/raid1/www/Hosts/bankrupt/TCRAP_Public/220203.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, February 3, 2022, Vol. 25, No. 19
Headlines
A U S T R A L I A
AFG 2022-1NC: S&P Assigns Prelim 'B (sf)' Rating to Cl. F Notes
CARUSOS JR: Commences Wind-Up Proceedings
DISTINCTIVE TILE: Commences Wind-Up Proceedings
DIXON ADVISORY: Creditors Face Bleak Outlook
DJH GLOBAL: Commences Wind-Up Proceedings
TACOMA PLUMBING: Second Creditors' Meeting Set for Feb. 10
[*] AUSTRALIA: Proposes to Cut Bankruptcy Terms to One Year
C H I N A
SUNRISE REAL: Elects Wang Wenhua as Director
I N D I A
ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating
AQUA DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
ATUL MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
BARDIYA REAL: ICRA Lowers Rating on INR86.5cr Loan to B+
DECOR PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
FIBREMARX PAPERS: ICRA Keeps D Debt Ratings in Not Cooperating
FUTURE GROUP: SC Asks Banks' Response on Future Retail's Plea
FUTURE RETAIL: S&P Cuts ICR to 'SD' on Principal Repayment Default
GK INDUSTRIAL PARK: Insolvency Resolution Process Case Summary
GOLDEN TOBACCO: ICRA Keeps D Debt Ratings in Not Cooperating
GOPAL OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
HCL TECHNOLOGIES LIMITED: Insolvency Resolution Case Summary
JAI BHOLE: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
JAYPEE INFRATECH: Suraksha Group Expects NCLT Nod by March
LAKSHMINARASIMHA: ICRA Keeps B Ratings in Not Cooperating
MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating
MATOSHRI LAXMI: ICRA Keeps D Debt Rating in Not Cooperating
NAVALAKHA TRANSLINES: ICRA Keeps B+ Ratings in Not Cooperating
PAN INDIA: Liquidation Process Case Summary
POWER PRIVATE: Ind-Ra Withdraws 'BB' Term Loan Rating
PREHARI PROTECTION: ICRA Keeps D Debt Ratings in Not Cooperating
RAM RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
REVATHI MODERN: ICRA Keeps B+ Debt Ratings in Not Cooperating
S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating
SENTHUR VELAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
SEPAL CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHOP CJ NETWORK: Insolvency Resolution Process Case Summary
SHREE CREATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
SHREEBHAV POLYKNITS: Insolvency Resolution Process Case Summary
SHREEDHAM CONSTRUCTIONS: Insolvency Resolution Case Summary
SVM CERA: ICRA Keeps D Debt Ratings in Not Cooperating Category
TAGOOR CHEMICALS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating
THIRU MARGADARSHI: ICRA Keeps D Debt Ratings in Not Cooperating
TIRUPATI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
VIDYANIKETHAN EDUCATIONAL: Ind-Ra Keeps D Rating in Non-Cooperating
VIR ELECTRO: ICRA Keeps D Debt Ratings in Not Cooperating
M A L A Y S I A
JERASIA CAPITAL: Classified as Practice Note 17 Company
N E W Z E A L A N D
ISLAND GRACE: BDO Auckland Appointed as Administrators
K.R. TONG ENGINEERING: Creditors' Proofs of Debt Due on March 18
PADDY C: Creditors' Proofs of Debt Due on March 28
S I N G A P O R E
DELL SINGAPORE: Commences Wind-Up Proceedings
DERMA-RX INTERNATIONAL: Commences Wind-Up Proceedings
MYJET ASIA: Creditors' Meeting Set for Feb. 11
- - - - -
=================
A U S T R A L I A
=================
AFG 2022-1NC: S&P Assigns Prelim 'B (sf)' Rating to Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as
trustee for AFG 2022-1NC Trust in respect of Series 2022-1NC.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 0.26% of the portfolio.
-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of senior notes and
reducing the balance of the most subordinated notes.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the aggregate outstanding amount of the notes,
subject to a floor of A$675,000, and the principal draw function
are sufficient to ensure timely payment of interest.
-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.
-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and bank account provider. The
transaction documents for the liquidity facility and bank account
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.
Preliminary Ratings Assigned
AFG 2022-1NC Trust in respect of Series 2022-1NC
Class A1-S, A$100,000,000: AAA (sf)
Class A1-L, A$237,500,000: AAA (sf)
Class A2, A$82,580,000: AAA (sf)
Class B, A$9,200,000: AA (sf)
Class C, A$7,880,000: A (sf)
Class D, A$5,630,000: BBB (sf)
Class E, A$3,380,000: BB (sf)
Class F, A$2,030,000: B (sf)
Class G, A$1,800,000: Not rated
CARUSOS JR: Commences Wind-Up Proceedings
-----------------------------------------
Members of Carusos Jr Pty Ltd, on Jan. 31, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Christian Sprowles
HoganSprowles
Level 9, 60 Pitt Street
Sydney, NSW 2000
DISTINCTIVE TILE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Distinctive Tile Imports Pty. Ltd., on Feb. 1, 2022,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Jarvis Lee Archer
Revive Financial
PO Box 307
Noosa Heads, Queensland
DIXON ADVISORY: Creditors Face Bleak Outlook
--------------------------------------------
Australian Financial Review reports that about 750 angry and
concerned current and former clients of Dixon Advisory who dialled
into the first creditors' meeting may have to wait up to another
year before getting any final resolution of the administration of
the wealth manager.
A deed of company arrangement (DOCA) from the ASX-listed parent E&P
Financial Group will take up to three months to be presented,
according to administrator PwC partner Stephen Longley, AFR
relates.
"We understand that any proposal from EP1 will require the release
of all parties to the class actions," Mr. Longley told the meeting,
referring to the ASX code for E&P Financial.
"This also includes payment of the penalty agreed with ASIC, the
AUD7.2 million, and possibly AUD8.2 million including costs, which
would be put into a pool to be shared by all creditors. This will
take two to three months for EP1 to pull together this DOCA. It's
in everyone's best interest to see this and see how it stacks up."
According to the report, Mr. Longley said it could take six months
alone to transfer the more than 4,000 current Dixon Advisory
clients to new managers.
Dixon Advisory Superannuation Services (DASS) was forced into
voluntary administration by directors on January 19 after mounting
penalties, compensation claims and two class actions launched in
late 2021 that were likely to leave the firm insolvent.
AFR says all the claims relate to Dixon Advisory's internal US
Residential Masters Property Fund - or URF - which invested client
funds in apartments in the New York area, charging hefty fees as it
took on excessive debts to purchase more units and undertake
renovations.
That ultimately resulted in a destruction of unitholder value that
hit clients who had large exposures to the fund in their
self-managed super funds, which had been arranged by Dixon
Advisory. The failure of the 36-year-old company that was once one
of the nation's largest wealth managers exposed its conflicted
business model, the report notes.
DASS services over 4,000 clients, which are mainly self-managed
super funds. There are another 4,000 to 5,000 former clients.
Importantly for clients, DASS does not have custody over any client
assets; these are held either by the clients themselves or by
independent third-party custodians.
PwC partners Mr. Longley and Craig Crosbie were appointed as joint
administrators.
