/raid1/www/Hosts/bankrupt/TCRAP_Public/211231.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 31, 2021, Vol. 24, No. 256
Headlines
A U S T R A L I A
FANDOM CONNECT: First Creditors' Meeting Set for Jan. 6
FP TURBO 2019-1: Moody's Hikes Class F Notes to Ba1
C H I N A
CHINA EVERGRANDE: Centaline Plans Further Legal Action vs Unit
CHINA EVERGRANDE: Shares Fall After Missing New Coupon Payments
TD HOLDINGS: Appoints Audit Alliance as New Auditor
TSINGHUA UNIGROUP: Creditors Back Draft Restructuring Plan
H O N G K O N G
WISDOM EDUCATION: Moody's Lowers CFR to B3, Outlook Negative
I N D I A
ESTERKOTE PRIVATE: CRISIL Lowers Rating on INR6cr Loan to B
GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKHY CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
MATRI BHUMI: CRISIL Keeps B Debt Ratings in Not Cooperating
NOUVEAU TEXTILES: CRISIL Reaffirms B Rating on INR20cr Loans
PLASTECH SOLUTIONS: CRISIL Keeps B Ratings in Not Cooperating
PLUTON TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAXIS HOME: Settles Case With Sebi; Pays Over INR20 lakh
QUALITY ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
RAJHANS FERROUS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RALAS MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
RAM CONSTRUCTION: CRISIL Lowers Rating on INR6cr Loan to B
RAMA FERRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
SANDCITY AUTOTEC: CARE Keeps B- Debt Rating in Not Cooperating
SAS INFRAENGINEERING: CARE Keeps B- Rating in Not Cooperating
SHIRISH HOTELS: CARE Keeps B- Debt Rating in Not Cooperating
SHRINATHJI BUSINESS: Insolvency Resolution Process Case Summary
SKD RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
SR INDUSTRIES LIMITED: Insolvency Resolution Process Case Summary
SRS ENTERTAINMENT INDIA: Insolvency Resolution Case Summary
SUPERFINE BLEACHING: CARE Lowers Rating on INR8.96cr Loan to C
UMANG REALTECH: CARE Lowers Rating on INR100cr LT Loan to D
UNIQUE KITCHEN-AIDS: Insolvency Resolution Process Case Summary
VIBRUS HOMES: Insolvency Resolution Process Case Summary
WEST COAST FOOD: CARE Keeps D Debt Ratings in Not Cooperating
WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating
[*] INDIA: IBC Changes Proposed to Quicken Resolution Process
J A P A N
H.I.S. CO: Japan May Seek Criminal Charges Over Units Scandal
S I N G A P O R E
FG BOOMER: Creditors' Proofs of Debt Due on Jan. 31
ONEX PTE: Creditors' Proofs of Debt Due on Jan. 12
RICKMERS ASIA: Creditors' Proofs of Debt Due on Jan. 31
WILMAR YIHAI: Creditors' Proofs of Debt Due on Jan. 30
T H A I L A N D
RAIMON LAND: Fitch Assigns First Time 'CCC(tha)' National Rating
- - - - -
=================
A U S T R A L I A
=================
FANDOM CONNECT: First Creditors' Meeting Set for Jan. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Fandom
Connect Operating Pty Ltd will be held on Jan. 6, 2022, at 2:30
p.m. The meeting will be conducted by telephone and/or video
conference.
Glenn John Spooner and Barry Wight of Cor Cordis were appointed as
administrators of Fandom Connect on Dec. 22, 2021.
FP TURBO 2019-1: Moody's Hikes Class F Notes to Ba1
---------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven classes
of notes issued by two FP Turbo Series ABS.
The affected ratings are as follows:
Issuer: FP Turbo Series 2019-1 Trust
Class C Notes, Upgraded to Aa1 (sf); previously on May 25, 2021
Upgraded to Aa2 (sf)
Class D Notes, Upgraded to Aa1 (sf); previously on May 25, 2021
Upgraded to Aa3 (sf)
Class E Notes, Upgraded to A1 (sf); previously on May 25, 2021
Upgraded to Baa1 (sf)
Class F Notes, Upgraded to Ba1 (sf); previously on May 25, 2021
Upgraded to Ba2 (sf)
Issuer: FP Turbo Series 2021-1 Trust
Class B Notes, Upgraded to Aa1 (sf); previously on Mar 18, 2021
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to A1 (sf); previously on Mar 18, 2021
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to A3 (sf); previously on Mar 18, 2021
Definitive Rating Assigned Baa2 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying collateral pools to date.
FP Turbo Series 2019-1 Trust
Following the November 2021 payment date, the note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 26.3%, 25%, 18.7% and 12%, respectively, from 21.4%,
20.1%, 13.8% and 8.8% at the time of the last rating action for
these notes in May 2021.
As of October 2021, 0.6% of the outstanding pool was 30-plus day
delinquent, and 0.2% was 90-plus day delinquent. The portfolio has
incurred AUD59,109 of losses to date, which have been covered by
excess spread.
FP Turbo Series 2021-1 Trust
Following the November 2021 payment date, the note subordination
available for the Class B, Class C and Class D Notes has increased
to 18.9%, 14.6% and 12.6%, respectively, from 15.3%, 11.8% and
10.2% at closing.
As of October 2021, 0.6% of the outstanding pool was 30-plus day
delinquent, and 0.1% was 90-plus day delinquent. The portfolio has
incurred AUD33,872 of losses to date, which have been covered by
excess spread.
The transactions are Australian cash securitisation of operating,
novated and finance leases extended to Australian government and
statutory corporations, corporates, small and medium-sized
businesses and their employees. The leases are secured by passenger
cars, commercial vehicles and equipment.
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.
=========
C H I N A
=========
CHINA EVERGRANDE: Centaline Plans Further Legal Action vs Unit
--------------------------------------------------------------
South China Morning Post reports that Hong Kong's biggest property
sales agency plans to take further legal action against a
subsidiary of China Evergrande Group to recoup "unpaid commission"
from the troubled developer.
According to the Post, Centaline Property Agency said it will apply
through the courts to chase HK$113 million (US$14.5 million) it
claims it is owed by Evergrande's Hong Kong unit.
