/raid1/www/Hosts/bankrupt/TCRAP_Public/191106.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 6, 2019, Vol. 22, No. 222
Headlines
A U S T R A L I A
EMMLUK PTY: Second Creditors' Meeting Set for Nov. 12
F.A. MAMAC: Second Creditors' Meeting Set for Nov. 13
INDUS ENERGY: Second Creditors' Meeting Set for Nov. 11
LYON GROUP: Liquidation Starts at Solar-Plus-Storage Units
MESOBLAST LIMITED: Signs Manufacturing Agreement with Lonza
WENDTREV PTY: First Creditors' Meeting Set for Nov. 15
C H I N A
DAGON CREDIT: Resumes Operations This Month After Suspension
KAISA GROUP: Moody's Rates Proposed USD Notes Issue B2
POWERLONG REAL: Moody's Rates Proposed USD Sr. Unsec. Notes B2
YUETING JIA: U.S. Trustee Forms 5-Member Committee
I N D I A
A. M. MOHAMMED: CRISIL Lowers Rating on INR10cr Cash Loan to B+
A.B.M. CONCRETE PRIVATE: Insolvency Resolution Case Summary
AFTEK INFRASTRUCTURE: Insolvency Resolution Process Case Summary
ANNA TROUVER: CRISIL Maintains 'B' Rating in Not Cooperating
APEEJAY TEA: NCLT Orders Insolvency Proceedings Against Firm
ASHIRWAD CONSTRUCTION: CRISIL Lowers Rating on INR4cr Loan to B+
AVJ DEVELOPERS: Insolvency Resolution Process Case Summary
B.B. FOODS PRIVATE: Insolvency Resolution Process Case Summary
B.T. KADLAG: CRISIL Lowers Rating on INR18cr Loan to 'B'
BHARAT SANCHAR: Vendors Mull Insolvency Action Against Firm, MTNL
BREACH CANDY: Bombay High Court to Monitor Club's Liquidation
CHARMING PRINTING: CRISIL Maintains 'B' Rating in Not Cooperating
EMBOZA GRANITO: CRISIL Keeps 'B+' Rating in Not Cooperating
FOZAL POWER: Insolvency Resolution Process Case Summary
GEMUS ENGINEERING: Ind-Ra Affirms 'BB-' Long Term Issuer Rating
GLOBALITE INDUSTRIES: Insolvency Resolution Process Case Summary
GOUR ROAD: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
GUPTA MARRIAGE: Insolvency Resolution Process Case Summary
HBM FOODS LIMITED: Insolvency Resolution Process Case Summary
HITECH GRAIN: CRISIL Maintains 'D' Rating in Not Cooperating
JANKALYAN SHIKSHA: CRISIL Migrates INR1cr LT Loan Rating to B-
JBB-EVEREST BUILDTECH: Insolvency Resolution Process Case Summary
KAILASH HILLWAYS: CRISIL Keeps 'B+' Rating in Not Cooperating
KASTUM ENGINEERS: CRISIL Maintains 'B+' Rating in Not Cooperating
KUMAR DHALL: CRISIL Lowers Rating on INR8cr Cash Loan to B+
MSA DEVELOPERS PRIVATE: Insolvency Resolution Process Case Summary
OM PARKASH: CRISIL Migrates B+ Rating to Not Cooperating Category
ONCOCARE MEDICALS: CRISIL Lowers Rating on INR1.3cr Loan to B+
PEACOCK APPARELS: CRISIL Lowers Rating on INR4.0cr Loan to B+
PRR TRAVELS: CRISIL Cuts INR10.25cr Loan Rating to B+, Not Coop.
Q-ONE: CRISIL Maintains 'B+' Rating in Not Cooperating Category
REVIVE CONSTRUCTION: CRISIL Lowers Rating on INR100cr Loan to D
SCORE INFORMATION: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
SHRE DEVARAJA: CRISIL Cuts INR8cr Loan Rating to B+/Not Cooperating
SHRI RAM: CRISIL Maintains 'B+' Rating in Not Cooperating
U.S. SRIVASTAVA: Ind-Ra Maintains 'BB'/Non-Cooperating Rating
UNITRIVENI OVERSEAS: CRISIL Cuts Rating on INR4.5cr Loan to 'D'
[*] INDIA: Companies Default on Record INR76BB Bonds
M A L A Y S I A
1MDB: Malaysia Aims to Locate Further US$4.34BB in Assets
S I N G A P O R E
HYFLUX LTD: Still in Talks with Utico to Ink Definitive Deal
- - - - -
=================
A U S T R A L I A
=================
EMMLUK PTY: Second Creditors' Meeting Set for Nov. 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of Emmluk Pty Ltd
has been set for Nov. 12, 2019, at 11:00 a.m. at Suite 203, at 517
Flinders Lane, in Melbourne, Victoria.
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 Nov. 12, 2019, at 11:00 a.m.
Trajan John Kukulovski and Liam William Bellamy of Chan & Naylor
were appointed as administrators of Emmluk Pty on Oct. 7, 2019.
F.A. MAMAC: Second Creditors' Meeting Set for Nov. 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of F.A. Mamac Pty
Ltd has been set for Nov. 13, 2019, at 11:30 a.m. at the offices of
Macks Advisory, Level 8 West Wing, at 50 Grenfell Street, in
Adelaide, SA.
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 Nov. 12, 2019, at 4:00 p.m.
Peter Ivan Macks & Ian Wayne Burford of Macks Advisory were
appointed as administrators of F.A. Mamac on Oct. 9, 2019.
INDUS ENERGY: Second Creditors' Meeting Set for Nov. 11
-------------------------------------------------------
A second meeting of creditors in the proceedings of Indus Energy NL
has been set for Nov. 11, 2019, at 11:00 a.m. at the offices of
Level 11, at 12-14 The Esplanade, in Perth, WA.
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 Nov. 8, 2019, at 4:00 p.m.
Bryan Kevin Hughes of Pitcher Partners was appointed as
administrator of Indus Energy on Oct. 7, 2019.
LYON GROUP: Liquidation Starts at Solar-Plus-Storage Units
----------------------------------------------------------
Renewables Now reports that three companies part of Australia's
Lyon Group, a solar and energy storage project developer, have been
put in liquidation and a sale process for their solar-plus-storage
projects has been started.
The three firms are Lyon Infrastructure Investments 1 Pty Ltd and
its two subsidiaries Lyon Solar Pty Ltd and Lyon Battery Storage
Pty Ltd, Renewables Now discloses citing the Australian Securities
and Investments Commission's (ASIC's) insolvency notices. The
liquidators in charge of the companies' affairs are Richard Hughes
and David Orr from Deloitte.
The auditing firm was in May appointed as voluntary administrator
for Lyon Infrastructure Investments 1 Pty Ltd, the report says. The
liquidation move came after the company failed to execute in time
the Deeds of Company Arrangement (DOCAs) approved by its creditors
in September, according to Renewables Now.
Renewables Now relates that the liquidators will now work on the
sale of the companies' solar-plus-battery projects, called Lyon's
Cape York, Riverland and Nowingi. A call for expressions of
interest for the assets had already been issued in May.
According to the report, Lyon said several "major global energy
companies" have already been shortlisted to buy the three projects
and build the solar-and-battery parks.
The Cape York project is a 55-MW solar park with a 20-MW/80-MWh
integrated battery storage facility near Cooktown, Queensland. The
other two schemes are the 253-MW Nowingi photovoltaic (PV) farm
with 80 MW/320 MWh of storage in Victoria, and the 253-MW Riverland
solar park in South Australia that will be coupled with 100 MW/400
MWh of battery storage, the report discloses.
MESOBLAST LIMITED: Signs Manufacturing Agreement with Lonza
-----------------------------------------------------------
Mesoblast and Lonza have entered into an agreement for commercial
manufacture of Mesoblast's lead allogeneic (off-the-shelf) cell
therapy product candidate, remestemcel-L for pediatric
steroid-refractory acute graft versus host disease (aGVHD). This
agreement will facilitate inventory build ahead of the planned
United States market launch of remestemcel-L and commercial supply
to meet Mesoblast's long-term market projections.
