/raid1/www/Hosts/bankrupt/TCRAP_Public/250314.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, March 14, 2025, Vol. 28, No. 53
Headlines
A U S T R A L I A
BALARI RE: First Creditors' Meeting Set for March 20
BRINDABELLA CHRISTIAN: Chair Frozen Out of Administration Process
CURIOUS MINDS: First Creditors' Meeting Set for March 18
HARBOUR CITY: First Creditors' Meeting Set for March 19
JERVOIS GLOBAL: KPMG Appointed as Voluntary Administrators
SHADYGLEN CATTLE: Second Creditors' Meeting Set for March 20
TUCHUZY BONDI: Second Creditors' Meeting Set for March 20
C H I N A
BEIJING SINOHYTEC: China Risun Plans to Buy Major Stake in Company
YONGHUI SUPERSTORES: JD.com to Sell Last Stake in Loss-Making Co.
I N D I A
BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGAYALAKSHMI AGENCY: CRISIL Moves B Rating to Not Cooperating
BHAMJI GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating
COTTON BLOSSOM: CRISIL Moves D Debt Ratings to Not Cooperating
DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
FOREST VIEW: CRISIL Keeps D Debt Rating in Not Cooperating
KALYAN SAREES: CRISIL Moves B Debt Rating to Not Cooperating
OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating
ORIENTAL INTEGRATED: CRISIL Keeps B Ratings in Not Cooperating
ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
PRATIPA CASHEWS: CRISIL Lowers Rating on INR8.7cr Loan to B
PRAVARSHA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating
PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating
PUNJAB SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
RASAPOORNA FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
RAVINDRA RICE: CRISIL Keeps D Debt Rating in Not Cooperating
RENUKA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating
RKS FUTURE: CRISIL Keeps B Debt Ratings in Not Cooperating
SAI SANGAM: CRISIL Moves B Debt Rating to Not Cooperating
SANDHYA POULTRY: CRISIL Raises Rating on INR20cr Loan to B
SARAVANA HI-TECH: CRISIL Moves B+ Debt Ratings to Not Cooperating
SEQUENCE REALTY: CRISIL Moves B Debt Rating to Not Cooperating
SPICEJET: 3 Aircraft Lessors, Former Pilot File Insolvency Pleas
VIBRANT HOMES: CRISIL Assigns B+ Rating to INR1.33cr Term Loan
I N D O N E S I A
BUMI SERPONG: Fitch Affirms and Withdraws 'BB-' IDR, Stable Outlook
M A L A Y S I A
SAPURA ENERGY: To Undergo More Due Diligence for Capital Injection
N E W Z E A L A N D
DRAIN DIRECT: Court to Hear Wind-Up Petition on March 31
FARMER'S FIRST: Creditors' Proofs of Debt Due on April 24
KARIKI PHARMA: Creditors' Proofs of Debt Due on April 4
KONVOY NEW ZEALAND: First Creditors' Meeting Set for March 20
NISA: Ethical Wellington Clothing Store Set to Close Next Month
WONDER WATER: Court to Hear Wind-Up Petition on March 20
P H I L I P P I N E S
EMERALD RURAL: PDIC Sets April 11 as Deadline for Filing Claims
S I N G A P O R E
ACJ PAINTING: Court Enters Wind-Up Order
BENUT TAN: Creditors' Meeting Set for April 2
EHUB HOLDINGS: Court to Hear Wind-Up Petition on March 28
HOKKAIDO MARCHE: Commences Wind-Up Proceedings
SUMERITEC PTE: Creditors' Meeting Set for April 2
S O U T H K O R E A
TERRAFORM LABS: Judge Amends Crypto Claims to Prevent Bullying
V I E T N A M
NAM A COMMERCIAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
- - - - -
=================
A U S T R A L I A
=================
BALARI RE: First Creditors' Meeting Set for March 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of Balari Re
Capital Pty Ltd and JKO Capital Pty Ltd will be held on March 20,
2025 at 11:00 a.m. and 11:30 a.m. respectively, via teleconference
from Suite 1 Level 20, 20 Bond Street in Sydney.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on March 10, 2025.
BRINDABELLA CHRISTIAN: Chair Frozen Out of Administration Process
-----------------------------------------------------------------
Ian Bushnell at RiotACT reports that Brindabella Christian College
board chair Greg Zwajgenberg said he has been frozen out of the
administration process and been told that the current board is
unlikely to return when the school is back on its feet.
According to RiotACT, the Lyneham-based private school has been in
the hands of Deloitte administrators since March 5 after not being
able to pay some of its teachers and facing a wind-up application
from the Australian Taxation Office over an AUD8 million debt.
It is also still facing regulatory action from the Commonwealth and
the ACT Government over governance and financial issues.
RiotACT relates that Mr. Zwajgenberg, writing on Facebook, said the
board had no choice but to bring in administrators when teachers
could not be paid.
He also said he personally put up AUD150,000 on February 7 to pay
teachers and is now listed as a creditor, RiotACT relays. This is
on top of AUD150,000, which he says he provided for schoolbooks and
other expenses so students had the materials to start school this
year.
Mr. Zwajgenberg claims he is owed about AUD200,000.
Calling it a "hurtful episode", he said administrators told him
five minutes before the first staff meeting they had organised that
his presence was not welcome.
"This decision was accompanied by statements made by the lead
administrator in the staff meeting that the current board was 'very
unlikely to return', specifically discussing me personally."
"It is deeply hurtful that, after all the non-public efforts my
wife Teija and I made, including providing a crucial AUD155,000
loan on 7 February to ensure all staff wages due were paid, and
specifically given it was to these same outspoken staff; in return
a concerted attempt was made to demean and marginalise me
personally by the Administrators, who knew full well my wife and I
had shored up the previous payroll."
Mr. Zwajgenberg said the administrators were specifically advised
who the staff ringleaders were plotting the demise of the board in
union meetings.
"The administrators then encouraged those very same staff to speak
out in the first administrator-led staff meeting," RiotACT quotes
Mr. Zwajgenberg as saying.
Mr. Zwajgenberg again blamed a media and government campaign
against the school for undermining parent confidence and
contributing to a shortfall in fees.
He says the ATO action blindsided the board.
According to RioACT, a Reform BCC spokesperson said on March 12
that while executive directors remained on campus, it did not have
full confidence that the administrators could forensically
investigate the affairs of the board.
"Staff and parents don't have absolute confidence in the process
while there are executive directors on campus," the spokesperson
said.
The administrators will call the first creditors meeting next week,
RioACT relays. A second creditors meeting will need to be called
within 20 business days, but it could be adjourned for a further 45
days.
At this second meeting, creditors meeting the administrators have
got to make three recommendations: return the company back where it
was, which is probably unlikely because of the Tax Office's wind-up
application; do a Deed of Company Arrangement to keep the school
running and make an an offer to creditors; or put the school into
liquidation.
The most likely outcome is a deed of company arrangement, RioACT
notes.
RioACT says the Commonwealth is working with the administrators and
has agreed to maintain its current funding arrangements for now.
Sam Marsden and Sal Algeri of Deloitte SRT Pty Ltd were appointed
as administrators of Brindabella Christian Education Limited on
March 5, 2025.
CURIOUS MINDS: First Creditors' Meeting Set for March 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Curious
Minds Aus Pty Ltd will be held on March 18, 2025 at 11:00 a.m. via
teleconference and video conference only.
Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on March 6, 2025.
HARBOUR CITY: First Creditors' Meeting Set for March 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Harbour City
Hospitality Pty Ltd will be held on March 19, 2025 at 3:00 p.m. at
Level 12, 20 Bridge Street in Sydney and via virtual meeting
technology.
Edwin Narayan and Andrew Quinn of Mackay Goodwin were appointed as
administrators of the company on March 7, 2025.