The fees applied to 520 units of the Emerald Bay residential
project in Tuen Mun accrued by more than 560 agents, Centaline said
in an emailed statement on Dec. 29, the Post says.
Centaline had already filed a lawsuit against Evergrande in
September seeking HK$3.1 million in overdue commissions, a court
filing showed at the time.
The Post says the threat of further legal action would add to the
already grave woes of the world's most indebted real estate
developer.
Evergrande's liabilities stretch to CNY1.97 trillion (US$309.3
billion), the Post discloses. Missed payments on wealth management
products and bonds have already scared away many investors and put
potential buyers off its various projects under construction.
In November, the Shenzhen-based developer offered to pay the
outstanding commission fees owed on two flats for every additional
unit of similar value that agents managed to shift at Emerald Bay,
according to notes from a meeting seen at the time by the Post.
The Post says the unusual proposal - which came after some agents
had already filed lawsuits to pursue their commissions - went down
like a lead balloon, with two of the city's biggest agencies
rejecting it out of hand at the time.
The agents should be entitled to their commission without being
required to achieve additional sales targets, said Shih Wing-ching,
the founder of Centaline.
"I need to take responsibility for our employees, they are waiting
for the payment for the New Year," he said on Dec. 29.
According to the notes from last month's meeting, Evergrande
attributed the delay in paying commissions in Hong Kong to the
group's cash flow problems. At the same time, the financing
structure of the project made it impossible to take a large amount
of funds to pay commissions, the Post adds.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
13, 2021, Fitch Ratings has downgraded to 'RD' (Restricted
Default), from 'C', the Long-Term Foreign-Currency Issuer Default
Ratings (IDR) of Chinese homebuilder China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.
The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.
CHINA EVERGRANDE: Shares Fall After Missing New Coupon Payments
---------------------------------------------------------------
Reuters reports that shares of China Evergrande Group tumbled on
Dec. 30 after the embattled real estate developer did not pay
offshore coupons due earlier this week.
Reuters relates that Evergrande, whose $19 billion in international
bonds are in cross-default after missing a deadline to pay coupons
earlier this month, had new coupon payments worth $255 million due
on Dec. 28 for its June 2023 and 2025 notes. ,
Some bondholders holding the two bonds have not yet received the
coupons, according to three sources with knowledge of the matter.
Both the payments have a 30-day grace period.
Bloomberg News reported earlier that the due date passed with no
sign of payment by the property developer.
Evergrande's decline on Dec. 30 wiped out gains from earlier this
week, when the market cheered the initial progress made by the firm
in resuming construction work, Reuters says.
According to Reuters, company Chairman Hui Ka Yan vowed in a
meeting on Dec. 26 to deliver 39,000 units of properties in
December, compared with fewer than 10,000 in each of the previous
three months.
"(The non-payments) show Evergrande is still not doing okay even
though it is delivering homes," Reuters quotes Thomas Kwok, head of
equity business of CHIEF Securities in Hong Kong, as saying.
The market confidence in Evergrande and the China property sector
is weak, as there could be more defaults with many bonds due in
January, Mr. Kwok added.
Evergrande has more than $300 billion in liabilities and is
scrambling to raise cash by selling assets and shares to repay
suppliers and creditors, Reuters discloses.
Reuters notes that the fate of Evergrande and other indebted
Chinese property companies has gripped financial markets in recent
months amid fears of knock-on effects, with Beijing repeatedly
seeking to reassure investors.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
13, 2021, Fitch Ratings has downgraded to 'RD' (Restricted
Default), from 'C', the Long-Term Foreign-Currency Issuer Default
Ratings (IDR) of Chinese homebuilder China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.
The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.
TD HOLDINGS: Appoints Audit Alliance as New Auditor
---------------------------------------------------
The Audit Committee of the Board of Directors of TD Holdings, Inc.
approved the appointment of Audit Alliance LLP as the Company's
independent registered public accounting firm to audit its
consolidated financial statements as of and for the fiscal year
ending December 31, 2021, effective December 23, 2021.
On December 22, 2021, the Audit Committee dismissed BF Borgers CPA
PC as the Company's independent registered public accounting firm,
effective December 23, 2021.
For the fiscal year ended December 31, 2020, BFB's audit reports on
the Company's financial statements did not contain an adverse
opinion or disclaimer of opinion, nor was it qualified as to audit
scope or accounting principles.
During the fiscal years ended December 31, 2020 and any subsequent
interim period through the date of dismissal, December 23, 2021,
(i) there were no "disagreements" between the Company and BFB on
any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedures, which
disagreements, if not resolved to BFB's satisfaction, would have
caused the accounting firm to make reference in connection with its
opinion to the subject matter of the disagreement; and (ii) except
for the matter relating to internal control over financial
reporting, there were no "reportable events" as the term is
described in Item 304(a)(1)(v) of Regulation S-K.
About TD Holdings
TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China. Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.
TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019. As of June 30, 2021, the Company had $186.59
million in total assets, $37.33 million in total liabilities, and
$149.26 million in total equity.
TSINGHUA UNIGROUP: Creditors Back Draft Restructuring Plan
----------------------------------------------------------
Reuters reports that Tsinghua Unigroup on Dec. 29 said creditors
had backed a draft restructuring proposal for the chip conglomerate
after local media reported that a strategic investment of CNY60
billion (US$9.42 billion) was on the way.
Creditors representing more than 90% of outstanding claims voted in
favor of the draft restructuring proposal at an investors' meeting
on Wednesday, Unigroup said in a statement, Reuters relays.
Reuters relates that Unigroup's two shareholders, Tsinghua Holdings
- owned by China's prestigious Tsinghua University - and Beijing
Jiankun Investment Group also voted for the plan, it added, without
providing details of the proposed restructuring.
The 21st Century Business Herald reported earlier on Dec. 29 that
the CNY60 billion would be in place by the end of March.
Earlier this month, Unigroup said a consortium led by Beijing
Jianguang Asset Management, also known as JAC Capital, and Wise
Road Capital would become a strategic investor, Reuters recalls.
Unigroup, under former real estate magnate Zhao Weiguo, made
aggressive investments in various chip companies but these bets
were mostly unsuccessful and caused the company to cross-default on
bonds worth about $3.6 billion by end-2020, according to Reuters.
