/raid1/www/Hosts/bankrupt/TCRAP_Public/240103.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
Wednesday, January 3, 2024, Vol. 27, No. 3
Headlines
A U S T R A L I A
BRUNSWICK DIESELS: Commences Wind-Up Proceedings
CDW ANIMATION: Placed In Liquidation
GUMA WAGAGU: First Creditors' Meeting Set for Jan. 9
LOCAL DRINKS: First Creditors' Meeting Set for Jan. 10
TEEKAY AUSTRALIA: Creditors' Proofs of Debt Due on Jan. 30
C H I N A
CHINA EVERGRANDE: EV Unit's Share Sale Deal Lapses
GEMDALE CORP: Sells USD463.3MM Shenzhen Project to Pay Off Debt
OVERSEAS CHINESE: To Sell Bulgari Hotel, Some Assets to Pay Debts
I N D I A
AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating
ASB PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
BIRD MACHINES: CARE Lowers Rating on INR25.14cr LT Loan to D
DIVYA JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
DULAM ROCKS: ICRA Keeps B Debt Ratings in Not Cooperating
FX MULTITECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
GANESHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
KIMIYA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
LAXMISREE RICEMILL: CRISIL Keeps D Ratings in Not Cooperating
LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating
LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating
MADHUBAN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
MINI DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
MODERN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
NICE PROJECTS: CARE Lowers Rating on INR44cr ST Loan to D
PATEL PHOSCHEM: CARE Keeps D Debt Rating in Not Cooperating
RAVJI MANJI: CARE Keeps C Debt Rating in Not Cooperating Category
SICAL LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
SMT. SONPATTI: CARE Keeps C Debt Rating in Not Cooperating
SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
VAIBHAV COTGIN: CARE Lowers Rating on INR13.50cr LT Loan to B-
VARDHAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
VAYAS MULTI-TRADING: CRISIL Keeps D Rating in Not Cooperating
VIRGIN ROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
N E W Z E A L A N D
WE ARE BAMBOO: Liquidators Demand $780K From Director
S I N G A P O R E
BRYNN PTE: Creditors' Proofs of Debt Due on Jan. 27
ECCO DEVELOPMENT: Creditors' Proofs of Debt Due on Jan. 28
INTEGRITY BULK: Creditors' Proofs of Debt Due on Jan. 29
TAY PAPER: Court Enters Wind-Up Order
WALLNER PTE: Creditors' Proofs of Debt Due on Jan. 27
S O U T H K O R E A
ASIANA AIR: Korean Air Chief Vows to Complete Acquisition This Year
- - - - -
=================
A U S T R A L I A
=================
BRUNSWICK DIESELS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Brunswick Diesels Pty Ltd on Jan. 2, 2024, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Jerome Mohen
Gregory Bruce Dudley
Level 32 'Exchange Tower'
2 The Esplanade
Perth, WA 6000
CDW ANIMATION: Placed In Liquidation
------------------------------------
Members of CDW Animation Pty Limited and Concept Design Workshop
Pty Limited on Dec. 29, 2023, passed a resolution to voluntarily
wind up the company's operations.
The company's liquidator is:
Hugh Sutcliffe Martin
Bernardi Martin
195 Victoria Square
Adelaide, SA 5000
Email: hmartin@bernardimartin.com.au
GUMA WAGAGU: First Creditors' Meeting Set for Jan. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Guma Wagagu
Pty Ltd will be held on Jan. 9, 2024 at 11:00 a.m. via
videoconference.
Robert Allan Jacobs and Andrew Michael Smith of Auxilium Partners
were appointed as administrators of the company on Dec. 27, 2023.
LOCAL DRINKS: First Creditors' Meeting Set for Jan. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Local Drinks
Collective Pty Ltd and Wayward Brewing Company Pty Ltd will be held
on Jan. 10, 2024 at 12:00 p.m. and 12:30 p.m. respectively, by
Microsoft Teams.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on Jan. 2, 2024.
TEEKAY AUSTRALIA: Creditors' Proofs of Debt Due on Jan. 30
----------------------------------------------------------
Creditors of Teekay Australia Offshore Holdings Pty Ltd are
required to file their proofs of debt by Jan. 30, 2024, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 22, 2023.
The company's liquidator is:
Bradley John Tonks
PKF
Level 8, 1 O'Connell Street
Sydney, NSW 2000
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C H I N A
=========
CHINA EVERGRANDE: EV Unit's Share Sale Deal Lapses
--------------------------------------------------
Reuters reports that a share sale plan between China Evergrande New
Energy Vehicle Group, the electric vehicle arm of property
developer China Evergrande, and U.S.-listed NWTN has lapsed,
according to a Hong Kong stock exchange filing on Jan. 1.
As neither party agreed on the extension of the long stop date,
which is the last day of 2023, Evergrande New Energy Vehicle said
the share subscription and loan conversion subscription agreement
by NWTN are no longer valid, Reuters relates.
