/raid1/www/Hosts/bankrupt/TCRAP_Public/220211.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, February 11, 2022, Vol. 25, No. 25
Headlines
A U S T R A L I A
6Y'S PTY: First Creditors' Meeting Set for Feb. 21
INFINITY DECKING: Second Creditors' Meeting Set for Feb. 14
KAGA CONSTRUCTIONS: Commences Wind-Up Proceedings
ZEUS POWER: First Creditors' Meeting Set for Feb. 18
B A N G L A D E S H
GRAMEEN TELECOM: Workers' Union Leader Files Liquidation Petition
C H I N A
CHINA EVERGRANDE: No Fire Sales; To Resume Construction, Says CEO
YUZHOU GROUP: Fitch Cuts LT Foreign-Currency IDR to 'RD'
I N D I A
ADITYA SPINNERS: CRISIL Lowers Rating on INR5cr Cash Loan to B
AL NAFEES: CRISIL Keeps D Debt Ratings in Not Cooperating
APT PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
ETA ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
EUROTEK ENGINEERING: CARE Cuts Rating on INR6.75cr Loan to B-
FOREMOST INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
FUTURE RETAIL: Lenders to Take Legal Advice on Stores Sale
GREESHMAM RESORTS: CRISIL Lowers Rating on INR18.5cr Loan to D
KISAN MOULDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
MFL INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
N. S. ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
NEXUS ELECTRO: CRISIL Downgrades LT/ST Debt Ratings to D
P. RAJA: CARE Keeps B- Debt Rating in Not Cooperating
PREMIUM EXPORTS: CRISIL Lowers Rating on INR8cr Loan to D
SANJIVANI PARANTERAL: CRISIL Keeps D Ratings in Not Cooperating
SHIRPUR GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
SPINE ARTHROSCOPIC: CARE Cuts Rating on INR11.78cr Loan to B+
STERLING BIOTECH: NCLT Temporarily Stays Auction
THAUSI EXPORT: CARE Keeps D Debt Rating in Not Cooperating
TRYCON INFRASTRUCTURE: CRISIL Cuts Rating on INR5cr Loan to D
UNIJULES LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
VAIJANATH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
VATIKA LIMITED: CARE Withdraws C Rating on Long Term Debts
M A L A Y S I A
JERASIA CAPITAL: Subsidiaries Default on Loan Payments
N E W Z E A L A N D
AAA DRILLING: Creditors' Proofs of Debt Due March 9
FOREX TECHNICAL: Creditors' Proofs of Debt Due March 25
THINKING MACHINE: Court to Hear Wind-Up Petition on Feb. 18
XTRAMILE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 25
S I N G A P O R E
EZION HOLDINGS: Court to Hear Wind-Up Petition on Feb. 18
HOMAX PTE: Creditors' Proofs of Debt Due March 11
NAKE CO: Court Enters Wind-Up Order
NO SIGNBOARD: Unit to Pursue Creditors' Voluntary Liquidation
PHOENIX (S): Court Enters Wind-Up Order
SINGAPORE PRESS: Drops Keppel's offer, Moves Ahead with Rival Bid
TRIPLE H: Court Enters Wind-Up Order
- - - - -
=================
A U S T R A L I A
=================
6Y'S PTY: First Creditors' Meeting Set for Feb. 21
--------------------------------------------------
A first meeting of the creditors in the proceedings of 6Y's Pty Ltd
will be held on Feb. 21, 2022, at 11:00 a.m. via virtual meeting
technology.
Damien Lee Hou Lau and Tracy Lee Knight of Bentleys were appointed
as administrators of 6Y's Pty on Feb. 9, 2022.
INFINITY DECKING: Second Creditors' Meeting Set for Feb. 14
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Infinity
Decking Pty Ltd has been set for Feb. 14, 2022, at 9:00 a.m. via
telephone.
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. 11, 2022, at 2:00 p.m.
Michael Dullaway and Mark William Pearce of Pearce & Heers were
appointed as administrators of Infinity Decking on Jan. 10, 2022.
KAGA CONSTRUCTIONS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Kaga Constructions Pty Ltd, on Feb. 10, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Philip Raymond Hosking
Helm Advisory
Suite 2, Level 16
60 Carrington Street
Sydney, NSW 2000
ZEUS POWER: First Creditors' Meeting Set for Feb. 18
----------------------------------------------------
A first meeting of the creditors in the proceedings of Zeus Power
Investments Pty Ltd will be held on Feb. 18, 2022, at 11:00 a.m.
via online video conference.
Andrew Beck of Greyhouse Partners was appointed as administrator of
Zeus Power on Feb. 9, 2022.
===================
B A N G L A D E S H
===================
GRAMEEN TELECOM: Workers' Union Leader Files Liquidation Petition
-----------------------------------------------------------------
The Financial Express reports that a petition has been filed with
the company court of the High Court division of the Supreme Court
seeking liquidation of Grameen Telecom, an organisation owned by
Nobel laureate Professor Muhammad Yunus.
FE relates that Mahmud Hasan Feroz, secretary of the 'Grameen
Telecom union of workers and employees' filed the petition recently
on behalf of the 99 members of the union.
Upon hearing the petition on Feb. 7, the High Court bench of
Justice Muhammad Khurshid Alam Sarkar fixed April 3 for passing
over the matter.
Lawyer Yousuf Ali appeared in the court on behalf of the
petitioners, while lawyer Mustafizur Rahman Khan represented
Grameen Telecom, the report notes.
"The workers and the employees of the company are entitled to get 5
per cent of the net profit of the Grameen Telecom as per the rule.
They will get it since 2006 and the dues are more than 2.5 billion
now. But the company is not giving the dues to the employees. In
this circumstance, they moved the Labour Court," FE quotes Mr.
Yousuf Ali as saying. "However, we have enough evidence that
Professor Yunus is trying to influence the Labour Court ruling. In
this case, we will be deprived of proper justice. In this
situation, we have appealed to the High Court to appoint a
liquidator for the company."
The court heard both the parties and fixed April 3 for passing
order over the issue, said Mr. Yousuf Ali.
According to FE, Mr. Mustafizur Rahman said, "Grameen Telecom is a
non-profit organisation. The law, under which the employees are
demanding their dues, is not applicable in this organisation. And
if they get money, then the amount of the money is not so much that
is claimed by them."