Administrators will now submit the draft restructuring proposal to
Beijing No. 1 Intermediate People's Court for approval in
accordance with Chinese bankruptcy laws, Unigroup said on its
website, adds Reuters.
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.
=================
H O N G K O N G
=================
WISDOM EDUCATION: Moody's Lowers CFR to B3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded Wisdom Education
International Hldgs. Co Ltd's corporate family rating (CFR) to B3
from Ba3.
The outlook remains negative.
"The downgrade reflects Wisdom's likely significantly weaker
business profile and smaller scale as a result of its announced
deconsolidation of its schools," says Shawn Xiong, a Moody's
Assistant Vice President and Analyst.
"The negative outlook reflects the uncertainties over the company's
evolving business model and execution risks regarding its business
restructure," adds Xiong.
However, Moody's expects the deconsolidation of Wisdom Education's
schools to enhance the company's compliance with new regulations on
the sector.
On May 14, 2021, China State Council announced "the Implementing
Regulations of the Private Education Promotion Law", which came
into effect on 1 September 2021.
On December 19, 2021, Wisdom announced that the company has ceased
its control over a list of schools on 31 August 2021. As a result,
the carrying amount related to the net assets of the affected
entities was deconsolidated from the consolidated statements of the
company as of August 31, 2021.
The company estimates that revenues from affected entities were
around RMB2.04 billion, while its remaining business contributed
around RMB220 million for the fiscal year ended 31 August 2021.
Wisdom's remaining business following the deconsolidation is mainly
engaged in the provision of ancillary services to students.
RATINGS RATIONALE
Wisdom's B3 CFR reflects the company's track record of providing
ancillary services to its deconsolidated schools, its expected
asset-light business model, moderate leverage and adequate
liquidity for now.
The rating also takes into consideration the risks stemming from
Wisdom's very small scale and evolving business model.
Wisdom has adequate liquidity. As of 31 August 2021, its total
unrestricted cash of RMB402 million, pledged cash deposits of RMB83
million and investment in debt securities of RMB129 million, along
with cash flow from operations, are sufficient to cover its
short-term borrowings of RMB174 million and financial guarantee
contracts of RMB272 million.
Wisdom's rating also takes into account the following
environmental, social and governance (ESG) considerations.
The company benefits from rising demand for private education,
driven by Southern China's growing population and income levels,
which will potentially translate into demand for its ancillary
services.
However, the recent policy change highlighted the regulatory
uncertainties private education providers are exposed to, thus
driving the rating action on Wisdom.
Wisdom's shareholding is concentrated in its two founders. The
concentrated ownership is partly tempered by its listed and
regulated status. The company paid a special dividend of around
RMB230 million in October 2021, which has weakened its liquidity
buffer amid the regulatory challenges.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The outlook could return to stable if (1) Wisdom successfully
executes on its business restructuring; and (2) the company
maintains an adequate liquidity position with continued funding
access.
The rating could be downgraded if (1) the company loses or fails to
renew material ancillary service contracts; or (2) the company's
adequate liquidity position deteriorates significantly on a
sustained basis; or (3) Wisdom's operating performance weakens,
whereby its cash flow declines, with adjusted debt/EBITDA rising
above 5.0x on a sustained basis.
=========
I N D I A
=========
ESTERKOTE PRIVATE: CRISIL Lowers Rating on INR6cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Esterkote Private Limited (EPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ 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')
Inland/Import 1 CRISIL A4 (ISSUER NOT
Letter of Credit COOPERATING*; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with EPL for
obtaining information through letters and emails dated September
15, 2021 and November 29, 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 EPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
EPL, based out of Chennai, was incorporated in 1981, engaged in
manufacturing of phenol formaldehyde resin and alkyl phenolic resin
with capacity of 4,000 MT per annum.
GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ganpati
Ridhi Sidhi Agro Industries Private Limited (SGRSAI) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 7.7 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SGRSAI 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 SGRSAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SGRSAI is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SGRSAI continues to be 'CRISIL D Issuer Not
Cooperating'.
Incorporated in 2013, SGRSAI mills and processes non-basmati rice
and wheat at its unit at Mau in Uttar Pradesh. It commenced
commercial operations in April 2015. The company is promoted by Mr.
Nirmal Gupta and his family members.
LAKHY CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakhy
Constructions (LC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 5.00 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 2.50 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 28, 2020, placed
the rating(s) of LC under the 'issuer non-cooperating' category as
LC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 13, 2021, November 23, 2021, December 3, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Karimnagar based, Lakhy Constructions (LC) was established in the
year 2008 as partnership firm promoted by Mr. Sardar Balbeer Singh
and family members. The firm has its registered office located at
Sikhwadi, Karimnagar, Telangana. The 3 Credit Analysis & Research
Limited Brief Rationale firm is engaged in the civil construction
work and receives its order majorly from Telangana Government for
laying of roads.
MATRI BHUMI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Matri Bhumi
Agritech Llp (MBA) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 0.17 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.34 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 0.34 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 4.99 CRISIL B/Stable (Issuer Not
Cooperating)
Working Capital 3.00 CRISIL B/Stable (Issuer Not
Loan Cooperating)
CRISIL Ratings has been consistently following up with MBA 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 MBA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2015, MBA, a partnership firm of Mr. Pritam Paul and
Mr. Bharat Chandra Paul, operates a cold storage unit (primarily
for storing potatoes) in Hooghly, WB. The cold storage currently
has a capacity of 248,965 quintals in six chambers.
NOUVEAU TEXTILES: CRISIL Reaffirms B Rating on INR20cr Loans
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Nouveau Textiles Pvt Ltd (NTPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 16 CRISIL B/Stable (Reaffirmed)
Post Shipment Credit 4 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect exposure to risks related to
ongoing project and expected leveraged capital structure. These
weaknesses are partially offset by the extensive experience and
funding support of the promoters.
Analytical approach:
Unsecured loans have been treated as debt
Key rating drivers & detailed description
Weaknesses:
* Exposure to risks related to ongoing project: The company is
setting up a grey fabric processing unit that is scheduled to
commence operations from June 2022. It is likely to be exposed to
moderately high demand risk because of intense industry competition
and is yet to display a full year of stabilized operations. Timely
completion and successful stabilization of operations at the unit
will remain a key rating sensitivity factor.