In an announcement in August the electric vehicle subsidiary said
it had agreed to issue 6.18 billion new shares to Dubai-based
mobility company NWTN for a total HK$3.89 billion ($498.2 million),
recalls Reuters.
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.
China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.
Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.
Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt. In total, the Company has
more than $300 billion in liabilities.
Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong. It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.
Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).
Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).
U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.
Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.
GEMDALE CORP: Sells USD463.3MM Shenzhen Project to Pay Off Debt
---------------------------------------------------------------
Yicai Global reports that Gemdale Corp., a major Chinese property
developer, has found a state-owned buyer for a commercial and
residential complex in downtown Shenzhen to collect CNY3.3 billion
(USD463.3 million) in cash to relieve its debt repayment
pressures.
Gemdale and its project partner will transfer all the equity in
Jindi Xinsha Property Development, which is in charge of building
the project in the southeastern city's Futian district, to a
company under Shenzhen's local government, the Shenzhen-based
seller announced recently, Yicai relays.
Specifically, the property developer will sell its 51 percent stake
in Jindi Xinsha for CNY1.3 billion, and recover a CNY1.9 billion
shareholder loan it gave to the project company earlier plus
interest.
Yicai relates that the project, which includes residential, hotel,
and office spaces as well as a shopping center, is mostly in the
early stages of development, but several residential buildings
started pre-sales in September last year, according to Gemdale.
However, sales are not ideal because as of Dec. 28, merely 34
percent of the 714 available units had been sold, according to
local government data obtained by Yicai.
Meanwhile, debt pressures are mounting as Gemdale has four bonds
worth CNY5.6 billion maturing in the next three months, including
CNY1.5 billion on Jan. 12, per financial data provider Wind, Yicai
discloses. In the next 12 months, it has CNY12.1 billion (USD1.7
billion) of expiring yuan-denominated notes and a US dollar bond
worth USD480 million.
Sales of last year are expected to be unimpressive as in the first
11 months, Gemdale's contracted sales tallied CNY143.1 billion
(USD20.1 billion), down 29 percent from a year ago, and such area
tallied 8.1 million square meters, down 11 percent, according to
data disclosed earlier.
About Gemdale Corp
Gemdale Corp -- https://www.gemdale.com/ -- is a China-based
company principally engaged in the development and sales of real
estate. The Company's main businesses include residential real
estate development, commercial real estate and industrial real
estate development and operation, real estate finance, property
leasing and property management services. The Company mainly
conducts its businesses in the domestic market.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Moody's Investors Service has downgraded the
corporate family rating of Gemdale Corporation to Caa1 from B3 and
the CFR of Famous Commercial Limited, Gemdale's wholly-owned
subsidiary, to Caa2 from Caa1.
Moody's has also downgraded the backed senior unsecured rating on
the bonds to Caa2 from Caa1 and the backed senior unsecured rating
to (P)Caa2 from (P)Caa1 on the medium-term note (MTN) program. The
bonds and the MTN program are issued by Gemdale Ever Prosperity
Investment Limited (Gemdale Ever Prosperity) and guaranteed by
Famous. Gemdale Ever Prosperity's offshore bonds and MTN programs
are supported by Gemdale through keepwell deeds and deeds of equity
interest purchase undertaking.
At the same time, Moody's has maintained the negative rating
outlooks for all the entities.
OVERSEAS CHINESE: To Sell Bulgari Hotel, Some Assets to Pay Debts
-----------------------------------------------------------------
Yicai Global reports that struggling Chinese property developer
Overseas Chinese Twon Asia Holdings will sell several assets,
including its five-star Bulgari Hotel in downtown Shanghai, to
Chinese building products manufacturer Jinfeng Cements Group for
CNY2.4 billion (USD340.4 million) to repay loans and borrowings.
The Shanghai unit of OCT Asia signed an agreement with Jinfeng
Cements on Dec. 25, the Hong Kong-based seller announced on Dec.
26, Yicai relays. The transaction, which has already received
regulatory approval, is expected to be completed by the end of the
first half of next year.
In October, OCT Asia said it planned to sell some assets in the
Suhewan project, including serviced apartments for senior citizens,
Bulgari Residences apartments, and artist studios, for CNY2.4
billion to revitalize its assets, repay loans, and generate
returns, recalls Yicai. The Bulgari Hotel Shanghai, named after
Italian luxury fashion house Bulgari, has more than 80 rooms and
suites, priced between CNY6,000 and CNY258,900 (USD828 and
USD27,354) a night.
"The consideration for the assets is quite high," Yicai quotes Zhao
Huanyan, chief knowledge expert at Huamei Consulting Group, as
saying. "The Covid-19 pandemic has greatly impacted the tourism and
culture sectors, and OCT Asia is easing its pressure by selling
assets."
Even though hotels are not a major focus of Jinfeng Cements'
business, the consumption recovery trend has been obvious in terms
of prices and occupancy rate this year, Zhao noted, adding that
Bulgari is a great premium brand.