"Grameen Telecom tried to hire a consultant for out of court
settlement. But finally, they didn't do it. Now the leaders of the
union are saying that Grameen Telecom tried to influence the court
ruling, the law minister and the labour minister. They also stated
this in the petition submitted in the High Court. This type of
statement is totally baseless and worthless," added the lawyer.
Without any discussion with the union, the Grameen Telecom
authorities laid off 99 employees through a notice, the report
says. Since then dissatisfaction started among the employees. Later
a writ petition was filed with the High Court challenging the
notification.
Upon hearing the petition the High Court also summoned Professor
Yunus. Finally, the court on April 4 in 2021 directed the
authorities to reinstate the employees, FE relates.
Apart from this, more other cases were filed at different times
against Professor Yunus and other officials of Grameen Telecom. The
dismissal employees are basically filing those cases demanding
their dues, adds FE.
=========
C H I N A
=========
CHINA EVERGRANDE: No Fire Sales; To Resume Construction, Says CEO
------------------------------------------------------------------
Reuters reports that shares of China Evergrande Group jumped on
Feb. 10 after the chairman of the world's most indebted property
developer said it would resume construction, and ruled out fire
sales.
Evergrande, with more than $300 billion in liabilities, including
nearly $20 billion international bonds deemed to be in default, has
been struggling to repay creditors, suppliers, and deliver homes,
Reuters says.
Shares gained as much as 7.2% to HK$1.79, their highest since Jan.
25, Reuters discloses. That compared with a loss of 0.3% in the
benchmark Hang Seng Index (.HSI) and a rise of 2.5% in Hang Seng
Mainland Properties Index (.HSMPI).
According to Reuters, China Evergrande needs to clear its debt by
fully restoring construction and sales activities and not by
selling assets on the cheap, its chairman, Hui Ka Yan, told an
internal meeting, vowing to complete half of pre-sold homes this
year.
Reuters relates that Hui said the firm aimed to fully resume
construction work across China this month, compared with 93.2% at
the end of last year, with a goal of delivering 600,000 apartments
in 2022.
Evergrande started having trouble repaying its suppliers and
creditors in June as a bloated real estate sector suffered from
deleveraging, triggering massive selloffs in its shares and bonds,
the report says.
During the early days of the firm's debt crisis, its CEO, Xia
Haijun, cashed out his bond holdings for a total of $128 million
between July 27 to August 17 at prices of 35.88 cents to 52.38
cents, Reuters relays citing stock exchange filings on Feb. 9
showed.
The prices compared to Evergrande's bonds trading at around 15
cents on Feb. 10.
The bonds involved were 8.75% notes due 2025, 11.5% notes due 2023
and 11.5% senior notes due 2022, the report adds.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze, the Post
recalls. It has since worked with more advisers in the past two
months by turning to China International Capital Corp, BOCI Asia
and Zhong Lun Law Firm on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2021, S&P Global Ratings lowered the issuer credit ratings
on China Evergrande Group and Tianji Holding Ltd. to 'SD' from
'CC'. S&P also lowered the issuer rating on Tianji's bonds due
2022 and 2023 to 'D' from 'C'. S&P subsequently withdrew all its
ratings on Evergrande, its subsidiary Hengda Real Estate Group Co.
Ltd., and Tianji, at the group's request.
The TCR-AP also reported that Fitch Ratings has downgraded to 'RD'
(Restricted Default), from 'C', the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of China Evergrande Group and its
subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding
Limited. Fitch has affirmed the senior unsecured ratings of
Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as
well as the Tianji-guaranteed senior unsecured notes issued by
Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'.
The downgrades reflect the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.
YUZHOU GROUP: Fitch Cuts LT Foreign-Currency IDR to 'RD'
--------------------------------------------------------
Fitch Ratings has downgraded China-based property developer Yuzhou
Group Holdings Company Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'RD' (Restricted Default) from 'C' on the
completion of an exchange offer. The rating actions are in
accordance with Fitch's rating definitions.
The senior unsecured rating of Yuzhou has been affirmed at 'C',
with a Recovery Rating of 'RR4'.
KEY RATING DRIVERS
Restricted Default: On 20 January 2022, Yuzhou completed the
exchange of two offshore bonds due on 23 January 2022 and 25
January 2022 with outstanding amounts of USD242 million and USD340
million, respectively. The company combined the two notes due in
January 2022 into USD950 new notes with an interest rate of 7.8125%
maturing in January 2023. Out of the USD1,000 principal of the two
notes, bondholders will receive USD50 principal repayment in cash,
USD10 in cash, and USD950 aggregate principal amount in new notes.
The company issued CNY453 million in new notes in exchange for
USD477 million of the January 2022 notes. According to the exchange
announcement, Yuzhou intends to remain in dialogue with the holders
of the remaining January 2022 bonds who did not participate in the
exchange, and collectively hold a principal amount of USD105
million.
Yuzhou has an ESG Relevance Score of '4' for Group Structure due to
a high share of contracted sales from unconsolidated joint ventures
and associates, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.
DERIVATION SUMMARY
Yuzhou's IDR has been downgraded to 'RD' in line with Fitch's
rating definitions.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Total annual contracted sales of CNY95 billion-105 billion in
2021-2024 (2020: CNY105 billion), with a consolidated ratio in
the 35%-40% range;
-- The average selling price to rise by 2%-9% a year on average
in 2021-2024, from CNY16,756/square metre in 2020;
-- Land bank life to remain below 2.0 years in 2021-2022 (2020:
2.5 years);
-- Stable land costs over 2021-2023;
-- Selling, general and administrative expenses at 2.8% of
contracted sales in 2021-2023.
KEY RECOVERY RATING ASSUMPTIONS
-- 10% administrative claim.
-- 80% advance rate applied to trade receivables. Account
receivables constitute a small percentage of the company's
total assets, as is typical in China's homebuilding industry.
The advance rate is in line with the advance rate for accounts
receivable as mentioned in the criteria.
-- 30% advance rate to investment properties, as the 1H21
annualised rental yield was only 1.3%. Fitch regards a 30%
advance rate to be appropriate, as the implied rental yield on
the liquidation value would be 4.3%. Fitch considers this to
be acceptable in secondary-market transactions.