Mesoblast expects to complete filing of the rolling Biologics
License Application (BLA) submission to the US Food and Drug
Administration (FDA) by the end of this year. On acceptance of the
filing, the product candidate is eligible for FDA priority review
under its existing Fast Track designation, providing for an
expedited review period. If approved, the US launch of
remestemcel-L is expected to occur next year.
The agreement provides for Lonza to expand its Singapore cGMP
facilities if required to meet long-term growth and capacity needs
for the product. Additionally, it anticipates introduction of new
technologies and process improvements which are expected to result
in significant increases in yields and efficiencies.
Mesoblast Chief Executive Dr Silviu Itescu stated: "This commercial
manufacturing agreement with Lonza for our lead product candidate
is designed to ensure that we are in a position to meet projected
commercial demand as we plan to roll out the first of our
allogeneic cell therapies to people around the world in need of
life-saving and disease-modifying products."
Alberto Santagostino, SVP Head of Cell & Gene Technologies, Lonza
Pharma & Biotech said: "Mesoblast is a true trailblazer, leading
the way in developing life-changing cell therapies and working hard
to soon make them available to large numbers of patients. This
agreement builds on the successful partnership and alliance between
our two companies over the years. As we also enter new partnerships
with early-stage companies on one side, Mesoblast shows the path of
success in reaching commercialization on the other. We are
committed for the long run with Mesoblast, to continue to grow and
deliver cell therapies to all patients in need, together."
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com-- is a global developer
of innovative cell-based medicines. The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc
disease.
Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching. Mesoblast
has facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).
Mesoblast reported a net loss attributable to owners of the Company
of US$89.79 million for the year ended June 30, 2019, a net loss
attributable to owners of the Company of US$35.29 million for the
year ended June 30, 2018, and a net loss attributable to owners of
the Company of US$76.81 million for the year ended June 30, 2017.
As of June 30, 2019, Mesoblast had US$652.11 million in total
assets, US$171.06 million in total liabilities, and $481.05 million
in total equity.
PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the Company's consolidated financial statements for the year
ended June 30, 2019. The auditors noted that the Company has
suffered recurring losses and net cash outflows from operations and
other matters that raise substantial doubt about its ability to
continue as a going concern.
WENDTREV PTY: First Creditors' Meeting Set for Nov. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wendtrev Pty
Ltd, trading as Chicken Treat Forrest Lakes and Chicken Treat
Gosnells, will be held on Nov. 15, 2019, at 10:30 a.m. at Worrells
Solvency & Forensic Accountants, Level 4, at 15 Ogilvie Road, in
Mount Pleasant, WA.
Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Wendtrev Pty on Nov. 5, 2019.
=========
C H I N A
=========
DAGON CREDIT: Resumes Operations This Month After Suspension
------------------------------------------------------------
Reuters reports that Dagong, one of China's biggest debt-rating
agencies, said on Nov. 4 that it resumed its ratings business this
month, after the operation was frozen for a year and after a
shareholding restructuring that brought the company under state
control.
"The company has fully restored credit rating business for
non-financial corporate debt financing instruments in the interbank
market, and securities credit rating business, since November,"
Dagong said in a statement on its website www.dagongcredit.com,
Reuters relays.
Dagong was one of the country's four big bond rating companies and
has achieved some recognition outside China for its sovereign
issuer ratings, Reuters notes.
It was banned from continuing its business in August last year
after authorities rebuked it for misconduct, including providing
consultation service to its rating clients, and poor internal
management and modelling practices, according to Reuters.
Reuters relates that Dagong responded by apologising for its risk
management problems and said it would rectify its operations.
As part of the "rectification", China Reform Holdings Corp Ltd, a
centrally administered, state-owned investment firm, acquired a 58%
stake in Dagong Global Credit Rating Co Ltd in April, according to
the statement cited by Reuters.
"We will strive to create a first-class rating agency with
regulatory approval, investor support, and shareholder
reassurance," Dagong said.
It added that it would serve to help centrally owned Chinese
companies enhance their financing ability and contribute to
maintaining financial market stability, says Reuters.
KAISA GROUP: Moody's Rates Proposed USD Notes Issue B2
-------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating to
the proposed USD notes to be issued by Kaisa Group Holdings Ltd (B1
stable).
The outlook is stable.
Kaisa plans to use the proceeds of the notes to refinance its
existing medium to long-term debt becoming due within one year.
RATINGS RATIONALE
"The proposed bond issuance will support Kaisa's liquidity and
lengthen its debt maturity profile," says Danny Chan, a Moody's
Assistant Vice President and Analyst. "The issuance will also not
materially affect its credit metrics, because the company will use
the majority of the proceeds to refinance existing debt."
Kaisa reported strong 33.5% year-on-year contracted sales growth
(together with its joint ventures and associates) to RMB55.1
billion for the first nine months of 2019, from RMB41.3 billion for
the corresponding period a year earlier.
Supported by such robust contracted sales, Moody's expects Kaisa's
revenue to continue growing strongly over the next 12-18 months. As
a result, the company's revenue/adjusted debt should improve to
60%-65% by 2020 from a weak 38% for the 12 months ended June 2019.
Likewise, the company's adjusted EBIT/interest coverage should
trend towards 2.5x from 1.9x over the same period.
Kaisa's liquidity profile is good. Moody's expects that Kaisa's
cash holdings along with its operating cash flow will be sufficient
to cover its maturing and committed land payments over the next
12-18 months. As of June 2019, the company's cash holdings of RMB28
billion could cover about 1.2x its RMB22.6 billion short-term
debt.
Kaisa's B1 corporate family rating (CFR) reflects its strong brand
and sales execution in the Guangdong-Hong Kong-Macao Bay Area (the
Greater Bay Area), its established track record of completing
high-margin urban redevelopment projects, its good quality land
bank in high-tier cities such as Shenzhen, and its good liquidity.
However, the rating is constrained by its high debt leverage and
track record of debt restructuring.
The B2 senior unsecured ratings are one notch lower than the CFR
due to the risk of structural subordination. This risk refers to
the facts that the majority of Kaisa's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario, and that the holding company lacks
significant mitigating factors for structural subordination.
The stable outlook reflects Moody's expectation that Kaisa will
maintain its contracted sales growth and good liquidity over the
next 12-18 months.
Moody's could upgrade Kaisa if the company (1) maintains its good
liquidity; (2) diversifies its funding channels; and (3) improves
its adjusted EBIT/interest coverage to above 3.0x-3.5x and
revenue/adjusted debt to above 75%-80% on a sustained basis.
On the other hand, downward ratings pressure could emerge if the
company fails to achieve sales growth or aggressively acquires land
beyond Moody's expectation, such that its financial metrics and
liquidity deteriorate.
Credit metrics that could trigger a rating downgrade include (1)
revenue/adjusted debt falling below 50%; (2) adjusted EBIT/interest
coverage falling below 2.0x; or (3) cash to short-term debt falling
below at 1.0x-1.5x on a sustained basis.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
POWERLONG REAL: Moody's Rates Proposed USD Sr. Unsec. Notes B2
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Powerlong Real
Estate Holdings Limited's (B1 stable) proposed senior unsecured USD
notes.
Powerlong plans to use the proceeds from the proposed notes to
refinance its existing indebtedness.
RATINGS RATIONALE
"The proposed issuance will improve Powerlong's liquidity profile
and will not materially affect its credit metrics, because the
company will use the proceeds to refinance existing debt," says
Cedric Lai, a Moody's Vice President and Senior Analyst, and also
Moody's Lead Analyst for Powerlong.
Moody's expects that Powerlong's rental income will grow 25%
annually to around RMB1.4 billion in 2019 and to RMB1.8 billion in
2020 from RMB1.1 billion in 2018, underpinned by the scheduled
opening of its new retail malls. The company plans to open six
retail malls in the second half of 2019, and a further ten in
2020.