"There are up to 10,000 possible claims," Mr. Longley told the
meeting of creditors.
AFR relates that Mr. Longley painted a rather unpleasant possible
outcome for Dixon Advisory creditors, given what is "likely
hundreds of millions (of dollars) of creditors claims" against the
very few tangible and saleable assets of the firm, which relied
heavily on the parent group. Dixon Advisory had about AUD1 million
in cash on its balance sheet.
PwC fees may be tallied at AUD1.3 million for the administration
process.
All creditors were considered "unsecured", and would rank equally,
he said.
AFR says the administrators are required to hold a second meeting
of creditors by February 24, where creditors will vote on the
future of DASS: accept the DOCA or place the firm into
liquidation.
According to the report, Mr. Longley said given the complexities of
the administration, he planned to apply to the court to get an
extension of up to six months to hold the second meeting.
The administrators will investigate related party deals in the
prior two to four years at Dixon Advisory to see if there is
anything untoward. Mr. Longley said it was too early to say if
Dixon Advisory was trading while insolvent, or how much support was
provided by E&P, AFR relays.
Investors questioned how long the parent group was considering
placing DASS into administration, and why E&P was "not taking
responsibility". Mr. Longley cut Q&A short with hundreds of people
still wanting answers to their questions.
He noted that PwC was called in mid-December by E&P to talk to the
directors. A month later, PwC was called again.
E&P executive chairman David Evans has declined multiple interview
requests, the report notes.
Dixon Advisory & Superannuation Services Ltd operates as an
investment management company. The Company offers wealth
management, estate planning, funds, investment strategies, and
financial planning, services. Dixon Advisory & Superannuation
Services serves customers in the United States and Australia.
DJH GLOBAL: Commences Wind-Up Proceedings
-----------------------------------------
Members of DJH Global Pty Ltd, Murray River Gas Pty Ltd, Moorabbin
Gas Supplies Pty. Ltd., and Greg's Gas and Welding Supplies
Traralgon Pty. Ltd., on Feb. 1, 2022, passed a resolution to
voluntarily wind up the companies' operations.
The companies' liquidator is:
David Kennedy
Ernst & Young
200 George Street
Sydney, NSW 2000
TACOMA PLUMBING: Second Creditors' Meeting Set for Feb. 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of Tacoma Plumbing
SEQ Pty Ltd has been set for Feb. 10, 2022, at 10:30 a.m. via
teleconference.
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 Feb. 9, 2022, at 4:00 p.m.
Terry Grant van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of Tacoma Plumbing on Dec. 6,
2021.
[*] AUSTRALIA: Proposes to Cut Bankruptcy Terms to One Year
-----------------------------------------------------------
SmartCompany reports that a federal government proposal to reduce
default bankruptcy terms in Australia from three years to one would
effectively render bankruptcy "pointless", according to one
insolvency expert.
SmartCompany relates that John Winter, chief executive of the
Australian Restructuring Insolvency and Turnaround Association,
said the plan is "like a bad zombie movie" that continues to be
revived, despite first being proposed more than six years ago.
Shortening the length of bankruptcies was first proposed by the
Productivity Commission, and then adopted as part of former prime
minister Malcolm Turnbull's Innovation and Science Agenda back in
2015, the report recalls.
Legislation to make the change was introduced into Parliament in
October 2017, however the Enterprise Incentives Bill lapsed without
being passed prior to the 2019 federal election.
Having introduced temporary bankruptcy and insolvency protections
for small businesses during the pandemic, the government has since
been consulting on revisiting this change to bankruptcy terms since
early 2021, and is now seeking public submissions in relation to an
options paper until the end of this month, according to
SmartCompany.
When the change was proposed over six years ago, the government
argued the reform would strike "a better balance between
encouraging entrepreneurship and protecting creditors".
In the new options paper, the government said the proposal "remains
fit for purpose", however, a number of exemptions could also be
introduced to address stakeholder concerns.
These could include excluding bankrupts who, in the preceding 10
years, have been bankrupt or banned as a director; had a bankruptcy
extended through an objection to discharge; or have been convicted
of certain offences, the report says.
In those situations, the individual would have a bankruptcy length
of three years.
At the same time, the government is also proposing to further
promote the use of debt agreements, by extending the default term
limit to five years and increasing the eligibility thresholds.
Taken together, Mr. Winter said these proposals, if adopted in
full, would have the effect of many more company directors making
use of debt agreements, which would mean "bankruptcy would
effectively disappear as an option," SmartCompany relays.
While Mr. Winter said debt agreements are effective tools for
consumer credit debts, he questions whether they are appropriate
for company directors.
"It could lead to the situation, which I don't think the community
would accept, where a high-profile bankrupt is potentially able to
get themselves out of paying a proper debt to society and be held
to account," the report quotes Mr. Winter as saying.
The use of debt agreements makes sense when an individual has a
credit card debt or small personal loan, Mr. Winter said, but it is
a different story when a company director is responsible for "half
a billion dollars in company debt that they have personal assets
tied to".
SmartCompany relates that Mr. Winter is concerned that 12 months is
not long enough for bankruptcy trustees to properly investigate the
full extent of a bankrupt's business dealings, as in many cases,
attempts are made to "hide assets" or the required paperwork is not
submitted on time.
"A year evaporates quickly and then the investigations won't be
completed," he said, notes the report.
There is also a more "holistic question" about the timing and
motivation of the current push to reduce bankruptcy terms, said Mr.
Winter, given the upcoming federal election, the lack of formal
policy direction from the government on the matter, and other
related reforms, such as the changes to responsible lending rules,
SmartCompany relays.
"Is there a general push to simply make it easier to go broke and
get back out there?" he asked, notes SmartCompany. "If so, there
should be a policy statement up front as it has really big
consequences for creditors."
Rather than reducing the default bankruptcy term, Mr. Winter
believes it would be more appropriate to change the discharge
provisions so that bankruptcy trustees are able to recommend an
early discharge for someone who has made honest mistakes and got
"caught in a bad spot".
"They could be out in a year and that would be a good outcome," he
said.
As part of the consultation, the government is also considering
measures to target untrustworthy advisors, including by collecting
more information about pre-insolvency advisors from bankrupts and
making it an offence to conceal a bankrupt's property with the
intention to defraud creditors, or to make false statements or
declarations, says the report.
=========
C H I N A
=========
SUNRISE REAL: Elects Wang Wenhua as Director
--------------------------------------------
Effective as of Dec. 28, 2021, Sunrise Real Estate Group, Inc.'s
Board of Directors elected Wang Wenhua as a new member of the
company's Board of Directors, with a term of office expiring at the
company's next annual meeting of shareholders and the election of a
successor.
Ms. Wang Wenhua, 56, had previously worked at the company's
subsidiary, Shanghai Xin Ji Yang Real Estate Consultation Company
from 2001 to 2016. She was the financial controller of SHXJY from
2001 to 2010 and subsequently became the vice president of
administration in 2010. While she was the financial controller of
SHXJY, she was also involved in Sunrise's internal management and
operation. From 2017 to 2020, she served as a part-time consultant
for Shanghai Da Er Wei Trading Company Limited, a company in which
Sunrise has 19.91% ownership interest.
