuer Not
of Credit Cooperating)
Long Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with SVLPL for
obtaining information through letters and emails dated September
15, 2021 and November 12, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVLPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVLPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SVLPL is promoted by Mr. V Satyanarayana Raju and Mrs. M. Sridevi.
The company has its manufacturing facility in Parvada (Andhra
Pradesh). It manufactures minerals and drugs, which are supplied to
various pharmaceutical companies.
=====================
N E W Z E A L A N D
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AIR NEW ZEALAND: Restructures Support Package with NZ Government
----------------------------------------------------------------
Radio New Zealand reports that Air New Zealand has restructured its
support package with the government, giving it more financial
flexibility ahead of its planned capital raise early next year.
The updated package gives the airline a cash reserve it can tap
into that isn't entirely debt, RNZ says.
According to the report, the new agreement would give the national
carrier the ability to issue up to NZD1 billion of non-voting
shares to the government, while reducing its existing debt facility
from NZD1.5 billion to NZD1 billion, with an extended term to
2026.
The revised package would raise the overall financial support
available to company from NZD1.5 billion to NZD2 billion.
In a statement to the stock exchange, the company said that since
it deferred its planned capital raise in August to the first
quarter of next year, it had been adversely affected by the recent
lockdowns and the ongoing Covid-related travel restrictions, RNZ
relays.
"In that context, the airline has been considering its financial
support requirements during the period up to a planned equity
raising - which the airline is still targeting for the first
quarter of 2022 - together with what further support and
flexibility may be needed if material and unexpected events were to
occur in 2022 such that it becomes prudent to consider a further
delay to the planned capital raise," it said.
"While the airline, with the support of the Crown, remains focused
on an ordinary equity raise, it is important that the airline has
sufficient flexibility to withstand presently unforeseen delays
without relying entirely on increasing debt levels."
The new package is structured so Air New Zealand can call for the
government to subscribe for up to NZD1 billion shares, once it has
drawn on NZD850 million from its existing debt facility.
At its annual meeting in October, the company said it had already
drawn NZD450 million but expected that to double by February, as it
covered the costs of a deferred tax bill and three new planes, RNZ
recalls.
The minimum amount that can be called is NZD20 million, the report
notes.
RNZ relates that the proceeds from the money that is raised from
the government share offer cannot be used to repay the airline's
debt facility.
However, the government is able to seek repayment on the loan to
the airline with the proceeds of the airline's planned capital
raise.
About Air New Zealand
Based in Auckland, Air New Zealand Limited operates scheduled
passenger flights to 20 domestic and 32 international destinations
in 20 countries, primarily around and within the Pacific Rim.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
27, 2021, Stuff.co.nz said Air New Zealand has reported an after
tax loss of NZD289 million for the year to June 30, its first full
year result operating in a Covid-19 environment. In 2020, the
national carrier posted a NZD454 million loss, its first annual
loss in 18 years.
PROVIDENT INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating
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AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" (Fair) of Provident
Insurance Corporation Limited (PICL) (New Zealand). The outlook of
these Credit Ratings (ratings) is stable.
The ratings reflect PICL's balance sheet strength, which AM Best
assesses as adequate, as well as its adequate operating
performance, limited business profile, and appropriate enterprise
risk management (ERM).
PICL's balance sheet strength assessment reflects its risk-adjusted
capitalization, which was at the strong level as of fiscal year-end
2021, as measured by Best's Capital Adequacy Ratio (BCAR). Despite
elevated planned underwriting growth over the medium term, AM Best
expects PICL's risk-adjusted capitalization to be maintained at
least at an adequate level, supported by internal capital
generation. Other balance sheet factors include the company's
conservative investment strategy and prudent reserving approach,
with a notable buffer in held reserves above regulatory
requirements.
AM Best views PICL's operating performance as adequate. The company
reported a five-year average return-on-equity ratio of 10.7%
(fiscal years 2017-2021), albeit with heightened volatility over
this period. Following weakened underwriting performance in fiscal
2020 due to the worse-than-expected loss experience of the
company's core insurance products, PICL has executed several
mitigating actions, including targeted premium rate adjustments and
strengthening of underwriting controls. Following these actions,
underwriting results improved in the fiscal year 2021. In addition,
given the lower usage of motor vehicles due to the COVID-19
pandemic, the company saw reduced claims costs in its mechanical
breakdown insurance (MBI) and private motor vehicle (PMV) lines of
business during the fiscal year 2021. The combined effect of these
factors resulted in a combined ratio of 92.7% for the fiscal year
2021, compared with 105.8% in 2020.
AM Best views PICL's business profile as limited. This reflects the
company's relatively modest scale of operations and limited
geographical diversification, with all business emanating from New
Zealand. PICL is a niche insurer that focuses on MBI and PMV
products, largely distributed through motor dealerships and several
distribution partners across its domestic market. PICL is exposed
to a moderate level of pricing risk arising from its high premium
growth and the underwriting of multi-year policies, largely in the
MBI segment.
AM Best assesses PICL's ERM as appropriate, given the size and the
complexity of its operations. AM Best views the successful
execution of the company's underwriting growth plan to be a key
risk exposure. This has been mitigated to date through investment
in internal capabilities and infrastructure developments. Over the
medium term, PICL's risk management capabilities are expected to
continue to develop in order to support increasing operational
scale and widening product offerings.
=================
S I N G A P O R E
=================
KTH ASIA: Court to Hear Wind-Up Petition on Dec. 31
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A petition to wind up the operations of KTH Asia Pte Ltd will be
heard before the High Court of Singapore on Dec. 31, 2021, at 10:00
a.m.
FS Capital PTE. Ltd filed the petition against the company on Dec.
1, 2021.
The Petitioner's solicitors are:
Aquinas Law Alliance LLP
24 Raffles Place, #20-03
Clifford Centre
Singapore 048621
SVKTECH SINGAPORE: Court to Hear Wind-Up Petition on Jan. 14
------------------------------------------------------------
A petition to wind up the operations of Svktech Singapore Pte Ltd
will be heard before the High Court of Singapore on Jan. 14, 2022,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Dec. 7, 2021.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***