As a result, Powerlong's adjusted rental income/interest coverage
will improve to 40%-45% over the next 12-18 months from 37% for the
12 months ended June 2019.
Moody's also expects Powerlong's adjusted EBIT/interest and
adjusted debt/adjusted capitalization will remain largely stable
around 2.6x and 58%, respectively, over the next 12-18 months.
Powerlong has achieved robust contracted sales over the past two
years. In the first nine months of 2019, the company, together with
its joint ventures and associates, achieved strong 57% year-on-year
contracted sales growth to RMB45.1 billion, after recording 97%
year-on-year growth to RMB41 billion in 2018. Such strong
contracted sales should underpin healthy revenue growth over the
next 12-18 months.
Powerlong's B1 corporate family rating reflects its (1) track
record of developing and selling commercial and residential
properties; (2) growing recurring revenue, which improves the
stability of its debt servicing; and (3) expansion into higher-tier
cities in China where demand for its properties is more favorable.
However, its credit profile is constrained by execution risk, the
high level of capital required for its business strategy, and its
high debt leverage.
The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.
This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Powerlong's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership in its
controlling shareholder, Hoi Kin Hong and Hoi Wa Fong, who held a
61% stake in the company as of July 8, 2019.
Moody's has also considered (1) the presence of two independent
nonexecutive directors, who chair the audit and remuneration
committees; and (2) the application of the Listing Rules of the
Hong Kong Stock Exchange and the Securities and Futures Ordinance
in Hong Kong to any related-party transactions.
The stable ratings outlook reflects Moody's expectation that
Powerlong will (1) continue to grow its contracted sales,
especially for commercial properties; (2) ramp up its malls to
generate rental revenue streams that will improve rental
income/interest coverage to about 0.4x-0.5x over the next 12-18
months; and (3) maintain adequate liquidity and exercise prudence
in its land acquisitions.
Upward ratings pressure could emerge if Powerlong continues to grow
in scale while maintaining its adequate liquidity and sound credit
metrics, and improves its debt leverage to a level that matches its
business model of holding investment properties.
Credit metrics that could trigger a ratings upgrade include: (1)
adjusted EBIT/interest rising above 3.5x; (2) rental
income/interest coverage rising above 0.6x; (3) adjusted
debt/adjusted total capitalization falling below 50%; and/or (4)
cash/short-term debt rising above 1.5x, all on a sustained basis.
Moody's could downgrade Powerlong's ratings if the company's sales
weaken or if it pursues a more aggressive expansion strategy that
weakens its credit metrics.
Credit metrics that could trigger a ratings downgrade include: (1)
adjusted EBIT/interest falling below 2.5x; (2) rental
income/interest dropping below 0.4x; (3) adjusted debt/adjusted
total capitalization rising above 55%; and/or (4) cash/short-term
debt falling below 100%.
The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.
YUETING JIA: U.S. Trustee Forms 5-Member Committee
--------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Oct. 25, 2019,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of Yueting Jia.
The committee members are:
(1) Ping An Bank., Ltd.
Beijing Branch
Attn: Si Huo
Asset Management Innovation, Dept. Room
1105 Building, A
Oriental Media Center No. 4
Guanghualu, Chaoyang District
Beijing 100026 China
Phone: (+86) 186-0029-9807
Email: zhangyao335@pingan.com.cn
(2) China Minsheng Trust Co., Ltd.
Attn: Yin Zhuo
19th Floor
Tower C of Minsheng Financial Center, No 28
Jianguomennei Avenue
Beijing 100005 China
Phone: +8618611521926
Fax: +861085259080
Email: yinshuo@msxt.com
(3) Shanghai Leyu Chuangye Investment Management Center LP
Attn: Chen Yi
Room 26756
No 212, Lane 425, Fuyong Road
Songjiang District, Shanghai
Phone: +86 21-61359049
Fax: +86 21-6135-9048
Email: chenyi@htlcm.com
(4) Jiangyin Hailan Investment Holding Co., Ltd
Attn: Yong Tang
Xin Qino Town
Hailan Garment Industry City
Jiangyin, Jiangsu
China 214400
Phone: +86 13921881766
Email: jsfushizi@163.com
(5) Shanghai Qichengyueming Investment
Partnership Enterprise
Attn: Yan Chengbin
1717 North Sichuan Road, 27th Floor
Hongkou District
Shanghai, China
Phone: +011-86139-18456632
E-mail: yanchengbin@qc-investment.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Yueting Jia
Yueting Jia is the founder of Leshi Holding Group and the CEO of
Faraday Future.
Yueting Jia sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 19-12220) on Oct. 14, 2019. The
Debtor is represented by James E. O'Neill, Esq., at Pachulski,
Stang, Ziehl & Jones LLP.
=========
I N D I A
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A. M. MOHAMMED: CRISIL Lowers Rating on INR10cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of A. M.
Mohammed Ali (AMM) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 15 CRISIL A4 (ISSUER NOT COOPERATING;
Revised from 'CRISIL A4+ ISSUER
NOT COOPERATING')
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AMM for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AMM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AMM revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
Set up in 2000, by Mr A M Mohammed Ali, AMM is a proprietorship
firm that undertakes civil construction works, especially in
construction of buildings, in Kerala.
A.B.M. CONCRETE PRIVATE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: A.B.M. Concrete Private Limited
House No. 194/18/4
Laxman Prasad Road
Wazirganj Lucknow
UP 226018
IN
Insolvency Commencement Date: October 21, 2019
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: April 20, 2020
Insolvency professional: Mr. Aditya Agrawal
Interim Resolution
Professional: Mr. Aditya Agrawal
3A/105 Azad Nagar
Kanpur 208002
E-mail: caaditya65@gmail.com
ipaditya1965@gmail.com
Last date for
submission of claims: November 6, 2019
AFTEK INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s Aftek Infrastructure Private Limited
M-57, Sanjay Gandhi Puram
Faizabad Road
Lucknow UP 226016
Insolvency Commencement Date: October 23, 2019
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: April 20, 2020
Insolvency professional: Sanjay Kumar Jha
Interim Resolution
Professional: Sanjay Kumar Jha
123/8, Gali No. 15
T-Point, Main Market Sant Nagar
Burari, New Delhi 110084
E-mail: sanjayjhafcs@gmail.com
- and -
308-309, Vardhman Fortune Mall
G.T. Karnal Road
Opp. Hans Cinema, Azadpur
New Delhi 110033
Classes of creditors: Real Estate Investors
Insolvency
Professionals
Representative of
Creditors in a class: Anil Tayal
201, Sagar Plaza
District Centre, Laxmi Nagar
Delhi 110092
E-mail: caaniltayal@gmail.com
Pankaj Tyagee
G-13, Lower Ground Floor
Jangpura Extension
New Delhi 110014
E-mail: pankajtyagee@gmail.com
Sanjeev Gupta
307, Laxmideep Building
Plot No. 9
District Centre, Laxmi Nagar
Delhi 110092
E-mail: fcasanjeev@gmail.com
Last date for
submission of claims: November 7, 2019
ANNA TROUVER: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Anna Trouver Export
Agenzia (ATEA) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 3 CRISIL B/Stable (ISSUER NOT
Credit COOPERATING)
Foreign Bill 2.5 CRISIL A4 (ISSUER NOT
Negotiation COOPERATING)
CRISIL has been consistently following up with ATEA for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ATEA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ATEA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ATEA continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
ATEA was established in 2006 by Mr P. Binoy as a proprietorship
firm in Tiruppur, Tamil Nadu. The firm manufactures and exports
knitted garments. Its unit in Tirupur has facilities for cutting,
stitching, and packaging of garments.
APEEJAY TEA: NCLT Orders Insolvency Proceedings Against Firm
------------------------------------------------------------
Mithun Dasgupta at Financial Express reports that the National
Company Law Tribunal (NCLT) has given its approval to start
insolvency proceedings against Apeejay Surrendra Group's tea
company Apeejay Tea for a "payment default".