-- 60% advance rate to net inventory. Net inventory mainly
consists of completed properties held for sales, properties
under development and deposits/prepayments for land
acquisitions. Different advance rates are applied to the
various inventory categories to derive a blended advance rate
for net inventory.
-- 50% advance rate applied to properties under development.
Properties under development are more difficult to sell than
completed projects. The assets are also at various stages of
completion. This has led Fitch to apply a 50% advance rate.
The properties under development balance - prior to applying
the advance rate - is net of margin-adjusted customer deposits
and other no-current liabilities.
-- 70% advance rate applies to completed properties held for
sale. Completed commodity housing units are closer to readily
marketable inventory, and Yuzhou's properties held for sale
are mainly located in Tier 1-2 cities. Yuzhou's gross profit
margin for the property development segment was 18% in 1H21.
As such, Fitch applied a higher advance rate than the typical
50% mentioned in the criteria.
-- 90% advance rate to deposits/prepayments for land
acquisitions. Similar to completed commodity housing units,
land held for development is closer to readily marketable
inventory in light of Yuzhou's land bank in Tier 1-2 cities.
As such, Fitch applied a higher advance rate than the typical
50% mentioned in the criteria.
-- 50% advance rate to net property, plant and equipment, which
mainly consists of land and buildings, the value of which is
insignificant.
-- 50% is applied to JV net assets, which typically include a
combination of completed units, properties under development
and land.
-- No advance rate to excess cash. China's homebuilding
regulatory environment means that available cash, including
pre-sales regulated cash, is typically prioritised for project
completion, which includes payment for trade payables. Net
payables, defined as trade payables less available cash, are
included in the debt waterfall ahead of secured debt. However,
Fitch does not assume available cash in excess of outstanding
trade payables would be available for other debt-servicing
purposes.
-- There is no net payables as available cash exceeds trade
payables.
The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR1' for the offshore senior unsecured debt.
However, the Recovery Rating for senior unsecured debt is capped at
'RR4', because under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.
Guarantees to joint ventures are excluded from the recovery
calculation.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Fitch will reassess Yuzhou's capital structure and cash flow
once there is more information on the company's position.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- Evidence that Yuzhou has entered into bankruptcy filing,
administration, receivership, liquidation or other formal
winding-up procedure, or otherwise ceased business.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
ISSUER PROFILE
Yuzhou develops projects in six metropolitan areas in the Yangtze
River Delta region, West Strait Economic Zone, Bohai Rim region and
Greater Bay Area as well as in China's central and south-west
regions. The group is the leading property enterprise in Xiamen in
southern China and the Yangtze River Delta. The company had 179
projects at end-1H21, with total floor area of 22 million sq m.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch has excluded deposits in designated accounts from cash in
Fitch's leverage calculation and included this as inventory.
Restricted bank deposits are included in cash to calculate net
debt, as these are mainly pledged for obtaining bank loans.
ESG CONSIDERATIONS
Yuzhou has an ESG Relevance Score of '4' for Group Structure due to
a high share of contracted sales from unconsolidated joint ventures
and associates, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=========
I N D I A
=========
ADITYA SPINNERS: CRISIL Lowers Rating on INR5cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Aditya
Spinners Limited (ASL) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Long Term Loan 2.83 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Long Term Loan 1.73 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Cash
Credit Limit 0.75 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 1.69 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with ASL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
Chittoor (Andhra Pradesh)-based ASL was incorporated in 1991, and
promoted by Mr K Vijay Kumar and Ms K V Naga Lalitha. It
manufactures synthetic yarn. The company is listed on the Bombay
Stock Exchange.
AL NAFEES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Al Nafees
Frozen Food Exports Private Limited (ANFF) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 93 CRISIL D (Issuer Not
Cooperating)
Cash Credit 140 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 18 CRISIL D (Issuer Not
Discounting Cooperating)
Foreign Bill 25 CRISIL D (Issuer Not
Discounting Cooperating)
Foreign Bill 7 CRISIL D (Issuer Not
Discounting Cooperating)
Letter of Credit 7 CRISIL D (Issuer Not
Bill Discounting Cooperating)
Proposed Long Term 60 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ANFF for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ANFF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANFF continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.
APT PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apt Packaging
Limited (APL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.25 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 1.1 CRISIL D (Issuer Not
Purchase Cooperating)
Funded Interest 2.72 CRISIL D (Issuer Not
Term Loan Cooperating)
Long Term Loan 7.63 CRISIL D (Issuer Not
Cooperating)
Packing Credit 0.6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.04 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 3.26 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with APL for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of APL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
APT, a company initially incorporated as Anil Chemicals Pvt Ltd in
1979 and was listed on the BSE in 1985 as Anil Chemicals and
Industries Ltd, was renamed to its current form in 2008. The
company, at present, is engaged in manufacturing of co-extruded
plastic tubes for pharmaceutical and fast-moving consumer goods
companies.
ETA ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ETA
Engineering Private Limited continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 45 CRISIL D (Issuer Not
Cooperating)
Cash Credit 17 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Letter of credit 276 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Letter of credit 20 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Letter of credit 5.25 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Letter of credit 140 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Proposed Short Term 97.4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ETA
Engineering for obtaining information through letters and emails
dated January 13, 2022 and January 18, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ETA Engineering, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on ETA Engineering is consistent with 'Assessing Information
Adequacy Risk'. Based on the last available information, the
ratings on bank facilities of ETA Engineering continues to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1994, ETA Engineering is a part of the Dubai-based
ETA group; the company undertakes heating, ventilating, and
air-conditioning (HVAC) projects; electromechanical projects and
services (EMPS); and MEP works. In 2006, the ETA group entered the
multi-modal logistics business by obtaining a licence from the
Indian Railways through ETA Engineering, the license was
subsequently sold in 2012-13.
EUROTEK ENGINEERING: CARE Cuts Rating on INR6.75cr Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Eurotek Engineering Enterprises (EEE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 1,
2021, placed the rating(s) of EEE under the 'issuer
non-cooperating' category as EEE had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EEE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 18, 2021, December 28, 2021 and January
7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of EEE have been
revised on account of non-availability of requisite information.