Sunrise believes that Ms. Wang's extensive knowledge of the
company's operations and internal management as well as her
accounting expertise will be a key asset to the company. Ms. Wang
received a technical degree in accounting from the Shanghai Lixin
University of Accounting and Finance in 1984.
About Sunrise Real
The principal activities of Sunrise Real Estate Group, Inc. and its
subsidiaries are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the People's
Republic of China.
The Company reported a net loss of $4.24 million for the year ended
Dec. 31, 2020, and a net loss of $4.52 million for the year ended
Dec. 31, 2019. As of Sept. 30, 2021, the Company had $401.45
million in total assets, $239.77 million in total liabilities and
$161.68 million in total shareholders' equity.
=========
I N D I A
=========
ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the short-term ratings of Anant Promoters and
Fincon Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term– 7.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund Based Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2011, Anant Promoters and Fincon Pvt. Ltd has been
engaged in trading of timber logs, veneers and plywood. The
directors of the company are Mr. Rajiv Agarwal & Mr. Yash Agrawal
who have extensive experience of two decades in manufacturing
plywood, block board and trading of timber. The company is part of
the Deccan Group, which has a history of about two decades in the
plywood business. All the group companies are involved in plywood
and Veneer related business.
AQUA DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Aqua Developers in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 25.00 [ICRA]B+(Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Rajkot based, Aqua Developers (AQUA) was established in 2016 and is
coming up with the project i.e., AQUA-Majestic Living. The project
consists of four towers of 13 floors and two basements which has
104 units covering a total saleable area of 286,000 sq. fts. The
construction started from April 2017 and expected to be completed
by December 2019, with sales expected to be complete within
three-four years. The partners have experience of more than two
decades in the real estate segment and five ongoing projects.
ATUL MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Atul
Motors Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.94 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 18.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 100.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Fund Based Rating continues to remain
Cash Credit under 'Issuer Not
Cooperating' category
Long Term/ 1.16 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not
Cooperating' category
Short Term- 16.00 [ICRA]A4; ISSUER NOT
NonFund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Atul Motors Private Limited (AMPL) is a leading company of the
Chandra family-run Rajkot (Gujarat) based Atul Group of companies.
The company was established in 1999 and is an authorized passenger
cars (PV) dealer, spares distributor and service provider for MSIL.
The company has eight showrooms (Rajkot - 2, Ahmedabad – 2,
Jamnagar - 2, Amreli and Porbandar) and 13 sales outlets and 19
service centers across Rajkot, Jamnagar and Ahmedabad region of
Gujarat. In FY2017, the company has also taken up MSIL's dealership
for the Commercial Vehicle (CV) channel by setting up an exclusive
showroom in Rajkot.
Besides its car dealership business, the company is also engaged in
servicing of vehicles and selling of Maruti Genuine spare parts
(MGP) and Maruti Genuine Accessories (MGA). Additionally, the
company also provides car finance and car insurance facilities
through its reputed channel partners (leading banks and insurance
companies). The company belongs to the Atul Group of companies
having strong presence in Saurashtra region of Gujarat and
operating across three-wheeler manufacturing, auto dealerships
(MSIL, Honda, Eicher, M&M), auto-parts dealerships and auto
financing businesses.
BARDIYA REAL: ICRA Lowers Rating on INR86.5cr Loan to B+
--------------------------------------------------------
ICRA Ratings has revised ratings on certain bank facilities of
Bardiya Real Estate Developers Private Limited's (BREDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term: 86.50 [ICRA]B+ (Stable); downgraded
Fund-based– from [ICRA]BB- (Negative)
with
Term Loan revision in outlook
Rationale
The rating action factors in the moderation of BREDPL's cash flows
in FY2021 and Q1 FY2022 primarily on account of the Covid-19
pandemic-related restrictions implemented by the Central and state
governments, amid the public aversion to visit malls. Consequently,
the company availed debt restructuring from Union Bank of India
under the Reserve Bank of India's (RBI) resolution framework for
Covid-19 related stress. The rating is constrained by BREDPL's
elevated leverage profile and sizeable repayments in FY2023, which
may pressurize its cash flows and expose it to refinancing risks.
Part of the debt obligations is proposed to be met through
promoters/Group support and sale of space in the mall. The timely
and adequate closure of sale and receipt of promoter support will
be crucial for meeting its debt servicing obligations on time. The
rating also continues to remain constrained by the losses reported
by the company in five out of the six years, the high asset and
lessee concentration risks.
The rating, however, continues to derive comfort from the
established experience of BREDPL's promoters in operating
commercial properties in Jaipur, Rajasthan. ICRA notes the
favorable location of the company's GT Central Mall and its reputed
tenant profile. The rating further considers the low lease expiry
risk for majority of its tenants. BREDPL has entered into lease
agreements with major tenants for periods ranging between five to
nine years. For its biggest tenant (Inox), the lease tenor is for
19 years. Further, the overall weighted average (area-wise) pending
lease tenor is seven years, representing a moderate renewal risk.
The Stable outlook on the long-term rating reflects ICRA's opinion
that BREDPL will continue to benefit from the extensive track
record of its promoters in operating commercial properties in
Jaipur, Rajasthan, favorable location of the property, reputed
tenant profile, along with its established relationship with them.
It is also likely to derive timely support from the promoters.
Key rating drivers and their description
Credit strengths
* Reputed lessee profile: Operational since 2013, GT Central Mall
has an established operating track record of over eight years and
houses reputed tenants such as Inox, Reliance Trends, Reliance
Footprint, Burger King, Pizza Hut, Dominos etc.
* Favourable location of the property: The mall is favorably
located in Jaipur (Rajasthan), adjoining the Jawahar Lal Nehru
Marg, close to major residential areas of Jaipur such as Malviya
Nagar and Mansarovar.
* Moderate lease renewal risk: The company has entered into lease
agreements with major tenants for periods ranging between five
years to nine years. For its biggest tenant (Inox), the lease tenor
is for 19 years. The high lease periods have mitigated the renewal
risk for the major tenants to a larger extent. The anchor tenants
have long-pending lease periods as on date, ranging from two-three
years (Modern FnB, Modern Masti, Reliance Trends and Burger King)
to nine years (For Reliance Footprint) and 16 years for Inox. The
other major tenants have pending lease tenor ranging within three
to nine years. Further, the overall weighted average (area-wise)
pending lease tenor is seven years, representing a moderate renewal
risk.
Credit challenges
* Weakening of debt coverage metrics and cash flows due to Covid-19
pandemic: The mall's cash flows were adversely impacted by the
pandemic-related restrictions imposed by the Central and state
governments, amid the public aversion to visit malls. The
pandemic-led disturbances and waivers given by the company to its
tenants affected the rental inflows in FY2021, as witnessed from
the decline in its operating income (OI) to INR6.55 crore from
INR14.41 crore in FY2020. Its debt coverage metrics moderated in
FY2021, with interest coverage at 0.50 times (previous year: 1.10
times), Total Debt/OPBDITA at 21.88 times (previous year: 8.82
times) and DSCR at 0.74 times (previous year: 1.15 times).
Consequently, BREDPL availed debt restructuring from Union Bank of
India under the RBI's resolution framework for Covid-19 related
stress.