* Expected leveraged capital structure: Gearing is expected to be
high because the project is aggressively funded through term loans.
Of the total project cost of around Rs. 30 crore, Rs. 16 crore is
funded through term loans.
Strength:
* Extensive experience and funding support of the promoters:
Presence of over 30 years in the textiles industry through group
concerns has enabled the promoters to develop a strong
understanding of market dynamics and establish healthy
relationships with suppliers and customers. The promoters have also
infused around INR15 crore to fund the capital expenditure.
Liquidity: Poor
Cash accrual of INR2-3 crore will tightly match debt obligation of
INR1.2-2.5 crore in fiscals 2023 and 2024. The promoters have
infused funds and are likely to continue to extend need-based
financial support.
Outlook: Stable
The company will benefit from the extensive experience of its
promoters and established relations with customers.
Rating sensitivity factors
Upward factors
* Timely stabilisation of operations with significant revenue and
profitability, leading to accrual of above INR2 crore
* Improvement in financial risk profile
Downward factors
* Considerable time or cost overrun in the project, impacting debt
servicing ability
* Significantly low cash accrual resulting in accrual to debt
repayment ratio of less than 1 time
Incorporated in August 2020 and promoted by Mr. Narayan Tibrewal,
Mr. Amit Tibrewal and his family members, NTPL is currently setting
up a grey fabric processing unit in Tarapur, Maharashtra. The plant
is expected to be commissioned in June 2022.
PLASTECH SOLUTIONS: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Plastech
Solutions (PS) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Cash 1 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Term Loan 3 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PS 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 PS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PS
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2006, PS is a proprietorship firm formed by Mrs.
Jyoti Zod as an automation service provider firm and subsequently
in 2011, ventured into manufacturing engineering plastic parts and
engineering polymer components. It manufactures engineering plastic
parts and engineering polymer components in its unit based in
Sanaswadi, Pune (Maharashtra) for its industrial and corporate
clients in Auto, Engineering (switch gear), Infrastructure and
Aerospace sector. The firm is also engaged in the dealership of
Baumuller Inc. Germany, Toshiba India, etc. for its energy saving
and automation products.
PLUTON TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pluton
Trading Private Limited (PTPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Electronic Dealer 44 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PTPL 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 PTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTPL continues to be 'CRISIL D Issuer Not Cooperating'.
PTPL was set up as a partnership firm, Pluton Trading Co, in 2013,
and was reconstituted as a private-limited company with the current
name in April 2017. It is an authorised and sole distributor of TCL
for Morbi, Gujarat, and trades sodium tripolyphosphate, soda ash,
sodium meta silicate, sodium bicarbonate and other related
chemicals which is majorly used into ceramic and sanitary ware
manufacturing. Mr. Mayur Likhiya and Mr. Keyur Likhiya are the
promoters.
PRAXIS HOME: Settles Case With Sebi; Pays Over INR20 lakh
---------------------------------------------------------
The Economic Times of India reports that Praxis Home Retail Ltd has
settled with regulator Sebi a case of alleged violation of market
norms, by paying over INR20 lakh towards settlement charges. The
firm had allegedly failed to make disclosures of certain material
events, in accordance with the Listing Obligations and Disclosure
Requirements norms.
The material events pertain to a company petition that was filed
against the company under the Insolvency and Bankruptcy Code to
initiate a corporate insolvency resolution process for its failure
to make payment, ET says.
Thereafter, the petition was admitted by the Mumbai Bench of the
National Company Law Tribunal and an interim resolution
professional was appointed.
Further, the company entered into a settlement agreement and the
petition was set aside, ET relates.
For these developments, the firm was required to make requisite
disclosures but it made delayed disclosures to the exchange, the
report notes.
ET says the firm had filed a settlement application with the
regulator proposing to settle the probable enforcement proceedings,
without admitting or denying the guilt.
According to the report, Sebi's high-powered advisory committee
considered the settlement terms proposed by the applicant and
recommended the case for settlement upon a payment of INR20.25
lakh.
The amount has been remitted by the company on December 3,
according to an order passed on December 27, adds ET.
QUALITY ENGINEERING: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quality
Engineering Works (QEW) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 6.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Short Term 2.5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with QEW 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 QEW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QEW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QEW continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
QEW was established by Kolkata-based Mr. Subhas Basu as a
proprietorship firm in 1989, for manufacturing environmental
pollution control and process equipment used in the metallurgy,
steel, cement, gas, chemical, paper, and power sectors. Its unit is
located in Palan Industrial Estate at Maheshtala, near Kolkata.
RAJHANS FERROUS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajhans
Ferrous Scrap Trade Private Limited (RFSTPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Working 5 CRISIL B+/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with RFSTPL for
obtaining information through letters and emails dated September
15, 2021 and November 29, 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 RFSTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RFSTPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RFSTPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Incorporated in 2015, RFSTPL, promoted by Mr. Laxmikant Rameshwar
Saki, trades metal scrap and other allied products.
RALAS MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ralas Motors
(RM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Electronic Dealer 12 CRISIL B/Stable (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Inventory Funding 3 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with RM 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 RM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
RM, set up in 2000 by Mr. Manishraj Singhania, is an authorised
dealer for M&M, Revai, Mahindra First Choice Wheel Ltd and MNAL in
three districts of Chhattisgarh. It is a 3S dealership for the
entire range of sports utility vehicles, multi-utility vehicles,
light commercial vehicles and three-wheelers. RM currently has five
showrooms and four workshops in Raipur, Baloda Bazar and
Mahasamund.
RAM CONSTRUCTION: CRISIL Lowers Rating on INR6cr Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shree
Ram Construction Company (SRCC) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 47 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
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 SRCC for
obtaining information through letters and emails dated September
15, 2021 and November 29, 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 SRCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRCC revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.
Promoted by the Khedia family in 1978, SRCC undertakes road and
bridges upgradation and construction work for government entities
such as South Eastern Coalfield Ltd, Public Works Departments, and
National Highway Authority of India Ltd and road projects under
Pradhan Mantri Gram Sadak Yojna. This Raipur (Chhattisgarh)-based
firm is currently managed by Mr. Balmukund Khedia and Mr. Murlidhar
Khedia.