Yicai adds that Jinfeng Cements bought the assets as the group
believes this project has great growth potential. The development
direction of the cooperation between the hotel management and
Jinfeng Cements will depend on the pair's upcoming plans after the
deal is completed, Zhao pointed out.
Overseas Chinese Town Asia Holdings Limited is an investment
holding company. The Company's principal activities are its
comprehensive development business: where it develops, manages and
sells residential properties, and the manufacturing and sale of
paper cartons and products. Overseas Chinese Town Asia Holdings
serve middle to large-sized consumers in Mainland China.
=========
I N D I A
=========
AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amrita Sai
Educational Improvement Trust (ASEIT) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 5 CRISIL D (Issuer Not
Overdraft facility Cooperating)
CRISIL Ratings has been consistently following up with ASEIT for
obtaining information through letter and email dated November 13,
2023 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 ASEIT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASEIT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASEIT continues to be 'CRISIL D Issuer Not Cooperating'.
ASEIT was formed on 2007. Amrita started with Amrita Sai Institute
of Science and technology (ASIT), in Vijaywada, Andhra Pradesh.
Over the years has started offering several disciplines including
B.Tech, M.B.A, M.C.A, M. Tech and Diploma. Trust is managed by 5
trustees: Sri K. Ramesh Babu, Sri K. Rama Mohana Rao, Sri Y.
Venkata Ramaiah, Sri. K. Srinivasa Rao and Sri K. Eswara Chanda.
ASB PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of ASB Projects Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with ASB Projects Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2005, ASB is a single asset company and is
currently managing the operations of a mall Ashok Cosmos Mall in
Agra (Uttar Pradesh). This mall became operational in 2010 and has
a coveredarea of 3.36 lakh sq ft. As on Mar 31, 2016, of the total
area of 336,404 sq ft, 90,592 sq ft of area pertaining to shopping
and office complexes has been leased to six tenants. The company is
a part of the Ashok Group of Agra, which is present in diversified
sectors spanning across auto dealerships, petroleum products
dealership and hire-purchase, finance and leasing business.
BIRD MACHINES: CARE Lowers Rating on INR25.14cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bird Machines Limited (BML – erstwhile Birds Machines Pvt Ltd),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.14 CARE D Rating removed from
Facilities ISSUER NOT COOPERATING category
and Revised from CARE B+; Stable
Rationale and key rating drivers
In the absence of required information for monitoring the ratings
and non-receipt of surveillance fees, CARE Ratings Ltd (CARE) had
placed the rating of bank facilities of BML into 'ISSUER NOT
COPERATING' in line with the extant SEBI guidelines. However, the
entity has now submitted the requisite information and paid the
annual surveillance fees. Hence, CARE Ratings Ltd has carried out a
full review of the ratings and the ratings are removed from "ISSUER
NOT COOPERATING" category and revised to "CARE D".
The revision in the ratings assigned to the bank facilities of Bird
Machines Limited (BML) takes into consideration the delays in debt
servicing obligations due to weak liquidity and near full limit
utilization. There were multiple instances of delay in servicing
term debt interest and principal obligations during last 12 months.
However, the promoters have considerable experience in this line of
business with growing scale.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors:
* Timely track record of debt servicing obligations and improvement
in liquidity position.
* Improvement in overall gearing below 2.20x on sustained basis.
* Improvement in scale and PBILDT margin above 8.00% on sustained
basis.
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of the key rating drivers
Key weaknesses
* Delay in debt servicing: There have been multiple instances of
delay in servicing ECLGS' (Emergency Credit Line Guarantee Scheme)
interest and few instances of delay in servicing ECLGS' principal
repayment in the recent past owing to full utilization of Cash
credit facility and lower than envisaged cash flow from operations.
Furthermore, there have been instances of penal charges being
levied in the term loan statement.
* Leveraged financial risk Profile: The financial risk profile of
the company remains leveraged marked by overall gearing of 2.68x as
on March 31, 2023 (PY: 2.38x) and total debt to GCA stood at 16.32x
in FY23 (PY: 13.26x). Interest coverage ratio of the company
remained low at 1.69x during 2023 (PY: 2.10x). The weak financial
risk profile of the company is driven by low scale of operations
and high reliance on working capital borrowings due to elongated
working capital cycle. Additionally, DSCR remained less than 1x
during past 3 years. However, considering expected scale up in
operations due to inclusion of new client namely Terex Corporation
(US based heavy machinery manufacturer), the cash flows and
coverage indicators are expected to improve.
* Raw material price volatility risk: BML's primary raw materials
are iron and steel which are procured indigenously. The finished
goods as well as raw material prices of steel products are volatile
in nature. As the company does not have any backward integration
for its primary raw materials and procures the same from outside,
it is always exposed to volatility in their prices and has a direct
impact on the profitability margins of the company as the same
constitutes ~75% of TOI. Thus, the profitability of the company is
based on the ability of the company to absorb the increase in raw
material prices.