* Sizeable repayments over the medium term: The company's external
debt levels remain elevated, with the outstanding debt standing at
INR91.54 crore as on November 30, 2021. With sizeable scheduled
debt repayments over the medium term, timely and adequate closure
of sale of space in the mall and receipt of promoter support will
be crucial for timely debt servicing.
* Losses reported in five out of the six years: Due to low
absorption of fixed cost owing to lower rentals (on account of low
occupancy since commencement of mall until FY2020 and pandemic-led
disturbances in FY2021) and high financial costs, the company
reported net losses in five out of the six years.
* High asset and lessee concentration risks: The company draws
revenues from a single shopping center in Jaipur, Rajasthan, which
exposes it to high asset concentration risk. The lessee
concentration risk is also high for the mall, with its top five
tenants accounting for 66% of the total leasable area and 65% of
the total annual estimated rental income.
Liquidity position: Stretched
The liquidity position is stretched. The company currently has cash
and equivalents of INR1.35 crore (including INR1.2 crore in escrow
account) and has negligible undrawn bank lines and modest cash flow
cover. With sizeable repayments coming up, BREDPL is dependent on
timely support from Group companies or sale of space in the mall.
Further, the LRD loan does not have a DSRA, which may meet any
short-term cash flow mismatches.
Rating sensitivities
Positive factors – The rating could be upgraded if there is a
significant improvement in rental income or if the company is able
to reduce its leverage and improve the debt protection metrics
considerably through sale of space in the mall or Group support.
Negative factors – Sustained pressure on earnings on account of
lower-than-expected rental income deteriorating its debt protection
metrics and liquidity position, or a delay in receipt of support
from Group companies or sale of space in the mall, could exert
downward pressure on the rating.
The Bardiya Group has been active as a real estate developer,
gemstone trade house and mining business group in and around
Jaipur. The Group ventured into the real estate business in the
early 1990s with the launch of Gaurav Tower (GT), one of the first
shopping destinations of Jaipur. The Group has focused its
attention on acquiring large land banks at the city's premium
locations. It has a prominent land bank near the Jaipur airport and
across the heart of the city.
The Group developed GT Central Mall in 2013 under BREDPL. GT
Central is surrounded by projects such as GT, Crystal Court, World
Trade Park, Jaipur Stock Exchange, etc. The total land area of GT
is 2,565 sq. mt. The mall has four floors and a basement with a
total leasable/saleable area of 1.35 lakh sq. ft. The company has
sold/leased out 87% of the developed space. The mall has a mix of
flagship stores, vanilla stores, shops and a food court. The brands
which are at present on board are Inox, Reliance Trends, Reliance
Footprint, Oneplus (mobile store), Burger King, Pizza Hut, Dominos,
State Bank of India, Modern Masti, Ximi Vogue, etc. The property
has an average daily footfall of up to 20,000 people and
35,000-40,000 people during weekend.
DECOR PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Decor
Paper Mills Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.13 [ICRA]A4; ISSUER NOT
Non-Fund To remain under 'Issuer Not
Based-Others Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2007, Decor Paper Mills Limited (DPML) is engaged
in the manufacturing of kraft paper which finds applications in the
packaging industry, especially for making corrugated boxes. The
company has its manufacturing unit located in Hyderabad having a
production capacity of around 60,000 MTPA of kraft paper of various
grades. The grades manufactured by the company include 12 BF, 14
BF, 16 BF, 18 BF, 20 BF, and 22 BF. DPML is promoted by the Agarwal
group, which has a long track record in the paper and pulp
industry. The key group companies are Bazargaon Paper and Pulp
Mills Private Limited (Nagpur, 25,000 MTPA) and Kolar Paper Mills
Limited (plant being setup at Chittoor, Andhra Pradesh with an
installed capacity of 105,000 MTPA).
FIBREMARX PAPERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Fibremarx
Papers Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term- 32.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 17.50 [ICRA]D; ISSUER NOT
COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund Based Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
FPPL started operations in 2006 to manufacture paper for writing,
printing and newsprint. The initial capacity was 33,000 metric
tonnes (MT) per annum, which was subsequently increased over the
years and is currently 60,000 MT per annum. The company
manufactures 60-80 grams per square metre (GSM) of writing paper,
45-50 GSM of newsprint and its customer mix consists of publishers,
retailers, wholesalers.
FUTURE GROUP: SC Asks Banks' Response on Future Retail's Plea
-------------------------------------------------------------
Livemint.com reports that the Supreme Court on Feb. 1 asked a
consortium of banks to file an affidavit after Kishore Biyani-led
Future Group Ltd ((FRL) sought the quashing of their warnings
against the company for starting insolvency proceedings against
it.
During a hearing on Feb. 1, the bench of Chief Justice of India NV
Ramana and Justices AS Bopanna and Hima Kohli asked the lenders to
file an affidavit. The court also posted the matter for hearing
today, Feb. 3, the report says.
FRL had cited its ongoing dispute with US-based e-commerce giant
Amazon.com, which stalled its INR24,713 crore retail asset sale
deal with Reliance Retail. It had requested the SC to direct
lenders to not declare the company a non-performing asset (NPA).
According to the report, the Supreme Court also set aside orders by
the Delhi high court, which had declined a stay on an arbitration
tribunal decision refusing to interfere with the Emergency Award
(EA) of the Singapore International Arbitration Centre (SIAC). The
apex court asked the Delhi high court "to consider issues and pass
an order on its own merits uninfluenced by observations."
The SIAC had granted relief to US e-commerce major Amazon by
restraining Kishore Biyani's Future Group from going ahead with the
merger deal of Future Retail Ltd (FRL) with Reliance Retail, the
report notes. Amazon had dragged Future Group to arbitration at
SIAC in October last year, arguing that FRL had violated their
contract by entering into the deal with rival Reliance Retail.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
Future Group owes around INR19,000 crore to banks and INR6,000
crore to the vendors. Future Retail Limited owes INR6,278 crore
debt with 28 banks, including SBI, Union Bank, Bank of India, Bank
of Baroda, Axis Bank, and IDBI Bank, among others.
Future, India's second-largest retailer, has sought to complete its
$3.4 billion retail asset sale to Reliance Retail since 2020. The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.
FUTURE RETAIL: S&P Cuts ICR to 'SD' on Principal Repayment Default
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
India-based Future Retail Ltd. to 'SD' from 'CCC-'.
S&P said, "We affirmed our 'CCC-' long-term issue rating on Future
Retail's U.S. dollar-denominated senior secured notes because we
expect the company to service the semi-annual coupon within the
grace period.
"We lowered the issuer credit rating on Future Retail because the
company failed to repay the principal on its onshore debt, even
within the review period allowed by Reserve Bank of India. A
principal repayment of about Indian rupee 35 billion was due on
Dec. 31, 2021, on the company's bank borrowings as part of a
one-time restructuring plan implemented by the onshore lenders in
April 2021. The company was allowed a review period of 30 days to
cure the default. Future Retail failed to cure the default amid an
unsuccessful attempt to monetize its small format stores and
insufficient cash flows to meet the sizable repayment obligation.