Admitting an operational creditor's insolvency petition for
initiating corporate insolvency resolution process under Section 9
of the Insolvency & Bankruptcy Code, 2016, for a default of around
INR48.72 lakh, the Kolkata bench of the National Company Law
Tribunal (NCLT) has ordered commencement of the insolvency
resolution process for Apeejay Tea, which is one of the major tea
producers, having 17 tea estates in Assam, according to FE.
Following the tribunal's order, the company has taken steps to
challenge it before the National Company Law Appellate Tribunal
(NCLAT), a source close to the development told FE.
Apart from the tea business, diversified Apeejay Surrendra Group
owns the Park Hotels, the luxury boutique hotels in the country's
major cities and tourist destinations, shipping companies under
Apeejay Shipping and real estate, comprising commercial properties
and business centres across India, among others. The group's retail
division has Oxford Bookstores and outlets of eatery Flurys, the
report discloses.
According to FE, a bench of Justices Virendra Kumar Gupta and Madan
B Gosavi of the NCLT on October 18 ordered commencement of a
corporate insolvency resolution process against Apeejay Tea,
declaring moratorium in accordance with Sections 13 and 15 of the
IBC. Earlier, the operational creditor, Assam-based Hanusita &
Sons, which had been supplying fertilisers to the tea firm, alleged
that the firm defaulted on payment of around INR48.72 lakh. The
default was claimed to have occurred in June 2016, while goods were
supplied from 2013 to December 2016, FE says.
FE relates that during the hearing at the tribunal, Apeejay Tea's
counsels raised the issue that the operational creditor was in
collusion with a general manager of the company, and because of
such a situation, inflated bills were raised and extra payment had
been made for the goods supplied by the operational creditor due to
such "fraud, collusion and conspiracy". The counsel informed that
the company had filed a suit before the Calcutta High Court, where
Hanusita & Sons was impleaded as defendant and the suit is pending
for adjudication. The suit was filed before the high court in 2017,
the report notes.
In his submission before the tribunal, the operational creditor's
counsels said the suit filed by the company before the high court
"had no relevance" to the proceedings under Section 9 of the
Insolvency & Bankruptcy Code (IBC) as it pertained to the alleged
misconduct of the company's own employee, FE relays. He contended
that the company, in its reply to the bench, did not mention
disputes regarding the quantum and quantity (of goods supplied).
Purchased orders were issued even after removal of the said
employee (the general manager) of the company.
Pronouncing its order, the bench said, ". . . It is further
observed that several suppliers have been impleaded and the
operational creditor is one of them, hence, such suit does not
specifically dispute the claim of operational creditor only, FE
relates. This fact by itself is sufficient to make the contention
of corporate debtor devoid of merits. If such kind of mechanism
adopted by the corporate debtor is allowed in the IBC proceedings,
then none of the operational creditors would ever be able to
initiate CIRP and thus, the very object of the IB Code would be
defeated." The bench appointed Samya Sengupta as the interim
resolution professional of Apeejay Tea, FE discloses.
"Apeejay Tea took steps to challenge the tribunal's order at the
NCLAT," the source cited above said, FE relays. "The claim of the
operational creditor is a bogus one. These are the handful of
suppliers who were actually facilitating wrongdoings in the company
through the earlier management. The company had filed suit against
them at the high court in 2017. This case is going on," the person
said.
"The company always has a good financial health. It has good
relationship with banks," the person added. For the last financial
year, the tea major had clocked a close to INR400 crore revenue,
the report notes.
ASHIRWAD CONSTRUCTION: CRISIL Lowers Rating on INR4cr Loan to B+
----------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Ashirwad
Construction (AC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 4 CRISIL A4 (ISSUER NOT COOPERATING;
Revised from 'CRISIL A4+ ISSUER
NOT COOPERATING')
Proposed Long 4 CRISIL B+/Stable (ISSUER NOT
Term Bank Loan COOPERATING; Revised from
Facility 'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AC revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
Set up as a proprietorship firm in 1991 by Mr Deshmukh, AC
constructs canals, dams, roads, and bridges for the Government of
Maharashtra.
AVJ DEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s AVJ Developers (India) Private Limited
Registered office:
Office No. 106, D-248
Gali No. 10, Laxmi Nagar
Delhi 110092
India
Principal office:
AVJ Business Park
Plot No. C, First Floor
Community Centre
Anand Vihar, Delhi 110092
Insolvency Commencement Date: October 21, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 18, 2020
(180 days from commencement)
Insolvency professional: Anil Tayal
Interim Resolution
Professional: Anil Tayal
201, Sagar Plaza
District Centre
Laxmi Nagar
New Delhi 110092
E-mail: caaniltayal@gmail.com
cirp.avj@gmail.com
Classes of creditors: Home Buyers (Real Estate Investors)
Insolvency
Professionals
Representative of
Creditors in a class: Anurag Nirbhaya
204, Sagar Plaza
Plot No. 19, District Centre
Laxmi Nagar, New Delhi 110092
Harish Goyal
431, Kanungo Apartments
Plot No. 71
I.P. Extension
Delhi 110092
Sanjeev Gupta
307, Laxmideep Building
Plot No. 9. District Centre
Laxmi Nagar, Delhi 110092
Last date for
submission of claims: November 5, 2019
B.B. FOODS PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: B.B. Foods Private Limited
C-25, EPIP
Shastri Puram Agra
Uttar Pradesh
UP 282001
IN
Insolvency Commencement Date: October 22, 2019
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: April 19, 2020
Insolvency professional: Mr. Pramod Kumar Sharma
Interim Resolution
Professional: Mr. Pramod Kumar Sharma
H.No. 16, Dasharath Kunj-B
West Arjun Nagar, Agra
Uttar Pradesh 282001
India
E-mail: pksharmafcs@gmail.com
bbfoods.cirp@gmail.com
Last date for
submission of claims: November 6, 2019
B.T. KADLAG: CRISIL Lowers Rating on INR18cr Loan to 'B'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of B. T.
Kadlag Construction Private Limited (BTKCPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 4.5 CRISIL B/Stable (Downgraded
from 'CRISIL BB/Stable')
Proposed Term Loan 18.0 CRISIL B/Stable (Downgraded
from 'CRISIL BB/Stable')
BTKCPL has extended advances (outstanding at INR1.06 crore as of
March 2019) to its associate concern, Renuka Construction. Mr B
Kadlag is a key stakeholder in BTKCPL and also a partner to the
associate concern and has extended personal guarantee. The bank has
initiated 'willful defaulter' process against partners of Renuka
Constructions. Going ahead, any incremental advances given to the
associate concern will be key rating monitorable.
The ratings reflect the modest scale of BTKCPL's operations,
exposure to geographical concentration, and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoter in the road construction segment.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to geographical
concentration
Intense competition may continue to constrain scalability, pricing
power, and profitability. Further, geographical concentration risk
is likely to persist as operations are restricted to Nashik. Thus,
revenue declined to INR39.00 crore in fiscal 2019 from INR46.27
crore in fiscal 2018.
* Large working capital requirement
Operations should remain working capital intensive over the medium
term. Gross current assets were sizeable estimated at around 250
days, driven by moderate receivables of 83 days, along with
security deposits and retention money; however, inventory was
negligible at 6 days. The working capital is partially supported
by stretched payables.
Strength
* Experience of the promoter
Benefits from the promoter's experience of over a decade, his
strong understanding of local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.
Liquidity Stretched
Liquidity is likely to remain stretched. Cash accrual ' projected
at INR5.0-8.0 crore over the medium term should comfortably meet
the yearly maturing debt of INR0.9-1.6 crore; the surplus cash will
be used as working capital. Bank limit worth INR6.28 crore was
utilised modestly and averaged 14% during the 12 months through
September 2019.
Outlook: Stable
CRISIL believes BTKCPL will continue to benefit from the experience
of the promoter.
