/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/240115.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 Monday, January 15, 2024, Vol. 27, No. 11 Headlines A U S T R A L I A ALLSAFE POWER: Second Creditors' Meeting Set for Jan. 19 GOLDEN ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable JDY CONSTRUCTIONS: Second Creditors' Meeting Set for Jan. 17 KRISTIN FISHER: ATO Accepts Less Than AUD100,000 Under DOCA Deal MOONCOW PTY: Second Creditors' Meeting Set for Jan. 18 TAN & TAN: Second Creditors' Meeting Set for Jan. 17 TLD LOGISTICS: Second Creditors' Meeting Set for Jan. 19 C H I N A CHINA AOYUAN: HK Court Gives Go-Ahead to Debt Restructuring HAITONG SECURITIES: Delists Hong Kong Unit After Heavy Losses LONGFOR GROUP: Informs Shareholders Option to Receive Dividends SINO-OCEAN GROUP: Plans to Seek Yuan Bond Extensions I N D I A 134 INFRA: Ind-Ra Keeps BB+ Term Loan Rating in NonCooperating A.K. DAS: Ind-Ra Keeps B+ Rating in NonCooperating AG8 VENTURES: Ind-Ra Keeps D Term Loan Rating in NonCooperating AIKYA CHEMICALS: Ind-Ra Keeps B+ Rating in NonCooperating AILSINGHANI TRANSPORT: Ind-Ra Keeps BB- Rating in NonCooperating AISHWARYA IMPEX: Ind-Ra Keeps D Rating in NonCooperating AKSHAR SPINTEX: Ind-Ra Keeps B- Rating in NonCooperating ANAND MOTOR: Ind-Ra Keeps BB Rating in NonCooperating ANIL KUMAR: Ind-Ra Keeps BB- Rating in NonCooperating APEX STEEL: Ind-Ra Keeps BB- Rating in NonCooperating APLAB LTD: CRISIL Reaffirms B- Rating on INR14cr Cash Loan ARWADE INFRASTRUCTURE: Ind-Ra Keeps BB+ Rating in NonCooperating ASHWINRAM SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating ATC FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category BEMCO SLEEPERS: Ind-Ra Keeps BB Loan Rating in NonCooperating BHAGABAN MOHAPATRA: Ind-Ra Keeps D Rating in NonCooperating CLASSIC ENGICON: Ind-Ra Moves BB+ Rating to NonCooperating D.N. HOMES: Ind-Ra Keeps BB+ Term Loan Rating in NonCooperating DASHMESH AGRO: ICRA Keeps D Debt Rating in Not Cooperating DEV'S CHEM: Ind-Ra Keeps BB- Issuer Rating in NonCooperating DHAULAGIREE POLYOLEFINS: Ind-Ra Keeps B Rating in NonCooperating DIGILOGIC SYSTEMS: Ind-Ra Keeps BB- Rating in NonCooperating DIGNITY INNOVATIONS: Ind-Ra Keeps B+ Rating in Non-Cooperating DIPTI TRADERS: CRISIL Assigns B+ Rating to INR16cr Loans DURGA MARUTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating EDWARD FOOD: ICRA Reaffirms B- Rating on INR36cr LT NCD EMGEE INFRASTRUCTURE: Ind-Ra Keeps D Rating in Non-Cooperating FERNANDES BROTHERS: CRISIL Cuts Rating on INR16.5cr Loan to B- FIZA DEVELOPERS: Ind-Ra Keeps B+ Rating in Non-Cooperating FLEX FOODS: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative FLUID AND POWER: Ind-Ra Keeps B+ Rating in Non-Cooperating GAYATRI PROJECTS: Creditors Vote to Liquidate Company GENIUS MINDS: Ind-Ra Keeps D Rating in NonCooperating GLOBAL PROPERTIES: Ind-Ra Keeps BB- Rating in Non-Cooperating GO FIRST: RP Extends Voting Deadline on Offers HARIHAR ALLOYS: Ind-Ra Keeps B Rating in Non-Cooperating JASMINE TOWELS: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating JAY KHODIYAR: CRISIL Lowers Rating on INR7.95cr Cash Loan to B K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category KAFILA HOSPITALITY: Ind-Ra Keeps B+ Rating in NonCooperating KATHIAWAR STEELS: Ind-Ra Assigns BB- Rating, Outlook Stable KAURSAIN EXPORTS: Ind-Ra Keeps BB+ Rating in NonCooperating KOMARLA HATCHERIES: Ind-Ra Keeps BB- Rating in NonCooperating KSA POWERINFRA: Ind-Ra Keeps D Rating in NonCooperating KSC EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating LONE FURROW: Ind-Ra Assigns BB+ Rating, Outlook Negative M/S KAYVAL: Ind-Ra Keeps D Rating in NonCooperating MADHYA BHARAT: Ind-Ra Keeps BB- Rating in NonCooperating MAHARASHTRA ALUMINIUM: CRISIL Reaffirms B Rating on INR15cr Loans MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating MANISHA PROJECTS: Ind-Ra Keeps BB+ Rating in NonCooperating MANSAROVAR PEARLS: Ind-Ra Keeps D Rating in NonCooperating MARIYA SHIP: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan METAWOOD DISPLAY: ICRA Keeps D Debt Rating in Not Cooperating PATDIAM JEWELRY: Ind-Ra Keeps BB- Rating in NonCooperating PERFECT INFRAENGINEERS: Ind-Ra Keeps D Rating in NonCooperating RLJ WOVEN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating SAANJ AUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category SHYAM AGRO: CRISIL Withdraws B Rating on INR16cr Cash Loan SINGH TRANSPORTERS: ICRA Keeps B+ Debt Ratings in Not Cooperating SPICEJET LTD: Lessor Seeks to Have Carrier Declared Insolvent SUCHI TEXTILES: CRISIL Withdraws B+ Rating on INR23cr Term Loan TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating TRANSTEK INFOWAYS: ICRA Keeps B+ Debt Rating in Not Cooperating UNITED HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating V-ACCESS INDIA: ICRA Keeps B+ Issuer Ratings in Not Cooperating VEDANTA RESOURCES: S&P Lowers LT Issuer Credit Rating to 'SD' N E W Z E A L A N D A.R.K HOLDINGS: Grant Bruce Reynolds Appointed as Liquidator AGRI COMPANY: Court to Hear Wind-Up Petition on Feb. 2 BOXER GROUP: Creditors' Proofs of Debt Due on March 5 CORE REINFORCING: Court to Hear Wind-Up Petition on Feb. 16 KAI KITCHEN: Creditors' Proofs of Debt Due on Feb. 23 S I N G A P O R E ASTI HOLDINGS: Kriengsak Resigns as Chairman Amid 'Uncertainty' JURONG PRIMEWIDE: Commences Wind-Up Proceedings MAO HENG: Commences Wind-Up Proceedings SEA-NET CARGO: Court Enters Wind-Up Order TJ HOLDINGS: Commences Wind-Up Proceedings WAYNE BURT: Creditors' Meeting Set for Jan. 16 ZEALOUS MOVER: Court Enters Wind-Up Order V I E T N A M VIETCOMBANK: Moody's Affirms 'Ba2' Bank Deposit Ratings - - - - - ================= A U S T R A L I A ================= ALLSAFE POWER: Second Creditors' Meeting Set for Jan. 19 -------------------------------------------------------- A second meeting of creditors in the proceedings of Allsafe Power (VIC) Pty Limited has been set for Jan. 19, 2024 at 10:30 a.m. via Zoom meeting. 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 Jan. 18, 2024 at 5:00 p.m. Scott Andersen and Nathan Deppeler of Worrells were appointed as administrators of the company on Dec. 5, 2023. GOLDEN ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) on Golden Energy and Resources Limited (GEAR) at 'B+', resolving the Rating Watch Evolving (RWE). The Outlook is Stable. Fitch also resolved the RWE on GEAR's senior unsecured US dollar bond and upgraded the rating on the bond to 'BB-' with Recovery Rating of 'RR3' from 'B+' and 'RR4'. The rating on the bond is one notch above the IDR, reflecting above-average recovery from its operations now based only in Australia. The affirmation is anchored in the resilient business profile of GEAR's remaining major subsidiary, Stanmore Resources Limited, along with its accelerated deleveraging over the past 12 months. GEAR's financial profile is conservative for its rating level. However, these strengths are partly tempered by GEAR's structural subordination, given its reliance on dividends from Stanmore, which has a limited record on paying dividends, and GEAR's acquisitive nature. KEY RATING DRIVERS Subsidiary's Strong Business Profile: GEAR's credit profile is underpinned by the robust business profile of 59%-owned subsidiary, Stanmore, which substantially improved after the successful integration of BHP Mitsui Coal Pty Ltd (now Stanmore SMC Pty Ltd). Fitch believes Stanmore's post-acquisition business profile is comparable with that of 'bb-' rated peers; it is among the top 10 metallurgical coal producers in Australia, with annual sales volume of about 12 million-13 million tonnes. Stanmore maintains a competitive cost position with an average marketable proved reserve life of around 14 years. Stanmore Deleveraging Smoothly: Stanmore Resources' deleveraging has been faster than Fitch's initial expectations, on sustained strength in metallurgical coal prices. It reduced debt to USD348 million as of June 2023 (December 2022: USD604 million). Fitch projects an additional debt repayment of about USD215 million in 2024, encompassing a USD155 million payment under the cash sweep mechanism, along with a USD60 million scheduled repayment. Fitch expects Stanmore SMC to fully repay its debt in 2025, before its scheduled maturity in 2026, materially reducing structural subordination risk at GEAR. Structural Subordination Risk: The structural subordination risk for GEAR has eased with Stanmore's accelerated debt repayment improving dividend flows to the parent. Still, Fitch believes the risk of structural subordination remains, given Stanmore's limited record on dividend payouts. Stanmore's debt-funded acquisitions have constrained dividend outflows. Its dividend payouts may remain opportunistic, particularly if the company pursues additional acquisitions, in its view. Consequently, Fitch continues to notch down GEAR's rating by one notch from its assessment of Stanmore's credit profile. The notching down, despite its expectation that the holding company's (holdco) credit metrics will improve from 2024, also reflects its view of lower dividend certainty from Stanmore than GEAR's erstwhile subsidiary, PT Golden Energy Mines Tbk (GEMS, BB-/Stable), which had a more stable dividend policy in the absence of any large investment plans. Furthermore, dividend leakages from Stanmore have also increased following GEAR's shareholding in Stanmore falling to 59% following a 5% stake sale. Change in Shareholding: Fitch will assess GEAR's performance as a private entity (now fully owned by Frontier Resources Pte Ltd (formerly Duchess Avenue Pte Ltd), an indirect holding company of controlling shareholders the Widjaja family), after voluntary delisting in September 2023, including any changes in risk appetite and/or financial policies before considering a positive rating action. GEAR's primary subsidiary, Stanmore, is listed on the Australian Stock Exchange, and continues to provide adequate financial and operational disclosures. Fitch's assessment now incorporates an annual dividend payment of USD50 million by GEAR to the company's shareholders, after the shift in ownership structure. This assumption is more conservative than management's guidance of persisting with nominal dividend payments while continuing with its existing risk framework and financial policies. Adequate Cash Buffer at Holding Company: Fitch expects GEAR's holdco liquidity to remain adequate, mainly attributed to Stanmore's declaration of a special dividend (USD53 million; GEAR's share USD31 million) and USD113 million from the 5% stake sale of Stanmore. These inflows have replenished GEAR's cash balance, after spending USD175 million to complete the transfer of GEMS's shares to its shareholders. Absent acquisitions, Fitch expects dividends from Stanmore to rise, driving improvement in holdco EBITDA interest cover ranging between 4.6x and 6.1x (2023E: 1.3x) over next four years, minimising cash-flow subordination. Conservative Group Financial Profile: Fitch expects GEAR's financial profile, based on proportionate consolidation of Stanmore, to remain in a net cash position until 2026, under the assumption of no major acquisition. In its rating case, Fitch assumes an annual investment outlay of USD100 million to partially factor in the company's acquisitive strategy, but treat any larger acquisition as an event risk. DERIVATION SUMMARY The rating of GEAR, after the segregation of GEMS, is based on the financial metrics of the group adjusted to proportionately consolidate Stanmore, reflecting significant minority shareholding at the latter. Fitch believes GEAR's business profile is comparable to PT Indika Energy Tbk (BB-/Stable) and GEAR's previously held subsidiary, GEMS, with comparable operational scale on an energy-adjusted basis, competitive cost position and comfortable reserve life. All three have a conservative financial profile for their rating level. However, Fitch thinks GEAR's holdco structure results in structural subordination, leading to one notch difference in their IDRs. Fitch expects structural subordination to decrease in the absence of any acquisition, but risk from acquisition remains, resulting in the continuing notching. Risks also arise from uncertainty in GEAR's future financial policies and risk appetite, after the change of its shareholding structure, in its view. KEY ASSUMPTIONS Stanmore standalone: - Annual sales volume at 2.5-2.8 million tonnes per annum (mpta) until 2025, declining to 1.8mtpa in 2026; - Coal price in line with the hard coking coal price deck at USD210/tonne (t) in 2024, USD180/t in 2025 and USD170/t in 2026. - Total free on board (FOB) cost (excluding royalties) at about USD85-89/t until 2026; - Capex of USD9 million-13 million in 2024-2026 with no major expansionary capex requirements. Stanmore SMC: - Sales volume at the Poitrel mine of 3.8-4.0mtpa in 2024-2026; - Sales volume for South Water Creek at 6.2-6.8mtpa in 2024-2026; - Coal price in line with the hard coking coal price deck at USD210/t in 2024, USD180/t in 2025 and USD170/t in 2026; - Poitrel's total FOB cost (excluding royalties) at USD97- 102/t. South Creek's FOB cost at USD80-85/t; - Total capex of USD150 million-USD170 million year in 2024 and USD50 million-USD70 million per year in 2025-2026; - Payment of the acquisition loan in line with the repayment terms, including payment of principal based on the cash-sweep feature. GEAR standalone: - Dividend payments of about USD50 million a year in 2024-2027 to factor in the uncertainty regarding the potential change in GEAR's shareholders. RECOVERY ANALYSIS - The recovery analysis assumes that Stanmore would be reorganised as a going-concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim at both levels, ie Stanmore and GEAR. - An enterprise value/EBITDA multiple of 3.5x is applied to the going-concern EBITDA to calculate a post-reorganisation enterprise value for Stanmore. - Stanmore's going-concern EBITDA is based on the EBITDA Fitch expects in 2026 derived using Fitch's mid-cycle coal price assumptions. - In the distribution waterfall Fitch has assumed all debt at Stanmore as prior ranking debt and 59% of the remaining enterprise value of Stanmore would be available to GEAR - Using these assumptions in the recovery calculation, as specified in Fitch's Corporates Notching and Recovery Ratings Criteria, Fitch determines the term loan's recovery rating to be 'RR3', which implies a good recovery. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - GEAR's holdco standalone EBITDA interest cover consistently remains above 3.5x (2023E: 1.3x); - Net debt/EBITDA remains below 2x, based on proportionate consolidation of Stanmore; - Evidence of adequate corporate governance and transparency. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Aggressive financial policies or governance practices; - GEAR's holdco standalone (cash + EBITDA)/interest cover consistently declines below 2.0x (2023E: 6.7x); - Net debt/EBITDA rises above 3x, based on proportionate consolidation of Stanmore. LIQUIDITY AND DEBT STRUCTURE Adequate Holding Company Liquidity: Fitch expects the GEAR holdco's liquidity to remain adequate over the next 12-18 months, given the extended debt maturity profile and adequate cash buffer at the GEAR level. GEAR has only limited debt-servicing requirements until 2027, when its USD346 million bond matures. Fitch monitors the dividend payments from Stanmore, which Fitch believes can be more opportunistic compared to GEMS, given the subsidiary's own debt-servicing requirements in 2024 along with possibility of acquisition(s). Robust Group Liquidity: Fitch believes the group's consolidated liquidity will remain robust in the next 12-18 months, given the strong cash balance accumulated at the Stanmore level with the sustained recovery in metallurgical coal prices. Stanmore substantially deleveraged in 2023. Fitch expects it can fully repay acquisition debt in 2025 via its cash sweep feature, before scheduled maturity in 2026. Post-2025, the group's next sizeable debt maturity is in 2027 when a USD346 million bond matures. Fitch expects the group to maintain a net cash position until 2026, on a proportionate consolidation of Stanmore. ISSUER PROFILE GEAR is a private entity owned by Frontier Resources Pte Ltd (formerly Duchess Avenue Pte Ltd), an indirect holding company of controlling shareholders, the Widjaja family. GEAR owns 59% of Australia-based metallurgical coal mining company Stanmore. The subsidiary acquired an 80% stake in Stanmore SMC, previously BHP Mitsui Coal, in May 2022 and the remaining 20% from Mitsui & Co. in October 2022. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Golden Energy and Resources Limited LT IDR B+ Affirmed B+ senior unsecured LT BB- Upgrade RR3 B+ JDY CONSTRUCTIONS: Second Creditors' Meeting Set for Jan. 17 ------------------------------------------------------------ A second meeting of creditors in the proceedings of JDY Constructions Pty Ltd has been set for Jan. 17, 2024 at 3:00 p.m. at the offices of Newpoint Advisory at Level 9, 143 Macquarie Street in Sydney and via virtual meeting technology. 