Key strengths
* Experienced management and long track record of operations: BML
was incorporated in 1987 by Mr. Iqbal Singh Bhagat, Prabhjot Singh
Bhagat, Arvinder Pal Singh and Mr. Sandeep Singh. Mr. Iqbal Singh
Bhagat, Mr. Prabhjot Singh Bhagat and Mr. Arvinder Pal Singh looks
after overall business of the company, having experience of more
than three decades. The long standing presence in industry through
this entity and other associates has enabled the company to
establish a strong relationship with its customers and suppliers in
the industry.
* Modest albeit growing scale of operations coupled with low
profitability: The total operating income, though modest, is on an
increasing trend and stood at INR70.62 crore in FY23 (refers to the
period from April 1, 2022, to March 31, 2023) (PY INR57.45 Cr)
which improved due to healthy and growing demand on account of
government initiatives towards infrastructure development. Further,
BML is operating at low PBILDT margins (Profit before interest,
lease, depreciation, and taxes) of 6.14% during FY23 (PY: 5.77%)
due to volatility in raw material prices i.e. iron and steel, the
same constitutes 70-80% of TOI and carries high price fluctuation
risk and PAT margin stood at 0.96% in FY23 as against 0.93% in
FY22. Further, the company has achieved total operating income of
~INR41.49 crore during 7MFY24 (refers to the period from April 1,
2023 to October 31, 2023), based on provisional results. Further,
on account of addition of new client i.e. Terex Corporation,
company is expected to augment scale along with profitability.
Liquidity: Poor
The liquidity position is poor marked by tightly matched accruals
vis-a-vis repayment obligations. Near full limit utilization and
recent instances of delay in debt servicing obligations also
signify poor liquidity.
Bird Machines Limited (BML) was incorporated in 1987 and is
currently managed by Mr. Iqbal Singh Bhagat, Mr. Prabhjot Singh
Bhagat, Mr. Arvinder Pal Singh and Mr. Sandeep Singh. BML is
engaged in manufacturing of excavator cum loader parts, JCB Parts
and Crain parts. The manufacturing process involves procurement of
raw material, putting in the profile machine for cutting as per
computer generated designs, processing and converting into final
product, then do the powder coating and electro plating. The
company procures its raw material, i.e., iron & steel ingots and
billets from the local markets in Faridabad and manufactures like
Essar Steels Limited. The company mainly sells its products to JCB
India Limited- Jaipur, Faridabad, Pune, Kolkata, Bangalore, Escorts
construction equipment Limited, Metso India Private Limited and
also exports to JCB India Limited Brazil and U.K.
DIVYA JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Divya Jyoti
Industries Limited (DJIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.19 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 0.23 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 0.23 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.52 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.84 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.84 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 2.6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.65 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with DJIL for
obtaining information through letter and email dated November 13,
2023 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 DJIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DJIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DJIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
DJIL, incorporated in 1992, manufactures soya bean oil, soya oil
extracts, DOC, and other value-added products. The company's
manufacturing facility at Pithampur in Dhar, Madhya Pradesh, has an
extraction capacity of 700 tpa and refining capacity of 100 tpa.
DULAM ROCKS: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Dulam Rocks Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.20 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 3.30 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Dulam Rocks Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2015, Dulam Rock Private Limited (DRPL) is
primarily setting up a unit for cutting and polishing of granite.
The company is promoted and managed by Mr. Venkata Rami Reddy, Mr.
Dulam Verra Reddy and others who have more than 15 years of
experience in granite industry. The proposed processing unit of the
company is located at Mudigonda village, Khammam district,
Telangana with a proposed processing capacity of 9.6 lac square
feet of granite per annum.
FX MULTITECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Fx Multitech Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/ [ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 3.70 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.65 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Long Term- 0.20 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Fx Multitech Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Fx Multitech Private Limited (FMPL) was incorporated in March 2008
with a motive to consolidate its existing business under Fx
Engineering Enterprise and Fx Overseas. The company is managed by
Mr. Subhash Agarwal and Mr. Selvaraj R, having a long experience in
engineering industry. FMPL is engaged in dealership business for
Danfoss make products in India. It also serves as the all India
dealer for other international companies like Franscold, Gomex,
Roller, Kanson and Wilson make products. In 2015 it also got
dealership of Refco Manufacturing Limited. The product line of FMPL
includes compressor, condensing unit, and valves etc. which are
used in commercial and industrial application like storing
processed food like ice creams, fishes, etc., chillers in plastic
industry, air- dryer to remove moisture for textile, pharma, etc.
Apart from dealership they also export metal products like aluminum
slugs, aluminum tubes and electrical spare parts.
GANESHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ganesha
International (GI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 13.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 28,
2022, placed the rating(s) of GI under the 'issuer non-cooperating'
category as GI 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. GI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 14, 2023, October 24, 2023, November 3, 2023.