Rating sensitivity factors
Upward scenarios
* Dilution of entire investment in associate concern
* Substantial and sustainable increase in revenue by 20% along with
sustenance in profitability
* Prudent working capital management
Downward scenarios
* Increase in investments in associate company
* Decline in cash accrual by 15%
* Large working capital requirement
BTKCPL, established in 2003 by Mr B Kadlag, is a Nashik-based
company that is a civil contractor, engaged in road construction.
BHARAT SANCHAR: Vendors Mull Insolvency Action Against Firm, MTNL
-----------------------------------------------------------------
The Economic Times reports that some vendors of Bharat Sanchar
Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL)
are mulling to move insolvency pleas against the state-run firms
for non-payment of dues, estimated to be around INR20,000 crore, a
senior industry body executive said on Nov. 4.
The pending payments are against the supply of telecom gear and
other goods to BSNL and MTNL as well as INR45,000-crore rural
broadband project BharatNet, PHD Chamber of Commerce Telecom
Committee chairman Sandeep Aggarwal told PTI, relays ET.
"The total pending payment of BSNL and MTNL vendors is around
INR20,000 crore. Banks have started putting pressure on vendors to
clear their dues. All vendors will jointly stage a protest on
November 19. If payments are not made within 10 days thereafter,
they will approach NCLT for liquidation of BSNL and MTNL,"
Aggarwal, as cited by ET, claimed.
When contacted, MTNL Chairman and Managing Director Sunil Kumar
said, "Vendor payment due on MTNL is not very high. It will be not
more than INR400 crore. We are well placed to clear the dues very
soon," ET relates.
According to ET, the Telecom Export Promotion Council on October
31, 2019, wrote to the administrator of Universal Service
Obligation Fund (USOF) to pay long-pending dues of around INR2,000
crore to various vendors. USOF manages the BharatNet project.
These vendors include Sterlite Technologies (INR500 crore due),
Tejas Networks (INR314 crore), HFCL (INR219 crore), Paramount Wires
and Cables (INR168 crore), VNL (INR150 crore) etc, according to the
letter cited by ET.
In a letter to telecom minister Ravi Shankar Prasad, Paramount said
its bankers are pressuring the company to clear their dues at the
earliest, ET relates.
"Our plant has remained mostly shut, since we do not have funds to
buy raw materials. Creditors are refusing to supply even at high
prices. Our staff and worker salaries have not been paid for the
last two months. This has never happened in our history," Paramount
said.
Last month, the Cabinet approved a INR69,000-crore revival plan for
BSNL and MTNL but dues of many vendors are still unpaid, the report
states.
ET adds that Aggarwal said around 1 lakh direct employment are
affected due to non-payment of dues by government-run firms.
"With INR20,000 crore payment due, around 1 crore manhours salary
has not been paid," the report quotes Aggarwal as saying.
BREACH CANDY: Bombay High Court to Monitor Club's Liquidation
-------------------------------------------------------------
The Hindustan Times reports that the Bombay high court (HC) last
month decided to monitor liquidation of Breach Candy Club's
holdings, noting that the very survival of the club was at stake.
The court on Oct. 22 directed the Bhulabhai Desai Road branch of
Bank of India to transfer all the club's holdings, worth INR73.47
crore, to the Prothonotary and Senior Master, a senior high court
official, the report says.
According to the report, the division bench of justices SC
Dharmadhikair and GS Patel was hearing a plea filed by the club's
management, led by Vikram Malik, seeking the court's permission to
liquidate bonds worth INR4.12 crore to deal with an acute cash
crunch. The plea was filed in an appeal pending before the bench.
However, the bench noticed some discrepancies in claims made by the
management, the report says. In the plea, the current management
claimed that it had cleared all arrears of staff salaries, apart
from clearing recurring monthly outgoings of INR8 lakh-INR1 lakh
towards water charges and INR7 lakh towards electricity charges.
"We do not understand how this can be, because for nearly two
months we have been told that the club has only INR3 lakh in its
accounts," said the bench, the Hindustan Times relays.
The Hindustan Times relates that the judges suspected that they
were not being told complete truth and said the affidavit filed by
the management failed to clear their doubts. "This affidavit does
not satisfactorily allay our doubts, ease our mind or fully answer
our queries. We are, therefore, not convinced that the proposal to
liquidate financial assets should be allowed, so that those assets
are in the hands of the persons currently managing the club for
future deployment," it said.
The bench further said it was not inclined to allow redemption of
the bonds without supervision. "We believe this will only lead to
further controversies that are best avoided. The matter is already
complicated enough as it is, and now the survival and continuance
of the club is at stake, with mounting demands including income
tax," the bench, as cited by the Hindustan Times, said. "We would,
therefore, prefer that these bonds be first brought into the court
and be released or liquidated under the directions of this court,
with the proceeds held by a designated court officer." The bench
was referring to the "complications" created by three rival
factions wanting to take control of the club and the I-T
department's demand of INR21 crore, the report notes. It is the
first time that the club is facing such a huge tax liability.
Breach Candy Club's high-end members-only facility at Warden Road
is south Mumbai's most sought-after facility. It is operated by
Breach Candy Swimming Bath Trust and has two swimming pools--one
indoor and one outdoor, tennis courts, other sports facilities, a
restaurant and a bar. The club started in 1878, but its membership
was restricted to Europeans for a considerable period of time. Its
membership opened to Indians only in 1960.
CHARMING PRINTING: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Charming Printing and
Graphics Private Limited (CPGL) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 13 CRISIL A4 (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with CPGL for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CPGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CPGL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of CPGL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
CPGL, incorporated in 2005, is based in Delhi. The company trades
in paper and related products in the export and domestic markets.
It is promoted by Mr Surinder Garg and his family.
EMBOZA GRANITO: CRISIL Keeps 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Emboza Granito
Private Limited (EGPL) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 9 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 0.75 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 26.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with EGPL for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of EGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EGPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of EGPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Incorporated in July, 2015, EGPL is Morbi, Gujarat based company
engaged into manufacturing of vitrified tiles. The commercial
operations of the company started in February, 2016.
FOZAL POWER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Fozal Power Private Limited
Registered address:
14th Floor, Ansal Tower
38, Nehru Place
Delhi 110019
IN
Insolvency Commencement Date: October 22, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 19, 2020
(180 days from commencement)
Insolvency professional: Sunil Kumar
Interim Resolution
Professional: Sunil Kumar
D-481, II Floor
Type-II Qtrs, Mandir Marg
(Opp. Mandir Marg Police Station)
New Delhi 110001
E-mail: sunilcs9@gmail.com
cirp.fozalpower@gmail.com
Last date for
submission of claims: November 7, 2019
GEMUS ENGINEERING: Ind-Ra Affirms 'BB-' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gemus Engineering
Limited's (GEL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.
The instrument-wise rating actions are:
-- INR85 mil. Fund-based limits affirmed with IND BB-/Stable
rating;
-- INR40 mil. Non-fund-based limits affirmed with IND A4+ rating;
and
-- INR18.09 mil. (reduced from INR23.5 mil.) Long-term Loans due
on September 2024 affirmed with IND BB-/Stable rating.
KEY RATING DRIVERS
The affirmation reflects GEL's continued small scale of operations
despite an increase in the revenue to INR439 million in FY19 (FY18:
INR263 million) on the back of an increase in orders and higher
capacity utilization. The figures for FY19 are provisional in
nature.
The ratings take into consideration the average EBITDA margins of
GEL. The company's margins fell to 8.7% in FY19 (FY18: 12.9%) due
to an increase in raw material costs. The return on capital
employed was 12% in FY19 (FY18: 12%).
The ratings reflect GEL's modest credit metrics of GEL. The
interest coverage ratio was stable at 1.6x in FY19 (FY18: 1.6x).
The net leverage deteriorated to 5.4x in FY19 (FY18: 4.5x) because
of an increase in net borrowings due to higher working capital
requirements.