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 Jan. 16, 2024 at 5:00 p.m. Costa Nicodemou of Newpoint Advisory was appointed as administrator of the company on Dec. 4, 2023. KRISTIN FISHER: ATO Accepts Less Than AUD100,000 Under DOCA Deal ---------------------------------------------------------------- Daily Mail Australia reports that eyebrow queen Kristin Fisher has wiped out almost AUD1 million of unpaid tax in an incredible deal with the taxman - and celebrated by popping a AUD600 bottle of champagne. According to Daily Mail Australia, the beautician has finalised a life-saving deal through her administrators to stave off bankruptcy and will now escape paying almost all of the AUD915,000 she owes the Australian Tax Office. Creditors of her Double Bay salon in Sydney's ritzy eastern suburbs, including the ATO, will now receive between six and nine cents for every dollar they were owed. Daily Mail Australia says the deal will see Ms Fisher slash her tax bill to under AUD100,000, which is less than half what she previously offered the ATO in an earlier rejected compromise payment. She toasted the financial victory with a AUD600 bottle of 2008 vintage Dom Perignon champagne and a bowl of shoestring fries, in a picture posted to Instagram on Jan. 9. Ms. Fisher, 38, also had a AUD100 bottle of Hurley Vineyard Garamond Pinot Noir from Victoria's Mornington Peninsula to crack open when the bubbles ran out. She had previously offered to pay the ATO AUD200,000 over two years in a restructuring plan drawn up by her former administrators, Worrels, in July but that was snubbed by the ATO. Daily Mail Australia notes that the mother-of-two switched to new firm Cor Cordis on November 30, after she met them with her financial advisor Banjo Bond, husband of her sister Kate, and grandson of notorious businessman Alan Bond. The new team managed to seal the remarkable deal in the week between Christmas and New Year. Daily Mail Australia relates that administrators Jeremy Nipps and Rahul Goyal said a week earlier that they were investigating new restructuring options and a Deed of Company Arrangement (DOCA). The DOCA made the cut-price offer to creditors of Kristin Fisher Eyebrows over the festive break which has now been accepted by the ATO. Cor Cordis told Daily Mail Australia Kristin Fisher Eyebrows had 'successfully navigated its way out of voluntary administration'. The company admitted the decision to accept the terms of the DOCA 'was not unanimous' but said it protected 'the Double Bay business from potential closure'. Ms. Fisher administrators' rescue plan offered creditors the choice of receiving nothing or between 6.22 per cent and 8.82 per cent of the AUD932,000 in total owed by Ms Fisher. The creditors report said she also owes around AUD450,000 to relatives and a further AUD100,000 owed to an unnamed related party. Daily Mail Australia notes that Ms. Fisher has courted controversy in recent years, after being caught in a police cocaine sting during Covid lockdowns, and splitting with personal trainer husband Chris Barnes. She then dated celebrity Double Bay hairdresser Tom Cole as his marriage ended and later appeared to fall out with former best friend and fellow socialite Nadia Fairfax, who unfollowed her on social media. She was also hit by tragedy when one of her staff members Michele Singh committed suicide after a night out with her boss in Sydney in 2021. Despite the turmoil, the administrators found her business was still viable and turned a total profit of AUD300,000 between 2020 and 2023, Daily Mail Australia states. Their report found Ms Fisher's downfall had been caused by 'an inability to manage significant debts owed to the ATO which accrued since at least early 2020'. It also said there were 'considerable director drawings over that same period used to meet personal living expenses, for which limited repayments have been made'. The administrators blamed Covid trading conditions, poor financial advice and the breakdown of Ms. Fisher's marriage and subsequent 'personal distress' for impacting the business. They said up to AUD1.4 million had been taken out of the company in 'potentially unreasonable director related transactions' but warned against legal action. 'We have reviewed the statement and made other inquiries including from company records and publicly available information including real property searches,' he said. 'Based on our preliminary investigations, if a successful claim was brought against the director, there may not be the ability to pay the amount of the estimated claim for insolvent trading and/or director loans as the director appears to have limited financial capacity to meet any such claim in full.' Daily Mail Australia adds that the report also said Ms. Fisher may have breached the Corporations Act by not acting with 'care and diligence' as a director. Mr. Nipps said she may not have been 'managing the financial and strategic affairs of the company' or 'act in good faith . . . by withdrawing funds from the company to the extent where it impacted the Company’s solvency'. Cor Cordis told Daily Mail Australia: 'The critical Second Creditors Meeting convened in Sydney on December 29, 2023, culminating in the acceptance of a Deed of Company Arrangement. 'The administrators’ decision was based on the benefits of the proposed arrangement - ensuring job security for employees, fostering ongoing trade relationships with suppliers, and preserving the business’s goodwill. 'There was a strong consensus that this outcome was in the best interest of all creditors, recognising that liquidating the company would yield no returns for creditors. 'While the decision to accept the Deed of Company Arrangement was not unanimous, the administrators, concluded that this course of action offered superior prospects for the company’s employees and stakeholders compared to the alternative. 'For Kristin Fisher Eyebrows Pty Ltd, this signifies a new chapter—a testament to resilience and dedication in upholding commitments to both its workforce and stakeholders.' The ATO said it was unable to comment on individual cases 'due to our obligations of confidentiality and privacy under the law,' said a spokesman, adds Daily Mail Australia. MOONCOW PTY: Second Creditors' Meeting Set for Jan. 18 ------------------------------------------------------ A second meeting of creditors in the proceedings of Mooncow Pty Ltd has been set for Jan. 18, 2024 at 11:00 a.m. via virtual meeting. 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 Jan. 17, 2024 at 4:00 p.m. Daniel Robert Soire and Alan Topp of Jones Partners were appointed as administrators of the company on Dec. 4, 2023. TAN & TAN: Second Creditors' Meeting Set for Jan. 17 ---------------------------------------------------- A second meeting of creditors in the proceedings of Tan & Tan Australia Pty. Ltd. has been set for Jan. 17, 2024 at 11:00 a.m. via virtual meeting. 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 Jan. 16, 2024 at 4:00 p.m. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on Dec. 1, 2023. TLD LOGISTICS: Second Creditors' Meeting Set for Jan. 19 -------------------------------------------------------- A second meeting of creditors in the proceedings of TLD Logistics Pty Limited has been set for Jan. 19, 2024 at 11:30 a.m. via virtual meeting. 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 Jan. 18, 2024 at 4:00 p.m. Daniel Robert Soire of Jones Partners was appointed as administrator of the company on Dec. 8, 2023. ========= C H I N A ========= CHINA AOYUAN: HK Court Gives Go-Ahead to Debt Restructuring ----------------------------------------------------------- Yicai Global reports that China Aoyuan Group said Jan. 12 its offshore debt restructuring plan has been approved by a court in the Hong Kong Special Administrative Region. Yicai relates that the Guangzhou-based firm will issue new financing tools to swap USD6.1 billion of offshore debt to reduce its liability burdens by USD4.9 billion in the upcoming eight years, per the scheme. These financing tools consist of four new bonds worth USD2.3 billion in total, one perpetual bond worth USD1.6 billion, 1.4 billion common shares, and USD143 million in convertible notes. Aoyuan is reemerging from its debt crisis that started in January 2022, Yicai notes. Last September, 12 existing domestic bonds were extended for three years so repayment periods are becoming less stressful across the board. Yicai says more than 50 listed property developers have started debt restructuring since a series of defaults began in the second half of 2021. But just a small number of them have finished such plans including Sunac China Holdings and R&F Properties. Despite the crisis, Aoyuan still delivered 35,400 new housing units with about 4.1 million square meters last year, more than in 2022, according to the firm's website. About China Aoyuan China Aoyuan Group Limited, formerly China Aoyuan Property Group Limited, is an investment holding company principally engaged in the sales of properties. The Company operates its business through three segments. The Property Development segment is engaged in the development and sale of properties. The Property Investment segment is engaged in the leasing of investment properties. The Others segment is engaged in hotel operation, the provision of consulting and management services. Through its subsidiaries, the Company is also engaged in construction business. China Aoyuan Group Limited and affiliate Add Hero Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-12030) on Dec. 20, 2023. U.S. Bankruptcy Judge John P. Mastando III presides over the Chapter 15 proceedings. HAITONG SECURITIES: Delists Hong Kong Unit After Heavy Losses ------------------------------------------------------------- Caixin Global reports that Haitong Securities Co. Ltd. has taken its Hong Kong-listed investment banking unit private, after the subsidiary was weighed down by heavy losses in volatile markets in recent years. Haitong International Securities Group Ltd. delisted from the Hong Kong Stock Exchange on Jan. 11 after nearly 14 years, following a timeline announce d by its parent a day earlier, Caixin relates. China-based Haitong Securities provides services in stocks and futures brokerage, as well as investment banking, corporate finance, M&A, asset management, mutual fund, and private equity. LONGFOR GROUP: Informs Shareholders Option to Receive Dividends --------------------------------------------------------------- Mingtiandi reports that Longfor Group and Guangzhou R&F Properties are finding creative ways to reward the patience of their shareholders and creditors. According to Mingtiandi, Beijing-based Longfor notified shareholders on Jan. 12 that they could opt to receive their 2023 interim dividends in one of three ways: as cash at a rate of CNY0.32 ($0.05) per share; as new shares credited as fully paid and having an aggregate market value equal to the total amount of cash dividends the shareholder would otherwise receive; or as an apportionment of both new shares and cash. Mingtiandi relates that Longfor said its "scrip dividend scheme" would give shareholders an opportunity to increase their investment in the company at market value without incurring brokerage fees, stamp duty and related dealing costs. R&F, meanwhile, told bondholders on Jan. 11 that the interest due that day on 2025, 2027 and 2028 dollar-denominated notes would be "paid in kind" via a $206 million increase in the outstanding principal of the instruments, Mingtiandi reports. About Longfor Group Longfor Group Holdings Limited operates as a real estate development company. The Company develops and markets residential areas, office buildings, hotels, restaurants, and other related areas. Longfor Group Holdings also provides community management, landscape greening materials maintenance, real estate agencies, and other services. As reported in the Troubled Company Reporter-Asia Pacific in late November 2023, Moody's Investors Service has taken the following rating actions on Longfor Group Holdings Limited: 1. Withdrawn Longfor's Baa3 issuer rating and assigned the company a Ba1 corporate family rating (CFR) 2. Downgraded Longfor's senior unsecured ratings to Ba2 from Baa3 Longfor's rating outlook is negative. Previously, the ratings were on review for downgrade. SINO-OCEAN GROUP: Plans to Seek Yuan Bond Extensions ---------------------------------------------------- Bloomberg News reports that Sino-Ocean Group Holding Ltd. told some bondholders that it plans to extend all its local yuan bonds outstanding, including pushing back maturities of four notes by up to 30 months, according to people involved in the private conversations. Bloomberg relates that the state-backed developer's extension plan is a reminder that China's unprecedented real estate debt crisis is far from over, despite emerging signs of relief in the credit market after two major developers said they plan to repay some maturing debt. Sino-Ocean's discussions also intimate the debt risk spreading beyond the private sector. The four yuan bonds comprise a CNY1.5 billion ($210 million) note due 2024, a CNY1.3 billion bond due 2024, a CNY1.2 billion note due 2026 and a CNY3 billion bond due 2024, said the people, who requested anonymity in discussing private matters, Bloomberg relays. Sino-Ocean offers to repay the notes via six installments every three months starting from the 15th month, they added. According to Bloomberg, the builder told creditors that housing sales continue to slump and there's no improvement in liquidity, the people said. Sino-Ocean added in its message to creditors that a long-term debt extension plan could help the builder further stabilize its operations and preserve value for all investors, they said. Sino-Ocean plans to convene bondholder meetings later this month to vote on the proposal, the people, as cited by Bloomberg, said. It also plans within this week to notify bondholders of extension proposals for all its other yuan notes outstanding, containing similar key terms, they said. China's 28th largest developer began showing signs of liquidity stress in early July, when it proposed to some major holders of the CNY1.5 billion bond due 2024 to extend paying the notes, Bloomberg notes. It also sought to extend the coupon payment of its dollar bonds. The company didn't immediately offer comment when reached by Bloomberg News. About Sino-Ocean Group Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings Limited, is an investment holding company principally engaged in property development and property investment in the People's Republic of China (the PRC). The Company is engaged in property development in Beijing-Tianjin-Hebei, Northeast, Central and Southern. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group Holding Limite's corporate family rating to Ca from Caa2. At the same time, Moody's has downgraded to C from Caa3, the backed senior unsecured ratings on the bonds issued by Sino-Ocean Land Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by Sino-Ocean. The outlook remains negative. ========= I N D I A ========= 134 INFRA: Ind-Ra Keeps BB+ Term Loan Rating in NonCooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained 134 Infra LLP's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR1.210 bil. Term loan due on October 31, 2022 maintained in non-cooperating category with IND BB+/Negative ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile 134 Infra was converted into a limited liability partnership from a partnership firm on December 15, 2017. The 14-partner firm is engaged in the construction of residential and commercial real estate projects in Surat, Gujarat. A.K. DAS: Ind-Ra Keeps B+ Rating in NonCooperating -------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained A.K. Das Associates Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR174 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND B+/Stable (ISSUER NOT COOPERATING) rating; and -- INR470 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 1996, Odisha-based AKDAL constructs transmission lines and substations, and related electrical and civil works. The company is promoted by Amiya Kanta Das, Sovarani Das and Pranati Das. AG8 VENTURES: Ind-Ra Keeps D Term Loan Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained AG8 Ventures Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR1.2 bil. Term loan due on March 31, 2025 maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile AG8 was incorporated in 1997 with an objective to develop residential projects in and around Bhopal. AIKYA CHEMICALS: Ind-Ra Keeps B+ Rating in NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Aikya Chemicals Pvt Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR45 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND B+/Stable (ISSUER NOT COOPERATING) rating; and -- INR10 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2011 by Sanjay Shah, Aikya Chemicals manufactures manganese sulphate at its unit in Vadodara, which has an annual production capacity of 18,000 metric tons. AILSINGHANI TRANSPORT: Ind-Ra Keeps BB- Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Ailsinghani Transport Pvt Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR40 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated on April 15, 1997, Maharashtra-based ATPL is engaged in transportation, logistics, warehousing and storage services. AISHWARYA IMPEX: Ind-Ra Keeps D Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Aishwarya Impex's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR137.5 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING)/ IND D (ISSUER NOT COOPERATING) rating; and -- INR22 mil. Term loan due on March 31, 2024 maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Formed in 2011, Aishwarya Impex initially provided cold storage rental services. It ventured into the trading of prawns in January 2015 and the processing of shrimps in FY18. AKSHAR SPINTEX: Ind-Ra Keeps B- Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Akshar Spintex Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR60 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND B-/Stable (ISSUER NOT COOPERATING) rating; -- INR13.5 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR242.7 mil. Term loan due on August 31, 2022 maintained in non-cooperating category with IND B-/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile ASL was incorporated in September 2013 as a private limited company. On January 5, 2018, the company changed its constitution to a public limited company. The company is engaged in the business of cotton yarns and is listed on the Bombay Stock Exchange. ANAND MOTOR: Ind-Ra Keeps BB Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Anand Motor Agencies Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR268 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR30 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile AMAL was incorporated in 1987 and is engaged in the trading of four-wheelers and holds a 3S authorized dealership of MSIL. Under the MSIL dealership, the company has five showrooms, four outlets and six service centers in Lucknow. ANIL KUMAR: Ind-Ra Keeps BB- Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Anil Kumar & Company's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR50 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating; and -- INR409.8 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Established in 1986 as a partnership concern, Uttar Pradesh-based Anil Kumar & Company primarily undertakes electrical and civil contracts for state government entities in Uttar Pradesh. APEX STEEL: Ind-Ra Keeps BB- Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Apex Steel & Alloys' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR50 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in January 2012, Apex Steel & Alloys is a partnership firm engaged in the trading of stainless-steel plates, which are imported from the US and South Africa. APLAB LTD: CRISIL Reaffirms B- Rating on INR14cr Cash Loan ---------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on the bank loan facilities of Aplab Ltd (Aplab). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.5 CRISIL A4 (Reaffirmed) Cash Credit 14 CRISIL B-/Stable (Reaffirmed) Letter of Credit 4 CRISIL A4 (Reaffirmed) Proposed Letter of Credit 0.5 CRISIL A4 (Reaffirmed) The ratings continue to reflect the weak financial risk profile and stretched liquidity of Aplab, modest and stagnant scale of operations and large working capital requirement. These strengths are partially offset by the extensive experience of the promoters in the electronic and power equipment industry. Key rating drivers and detailed description Weaknesses: * Weak financial risk profile: The financial profile is impacted by eroded networth, weak capital structure and subdued debt protection metrics. On account of sizeable losses in the past, networth has remained negative in FY 2023 and the capital structure highly leveraged. However, due to conversion of 23.76 crores of unsecured loans into equity have supported the financial profile of the company. Furthermore, weak profitability, high finance costs and one time exceptional costs has led to subdued debt protection metrics. Nonetheless, sustained improvement in the company's operating performance and financial metrics remains critical and will be key monitorables. * Modest and stagnant scale of operations amid competition: Industry competition constrains scalability, as reflected in revenue of around Rs 51 crore over the four fiscals through 2023. Operating margin has remained volatile in the past. As the replacement cycle for these products is very low and the life cycle of the product is high, the revenue is stagnant. * High working capital intensity of business: Large working capital requirement is reflected in gross current assets (GCAs) of 256 days as on March 31, 2023, driven by stretched debtors of 213 days and large inventory of around 190 days. Stretch in the working capital cycle has constrained the company's liquidity in the past. Strength: * Extensive experience of the promoters: The key promoter and the top management have experience of over three decades in the electronics industry. Over the years, the promoters have established a successful track record of execution and built healthy relationships with customers across multiple sectors. The promoters have also extended unsecured loans to Aplab. Liquidity: Stretched The bank limit remained highly utilised at 95-98% in last 12 months ended November, 2023. Operations are working capital intensive, while the current ratio remains below 1 time. Furthermore, the company cannot utilise its letter of credit limit, which further constrains liquidity. Outlook: Stable While Aplab will benefit from reduction in debt, improvement in operating performance remains critical. Rating sensitivity factors Upward factors: * Sustained revenue growth and improvement in the operating margin leading to steady cash accrual at Rs 1.5 crore or above * Maintenance of a comfortable financial risk profile and liquidity, supported by efficient working capital management and no overutilisation of working capital bank lines Downward factors: * Weak operating performance, large losses or stretched working capital cycle further constraining liquidity. * Consistent decline in revenue or operating profitability less than 8% Aplab, incorporated in 1964, manufactures electrical and electronic equipment and devices. The company has multiple product divisions, including test and measurement instruments, power conversion and controls, uninterruptible power supply (UPS) systems, and banking and retail automation. Aplab is a publicly listed company on the Bombay Stock Exchange (BSE) and has sales and support offices in over 50 cities across India. Company is managed by Mr. P.S Deodhar and Mrs. Amrita Deodhar and the independent directors Mr. Shailendra Hajela and Mr. Sanjay ARWADE INFRASTRUCTURE: Ind-Ra Keeps BB+ Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Arwade Infrastructure Limited's bank facilities' ratings of 'IND BB+/Stable (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The detailed rating actions are: -- INR110 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn; -- INR500 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn; -- INR40 mil. Proposed fund-based working capital limit* maintained in non-cooperating category and withdrawn; and -- INR250 mil. Proposed non-fund-based working capital limit** maintained in non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: The issuer did not co-operate, based on the best available information. *Maintained at 'IND BB+/Stable (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise, despite repeated requests by the agency through phone calls and emails, and has not provided information about interim financial statements, sanctioned bank facilities and utilization, business plan, and projections for the next three years, information on corporate governance, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender and withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile Incorporated in 2009, Arwade Infrastructure is engaged in the business of industrial construction. The Pune-based company has a business development office in Mumbai and a warehouse in Sangli (Maharashtra). ASHWINRAM SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of Ashwinram Spinning Mills Private Limited (ASMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 10.45 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 1.68 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ 0.87 [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 ASMPL, 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 1990, ASMPL is primarily engaged in producing cotton yarn, primarily open-end yarn, in the count ranges from 8s to 20s. ASMPL caters primarily to domestic markets of Maharashtra and Tamil Nadu. The Company operates with an installed capacity of 3,464 rotors and its manufacturing facility is located near Coimbatore. ATC FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of ATC Foods Private 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- 50.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ATC Foods 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 2011, ATC is engaged in milling, processing, and sorting of basmati rice. The concern has its plant at Delhi with a milling capacity of 9 MTPH. The firm primarily sells basmati rice through export as well as domestic sales. The direct exports are made to countries like Europe, Saudi Arabia etc. and the balance is sold through exporters to European countries. BEMCO SLEEPERS: Ind-Ra Keeps BB Loan Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Bemco Sleepers Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR70 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB/Stable (ISSUER NOT COOPERATING) rating; -- INR50 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR11 mil. Term loan maintained in non-cooperating category with IND BB/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Bemco Sleepers manufactures concrete sleepers for Indian railways. It has two manufacturing units, one each in Nandgaon (Maharashtra) and Khandwa (Madhya Pradesh). BHAGABAN MOHAPATRA: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Bhagaban Mohapatra Constructions and Engineers Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR49 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR250 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Term loan due on September 30, 2020 INR 1.10 IND D (ISSUER NOT COOPERATING) Maintained in non-cooperating category Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Bhagaban Mohapatra Constructions and Engineers undertakes execution of civil and mechanical construction projects, with a primary focus on piling activities. The company is promoted by Bhagaban Mohapatra. CLASSIC ENGICON: Ind-Ra Moves BB+ Rating to NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Classic Engicon Private Limited's (CEPL) bank facilities' ratings to the non-cooperating category and has simultaneously withdrawn it. The detailed rating actions are: -- INR90 mil. Fund-based working capital limit* migrated to non- cooperating category and withdrawn; and -- INR370 mil. Non-fund-based working capital limit** migrated to non-cooperating category and withdrawn. Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information. The ratings were last reviewed on July 21, 2023. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. *Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has migrated the ratings to the non-cooperating category because the issuer did not participate in the rating exercise despite repeated follow-ups by the agency through emails and phone calls, and has not provided information about the audited financials, interim financials, sanctioned bank facilities and utilization, business plan, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile CEPL was established in Jharkhand in October 2007. The company, promoted by Dilip Kumar Singh, undertakes construction of roads, bridges, check dams, irrigation and other such projects. However, it specializes in road construction. Its key customer is the Public Works Department of Jharkhand and Bihar. D.N. HOMES: Ind-Ra Keeps BB+ Term Loan Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained D.N. Homes Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR75.6 mil. Term loan due on September 30, 2019 maintained in non-cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in December 2003, D.N. Homes operates a real estate business in Odisha. It was founded by Jagadish Prasad Naik. DASHMESH AGRO: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Dashmesh Agro Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 26.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Dashmesh Agro Industries, 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. Dashmesh Agro Industries is a partnership firm promoted by Mr. Ashwani Sidana and his family members. The firm is primarily involved in the milling of basmati rice and also converts semi-processed rice into parboiled basmati rice. DAI's milling unit is based out of Jalalabad in Ferozpur district, Punjab, which is in close proximity to the local grain market. DEV'S CHEM: Ind-Ra Keeps BB- Issuer Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Dev's Chem Tec Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR20 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR40 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2015 in Hyderabad (Telangana), Dev's Chem Tec trades basic raw materials and intermediaries for the pharmaceutical industry. DHAULAGIREE POLYOLEFINS: Ind-Ra Keeps B Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Dhaulagiree Polyolefins Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR14 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND B/Stable (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 1984, Dhaulagiree Polyolefins manufactures high molecular high density polyethylene films, sheet, lines, poly bags, tarpaulin sheet at its manufacturing facility in Howrah, West Bengal. DIGILOGIC SYSTEMS: Ind-Ra Keeps BB- Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Digilogic Systems Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/ Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR30 mil. Fund Based Working Capital Limit maintained in noncooperating category with IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR18 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2011, Digilogic Systems offers systems, solutions and products for the defense and aerospace industry. DIGNITY INNOVATIONS: Ind-Ra Keeps B+ Rating in Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Dignity Innovations' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR75 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and -- INR10 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Established as a partnership firm in 1994, Tamil Nadu-based Dignity Innovations manufactures readymade garments. DIPTI TRADERS: CRISIL Assigns B+ Rating to INR16cr Loans -------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the long term bank facilities of Dipti Traders (DT). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Assigned) Long Term Loan 6 CRISIL B+/Stable (Assigned) The rating reflects DT's improving but moderate scale of operations, low operating margins due to the trading nature of the business and leverage financial profile. These weaknesses are partially offset by its extensive experience of promoters, and their relationship with customers and suppliers, and controlled working capital cycle. Key Rating Drivers & Detailed Description Weaknesses: * Improving but moderate scale of operations: Revenue improved to INR183.5 crore in fiscal 2023 from INR169.8 crore in fiscal 2022 supported by volume growth amid price correction in edible oil. In current fiscal DT's revenue is estimated at INR142 crore for H1FY24, though improving the scale remain moderate. Sustained improvement in scale of operations remains monitorable. * Low operating margins due to the trading nature of the business: Due to the trading nature of business, DT's operating margin have been at moderate levels. The operating margin stood in range 1.3-1.8% in past three fiscals ended March 31, 2023. It operating margin improved to 1.76% in fiscal 2023 from 1.29% in fiscal 2022, with economies of scale with healthy demand. Sustenance of operating margin remains monitorable. * Below average financial risk profile: DT has average financial profile marked by gearing of 7.14 and total outside liabilities to adj tangible networth (TOL/ANW) of 10.53 for year ending on 31st March 2023, due to small networth of INR4.91 crore and reliance of bank borrowing for working capital requirements. The gearing is expected to improve over the medium term in absence of debt funded capex. Strengths: * Extensive experience of management, and their relationship with principal and customers: DT was incorporated in 2005, and has a track record of operations in trading business. Over the years, it has established healthy relationships with various customers and suppliers, this shall support its scale. * Efficient working capital management: Working capital is prudently managed, as reflected in the GCA in range 85-96 days in past 3 fiscals ended March 31, 2023. GCA days of 88 days as on March 31, 2023, were driven by debtors and inventory of 21 and 27 days, respectively. Liquidity: Stretched Cash accrual is expected at a modest INR0.5-1 crore per fiscal, sufficient against debt obligation of INR0.3-0.6 crore per annum over the medium term. Bank limit was utilised at 96.89% on average over the 8 months through November 2023. Current ratio stood adequate at 1.29 time on March 31, 2023. Outlook: Stable DT will continue to benefit from the extensive experience of its management, and established relationships with principal and customers. Rating Sensitivity Factors Upward factors * Sustained revenue growth along with sustenance of operating margin leading to higher cash accruals of over INR2 crore. * Improvement in financial risk profile and liquidity. Downward factors * Decline in scale and/or operating margin leading to cash accruals below INR0.35 crore. * Stretch in working capital requirement or large debt funded capex or capital withdrawal by proprietors leading to decline in financial risk profile and liquidity. Incorporated in 2005, DT is based out of Satara, Maharashtra and is engaged in trading/ distributorship of edible oil, fast moving consumer goods (FMCG), etc. It has distributorship of Gemini Edibles & Fats India Ltd (GEFIL, CRISIL AA-/Stable) for edible oil, Adm Agro Industries Latur & Vizag Pvt Ltd's (AAILVPL) footwear brand 'Healthfit' and Reliance Consumer's 'Independence' for FMCG products, etc. DURGA MARUTHI: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term ratings for the bank facilities of Sri Durga Maruthi Automotive Pvt. Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.86 [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 Sri Durga Maruthi Automotive Pvt. Ltd, 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 2016, SDMAPL is an authorised dealer of MSIL at Anantpur in Andhra Pradesh for the Nexa range of four-wheelers and spares, accessories and services. The company is promoted by Mr Venkateshwar Rao. Incorporated in 1995 as a partnership firm, at Anantpur (Andhra Pradesh), SDA is an authorised dealer of Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') in Anantpur, Hindupur, Gatkal, Thadipatri and Kadri (Andhra Pradesh), for sale of four-wheelers, spares and accessories, and servicing of vehicles. Mr S Venkateswara Rao is the main partner. EDWARD FOOD: ICRA Reaffirms B- Rating on INR36cr LT NCD ------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Edward Food Research and Analysis Centre Limited (EFRAC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– Non-convertible Debenture 36.00 [ICRA]B- (Stable); reaffirmed Rationale The reaffirmation of EFRAC's rating factors in the weak financial risk profile of the company, characterised by an adverse capital structure with a negative net worth position and sizeable debt along with poor liquidity. The company's high debt servicing obligations compared to the cash accruals continue to keep its financial profile under pressure, however, the redemption of non-convertible debenture (NCD), which was due on September 30, 2023, has been deferred to April 1, 2024. EFRAC's scale of operations remains modest, notwithstanding the growth witnessed over the last two fiscals. In FY2023, its operating income (OI) grew by 17%, aided by an increase in revenues from the food and food products and environmental segments by 19% and 56%, respectively and bad debt recovery of INR1.08 crore, despite a decline in revenue from the drugs and cosmetics segment by 6%. This along with a decline in raw material costs led to a turnaround in EFRAC's performance, as reflected by an increase in its OPBDITA to INR12.0 crore in FY2023 from INR8.3 crore in FY2022 and a net profit posted in FY2023 vis-à-vis net losses reported in the preceding years. The company posted a cash profit in FY2023 for the first time since FY2015. However, the company's revenue and profits deteriorated in H1 FY2024 on a YoY basis on the back of a significant contraction in revenue from the drugs and cosmetics segment. The rating, however, favourably factors in the established track record of EFRAC in the industrial testing industry. The rating also derives comfort from the reputed client base of EFRAC and the receipt of accreditations/certifications from major approving agencies, which support its business profile. The Stable outlook on the [ICRA]B- rating reflects ICRA's opinion that EFRAC's established presence in the industrial testing industry is likely to support its revenue. Key rating drivers and their description Credit strengths * Established track record of the company in the industrial testing industry: The company is involved in industrial testing of food and food products, drugs, cosmetics and in environmental testing. EFRAC has an established track record of more than a decade in the industry, particularly in the eastern and north-eastern India, strengthening its business profile. * Accreditation from major approving agencies and reputed clientele strengthen operating profile: EFRAC's testing and research laboratory for food and food products, drugs and cosmetics, and environment are accredited by major approving agencies such as USFDA, FSSAI, NABL, BIS and MOEF etc., which act as a natural barrier to potential new entrants in the industry. ICRA notes that EFRAC's customer base includes reputed entities both in the government and private sectors, reflecting the credibility of its analysis, which supports its business profile. Credit challenges * Weak financial profile characterised by an adverse capital structure and poor liquidity: EFRAC's net worth gradually eroded due to losses suffered by the company over the years and stood at negative INR15.17 crore as on September 30, 2023 (unaudited). This along with a sizeable amount of NCD outstanding (Rs. 48.26 crore including accrued interest as on September 30, 2023) kept the capital structure adverse. The company's poor liquidity position with a modest cash accrual and sizeable debt service obligation also kept EFRAC's financial profile weak. * Significant debt servicing obligations vis-à-vis cash accruals; high coupon rate on NCD: The NCD of INR48.26 crore (including accrued interest) is held by Mandala Food Co-Investment I Ltd., a part of the Mandala Group, which holds a 51% equity stake in EFRAC. The NCD carries a high coupon rate of 18%, leading to a sizeable interest outgo on a yearly basis. The NCD redemption is due on April 1, 2024 (deferred from September 30, 2023). However, the company's net cash accrual remained modest at ~Rs. 4.5 crore in FY2023, notwithstanding an improvement from a negative cash accrual in the preceding years. Hence, the debt coverage metrics remained subdued, as reflected by the interest coverage of 1.4 times (0.9 times in FY2022) and the total debt relative to OPBDITA of 4.1 times (6.0 times in FY2022) in FY2023. * Relatively smaller scale of operations: EFRAC's OI grew significantly over the last two fiscals to INR28.7 crore in FY2023, registering a YoY growth of 45% and 17% in FY2022 and FY2023, respectively. However, the company's scale of operations remains small compared to other established players in the industrial testing business. Liquidity position: Poor The liquidity position of the company is poor, with high debt service obligations. The redemption of NCD of INR48.26 crore (including accrued interest) is due on April 1, 2024 (deferred from September 30, 2023). Besides, a high coupon rate (18%) on the NCD exerts pressure on the company's cash flows. EFRAC's cash flow from operations stood at INR0.9 crore only in FY2023 due to low absolute profit and high interest outgo. No material improvement in the same is likely in the near-to-medium term unless the interest obligation subsides. The company has a moderate level of free cash (INR4.6 crore as on March 31, 2023). It is likely to incur an annual capex of around INR5 crore in the coming few years for replacement of old equipment and infrastructure expansion, which would be funded through internal accruals. Rating sensitivities Positive factors – ICRA may upgrade EFRAC's rating if the company's net worth and liquidity position improve significantly on a sustained basis. Negative factors – Pressure on EFRAC's rating may arise if it is unable to make financial arrangements in advance to honour the upcoming NCD redemption. Edward Food Research and Analysis Centre Limited (EFRAC) was established in August 1921. Mandala Food Co-Investments II Ltd. and Mandala Litmus SPV, based out of Mauritius, made an equity investment in FY2017, post which, the Mandala Group holds an equity stake of 51% in EFRAC. One of the Mandala Group entities (Mandala Food Co-Investments I Ltd.) also invested in EFRAC through NCD. The company operates a testing and research laboratory for food and food products, drugs and cosmetics, and environment at Subhash Nagar in North 24 Parganas district, West Bengal. EMGEE INFRASTRUCTURE: Ind-Ra Keeps D Rating in Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Emgee Infrastructure Holdings (I) Pvt. Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR240 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated on November 1, 2002, Emgee Infrastructure Holdings (I) is engaged in civil construction, infrastructure development, engineering, procurement and construction and logistics projects. FERNANDES BROTHERS: CRISIL Cuts Rating on INR16.5cr Loan to B- -------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the long term bank facilities of Fernandes Brothers (FB) to 'CRISIL B-/Stable' from 'CRISIL B/Stable' while reaffirming the short term rating at 'CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 CRISIL A4 (Reaffirmed) Cash Credit/ 16.5 CRISIL B-/Stable (Downgraded Overdraft facility from 'CRISIL B/Stable') Packing Credit 8 CRISIL A4 (Reaffirmed) Proposed Long Term 8.5 CRISIL B-/Stable (Downgraded Bank Loan Facility from 'CRISIL B/Stable') Working Capital 2.9 CRISIL B-/Stable (Downgraded Term Loan from 'CRISIL B/Stable') The downgrade in rating is due to weakening of financial risk profile especially liquidity profile due to lower than expected NCA. Due to volatility in the material prices and limited bargaining power, the operating margin of the firm continues to be at lower level resulting in a lower NCA compared to its repayment obligation. With the moderation of scale of operation expected in the current fiscal based on YTD along with low margin, the NCA is expected to remain at lower level. The ability of the firm to improve in NCA with increase in scale of operation and operating margin is a key monitorable. The rating continues to reflect the extensive industry experience of the promoters in the cashew industry and FB's efficient working capital management. These strengths are partially offset by susceptibility to volatility in cashew prices, moderate scale of operations amidst intense competition and its below-average financial risk profile. Key Rating Drivers & Detailed Description Weaknesses: * Susceptibility to volatility in cashew prices: Due to insufficient supply and high rates of cashews in the domestic market, the nuts are increasingly being imported. Any major change in input prices or adverse fluctuations in the forex rates, can impact the overall procurement costs. With limited bargaining power in the domestic market, the volatility in input costs is not fully passed onto the customers. Hence, the operating margins of the group have remained modest in the past two years, ended fiscal 2023 and is expected to remain at lower level. * Moderate scale of operations amidst intense competition: The firm has a moderate scale of operations, as reflected in its revenues of INR95.23 crore in fiscal 2023. Further, the group is exposed to intense competition in the cashew industry, with several organized and unorganized players catering in the domestic market. * Below-average financial risk profile: Financial risk profile is below-average marked by leveraged capital structure and modest debt protection metrics. Capital structure is leveraged marked by high gearing at 3.42 times as on 31st March 2023 while networth is modest at INR7.79 crore. Debt protection metrics is modest marked by interest coverage ratio of 0.84 times and Negative Net Cash Accruals to Adjusted Debt (NCAAD) ratio of 0.00 time in fiscal 2023. In the absence of any additional debt and lower accretion to reserves, the financial risk profile is expected to remain at similar level. Strengths: * Extensive industry experience of the promoters: The promoters have an experience of over four decades in cashew industry. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers, especially in the domestic market. * Efficient working capital management: The firm has a moderate gross current asset of 130 days as on March 31, 2023. This included receivables of 37 days and inventory of 82 days. GCA days is expected to remain at similar level in the medium term. Liquidity: Poor Bank limit utilisation is high at around 89.7 percent for the past twelve months ended October 2023. Cash accrual are expected insufficient against term debt obligation of INR0.94 crores over the medium term. Current ratio are healthy at 2.11 times on March 31, 2023. The promoters are likely to extend support in the form of equity and unsecured loans to meet its working capital requirements and repayment obligations. Outlook: Stable CRISIL Ratings believes that FB will benefit over the medium term from its promoter extensive industry experience. Rating Sensitivity factors Upward factors * Improvement in revenue or operating margin leading to cash accruals of more than Rs.1.5 crore. * Improvement in financial risk profile. * Improvement in liquidity profile. Downward factors * Slower growth in revenue or operating margins going below 1%. * A substantial increase in working capital requirement, or large, debt-funded capital expenditure, thus weakening the financial profile. FB, incorporated in 2006 is involved in importing and processing of raw cashews. FB is owned and managed by Mr Walter D Souza and his family. FIZA DEVELOPERS: Ind-Ra Keeps B+ Rating in Non-Cooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Fiza Developers & Infrastructure Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR150 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND B+/Stable(ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Fiza Developers & Infrastructure, incorporated in 2007, provides consultation services for solar and wind energy projects. FLEX FOODS: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has taken the following rating actions on Flex Foods Limited's (FFL) bank facilities: -- INR247.40 mil. Fund-based working capital limit downgraded with IND BB+/Negative/IND A4+ rating; -- INR25 mil. Non-fund-based working capital limit downgraded with IND BB+/Negative/IND A4+ rating; -- INR1.620 bil. Term Loan due on March 2030 downgraded with IND BB+/Negative rating; -- INR152.60 mil. Fund-based working capital limit assigned with IND BB+/Negative/IND A4+ rating; and -- INR25 mil. Non-fund-based working capital limit assigned with IND BB+/Negative/IND A4+ rating. ANALYTICAL APPROACH: Ind-Ra continues to take a standalone view of FFL to arrive at the ratings. The downgrade reflects a significant deterioration in FFL's EBITDA margin, credit metrics and liquidity position during FY23; the Negative Outlook reflects the likelihood of further weakening in the same during FY24. Key Rating Drivers Sharp Decline in Profitability: FFL's EBITDA fell to INR111.30 million in FY23 (FY22: INR182.30 million), with the EBITDA margin declining to 9.49% (16.51 %), due to the fixed cost incurred for the new unit in Krishnagiri, Tamil Nadu, a dip in realizations, and lower-than-expected revenue. Furthermore, the company incurred losses in 2QFY24 because of a continued increase in the fixed costs at the new unit in Krishnagiri and negligible revenue earned from the unit. Ind-Ra expects the margin to improve from FY25 with the likely stabilization of the operations of the Krishnagiri unit. Significant Deterioration Credit Metrics: FFL's credit metrics weakened considerably in FY23 owing to the dip in EBITDA levels and higher-than-expected debt-funded capex to increase capacity at its Krishnagiri plant. The net leverage (net debt/EBITDA) was 20.98x in FY23 (FY22: 7.35x) and interest coverage (EBITDA/interest cost) was 0.69x (7.50x). The net leverage and interest coverage are likely to deteriorate further in FY24 because of a likely decline in the EBITDA levels and high interest cost. Ind-Ra expects the net leverage to improve from FY25, backed by the likely increase in the EBITDA. Liquidity Indicator - Stretched: FFL's average use of the working capital limits was 85% over the 12 months ended October 2023, with utilization in the form of packing credit facility and bill discounting. The company's free cash flows continued to be negative at INR1,002.70 million in FY23 (FY22: INR1,318 million), primarily due to significant capex of INR1900 million incurred during the year combined with moderate profitability. Furthermore, the current ratio stood at 1x in FY23, thereby reflecting the stretched liquidity. Ind-Ra expects the working capital requirement to remain high in FY24 due to the long inventory holding period (FY23: 157 days; FY22: 97 days), owing to business seasonality. The company has received a sanctioned fund-based facility enhancement of INR175 million to support the incremental working capital requirement from the new plant. The company had unencumbered cash balance of INR22.2 million at FYE23 (FYE22: INR64.5 million), against scheduled repayments of INR165 million for FY24 and INR218 million for FY25, for which it might require support from group companies. As of September 30, 2023, the company received funding support of about INR597 million from related group entities in the form of unsecured loans to support the operations, with no defined repayment obligation. Lower-than-expected Revenue Generation: FFL's revenue during FY23-FY24 has been lower than Ind-Ra's expectations due to a delay in the stabilization of the Krishnagiri unit and a dip in demand in the export market, especially in Europe. The company's revenue increased marginally to INR1,173.30 million in FY23 (FY22: INR1,104.20 million) due to higher volumes. FFL is likely to achieve turnover of INR1,150 million - INR1,250 million in FY24. The company's new unit at Krishnagiri commenced operations partially in October 2022 with four chambers, and an additional two chambers were added in April 2023. However, the new unit did not register any significant growth due to lower demand from the European market, which contributes about 65 % to FFL's total revenue. Paucity of demand resulted in the dip in realization in 2HFY23. While the realization picked up in FY24, improvement in the turnover in the near-to-medium term will remain key monitorable. Industry Risks: FFL is vulnerable to agro-climatic risk, as well as seasonality in production of fruits, vegetables and herbs. Furthermore, the company is exposed to risks arising from regulatory changes and adverse forex fluctuations as it derives a major portion of its revenue from Europe and the US. Strong Parentage: FFL is a UFlex group company, with Uflex Limited ('IND AA-'/Stable) holding 47.15% stake at FYE23. The support from the strong parent is evident from the inflow of unsecured loans of INR430 million into FFL from the group entity in FY23 to support the operations. Furthermore, the amount increased to INR597 million as of September 30, 2023 to support the losses. Ind-Ra expects the group to continue to offer support to FFL to meet its debt servicing requirements. Rating Sensitivities Negative: Inability to improve the scale of operations and profitability, leading to further deterioration in the credit metrics and liquidity, all on a sustained basis, would be negative for the ratings. Positive: A significant increase in the scale of operations and operating profitability following the stabilization of operations at the Krishnagiri plant, resulting in an improvement in credit metrics and liquidity, all on a sustained basis, would be positive for the ratings. Company Profile FFL is a UFlex group company, with Uflex holding 47.15% stake as of FY23. FFL is engaged in the cultivation, processing and canning of mushrooms and processing of culinary herbs, fruits and vegetables. It has two manufacturing facility in Dehradun, Uttarakhand and Krishnagiri, Tamil Nadu for freeze drying, air drying, individually quick-frozen processing. The unit in Krishnagiri has commenced operations partially in October 2022 with four chambers and an additional two chambers were added in April 2023. The company has its own captive mushroom cultivation unit, while it procures other items primarily from nearby areas through contract farming. FLUID AND POWER: Ind-Ra Keeps B+ Rating in Non-Cooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Fluid and Power Automation LLP's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR60 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND B+/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR22.5 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR9.63 mil. Term loan due on March 1, 2022 maintained in non- cooperating category with IND B+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2016, Fluid and Power Automations is an electrical contractor in Goa. GAYATRI PROJECTS: Creditors Vote to Liquidate Company ----------------------------------------------------- The Economic Times of India reports that creditors to Gayatri