JERVOIS GLOBAL: KPMG Appointed as Voluntary Administrators
----------------------------------------------------------
On March 12, 2025, David Hardy and Gayle Dickerson of KPMG were
appointed as joint and several voluntary administrators of Jervois
Global Limited and certain subsidiaries.
The Companies and their various subsidiaries (together, "the
Group") are a leading global supplier of advanced manufactured
cobalt products. The Group's principal asset base is comprised of
an operating cobalt facility in Finland, a non-operational cobalt
mine in the United States ("U.S.") and a non-operating
nickel-cobalt refinery in Brazil.
The appointment followed the entry of an order by the U.S.
Bankruptcy Court for the Southern District of Texas (the
"Confirmation Order") on March 6, 2025 (Houston time) approving the
chapter 11 plan of reorganisation of Jervois Texas, LLC and certain
debtor subsidiaries. On Jan. 28, 2025 (AEDT), Jervois Texas, LLC
and the Debtor Subsidiaries commenced chapter 11 cases (the
"Chapter 11 Cases") by filing voluntary petitions for relief under
the U.S. Bankruptcy Code.
This appointment was anticipated as the next step of the
restructuring support agreement agreed with the Company's lender,
Millstreet Capital Management LLC and detailed in the Chapter 11
Plan (as approved by the Confirmation Order). The Chapter 11 Plan
includes that Millstreet plans to submit a Deed of Company
Arrangement ("DOCA") proposal to the Administrators in respect of
the Companies.
KPMG Australia's Turnaround and Restructuring Services Partner, Ian
Sutherland, said "The immediate focus of the Administrators is
ensuring continuity of the underlying operations of the Companies.
The Companies intend to operate on a business-as-usual basis and do
not envisage any changes to the various operations of the
Companies."
For clarity, there are other subsidiaries of the Company (in
particular related to operations in Finland, Brazil and the U.S.)
which are not subject to the appointment of voluntary
administrators. The operations of these other subsidiaries are
expected to continue in the normal course and vendors, suppliers,
customers and employees of these companies remain unaffected by the
appointment of the Administrators in Australia over the Companies.
Interested parties
Any interested party wishing to submit a sale or recapitalisation
proposal in respect of the Companies should contact the
Administrators at jervoisgroup@kpmg.com.au.
The Administrators further invite expressions of interest in
respect of the Companies' mining tenements related to the Nico
Young nickel-cobalt project in Young, New South Wales, Australia to
be submitted by 5:00 p.m. AEDT on March 19, 2025. These tenements
were not impacted by the Chapter 11 Cases.
First statutory meeting of creditors
A first statutory meeting of creditors of the Company will take
place on March 24, 2025 at 10:00 a.m. AEDT. A meeting notice
setting out the time and location for the first meeting of
creditors will be distributed to the Company's creditors in advance
of the meeting.
Annual General Meeting and Financial Reporting
The Company gives notice of intention to rely upon:
* section 6A of ASIC Corporations (Externally-Administered
Bodies) Instrument 2015/251 (Instrument) made under sections
250PAA, 341, 341A, 601QA, 926A, 951B, 992B and 1217 of the
Corporations Act 2001 (the Act) for relief from holding an annual
general meeting during the deferral period; and
* section 8 of the Instrument to defer relevant financial
reporting obligations under Part 2M.3 of the Act.
Notices to Convene an Extraordinary General Meeting
The Administrators are aware of the directors of the Company having
received notices under section 249D of the Act, purporting to
direct the directors to convene an extraordinary general meeting of
the Company. Pursuant to section 198G of the Act, the Company's
directors' powers are suspended, and do not have power to convene a
general meeting. The Administrators do not propose to convene a
general meeting of the Company and will proceed to discharge their
statutory duties in accordance with the Act.
About Jervois Global
Jervois Global Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and its
affiliates are global suppliers of advanced manufactured cobalt
products, serving customers in the powder metallurgy, battery and
chemical industries. The Debtors' principal asset base is
comprised of an operating cobalt facility in Finland and
non-operating plants in both the United States and Brazil.
On January 28, 2025, Jervois Texas, LLC and seven affiliated
debtors, including Jervois Global Limited filed voluntary petitions
for relief under Chapter 11 of the United States Bankruptcy Code.
The Debtors' bankruptcy cases are seeking joint administration
under Case No. 25-90002 and are pending before the Honorable Judge
Christopher M. Lopez in the United States Bankruptcy Court for the
Southern District of Texas.
The Debtors tapped SIDLEY AUSTIN LLP as restructuring counsel,
MOELIS & COMPANY as investment banker, and FTI CONSULTING, INC., as
restructuring advisor. STRETTO, INC., is the claims agent.
SHADYGLEN CATTLE: Second Creditors' Meeting Set for March 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of Shadyglen
Cattle Co Pty Ltd has been set for March 20, 2025 at 10:30 a.m. via
conferencing facilities.
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 March 19, 2025 at 4:00 p.m.
Trent Andrew Devine and Geoffrey Trent Hancock of Jirsch Sutherland
were appointed as administrators of the company on Feb. 17, 2025.
TUCHUZY BONDI: Second Creditors' Meeting Set for March 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of Tuchuzy Bondi
Pty Ltd has been set for March 20, 2025 at 3:00 p.m. via virtual
meeting only.
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 March 19, 2025 at 4:00 p.m.
Antony Resnick and Henry Kwok of DVT Group were appointed as
administrators of the company on Feb. 13, 2025.
=========
C H I N A
=========
BEIJING SINOHYTEC: China Risun Plans to Buy Major Stake in Company
------------------------------------------------------------------
Yicai Global reports that shares of China Risun Group dropped after
the world's largest producer and supplier of coke said it plans to
acquire a controlling stake in struggling manufacturer of fuel cell
systems SinoHytec through an asset swap.
Risun tumbled 5.6 percent to HKD2.69 (35 US cents) a share as of
3.15 p.m. in Hong Kong on March 13, despite opening up 14.4
percent.
Yicai relates that Risun plans to exchange its 100 percent equity
in unit Risun Hydrogen Energy for shares in SinoHytec, the
Beijing-based company announced on March 12. It will also subscribe
to newly issued shares of the target firm worth up to CNY550
million (USD76 million), it added.
According to Yicai, the shares of SinoHytec included in the deal
are priced at CNY18.53 (USD2.56) each, while the final pricing for
the 100 percent equity of Risun Hydrogen Energy has not been
determined yet, Risun noted, adding that after completing the
transactions, it will hold an up to 30 percent stake in the target
company.
In a separate announcement on March 12, SinoHytec said that Risun
Hydrogen Energy will become its subsidiary after the transaction,
bringing a synthetic ammonia production line with an annual
capacity of 100,000 tons and several operational and
under-construction high-purity hydrogen and liquid hydrogen
production lines, Yicai reports. The move will help enhance its
upstream hydrogen energy supply chain, it added.
Due to the high investment required for hydrogen fuel cell research
and development and because it is still in the early stages of
commercial application, SinoHytec has incurred losses for five
consecutive years, Yicai relays. Its net loss expanded 86 percent
to CNY453 million last year from the prior one, while its revenue
tumbled 54 percent to CNY367 million, according to its latest
financial report.
Beijing SinoHytec Co., Ltd. engages in the research, development,
and industrialization of fuel cell engine systems in Mainland
China, Canada, and South Korea. The company offers fuel cell
systems and related technology development and technical services;
and hydrogen fuel cell motors and related accessories. It also
provides hydrogen fuel cell engine, combined heat and power, and
electrolyzer products. It offers its products and services
primarily for the use in commercial vehicles, such as busses,
logistics vehicles, and heavy trucks.
YONGHUI SUPERSTORES: JD.com to Sell Last Stake in Loss-Making Co.
-----------------------------------------------------------------
Yicai Global reports that a subsidiary of JD.com is offloading its
entire stake in Yonghui Superstores to raise cash for its own
purposes, which will mark the Chinese e-commerce giant's complete
exit from the struggling supermarket chain.