Liquidity Indicator - Stressed: GEL's average peak utilization of
fund-based facilities was 92.79% in the 12 months ended in August
2019. Cash flow from operations deteriorated further to negative
INR55.31 million in FY19 (FY18: negative INR11.41 million) due to
an increase in working capital requirements. The working capital
cycle improved to 204 days in FY19 (FY18:264 days), driven by a
decline in debtor days. The free cash flow remained negative at
INR56.83 million in FY19 (FY18: negative INR13.37 million). At
end-FY19, GEL had cash of INR0.13 million and an unutilized credit
line of INR2.84 million.
The ratings derive support from the promoter's experience of more
than two decades in the ductile iron casting manufacturing
business.
RATING SENSITIVITIES
Negative: Further deterioration in the net leverage and a stressed
liquidity position may lead to negative rating action.
Positive: Improvement in net leverage to below 3.5x and improvement
in the liquidity position will lead to positive rating action.
COMPANY PROFILE
Incorporated in 1996, GEL manufactures cast iron components of
various grades and shapes at its 7,000-metric ton-per-annum
facility in Birshibpur in the Uluberia industrial region of West
Bengal. The company is promoted by Mr. Rajeev Sharma.
GLOBALITE INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Globalite Industries Private Limited
Registered office:
House No. 40, G-Block
Bhagat Singh Park
Siraspur Delhi
North West DL 110042
IN
Insolvency Commencement Date: October 21, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 18, 2020
Insolvency professional: Mr. Kashi Viswanathan Sivaraman
Interim Resolution
Professional: Mr. Kashi Viswanathan Sivaraman
Flat No. 204, Block-menka
V3s Indralok, Plot No. GH-I
Nyay Khand-1, Indirapuram
Ghaziabad, Uttar Pradesh 201014
E-mail: sivarita68@yahoo.com
- and -
E-10A, Kailash Colony
Greater Kailash-1
New Delhi 110048
E-mail: globalite@aaainsolvency.com
Last date for
submission of claims: November 6, 2019
GOUR ROAD: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gour Road Tar Coat
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR50 mil. Fund-based limits migrated to non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating;
-- INR430 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR350 mil. Proposed non-fund based limits migrated to non-
cooperating category with Provisional IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 25, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1991, Gour Road Tar Coat is engaged in civil
construction work, mainly in the construction of roads. The company
undertakes government projects only and is registered as a Class 1
contractor.
GUPTA MARRIAGE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Gupta Marriage Halls Pvt. Ltd.
Registered office:
C-7, Pushpanjali Enclave
Pitampura, New Delhi 110034
Principal office:
Hotel Samrat Heavens
Garh Road, Samrat Place
Opposite Lokpriya Hospital
Meerut, Uttar Pradesh 250004
Insolvency Commencement Date: September 3, 2019
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: March 1, 2020
(180 days from commencement)
Insolvency professional: Mahesh Bansal
Interim Resolution
Professional: Mahesh Bansal
M/s. Mahesh Bansal & Associates
SCF 24, First Floor
Bhaduar House
Ludhiana 141008
Punjab
E-mail: emmbee.consulting@gmail.com
ip.guptamarriagehalls@gmail.com
Last date for
submission of claims: November 6, 2019
HBM FOODS LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: HBM Foods Limited
Business Unit No. 523
5th Floor, HBN Office
D Mall, Plot D District Centre
Paschim Vihar, New Delhi
West Delhi 110087
Insolvency Commencement Date: October 24, 2019
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 21, 2020
Insolvency professional: Jagdish Singh Nain
Interim Resolution
Professional: Jagdish Singh Nain
98 - Gangtori Apartments
Vikaspuri, New Delhi 110018
E-mail: jsnain@yahoo.com
- and -
AVM Resolution Professionals LLP
8/28, W.E.A., 3rd Floor
Abdul Aziz Road, Karol Bagh
New Delhi 110005
E-mail: cirp.hbnfoods@gmail.com
Classes of creditors: Investors under the investment scheme
vide circular No. 9 dated August 1, 2013
of HBN Foods Limited (CD)
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Bhim Sain Goyal
M-215, Rear Ground Floor
Greater Kailash-II
New Delhi 110048
E-mail: bsgoyal1@gmail.com
Mr. Mahesh Taneja
AE-173, Shalimar Bagh
North West Delhi
Delhi 110088
E-mail: maheshtaneja111@yahoo.co.in
Mr. Rajiv Malik
B7/18, Mianwali Nagar
Rohtak Road
Near Peera Gari Metro Station
New Delhi 110087
E-mail: iprmalik2009@gmail.com
Last date for
submission of claims: November 7, 2019
HITECH GRAIN: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hitech Grain
Processing Private Limited (HGPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 154.3 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 148.8 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term
Bank Loan Facility 6.9 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HGPL for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HGPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of HGPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
The Hitech group is managed by Mr Naresh Mittal, and his two sons
Mr Vipul Mittal and Mr Kapil Mittal, with the support of a team of
professionals, who have experience of over 35 years in processing
and trading in pulses and other food products. The group sells a
majority of its products under the Hitech Pulses brand.
HGPL, incorporated in 2001, processes pulses at its plant at
Lawrence Road, New Delhi. ARPL, incorporated in 2004, also
processes pulses, at its facility in Haryana. HAPL and AI (a
proprietorship firm) were set up in 2004. These entities trade in
food grain and pulses in New Delhi.
JANKALYAN SHIKSHA: CRISIL Migrates INR1cr LT Loan Rating to B-
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Jankalyan Shiksha Vikas Sewa
Samiti (JSVSS) to 'CRISIL B-/Stable/Issuer not cooperating'. CRISIL
has withdrawn its rating on bank facility of JSVSS following a
request from the company. Consequently, CRISIL is migrating the
ratings on bank facilities of JSVSS from 'CRISIL B-/Stable/Issuer
Not Cooperating to 'CRISIL B-/Stable'. The rating action is in line
with CRISIL's policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1 CRISIL B-/Stable (Migrated
Bank Loan Facility from 'CRISIL B-/Stable
ISSUER NOT COOPERATING';
Rating Withdrawn)
JSVSS was established in 2010 as Mahamaya Jankalyan Shiksha Vikas
Sewa Samiti and was renamed in 2013. It provides meals to school
students in Hapur and Meerut under the Mid-Day Meal Scheme. The
society is managed by Mr. Sanjay Kapoor (President) and and Mr.
Amit Kumar (Vice President).
JBB-EVEREST BUILDTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: JBB-Everest Buildtech Private Limited
Registered office:
266, Second Floor
Aggarwal City Plaza
Plot No. 17, Manglam Place
District Centre, Sector-3
Rohini, North Delhi 1100855
Insolvency Commencement Date: October 23, 2019
Court: National Company Law Tribunal, Bench III, New Delhi
Estimated date of closure of
insolvency resolution process: April 20, 2020
(180 days from commencement)
Insolvency professional: CA Anil Kumar
Interim Resolution
Professional: CA Anil Kumar
303, Chandra CGHS Limited
Golf Course Road
Plot No. 64, Sector 55
Gurgaon, Haryana 122011
E-mail: anil2566@gmail.com
jbbeverest.cirp@gmail.com
- and -
Insolvency and Bankruptcy Board of India
7th Floor, MayurBhawan
Shankar Market, Connaught Circus
New Delhi 110001
Classes of creditors: Allotee under the Real Estate Project
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Ram Nivas Jalan
405, Crown Heights
Hotel Crown Plaza Complex
Sector 10, Rohini
North West, New Delhi 110085
E-mail: rnjalan@gmail.com
Mr. Sunil Kumar Gupta
B-10, Magnum House-1
Karampura Commercial Complex
Shivaji Marg, New Delhi 110015
E-mail: caskg82@gmail.com
Mr. Anil Kumar Gupta
H-59, AB, LGF
Kalka Ji
New Delhi 110019
E-mail: ipakgupta@gmail.com
Last date for
submission of claims: November 6, 2019
KAILASH HILLWAYS: CRISIL Keeps 'B+' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kailash Hillways
Engineering associates (KHEA) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 3.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 0.7 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KHEA for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KHEA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KHEA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of KHEA continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'
KHEA was established as a partnership firm by Mr. Kailash
Pokhriyal, Mr. Bachan Pokhriyal and Mr. Chandervir Singh Pokhriyal
in 2001. The firm undertakes the construction and maintenance of
roads and bridges for government projects in Garhwal (Uttarakhand).