Projects (GPL), promoted by former Rajya Sabha MP T Subbarami Reddy, have voted to initiate liquidation proceedings against the company after rejecting the only bid from private equity fund Mark AB Capital Investment LLC. Mark AB was offering a total of INR650 crore, of which only INR50 crore was upfront cash, ET had reported in October. It was the only serious offer lenders had received, which has now been rejected because of its low value. "The voting which closed late last week showed more than 66% of the lenders are in favour of liquidation. As a result, the resolution professional (RP) has already filed a plea to initiate liquidation. However, the promoters have also filed a separate petition seeking withdrawal of the insolvency process in December which is yet to be heard by the NCLT," said a person familiar with the process. RP Sai Ramesh Kanuparthi did not reply to an email seeking comment, ET relays. The engineering, procurement and construction (EPC) company owes creditors a total of INR9,034 crore, out of which INR7,147 crore is owed to banks, ET discloses citing the latest update claims on the company's website. Canara Bank is the largest creditor with 21% of total dues amounting to INR1,911 crore, followed by Bank of Baroda (INR1,382 crore) or 15% of total dues. "As things stand currently, the promoter's offer for withdrawal under 12A of the Insolvency and Bankruptcy Code is the only option to liquidation. But for it to materialise, at least 90% of the secured creditors have to vote in its favour. So far there is no formal offer from the promoter on the table," said a second person aware of the process. GPL was admitted to the Hyderabad NCLT in November 2022. Besides direct loans the company had also issued guarantees to distressed projects being executed by the company like Indore Dewas Tollways and its subsidiary Sai Maatarini Tollways which also form part of dues to banks, though lower in the financial waterfall. Both these projects have been terminated by the NHAI with arbitration claims pending. Gayatri Projects Ltd. offers construction services. The Company builds infrastructure projects such as dams, highways, bridges, canals, aqueducts, and ports. GENIUS MINDS: Ind-Ra Keeps D Rating in NonCooperating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained 4 Genius Minds Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR450 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING)/ IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile 4 Genius Minds is an authorized reseller of all Apple Inc.'s products in India and is authorized to provide both system integration and after-sales services such as repair and maintenance in the B2B segment. GLOBAL PROPERTIES: Ind-Ra Keeps BB- Rating in Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Global Properties' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR400 mil. Term loan maintained in non-cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Founded in June 2005, Global Properties is a Bhopal-based registered partnership firm engaged in the real estate business. It is promoted by Arvind Agrawal and Ayush Agrawal. GO FIRST: RP Extends Voting Deadline on Offers ---------------------------------------------- The Economic Times reports that the resolution professional (RP) overseeing bankrupt Go First Airlines has extended the voting deadline for lenders to allow them to decide whether they want to weigh the latest expressions of interest from SpiceJet and two other investors after some creditors sought more time to arrive at a decision, three people familiar with the process said. The voting, which was slated to end on Jan. 6, has been extended till the end of last week. "Among the creditors, a large public sector bank which is a key creditor wants more time since the approval to extend the process needs to be ratified by its board. So voting lines are still open for everyone, though some of the creditors have already voted," ET quotes a person aware of the process as saying. According to ET, RP Shailendra Ajmera had called for the voting after receiving unsolicited interest from the three entities last month for conducting due diligence on the grounded airline. Sharjah-based aviation company Sky One, Africa-focused Safrik Investments and homegrown budget airline SpiceJet had shown interest in acquiring Go First after the deadline for making proposals passed, ET reported on December 18. "Lenders are inclined to restart the process and give these new bidders time to put up a concrete plan since there is enough time for that according to law. So, we may see fresh bids to take over the airline though no one is enthusiastic about the valuations since this airline has now been grounded since May last year," a second person said. Go First owes creditors more than INR6,200 crore. Central Bank of India, Bank of Baroda and IDBI are the secured creditors with INR1,934 crore, INR1,744 crore and INR75 crore of admitted claims, respectively. Together, the airline owes these lenders INR3,753 crore and any extension of the deadline needs to be approved by these lenders, ET discloses. ET notes that the RP can extend the corporate insolvency resolution process (CIRP) by another 60 days and still comply with the insolvency code's outer deadline of 330 days. The current timeline ends on February 4. "From the lender's perspective, there is no harm in extending the timeline. Though judging by the bids received in the last process and the financial position of the new bidders, not many expectations are there," said a third person aware of the process. Jindal Steel and Power promoter Naveen Jindal's expression of interest (EoI), the only preliminary inquiry to make the cut as a bidder for the airline, did not finally submit a bid in the last round. ET adds that lenders are also wary of the limited information about the two foreign entities and the financial position of SpiceJet, which is facing its own challenges. They expect a better recovery from Go First's ongoing arbitration proceedings in Singapore against US engine maker Pratt & Whitney (P&W), than selling it, the report states. Lenders have continued the arbitration started by Go First's erstwhile management, seeking more than $1 billion from P&W, blaming it for supplying faulty engines that were not replaced on time, resulting in the grounding of half the airline's fleet and pushing it towards bankruptcy. About Go First Go First, formerly known as GoAir, was an Indian ultra-low-cost airline based in Mumbai, Maharashtra. Go First was incorporated in April 2004 as GoAir and commenced flight operations in November the following year. Its inaugural flight was from Mumbai to Ahmedabad. The airline is owned by the Wadia Group. Go First filed an application for voluntary insolvency resolution proceedings before National Company Law Tribunal (NCLT) on May 2, 2023. The company said the filing with the NCLT comes after Pratt & Whitney, the exclusive engine supplier for the airline's Airbus A320neo aircraft fleet, refused to comply with an order to release engines to the airline that would have allowed it return to full operations. Go First owes INR6,521 crore to its financial creditors, Bank of Baroda, IDBI Bank, and Deutsche Bank. The airline has a total liability of about INR11,463 crore to banks, other creditors, vendors, and others. On May 10, 2023, the NCLT accepted Go First's voluntary insolvency petition. The NCLT bench appointed Abhilash Lal as the interim resolution professional to look after the affairs of Go First and also suspended its board as part of the insolvency resolution process. HARIHAR ALLOYS: Ind-Ra Keeps B Rating in Non-Cooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Harihar Alloys Pvt Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR260 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND B/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR60 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR93.1 mil. Term loan due on November 30, 2024 maintained in non-cooperating category with IND B/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 1995, Harihar Alloys manufactures high quality castings and forgings in an array of classes and material grades for various industries. Its head office is located at Trichy (Tamil Nadu). Its casting and forgings units are located in the Trichy and Pudukkottai districts in Tamil Nadu. JASMINE TOWELS: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Jasmine Towels Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR90 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR92.55 mil. Term loan maintained in non-cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 1994, Madurai-based Jasmine Towels manufactures dish napkins, terry towels, beach towels, and aprons. JAY KHODIYAR: CRISIL Lowers Rating on INR7.95cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the long-term bank facility of Jay Khodiyar Cotton Pvt Ltd (JKCPL) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.95 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The downgrade reflects the moderation in the business risk profile of the company on account of lower demand resulting in a dip in revenue and profitability. The company's operating performance is expected to remain subdued in the near term and will remain monitorable. Revenue declined by more than 40% on-year to INR56.26 crore in fiscal 2023. Operating margin dipped to 0.45% in fiscal 2023 from 0.51% in fiscal 2022 on account of volatile raw material prices. Consequently, the company generated lower-than-expected accrual. The decline in the business performance has weakened the financial risk profile with networth at just INR6.34 crore as on March 31, 2023. The rating continues to reflect the modest scale of operations of JKCPL amid intense competition, and the vulnerability of its profitability to fluctuations in raw material prices. These weaknesses are partially offset by the extensive experience of the promoters in the cotton industry and the company's moderate financial risk profile. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations amid intense competition: The revenue declined from INR95 crore in fiscal 2022 to INR56.26 crore in fiscal 2023 on account of decline in domestic demand. The impact of fluctuations in raw material prices on demand and operating margin remains a rating sensitivity factor. Moreover, the company booked revenue of INR22 crore in the first half of fiscal 2024 with moderate growth expected over the medium term. The modest scale of operations amid intense competition limits the pricing power with suppliers and customers, thereby constraining profitability. * Susceptibility of profitability to volatility in raw material prices: Cotton, the key raw material, accounted for 96-98% of operating income in the past five years. Thus, any sharp fluctuation in the raw material cost can adversely impact the operating margin. Strengths: * Extensive industry experience of the promoters: The promoters' experience of more than two decades in the cotton industry, their understanding of the local market dynamics and established relationships with cotton farmers should continue to support the business. * Moderate financial risk profile: The financial risk profile is supported by comfortable capital structure with gearing of 1.11 times and total outside liabilities to tangible networth (TOLANW) ratio of 1.49 times as on March 31, 2023, despite adjusted networth of just INR6.34 crore. Debt protection metrics were adequate as indicated by interest coverage of 1.70 times in fiscal 2023. In the absence of any large, debt-funded capital expenditure (capex) and given the thin profitability, the company's financial risk profile expected to remain stable over the medium term. Liquidity: Poor Bank limit utilisation was moderate at 75%, on average, for the 12 months through September 2023. Cash accrual is expected at INR20-30 lakh against nil term debt obligation over the medium term, and will cushion liquidity. Current ratio was moderate at 1.37 times on March 31 2023. Outlook: Stable CRISIL Ratings believes JKCPL will continue to benefit from the extensive experience of its promoters. Rating Sensitivity factors Upward factors: * Significant increase in revenue with steady operating margin leading to accrual of over INR0.80 crore on sustained basis * Improvement in the TOLANW ratio Downward factors: * Decline in revenue by over 20% and dip in the operating margin on sustained basis leading to lower-than-expected cash accrual * Stretch in the working capital cycle resulting in TOLANW ratio above 3.5 times * Large, debt-funded capex or sharp rise in working capital requirement, weakening the financial risk profile JKCPL was incorporated in 2007, promoted by Mr Nanabhai Kalsariya, Mr Nagjibhai Rathod, and Mr Mangalbhai Ladumor. The company is engaged in ginning and pressing of cotton into bales and extracting cotton seeds. Its manufacturing facility is at Mahuva, near Bhavnagar in Gujarat. K. MADANA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term and short-term rating of K. Madana Mohana Rao and Company in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [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 Aasu Exim 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. K. Madana Mohana Rao and Company (KMMRC) was incorporated in 2007 as a proprietorship entity and started operations in February 2015. The entity's unit is located at Guntur, Andhra Pradesh and is engaged in cotton ginning, pressing and trading of cotton bales, seeds and cotton lint and is equipped with 36 ginning machines capable of producing 40,500 bales annually. The proprietor has more than four decades of experience in the cotton business. KAFILA HOSPITALITY: Ind-Ra Keeps B+ Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Kafila Hospitality and Travels Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR425 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND B+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Based in Delhi, KHTPL was established in 2008 by Pradeep Chadda. It undertakes airline ticket and hotel bookings through the business-to-business and business-to-consumer models, and runs a 27-room guest house based in Delhi. The company has also entered into the railway booking segment. KATHIAWAR STEELS: Ind-Ra Assigns BB- Rating, Outlook Stable ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Kathiawar Steels LLP's (KSLLP) bank facilities as follows: -- INR704 mil. Non-fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating. Analytical Approach: Ind-Ra has taken a standalone view of KSLLP to arrive at the rating. Key Rating Drivers The rating reflects KSLLP's lack of operations as the firm did not earn any revenue in FY23 (FY22: INR355.08 million), due to the unavailability of the desired quality ships for purchase and breaking. Consequently, the EBITDA margins turned negative in FY23 (FY22: 12.02%) on account of fixed cost. However, in FY24, Ind-Ra and the management expect the revenue and margins to improve due to the purchase of a 6,000 metric ton-ship for breaking in December 2023, which is likely to be dismantled by February 2024. The firm earned interest and other income of INR12.26 million FY23 (FY22: INR15.982 million) from the loans extended to third parties as the available funds were not utilized for business operations during FY23. Liquidity Indicator - Stretched: KSLLP's fund-based limits and non-fund-based limits remained unutilized during the 12 months ended November 2023. The net working capital cycle stood at 2 days in FY22 and it remained at similar levels in FY23 as there were no sales during the year. The cash and cash equivalents stood at INR94.51 million at FYE23 (FYE22: INR80.01 million). KSLLP does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The firm will open letter of credit of USD3.065 million for importing of ship with a usance period of five months, which will be repaid from sales proceeds of dismantled ship and interest income. However, the rating is supported by the partners' nearly three decades of experience in ship breaking and ferrous metals industry. This has facilitated the firm to establish strong relationships with customers. Rating Sensitivities Positive: Any significant improvement in the scale of operations, and an improvement in the EBITDA margin as well as the liquidity, on a sustained basis, will be positive for the rating. Negative: A weaker-than-expected revenue, profitability and/or liquidity profile or deterioration in the credit metrics with the gross interest coverage reducing below 1.5x will be negative for the rating. Company Profile KSLLP is a limited liability partnership firm having Hiren Jashvantrai Shah and Jasvant Durlabhdas Shahas designated partners and is engaged in the business of ship breaking. The shipping yard is located at Bhavnagar (Gujarat) and has a ship breaking capacity of 12,000 metric tons. KAURSAIN EXPORTS: Ind-Ra Keeps BB+ Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Kaursain Exports Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR80 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR28.85 mil. Term loan due on March 31, 2022 maintained in non-cooperating category with IND BB+/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2001 and promoted by Amneesh Mittal and Rajneesh Mittal, Kaursain Exports manufactures readymade and hosiery garments and exports them mainly to the US, the UAE and Saudi Arabia. KOMARLA HATCHERIES: Ind-Ra Keeps BB- Rating in NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Komarla Hatcheries' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR95 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR166 mil. Term loan due on May 31, 2026 maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile KH is a Bengaluru-based partnership firm engaged in the poultry business in Karnataka, Tamil Nadu and Kerala. KSA POWERINFRA: Ind-Ra Keeps D Rating in NonCooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained KSA Powerinfra Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR180 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR650 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2007, KSA Powerinfra is an engineering, procurement and construction company engaged in the execution of several turnkey