RAMA FERRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rama Ferro
Alloys and Finance Private Limited (RFAFPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 3 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 3 CRISIL B+/Stable (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RFAFPL 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 RFAFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RFAFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RFAFPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Incorporated in 1996 and promoted by Mr. Dinesh Kapoor, RFAFPL
manufactures ferro alloys such as ferro molybdenum, ferro vanadium,
ferro titanium, ferro boron, ferro nickel, low and medium-carbon
ferro manganese, ferro aluminium, and ferro chrome. Unit is in
Kolkata.
S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S.D.S.
Electronics Private Limited (SEPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 5.00 CARE D; ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 11, 2021, placed the
rating(s) of SEPL under the 'issuer non-cooperating' category as
SEPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 27, 2021, December 7, 2021, December 17, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SDS was incorporated in 1993. The company is promoted and managed
by Mr Yogeshwar Sahdev and Mr Kuldeep Sahdev. SDS is engaged in the
manufacturing as well as trading of electronic security equipments,
Bomb Detection and Disposal Solution (BDDS) and Anti-sabotage
equipments which include the products like non-linear junction
detection, explosive detector, mine detector, deep search
metal/mine detector, bomb disposal suit, digital portable X-Ray
machine, multi zone walk through metal detector, search lights,
flash lights, search and rescue devices, etc. Its manufacturing
facility is located at Panchkula, Haryana. The company caters to
the need of reputed client base which mainly includes government
departments of India like all States Police Departments,
Paramilitary Forces, Defense Forces, Central Industrial Security
Forces, 1Complete definitions of the ratings assigned are available
at www.careratings.com and in other CARE publications *Issuer did
not cooperate; Based on best available information Press Release
Defense Research and Development Organization (DRDO), Ministry of
Defense, Border Security Force (BSF), etc. 84% of the total
operating income in FY15 (refers to the period April 1 to March 31)
was through trading while the remaining was through manufacturing.
SANDCITY AUTOTEC: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sandcity
Autotec Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.78 CARE B-; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 24, 2020, placed
the rating(s) of SAPL under the 'issuer non-cooperating' category
as SAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 9, 2021, November 19, 2021, November 29, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SAPL was incorporated in June, 2014 by Shri Shiv Kumar Poddar and
Shri Ankit Poddar of Balasore, Odisha. However, the company
commenced operations from January, 2015. It is an authorized dealer
of Hyundai Motor India Ltd (HMIL) for its passenger vehicles,
spares & accessories in Balasore, Odisha. Currently, SAPL has its
only vehicle showroom and workshop at Balasore (Odisha) where it
also provides repair and refurbishment services for HMIL passenger
vehicles.
SAS INFRAENGINEERING: CARE Keeps B- Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sas
Infraengineering Private Limited (SIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 8.00 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 9, 2020, placed the
rating(s) of SIPL under the 'issuer non-cooperating' category as
SIPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 25, 2021, November 4, 2021, November 14, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in October 2010, Sas Infraengineering Private Limited
(SIPL) is engaged in the business of design, engineering, supply,
installation, commissioning and maintenance of electrical
transformers. Mr. Susanta Kumar Mohapatra, having around two
decades of experience in the civil electrical contractor business,
looks after the day to day operations of the company. He is
supported by other directors and a team of experienced
professionals.
SHIRISH HOTELS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shirish
Hotels Private Limited (SHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 12.85 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 21, 2020, placed
the rating(s) of SHPL under the 'issuer non-cooperating' category
as SHPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 6, 2021, November 16, 2021, November 26, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company by
Mr. YugandharDande (Managing Director), Mr. Dande Shanmug Shirish
(Director) and Mrs. Uma Devi Dande (Director). The company is
engaged in hospitality business and offers services in the area of
restaurants, bar, banquet hall, rooms, and coffee shop. Mr.
YugandharDande is also the proprietor of "Shirish Hotels (SH)"
under which the proprietor runs a hotel located at Panjagutta,
Hyderabad. SH is engaged in bar & restaurants. Currently, the
company is managed by Mr. YugandharDande and his son Mr. Shanmug
Shirish who looks after overall operations of the company.
SHRINATHJI BUSINESS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shrinathji Business Venture Private Limited
171, Officer Campus Extn.
Sirsi Road
Jaipur 302012
Rajasthan
Insolvency Commencement Date: December 23, 2021
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: June 21, 2022
Insolvency professional: Prashant Agrawal
Interim Resolution
Professional: Prashant Agrawal
P. Agrawal & Associates
F-106, I Flr.
Sumer Complex, Gautam Marg
C-Scheme, Jaipur
Rajasthan 302001
E-mail: ippagrawal@gmail.com
cirp.shrinathji@gmail.com
Classes of creditors: Home Buyers
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Pratibha Khandelwal
T 5/1001, Rangoli Greens
Maharana Pratap Marg
Panchyawala, Vaishali Nagar
Jaipur 302021
Rajasthan
E-mail: cspratibhak@gmail.com
Mr. Rajneesh Singhvi
36A, Suraj Nagar (East)
Civil Lines, Jaipur 302006
Rajasthan
E-mail: rajneesha1@gmail.com
Mr. Rajeev Sharma
House No. 351, Rai Ji Ka Gher
Chandi Ki Taksal
Jaipur 302002
Rajasthan
E-mail: rajiv_sharmaadv26@yahoo.co.in
Last date for
submission of claims: January 6, 2022
SKD RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SKD Rice
Industries Private Limited (SKD) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 3.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKD 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 SKD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKD continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
SKD which was set up in 2014, is setting up a non-basmati rice mill
at Cuttack, Odisha. Daily operations are being managed by Mr.
Sandeep Singh.