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).
Gurgaon-based (Haryana) Ganesha International (GI) is a
proprietorship firm established in 2007 by Mr Kinshuk Goel. In FY16
the firm commenced business of manufacturing of uniforms primarily
for the defence sector. The manufacturing facility is located in
Gurgaon, Haryana. GI obtains orders on tender basis from Director
General of Ordinances Services (DGOS).
KIMIYA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kimiya
Engineers Private Limited (KEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KEPL for
obtaining information through letter and email dated November 13,
2023 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 KEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
KEPL, established in 2004 by Mr Anurag Verma based in Mumbai
executes civil construction projects related to buildings and
offices for public and private institutions.
LAXMISREE RICEMILL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmisree
Ricemill Private Limited (LRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 2.5 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with LRPL for
obtaining information through letter and email dated November 13,
2023 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 LRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LRPL continues to be 'CRISIL D Issuer Not Cooperating'.
Originally formed as a partnership concern in 2006, and
reconstituted as a private limited company in fiscal 2014, LRPL
mills and processes parboiled rice at its mill is in Bolpur, West
Bengal. Operations are managed by Mr Sanjoy Ghosh.
LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lokmangal
Mauli Industries Limited (LMIL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 210.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 19,
2022, placed the rating(s) of LMIL under the 'issuer
non-cooperating' category as LMIL 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. LMIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2023, September 14, 2023, September
24, 2023.
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).
LMIL was incorporated in August 2007 to undertake sugar and sugar
related production by Mr. Subhash Deshmukh (Founder chairman) and
Mr. Ravikant Patil (Managing Director). To mitigate the seasonal
and cyclical nature of sugar industry, LMIL has also installed
Cogeneration unit of 30 Megawatt (MW). The partially integrated
sugar factory of LMIL is located at Post Khed, Taluka Lohara.
LOKMANGAL SUGAR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lokmangal
Sugar Ethenol & COGeneration Industries Limited (LSECIL) continue
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 174.71 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of LSECIL under the 'issuer
non-cooperating' category as LSECIL 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.
LSECIL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 2023.
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).
Lokmangal Sugar Ethanol & Cogeneration Industries Limited (LSECL),
was incorporated in year 2003 to undertake sugar and sugar related
production.
MADHUBAN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Madhuban
Builders (MB) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MB for
obtaining information through letter and email dated November 13,
2023 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 MB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MB is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MB
continues to be 'CRISIL D Issuer Not Cooperating'.
MB was established by Mr Rajesh Majethia in 1996 as a
proprietorship firm to undertake residential real estate
development in Pune. The firm has one ongoing residential project,
Serene Spaces, which has 108 saleable units.
MINI DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mini Diamonds
India Limited (MDIL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Export Packing 6 CRISIL D (Issuer Not
Credit & Export Cooperating)
Bills Negotiation/
Foreign Bill
discounting
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MDIL for
obtaining information through letter and email dated November 13,
2023 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 MDIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MDIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MDIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MDIL, incorporated in 1987 by Mr Upendra Shah and Mr Himanshu Shah,
manufactures and trades in cut and polished diamonds, and trades in
rough diamonds.
MODERN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Modern
Construction Co. (Delhi) (MCCD) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 17.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 27.25 CRISIL D (Issuer Not
Cooperating)
Proposed Bank 12.50 CRISIL D (Issuer Not
Guarantee Cooperating)
Proposed Cash 3.75 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with MCCD for
obtaining information through letter and email dated November 13,
2023 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 MCCD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCCD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCCD continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MCCD was set up as a proprietorship concern, Modern Construction
Co, in 1976 by the late Mr M K Jain. The firm got its current name
in 1987 and is now a partnership firm managed by Mr Nirmal Jain, Mr
Manish Jain, and Ms Ruchika Jain. It undertakes contracts to
construct multi-storied buildings, shopping malls, institutions,
schools, townships, administrative buildings, hostels, factories,
roads, bungalows, farmhouses, research laboratories, and hospitals
in NCR and western Rajasthan. It also undertakes electric works and
finishing in the buildings it constructs.
NICE PROJECTS: CARE Lowers Rating on INR44cr ST Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nice Projects Limited (NPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Short Term Bank 44.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 27,
2022, placed the rating(s) of NPL under the 'issuer
non-cooperating' category as NPL 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. NPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 12, 2023, September 22, 2023, October
2, 2023 and December 28, 2023.
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 have been revised on account of non-availability of
requisite information. The revision further considers the ongoing
delays in debt servicing as recognized from publicly available
information i.e. CIBIL filings.
New India Contractors & Engineers (NICE), a construction agency,
started its activities in 1988 as a proprietorship firm and was
later incorporated as Nice Projects Limited (NPL), on April 22,
2004. The company promoted by Mr. Sartaj Ali, an engineer by
profession, is engaged in construction works pertaining to
residential complexes, warehouses & allied buildings, industrial
structures, educational institutions, hospitals, heavy steel
fabrication and erection works etc., and has executed number of
projects.