projects such as setting up of electric substations (up to 400kV), transmission lines, wind power projects, co-generation plants, process plants and industrial electrification. KSC EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of KSC Educational Society in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.32 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 150.00 [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 KSC Educational Society, 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. K.S.C Educational Society is promoted by the Chadha Group with the objective of providing technical and non- technical education. The Society has set up an international school (from Nursery to Class XII) by the name of 'Genesis Global School' in Sector 132 of Noida, Uttar Pradesh. The school commenced operations from April 2010. LONE FURROW: Ind-Ra Assigns BB+ Rating, Outlook Negative -------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Lone Furrow Investments Private Limited's (LF) non-convertible debentures to Negative from Stable, while affirming the rating as follows: -- INR1.5 mil. NCDs I ISIN INE0FST07042 issued on December 27, 2021 zero coupon due on December 26, 2024 affirmed; Outlook revised to Negative from Stable with IND BB+/Negative rating; and -- INR2.0 mil. NCDs II ISIN INE0FST07059 issued on December 27, 2021 zero coupon due on December 26, 2024 affirmed; Outlook revised to Negative from Stable with IND BB+/Negative rating. ANALYTICAL APPROACH: To arrive at the ratings, Ind-Ra continues to consolidate the business and financial risk profiles of LF, Agilemed Investments Private Limited (AIPL), Medplus Health Services Limited (Medplus) and all the entities in Medplus group, together referred to as the group hereafter, as it believes that successful repayment/refinancing of debt depends on the market value of Medplus. The ratings of the operating entities within the Medplus Group could be meaningfully different from that of the rated non-convertible debentures (NCDs), given that the cash flows may not be fully fungible across the group. LF and AIPL does not have any operations of its own and is the holding company (holdco) of Medplus. LF holds 14.44% stake and AIPL holds 13.11% stake in Medplus. The Negative Outlook reflects the decline in the group's EBITDA in FY23 owing to aggressive expansion plans, which also led to a moderation in the gross adjusted leverage. The group's gross margin improved in FY23 due to an improvement in the revenue share of private labels and efficiency in inventory management. However, the EBITDA margin declined due to the higher employee cost and other expenses including electricity, communication and advertisement expenses primarily on account of new stores. An improvement in the EBITDA generation from the newly opened stores, largely led by the rationalization of employee cost and other operating overheads, leading to an improvement in the credit metrics, can result in the Outlook being revised back to Stable. Key Rating Drivers Moderation in Credit Profile of Group: Although the group's gross margin improved to 21.9% in FY23 (FY22: 21.1%), its EBITDA margin (post-IND AS 116) fell to 5.8% in FY23 (7.2%), and the EBITDA margin (pre-IND AS 116 and ESOP adjustment) dipped to 2.5% (4.1%), mainly due to an increase in other operating expenses (employee cost, electricity, communication and advertisement expenses) and lease rentals, driven by aggressive store expansion at 1,134 stores (747). The gross margin improved in FY23 due to an increase in the revenue share of private labels to 13.64% in FY23 (FY22: 12.7%) and efficiency in inventory management. The group's outstanding total debt reduced to INR7,627 million at FYE23 (FYE22: INR8,054 million), because of nil working capital limit outstanding at FYE23 (INR1,427 million). The total debt majorly includes the holdco-level debt (principal) and redemption premium amounting to INR7,627 million at FYE23 (FYE22: INR6,627 million). The group's gross adjusted leverage (total debt/ EBITDA (pre-IND AS 116 and ESOP adjustment)) moderated to 6.68x in FY23 (FY22:5.22x) and its gross interest coverage (EBITDA (pre-IND AS 116 and ESOP adjustment)/interest expense) weakened to 1.5x (2x) owing to the decline in EBITDA to INR1,141 million (INR1,543 million). The group plans to refinance long-term debt amounting to INR3.46 billion that is due for repayment in FY24 and INR5.19 billion in FY25, which would result in the gross adjusted leverage remaining above 6x over this period. The group had INR8,999 million lease capitalizations at FYE23 (FYE22: INR6,723 million), due to its aggressive store expansion plans. Deterioration in the financial flexibility of the promoters, impacting the ability to refinance debt, will be a key rating monitorable. At the standalone operational entity level, the Medplus group continues to have a comfortable credit profile. The net adjusted leverage (net adjusted debt/EBITDA (post IND AS 116)) increased to 2.3x in FY23 (FY22: 0.63x) while the interest coverage (EBITDA (post IND AS 116)/gross interest expense) moderated to 3.2x (4.1x) owing to a moderation in the EBITDA to INR2.66 billion (INR2.72 billion), primarily on account of an increase in operational expenses following the addition of stores in FY23. Weak Cash Fungibility from Medplus to Holdcos: Although Medplus' holdcos have been infusing equity into the former, there has been no dividend outflow from Medplus till date. Additionally, there has been no instance of Medplus or its subsidiaries being leveraged to fund any of the holdcos' debt. Therefore, the group derives financial flexibility entirely from the promoters' unpledged shareholding in Medplus, whose valuation has been increasing over the years. Liquidity Indicator - Stretched: The unencumbered cash and cash equivalents of group reduced to INR2.88 billion at FYE23 (FY22: INR6.45 billion) and further to INR1.96 billion at end-September 2023, as it was utilized to fund the working capital requirements and additions of stores. The entities under Medplus group do not have any fund-based or non-fund-based working capital facilities except the wholly owned subsidiary Optival Health Solutions Private Limited (Optival) which is availing fund-based limit of INR0.06 billion and non-fund based limit of INR0.23 billion with average maximum utilization of around 50% and 100%, respectively, in the 12 months ended 31 October 2023. The working capital cycle elongated to 96 days in FY23 (FY22: 87 days) on account of an increase in the inventory days to 117 (112) and decrease in payable period to 22 (26). Furthermore, NCDs amounting to INR3.46 billion and INR5.18 billion including the redemption premium are due for repayment on 5 February 2024 and 26 December 2024 in AIPL and LF, respectively. The debt for FY24 will be serviced through refinancing, as the refinancing arrangement for AIPL's debt of INR3,500 million has been completed recently at an IRR of 12.75%. Furthermore, debt repayment for FY25 will rely highly on the refinancing or liquidation-based events such as the sale of securities in the security market amid the limited visibility on the revenue income or funding support from the subsidiaries. Hence, the timely refinancing or monetization of investments and/or financial support from the group will remain a key monitorable. Revenue Growth in FY23; Established Position of Medplus: The consolidated revenue grew to INR46 billion in FY23 (FY22 INR38 billion), supported by the strong operational performance of both matured and new stores. Ind-Ra expects the revenue to increase in FY24 owing to continuous addition in stores and increase in revenue from private labels. Medplus is the second largest pharmacy chain in India, with presence across nine states and 599 cities in the country. On a standalone basis, at end-September 2023, Medplus operated four full service diagnostic centers, eight Level-II centers and more than 120 collection centers. Its pharmacy retail business is operated by Optival. At FYE23, Medplus operated over 3,882 stores and same grew to 4,089 at end-September 2023. Medplus has started offering off-patent therapeutic and chronic medicines under its own brand at competitive prices since 2QFY24; this would further strengthen its market position. Furthermore, the founder, managing director and chief executive officer of Medplus, Gangadi Madhukar Reddy is a doctor by profession and has extensive experience of more than two decades in the healthcare business. The other members on the board of directors are professionals with experience in the pharmaceutical and retail industries and consumer brands. Rating Sensitivities Positive: Significant improvement in the scale of operations and operating profitability resulting in a sharp improvement in the liquidity position at the group level and/or timely refinancing or monetization of investments and/or financial support from the promoters could lead to positive rating action. Negative: A decline in the financial flexibility of the group, impacting the ability to refinance debt can lead to a negative rating action. Company Profile Incorporated in FY21, LF is a special purpose vehicle fully owned by Gangadi Madhukar Reddy, founder promoter of Medplus through Gangadi Investments Private Limited. LF holds 14.44% stake in Medplus. The company does not have any operations of its own. Founded in 2006, MedPlus is the second-largest retail pharmacy chain in India with over 19% market share of the organized retail pharmacy market. It has a network of over 4,089 stores spanning 599 cities across nine states, operated majorly through own stores (including 40 hospital pharmacies) and 90 franchised stores. It offers a wide range of products, including pharmaceutical, wellness products and fast-moving consumer goods. M/S KAYVAL: Ind-Ra Keeps D Rating in NonCooperating --------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained M/s Kayval Krupa Petroleum's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR40 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING)/ IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile M/s. Kayval Krupa Petroleum is involved in the trading of petrol and diesel. MADHYA BHARAT: Ind-Ra Keeps BB- Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Madhya Bharat Telecom Infrastructures' instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/ Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR34 mil. Fund Based Working Capital Limit maintained in non- cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING) rating; and -- INR2.18 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Madhya Bharat Telecom Infrastructures was formed in 2005 as an infrastructure company in the telecom infrastructure industry. The company undertook turnkey projects for setting up telecom infrastructure in Madhya Pradesh and Chhattisgarh for almost all telecom and telecom infrastructure companies. MAHARASHTRA ALUMINIUM: CRISIL Reaffirms B Rating on INR15cr Loans ----------------------------------------------------------------- CRISIL Ratings has reaffirmed its rating on the long-term bank facilities of Maharashtra Aluminium and Alloys Private Limited (MAAPL) at 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.24 CRISIL B/Stable (Reaffirmed) Working Capital Demand Loan 2.76 CRISIL B/Stable (Reaffirmed) The ratings continue to reflect the modest scale of operations and below average financial risk profile. These weakness are partially offset by the extensive experience of the promoters and established relationships with key suppliers and clients. Analytical Approach Unsecured loans of INR0.30 crores as on March 31. 2023 have been treated as debt. Key Rating Drivers & Detailed Description Weaknesses: * Modest Scale of Operations: The revenues of the company continue to remain moderate at INR57.31 crores in fiscal 2023. The estimated revenues for fiscal 2024 is expected to be around INR60-62 crores as the company has already booked the revenue of INR36 crores till October 2023. The modest scale of operations will continue to limit operating flexibility. * Below-Average financial risk Profile: With modest networth of INR5.98 crores as on March 31,2023 , the gearing and total outside liabilities to adjusted networth is high at 3.17 and 3.44 times as on March 31, 2023. Gearing and TOLANW are estimated to remain at 3.27 and 3.56 times as on March 31, 2024. The debt protection metrics have remained at below average level with interest coverage ratio of 1.29 times for fiscal 2023 and same is estimated to be in the range of 1.21-1.23 for fiscal 2024. The financial risk profile is expected to remain at the similar levels over the medium term due to moderate reliance on external debt for meeting working capital requirements. Strengths: Extensive Experience of the Promoters and established relationships with key suppliers and Clients: Mr Manji Patel, a first generation entrepreneur, entered the steel business in 1980. Mr Manji Patel and Mr Mandan Patel have over the years, developed healthy relationships with key customers and suppliers such as Uttam Galva, National Steel and Jindal Steel, among others. Liquidity: Poor MAPPL has poor liquidity with net cash accruals in fiscal 2024 and fiscal 2025 expected to be insufficient against repayment obligations of over INR49 lakhs and INR74 lakhs for fiscal 2024 and fiscal 2025 respectively. Bank limits have been utilized at an average of 90% for the past 12 months ended October 2023. Cash and bank balance stood at INR7.5 lakhs as on March 31, 2023. Liquidity will continue to be supported by the promoters in form of unsecured loans, to meet any exigencies. Outlook: Stable CRISIL Ratings believes MAAPL will continue to benefit from the extensive experience of the promoters and well-established relationships with key suppliers and customers. Rating Sensitivity Factors Upward Factors *Increase in revenue and/or operating margins leading to cash accruals of more than INR80 lakhs. *Improvement in debt protection metrics. Downward Factors *Decline in revenue and/or profitability further impacting the liquidity of the company. *Stretch in Working capital operations leading to gross current assets of more than 150 days. MAAPL was set up in 1982 as a proprietorship firm named Maharashtra Steels. The firm was reconstituted as a private limited company in 2000 under the current name. The company trades in galvanized and colour coated sheets in Latur, Maharashtra. Mr Manji Patel and Mr Mandal Patels are the promoters of the company. MAINI GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Maini Group of Educational Society in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Maini Group of Educational Society, 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. Established in 2011, MGES operates the Cambridge International School in Nawashahr, Punjab. The school commenced operations in April 2013 and had ~1100 students in Academic Year 2016-17. The society is promoted by Mr Sukhdev Prasad Maini and Mr Rajan Maini who have other business interests, including filling stations and brick kilns. MANISHA PROJECTS: Ind-Ra Keeps BB+ Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Manisha Projects Private Limited's bank loan ratings of 'IND BB+' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- INR190 mil. Fund-based working capital limits^ migrated to non-cooperating category and withdrawn; and -- INR1.086 bil. Non-Fund-based working capital limits* migrated to non-cooperating category and withdrawn. ^Maintained at IND BB+/Stable (ISSUER NOT COOPERATING) before being withdrawn *Maintained at IND A4+ (ISSUER NOT COOPERATING) before being withdrawn Key Rating Drivers The ratings have been maintained in the non-cooperating category before being withdrawn as the issuer did not participate in the rating exercise, despite repeated requests by the agency through phone calls and emails, and has not provided information pertaining to the audited financials, interim financials, management certificate, and bank limit utilizations. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile Manisha Projects, which was set up as a partnership firm in 1989, was reconstituted as a private limited company in 1998. The company executes civil contracts such as construction of buildings, roads, and drainage systems for the Uttar Pradesh government. The company majorly executes projects for the public works departments. It is an 'A' class government contractor in UP. MANSAROVAR PEARLS: Ind-Ra Keeps D Rating in NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Mansarovar Pearls India Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR350 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING)/ IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Mansarovar Pearls India is engaged in the manufacturing, designing and wholesale trading of pearls, uncut diamonds and gold jewelry. MARIYA SHIP: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan ----------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on the bank facilities of Mariya Ship Breaking Pvt Ltd (MSBPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B+/Stable (Reaffirmed) Letter of Credit 31 CRISIL A4 (Reaffirmed) The ratings reflect MSBPL's modest scale of operations, driven by the cyclical and fragmented ship-breaking industry and vulnerability to changes in government regulations. These weaknesses are partially offset by the extensive industry experience of the promoter. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations: MSBPL's business profile is constrained by its subdued scale in the intensely competitive ship-breaking industry. The company's small scale of operations will continue to limit its operating flexibility. The revenue has been modest, volatile and range-bound at INR14.9-30.4 crore from 2019-2022. For fiscal 2023, the revenue remained low at INR2.9 crore and is estimated to be INR0.8 crore in the first six months of fiscal 2024. Furthermore, in the ship-breaking industry, the revenue is contingent to availability of ships. Healthy revenue growth, aided by availability of ships for breaking, will remain a monitorable factor. *Exposure to risks related to cyclicality, intense competition and volatility in scrap prices and foreign exchange (forex) rates: The ship-breaking industry is cyclical, and the viability of the business is inversely correlated with the international freight index. Domestic players also face competition from ship breakers in China, Bangladesh and Pakistan. Furthermore, while ships are purchased in foreign currency (US dollars), payments are realised in domestic currency (Indian rupee). Though the company uses forwards to hedge the risk, the cover is partial, and positions are taken based on expectations of the management on movements in forex rates. Fluctuations in scrap rates during the period of ship breaking severely impacts the operating margin. The industry also remains susceptible to risks associated with changes in applicable regulatory norms. Strength: * Extensive experience of the promoter: The promoter has more than two decades of experience in the ship breaking industry; his strong understanding of market dynamics and established relationships with suppliers and customers will continue to support the business risk profile. The company has already dismantled around 50 ships. The extensive experience of the promoter will help the company to grow its business over the medium term. Liquidity: Stretched Fund-based bank limit utilisation remains nil for the 12 months through November 2023 in the absence of any ship purchase. Modest cash accrual of INR20-36 lakh, over the medium term, is sufficient against term debt obligation of around INR3 lakh. The current ratio was healthy at 3.24 times as on March 31, 2023. The promoter's funding support will be available during any exigency. Currently, the company has no outstanding letter of credit in the absence of any ship available for breaking. Outlook: Stable CRISIL Ratings believes MSBPL will continue to benefit from the extensive experience of its promoter, and established relationships with clients. Rating Sensitivity Factors Upward factors * Sustained and significant improvement in scale of operations and stable operating margin, leading to higher cash accrual above INR1.2 crore. * Improvement in the financial risk profile, especially networth. Downward factors * Sustained decrease in scale of operations by 30%. * Substantial increase in working capital requirement, weakening liquidity and financial profile. Incorporated in 1996, MSBPL is a private limited company engaged in ship breaking. It operates from Alang in Bhavnagar, Gujarat. The company is promoted by Mr Satyapal Singhal. The company has broken 50 ships till date. METAWOOD DISPLAY: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term rating of Metawood Display System in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Metawood Display System, 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. Metawood Display Systems (MDS) was established in 1997 as a partnership firm by Mr. Sachin Doshi and Mr. Chandravadan Doshi. MDS is engaged in manufacturing and trading of modular furniture used in offices, educational institutes and homes. Its product profile includes workstations, partitions, storages, meeting tables, institutional furniture etc. which are designed and developed as per the needs of the customers. PATDIAM JEWELRY: Ind-Ra Keeps BB- Rating in NonCooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Patdiam Jewelry Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR210 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 2004, Patdiam Jewelry Limited is a part of the Patdiam Group. It manufactures and exports high-end specialty diamond studded jewelry, mainly to European countries, and is listed on the BSE. PERFECT INFRAENGINEERS: Ind-Ra Keeps D Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Perfect Infraengineers Ltd.'s instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR47.5 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; -- INR45 mil. Non-Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR0.9 mil. Term loan due on March 31, 2020 maintained in non- cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Company Profile Incorporated in 1993, Perfect Infraengineers is a turnkey project contractor for the supply, installation, testing, commissioning and maintenance of mechanical, electrical and plumbing and heating, ventilation and air conditioning equipment. It is listed on the National Stock Exchange. RLJ WOVEN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of RLJ Woven Sacks Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 1.25 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.54 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.21 [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 RLJ Woven Sacks 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 2006, by the Kolkata-based Jain family, RWSPL manufactures bulk packing materials made of polypropylene like woven sacks, fabrics and leno bags made of polypropylene. The manufacturing facility is located at Sankrail in Howrah district of West Bengal. The company started its operations in FY2009 and at present has an annual manufacturing capacity of 5,700 metric tonne per annum (MTPA). S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Non-convertible Debentures (NCD) rating of S&J Granulate Solutions (P) Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 5.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating Continues to remain under the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with S&J Granulate Solutions (P) Ltd, 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. Business Incorporated in 2010, S&J Granulate Solutions Private Limited (SGSPL) is engaged in the business of recycling of used & worn out tyres. Post recycling of used tyres, three products are separated (rubber granules, steel wire and nylon fibre). The company imports used radial tyres mostly from Europe & Middle East; while the separated products post recycling are sold domestically to various players. The company's manufacturing facility is located at Vapi Silvassa road in Gujarat. SGSPL is promoted by Jiwarajka and Agarwal Family. SAANJ AUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Saanj Aur Savera Educational and Welfare Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.30 [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 Saanj Aur Savera Educational and Welfare Trust, 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. SAS was formed in 2003 and runs the Delhi Public School in Pinjore (Haryana), which commenced operations in AY 2004-05. The trust is managed by a four-member committee, headed by Dr. D. R. Arora. In addition to the senior secondary school under SAS, the trustees have also set up pre-schools (under the name Shemrock) and senior secondary schools (under the name Shemford) across the country, which are primarily managed by franchisees. SHYAM AGRO: CRISIL Withdraws B Rating on INR16cr Cash Loan ---------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Shri Shyam Agro Biotech Private Limited (SSABPL; part of the Shri Shyam group) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.1 CRISIL A4 (ISSUER NOT COOPERATING; Rating Withdrawn) Cash Credit 16 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 0.75 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SSABPL for obtaining information through letter and email dated September 11, 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-cooperation 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 SSABPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSABPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSABPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. SSABPL, incorporated in 2001, manufactures ground wheat products such as atta, maida, and suji. Operations are managed by Mr Rohit Khaitan, Mr Prakash Chandra Saraff, and Mr Sambhu Agarwal. Status of non cooperation with previous CRA SSABPL has not cooperated with India Ratings and Research Private Limited which has classified it as non-cooperative vide release dated 14-Sept-2017. The reason provided by India Ratings and Research Private Limited is non submission of information. SINGH TRANSPORTERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the long-term rating of Singh Transporters in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 7.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.00 [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 Singh Transporters, 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 1980, Singh Transporters was initially promoted as a proprietorship firm by Mr. Kartar Singh Kalra. In 1999, however, the entity was converted into a partnership firm. The five promoters/partners equally share the profits of the concern. Singh Transporters is primarily involved in contract mining and handling of materials for public-sector units. The entity also has a lubricant-dealership business and petrol-pump operations to support its primary business. The firm is headquartered in Bilaspur, with branch offices within Chhattisgarh. As on March 31, 2017, Singh Transporters had a fleet of 256 vehicles and 154 equipment comprising loaders and fork lifters, excavators, drill machines, and crushing units etc. SPICEJET LTD: Lessor Seeks to Have Carrier Declared Insolvent ------------------------------------------------------------- ch-aviation reports that Alterna Capital Partners has joined the queue of lessors at India's National Company Law Tribunal (NCLT) seeking to have SpiceJet declared insolvent. An Alterna special purpose vehicle (SPV) is attempting to enforce a March 2023 UK High Court judgement awarding it more than USD11 million. The matter of Alterna Aircraft V B Limited v. SpiceJet Limited was filed on December 23 and listed before the Delhi bench of the NCLT on January 4. According to ch-aviation, the lessor is pursuing SpiceJet for USD11.1 million and GBP265,000 (USD337,850) awarded to it on March 2, 2023, by Justice Bright at the Commercial Court of the High Court of England and Wales. Alterna Aircraft V B Limited is an Alterna Aviation SPV. In turn, Alterna Aviation is a subsidiary of Alterna Capital Partners. Alterna told ch-aviation that the dispute involves two B737-800s, VT-SXD (msn 34801) which was operated by SpiceJet between July 2019 and August 2022 and is now stored at Hyderabad International, and VT-SXE (msn 34802), which remains with the airline According to ch-aviation, Kevic Setalvad, appearing for Alterna in Delhi earlier this month, told the NCLT that SpiceJet had neither appealed the order nor paid the monies, so the judge's order had "attained finality" and the award now constituted a financial debt per the terms of India's Insolvency and Bankruptcy Code (IBC). Setalvad argued SpiceJet should be declared insolvent to allow his client to recover what is owed to them. Counsel for SpiceJet, Krishnendu Datta, said Alterna's petition should be thrown out as the IBC is not a vehicle for the recovery of funds. Datta maintained Alterna's petition was not maintainable, ch-aviation relays. Alterna joins fellow lessors Aircastle, Celestial Aviation Services, and Wilmington Trust SP Services (Dublin) at the NCLT. All are pursuing insolvency petitions against SpiceJet, with Aircastle currently running three separate petitions and Wilmington two, ch-aviation notes. To date, the carrier has either settled claims or fought them. It recently secured a significant win against engine lessor Willis Lease Finance, successfully arguing that this petition was not maintainable and having it dismissed. Separately, lessors also have four lawsuits in motion against SpiceJet in Delhi's High Court, all seeking to enforce orders or recover assets. ch-aviation fleets advanced data shows around half of the airline's 65 aircraft are leased from a total of 13 lessors, including Alterna Capital Partners. Alterna Aircraft V B Limited v. SpiceJet Limited will return to the NCLT for a hearing on February 8. About Spicejet SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second-biggest budget airline, after IndiGo. As recently reported in the Troubled Company Reporter-Asia Pacific, aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed a petition for initiating the corporate insolvency resolution process against SpiceJet. This is the third case filed against the airline, according to The Economic Times. Two other cases under Section 9 of the Insolvency and Bankruptcy Code, 2016, have been filed by aircraft lessor Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance Corporation. Aircastle (Ireland) filed a CIRP petition against Spicejet on April 28, 2023, while Willis Lease Finance Corporation filed its petition on April 12, 2023. The National Company Law Tribunal (NCLT) on Dec. 4 dismissed Willis Lease' insolvency petition. In August 2023, aircraft lessor Celestial Aviation Services Ltd had approached the tribunal to initiate insolvency proceedings against the low-cost airline for a default of $29.9 million for nine aircraft. SUCHI TEXTILES: CRISIL Withdraws B+ Rating on INR23cr Term Loan --------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Suchi Textiles Private Limited (STPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Withdrawn) Term Loan 23 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Withdrawn) CRISIL Ratings has been consistently following up with STPL for obtaining information and NDS through letters/emails dated September 29, 2023, October 31, 2023 and November 30, 2023 among others, apart from telephonic communication to seek the same. After non-receipt of latest information and NDS for 2 consecutive months, we also sent a letter dated November 24, 2023 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. CRISIL Ratings has also tried to reach out to the lenders of STPL to confirm timely debt servicing during these months, but awaits any feedback. '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 NDS from STPL, and information on either the financial performance or strategic intent of STPL which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on STPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of STPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. STPL was incorporated in 2022. STPL is currently setting up a plant to manufacture knitted and woven fabric in Surat, Gujarat. The plant is expected to be commissioned in June 2023. STPL is owned & managed by Mr. Ashok Kumar Mehta and Mr. Shetal Mehta (son of Ashok Mehta). TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Non-convertible Debenture programme of Talwalkars Better Value Fitness Limited in the 'Issuer Not Cooperating' category. The ratings is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 80.00 [ICRA]D; ISSUER NOT COOPERATING; Non-Convertible Rating Continues to remain under Debenture issuer not cooperating category As part of its process and in accordance with its rating agreement with Talwalkars Better Value Fitness 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. The company offers various lifestyle activities such as aerobics, yoga, spa and zumba programmes, as well as diet and weight loss programmes. It also forayed into the segment of leisure and sports clubs, wherein it set up its first club in Pune (Maharashtra) in collaboration with David Lloyd Leisure Limited. The club is expected to become operational soon. TRANSTEK INFOWAYS: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term rating of Transtek Infoways Private 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- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Transtek Infoways 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. TIPL was incorporated in 2004 as a private limited company by Mr. Vishal Sopory. Till 2016, Mr. Vishal and AVVA Technologies had 50% stake each in TIPL with the share further splitting between AVVA Technologies, Mr. Vishal and Mr. Neeraj Chauhan in 41%, 41% and 18% ratio respectively. The company is engaged in the trading and distribution of computer hardware, peripherals and accessories, viz, desktops, notebooks, servers, projectors, printers, UPS, etc. The company is also increasing its presence in cloud and maintenance services. The company acts as a redistributor for the technology products of hardware majors like Dell, HP, Lenovo, Canon, Epson, Ricoh etc. The company purchases from national distributors like Ingram Micro, Redington, Iris, Acer etc. UNITED HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term and short-term ratings of United Hotels & Properties Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 23.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term– 2.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 9.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with United Hotels & Properties 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 1992, UHPL was acquired by the present management in 2007. UHPL had leased out its assets (land, building and other equipment) in Bhubaneswar to S. P. Jaiswal Estates Private Limited (SPJEPL), the flagship company of the HHI Group, till FY2012. From FY2013, the company is managing the Bhubaneswar property and has set up a hotel in Pune, branded The HHI Pune. V-ACCESS INDIA: ICRA Keeps B+ Issuer Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term ratings of V-Access India Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer ratings - [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with V-Access India Pvt. Ltd., 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. VAIPL is involved in developing and manufacturing car accessories such as car mats, car sun blinds and car and bike covers. Established in 1996, VAIPL is a 100% subsidiary of the Venture Group of the Netherlands. The company has recently installed machinery and its production process has enabled it to expand its product and services range. VAIPL has now forayed into manufacturing of car and bike covers as well as introduced a division to manufacture high quality 3 sun blinds for cars. The company also earns revenues through its home furnishing division, sales for which are limited to exports only. VEDANTA RESOURCES: S&P Lowers LT Issuer Credit Rating to 'SD' ------------------------------------------------------------- On Jan. 12, 2024, S&P Global Ratings lowered its long-term issuer credit rating on Vedanta Resources Ltd. to 'SD' (selective default) from 'CC'. S&P also lowered the issue ratings on the company's bonds due January 2024, August 2024, and March 2025 to 'D' from 'CC'. The issue rating on the U.K.