"We affirmed the issue rating on Future Retail's US$500 million
senior secured notes because we expect the company to service the
semi-annual coupon during the 30-day grace period--in line with
past trends. The coupon was due on the notes on Jan. 24, 2022."
Future Retail is an India-based retailer with about 1,388 stores
across more than 400 cities.
On Aug. 29, 2020, Reliance Retail Ventures Ltd., a subsidiary of
Reliance Industries Ltd., announced that it would acquire the
retail and wholesale business as well as the logistics and
warehousing business of Future Group. The completion of the deal
has been delayed by legal issues.
GK INDUSTRIAL PARK: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. G K Industrial Park Private Limited
30, Chennai Bypass Road
Mannarpuram, Trichy 620020
Insolvency Commencement Date: January 13, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: July 17, 2022
(180 days from commencement)
Insolvency professional: Madhu Desikan
Interim Resolution
Professional: Madhu Desikan
1/4, Vijay Laxmi Apartment
Balasubramaniam Street
Mylapore, Chennai 600004
E-mail: desikan.madhu@gmail.com
gkindustrialcirp@gmail.com
Last date for
submission of claims: February 1, 2022
GOLDEN TOBACCO: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings of Golden Tobacco Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 44.30 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund based 6.50 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Short Term– 3.00 [ICRA]D; ISSUER NOT
COOPERATING;
NonFund Based Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Golden Tobacco Limited (GTL) was established by the late Shri
Narsee Monjee in the year 1930 in Mumbai (Maharashtra) as a
proprietary firm, and later went public in the year 1955. The
company was set up as an integrated tobacco processing, cigarette
rolling and packaging unit, and has its manufacturing operations
located at Vadodara (Gujarat) set up in 1972 apart from the
original unit in Mumbai (now being used for real estate
development), and a tobacco processing unit in Guntur (Andhra
Pradesh). In 1979, the company was taken over by "Dalmia Group",
led by Mr. Sanjay 2 Dalmia. The major brand & brand extensions
being manufactured are Panama, Chancellor, CHL, Panama Premium
Filter and Panama Mini King.
GOPAL OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gopal Oil
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term- 9.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Gopal Oil Industries is a proprietorship concern and was
incorporated in 1990. The firm started operations with two oil
expellers at Pandhurna in the state of Madhya Pradesh. The
manufacturing operations were expanded over the years and the firm,
as on date, has 18 oil expellers/crushers currently, a caustic wash
section and a groundnut shelling plant. The firm got its cotton
seed cake brand "Surbhi Shri" registered in 2008. The product mix
of the firm constitutes cotton seed oil and cotton seed cake. The
firm also trades in commodities such as soyabean seed, groundnut
cottonseed etc.
HCL TECHNOLOGIES LIMITED: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: HCL Technologies Limited
Registered office:
806, Siddharth
96, Nehru Place
New Delhi 110019
Corporate office:
Plot No. 3A, 3B
2C, IT/ITES
Special Economic Zone
Sector-126, Noida 201304
UP
Insolvency Commencement Date: January 17, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: July 16, 2022
(180 days from commencement)
Insolvency professional: Raj Kumar Gupta
Interim Resolution
Professional: Raj Kumar Gupta
S-203, 2nd Floor
Plot No. 1, Ajnara Tower-1
LSC, Savita Vihar
Nr. Yojna Vihar
New Delhi 110092
E-mail: rkgassociate@gmail.com
ip.hcltechnologies@gmail.com
Last date for
submission of claims: February 1, 2022
JAI BHOLE: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai Bhole Steel
Tubes Private Limited's (JBSTPL) Long-Term Issuer Rating to the
non-cooperating category at 'IND BB+ (ISSUER NOT COOPERATING)' and
has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR120 mil. Fund-based working capital limit* migrated to non-
cooperating category and withdrawn; and
-- INR30 mil. Proposed fund-based working capital limit* migrated
to non-cooperating category and withdrawn.
* Migrated to 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn
KEY RATING DRIVERS
The ratings have been migrated to the non-cooperating category as
the issuer did not participate in the rating exercise despite
continuous follow-ups by Ind-Ra.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no objection certificate from the rated facility
lender. This is consistent with the Securities and Exchange Board
of India's circular dated 31 March 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
JBSTPL.
COMPANY PROFILE
Established in 2003, JBSTPL manufactures electric resistance welded
tubes and cold-rolled strips at its manufacturing facility in
Ludhiana, Punjab. It has an annual installed capacity of 54,000
metric tons for cold-rolled strips and 30,000 metric tons for
cold-rolled precision tubes. Sushil Kumar Maini and Kuldeep Kumar
are the promoters.
JAYPEE INFRATECH: Suraksha Group Expects NCLT Nod by March
----------------------------------------------------------
Business Standard reports that Mumbai-based Suraksha group on Jan.
30 said the company expects to get the approval of the NCLT by
March to acquire Jaypee Infratech Ltd (JIL) through insolvency
process and complete around 20,000 flats for homebuyers.
In the meantime, Suraksha ARC Managing Director and Chief Executive
Officer Aalok Dave said the company is making preparations
internally to start construction work on all stalled projects soon
after the NCLT approval, the report relates.
On Jan. 30, Suraksha group held a two-hour long webinar to address
the concerns of homebuyers, who are stuck across various projects
of the JIL at Noida and Greater Noida in Uttar Pradesh, according
to Business Standard.
In June last year, Suraksha group received the approval of
financial creditors and homebuyers to takeover the JIL, raising
hopes for homebuyers of getting possession of their dream flats.
"The National Company Law Tribunal (NCLT), Delhi is giving top most
priority to this case. We expect to get order by March. It may come
earlier also," Dave told homebuyers.
He expressed confidence that the company would get the NCLT
approval on its resolution plan, the report relays.
"Legal hurdles are less this time," the report quotes Dave as
saying.
About Jaypee Infratech
Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis. The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway. The Healthcare business segment includes
hospitals. The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.
JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017. The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.
On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company. With this, the board of directors of the
company remains suspended.
Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.
LAKSHMINARASIMHA: ICRA Keeps B Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of Lakshminarasimha
Warehousing in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.15 [ICRA]B (Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
TL to remain under 'Issuer Not
Cooperating' category
Long Term- 0.85 [ICRA]B (Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Unallocated to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Lakshminarasimha warehousing a partnership concern was established
on October 10, 2015 and is mainly engaged in the activity of
construction of go-downs and leasing out to FCI/CCI. The firm has
availed a term loan from Corporation Bank to build and lease grain
storage godowns which is being built at Gajalpuram village,
Thripuraram Mandal of Nalgonda district. The present capacity of
the godowns is 8,000 MT.
MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahalaxmi
Cashew Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Mahalaxmi Cashew Industries is a partnership firm that processes
raw cashew nuts (RCN) to cashew kernels. The firm also trades in
RCN to an extent. It was established in 1996 and has its
manufacturing unit in Chandgad, Maharashtra with an installed
capacity of 6MT per day. MCI sources its RCN from local traders and
resellers as well as through imports from Benin, Tanzania and
Indonesia. The firm sells the processed kernels primarily to
wholesale dealers within India.