Beijing Jingdong Century Trade will sell a maximum of 90.7 million
shares via centralized bidding and up to 176 million shares via
block trading over a three-month period starting April 2, Yonghui
said on March 11, Yicai relays. This amounts to 2.9 percent of
Fuzhou-based Yonghui's total equity.
JD.com first invested in Yonghui in August 2015, buying CNY4.2
billion (USD620 million) of shares, according to public records,
Yicai relays. Then, in May 2018, the Beijing-based firm injected
another CNY1.2 billion (USD178 million) into the company.
However, the supermarket chain entered into difficulties in 2021
and after several years of racking up losses, JD.com started to
trim its stake in Yonghui. On March 20 last year, it offloaded
around 1 percent of shares through a public auction, diluting its
holdings to 12.3 percent.
Then in September 2024, JD.com, along with two other shareholders,
sold a 29.4 percent stake in Yonghui, leaving JD.com with only 2.9
percent equity, Yicai relates. At that point, Guangdong Juncai
International Trading, a wholly-owned subsidiary of Chinese
retailer Miniso Group, took formal control of Yonghui.
In recent years, Yonghui has faced both operational and financial
difficulties, according to Yicai. On Jan. 15, it warned of a net
loss of CNY1.4 billion (USD193 billion) in 2024, making its fourth
consecutive year of losses. The firm ran up deficits of CNY1.3
billion (USD183 million) in 2023, CNY2.8 billion (USD386 million)
in 2022 and CNY3.9 billion (USD537 million) in 2021.
About Yonghui Superstores
Yonghui Superstores Co., Ltd. operates various supermarkets in
China. The company was founded in 2001 and is based in Fuzhou,
China.
Yonghui Superstores posted three consecutive annual net losses of
CNY1.329 billion, CNY2.763 billion, and CNY3.943 billion for the
years ended Dec. 31, 2023, 2022, and 2021, respectively.
=========
I N D I A
=========
BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beffy Cashew
Company (BCC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 7 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
Packing Credit 8 CRISIL D (Issuer Not
Cooperating)
Packing Credit 27 CRISIL D (Issuer Not
Cooperating)
Working Capital 4 CRISIL D (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with BCC for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BCC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BCC continues to be 'Crisil D Issuer not cooperating'.
BCC, set up in 2003, is based in Kollam. The firm processes raw
cashew nuts. Mr. Benny George manages operations.
BHAGAYALAKSHMI AGENCY: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of
Bhagayalakshmi Agency (BA) to 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund- 10 Crisil B/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
Crisil Ratings has been consistently following up with BA for
obtaining information through letter and email dated February 18,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BA, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BA is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, Crisil Ratings has migrated the rating on bank
facilities of BA to 'Crisil B/Stable Issuer not cooperating'.
BA was engaged in the trading of cotton yarn; the firm is owned by
Mr. Arun Dadhich having 7yrs experience in this field.
BHAMJI GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhamji
Granites LLP (BGLLP) continue to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.7 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 4.8 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BGLLP for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BGLLP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BGLLP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BGLLP continues to be 'CRISIL B/Stable Issuer not cooperating'.
BGLLP was established in January 2018 as limited liability
partnership. It has recently set up manufacturing unit for various
types building products such as marble granite, onyx & stone tiles,
slabs, mosaics & designs. It has manufacturing facility located in
Navsari- Gujarat and started its commercial operation March 2020.
Firm is owned and managed by Mr. Harunrashid Bhamji, Mrs. Hetal
Desai and Mrs. Parvtiben Patel.
COTTON BLOSSOM: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Cotton
Blossom India Private Limited (CBIPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with CBIPL for
obtaining information through letter and email dated February 27,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CBIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of CBIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
CBIPL was formed as a partnership between Mr Milton Ambrose John
and his brother, Mr. Joseph Antony John in 1997, and reconstituted
as a private limited company in 2001. The company manufactures and
exports knitted readymade garments, mainly hosiery fabrics and
knitwear, including T-shirts, pyjamas and bermudas. It specialises
in ladies garments, kidswear and sportswear.
DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhruvtara
Agro and Allied Industries Private Limited (DAAIPL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DAAIPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DAAIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
DAAIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of DAAIPL continues to be 'CRISIL D Issuer not
cooperating'.
Incorporated in 2013 as a private limited company, DAAIPL processes
food items such as wheat flour, maida, and sooji. Mr Baban Phatke
is the promoter.
FOREST VIEW: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Forest View
Resort (FVR) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with FVR for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FVR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
FVR continues to be 'CRISIL D Issuer not cooperating'.
FVR is a proprietorship concern of Mr Deepanshu Gautam. The firm
has a resort, De Exotica Crest Resort and Spa, at Theoug, 28
kilometre from Shimla. The resort has 16 luxury rooms, a banquet
hall and bar, restaurant facilities. The resort offer sports
facilities like Pool Table, Snooker Table, Mini Golf, Swings,
Archery, Sea-Saw, Mountain Bikes, Motor Bike among others. The
resort is located close to Shimla which is a key tourist
destination in the country.
KALYAN SAREES: CRISIL Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Kalyan
Sarees (KS) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with KS for
obtaining NDS through letters/emails dated December 31, 2024,
January 31, 2025 and February 28, 2025 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated February 24,
2025 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 KS 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 NDSs from KS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on KS is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of KS migrated to
'CRISIL B/Stable Issuer not cooperating'.
Set up in 2008 KS retails sarees and readymade garments for men,
women, and kids from three showrooms, at Calicut, Thrissur, and
Thiruvananthapuram, in Kerala, with a combined floor space of 1
lakh square feet. Operations are managed by Mr T S Ramachandran.
OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Okara
Roadlines (Okara) continue to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5.8 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 4.2 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Okara for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Okara, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Okara
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Okara continues to be 'CRISIL B/Stable Issuer not cooperating'.
Okara was set up in 1989 and taken over by the existing management
in 2000. It is currently being managed by Mr Wadhwa and his son, Mr
Jigyasu Wadhwa. The Delhi-based firm provides transportation
services to various industries.
ORIENTAL INTEGRATED: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oriental
Integrated Facility Management Private Limited (OIFMPL) continues
to be 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.9 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with OIFMPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OIFMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
OIFMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of OIFMPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.
OIFMPL is a Mumbai based company incorporated by Ramnarayan
Parmeshwar Mishra and his family members in 2007. The company is
engaged in providing man power services for cleaning, and security
purpose etc.
ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orma Marble
Palace Private Limited (OMPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with OMPPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OMPPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 1994, OMPPL promoted by Mr. Lijo Joseph in
Angamaly, Kerala, is primarily engaged into in trading of granites,
marbles, ceramic tiles, vitrified tiles, adhesives, sanitary and
bathroom fittings, etc. The company owns three showrooms in
Angamaly.
PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paras
Industries (Paras) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Post Shipment 3.7 CRISIL D (Issuer Not
Credit Cooperating)
Pre Shipment 7.5 CRISIL D (Issuer Not
Packing Credit Cooperating)
CRISIL Ratings has been consistently following up with Paras for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Paras, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Paras
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Paras continues to be 'CRISIL D Issuer not cooperating'.
Set up as a partnership firm in 1987`, in Mumbai, Paras was owned
by the Jariwala and Shah families till March 2010. The Shah family
exited in April 2010. The firm manufactures and exports knitted
garments and accessories to departmental stores in the US.
PRATIPA CASHEWS: CRISIL Lowers Rating on INR8.7cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of Pratipa
Cashews (PC) to 'CRISIL B/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Cash Credit 1.3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Export Packing 3 CRISIL B/Stable (ISSUER NOT
Credit COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Export Packing 8.7 CRISIL B/Stable (ISSUER NOT
Credit COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Export Packing 5.3 CRISIL B/Stable (ISSUER NOT
Credit & Export COOPERATING; Revised from
Bills Negotiation/ 'CRISIL BB-/Stable ISSUER
Foreign Bill NOT COOPERATING')
discounting
Foreign Currency 2.7 CRISIL B/Stable (ISSUER NOT
Demand Loan COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with PC for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PC
revised to 'CRISIL B/Stable Issuer not cooperating' from 'CRISIL
BB-/Stable Issuer not cooperating'.