KASTUM ENGINEERS: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kastum Engineers -
Aurangabad (KEA) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7.3 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 2.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with KEA for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KEA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KEA is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of KEA continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
KEA was established in fiscal 2005 as a proprietorship firm by Mr.
Mahindra Kala. The firm undertakes electrification contracts
(foundation, erection, and stringing of transmission lines)
currently for Maharashtra State Electricity Distribution Company
Ltd.
KUMAR DHALL: CRISIL Lowers Rating on INR8cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Kumar Dhall
Mills (KDM) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with KDM for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KDM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KDM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of KDM revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
For arriving at the rating, CRISIL has combined the financial and
business risk profiles of KDM, A. M. R Rathinasabapathy & Bros
(AMRB), and AMRR Maharaja Dhall Mills (AMRR). This is because all
these entities, together referred to as the Kumar group, are in the
same business, have common products, customers, and suppliers, and
share the same brand, Maharaja. Furthermore, KDM has extended
corporate guarantee for the bank facilities of AMRR.
Set up in 1987 by Mr. Chandra Kumar and his family, KDM processes
lentils and pulses under the Maharaja brand. It sells to various
distributers across Tamil Nadu. AMRB and AMRR are also in the same
business.
MSA DEVELOPERS PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: MSA Developers Private Limited
A-44, Ground Floor
Shakarpur New Delhi
East Delhi 110092
Insolvency Commencement Date: October 11, 2019
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: April 7, 2020
Insolvency professional: Mr. Rabindra Kumar Mintri
Interim Resolution
Professional: Mr. Rabindra Kumar Mintri
JD-18-B
Near Ashiana Chowk
Pitampura
New Delhi 110034
E-mail: mintri_ca@rediffmail.com
msa.cirp@gmail.com
Classes of creditors: Home Buyers
Insolvency
Professionals
Representative of
Creditors in a class: Pramod Kumar Gupta
B-1/10, Lower Ground Floor
Hauz Khas, South
New Delhi 110016
E-mail: variety.financial@gmail.com
Mr. Anil Tayal
201, Sagar Plaza
District Centre, Laxmi Nagar
New Delhi 110092
E-mail: caaniltayal@gmail.com
Mr. Pawan Kumar Agrawal
Ground Floor, 1-2/37a
Ekta Square, Dda
Kalkaji, New Delhi 110019
E-mail: irp@ppglegal.com
Last date for
submission of claims: October 28, 2019
OM PARKASH: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Om Parkash
Surinder Mohan (OPSM) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 1.2 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with OPSM for obtaining
information through letters and emails dated October 7, 2019 and
October 11, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OPSM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OPSM is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of OPSM to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
OPSM was initially set up as a proprietorship, Om Parkash, in 1979
by Mr Om Parkash Khullar; it was reconstituted as a partnership and
got its current name after Mr Surinder Mohan Khullar joined as
partner. The firm undertakes infrastructure-related construction
activities in Himachal Pradesh, Punjab, and Haryana.
ONCOCARE MEDICALS: CRISIL Lowers Rating on INR1.3cr Loan to B+
--------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Oncocare
Medicals Private Limited (OMPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Drop Line 1.3 CRISIL B+/Stable (ISSUER NOT
Overdraft COOPERATING; Revised from
Facility 'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Overdraft 2.0 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Long Term 1.0 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Term Loan 10.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with OMPL for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of OMPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
OMPL, incorporated in April 2011, is promoted by Mr Ajay Agarwal,
Dr Rajesh K Agarwal, Dr Richa Agarwal, Ms Anuradha Goyal, and Ms
Neelu Goyal. The company operates Royal Cancer Institute and
Research Center, a 35-bed cancer hospital in Kanpur, Uttar Pradesh,
with specialisation in radiotherapy, linear accelerator (lineac),
high-dose rate (HDR) brachytherapy, chemotherapy, and surgical
oncology.
PEACOCK APPARELS: CRISIL Lowers Rating on INR4.0cr Loan to B+
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Peacock
Apparels Private Limited (PAPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Foreign Bill 1.5 CRISIL A4 (ISSUER NOT
Discounting COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Letter of Credit 5.0 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Packing Credit 4.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Standby Line 0.25 CRISIL A4 (ISSUER NOT
of Credit COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with PAPL for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of PAPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.
Incorporated in 1998 and based in Madurai (Tamil Nadu), PAPL is a
100% export-oriented unit manufacturing and exporting ready-made
garments (mainly jackets and trousers) and baby carriers. The
promoter, Mr A Mariappan, and his son, Mr M Anbukani, manage
operations.
PRR TRAVELS: CRISIL Cuts INR10.25cr Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of PRR Travels
(PRR) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.25 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Long Term Loan 4.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with PRR for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PRR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PRR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of PRR revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.
Set up as a partnership firm in Chennai in 1994 by Mr. B N
Harikrishnan and Mr. D Sukumar, PRR provides car and bus rental
services to corporate clients from the information technology,
automobile, chemical, and telecommunication industries.
Q-ONE: CRISIL Maintains 'B+' Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Q-One continue to be
'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.45 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 8.55 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with Q-One for obtaining
information through letters and emails dated
September 23, 2019 and September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Q-One, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Q - One is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Q-One continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Q-One was originally set up as a proprietorship firm in 2012; it
was reconstituted as a partnership firm in 2013. The firm
undertakes embroidery assignments on a jobwork basis at its
facility in Gurgaon, Haryana. It is promoted by Mr Manish Kapoor,
Mr Vikas Kapoor, and Ms Kavita Ahlawat.
REVIVE CONSTRUCTION: CRISIL Lowers Rating on INR100cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Revive
Construction Company India Private Limited (RCIPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating', as there has been delays in serving debt
for more than 30 days.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 35 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Overdraft 65 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with RCIPL for obtaining
information through letters and emails dated August 28, 2018,
September 28, 2018 and July 29, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RCIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RCIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower
Based on the last available information, CRISIL has downgraded its
ratings on the bank facilities of RCIPL to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating', as there has been delays in serving debt for more
than 30 days.
Set up in 2009, by Mr. Abdul Rahuman Nasarudeen and his family,
RCIPL undertakes civil construction works, related to laying and
repair of roads. It is head quartered in Thiruvananthapuram,
Kerala.
SCORE INFORMATION: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Score
Information Technologies Limited's (SITL) Long-Term Issuer Rating
to 'IND BB' from 'IND BB+'. The Outlook is Negative.
The instrument-wise rating actions are:
-- INR55 mil. Fund-based working capital limit downgraded with
IND BB/Negative rating;
-- INR100 mil. Non-fund-based limit affirmed with IND A4+ rating.
KEY RATING DRIVERS
The Negative Outlook reflects SITL's low revenue visibility and the
likelihood of continued tight liquidity in the medium term.
The downgrade reflects the decline in the company's revenue to
INR200 million in FY19 from INR315 million in FY18 mainly due to
the lack of orders received. EBITDA margins declined to a modest
2.17% in FY19 from 2.55% in FY18 due to a fall in revenue and
increased employee benefit expenses. ROCE came in at 1% in FY19.
The company's interest coverage improved to 5.7x in FY19 (FY18:
2.25x) due to lower interest costs on account of the lower
utilization of its working capital limits during the year-end.
However, net financial leverage jumped to 28.2x in FY19 (FY18:
6.5x) due to the reduced EBITDA of INR4.3 million (INR8.03 million)
and an increase in the total debt.
Liquidity Indicator – Stretched: SITL's use of fund-based limits
was 85% during the six months ended August 2019. Cash flow from
operations turned negative to INR70.4 million in FY19 (FY18:
INR1.18 million) on account of negative working capital, majorly
due to increased advances to the body corporate.