MATOSHRI LAXMI: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Matoshri
Laxmi Sugar Co-Generation Industries Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term- 61.40 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Matoshri Laxmi Sugar Co-Generation Industries Limited ('MLSCIL' or
'the company'), incorporated in May 2008, operates a 3500 TCD
(Tonnes Crushed Per Day) sugar plant, which is forward integrated
with co-generation unit of 10 MW. The plant has been setup at
village Rudhewadi in Solapur district of Maharashtra. The sugar
plant was commissioned in April 2012 though commercial operations
began from October 2012 while the co-generation unit was
commissioned in January 2014.
NAVALAKHA TRANSLINES: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Navalakha
Translines in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 21.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based/ COOPERATING; Rating continues
Non Fund Based to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
NTR is engaged in transport of liquid chemicals and gases. It owns
a fleet of 109 multi axle tankers of different tonnage capacities
varying from 11 MT to 40 MT per tanker. Annual transportation by
the firm is in the range of 1,40,000 to 1,50,000 MT. The firm
primarily operates in western and southern India with branches in
five locations in Maharashtra and Gujarat. Since 2000, NTR has
entered into wind power generation to avail accelerated
depreciation benefits. The firm has installed WEGs at different
places in Maharashtra and Karnataka with total installed capacity
of ~12 MW. The firm has also commissioned two solar power plants of
1 MW and 2 MW in April 2013 and May 2014 respectively. The
Navalakha Group is engaged in various activities like
transportation, wind power generation, agriculture activities like
fruits and flowers, gases and chemicals, real estate etc.
PAN INDIA: Liquidation Process Case Summary
-------------------------------------------
Debtor: Pan India Network Limited
135, Continental Building
Dr. A.B. Road
Worli, Mumbai
Maharashtra 400018
Liquidation Commencement Date: January 27, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of insolvency
resolution process: December 20, 2021
Insolvency professional: Sonu Gupta
Interim Resolution
Professional: Sonu Gupta
42/1201, 11th Floor
N.R.I. Complex
Seawoods Estates
Nerul, Navi Mumbai
Maharashtra 400706
E-mail: rpsonugupta@gmail.com
- and -
Caravan House, First Floor
Plot No. 10, Sector 24
Near Sanpada Railway Station
Turbhe, Navi Mumbai 400705
Mobile: 9323911177
E-mail: liquidator.pinl@gmail.com
Last date for
submission of claims: February 26, 2022
POWER PRIVATE: Ind-Ra Withdraws 'BB' Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SV Power Private
Limited's (SVPL) term loan rating as follows:
-- INR2.590 bil. Term loan* due on March 15, 2028 is withdrawn.
*The above limits have been transferred to ACB (India) Limited
(ACBIL, 'IND BB/RWN') on account of amalgamation of SVPL with
ACBIL. Ind-Ra has received the new sanction letters for these
limits under the name of ACBIL.
KEY RATING DRIVERS
The rating has been withdrawn as SVPL has ceased to exist as a
legal entity following its amalgamation with ACBIL. Ind-Ra will no
longer provide analytical and rating coverage for SVPL. The
existing bank limits have been transferred in the name of ACBIL.
COMPANY PROFILE
SVPL operated a coal washery with a beneficiation capacity of 2.5
million tons per annum and a 63MW coal washery reject-based thermal
power plant in Korba, Chhattisgarh.
ACBIL, a flagship company of the Aryan Group, was incorporated in
March 1997. ACBIL has nine coal washeries, with an installed
capacity of 59.19mt. ACB is also operating coal washery of 1.60mt
at Dahibari for Bharat Coking Coal Limited. In addition, ACBIL is
engaged in power generation. It has three power plants with a 493MW
thermal plant and a 15MW wind farm.
PREHARI PROTECTION: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prehari
Protection Systems Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-Term- 0.34 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 2.66 [ICRA]D; ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
PPSPL was established in 1992 as a proprietorship entity (Prehari
Protection Systems) by Mr. Rajinder Pal. Later in 1995, the entity
was reconstituted as a private limited company by Mr. Rajinder Pal
and his son-in-law, Mr. Kamaljit Singh. The company provides
facility management services such as security, housekeeping and
cleaning solutions; human resource services; solid waste management
services etc to various government departments and public-sector
undertakings.
RAM RICE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long term rating of Shri Ram Rice Mills in
the 'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 65.00 [ICRA]B+(Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues to
remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Shri Ram Rice Mills (SRRM) is a partnership firm established in
2004. The firm is involved in milling and sorting Basmati rice.
SRRM's milling unit is in Karnal, Haryana, close to the local grain
market. It sells rice in the domestic market under its two
registered brands – Shripati Ji and Tauba Tauba. The firm has an
installed capacity of 1,000 quintal per day for paddy milling and
sorting.
REVATHI MODERN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Revathi
Modern Rice Mill in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.30 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.70 [ICRA]B+(Stable)ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 1990 as 'Manikandan Rice Mill', the firm was renamed
as Revathi Modern Rice Mill in 1997. The firm's rice mill is
located in Salem district of Tamil Nadu with a capacity to produce
60 tonne of single boiled rice per day. The major varieties of rice
dealt by the firm include White Ponni, Karnataka Sona, BPT Rice and
Delux ABT 43. Single boiled rice produced by the firm is sold
entirely in Tamil Nadu and its main customers are supermarkets
located in Erode, Coimbatore, Salem, Karur, Dharmapuri and Trichy.
RMRM sells rice under various brand names – Revathi, Revathi
Mallikai, Kumuthamalli, Amudammalli, Sri Cathura, Mallikai Mark
Brand and Mahaganapathy.
S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Non-convertible Debentures (NCD) ratings of
S&J Granulate Solutions (P) Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
NCD 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Business Incorporated in 2010, S&J Granulate Solutions Private
Limited (SGSPL) is engaged in the business of recycling of used &
worn out tires. Post recycling of used tires, three products are
separated (rubber granules, steel wire and nylon fiber). The
company imports used radial tires mostly from Europe & Middle East;
while the separated products post recycling are sold domestically
to various players. The company's manufacturing facility is located
at Vapi Silvassa road in Gujarat. SGSPL is promoted by Jiwarajka
and Agarwal Family.
SENTHUR VELAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shri
Senthur Velan Infras in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 4.00 [ICRA]A4; ISSUER NOT
Non Fund Based COOPERATING; Rating continue
To remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Shri Senthurvelan Infras (SSV) is a partnership concern established
in February 2012 with Mr. S.A. Palanisamy and his wife Mrs. R.
Geetha as partners. This firm undertakes small scale infrastructure
projects and is primarily focused on laying and maintenance of
roads (national highways, state highways and private roads) and
bridges. SSV undertakes projects predominantly in Tamil Nadu and
Karnataka. The managing partner, Mr. S.A. Palanisamy was previously
a partner in Sri Ambal & Co (SAC); a firm which has been engaged in
similar line of business and has a track record of over 15 years in
execution of
projects.
SEPAL CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sepal
Ceramic in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based– 1.24 [ICRA]B+ (Stable) ISSUER NOT
Term loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund-based– 3.40 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-fund Based– 2.00 [ICRA]A4; ISSUER NOT
Bank Guarantee COOPERATING; Rating continue
to remain under the 'Issuer Not
Cooperating' category
Unallocated 1.49 [ICRA]B+(Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING;
Rating continue to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Sepal Ceramic was established as a partnership firm in 2007 by Mr.