SR INDUSTRIES LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: S.R. Industries Limited
E-217, Industrial Area
Phase 8-B, Mohali 160071
Punjab
Insolvency Commencement Date: December 21, 2021
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: June 18, 2022
(180 days from commencement)
Insolvency professional: Rajender Kumar Jain
Interim Resolution
Professional: Rajender Kumar Jain
House No. 3698/1, First Floor
Sector 46-C, Chandigarh 160047
E-mail: rkjain.ip@gmail.co
- and -
SCO-818, 1st Floor
Above Yes Bank
NAC, Manimajra
Chandigarh 160101
E-mail: srindustriescirp@gmail.com
Mobile: +91-62832-81078
Last date for
submission of claims: January 4, 2022
SRS ENTERTAINMENT INDIA: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: SRS Entertaiment India Limited
SRS Multiplex, 2nd Floor
City Centre, Sector-12
Faridabad, Haryana 121007
Insolvency Commencement Date: December 21, 2021
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: June 19, 2022
(180 days from commencement)
Insolvency professional: Anil Arora
Interim Resolution
Professional: Anil Arora
SCO 139, 2nd Floor
Chotti Bardari, Patiala
Punjab 147001
E-mail: ca.anil@gmail.com
- and -
SCO 60, 2nd Floor
Sector 26, Madhya Marg
Above Bikanerwala
Chandigarh 160019
E-mail: srscirp@gmail.com
Last date for
submission of claims: January 4, 2022
SUPERFINE BLEACHING: CARE Lowers Rating on INR8.96cr Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Superfine Bleaching Company Limited (SBCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.96 CARE C; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 27, 2020, placed
the rating(s) of SBCL under the 'issuer non-cooperating' category
as SBCL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SBCL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 13, 2021, October 23, 2021 and November 2, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SBCL have been
revised on account of non-availability of requisite information.
SBCL is a family-run business promoted by Late Mr Soundappan, under
the name M/s Veena Processing Mills Limited (VPML) in 1993. The
company was earlier engaged in job work of dyeing both fabric and
yarn. Subsequently, during October 2005, the company was renamed
SBCL and shifted focus to scouring, bleaching and dyeing of yarn
alone. The company presently undertakes only job work in dyeing of
yarn for players in and around Tiruppur. The company is presently
managed by Mr Ravindran, who represents the third generation of the
family in the business. SBCL has an installed capacity of dyeing
yarn of 10,120 kgs per day as of June 30, 2015, at Namakkal, Tamil
Nadu, operating in two shifts. The company has also established the
effluent treatment plant which became operational from September
2014.
UMANG REALTECH: CARE Lowers Rating on INR100cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Umang Realtech Private Limited (URPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB- (CE); Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 23, 2020, placed
the rating(s) of URPL under the 'issuer non-cooperating' category
as URPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. URPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 9, 2021, October 19, 2021, October 29, 2021 and December
24, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The revision in the rating assigned to the bank facilities of URPL
is pursuant to the CARE Ratings' updated default recognition policy
and delays in debt servicing by URPL as recognized from FY20 annual
report available from registrar of company.
Further, CARE understands, based on previous interactions with
guarantor's lender, that the corporate guarantee issued by UHPL has
not been invoked.
Incorporated in May 2007, Umang Realtech Private Limited (URPL) is
a JV between Uppal Housing Private Limited and private equity
player Indus Capital Partners, LLC (USA) (ICP). ICP holds 52% stake
in URPL, UHPL holds 45% and the remaining 3% is with Mr. Ajay
Mangal, Ex-CEO of URPL. The company is into real estate development
and is undertaking residential group housing projects in NCR.
UNIQUE KITCHEN-AIDS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Unique Kitchen-Aids Private Limited
H-32 Kalkaji
Near Deshbandhu Apartments Gate No. 1
New Delhi South Delhi 110019
India
Insolvency Commencement Date: December 21, 2021
Court: National Company Law Tribunal, New Delhi Bench-V
Estimated date of closure of
insolvency resolution process: June 18, 2022
(180 days from commencement)
Insolvency professional: Mukesh Kumar Grover
Interim Resolution
Professional: Mukesh Kumar Grover
102, B-3 Prerna Complex
Shubhash Chowk Laxmi Nagar
Delhi 110092
E-mail: mukesh@mjra.co.in
cirp.unique@gmail.com
Last date for
submission of claims: January 3, 2022
VIBRUS HOMES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vibrus Homes Private Limited
Registered office:
8209, Roshanara Road
North Delhi
Delhi 110007
Corporate office:
27, Bungalow Road
Kamala Nagar 110007
Insolvency Commencement Date: December 21, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 21, 2022
(180 days from commencement)
Insolvency professional: Vivek Kumar
Interim Resolution
Professional: Vivek Kumar
C-604, Rosewood Apartments
Mayur Vihar-I, Extension
Delhi 110091
E-mail: vee_singh@yahoo.com
cirp.vibrus@gmail.com
Last date for
submission of claims: January 6, 2022
WEST COAST FOOD: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of West Coast
Frozen Foods Private Limited (WCFFPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 106.25 CARE D; ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 17, 2020, placed
the rating(s) of WCFFPL under the 'issuer non-cooperating' category
as WCFFPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. WCFFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 2, 2021, November 12, 2021, November 22, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, is an
integrated aquaculture enterprise operating in the West Coast of
India and in the Gulf of Cambay in Gujarat State. The Group is
engaged in the business of prawn hatching, farming, processing,
freezing, trading and exporting of prawns, distribution of frozen
food products, trading/distribution of aquatic feed and feed
supplement products and running quick service restaurants to serve
seafood products. West Coast Fine Foods is into the supply of farm
bred shrimps and prawns in the domestic market. The trading,
distribution and Quick Service Restaurants (under the brand name
Fisheteria) are operated through this entity. In the
trading/distribution business, the company is the sole dealer of
aquatic feed and feed supplement products of CP Aqua (a part of
Charoen Pokphand Group, Thailand - one of the leading conglomerates
of the seafood and aquaculture industry in the world), for the
states of Gujarat and Maharashtra. Brief financials: Combined -
West Coast Group (West Coast Frozen Foods Pvt. Ltd. and West Coast
Fine Foods (India) Pvt. Ltd.).
WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of West Coast
Fine Foods India Private Limited (WCFFIPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 15.00 CARE D; ISSUER NOT COOPERATING;
Short Term Rating continues to remain
Bank Facilities under ISSUER NOT COOPERATING
category
Short Term 1.11 CARE D; ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 17, 2020, placed
the rating(s) of WCFFIPL under the 'issuer non-cooperating'
category as WCFFIPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. WCFFIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 2, 2021, November 12, 2021,
November 22, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, is an
integrated aquaculture enterprise operating in the West Coast of
India and in the Gulf of Cambay in Gujarat State. The Group is
engaged in the business of prawn hatching, farming, processing,
freezing, trading and exporting of prawns, distribution of frozen
food products, trading/distribution of aquatic feed and feed
supplement products and running quick service restaurants to serve
seafood products. West Coast Fine Foods is into the supply of farm
bred shrimps and prawns in the domestic market. The trading,
distribution and Quick Service Restaurants (under the brand name
Fisheteria) are operated through this entity. In the
trading/distribution business, the company is the sole dealer of
aquatic feed and feed supplement products of CP Aqua (a part of
Charoen Pokphand Group, Thailand - one of the leading conglomerates
of the seafood and aquaculture industry in the world), for the
states of Gujarat and Maharashtra.
[*] INDIA: IBC Changes Proposed to Quicken Resolution Process
-------------------------------------------------------------
BloombergQuint reports that more changes have been proposed to
strengthen the Insolvency and Bankruptcy Code, 2016 by the
Insolvency Law Committee. These include a swifter admission
process, a time limit on acceptance of resolution plans, more
stringent measures against avoidable transactions and wrongful
trading, and a formal closure of the voluntary liquidation process,
BloombergQuint says.
According to the report, the ILC was constituted in November 2017,
by the central government. It has since issued four reports on the
basis of which the ministry has recommended changes to the IBC.
BloombergQuint says the new proposed changes are open to public
comments till Jan. 13.
=========
J A P A N
=========
H.I.S. CO: Japan May Seek Criminal Charges Over Units Scandal
-------------------------------------------------------------
The Japan Times reports that the Japan Tourism Agency may seek
criminal charges against two subsidiaries of major travel agency
H.I.S. Co. that are suspected of fraudulently receiving tourism
promotion subsidies, officials said on Dec. 28.
"We'll work together appropriately with investigative authorities
and consider possibly filing a criminal complaint," the report
quotes tourism minister Tetsuo Saito as saying during a news
conference.
The Japan Times relates that the government, which aims to resume
its Go To Travel domestic tourism promotion campaign early next
year, is apparently trying to prevent the recurrence of a similar
case by showing a stern attitude toward the companies, which
allegedly received financial aid under the campaign in a fraudulent
way.
The agency, which operates the Go To Travel campaign, plans to
demand swiftly that the H.I.S. subsidiaries return the money they
received fraudulently, the report relays.
Saito also revealed that the government has reprimanded H.I.S. for
insufficiently supervising the two units.
According to the report, Saito said fraudulently receiving the
tax-funded subsidies is something that should have not happened and
is very regrettable.
He ordered the parent company to uncover details of the scandal and
come up with steps to prevent a recurrence. H.I.S. plans to report
its preventive measures early next year, the report notes.
On Dec. 28, H.I.S. announced that Chairman and CEO Hideo Sawada
will have his monthly pay cut by 75% for three months over the
scandal. Two other executives of the company will also be
punished.
The Japan Times adds that the president of Miki Tourist Co., one of
the two H.I.S. subsidiaries, will be dismissed, while the president
of the other unit, Japan Holiday Travel Co., will be demoted.
At an online news conference, Sawada offered an apology. "I feel
responsible for my failure in management," he said.
On the same day, H.I.S. also reported that the scandal contributed
to pushing down the company's net balance by JPY395 million,
bringing the net loss for the year through October to JPY50
billion, a record high.
According to a third-party committee appointed by H.I.S., the two
units are suspected of fraudulently receiving up to around JPY683
million in financial aid, with hotel operator JHAT Co. being
involved in the fraud cases, The Japan Times relays.
The two H.I.S. subsidiaries and JHAT applied for subsidies totaling
more than JPY1.1 billion, according to the agency. It will identify
false subsidy applications among those filed by the companies for a
total of some 60,000 stays and figure out the actual amount of
money received illegally.
The Japan Times adds that the agency plans not to allow the three
companies to participate in the Go To Travel program even if it
resumes.
H.I.S. Co., Ltd. is primarily engaged in travel business. It is
involved in insurance agency such as overseas travel insurance, as
well as development and operation of guest room reservation
system.
=================
S I N G A P O R E
=================
FG BOOMER: Creditors' Proofs of Debt Due on Jan. 31
---------------------------------------------------
Creditors of FG Boomer Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Jan. 31, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 21, 2021.
The company's liquidators are:
Ho Lon Gee
c/o 80 Robinson Road #02-00
Singapore 068898
ONEX PTE: Creditors' Proofs of Debt Due on Jan. 12
--------------------------------------------------
Creditors of Onex Pte Ltd, which is in voluntary liquidation, are
required to file their proofs of debt by Jan. 12, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 23, 2021.
The company's liquidators are:
Lin Yueh Hung
Oon Su Sun
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
RICKMERS ASIA: Creditors' Proofs of Debt Due on Jan. 31
-------------------------------------------------------
Creditors of Rickmers Asia Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 31,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 22, 2021.
The company's liquidators are:
Low Sok Lee Mona
Teo Chai Choo
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807
WILMAR YIHAI: Creditors' Proofs of Debt Due on Jan. 30
------------------------------------------------------
Creditors of Wilmar Yihai Flour Investments Pte. Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
Jan. 30, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 29, 2021.
The company's liquidators are:
Mr. Liew Khee Soon
Paya Lebar Road
#04-51, Paya Lebar Square
Singapore 409051
===============
T H A I L A N D
===============
RAIMON LAND: Fitch Assigns First Time 'CCC(tha)' National Rating
----------------------------------------------------------------
Fitch Ratings (Thailand) has assigned residential property
developer Raimon Land Public Company Limited (RML) a National
Long-Term Rating of 'CCC(tha)'. The rating reflects RML's
significant liquidity and refinancing risks over the next 12
months.