PATEL PHOSCHEM: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Patel
Phoschem Limited (PPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of PPL under the 'issuer
non-cooperating' category as PPL 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. PPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 6, 2023, September 16, 2023, September
26, 2023.
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).
Udaipur (Rajasthan) based Patel Phoschem Private Limited (PPL) was
incorporated in 2006 by Mr. Roop Lal Patel along with his family
members. In April, 2014, the company changed its constitution from
private limited to public limited. Initially, PPL was engaged in
the business of executing turnkey projects related to installation
of fertiliser plants which includes construction of plant to supply
of machineries. Later, from September, 2012, PPL started production
of SSP, GSSP and PA.
RAVJI MANJI: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ravji
Manji Sorathia and Company (RMSC) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 10.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 14,
2022, placed the rating(s) of RMSC under the 'issuer
non-cooperating' category as RMSC 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. RMSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2023, October 10, 2023, October
20, 2023.
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).
Gandhidham based Ravji Manji Sorathia and Co (RMSC) was promoted by
Mr. Ravji Manji Sorathia as proprietorship concern in 1990. The
firm was reconstituted as a partnership concern in 2004. RMSC is
engaged into building road and construction work and undertakes
contracts of government departments as well as private entities; it
also undertakes road construction work, commercial buildings, and
civil construction works. RMSC is "AA class" approved Government of
Gujarat (GOG) contractor and has executed contracts for various
reputed public as well as private organizations.
SICAL LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sical
Logistics Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 300.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 526.01 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 6.53 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term– 29.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 383.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating Continues to remain under
Other 'Issuer Not Cooperating'
Category
Non-Convertible 100.00 [ICRA]D; ISSUER NOT COOPERATING;
Debenture Rating continues to remain under
Programme 'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with Sical Logistics Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.
SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL entered areas such as port handling,
container terminal operations (through JV) and logistics. In2005,
SLL hived off its non-core activities and increased its focus on
the logistics business. In the recent years, SLL entered mining by
executing coal/overburden removal contracts for Coal India
subsidiaries, which rapidly grew into one of themajor revenue
contributors of the company. Tanglin Retail Reality Developments
(P) Limited (part of the Coffee Day Group) picked up 10% stake
initially in November 2010 before raising the stake to 54.2%. The
Coffee Day Group, at present, holds a total 38.49% shareholding in
SLL through its Group entities namely Tanglin (32.82%) and
GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group has a
diversified portfolio of companies, which have presence in owning
and managing coffee plantations, coffee exports; and retailing of
coffee, vending machines and cafes. It is also involved in leasing
of commercial space, financial services, hospitality services and
others.
SMT. SONPATTI: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Smt.
Sonpatti Devi memorial Medical Trust (SMT) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 28,
2022, placed the rating(s) of SMT under the 'issuer
non-cooperating' category as SMT 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. SMT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 14, 2023, October 24, 2023, November 3,
2023.
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).
Smt. Sonpatti Devi Memorial Medical Trust (SMT) is a charitable
trust set up by Mr. Ramesh Harvinsh Singh for providing education
services in Jaunpur (Uttar Pradesh) in 1995. The members of the
trust are namely; Mr. Kunwar Haribansh Singh, Mr. Lal Sahab Singh,
Mr. Ramesh Singh and Mr. Durgesh Singh. The trust operates three
colleges and one public school in Jaunpur. Colleges are affiliated
to Uttar Pradesh Technical University and are approved by the All
India Council for Technical Education (AICTE). The trust also
operates a school in the name of Indravati Public School providing
primary and secondary education. The school is affiliated to
Central Board of Secondary Education.
SUNGLOW SUITINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Sunglow Suitings Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 15.73 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Sunglow Suitings Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
SSPL manufactures woven fabrics for suitings. It is promoted by Mr.
Mahesh Hurkat, who has more than fifteen years of experience in the
textile industry. The company has 64 looms installed at its weaving
facility in Bhilwara, Rajasthan, and has a production capacity of
about 6.4 million metres of fabric per annum.
TMR DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of TMR Developers
Private Limited (TMR) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TMR for
obtaining information through letter and email dated November 13,
2023 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 TMR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TMR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TMR continues to be 'CRISIL D Issuer Not Cooperating'.
Established in August 2012, TMR is engaged in residential real
estate construction business in Bangalore, Karnataka. The company
has two on-going projects under the name 'Tulips Blossoms and
Tulips Orchids. The company is promoted by Mr.T.Madhava Rao and
Ms.T.V.Venkata Sirisha who are the directors. The day to day
operations are managed by Mr. T.Madhava Rao.
VAIBHAV COTGIN: CARE Lowers Rating on INR13.50cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vaibhav Cotgin Private Limited (VCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 7,
2022, placed the rating(s) of VCPL under the 'issuer
non-cooperating' category as VCPL 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. VCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2023, September 2, 2023, September
12, 2023.