Paresh Vilpara and family. The commercial operations of the firm
commenced from April 2008. SC manufactures digitally printed
ceramic wall tiles from its unit in Morbi, Gujarat, with an
installed production capacity of 38,500 metric tonnes per annum.
SHOP CJ NETWORK: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shop CJ Network Private Limited
Registered office:
102, Eshaanm Ghantali Road
Naupada Mumbai City
MH 400602
IN
Office:
7th Floor, FC-24 Film City
Sector-16A, Noida 201301
UP IN
Insolvency Commencement Date: January 19, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 18, 2022
Insolvency professional: Mr. Sanjay Shrivastava
Interim Resolution
Professional: Mr. Sanjay Shrivastava
205 B Suraksha Apartment
Hindustan Colony
Amravati Road Nagpur
Maharashtra 440033
E-mail: casanjayshrivastava@gmail.com
- and -
AAA Isolvency Professionals LLP
A301, Bsel Tech Park
Sector 30a
Opp. Vashi Railway Station
Vashi, Navi Mumbai 400705
E-mail: shopcjnetwork@aaainsolvency.com
Tel: 022-42667394
Last date for
submission of claims: February 11, 2022
SHREE CREATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Creations (erstwhile Navkar Tex Creations) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
SNTC is a proprietorship firm based in Pali, Rajasthan which was
incorporated in 2008 and is managed by second generation
entrepreneur Mr. Kalpesh Bhandari. The firm is a part of the
Pali-based ISON group, which has interests in real estate
development, apart from textile trading. The firm trades in
'rubia', a fabric which is primarily used in blouses for women and
as an inner lining in dresses. It procures the grey fabric from
'mandis' in Rajasthan and Maharashtra and gets it processed on an
outsourced basis in Pali, which is a hub for textile processing. It
sells its fabric to wholesalers across the country through agents
on a commission basis.
SHREEBHAV POLYKNITS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shreebhav Polyknits Private Limited
238-240, Unity Estate
Next to Batliboi Ltd.
Bhestan Surat
Gujarat 395023
Insolvency Commencement Date: September 27, 2021
Court: National Company Law Tribunal, Vadodara Bench
Estimated date of closure of
insolvency resolution process: March 27, 2022
Insolvency professional: Nirav Anupam Tarkas
Interim Resolution
Professional: Nirav Anupam Tarkas
#209 B.N. Chambers
Opp. Welcom Hotel
R.C. Dutt Road
Alkapuri
Vadodara 390007
Tel: (0265) 2359988
E-mail: shreebhavpolyknitscirp@gmail.com
natshare@yahoo.co.in
Last date for
submission of claims: October 27, 2021
SHREEDHAM CONSTRUCTIONS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Shreedham Constructions Private Limited
105/106 1st Floor Vijayind Estate
New Link Road Malad (W)
Mumbai MH 400064
IN
Insolvency Commencement Date: January 19, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: July 18, 2022
Insolvency professional: Mr. Mahesh Sureka
Interim Resolution
Professional: Mr. Mahesh Sureka
173 Udyog Bhavan
Sonawala Road
Goregaon East
Mumbai 400063
Mobile: 9322581414
9870944469
E-mail: mahesh@mrsureka.com
Last date for
submission of claims: February 7, 2022
SVM CERA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of SVM Cera
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund Based– 2.80 [ICRA]D;ISSUER NOT COOPERATING;
Letter of Credit Rating continue to remain under
the 'Issuer Not Cooperating'
category
Non-fund Based– (0.50) [ICRA]D;ISSUER NOT COOPERATING;
Bank Guarantee Rating continue to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
SVM Cera Private Limited (formerly known as M/s. Matalvuoto Films
(India)) was incorporated in January 1986. With effect from April
1, 2014, the name was changed from the erstwhile SVM Cera Tea
Limited to SVM Cera Limited. Further, with effect from September
29, 2015, the name was changed from SVM Cera Limited to SVM Cera
Private Limited. The company manufactures ceramic glaze frit (CGF)
at its unit located at Ankleshwar, Gujarat. The company's
operations are handled by Mr. K.M. Bhanderi, under the leadership
of Chairman Mr. S.V. Mohta and other professional directors.
TAGOOR CHEMICALS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Tagoor Chemicals
Private Limited's (TCPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR255.50 mil. (increased from INR89.60 mil.) Term loan due on
March 2027 upgraded with IND BB+/Stable rating;
-- INR100 mil. (increased from INR70 mil.) Fund-based working
capital limit Long-term rating upgraded; short-term rating
affirmed with IND BB+/Stable/IND A4+ rating;
-- INR50 mil. (increased from INR30 mil.) Non-fund-based working
capital limit affirmed with IND A4+ rating; and
-- INR28.10 mil. (reduced from INR31.70 mil.) Working capital
term loan upgraded with IND BB+/Stable rating.
The upgrade reflects the improvement in TCPL's in EBITDA margins
and credit metrics in FY21.
KEY RATING DRIVERS
TCPL's EBITDA margins rose to a healthy 15.27% in FY21 (FY20:
8.98%) owing to a decrease in the operating expenses. The ROCE was
29.10% in FY21 (FY20: 15.60%). In FY22, the margins are likely to
improve or remain at the FY21 levels, as the overall operating
expenses are likely to either remain at the same levels or witness
minimal changes.
Furthermore, the company's credit metrics improved in FY21 due to a
rise in the absolute EBITDA to INR135.76 million (FY20: INR69.34
million). The gross interest coverage (operating EBITDA/net
interest expense)was 5.45x in FY21 (FY20: 2.74x) and the net
leverage (net adjusted debt/operating EBITDA) was 2.04x (3.98x).
The credit metrics are likely to improve in the medium term on
account of the company's focus on higher-margin products, which
eventually would contribute in the form of improved credit metrics.
The ratings continue to be constrained by TCPL's small scale of
operations, as indicated by revenue of INR889 million in FY21
(FY20: INR772.38 million). The revenue grew on a YoY basis due to
an increase in the number of orders received by the company. TCPL
commenced operations in November 2018; thus, FY20 was the first
full year of operations. During April-October 2022 (7MFY22) TCPL
reported revenue of INR515.06 million. The management expects the
revenue to increase on a yoy basis in FY22 on account of a higher
focus on higher-margin-generating drugs. TCPL manufactures
anti-ulcer drugs that have been available in the market for 30
years and that can also be used in combination with other drugs.
These drugs are in demand throughout the year and are available
over-the-counter. Additionally, TCPL has undertaken a CAPEX of
INR250 million to enhance its capacity by 40 tons per month; the
company had already incurred INR100 million on it as of date. The
CAPEX plan would contribute about 40% to the existing turnover and
the new products to be added to the portfolio shall bolster the
margins by 3%-4%.