PC, set up as a partnership firm in 1997, primarily processes and
exports cashew kernels. It is managed by the managing partner, Mr M
Ramakrishnan, and has its facility in Panruti, Tamil Nadu.
PRAVARSHA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pravarsha
Agro Industries Private Limited (PAIPL) continue to be 'CRISIL
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL B-/Stable (Issuer Not
Cooperating)
Long Term Loan 5.5 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PAIPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PAIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PAIPL continues to be 'CRISIL B-/Stable Issuer not cooperating'.
PAIPL, incorporated in March 2012, is currently setting up a milk
processing unit in Medak district. The processing unit, once
operational, would have processing capacity of 10,000 litre of milk
per day. The principal product processed at the plant is milk.
PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PRO Knits
(PK) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 8 CRISIL D (Issuer Not
Cooperating)
Packing Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PK for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PK
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Established in 1998 by Mr. Ravi Kumar and Mrs. Mallika as a
partnership firm, PK is into manufacture and export of readymade
garments to UK and various other European countries. The firm
specialises in the manufacture of knitted garments of kids, men,
and women. The firm has a manufacturing plant in Tirpur.
PUNJAB SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Punjab
Spintex Limited (PSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 5 CRISIL D (Issuer Not
Cooperating)
Inventory Funding 10 CRISIL D (Issuer Not
Facility Cooperating)
Standby Line 2.5 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PSL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in December 2006 and promoted by Mr. Suresh Kumar and
three of his business associates, PSL gins cotton and manufactures
cotton yarn (in counts of 20s-30s). Operations began in December
2007.
RASAPOORNA FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rasapoorna
Foods Private Limited (RFPL) continue to be 'CRISIL B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term 8.5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RFPL continues to be 'CRISIL B/Stable Issuer not cooperating'.
Incorporated in 2013, RFPL is based in Seethammadhara,
Visakhapatnam, in Andhra Pradesh. It provides catering services.
RFPL is owned and managed by NSRP Varma, N Lakshmi, NSN Varma and B
Subba Raju.
RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rathi Feeds
India Private Limited (RFPL; part of the Rathi group) continue to
be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.45 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 3.75 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.80 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RFPL continues to be 'CRISIL C Issuer not cooperating'.
RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.
RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).
GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.
RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60
per cent of feed processed by RFPL and sells the balance in the
open market. Its feed processing capacity is 200 tonne per day.
RAVINDRA RICE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ravindra Rice
and General Mills (RRGM) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RRGM for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RRGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RRGM continues to be 'CRISIL D Issuer not cooperating'.
RRGM is a partnership firm promoted by Mr. Ravindra and his family
members. The firm is primarily involved in milling of Basmati rice.
It is also involved in converting semi-processed rice into
parboiled Basmati rice. RRGM's milling unit is based out of
Jalalabad district, Ferozpur in close proximity to the local grain
market.
RENUKA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Renuka Silks
- Perambalur Unit (RS) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with INRfor
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on INRis
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of
INRcontinues to be 'CRISIL D Issuer not cooperating'.
RS is a partnership concern set up in 2013. It retails apparel for
men, women, and kids, and specialises in uniforms for schools and
corporates. The firm has a single showroom at Perambalur in Tamil
Nadu, covering 24,000 square feet. Its operations are managed by Mr
R Kandasamy.
RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Richlook
Creations Private Limited (RCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 6.37 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCPL continues to be 'CRISIL D Issuer not cooperating'.
Incorporated in 2007, RCPL undertakes embroidery of saris and
knitting of grey manufacture of saris and dress materials. The
company, based in Surat, Gujarat, is promoted by Mr. Rajratan N
Goyal and his family members. It has a capacity of embroidery to
the extent of 150.5 million metres of saris per annum and knitting
to the extent of 20 million meters per annum.
RKS FUTURE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RKS Future
Foods And Cold Chain Private Limited (RKS) continue to be 'CRISIL
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Term Loan 5.65 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 12.35 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RKS for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RKS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RKS continues to be 'CRISIL B/Stable Issuer not cooperating'.
RKS was incorporated in 2013 in Baddi, Himachal Pradesh for setting
up cold chain facilities for fruits and vegetables with a capacity
of 5000 metric tonne.
SAI SANGAM: CRISIL Moves B Debt Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sai
Sangam Holdings (SSH) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 12 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SSH for
obtaining NDS through letters/emails dated December 31, 2024,
January 31, 2025 and February 28, 2025 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated February 24,
2025 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 SSH 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 NDSs from SSH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SSH is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SSH
migrated to 'CRISIL B/Stable Issuer not cooperating'.
SSH was established as a partnership firm in September 2021 by Mr
Bhalchandra M Kulkarni, Ms Sneha Bhalchandra Kulkarni, Mr Karan
Bhalchandra Kulkarni and Mr Kunal Bhalchandra Kulkarni. It develops
and leases commercial and industrial properties. The firm is
currently developing a commercial building in Malkapur.
SANDHYA POULTRY: CRISIL Raises Rating on INR20cr Loan to B
----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated the
rating on Sandhya Poultry Farm (SPF) to 'CRISIL D Issuer Not
Cooperating'. However, the firm's management has subsequently
started sharing the information necessary for a comprehensive
review of the rating. Consequently, CRISIL Ratings is migrating the
rating to 'CRISIL B/Stable' from 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (Migrated from
'CRISIL D ISSUER NOT
COOPERATING')
The rating reflects timely debt servicing by SPF for more than 90
consecutive days and the expected sustenance of improved liquidity
over the medium term.
The rating continues to reflect the average financial risk profile,
working capital-intensive operations, and is susceptible to risks
inherent in the poultry industry and to intense competition.
However, these weaknesses are partially offset by the extensive
experience of the partners in the poultry industry.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of SPF.
Key Rating Drivers & Detailed Description
Weaknesses:
* Average financial risk profile: The networth was modest at INR15
crore as on March 31, 2025, but is likely to improve over the
medium term, driven by revenue growth. The gearing was high at 2.25
times as on March 31, 2025, and it is expected to remain so over
the medium term. The debt protection metrics were weak, as
reflected in the interest coverage and net cash accrual to total
debt ratios of 2.56 times and 0.12 times, respectively in fiscal
2025 and are likely to remain at similar levels in the medium
term.
* Working capital-intensive operations: Gross current assets were
high at 250 days, driven by large inventory and moderate
receivables of 215 days and 50 days, respectively, as on March 31,
2025 Inventory mainly consists of feed stock and chicks.
* Susceptibility to risks inherent in the poultry industry and to
intense competition: The poultry industry is susceptible to
inherent risks such as outbreak of disease. Also, the industry is
highly fragmented because of the large number of unorganised
players, given the low entry barrier due to limited capital
intensity. The business risk profile should remain susceptible to
risks inherent in the poultry industry and intense competition.
Strength:
* Extensive industry experience of the partners: The partners have
experience of around two decades in the poultry industry. This has
resulted in an established relationship with customers and
suppliers, thus ensuring an uninterrupted supply of feedstock and
repeated orders.
Liquidity: Stretched
Bank limit utilisation was high at 95% on average for the 12 months
through December 2024. Annual cash accrual is expected to be over
INR4.8 crore against term debt obligation of INR4.7 crore over the
medium term. The current ratio was moderate at 1.16 times as on
March 31, 2025
Outlook: Stable
CRISIL Ratings believes SPF will continue to benefit from the
partners' experience over the medium term.
Rating sensitivity factors
Upward factors:
* Sustained improvement in the scale of operations and
profitability leading to net cash accrual of around INR4 crore
* Improvement in the financial risk profile and liquidity,
especially reduction in bank limit utilization.