M/s. Eurotek Engineering Enterprises (EEE) was established in the
year 1996 as a partnership firm by Mr. Baburaj (Managing Partner)
and Mrs. Saraswathi as a partner. The firm is engaged in
manufacturing of boiler related ancillaries and components at
Trichy, Tamil Nadu. The firm sells its final product to Bharat
Heavy Electrical Limited.
FOREMOST INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Foremost
International Private Limited (FIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 2.45 CRISIL D (Issuer Not
Discounting Cooperating)
Foreign Bill 6.55 CRISIL D (Issuer Not
Discounting Cooperating)
Foreign Letter 2.45 CRISIL D (Issuer Not
of Credit Cooperating)
Foreign Letter 0.20 CRISIL D (Issuer Not
of Credit Cooperating)
Long Term Loan 1.10 CRISIL D (Issuer Not
Cooperating)
Packing Credit 6 CRISIL D (Issuer Not
Cooperating)
Packing Credit 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with FIPL for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2002, FIPL manufactures and exports RMG,
predominantly for women, to Europe. The company, promoted by Mr
Varun Moudgil and Ms Shailja Khanna, has its manufacturing plant in
Gurgaon (Haryana).
FUTURE RETAIL: Lenders to Take Legal Advice on Stores Sale
----------------------------------------------------------
The Hindu BusinessLine reports that lenders to Future Retail are
likely to take a legal opinion on whether the company can take over
the mandate of selling its small-format stores for about INR3,500
crore.
According to BusinessLine, sources said "A set of lenders are
concerned on whether it is practically possible, and legal to sell
the small scale business of Future Retail or not."
BusinessLine relates that the person explained that according to
the one-time-debt-restructuring agreement, the lenders could only
charge on Future Retail's movable assets and fixtures. The other
thing that was bothering the lenders was whether the 900
small-format store business including Easy Day and Heritage Fresh
were under the Future Retail bracket.
"There are too many legalities that need to be addressed before
even possibly taking a step forward on this sale." The lenders are
apparently worried that if the legal approval on this deal isn't
taken it would put them under scrutiny, the report says.
In April 2021, Future Retail had committed to payback INR3,494
crore to lenders by December 31, 2021, in line with a One Time
Restructuring (OTR) deal that was designed for Covid-hit companies
like FRL, BusinessLine recalls. The Kishore Biyani-led company was
hoping that its proposed deal with Reliance Industries would be
concluded before December 31, 2021, and it could pay the required
amount in time. However, its tussle with Amazon has put the deal in
jeopardy.
"The lenders have also asked the lawyers to check if the assets
actually that were pledged by FRL could be pledged or not," says
the report.
BusinessLine adds that sources said a battery of lawyers have been
appointed to vet the possibilities. "A meeting with the lawyers has
been set up in the first half of Thursday. The lawyers will decide
on whether any of this is viable or not."
Amazon had dragged Future Group into arbitration over its INR24,713
crore deal with Mukesh Ambani-led Reliance Retail, the report
states. Amazon had claimed that while signing a deal with Future
Coupons in 2019 for INR1,400 crore, it had barred Future Retail
from getting into a deal with restricted parties, including
Reliance.
Amazon had an interim order in its favour from the Singapore
arbitral tribunal in this regard, which is now being heard in
Indian courts, the report adds.
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.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
3, 2022, 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."
GREESHMAM RESORTS: CRISIL Lowers Rating on INR18.5cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank loan
facilities of Greeshmam Resorts Private Limited (GRPL) to 'CRISIL
D' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18.5 CRISIL D (Downgraded from
'CRISIL B/Stable')
The downgrade reflects on-going delays in repayment of term debt
due to stretched liquidity. The company had applied for one-time
restructuring (OTR) restructuring and its lender has approved the
same on June 20th, 2021. Moratorium was provided till September –
2021 as per the revised sanction condition for all its facilities.
Post expiration of moratorium there has been delays up to 30 days
in repayment of term debt.
The rating reflects on-going delays in servicing debt obligations,
modest scale of operations in the intensely competitive and
cyclical hospitality industry and geographical concentration in
revenue profile. These weaknesses are partly offset by promoters'
extensive experience in the hospitality industry.
Key Rating Drivers & Detailed Description
Weakness:
* On-going delays in servicing debt obligations: GRPL has been
delaying repayment of term debt obligations up to 30 days till Jan
– 2022 due to stretched liquidity following COVID outbreak and
its impact on business.
* Modest scale of operations in an intensely competitive and
cyclical hospitality industry - GRPL has a modest scale of
operations and is exposed to cyclicality in the hospitality
industry. The company's revenues in fiscal 2021 was at Rs. 21.7
crores showcasing its modest scale of operations in the intensely
competitive hospitality segment. The hospitality industry is
susceptible to downturns in the domestic and international
economies.
* Geographical concentration in revenue profile: The company
derives its entire revenue off one single property in Wayanad,
Kerala leading to geographical concentration in revenue. The
company shall remain vulnerable to climate change in the region as
seen in fiscal 2019 where operations were impacted and property
partly damaged on account of flood in the region.
Strengths:
* Promoters' extensive experience in the hospitality segment
continues to support business risk profile: The promoter of GRPL,
Mr. N.K.Mohamed, has an experience of over 25 years in similar
business line and was awarded as the 'Tourism Man of the Year 2002'
by South Indian Tourism Promotion Council during Global Kerala
Festival held at 'House of Commons' in London. Promoter's
experience and understanding of nuances in the tourism and
hospitality sector should continue to support the business risk
profile.
Liquidity: Poor
Liquidity is poor. Though repayment obligations came down following
restructuring, due to COVID impact on business, accruals are
tightly matched against repayment obligations. In addition, due to
seasonality in business, fund flow mismatch also impacts the
liquidity of the company. Subsequently, there has been delays in
repayment of term debt up to 30 days.
Rating Sensitivity factors
Upward factor
* Timely repayment of debt for over 90 days
* Increase in revenue and operating profitability leading to
improvement in liquidity.
Started in 2010, GRPL is engaged in operation of a hotel & resort
by name "Vythri Village" in the Wayanad District of Kerala. The
promoter has an experience of more than two decades in similar line
of business. The company has a tie up with 65 travel agents
including Makemytrip. Vythri is among one of the 50 resorts in Club
Mahindra's website.