The ratings are supported by SITL being a part of the Kolkata-based
Kankaria group, which is among the largest jute manufacturers in
India. SITL has received support from the group's non-banking
financial companies in the form of unsecured loans (FY19: INR54.53
million). The company's bank facilities are guaranteed by the
group's promoter. The support is likely to continue.
RATING SENSITIVITIES
Positive: Revenue growth, along with an improvement in the credit
metrics, all on a sustained basis could lead to positive rating
action.
Negative: EBITDA interest coverage falling below 1.5x on a
sustained basis and/or the absence of timely support from the group
could lead to negative rating action.
COMPANY PROFILE
SITL operates in the information and technology sector and provides
services such as software development and maintenance, CCTV
surveillance system integration, scanning and digitization, smart
card application solutions and telecom infrastructure.
SHRE DEVARAJA: CRISIL Cuts INR8cr Loan Rating to B+/Not Cooperating
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Shre Devaraja
Agro Aseptic Industries (SDAAI) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Export Packing 0.5 CRISIL B+/Stable (ISSUER NOT
Credit COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with SDAAI for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SDAAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SDAAI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of SDAAI revised to be 'CRISIL B+/Stable Issuer not
cooperating'.
SDAAI was established in 2005 in Tamil Nadu, as a partnership firm
promoted by Mr D Mathiyalazhagan and his family. It manufactures
pulp and concentrates of fruits such as mango, guava, papaya, and
tomato. SDAAI and DTF, also promoted by Mr D Mathiyalazhagan, were
established in 2007 and 2010, and manufacture the same products.
SHRI RAM: CRISIL Maintains 'B+' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Ram Cotton and
Oil Mills (SRCM) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with SRCM for obtaining
information through letters and emails dated September 23, 2019 and
September 27, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRCM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRCM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of SRCM continues to be 'CRISIL B+/Stable Issuer not
cooperating'.
SRCM was established as a partnership firm by Mr Dharam Pal and Mr
Suraj Manaktala in 2001. The firm gins cotton and extracts oil.
U.S. SRIVASTAVA: Ind-Ra Maintains 'BB'/Non-Cooperating Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained U. S. Srivastava
Memorial Educational Society's (USSME) bank loans' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR42.9 mil. Term loan maintained in non-cooperating category
with IND BB (ISSUER NOT COOPERATING) rating; and
-- INR30.0 mil. Bank overdraft facility maintained in non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 8, 2015. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
USSME offers various undergraduate and postgraduate programs in
several branches of engineering, information technology,
management, and pharmacy. It also has a school - Sherwood Academy
affiliated to the Indian Certificate of Secondary Education.
UNITRIVENI OVERSEAS: CRISIL Cuts Rating on INR4.5cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Unitriveni Overseas (UTROS) to 'CRISIL D Issuer not cooperating'
from 'CRISIL B+/Stable; Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 4.5 CRISIL D (ISSUER NOT COOPERATING;
Credit Revised from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Foreign Bill 4.0 CRISIL D (ISSUER NOT COOPERATING;
Discounting Revised from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Proposed Long Term 1.0 CRISIL D (ISSUER NOT COOPERATING;
Bank Loan Facility Revised from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with UTROS for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 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 while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UTROS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UTROS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse news available in
public domain, CRISIL has downgraded its rating on the long-term
bank facilities of UTROS to 'CRISIL D Issuer not cooperating' from
''CRISIL B+/Stable; Issuer Not Cooperating''.
The downgrade reflects delay in servicing debt obligation, due to
stretched liquidity. However, the company benefits from the
extensive experience of its promoters.
Set up as a partnership firm in May 2008 by Mr. Arijit Bhattacharya
and Mr.Indrajit Bhattacharya, UTROS processes and exports frozen
marine products such as shrimp and shrimp seeds. The firm also
processes seafood for other processing units on jobwork basis.
[*] INDIA: Companies Default on Record INR76BB Bonds
----------------------------------------------------
Bloomberg News report that Indian companies have defaulted on a
record INR76 billion ($1.1 billion) of local-currency and
international bonds so far this year after the shadow bank crisis
triggered a credit squeeze, and it doesn't look like the worst is
over.
Those firms that delayed or missed debt payments in 2019 still have
the equivalent of $17 billion of notes and loans outstanding
including the defaulted securities, according to company documents,
exchange filings and data compiled by Bloomberg.
In the latest instance, tycoon Anil Ambani's Reliance Capital Ltd.
said it informed exchanges on Oct. 23 that it delayed servicing on
bond obligations that were due Oct. 22, Bloomberg relates.
Bloomberg says strains in India's credit markets following the
IL&FS Group's collapse in 2018 shut access to funding for domestic
borrowers, increasing the pace of corporate defaults. A slowdown in
the nation's economic expansion to a six-year low of 5% in the
quarter ended June is also hurting companies, Bloomberg notes.
According to Bloomberg, the top companies that missed or delayed
debt payments in 2019 are:
Company Outstanding debt (billion rupees)
------- ---------------------------------
Dewan Housing 488
Reliance Capital 380
Suzlon Energy 132.1
Jet Airways 84.6
===============
M A L A Y S I A
===============
1MDB: Malaysia Aims to Locate Further US$4.34BB in Assets
---------------------------------------------------------
Reuters reports that Malaysia is looking to locate at least MYR18
billion ($4.34 billion) worth of further assets linked to a scandal
at state fund 1MDB, and is working with at least five nations to
recover the amount, its anti-corruption chief said on Nov. 5.
Reuters relates that U.S. authorities said about $4.5 billion was
siphoned from sovereign wealth fund 1Malaysia Development Berhad
(1MDB) in a scandal spanning several countries.
"This what we're working on . . . to locate, investigate and
research where these properties are," Latheefa Koya, the head of
Malaysia's Anti-Corruption Commission, told reporters, Reuters
relays.
"As you know it's not just a one-off transaction, it's multiple
transactions, so we need to work together with the countries to
help us."
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
overnment agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.
As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft. Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.
The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.
The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.
Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions. The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.
The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue, riggering
cross defaults on two other Islamic notes totaling MYR7.4 billion
($1.9 billion).
Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.
=================
S I N G A P O R E
=================
HYFLUX LTD: Still in Talks with Utico to Ink Definitive Deal
------------------------------------------------------------
Brandon Tanoto at Channel News Asia reports that embattled water
treatment firm Hyflux and United Arab Emirates utility firm Utico
are still in negotiations to ink a definitive restructuring
agreement.
Hyflux lawyer Manoj Sandrasegara of WongPartnership told CNA on
Nov. 4 that both firms were engaged in conference calls on the
afternoon of Oct. 31 and the night of Nov. 3.
This comes after Utico gave Hyflux until 5:00 p.m. on Nov. 1 to
accept the terms in Utico's latest draft of a definitive
restructuring agreement--an update the Singapore High Court was
told during a case management conference on Oct. 31, CNA relates.
According to the report, Mr. Manoj told the court on Oct. 31 that
some of the terms in the agreement are not "commercially
acceptable" to Hyflux and its stakeholders, adding that Hyflux
would engage Utico to further extend Nov. 1 deadline so that
negotiations can be continued.
CNA says the original proposed rescue package involves Utico taking
an 88 per cent stake in Hyflux through a SGD300 million equity
injection for senior unsecured creditors, as well as a SGD100
million shareholder loan.
The multi-million dollar deal with Utico is Hyflux's second shot at
a rescue plan after its SGD530 million deal with Indonesia's SM
Investments was called off in April, the report notes.
Due to that fallout, both Hyflux and SM Investments are making a
grab for the SGD38.9 million deposit placed in escrow, says CNA.
For now, Hyflux's debt moratorium is slated to expire on Dec. 2,
but Justice Aedit Abdullah stressed during the case management
conference on Oct. 31 that the moratorium cannot be extended unless
there is a "concrete proposal on the table".
Hyflux will have its next court hearing on Nov. 29, which could be
brought forward if required, adds CNA.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ --
provides various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers. It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses. The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.
*********
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 2019. 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 ***