Downward factors:
* Decrease in the scale of operations and profitability leading to
net cash accrual of around INR2 crore
* Any substantial increase in the working capital requirement
weakening the liquidity
Registered in 1997, SPF is a family-run poultry farm in Telangana.
It is managed by members of the Narsi family and was started by Mr
A Narsimulu. The firm has a poultry farm, with a capacity of 5.05
lakh chickens.
SARAVANA HI-TECH: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Saravana Hi-Tech Agro Foods (SSHAF) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 2.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SSHAF for
obtaining NDS through letters/emails dated December 31, 2024,
January 31, 2025 and February 28, 2025 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated February 24,
2025 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 SSHAF 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 NDSs from SSHAF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SSHAF is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SSHAF
migrated to 'CRISIL B+/Stable Issuer not cooperating'.
Set up in 2013 as a partnership firm by Mr M Rajendran and his
family members, SSHAF processes paddy into rice.
SEQUENCE REALTY: CRISIL Moves B Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sequence Realty (SR) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 43 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 22 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SR for
obtaining NDS through letters/emails dated December 31, 2024,
January 31, 2025 and February 28, 2025 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated February 24,
2025 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 SR 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 NDSs from SR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SR is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of SR migrated to
'CRISIL B/Stable Issuer not cooperating'.
SR (a part of the Samanvay group) was set up in 2010 at Vadodara in
Gujarat. The firm undertakes civil construction works, mainly
construction of two- and three-bedrooms-hall-kitchen along with
commercial properties such as showrooms. It is also engaged in real
estate development and is working on a commercial project, Samanvay
Anantam, at Alkapuri in Vadodara. Mr Ankur Parekh, Mr Ravi J Rao
and Mr Vishal K Patel manage the business.
SPICEJET: 3 Aircraft Lessors, Former Pilot File Insolvency Pleas
----------------------------------------------------------------
The Economic Times reports that SpiceJet is facing fresh round of
troubles as three Ireland-based aircraft lessors and a former pilot
have filed insolvency pleas in NCLT against the budget carrier,
claiming defaults. Three lessors - NGF Alpha, NGF Genesis and NGF
Charlie - have filed petitions under Section 9 of IBC, seeking
initiation of insolvency proceedings against SpiceJet claiming dues
totalling USD12.68 million (about INR110 crore).
ET relates that SpiceJet, during the proceedings of the National
Company Law Tribunal, earlier last week, sought some time to
resolve the matter as settlement talks were going on.
"Counsel on behalf of the Operational Creditor (SpiceJet) is
present and sought time to seek instructions on the future course
of action to be taken in the matter," NCLT said in an order.
The insolvency tribunal directed to list all three petitions on
April 7, 2025, for the next hearing, ET discloses.
According to ET, the lessors had earlier leased five Boeing 737 to
SpiceJet. They had served legal notice to SpiceJet wherein they
alleged theft of parts of the aircraft, including engines and using
them in other planes.
Besides, regarding the plea filed by the pilot, the two-member NCLT
bench asked whether claims by the pilot are barred under Section
10A of the Insolvency & Bankruptcy Code (IBC).
ET relates that the NCLT said: "Counsel on behalf of the
Operational Creditor is present and sought time to examine the
issue specifically in respect of applicability of Section 10A in
respect of certain claim amount and also to the limitation issue.
In view of this, list the matter on April 15, 2025."
Section 10A mandates that no application for initiation of
corporate insolvency resolution process (CIRP) can be filed against
any debtor by any financial and operational creditor for any
default arising on or after March 25, 2020, for a period of one
year.
This was a special provision inserted by the government in IBC to
help companies after economic activities had resumed post-lockdown
in phases.
Debt-ridden SpiceJet is already facing several cases before the
NCLT from lessors, vendors and other operational creditors, though
no final order has been passed in any case, ET says.
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.
SpiceJet has faced a series of insolvency petitions from various
parties in the National Company Law Tribunal (NCLT) and and the
appellate tribunal NCLAT over pending dues. These include Willis
Lease Finance Wilmington Trust SP Services (Dublin), and Engine
Lease Finance BV.
As reported in the Troubled Company Reporter-Asia Pacific in late
September 2024, the NCLT) on Sept. 23 issued notice to SpiceJet
over the plea filed by one of its operational creditors, Techjockey
Infotech Pvt Ltd, which claimed a default of nearly INR1.2 crore
owed by SpiceJet against software services availed by them.
VIBRANT HOMES: CRISIL Assigns B+ Rating to INR1.33cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Vibrant Homes (VH).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 1.33 CRISIL B+/Stable (Assigned)
Term Loan 1.09 CRISIL B+/Stable (Assigned)
Term Loan 0.08 CRISIL B+/Stable (Assigned)
The rating reflects the firm's exposure to intense competition,
largely from the unorganised sector, and to cyclicality in demand
from the residential and commercial real estate; leveraged capital
structure and modest scale of operations. These weaknesses are
partially offset by the extensive experience of the partners in
interior work business, adequate order book providing revenue
visibility and moderate working capital cycle.
Analytical approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of VH.
Key rating drivers and detailed description
Weaknesses:
* Exposure to intense competition and to cyclicality in demand from
the residential and commercial real estate: Due to the presence of
a large number of organised and unorganised players in the segment,
the industry is exposed to intense competition. This restricts the
scalability of the business. Furthermore, business growth depends
upon the demand from the residential as well as commercial real
estate and office spaces or industrial capital expenditure (capex),
and in turn is linked to the overall economic growth. The business
will remain susceptible to economic downturns as corporates cut
back on their discretionary expenditure or capex in such a
situation. Any significant slowdown in order execution remains
monitorable.
* Modest scale of operations: The scale of operations remains
modest as reflected in the operating income of INR10.5 crore in
fiscal 2024. The firm reported an operating income of around
INR16.7 crore till December 2024, and the work orders in hand worth
INR31 crore should provide revenue visibility for the near term.
However, the revenue remains exposed to risks posed by geographical
concentration and high dependence on infrastructure development in
the region of operations.
* Leveraged capital structure: The networth was low at INR38 lakh
as on March 31, 2024, as against INR32 lakh as on March 31, 2023.
The gearing and total outside liabilities to tangible networth
ratio were high at 4.7 times and 13.60 times, respectively, as on
March 31, 2024. The capital structure is expected to improve, with
steady accretion to reserve and moderate dependence on debt over
the medium term.
Strength:
* Extensive experience of the partners in interior work business:
The partners have experience of over a decade in interior work
business. Their experience has helped the firm to establish
relationships with key customers and obtain regular orders over the
years.
Liquidity: Stretched
Annual cash accrual is expected to be around INR34 lakh against
yearly term debt obligation of INR40 crore over the near term. The
firm maintains liquid investments as fixed deposits for INR80 lakh,
which is expected to cushion liquidity.
Outlook: Stable
CRISIL Ratings believes VH will continue to benefit from the
extensive experience of its partners, and established relationships
with clients.
Rating sensitivity factors
Upward factors:
* Sustained increase in the scale of operations by 20% and earnings
before interest, taxes, depreciation and amortisation (Ebitda)
margin of 3-4%, leading to high cash accrual
* Improvement in the financial risk profile.
Downward factors:
* Decline in revenue by 20% or operating margin less than 1.5%,
leading to low cash accrual
* Large, debt-funded capex, weakening the financial risk profile
* Deterioration of liquidity
Chennai-based VH was established as a partnership firm in March
2014. The firm undertakes contracts for interior designing works,
repairs and alterations to residential as well as commercial
infrastructures and also provides interior design consultation. Mrs
Niveditha Venkata Krishnan and Mrs Durga Lakshmi are designated
partners of VH.
=================
I N D O N E S I A
=================
BUMI SERPONG: Fitch Affirms and Withdraws 'BB-' IDR, Stable Outlook
-------------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based developer PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Issuer Default Rating (IDR) of
'BB-'. The Outlook is Stable. At the same time, Fitch has withdrawn
all the ratings.