KISAN MOULDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kisan
Mouldings Limited (KML) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 35 CRISIL D (Issuer Not
Cooperating)
Cash Credit 14.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 19 CRISIL D (Issuer Not
Cooperating)
Cash Credit 34.5 CRISIL D (Issuer Not
Cooperating)
Funded Interest 2.7 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 4.59 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 3.19 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 1.9 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 2.77 CRISIL D (Issuer Not
Term Loan Cooperating)
Letter Of Guarantee 5.55 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 0.70 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 13.75 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 15 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 19 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 10 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 29.57 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 7.04 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.69 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 9.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.05 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 8 CRISIL D (Issuer Not
Term Loan Cooperating
Working Capital 1 CRISIL D (Issuer Not
Term Loan Cooperating
Working Capital 17 CRISIL D (Issuer Not
Term Loan Cooperating
Working Capital 9 CRISIL D (Issuer Not
Term Loan Cooperating
Working Capital 12 CRISIL D (Issuer Not
Term Loan Cooperating
CRISIL Ratings has been consistently following up with KML for
obtaining information through letters and emails dated October 16,
2021 and December 28, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KML continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1989 as a private-limited company, Sanwaria
Synthetics Pvt Ltd, KML was converted into a publiclimited company
under the current name in 1993. It manufactures a variety of
moulded and plastic pipes and fittings, irrigation systems, moulded
furniture, solvent cement, and rubber lubricants. The company has
manufacturing facilities in Silvassa (Dadra and Nagar Haveli),
Tarapur (Maharashtra), Baddi (Himachal Pradesh), Dewas (Madhya
Pradesh), Raipur (Chhattisgarh) and Tumkur (Karanataka). The
company is currently listed on Bombay Stock Exchange.
MFL INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MFL India
Limited continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 33.5 CRISIL D (Issuer Not
Cooperating)
Line of Credit 3.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MFL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MFL was incorporated as a public limited company and listed on the
Bombay Stock Exchange in 1981. It was subsequently merged with
Dynamic Movers Pvt Ltd (DMPL), promoted by Mr Anil Thukral, in
April 2010. MFL provides transportation services to automobile,
cement, infrastructure, and construction industries, and to
integrated metal players.
N. S. ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N. S.
Engineering Projects Private Limited (NSEPPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 21 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Funded Interest 0.81 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 0.37 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 0.81 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 0.37 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 0.45 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 4.86 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 0.45 CRISIL D (Issuer Not
Term Loan Cooperating)
Inland Guarantees 1.00 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 8.00 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 10.51 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.8 CRISIL D (Issuer Not
Cooperating)
Term Loan 14.3 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 1.81 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 1.5 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 1.81 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 1.50 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 2.24 CRISIL D (Issuer Not
Cooperating)
Working Capital
Term Loan 1.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NSEPPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NSEPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
NSEPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of NSEPPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Incorporated in 2007, NSEPPL, promoted by Mr Manoj Kumar Kedia and
Mr Anil Kumar Goel, has a steel fabrication and galvanizing plant
located at Domjur (West Bengal) with a total installed capacity of
72000 metric tonne per annum (MTPA) for fabrication unit and 36000
MTPA for galvanization unit.
NEXUS ELECTRO: CRISIL Downgrades LT/ST Debt Ratings to D
--------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Nexus Electro Steel Limited (NESL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'. The rating downgrade reflects delay in the servicing
of debt obligations.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with NESL for
obtaining information through letters and emails dated August 31,
2021 and October 6, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NESL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NESL
is consistent with 'Assessing Information Adequacy Risk'.
NESL, incorporated in 1998, manufactures cut, winding, core and
coil assembly laminations used in distribution and power
transformers, and generators. Its facilities are in Puducherry and
Mumbai.
P. RAJA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. Raja
(PR) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of PR under the 'issuer noncooperating'
category as PR had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 23, 2021, December 25, 2021, January 4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Namakkal based P. Raja (PR) was established in the year 2005 by Mr.
P. Raja. The proprietor who runs a poultry business in the name of
'Raja Poultry Farm' has more than two decades of experience in
poultry business. The firm is engaged in farming of egg laying
poultry birds (chickens) and trading of eggs, cull birds and their
manure. The firm sells its products like eggs and cull birds to
retailers located in Trichy and Kerala. The firm mainly buys chicks
from Skylark Hatcheries. The firm purchases raw materials for
feeding birds like rice brokens, maize, sun flower oil cake, shell
grit, minerals and soya from local traders. The firm has an
installed capacity of 1,50,000 birds per annum. The firm has not
availed COVID-19 moratorium for its rated facilities.
PREMIUM EXPORTS: CRISIL Lowers Rating on INR8cr Loan to D
---------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Premium Exports (PEX) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' on account of overdue
bill in working capital limit for more than 30 days.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital 8 CRISIL D (ISSUER NOT
Facility COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with PEX for
obtaining information through letters and emails dated October 16,
2021, December 4, 2021 and January 27, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PEX, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PEX
is consistent with 'Assessing Information Adequacy Risk'.
PEX is a Government Recognized Star Export House dealing in the
export of all kinds of Food and Agricultural Commodities. The firm
was established in the year, 1988. It offers a wide range of foods
and commodities like Sugar, Rice, Wheat and Allied Products,
Oilseeds, Spices, Pulses, Cattle/ Bird Feeds, Cotton, Frozen/ Fresh
Foods and Ready to Eat Foods.
SANJIVANI PARANTERAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sanjivani
Paranteral Limited (SPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Export Bill 1 CRISIL D (Issuer Not
Purchase- Cooperating)
Discounting
Proposed Long 8.8 CRISIL D (Issuer Not
Term Bank Loan Cooperating)
Term Loan 4.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1994, SPL manufactures mainly injectibles in the
antibiotics segment and also owns branded capsules, tablets, and
formulations. The company is promoted by Mr. Ashwin Khemka.
SHIRPUR GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shirpur Gold
Refinery Limited (SGRL; a part of the Shirpur group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12.5 CRISIL D (Issuer Not
Cooperating)
Non-Fund Based
Limit 128 CRISIL D (Issuer Not
Cooperating)
Non-Fund Based
Limit 75 CRISIL D (Issuer Not
Cooperating)
Non-Fund Based
Limit 135 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 188.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 65 CRISIL D (Issuer Not
Cooperating)
Working Capital 70 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with SGRL for
obtaining information through letters and emails dated November 13,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGRL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
To arrive at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SGRL and its wholly owned
subsidiaries: Shirpur Gold Mining Co Pvt Ltd (SGC) and Zee Gold
Dubai DMCC (ZGD). These entities are collectively referred to as
the Shirpur group.