KEY RATING DRIVERS
Refinancing Risk; Liquidity Pressure: RML faces significant
refinancing risk and liquidity pressure at the holding company
level over the next 12 months because of large negative free cash
flow (FCF) and significant maturing debt. RML has a commitment to
inject its share of equity into its joint ventures (JV) to fund
project construction, which is concentrated in 2022-2023, and has
maturing debentures totalling THB1.3 billion in 2H22.
The success of refinancing and new funding is likely to hinge on
RML's credibility and favourable market conditions. Fitch
understands the company is considering off-market options; however,
these have substantially high costs, which could put more pressure
on RML's cash flow. Financing at the project level is more
manageable because in addition to the equity injection from the JV
shareholders, committed facilities are available under the
project-financing structure, where debt repayments are tied to
proceeds from the unit transfers.
Volatile Cash Flow; Business Turnaround: RML's small operation with
sparse project launches weakened operating cash flow and
profitability in 2018-2021. RML is committed to improving its
business by maximising its expertise in its core luxury segment and
deploying an asset-light strategy via the partnership structure.
The strategies also include cost savings, increasing recurring
income and disposing non-core assets.
JV Structure: The JV concept should enable RML to better manage new
project launches to improve earnings stability without a
substantial increase in capital burden on land acquisition and
development costs. However, such structures are opaque and reduce
financial transparency, given the JVs' limited reported information
as their financial performance and cash flows would not be
consolidated into RML's financial statements.
Dividend Recognition from JVs: Most of RML's current and planned
projects have been carried out under the JVs, mainly with Tokyo
Tatemono Asia Pte. Ltd. and MEA Commercial Holdings Pte. Ltd. RML
owns majority shareholdings in the JVs of between 51%-60%, and
provides proportionate guarantees for the project-financing loans
at the JV level.
Fitch's analysis recognises the cash flow contribution to RML from
the JVs via dividends only, due to limited fungibility of cash flow
between RML and the JVs. On the other hand, Fitch includes RML's
obligation under the guarantee provided to the JVs'
project-financing lenders in RML's debt.
Rising Leverage: Fitch expects financial leverage at RML's level to
rise to an excessive level in 2021-2023, with unclear deleveraging
capacity beyond 2023. This is driven by required funding to the JVs
with large development exposure over the next two years and RML's
high interest burden, while the dividend distribution from the JVs
should be limited over the next two years. Cash proceeds from
non-core assets disposal or equity injections could help
deleveraging. However, this is subject to uncertainty in market
conditions and Fitch does not incorporate this in Fitch's
projection.
Niche Position, Small Scale: RML is a listed residential property
developer with reputable brand in core luxury condominiums, serving
both local and foreign buyers. Its key strengths are prime
locations in Bangkok's CBD or riverside and premium quality.
Operating scale is small with average revenue of THB3 billion a
year, or less than 5% of the total revenue of listed Thai
residential property developers. Its completed projects are likely
to be fully taken up in 2021, while improving offshore demand after
the border reopening should support new project sales.
DERIVATION SUMMARY
RML's rating is driven by its heightened liquidity risks and very
high leverage. Higher financial risks together with weaker business
profile, as reflected by higher development exposure and volatility
of earnings, underpin RML's multiple notches lower rating than
those of Siam Future Development Public Company Limited (SF,
BBB-(tha)/Stable) and JWD InfoLogistics Public Company Limited
(JWD, BBB-(tha)/Stable).
SF is Thailand's leading community mall developer, and JWD is a
Thailand-based integrated logistics operator. Both companies
generate more stable income supported by medium- to long-term
contracts, while RML mainly generates income from residential
property sales with more volatile income.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Revenue of THB2.2 billion in 2021 and minimal revenue in 2022-
2023, as all projects under construction and future projects
are carried out under the non-consolidated JVs in Fitch's
rating case;
-- No dividend from the JVs in 2022, but a dividend of around
THB420 million in 2023;
-- Equity injection into the JVs totalling of THB3.2 billion over
2021-2023;
-- No dividend paid to shareholders over 2021-2023.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch may upgrade the ratings if RML can meaningfully improve
liquidity such that the company is able to address debt
servicing and project-funding requirements over a rolling 12-
month period.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- Fitch may downgrade the ratings if RML fails to adequately
address the debt-servicing and project-funding requirements.
LIQUIDITY AND DEBT STRUCTURE
Tight Liquidity in 2022: RML, at the holding company level, has
secured and unsecured debentures of THB1.3 billion maturing in
2H22. Several alternative sources of repayment for these debentures
are being explored but have not yet been secured. Proceeds from the
recent THB752 million issuance of new secured debentures in 4Q21
are likely to be earmarked for debt servicing and injection into
the property projects.
Among the alternatives, RML plans to sell its non-core assets or
projects that are no longer commensurate with its core luxury
focus. The asset sales are under negotiation with the potential
buyers and expected to be completed by 2022, according to the
company. This, if successful as planned, will help reduce pressure
on its leverage and liquidity in 2022-2023. Fitch does not factor
in the expected proceeds from any asset disposal because of the
uncertain nature of the transactions.
Fitch believes the company's accessibility to financial markets is
weakening, given the weak financial profile and unavailability of
unencumbered assets, though off-market options are possible. Fitch
expects RML's EBITDA/interest paid ratio to remain below 1.0x over
2021-2023, reflecting the vulnerability of the company's financial
profile.
ISSUER PROFILE
RML is a listed property developer, focusing on a luxury
residential segment, mainly Bangkok condominiums and beachfront
villas. It also has exposure to small hospitality and commercial
properties that are under construction. Revenue was around THB3
billion a year over the past four years.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch's analysis recognises the cash flow contribution from the JVs
via dividend only. The calculation of adjusted debt includes
interest-bearing debt of RML and its subsidiaries as well as the
obligation under the guarantee RML provides to the JVs. The
obligation under the guarantee will change in line with the
guaranteed debt drawdown and repayment at the JV level. Fitch
assumes RML will provide a similar proportionate guarantee for the
new JVs' project-financing loans as provided for existing JVs'
loans. The calculation of adjusted inventory includes assets only
at RML's level, ie project development cost (including advance
payment), property assets purchased for sales, land awaiting
development, investment properties, right-of-use assets, and
investment in JVs.
*********
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
Peter Chapman at 215-945-7000.
*** End of Transmission ***