Fitch has chosen to withdraw the ratings of BSD for commercial
reasons. Fitch will no longer provide ratings or analytical
coverage for BSD.
Key Rating Drivers
Strong Pre-Sales in 4Q24: BSD reported a strong 20% yoy increase in
2024 attributable pre-sales to IDR6.8 trillion, driven by robust
growth in 4Q24. Attributable pre-sales are at the highest level in
the past 10 years. Residential pre-sales rose by 26% qoq in 4Q24
and apartments by 14% due to an interest-rate cut and extension of
the 100% VAT rebate through September to December 2024.
Shophouse pre-sales rose robustly by 35% qoq following the
completion of toll roads, especially in Kota Wisata, and aggressive
development, including in BSD City and peers in the Serpong area.
Commercial landplots jumped significantly by 600% qoq as sales were
finalised in 4Q24.
Pre-Sales to Increase in 2025-2026: Fitch forecasts attributable
pre-sales will increase steadily to around IDR7 trillion in the
next two years. Fitch expects BSD's pre-sales for residential and
commercial properties to rise by a low single digit, supported by
steady GDP growth of around 5% and interest-rate cuts.
VAT Rebate Extension Supports Demand: The VAT rebate extension
until December 2025 will support demand for affordable residential
homes. Fitch estimates around IDR1.6 trillion pre-sales will be
sold under the VAT rebate scheme in 2025. The regulation provides a
12% discount on the first IDR2 billion of the total value of
completed homes priced up to IDR5 billion from January 2025 to
December 2025, which is aimed at helping middle-class buyers.
Rising Share of JV Sales: Fitch expects the proportion of pre-sales
from joint ventures (JVs) with large developers to rise to over 20%
from 2025 (2022: 13%). Fitch forecasts BSD will sell around IDR1
trillion of land to JVs annually in the next few years, due mainly
to its JV with Japan's Mitsubishi Corporation and Singapore's
Surbana Jurong for transit-oriented development in BSD City. BSD
has acquired most of the landbank needed, reducing execution risks.
Fitch does not expect these JVs to weigh on BSD's financial
profile, as they are debt free and have a strong record of project
execution.
Increasing Non-Development Revenue: BSD's mix of non-development
revenue will rise to around 16% to 17% from 2025, from less than
15% in 2023. However, Fitch expects the property development
business to remain the key rating driver. Growth in non-development
revenue will stem mainly from new offices and shopping malls,
including its new office space in Luminary Tower in Jakarta and
Biomedical Campus in BSD City, and extension of DP Mall in
Semarang. Occupancy in BSD City's offices is over 90%, a testament
to the area's growing appeal as a suburban alternative to Jakarta's
business district.
Rising Capex, Low Leverage: Capex on investment properties will
rise to around IDR1.5 trillion per annum by 2027, mainly to support
the development of BSD's new offices and shopping malls, which will
boost the appeal of its property projects. However, leverage - net
debt to net property assets - is low, and should remain below 10%
over the next few years (2024 estimate: 8.6%, 2023: 6%).
Large, Low-Cost Land Bank: BSD had around 4,400ha of landbank at
end-September 2024, most of which is situated in Tangerang
province, in and around BSD City. This is sufficient for over 20
years of contracted sales and allows the company to tailor its
landed homes to suit trends in consumer demand through the cycle.
The large land bank also gives it flexibility to temporarily scale
back land acquisitions during downturns. Fitch expects BSD to
opportunistically acquire land of around IDR1.5 trillion per annum
in the medium term, in support of its long-term plans.
Weaker Parent Not a Constraint: BSD's rating reflects its
Standalone Credit Profile of 'bb-'. The rating is not capped by its
weaker 64% parent, Sinarmas Land Limited (SML). Fitch assesses the
access and control factor as 'Porous', given BSD's stock
exchange-listing, functional board separation, growing JVs and
independent funding access that shows SML's long-term intent. The
legal ringfencing between BSD and SML is 'Open'. BSD repaid its
remaining US dollar unsecured notes in January 2025 using internal
cash, removing limitations in the bond indenture against
related-party transactions and dividends.
Peer Analysis
BSD's ratings can be compared with those of Indonesian property
developer PT Pakuwon Jati Tbk (PWON, BB+/Stable) and Vietnamese
property developer Vinhomes Joint Stock Company (BB-/Stable).
Vinhomes' Standalone Credit Profile of 'bb' is one notch higher
than BSD's 'bb-' due to its larger scale and market leadership,
offsetting the benefits from BSD's more mature township projects.
Similar to Vinhomes, BSD has an expanding portfolio of commercial
properties, mainly in office and retail, that provides some cash
flow diversification. Both issuers maintain low leverage and have
strong liquidity.
PWON is rated two notches higher than BSD due to its much larger
non-development EBITDA, which has proven more resilient to economic
downturns than the homebuilding sector.
PWON's non-development EBITDA comes from premium, well-located
shopping malls with strong tenants in mixed-use superblocks, while
BSD's mainstay is its more cyclical property development business.
BSD also has a smaller portfolio of standalone offices, less-prime
hotels and smaller strata-title shopping malls than PWON, which
faces greater challenges from e-commerce. This, along with PWON's
stronger balance sheet, supports a two-notch higher rating and
offsets risks from its smaller-scale property development business,
which focuses on narrower products and price points than that of
BSD.
Key Assumptions
Key Assumptions Within Its Rating Case for the Issuer:
- Attributable pre-sales (including share of JVs) to remain steady
at around IDR6.5 trillion to IDR7 trillion in 2025-2026;
- Cash collections from contracted sales to remain steady around
IDR9 trillion in 2025-2026;
- Revenue from non-development sources to rise modestly to around
IDR2 trillion in 2025-2026 (2024 estimate: IDR1.9 trillion);
- Capex, mainly on investment properties, of around IDR1 trillion a
year in 2025-2026.
RATING SENSITIVITIES
Not relevant as the rating has been withdrawn.
Liquidity and Debt Structure
BSD has a record of maintaining strong liquidity. Its cash balance
stood at IDR8 trillion at 30 September 2024, sufficient to repay
debt maturities of ID3.3 trillion due in the next 12 months. In
January 2025, BSD prepaid the remaining USD89 million of its USD300
million unsecured senior notes due on 23 January 2025 with internal
cash. Fitch expects BSD's FCF to be neutral to positive in 2025 to
2026, providing a cash buffer to repay yearly debt maturity of
around IDR1.5 trillion to IDR2 trillion.
Issuer Profile
BSD was established in 1984 by a consortium of shareholders to
develop BSD City, southwest of Jakarta, as a satellite city. BSD
City is one of the largest township developments in Indonesia with
a total license area of 5,950ha. The company also has well
established developments in Greater Jakarta and Borneo, expanding
to Semarang, Surabaya, Manado, Palembang and Makassar.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
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 Prior
----------- ------ -----
PT Bumi Serpong
Damai Tbk LT IDR BB- Affirmed BB-
LT IDR WD Withdrawn
===============
M A L A Y S I A
===============
SAPURA ENERGY: To Undergo More Due Diligence for Capital Injection
------------------------------------------------------------------
The Edge Malaysia reports that cash-strapped Sapura Energy Bhd will
go through an additional due diligence process as a prerequisite to
the government's capital injection of MYR1.1 billion and its
restructuring exercise, according to Prime Minister Datuk Seri
Anwar Ibrahim.
He said findings of the due diligence will be shared with relevant
enforcement agencies, such as the Securities Commission, to
determine if any action needs to be taken against any party.
Anwar, who is also finance minister, stated that this initiative is
in addition to an audit process completed as part of the Practice
Note 17 company's restructuring exercise, which looks to address
MYR10.8 billion in debt and MYR1.5 billion in unpaid trade bills,
relates The Edge.