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 VCPL has been
revised due to non-availability of requisite information.
VCPL was incorporated as a private limited company in May, 2016.
The company is engaged in ginning and pressing of cotton and
extraction of oil from cotton seed. The ginning and pressing unit
and oil extraction unit is located at Chandrapur, Maharashtra.
VARDHAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vardhan Agro
Processing Limited (VAPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.32 CRISIL D (Issuer Not
Cooperating)
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
Proposed Fund- 1.85 CRISIL D (Issuer Not
Based Bank Limits Cooperating)
Term Loan 28.83 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VAPL for
obtaining information through letter and email dated November 13,
2023 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 VAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VAPL, was incorporated in 2011. It is engaged in manufacturing of a
wide range of cane jaggery, jaggery powder, sulphurless khandasari
sugar, etc. It has manufacturing facility located in Satara,
Maharashtra, having an annual capacity of 1500 Metric ton per day.
It has started its commercial production from January 2018 and
promoted by Kadam family.
VAYAS MULTI-TRADING: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vayas
Multi-trading Private Limited (VMTPL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.22 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VMTPL for
obtaining information through letter and email dated November 13,
2023 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 VMTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VMTPL continues to be 'CRISIL D Issuer Not Cooperating'.
VMTPL was incorporated as Kanhai Diamond Manufacturing Pvt Ltd in
January 2003, by the promoter, Mr Umesh Garg. The Delhi-based
company was renamed as Lotus Bullions Pvt Ltd in March 2005. The
company got its present name in 2017. The promoter family has been
trading in gold jewellery since the past 50 years. VMTPL is mainly
a wholesale trader of gold and diamond jewellery and cut and
polished diamonds.
VIRGIN ROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Virgin Rock Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.41 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
As part of its process and in accordance with its rating agreement
with Virgin Rock Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2007, Virgin Rock Private Limited (VRPL) is
primarily into mining of granite. The company operates a quarry
based out of Srikakulam in Andhra Pradesh. The company also
acquired leasing rights for another quarry in Anakapalle, near
Visakhapatnam in FY2013 which is yet to be operational. The
majority of the sales of the company are from exports to Italy, US,
Poland, Taiwan, Hong Kong, China, Poland and Switzerland while a
small portion of it comes from the domestic market. The company
sells its product under brand name "Vizag Blue".
=====================
N E W Z E A L A N D
=====================
WE ARE BAMBOO: Liquidators Demand $780K From Director
-----------------------------------------------------
New Zealand Herald reports that liquidators have formally demanded
nearly NZD800,000 from the director of failed eco-travel company We
Are Bamboo, who lost millions of dollars in customer deposits to
bad cryptocurrency trades. But We Are Bamboo director Colin
Salisbury has rejected the liquidators' suggestion that he breached
his legal duties, despite leaving hundreds of customers out of
pocket by thousands of dollars.
Affected customers have shared their frustration at the news,
saying all of Mr. Salisbury's assets should be seized until they
were paid back, the Herald says.
The Lower Hutt-based ethical travel company, run by Mr. Salisbury
and his colleague Mark Foster-Murray, announced in late October
2022 it was closing, blaming the failure of the business partly on
Covid-19, according to the Herald.
The company enabled customers to book international holiday
packages which included a portion of time spent volunteering in
local communities, as a way for travellers to give back to the
places they visited.
When asked by some customers whether they would be refunded the
thousands of dollars already prepaid for future holidays, the
company told them via email they would not be receiving refunds,
invoking the "force majeure" section of their terms and conditions.
Most of the customers were from the United States, Britain, Canada,
and Australia.
Earlier this year, BDO NZ liquidators revealed in a report that the
company's closure occurred after Salisbury put more than US$2
million (NZD3.24 million) of customer funds into multiple
cryptocurrency platforms from October 2020 until mid-2022.
While most of the money was lost due to poor trading decisions,
about US$800,000 was lost because Mr. Salisbury put it into
fraudulent platforms which simply "ceased to exist," the Herald
relates.
It was previously reported that all the money was lost, but in the
latest report BDO revealed two "undisclosed" crypto platforms had
been discovered during their investigation, containing NZD11,143
worth of cryptocurrencies.
"When queried with the director, it appears these platforms had
been overlooked in our previous correspondence and the director
subsequently transferred the balance to the Liquidators' trust
account as requested," the report, as cited by the Herald, said.
BDO has received 1,193 claims against the company, totalling more
than NZD4.2 million. The average claim is for NZD3,557.
According to the Herald, the report said the investigation had been
"difficult and time intensive", partly due to Salisbury's use of
crypto withdrawal platforms which were "unsophisticated" and did
not provide a reliable, traceable transaction history.
"The primary objective of these investigations has been to
determine whether there are any recoverable assets that remain as a
result of the cryptocurrency purchases and trading that have either
gone undisclosed or overlooked. It is our opinion that this remains
inconclusive, although this investigation is still ongoing."