The Shirpur group is a part of the Essel group since December 2008,
post-takeover of assets from the ARCIL auction. The group refines
gold at an installed capacity of 217 tonne per annum. It trades in
bullion, and manufactures and sells Zee-branded gold bars and coins
in India, and gold jewellery in the domestic and overseas markets.
The refinery is in Shirpur, Maharashtra. The group recently
acquired 70% stake in Metalli Exploration and Mining in Mali for a
consideration of around INR50 crore, partly funded through term
debt of INR35 crore.
SGRL set up two wholly owned subsidiaries in 2013-SGC and ZGD-to
facilitate procurement of raw material for the bullion business.
SPINE ARTHROSCOPIC: CARE Cuts Rating on INR11.78cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Spine Arthroscopic and Joint Replacement Centre Private Limited
(SAJRCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.78 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of SAJRCPL under the 'issuer
non-cooperating' category as SAJRCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SAJRCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a Letter/email dated January 23, 2021, December 25,
2021, January 4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The Ratings assigned to the bank facilities of SAJRCPL have been
revised on account of non-availability of requisite information.
The ratings also factored in significant decline in scale of
operation, Profitability and debt coverage indicators during FY21
over FY20.
STERLING BIOTECH: NCLT Temporarily Stays Auction
------------------------------------------------
The Economic Times reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) has directed the liquidator of Sterling
Biotech to stay the auctioning process of the company until further
orders.
The NCLT was hearing a petition filed by one of Sterling Biotech's
successful qualified bidders, India Gelatine and Chemicals Ltd, ET
says.
Gujarat-based Sterling Biotech is the world's sixth-largest
manufacturer of pharmaceutical gelatin and owes over INR8,100 crore
to financial and operational creditors, according to the report.
As per the NCLT order, the lease of a land parcel of about 107
acres, which is part of the company's estate, was cancelled by the
collector on December 13, 2021.
"In view of the fact that the assets of the corporate debtor
(Sterling Biotech) are not perishable, no harm or prejudice will be
caused to the respondent (liquidator) as far as the auction is
concerned even if the same is postponed for a short time," the NCLT
bench led by Justice Pradeep Deshmukh said in its order of January
31, ET relays.
NCLT will hear the matter next on February 16, the report notes.
Originally, this lease was given by another group company Sterling
SEZ to Sterling Biotech, which was later cancelled by the former
company. Sterling Biotech's plea challenging that termination by
Sterling SEZ is also pending in the NCLT. Later, the collector in
Gujarat cancelled the lease on the same land parcel.
To be sure, Sterling SEZ is a separate group entity and the
tribunal has also ordered the liquidation of the company on October
18, 2021.
Now, India Gelatine and Chemicals has sought the tribunal's
intervention to get more clarity on the issue, according to ET.
ET relates that the lawyers for the liquidator have informed the
tribunal that the company is being sold as a going concern and that
all the bidders have been informed about the latest developments
with regard to the cancellation of the lease and other matters.
Currently, India Gelatine and Chemicals in a consortium with
Shamrock Pharmachemi Pvt Ltd is among five qualified bidders to
participate in an auction of Sterling Biotech, the report notes.
Other bidders include US-based startup Perfect Day Inc, Belgian
firm Tessenderlo Chemie International NV, ACG Associated Capsules
and Progressive Star Finance Pvt Ltd.
The liquidator has set a reserve price of INR548.46 crore for the
company.
Mamta Binani, the liquidator for Sterling Biotech, and her
associate Lovkesh Batra refused to comment since the matter is sub
judice, ET notes.
"It is critical that the auction occurs within the stipulated time
frame to maintain bidders' interest, and also that the lease in
question is not terminated, since this would diminish the value of
the corporate debtor's assets, which are a critical component of
the assets," the report quotes Sonam Chandwani, managing partner,
KS Legal, as saying.
ET adds that the group and its subsidiaries, Sterling SEZ and
Sterling International, collectively owe INR15,000 crore to
financial and operational creditors.
About Sterling Biotech
Sterling Biotech Ltd is the flagship company of the Vadodara-based
Sandesara group. SBL, a listed company, is mainly engaged in the
manufacturing of pharmaceutical grade gelatin which has wide range
of applications such as capsules, tablets, etc. It is one of the
leading manufacturers of pharmaceutical grade gelatin in India with
good presence in U.S.A. which is the largest market for
Pharmaceuticals. It also manufactures Di-calcium Phosphate (DCP, a
by-product of gelatine) and Co-enzyme Q10 (CoQ10).
On June 10, 2018, Sterling Biotech was admitted by the NCLT Mumbai
bench under the corporate insolvency debt resolution process (CIRP)
for defaulting on more than INR5,400 crore of debts to various
lenders, according to LiveMint.
On June 11, 2018, the Mumbai bench of NCLT admitted the insolvency
petition filed by lead lender Andhra Bank against the company.
In May 2019, the Bench of the National Company Law Tribunal (NCLT)
here ordered the liquidation of the company.
The pharmaceutical firm owes around INR5,400 crore to various
lenders, LiveMint disclosed.
THAUSI EXPORT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thausi
Export (TE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 5.00 CARE D; ISSUER NOT COOPERATING
Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 22,
2021, placed the rating(s) of TE under the 'issuer non-cooperating'
category as TE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 8, 2021, December 18, 2021 and December 28, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Thausi Exports was established as a proprietorship firm in the year
1986 under HUF status. The firm is engaged in trading and
manufacturing of textiles in domestic and export market. The firm
is dealing in all kind of fabrics, readymade garments, sarees and
towels. The firm's registered office is located at D.no 8/1 A, Anna
Street, Salem, Tamil Nadu- 636001.