According to The Edge, Sapura Energy in a bourse filing on March 11
said the government will inject MYR1.1 billion into the company,
through the subscription of redeemable convertible loan stocks
(RCLS), exclusively to repay its 2,000 vendors, many of whom are
small and medium enterprises (SMEs).
The capital injection will done through a Ministry of Finance
Incorporated company, Malaysia Development Holding Sdn Bhd (MDH).
The Edge relates that the funding will protect about 59,000 core
industry jobs and preserve the company's vital role as a key
service provider to the oil and gas industry, according to a
statement by its largest shareholder Permodalan Nasional Bhd on
March 12.
Anwar, in defending the capital injection which he balked from
calling a bailout, emphasised that the investment would not benefit
Sapura Energy's shareholders or management. He also threw support
behind a newly appointed professional management team to handle the
restructuring.
"The government's injection is not a grant but an investment aimed
at revitalising the oil and gas ecosystem, which is strategic for
the national economy," The Edge quotes Anwar as saying.
Sapura Energy underwent a leadership change this year with former
SapuraOMV Upstream Sdn Bhd CEO Shahin Farouque Jammal Ahmad
appointed as interim chairman and Muhammad Zamri Jusoh as new group
CEO, The Edge notes. They replaced Datuk Mohammad Azlan Abdullah,
former chairman, and Datuk Mohd Anuar Taib, former group CEO and
executive director, who had both resigned, citing "other personal
commitments" and "personal endeavours" as reasons for their
departure.
For the first nine months of FY2025, Sapura Energy posted a net
loss of MYR342.96 million, compared to a net profit of MYR213.18
million a year before, while revenue increased 10.6% to MYR3.54
billion from MYR3.2 billion, The Edge discloses.
Last month, Sapura Energy gained creditor approval for its debt
restructuring plan. The company also received court approval for
the plan.
About Sapura Energy
Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.
Sapura Energy Bhd announced on May 31, 2022, that it has been
classified as a PN17 listed issuer due to going concerns on its
shareholders' equity position less than 50% of its share capital.
Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50% of its share capital of
MYR10.9 billion.
=====================
N E W Z E A L A N D
=====================
DRAIN DIRECT: Court to Hear Wind-Up Petition on March 31
--------------------------------------------------------
A petition to wind up the operations of Drain Direct Limited will
be heard before the High Court at Whangarei on March 31, 2025, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 24, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
FARMER'S FIRST: Creditors' Proofs of Debt Due on April 24
---------------------------------------------------------
Creditors of Farmer's First Livestock Limited are required to file
their proofs of debt by April 24, 2025, to be included in the
company's dividend distribution.
The High Court at Christchurch appointed Iain Bruce Shephard and
Diana Matchett of BDO Wellington as liquidators on March 6, 2025.
KARIKI PHARMA: Creditors' Proofs of Debt Due on April 4
-------------------------------------------------------
Creditors of Kariki Pharma Limited are required to file their
proofs of debt by April 4, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 28, 2025.
The company's liquidator is:
Simon Dalton
Gerry Rea Partners
PO Box 3015
Auckland
KONVOY NEW ZEALAND: First Creditors' Meeting Set for March 20
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Konvoy New
Zealand Limited will be held on March 20, 2025 at 2:30 p.m. via
Microsoft Teams.
Joseph Hansell and David McGrath of FTI Consulting were appointed
as administrators of the company on March 11, 2025.
NISA: Ethical Wellington Clothing Store Set to Close Next Month
---------------------------------------------------------------
Radio New Zealand reports that a Wellington based clothing brand
with a focus on sustainability will shut its doors for a second
time in early April.
Nisa, which means 'women' in Arabic, was founded in 2017 and aimed
to create employment opportunities for women with refugee and
migrant backgrounds.
The clothing brand made sustainable underwear, swimwear and
activewear.
According to RNZ, the business previously closed down in July 2023,
but was revived after staff fund-raised through a Pledge Me
campaign that doubled its original target of NZD80,000 and raised
over NZD165,000.
Nisa said in a statement on its website, 31 refugee women had been
employed with the brand.
It attributed its closure to a drop in sales and rising costs, RNZ
relays.
"We feel that if we raise our prices any more to cover [costs] our
products will be unattainable for our customers, which really
starts to go against how we want to operate as a retailer. So, we
have decided to close Nisa."
The online store will shut down on April 8 at midnight, with the
Wellington store closing on April 12, RNZ discloses.
WONDER WATER: Court to Hear Wind-Up Petition on March 20
--------------------------------------------------------
A petition to wind up the operations of Wonder Water Limited will
be heard before the High Court at Auckland on March 20, 2025, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 10, 2024.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=====================
P H I L I P P I N E S
=====================
EMERALD RURAL: PDIC Sets April 11 as Deadline for Filing Claims
---------------------------------------------------------------
Creditors of the closed Emerald Rural Bank, Inc. have until April
11, 2025, to file their claims against the bank's assets.
Claims filed after said date shall be disallowed. Creditors refer
to any individual or entity with a valid claim against the assets
of the closed Emerald Rural Bank, Inc. and include depositors with
uninsured deposits that exceed the maximum deposit insurance
coverage (MDIC) of PHP500,000.
The Philippine Deposit Insurance Corporation (PDIC) said that
creditors may file their claims through any of the following:
1. E-mail at emerald-pad@pdic.gov.ph;
2. Mail addressed to the PDIC Public Assistance Department, Ground
Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.
Claims filed by mail must have a postmark date no later than April
11, 2025; or
3. Personal filing at the PDIC Public Assistance Center (PAC)
located on the Ground Floor, PDIC Chino Bldg., 2228 Chino Roces
Avenue, Makati City, from Monday to Friday, from 8:00 AM to 5:00
PM. For visits to the PAC, clients are highly encouraged to request
an appointment by calling the Public Assistance Hotline during
office hours at (02) 8841 4141 or at Toll-Free number
1-800-1-888-7342 or 1-800-1-888-PDIC, by sending an e-mail request
to emerald-pad@pdic.gov.ph, or by sending a request through private
message at PDIC's official Facebook page at
www.facebook.com/OfficialPDIC.
The prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/Claim_Form_Against_Assets_of_Closed_Banks.pdf.
PDIC reminds creditors to transact only with authorized PDIC
personnel.
Claims filed after April 11, 2025, shall be disallowed. PDIC, as
Receiver, shall notify creditors of the denial or disallowance of
claims through mail. Claims denied or disallowed by the PDIC may be
filed with the liquidation court within 60 days from receipt of
final notice of denial or disallowance of claim or within 20 days
from the date of publication of the Order setting the Petition for
Assistance in the Liquidation Proceeding for the initial hearing,
whichever is later.
In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims for
the insured portion of their deposits as of April 11, 2025, are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.
PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.
Emerald Rural Bank, Inc. was ordered closed by virtue of Monetary
Board Resolution No. 77.A dated January 23, 2025. It is a
single-unit rural bank located at Blk 45 Lot 12 Brgy. Sta. Cruz I,
City of San Jose del Monte, Bulacan.
All requests and inquiries relating to Emerald Rural Bank, Inc.
shall be addressed to the PDIC Public Assistance Department through
e-mail at emerald-pad@pdic.gov.ph, or through telephone number (02)
8841-4141. Creditors outside Metro Manila may call the PDIC Toll
Free Hotline during office hours at 1-800-1-888-PDIC (7342).
Inquiries may also be sent as a private message to the PDIC's
official Facebook page at www.facebook.com/OfficialPDIC.
=================
S I N G A P O R E
=================
ACJ PAINTING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 7, 2025, to
wind up the operations of ACJ Painting Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
BENUT TAN: Creditors' Meeting Set for April 2
---------------------------------------------
Benut Tan Brothers Agricultural Trading Pte. Ltd. will hold a
meeting for its creditors on April 2, 2025, at 11:00 a.m. via
Zoom.
Agenda of the meeting includes:
a. to lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company;
b. to 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 that is relevant to the liquidation of
the Company.