Liquidity Indicator - Stretched: The average utilization of
fund-based limits was 49% over the 12 months ended December 2021,
while that of the non-fund-based limits was 65%. The cash flow from
operations increased to INR70.57 million in FY21 (FY20: INR44.80
million) owing to the increase in the EBITDA and favorable changes
in the working capital. The free cash flow increased to INR14.90
million in FY21 (FY20: INR1.41 million) as the company did not
incur any major CAPEX during the year. The working capital days
remained nearly stable at 52 days in FY21 (FY20: 51 days). The cash
and cash equivalents stood at INR11.51 million at end-FY21
(end-FY20: INR9.35 million) against scheduled debt repayments of
INR15.60 million in FY22.
The ratings are supported by the promoters' experience of more than
a decade in the pharmaceutical industry.
RATING SENSITIVITIES
Negative: Any delay in the planned CAPEX or any deterioration in
the operational performance or any weakening in the credit metrics
shall be negative for the ratings.
Positive: Commencement of operations in the ongoing CAPEX, leading
to improved operational performance and credit metrics, or the net
leverage remaining below 3.5x, all on a sustained basis, along
shall be positive for the ratings.
COMPANY PROFILE
Incorporated in 2009, TCPL manufactures intermediates related to
anti-ulcer and anti-emetic drugs. TCPL is headed by Kasi Viswanadha
Raju.
TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA Rating said the rating for the INR80.00-crore Non-convertible
Debenture programme of Talwalkars Better Value Fitness Limited
continues to remain under 'Issuer Not Cooperating' category'. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 80.00 [ICRA]D; ISSUER NOT COOPERATING;
Bonds/NCD/LTD Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
The company offers various lifestyle activities such as aerobics,
yoga, spa and zumba programmes, as well as diet and weight loss
programmes. It also forayed into the segment of leisure and sports
clubs, wherein it set up its first club in Pune (Maharashtra) in
collaboration with David Lloyd Leisure Limited. The club is
expected to become operational soon.
THIRU MARGADARSHI: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Thiru
Margadarshi Construction (P) Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
TL 'Issuer Not Cooperating'
Category
Long-Term- 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Thiru Margadarshi Construction Pvt. Ltd, promoted by Mr. Narayanan,
was incorporated in 2003 and is involved in the business of
real-estate development in Bangalore. At present, the company has
seven ongoing projects for construction of residential apartments
and commercial buildings in Bangalore.
TIRUPATI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Tirupati
Cotton (Ghatanji) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.50 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B+(Stable)ISSUER NOT
Fund Based COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 2008, Tirupati Cotton (Ghatnaji) is involved in
ginning and pressing of raw cotton (kapas) into cotton bales. The
business is owned and managed by the two partners, Mr. Chetan
Agrawal and Mr. Shiv Shankar Agrawal, on an equal profitsharing
basis.
VIDYANIKETHAN EDUCATIONAL: Ind-Ra Keeps D Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sree
Vidyanikethan Educational Trust's (SVET) bank facilities rating in
the non-cooperating category and has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR1,106.30 bil. Bank loans (Long-term)* maintained in non-
cooperating category and withdrawn; and
-- INR150.00 mil. Fund-based working capital limits (Long-term)*
maintained in non-cooperating category and withdrawn.
*Maintained in 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn
KEY RATING DRIVERS
The ratings have been maintained in the non-cooperating category as
SVET did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.
COMPANY PROFILE
SVET was established as a public charitable trust in 1992 in
Tirupati (Andhra Pradesh) by Dr M Mohan Babu. The trust operates
five colleges and three schools across Tirupati.
VIR ELECTRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vir
Electro Engineering Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term- 12.35 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-Term- 6.92 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-Term- 4.73 [ICRA]D; ISSUER NOT COOPERATING;
Fund based- Rating continues to remain under
Unallocated 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 1996 by Mr. Shivaji S. Dalvi, Vir Electro
Engineering Private Limited (VEE) is engaged in fabrication,
galvanizing, spray painting and metalizing of steel structures for
engineering companies like Crompton Greaves, ABB Ltd. and Siemens.
The company is specialized in surface preparation and protection
work as specified by customer and manufacturer of fabrication
items. The company's manufacturing plants are located at Ambad and
Gonde at Nashik. VEE has set up their manufacturing plant at Gonde,
Nashik in January 2013. The total installed capacity of 2,600 MT
per month for fabrication and galvanization. The company is
certified ISO 9001:2008 since 2001.
===============
M A L A Y S I A
===============
JERASIA CAPITAL: Classified as Practice Note 17 Company
-------------------------------------------------------
theedgemarkets.com reports that Jerasia Capital Bhd has become the
latest company to be classified as an affected listed issuer under
Practice Note 17 (PN17) of the Main Market Listing Requirements
(MMLR), bringing the number of PN17 companies to 25 as of Jan. 31.
According to the report, Bursa Malaysia Securities Bhd said it
would continue to monitor the progress of the fashion apparel
manufacturer in respect of its compliance with the MMLR.
"As at Jan. 31, 2022, there are a total of 27 companies under PN17
and GN3 (Guidance Note 3) which represent 2.98 per cent of the
total number of 907 companies listed on the Main and ACE Markets of
Bursa Securities," it added.
On Jan. 28, Jerasia said its board was taking the necessary steps
to formulate a regularisation plan to address the company's PN17
status and would make the necessary announcements on the plan in
due course, the report adds.
Jerasia Capital Berhad is an investment holding company which
provides management consultancy services. The Company, through its
subsidiaries, manufactures, exports, wholesales, and retails
fashion garments and accessories. Jerasia Capital also provides
haulage services.
=====================
N E W Z E A L A N D
=====================
ISLAND GRACE: BDO Auckland Appointed as Administrators
------------------------------------------------------
Rees Logan and Andrew McKay of BDO Auckland on Dec. 22, 2021, were
appointed as administrators of Island Grace (Fiji) Limited.
The administrators may be reached at:
Rees Logan
Andrew McKay
BDO Auckland
Level 4, BDO Centre
4 Graham Street, Auckland 1010
K.R. TONG ENGINEERING: Creditors' Proofs of Debt Due on March 18
----------------------------------------------------------------
Creditors of K.R. Tong Engineering Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 18,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 1, 2021.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu Peninsula, Auckland
PADDY C: Creditors' Proofs of Debt Due on March 28
--------------------------------------------------
Creditors of Paddy C Boarding Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 28,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 28, 2022.
The company's liquidator is:
Thomas Lee Rodewald
Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road (PO Box 15543)
Tauranga 3144
=================
S I N G A P O R E
=================
DELL SINGAPORE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Dell Singapore Pte Ltd, on Jan. 27, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Teh Kwang Hwee
1 Commonwealth Lane
#07-32 One Commonwealth
Singapore 149544
DERMA-RX INTERNATIONAL: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Derma-Rx International Aesthetics Pte Ltd, on Jan. 21,
2022, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Seah Chee Wei
60 Paya Lebar Road
#08-05 Paya Lebar Square
Singapore 409051
MYJET ASIA: Creditors' Meeting Set for Feb. 11
----------------------------------------------
Myjet Asia Pte Ltd will hold a meeting for its creditors on Feb.
11, 2022, at 3:30 p.m., via Zoom platform.
Agenda of the meeting includes:
a. to lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
company;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
d. to resolve that the books, accounts and documents of the
Company be destroyed pursuant to Section 195(2) of the
Insolvency, Restructuring and Dissolution Act 2018 (No.40 of
2018); and
e. any other business.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
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