- and India-based miner's April 2026 bond (which was not part of the liability management transaction) remains 'CCC' and on CreditWatch with developing implications. S&P expects to raise the issuer and issue ratings to the mid-to-high 'CCC' category in the next few days. S&P said, "We view Vedanta Resources' just concluded liability management exercise, which involved three of its U.S. dollar-denominated bonds, as a distressed transaction. As part of the exercise, the company addressed the repayment of three bond maturities totaling US$3.2 billion using a mix of cash and new bonds. It exchanged about half of the January 2024 bond with new bonds maturing in January 2027, with the rest paid in cash. The company also exchanged 94% and 84% respectively of the August 2024 and March 2025 bonds for new amortizing bonds that will mature in December 2028, with the rest prepaid in cash." S&P regards the transaction as distressed, and not simply opportunistic, based on the following: -- The likelihood of a conventional default in the absence of the transaction was high. This is because of the company's large upcoming debt maturities and reduced access to both internal cash flow and external financing. -- S&P does not consider the new terms of the proposed transaction as constituting adequate compensation to offset the maturity extension and some cashflow subordination to a new financing facility. Refinancing risks remain despite a stronger capital structure post transaction. Vedanta Resources has debt repayments of about US$900 million each in fiscals 2025 and 2026 (years ending March 31). While this is much lower than the company's refinancing needs of about US$3 billion annually over the past two to three years, S&P believes the maturities are still meaningful, given the company's reduced financing access. These debt maturities will need to be refinanced or met through the creation of additional dividend capacity at its subsidiaries, particularly at Hindustan Zinc Ltd. S&P said, "We believe further deleveraging at Vedanta Resources, possibly driven by asset sales at subsidiary Vedanta Ltd., will be necessary to sustainably improve access to external funding. In the meanwhile, we expect to raise our rating on Vedanta Resources to the mid-to-high 'CCC' category in coming days." ===================== N E W Z E A L A N D ===================== A.R.K HOLDINGS: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------------ Grant Bruce Reynolds of Reynolds & Associates on Jan. 8, 2024, was appointed as liquidator of A.R.K Holdings NZ Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 AGRI COMPANY: Court to Hear Wind-Up Petition on Feb. 2 ------------------------------------------------------ A petition to wind up the operations of The Agri Company Limited will be heard before the High Court at Auckland on Feb. 2, 2024, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 27, 2023. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BOXER GROUP: Creditors' Proofs of Debt Due on March 5 ----------------------------------------------------- Creditors of Boxer Group Services Limited are required to file their proofs of debt by March 5, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 5, 2024. The company's liquidators are: Rees Logan Andrew McKay BDO Auckland PO Box 2219 Auckland 1010 CORE REINFORCING: Court to Hear Wind-Up Petition on Feb. 16 ----------------------------------------------------------- A petition to wind up the operations of Core Reinforcing Limited will be heard before the High Court at Auckland on Feb. 16, 2024, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Nov. 16, 2023. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KAI KITCHEN: Creditors' Proofs of Debt Due on Feb. 23 ----------------------------------------------------- Creditors of Kai Kitchen Limited are required to file their proofs of debt by Feb. 23, 2024, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 5, 2024. The company's liquidator is: Thomas Lee Rodewald Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 ================= S I N G A P O R E ================= ASTI HOLDINGS: Kriengsak Resigns as Chairman Amid 'Uncertainty' --------------------------------------------------------------- The Business Times reports that Asti Holdings' non-executive chairman and director Dr Kriengsak Chareonwongsak has resigned with effect from Jan. 8. Dr Kriengsak cited "the uncertainty and divergence in the future direction of the company" as the reason for him to step down, said Asti on Jan. 10, BT relays. He was appointed on Aug. 12, 2011, to provide input on the company's broad strategic directions and manage its daily operations. According to BT, the announcement came after Asti said that its adjourned annual general meeting (AGM) for FY2021 will take place on Feb. 1. BT relates that the resolutions to be resolved during the AGM involve the re-election of Anthony Loh as executive director, Charlie Jangvijitkul as non-executive and independent director, Theerachai Leenabanchong as non-executive and non-independent director, as well as Mohd Sopiyan Mohd Rashdi as lead independent director. Asti noted that there have been three cessations of appointments that required reporting under the listing rules over the past 12 months, including the recent chairman stepping down. Over the past year, Rashdi resigned as an independent director due to health reasons on May 15 and Dr Daniel Yeoh resigned as independent director due to "personal commitments" on May 1, BT notes. About ASTI Holdings Based in Singapore, ASTI Holdings Limited -- https://www.astigp.com/ -- engages in the provision of semiconductor manufacturing services for surface mount technology components in Singapore, China, Malaysia, the Philippines, the United Kingdom, and internationally. ASTI said it had been placed on the SGX-ST Watch-list after recording 3 consecutive years of losses. Subsequent to FY2021, ASTI carried out a major restructuring led by Acting CEO Mr Anthony Loh. It involved retrenchments at ASTI and DGI, ceasing loss-making units, downsizing corporate and administrative functions and relocating to a smaller office. "These strenuous efforts during the pandemic helped ASTI to record an unaudited profit after tax of SGD3.0 million for FY2022 which sharply reversed the audited loss after tax of SGD11.8 million in FY2021. In May 2023, ASTI distributed a 0.45 Singapore cent tax-exempt one-tier interim dividend for FY2022. "However, ASTI could not exit the SGX-ST Watch-list by the June 5, 2022 deadline as its 6-month average daily market capitalisation fell short of the SGD40 million threshold. After several attempts to extend the deadline were rejected, ASTI's shares were suspended from trading from July 5, 2022 pending the completion of an exit offer." JURONG PRIMEWIDE: Commences Wind-Up Proceedings ----------------------------------------------- Members of Jurong Primewide Pte Ltd, on Jan. 5, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 MAO HENG: Commences Wind-Up Proceedings --------------------------------------- Members of Mao Heng International Logistics (Pte Ltd) and Jin Logistics Pte Ltd on Jan. 4, 2024, passed a resolution to voluntarily wind up the companies' operations. The companies' liquidator is: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 SEA-NET CARGO: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Jan. 5, 2024, to wind up the operations of Sea-Net Cargo Express (S) Pte. Ltd. RHB Bank Berhad filed the petition against the company. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TJ HOLDINGS: Commences Wind-Up Proceedings ------------------------------------------ Members of TJ Holdings (IV) Pte Ltd, on Jan. 5, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 WAYNE BURT: Creditors' Meeting Set for Jan. 16 ---------------------------------------------- Wayne Burt Pte Ltd, which is in voluntary liquidation, will hold a meeting for its creditors on Jan. 16, 2024, at 10:00 a.m. via Zoom. Agenda of the meeting includes: a. to provide an update on the status of the liquidation; b. to consider and if thought fit, to appoint a Committee of Inspection; and c. to consider any other matters which may properly be brought before the meeting. The companies' liquidator is: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 ZEALOUS MOVER: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Jan. 5, 2024, to wind up the operations of Zealous Mover Pte. Ltd. and Zealous Relocations Pte. Ltd. DBS Bank Ltd filed the petition against the companies. The company's liquidator is: Gary Loh Weng Fatt c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ============= V I E T N A M ============= VIETCOMBANK: Moody's Affirms 'Ba2' Bank Deposit Ratings ------------------------------------------------------- Moody's Investors Service has affirmed the Ba2 local and foreign currency long-term bank deposit ratings of JSC Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam JSC Bank for Industry and Trade (Vietinbank) and JSC Bank for Investment & Development of Vietnam (BIDV). At the same time, Moody's has affirmed the Baseline Credit Assessments (BCA) and Adjusted BCAs of all three banks. The rating outlooks for Vietcombank, Vietinbank and BIDV, where applicable, are stable. RATINGS RATIONALE The affirmation of Vietcombank's, Vietinbank's and BIDV's ratings reflects Moody's expectation that their credit profiles will remain stable over the next 12-18 months, supported by their stable profitability metrics and strong funding structure. However, the banks' modest capitalization compared to their similarly rated peers is a key credit challenge. The banks' Ba2 deposit ratings benefit from one to three notches of government support uplift from their respective BCAs, reflecting Moody's assumption of a very high probability of support from the Government of Vietnam (Ba2 stable) in times of need, given their high government ownership and systemic importance. Vietcombank's, Vietinbank's and BIDV's gross nonperforming loan (NPL) ratios increased to 1.2%, 1.4% and 1.6%, respectively, as of the end of September 2023, from 0.7%, 1.2% and 1.2%, respectively, at the end of 2022 driven by delinquencies from corporate and small- and medium-sized enterprise borrowers. Their special mention loan (SML) ratios rose to 0.6%, 2.4% and 1.9%, respectively, from 0.4%, 2.3% and 1.7%, respectively, over the same period. Moody's expect asset quality pressures to moderate over the next 12-18 months in tandem with the higher economic momentum in Vietnam, which will support the gradual recovery in the financial health of borrowers. In addition, the banks' above-peer-average loan loss reserves as a percentage of problem loans of 270%, 172% and 158%, respectively, as of September 2023 provides adequate buffers against further risks. The banks also do not have any material exposure to the stressed real estate and construction sectors. The banks' capitalization has improved, supported by capital retention and a moderation in loan growth over the past few quarters. Their tangible common equity as a percentage of adjusted risk-weighted assets (TCE) ratio, improved to 9.8% for Vietcombank, 6.5% for Vietinbank and 5.9% for BIDV as of the end of September 2023, from 8.3%, 6.1% and 5.4%, respectively, at the end of 2022, with Vietcombank's capitalization further strengthened by its above-peer-average profitability. The capitalization of these banks will likely remain stable over the next 12-18 months, as the gradual pickup in loan growth will be supported by capital retention and internal capital generation. The banks' profitability will also remain stable over the next 12-18 months on the back of lower net interest margins due to reduced interest rates, offset by a moderation in credit costs. The banks' reliance on market funding is lower than most of their rated peers in Vietnam. Their market funds as a percentage of tangible assets stood at 10% for Vietcombank, 19% for Vietinbank and 16% for BIDV, reflecting their strong funding structure, underpinned by their status as a state-owned banks. At the same time, their high-quality liquid assets such as cash, balances with the central bank and government securities accounted for just 9%, 6% and 8%, respectively, of their tangible banking assets as of September 2023, reflecting limited buffers in times of need. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Vietcombank: An upgrade of Vietcombank's long-term ratings is unlikely because they are at the same level as the sovereign rating. Nonetheless, Moody's could upgrade Vietcombank's BCA if the bank strengthens its TCE ratio to more than 15% and maintains its high-quality liquid assets as a percentage of tangible banking assets above 15% on a sustained basis. An improvement in its asset quality and profitability will also be positive for the BCA. Moody's would downgrade Vietcombank's long-term ratings if its BCA is downgraded by more than one notch. Specifically, a NPL plus SML ratio of more than 5% over a sustained period will be credit negative as it would strain the bank's profitability and capital. A significant deterioration in the bank's funding and liquidity would also be negative for the BCA. Moody's could also downgrade the bank's ratings if Vietnam's sovereign rating is downgraded or the agency assesses that government support for the bank has weakened. Vietinbank: An upgrade of Vietinbank's long-term ratings is unlikely because they are at the same level as the sovereign rating. Nonetheless, Moody's could upgrade Vietinbank's BCA if the bank strengthens its TCE ratio to more than 11% and improves its return on tangible assets to above 1.5% on a sustained basis. An improvement in its asset quality and liquidity will also be positive for the BCA. Moody's would downgrade Vietinbank's long-term ratings if its BCA is downgraded by more than one notch. Specifically, a deterioration in its asset quality leading to a decrease in its return on tangible assets to below 0.7%, or a decline in the bank's TCE ratio to below 6% will be negative for the BCA. A significant deterioration in its funding and liquidity will also be credit negative. Moody's could also downgrade the bank's ratings if Vietnam's sovereign rating is downgraded or the agency assesses that government support for the bank has weakened. BIDV: An upgrade of BIDV's long-term ratings is unlikely because they are at the same level as the sovereign rating. Nonetheless, Moody's could upgrade BIDV's BCA if the bank strengthens its TCE ratio to more than 7% and improves its return on tangible assets to above 1% on a sustained basis. An improvement in its asset quality and liquidity will also be positive for the BCA. Moody's would downgrade BIDV's BCA and ratings if its asset quality deteriorates, leading to higher credit costs and a decrease in its return on tangible assets to below 0.5%, or if the bank's TCE ratio declines below 5%. A significant deterioration in its funding and liquidity will also be credit negative. Moody's could also downgrade the bank's ratings if Vietnam's sovereign rating is downgraded or the agency assesses that government support for the bank has weakened. LIST OF AFFECTED RATINGS Issuer: JSC Bank for Foreign Trade of Vietnam Affirmations: Adjusted Baseline Credit Assessment, Affirmed ba3 Baseline Credit Assessment, Affirmed ba3 ST Counterparty Risk Assessment, Affirmed NP(cr) LT Counterparty Risk Assessment, Affirmed Ba2(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2 LT Counterparty Risk Rating (Local Currency), Affirmed Ba2 ST Issuer Rating (Foreign Currency), Affirmed NP ST Issuer Rating (Local Currency), Affirmed NP LT Issuer Rating (Foreign Currency), Affirmed Ba2 STA LT Issuer Rating (Local Currency), Affirmed Ba2 STA ST Bank Deposits Rating (Foreign Currency), Affirmed NP ST Bank Deposits Rating (Local Currency), Affirmed NP LT Bank Deposits Rating (Foreign Currency), Affirmed Ba2 STA LT Bank Deposits Rating (Local Currency), Affirmed Ba2 STA Outlook Actions: Outlook, Remains Stable Issuer: JSC Bank for Invstmnt & Developmnt of Vietnam Affirmations: Adjusted Baseline Credit Assessment, Affirmed b2 Baseline Credit Assessment, Affirmed b2 ST Counterparty Risk Assessment, Affirmed NP(cr) LT Counterparty Risk Assessment, Affirmed Ba2(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2 LT Counterparty Risk Rating (Local Currency), Affirmed Ba2 ST Issuer Rating (Foreign Currency), Affirmed NP ST Issuer Rating (Local Currency), Affirmed NP LT Issuer Rating (Foreign Currency), Affirmed Ba2 STA LT Issuer Rating (Local Currency), Affirmed Ba2 STA ST Bank Deposits Rating (Foreign Currency), Affirmed NP ST Bank Deposits Rating (Local Currency), Affirmed NP LT Bank Deposits Rating (Foreign Currency), Affirmed Ba2 STA LT Bank Deposits Rating (Local Currency), Affirmed Ba2 STA Outlook Actions: Outlook, Remains Stable Issuer: Vietnam JSC Bank for Industry and Trade Affirmations: Adjusted Baseline Credit Assessment, Affirmed b1 Baseline Credit Assessment, Affirmed b1 ST Counterparty Risk Assessment, Affirmed NP(cr) LT Counterparty Risk Assessment, Affirmed Ba2(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2 LT Counterparty Risk Rating (Local Currency), Affirmed Ba2 ST Issuer Rating (Foreign Currency), Affirmed NP ST Issuer Rating (Local Currency), Affirmed NP LT Issuer Rating (Foreign Currency), Affirmed Ba2 STA LT Issuer Rating (Local Currency), Affirmed Ba2 STA ST Bank Deposits Rating (Foreign Currency), Affirmed NP ST Bank Deposits Rating (Local Currency), Affirmed NP LT Bank Deposits Rating (Foreign Currency), Affirmed Ba2 STA LT Bank Deposits Rating (Local Currency), Affirmed Ba2 STA Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Banks Methodology published in July 2021. JSC Bank for Foreign Trade of Vietnam (Vietcombank) is headquartered in Hanoi and reported total assets of VND1,731 trillion as of September 30, 2023. Vietnam JSC Bank for Industry and Trade (Vietinbank) is headquartered in Hanoi and reported total assets of VND1,888 trillion as of September 30, 2023. JSC Bank for Investment & Development of Vietnam (BIDV) is headquartered in Hanoi and reported total assets of VND2,132 trillion as of September 30, 2023. ********* 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***