The company's liquidator is Mr. Farooq Ahmad Mann of M/s Mann &
Associates PAC.
EHUB HOLDINGS: Court to Hear Wind-Up Petition on March 28
---------------------------------------------------------
A petition to wind up the operations of Ehub Holdings Pte. Ltd.
will be heard before the High Court of Singapore on March 28, 2025,
at 10:00 a.m.
United Overseas Bank Limited filed the petition against the company
on March 4, 2025.
The Petitioner's solicitors are:
Adsan Law LLC
300 Beach Road
#26-00 The Concourse
Singapore 199555
HOKKAIDO MARCHE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Hokkaido Marche Singapore Pte. Ltd. on March 4, 2025,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Wong Joo Wan
Tina Phan Mei Ting
Alternative Advisors
1 Commonwealth Lane
#06-21 One Commonwealth
Singapore 149544
SUMERITEC PTE: Creditors' Meeting Set for April 2
-------------------------------------------------
Sumeritec Pte. Ltd. will hold a meeting for its creditors on April
2, 2025, at 3:30 p.m. via Zoom.
Agenda of the meeting includes:
a. to lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company;
b. to 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 that is relevant to the liquidation of
the Company.
The company's liquidator is Mr. Farooq Ahmad Mann of M/s Mann &
Associates PAC.
=====================
S O U T H K O R E A
=====================
TERRAFORM LABS: Judge Amends Crypto Claims to Prevent Bullying
--------------------------------------------------------------
Ben Zigterman of Law360 reports that on Monday, March 10, 2025, a
Delaware bankruptcy judge instructed the Chapter 11 plan
administrator for defunct cryptocurrency software developer
Terraform Labs to make slight changes to creditor claim filing
instructions related to its collapsed stablecoin, after concerns
were raised that the wording could intimidate claimants.
About Terraform Labs
Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.
Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.
The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.
Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.
Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.
The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.
=============
V I E T N A M
=============
NAM A COMMERCIAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating of 'B+' to Nam A Commercial Joint Stock Bank (Nam A Bank).
The Outlook on the IDR is Stable. At the same time, the agency has
also assigned Nam A Bank a Viability Rating (VR) of 'b+' and
Government Support Rating (GSR) of 'b+'.
Key Rating Drivers
IDR Driven by VR, Backstopped by GSR: Nam A Bank's Long-Term IDRs
are driven by its standalone credit profile, as denoted by its VR,
which is at the same level as its GSR. This considers the bank's
modest banking franchise with about 1% share of system assets and
deposits, which constrains it to borrowers of a certain size and
exposes it to higher credit risks, in its view. Relatively low
credit reserves and thin capitalisation mean loss-absorption
buffers are limited, although these have shown steady improvement
in recent years, aided by strong profitability and high earnings
retention.
Robust Economic Performance: Vietnam's economy grew by 7.1% in 2024
and Fitch expects GDP growth to be sustained above 6% in the medium
term. A recovery in external demand and the easing of bottlenecks
in the property sector should provide additional tailwinds that
benefit the banking sector. Risks emanating from global trade
tensions and potential episodes of liquidity tightness linger, but
Fitch believes they are likely to be manageable for Vietnam.
Modest Banking Franchise: Nam A Bank's modest market presence and
relatively small balance sheet limit its pricing power and result
in a business model focused on smaller corporate and SME borrowers,
which typically have higher credit risks. The average cost of
deposits has been consistently higher than other Fitch-rated
Vietnam banks', which hamstrings its pricing competitiveness and
incentivises the bank to accept borrowers with higher loan yields
and credit risks. These considerations anchor its assessment of the
bank's business profile and risk profile at 'b+', both with stable
outlooks.
Asset Quality Softens: Nam A Bank's non-performing loan (NPL) ratio
rose to 2.3% by end-2024 from 2.1% at end-2023, as weaker domestic
consumer sentiments over the past two years weighed on the debt
service capacity of small business owners and traders. However,
Fitch expects credit performance to improve slightly in the near
term amid a buoyant economy. Nevertheless, Fitch has applied a
negative adjustment to the implied score in the 'bb' category to
arrive at an assessed score of 'b+' to reflect its large exposure
to smaller corporate borrowers.
Profitability to be Sustained: A sharp reduction in average deposit
cost as a result of easing liquidity conditions in the system in
2024 widened Nam A Bank's net interest margin and boosted revenue
and earnings. This is also complemented by credit costs that
remained steady despite the increase in credit impairments. Fitch
projects the bank's operating profit/risk-weighted asset ratio to
continue to improve modestly over the next two years as credit
costs remain stable.
Capitalisation Continues to Improve: Capitalisation and leverage
are a rating weakness for Nam A Bank, but there has been a steady
build-up of capital in recent years due to improved earnings and
the bank's policy of not distributing cash dividends. The Fitch
Core Capital (FCC) ratio improved to 7.7% by end-2024 (2023: 6.9%)
and Fitch expects further increases in the next two years,
notwithstanding the bank's rapid asset growth, as profits are fully
retained. The outlook on the score of 'b' is positive.
Funding Constrained by Deposit Franchise: Nam A Bank's loan/deposit
ratio rose to 96.2% by end-2024 (2023: 88.3%) as loan growth
outpaced the rise in customer deposits and certificates of deposit.
The bank is mainly funded by dong-denominated instruments and FX
mismatch risks are limited, but it has one of the lowest current
and savings account ratios among Fitch-rated local banks,
contributing to a higher average cost of funds.
Fitch sees its relatively expensive term deposits as also being
more sensitive to interest rate changes, resulting in a funding and
liquidity profile below its implied score in the 'bb' category.
Government Support Backstop: The GSR considers the Vietnamese
authorities' high propensity to support the banking sector
generally, counterbalanced against the large size of the banking
system relative to GDP and Nam A Bank's limited systemic importance
as a medium-sized bank in the system.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The Long-Term IDRs will only be downgraded if there was a
simultaneous downgrade of both the VR and the GSR.
The VR may be downgraded if Fitch perceives a significant
deterioration in the bank's risk profile and asset quality, such as
if the NPL ratio rises to and stays around 5%, or if there is a
considerable shift towards lending to higher-risk customer segments
and products. The VR may also be downgraded if the bank suffers a
large and sustained outflow of customer deposits that impedes the
bank's ability to fund its operations at sustainable rates. Fitch
considers neither scenario likely in the near term.
The GSR may be downgraded if the sovereign rating (BB+/Stable) was
downgraded, or if Fitch believes that the sovereign's propensity to
provide support to Nam A Bank has diminished materially.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Fitch will upgrade the IDR if the VR or the GSR was upgraded.
The VR may be upgraded if the bank's financial performance improves
materially, as reflected in the following metrics:
- The NPL ratio improving to less than 1.5% on a sustained basis,
accompanied by the loan-loss coverage ratio rising to around 100%
- The FCC ratio rising to and staying above 10%.
The GSR may be upgraded if the sovereign rating was upgraded, or if
Nam A Bank's systemic importance grows, as reflected in a deposit
market share that is 3% or higher. Such a large increase in market
share is unlikely to occur in the near term.
VR ADJUSTMENTS
The operating environment score has been assigned above the implied
score due to the following adjustment reason(s): Economic
Performance (positive)
The asset quality score has been assigned below the implied score
due to the following adjustment reason(s): Underwriting Standards
and Growth (negative)
The funding and liquidity score has been assigned below the implied
score due to the following adjustment reason(s): Deposit Structure
(negative)
Date of Relevant Committee
04-Mar-2025
Public Ratings with Credit Linkage to other ratings
Nam A Bank's IDRs are linked to Vietnam's sovereign rating as its
expectation of state support underpins the IDR.
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
----------- ------
Nam A Commercial
Joint Stock Bank LT IDR B+ New Rating
ST IDR B New Rating
LC LT IDR B+ New Rating
LC ST IDR B New Rating
Viability b+ New Rating
Government Support b+ New Rating
*********
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 2025. 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 ***