TRYCON INFRASTRUCTURE: CRISIL Cuts Rating on INR5cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Trycon Infrastructure Private Limited to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Cash Credit 5.9 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with Trycon for obtaining
information through letters and emails dated October 16, 2021 and
December 4, 2021 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TRYCON, which restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes that rating action on TRYCON is consistent
with 'Assessing Information Adequacy Risk'. Based on publicly
available information, it has come to the knowledge of CRISIL
Ratings that there have been delays in servicing of debt
obligations against its term loan continuously from January 2021
and therefore the CRISIL Ratings is downgrading the ratings on bank
facilities of TRYCON to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.
Trycon, based in Bihar, was established in 2006 by Mr. Manas Kumar
and Mr. Ravi Ranjan. The company is engaged in distribution of
mobile phones primarily of Micromax Informatics Ltd and recently
ventured into distributorship of Reliance mobile products and
accessories with the launch of Reliance Jio Infocomm Limited
products.
UNIJULES LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unijules Life
Sciences Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
Cash Credit 43.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 16 CRISIL D (Issuer Not
Cooperating)
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.75 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of credit 2.75 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Term Loan 14 CRISIL D (Issuer Not
Cooperating)
Term Loan 18 CRISIL D (Issuer Not
Cooperating)
Term Loan 11.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Unijules for
obtaining information through letters and emails dated November 30,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Unijules, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Unijules is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Unijules continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Unijules was established in 2006, when the business of H Jules &
Company Ltd was transferred to it and when Unijules had also
acquired all the assets of Universal Medicaments Pvt Ltd. Unijules,
promoted by Mr Faiz Vali, manufactures and markets herbal and
allopathic drugs.
VAIJANATH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Vaijanath Industries Private Limited (SVPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 4.53 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 1.37 CRISIL D (Issuer Not
Cooperating)
een consistently following up with SVPL for obtaining information
through letters and emails dated November 13, 2021 and January 20,
2022 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVPL continues to be 'CRISIL D Issuer Not Cooperating'.
SVPL was incorporated in 2008 as a private limited company by Mr.
Girish Huddar, Mr. Namdeo patil and Mr. Dayanand Shastri. The firm
is engaged in the manufacturing of tractor & farm equipment
primarily comprising gears. SVPL's manufacturing facility is
located in Kolhapur, Maharashtra.
VATIKA LIMITED: CARE Withdraws C Rating on Long Term Debts
----------------------------------------------------------
CARE has reviewed and reaffirmed the rating assigned to the bank
facilities of Vatika Limited (VL) to CARE C; Stable; Issuer Not
Cooperating; and has simultaneously withdrawn it, with immediate
effect. The rating withdrawal is at the request of Vatika Limited
(VL) and 'No Objection Certificate' and 'No Dues Certificate'
received from the banks that have extended the facilities rated by
CARE.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities - Withdrawn
Long Term Bank
Facilities - Rating continues to remain
under ISSUER NOT COOPERATING
category; Reaffirmed at
CARE C; Stable; ISSUER NOT
COOPERATING and withdrawn
Analytical approach: Combined, CARE while arriving at the rating of
Vatika Limited, has considered combined financials which includes
its subsidiaries and associate companies (Vatika Seven Elements
Private Limited and Vatika Sovereign Park Pvt Ltd) which are under
the same management to which Vatika has also provided support in
the form of Corporate Guarantee.
Vatika Limited (Vatika) was incorporated in 1998 and is promoted by
Mr. Anil Bhalla and his family members. The company is closely held
by the Bhalla family (as on March 31, 2020, 49.09% equity owned by
Mr. Anil Bhalla and rest 51.91% by relatives & associates). Vatika
is engaged in real estate development (residential, commercial and
hospitality) in the National Capital Region (NCR), Jaipur
(Rajasthan) & Ambala (Haryana). Mr. Anil Bhalla (Chairman) has an
established track record of more than 3 decades in the real estate
sector.
===============
M A L A Y S I A
===============
JERASIA CAPITAL: Subsidiaries Default on Loan Payments
------------------------------------------------------
The Star reports that Jerasia Capital Bhd (Jerasia) announced that
its wholly-owned subsidiaries have defaulted in the repayment of
principal and interest of their respective financing facilities
provided by the United Overseas Bank (M) Bhd (UOB).
They are Canteran Apparel Sdn Bhd (CASB), Jerasia Fashion Sdn Bhd
(JFSB) and Jerasia Apparel Sdn Bhd (JASB), which are not major
subsidiaries of the apparel manufacturer, The Star discloses.
In a filing with Bursa Malaysia on Feb. 9, Jerasia said as at Dec.
31, 2021, CASB's outstanding amount with UOB stood at US$5.79
million for short term loan-1, US$397,314 for short term loan-2 and
MYR2.12 million for revolving credit, The Star discloses. JASB's
outstanding amount stood at MYR18.25 million for short term loan-1
and MYR1.06 million for revolving credit; while JFSB's outstanding
amount stood at MYR10.53 million for short term loan-1 and MYR14.91
million for short term loan-2, the report relays.
About Jerasia Capital
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.
On Jan. 28, 2022, Jerasia Capital Bhd was classified as an affected
listed issuer under Practice Note 17 (PN17) of the Main Market
Listing Requirements (Main LR) of Bursa Malaysia Securities Berhad
as the Company triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of the Main LR of Bursa
Securities, where the shareholders' equity of the Company on a
consolidated basis is 25% or less of the share capital (excluding
treasury shares) of the Company and such shareholders' equity is
less than MYR40 million.
=====================
N E W Z E A L A N D
=====================
AAA DRILLING: Creditors' Proofs of Debt Due March 9
---------------------------------------------------
Creditors of AAA Drilling Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 9,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 31, 2022.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East, Christchurch 8141
FOREX TECHNICAL: Creditors' Proofs of Debt Due March 25
-------------------------------------------------------
Creditors of Forex Technical Analyst Systems Limited (trading as
Cavern Homes), which is in voluntary liquidation, are required to
file their proofs of debt by March 25, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 9, 2022.
The company's liquidator can be reached at:
Garry Whimp
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
THINKING MACHINE: Court to Hear Wind-Up Petition on Feb. 18
-----------------------------------------------------------
A petition to wind up the operations of Thinking Machine
Productions Limited will be heard before the High Court at Auckland
on Feb. 18, 2022, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 2, 2022.