As well as possible asset recovery, BDO is looking at two methods
of retrieving some of the money, the Herald says. This includes a
possible "claw back" of payments made to Mr. Salisbury, which could
be possible under the Companies Act 1993. BDO is also looking into
whether Salisbury breached his director's duties under the Act.
"Absent any significant new information, a resolution through one
or both of these causes of action will be the only avenue for a
meaningful distribution to creditors."
BDO formally wrote to Mr. Salisbury, demanding NZD781,187, the
Herald says.
"The director, via their solicitor, rejected the assertions from
the liquidators, including the suggestion that the director has
breached their duties for the investment strategy in cryptocurrency
that ultimately cost the company over NZD3 million.
"The liquidators met with their solicitors to consider the points
raised and intend to respond once further investigations have taken
place."
The report did not include the full details of these
investigations, the Herald adds.
One affected customer, Terri Rogers, said she believed Mr.
Salisbury should be held accountable and have all his assets seized
"until he pays his debts".
"He had no qualms about us innocent travellers."
Another customer, Robyn Neal, said she had previously had an
"amazing" trip to Tahiti booked through Bamboo.
"I trusted these guys and they ruined my trusting side . . . I feel
pain for the guide and hosts who opened their hearts to all," she
said.
"Colin and the rest should make everyone whole."
Jacqueline Wood said the "ultimate insult" was that Bamboo tried to
partly blame its customers for the closure.
The Herald has attempted to contact Mr. Salisbury through various
emails, phone numbers, social media and visits to his home, but he
has not responded to requests for comment.
=================
S I N G A P O R E
=================
BRYNN PTE: Creditors' Proofs of Debt Due on Jan. 27
---------------------------------------------------
Creditors of Brynn Pte. Ltd. are required to file their proofs of
debt by Jan. 27, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 28, 2023.
The company's liquidator is:
Liew Khee Soon
60 Paya Lebar Road
#04-51, Paya Lebar Square
Singapore 409051
ECCO DEVELOPMENT: Creditors' Proofs of Debt Due on Jan. 28
----------------------------------------------------------
Creditors of Ecco Development Pte. Ltd. are required to file their
proofs of debt by Jan. 28, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 26, 2023.
The company's liquidator is:
Liu Weikang
c/o 9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
INTEGRITY BULK: Creditors' Proofs of Debt Due on Jan. 29
--------------------------------------------------------
Creditors of Integrity Bulk Pte. Ltd. are required to file their
proofs of debt by Jan. 29, 2024, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 20, 2023.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
TAY PAPER: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Dec. 27, 2023, to
place the operations of Tay Paper Recycling Pte. Ltd. under
judicial management.
The petition against the company was filed on Nov. 3, 2023.
The company's Judicial Manager is:
Hubert Jen Wei Chang
c/o AP Transaction Services
138 Cecil Street
#10-01, Cecil Court
Singapore 069538
WALLNER PTE: Creditors' Proofs of Debt Due on Jan. 27
-----------------------------------------------------
Creditors of Wallner Pte. Ltd. are required to file their proofs of
debt by Jan. 27, 2024, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 28, 2023.
The company's liquidator is:
Liew Khee Soon
60 Paya Lebar Road
#04-51, Paya Lebar Square
Singapore 409051
=====================
S O U T H K O R E A
=====================
ASIANA AIR: Korean Air Chief Vows to Complete Acquisition This Year
-------------------------------------------------------------------
Yonhap News Agency reports that the chief of Korean Air, Korea's
largest air carrier, on Jan. 2 vowed to complete the airline's
proposed acquisition of domestic rival Asiana Airlines in 2024.
In a New Year's message to employees, Korean Air Chairman and CEO
Cho Won-tae said the company "will complete the acquisition of
Asiana Airlines in 2024," while noting that the process "has taken
much longer than expected," Yonhap relays.
Yonhap relates that the CEO, also known as Walter Cho, stressed
that the integration of the airlines, currently under review by
overseas antitrust regulatory authorities, will serve as a
tremendous growth engine for Korean Air.
"The merger will optimize our network and allow us to operate at
new destinations, so that we may offer customers more choices,"
Yonhap quotes Cho as saying.
So far, 11 countries, including Britain, Australia and Singapore,
have approved the 1.8 trillion-won ($1.4 billion) merger deal
announced in 2020, but the airlines have yet to receive approval
from three key markets: the European Union, the United States and
Japan, according to Yonhap.
For the merger to be finalized, Korean Air must win approval from
competition regulators in key markets, Yonhap states.
In his message, Cho also anticipated sustained geopolitical risks,
global supply chain disruptions, economic slowdowns and prolonged
inflation to persist through 2024.
Further, he expected intensified industry competition in regaining
market share and a slowdown of the lucrative cargo business, adds
Yonhap.
About Asiana Airlines
Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business. Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.
State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat. In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted. Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.
In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.
*********
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 2024. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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