The Petitioner's solicitor is:
Cloete Van der Merwe
Inland Revenue
Legal Services
5 Osterley Way
Manukau City, Auckland 2104
XTRAMILE CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 25
----------------------------------------------------------------
A petition to wind up the operations of Xtramile Construction
Limited will be heard before the High Court at Auckland on Feb. 25,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Feb. 25, 2022.
The Petitioner's solicitor is:
Cloete Van der Merwe
Inland Revenue
Legal Services
5 Osterley Way
Manukau City, Auckland 2104
=================
S I N G A P O R E
=================
EZION HOLDINGS: Court to Hear Wind-Up Petition on Feb. 18
---------------------------------------------------------
A petition to wind up the operations of Ezion Holdings Limited will
be heard before the High Court of Singapore on Feb. 18, 2022, at
10:00 a.m.
The Petitioner's solicitors are:
Drew & Napier LLC
10 Collyer Quay #10-01
Ocean Financial Centre
Singapore 049315
HOMAX PTE: Creditors' Proofs of Debt Due March 11
-------------------------------------------------
Creditors of Homax Pte Ltd, which is in voluntary liquidation, are
required to file their proofs of debt by March 11, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 31, 2022.
The company's liquidator is:
Ong Kok Yeong David
c/o 80 Robinson Road #02-00
Singapore 068898
NAKE CO: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Jan. 28, 2022, to
wind up the operations of Nake Co. Pte. Ltd.
LMS Associates Pte Ltd filed the petition against the company.
The company's liquidator is:
Tan Eng Soon
7500A Beach Road
#05-303 The Plaza
Singapore 199591
NO SIGNBOARD: Unit to Pursue Creditors' Voluntary Liquidation
-------------------------------------------------------------
The Business Times reports that a unit of embattled seafood
restaurant operator No Signboard Holdings intends to pursue
creditors' voluntary liquidation and has proposed to appoint a
provisional liquidator to wind up the company.
According to the report, the group's board of directors said in a
bourse filing on Feb. 9 that Hawker QSR, one of No Signboard's
wholly-owned subsidiaries, has made a statutory declaration of its
inability to continue business by reason of its liabilities.
The subsidiary has proposed to appoint licensed insolvency
practitioner Chan Yee Hong of Nexia TS Risk Advisory as its
provisional liquidator, BT relates.
Hawker QSR is No Signboard's hawker-themed fast food outlets.
No Signboard had on Feb. 3 received letters of demand from the
landlords of 2 Hawker QSR outlets, for more than SGD176,000 in
arrears of rental and other monies owing, the report notes.
The meeting of shareholders and creditors of Hawker QSR will be on
Feb. 23. They will vote on the resolutions for the winding up of
Hawker QSR and to confirm the appointment of the subsidiary's
provisional liquidator, BT says.
About No Signboard
No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.
No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.
PHOENIX (S): Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 4, 2022, to
wind up the operations of Phoenix (S) Singapore Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Mr. Gary Loh Weng Fatt
Mr. Leow Quek Shiong
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
SINGAPORE PRESS: Drops Keppel's offer, Moves Ahead with Rival Bid
-----------------------------------------------------------------
Bloomberg News reports that Singapore Press Holdings Ltd. has moved
to drop an offer from Keppel Corp., a move that's set to smooth the
path for a competing bid even as the deal goes to arbitration.
According to Bloomberg, Singapore Press on Feb. 9 said in an
exchange filing that it's terminating the acquisition proposal made
by the oil rig and property conglomerate, whose largest shareholder
is investment giant Temasek Holdings Pte., after conditions weren't
satisfied by a Feb. 2 cut-off date.
Bloomberg relates that SPH also submitted its request to terminate
the offer to the Securities Industry Council, a watchdog overseeing
the city-state's takeover code, which does not object to the move.
The company's shares fell 0.4% in Singapore.
With Keppel's offer dropped, there's only Cuscaden Peak Pte's left
on the table, the report notes. The consortium led by Singapore
hotel tycoon Ong Beng Seng values SPH at SGD3.9 billion. Cuscaden's
implied offer is higher than Keppel's bid.
Still, Keppel objects to the termination of the deal, saying SPH is
obliged to continue according to the terms set out in the
agreement. The company said Feb. 9 that it filed a notice with the
Singapore International Arbitration Centre, Bloomberg relates.
Up for grabs in this takeover are SPH's assets including shopping
malls located in Singapore and Australia, student accommodation in
the U.K. and Germany, and a local nursing home chain. It also has
investments in the education and events business.
Bloomberg says SPH has previously urged its shareholders to vote
for Cuscaden's offer, which it described as superior.
Notwithstanding the arbitration case, SPH said it will continue
with its preparations to allow shareholders to consider and vote on
Cuscaden's offer. However, the voting date has not been set.
Any attempt to delay the vote "goes against the interest of SPH
shareholders and deprives them of the opportunity to vote in favor
of the Cuscaden Scheme and receiving value in their investments
promptly," Cuscaden's spokesperson, Christopher Lim -- who's the
group executive director of Hotel Properties Limited, said in a
statement on Feb. 10, according to Bloomberg.
About Singapore Press
Singapore Press Holdings Limited -- https://www.sph.com.sg/ --
publishes, prints, and distributes newspapers and magazines. The
Company also invests in properties, provides multimedia,
broadcasting, and telecommunications services, manages shopping
centers and other commercial properties, and operates Internet
portal site.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2021, a financial analysis, Singapore Press Holdings' (SPH)
appointed independent financial adviser has advised the company's
directors to recommend that shareholders vote in favor of the
proposed restructuring of its media business. The Business Times
related that the independent financial adviser, Evercore Asia
(Singapore), said in a letter to the board of directors that the
restructuring will prevent the company and its shareholders from
incurring potentially significant and recurring losses of the media
business. It added that the move will allow SPH to "set a clear
strategic direction" with a focus on the real estate sector and
related segments of student accommodation and aged care while
eliminating the risks and uncertainties associated with the media
business.
TRIPLE H: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Feb. 4, 2022, to
wind up the operations of Triple H Technology Pte. Ltd.
Hong Leong Finance Limited filed the petition against the company.
The company's liquidators are:
Lin Yueh Hung
Ng Kian Kiat
c/o RSM Corporate Advisory Pte. Ltd.
8 Wilkie Road #03-08
Wilkie Edge
Singapore 228095
*********
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.
This material is copyrighted and any commercial use, resale or
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***