/raid1/www/Hosts/bankrupt/TCRAP_Public/220413.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, April 13, 2022, Vol. 25, No. 68
Headlines
A U S T R A L I A
ALLEYBURWOOD PTY: Second Creditors' Meeting Set for April 22
CTC AUSTRALASIA: Worrells Solvency Appointed as Liquidators
FIVE RINGS: First Creditors' Meeting Set for April 21
PROBUILD: HSF Advises SRG Global on Acquisition of WBHO Infra
SAAD ENTERPRISE: Cor Cordis Appointed as Liquidators
SPARQLING DINING: Cor Cordis Appointed as Liquidators
C H I N A
LUCKIN COFFEE: Successfully Completes Financial Restructuring
I N D I A
ABHISAR IMPEX: Insolvency Resolution Process Case Summary
AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category
BHUMYA TEA: Insolvency Resolution Process Case Summary
BIFF AND BRIGHT: CARE Lowers Rating on INR13.12cr LT Loan to B+
CANPEX CHEMICALS: ICRA Withdraws B+ Rating on INR2.0cr Cash Loan
CHIRAG VYAPAAR: Insolvency Resolution Process Case Summary
CIRCAR JUTE: Insolvency Resolution Process Case Summary
CUMMINS RESEARCH: Voluntary Liquidation Process Case Summary
DELHI DIAMONDS: Liquidation Process Case Summary
EMPEE POWER: Liquidation Process Case Summary
EPITOME PETROCHEMICAL: Insolvency Resolution Process Case Summary
GAUTAM CEMENT: CARE Lowers Rating on INR8cr LT Loan to B+
GOENKA ENTERPRISES: Voluntary Liquidation Process Case Summary
HYDERABDA METCHEM: Insolvency Resolution Process Case Summary
JET AIRWAYS: To Launch Hybrid of Premium and No-Frills Model
KANIKA FURNITURE: CARE Lowers Rating on INR2.49cr LT Loan to B
M L AGROFOODS: CARE Keeps B Debt Rating in Not Cooperating
MANTHAN BROADBAND: Liquidation Process Case Summary
MEGHNA SHREE PETROCHEM: Insolvency Resolution Process Case Summary
MELANGE DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
MOHAN COLD: CARE Lowers Rating on INR9.0cr LT Loan to B-
OM SHIV: CARE Lowers Rating on INR24cr LT Loan to C
PARAS GOTTAM: CARE Lowers Rating on INR10cr LT/ST Loan to B-
RAGHUKUL COTTEX: Liquidation Process Case Summary
RAMA COTTON: Voluntary Liquidation Process Case Summary
RAMA NEWSPRINT: CARE Lowers Rating on INR102.16cr LT Loan to D
RICHA LIFESPACE: Insolvency Resolution Process Case Summary
RISHU CONSTRUCTION: CARE Assigns B+ Rating to INR6.0cr LT Loan
S.K. SOLVEX: ICRA Withdraws B Rating on INR8.50cr LT Loan
SARAF AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
TARINI MOTORS: CARE Lowers Rating on INR7.19cr Loan to B-
TOSHNIWAL ENTERPRISES: Liquidation Process Case Summary
VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating
I N D O N E S I A
MASKAPAI REASURANSI: Fitch Alters Outlook on 'BB+' IFS to Negative
J A P A N
TOSHIBA CORP: Suspends Spin-Off Plan; Weighs Going Private
M A L A Y S I A
1MDB: Fraud Vehicles Now Being Used to Recover Stolen Money
SCOMI GROUP: Faces Risk of Delisting on April 22
N E W Z E A L A N D
CAMERONS CLOTHING: Commences Wind-Up Proceedings
DANCING WATER: Creditors' Proofs of Debt Due on April 29
HOTEL & LEISURE: Creditors' Proofs of Debt Due on July 8
S I N G A P O R E
BEAR DEVELOPMENT: Court Enters Wind-Up Order
CNAC INTERNATIONAL: Creditors' Proofs of Debt Due on July 8
T-DIMO INVESTMENT: Creditors' Proofs of Debt Due on May 6
TIEN WAH: Creditors' Proofs of Debt Due on May 9
S R I L A N K A
SRI LANKA: Default Risk Seen High by Citi as Crisis Delays Loan
- - - - -
=================
A U S T R A L I A
=================
ALLEYBURWOOD PTY: Second Creditors' Meeting Set for April 22
------------------------------------------------------------
A second meeting of creditors in the proceedings of Alleyburwood
Pty Ltd, trading as The Alley Lu Jiao Xiang Burwood, has been set
for April 22, 2022, at 9:30 a.m. via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 21, 2022, at 4:00 p.m.
Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Alleyburwood Pty on
March 11, 2022.
CTC AUSTRALASIA: Worrells Solvency Appointed as Liquidators
-----------------------------------------------------------
James Robba and Morgan Lane of Worrells Solvency & Forensic
Accountants on April 12, 2022, were appointed as liquidators of CTC
Australasia Pty Ltd.
The liquidators can be reached at:
Worrells Solvency & Forensic Accountants
PO Box 4448
Robina Town Centre, QLD 4230
FIVE RINGS: First Creditors' Meeting Set for April 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Five Rings
Consulting Australia Pty Ltd will be held on April 21, 2022, at
10:00 a.m. via virtual meeting.
David Coyne of BRI Ferrier was appointed as administrator of Five
Rings on April 8, 2022.
PROBUILD: HSF Advises SRG Global on Acquisition of WBHO Infra
-------------------------------------------------------------
Katrina Eñano at Australasian Lawyer reports that Herbert Smith
Freehills (HSF) has advised construction and maintenance services
company SRG Global Limited (SRG) on its acquisition of Perth-based
civil construction business WBHO Infrastructure Pty Ltd (WBHOI) out
of voluntary administration for AUD15.2 million.
WBHOI is a related entity of Probuild Constructions (NSW) Pty Ltd.
According to Australasian Lawyer, the deal will expand SRG's asset
management, civil maintenance and construction capabilities and
ensure ongoing employment for WBHOI's 275 engineering and
operational personnel in WA.
"This acquisition will ensure minimal disruption to WBHO
Infrastructure's WA business and its clients, while helping solve
one of the biggest constraints to growth in the current economic
environment," SRG managing director David Macgeorge said.
The purchase is funded through existing cash and equipment finance
facilities and takes effect by way of a deed of company
arrangement, under which WBHOI shares will be transferred to SRG
Global Civil, a subsidiary of SRG. The deal was completed on March
31.
Partner Paul Apáthy led HSF's restructuring, turnaround and
insolvency team on the transaction. He was supported by partners
Paul Branston and Frank Poeta; senior associates James Kirkpatrick,
Sevan Gore and Jenny Allpike; and solicitors Angus Dick, Frances
Hewitt, Joseph Dean, Eleanor Lau and Jonathan Wu.
PwC acted as the financial and tax advisers to SRG. Deloitte
Australia served as WBHOI's administrators and received advice from
King & Wood Mallesons.
About Probuild
Probuild Constructions Australia operates as a building contractor.
The Company focuses on commercial, educational and institutional,
industrial, residential, retail and entertainment, sport, and
leisure contractions.
On Feb. 23, 2022, David Orr, Sal Algeri, Jason Tracy and Matt
Donnelly of Deloitte were appointed as administrators of Probuild
Constructions (NSW) Pty Ltd and related entities, namely Probuild
Constructions (VIC) Pty Ltd; Probuild Constructions (WA) Pty Ltd;
Probuild Constructions (QLD) Pty Ltd; WBHO Australia Pty Ltd; WBHO
Construction Australia Pty Ltd; WBHO Infrastructure Pty Ltd; Carr
Civil Contracting Pty Ltd; Northcoast Holdings Pty Ltd; Probuild
Constructions (Aust) Pty Ltd; Probuild Civil Pty Ltd; PCA (QLD) Pty
Ltd; ACN 098 866 794 Pty Ltd; Contexx Holdings Pty Ltd; Contexx Pty
Ltd; Prodev Murphy Pty Ltd; Prodev Investments 4 Pty Ltd; and
Monaco Hickey Pty Ltd.
Probuild's parent company WBHO Australia Group is controlled by
South African-based Wilson Bayly Holmes-Ovcon Limited, but in
February 2022 withdrew financial support for the Australian
business, and administrators from Deloitte were appointed, The
Sydney Morning Herald said.
In a statement to the Johannesburg Stock Exchange, WBHO blamed the
collapse on factors including Covid-19 restrictions and a decision
by the Foreign Investment Review Board in January last year to
block the sale of the business to China's state-owned China State
Construction Engineering Corporation for a reported AUD300 million,
saying the Australian businesses "have not being able to complete
projects on time and not been able to recover variation and delay
claims," according to Guardian Australia.
SAAD ENTERPRISE: Cor Cordis Appointed as Liquidators
----------------------------------------------------
Sam Kaso of Cor Cordis was appointed as liquidator of Saad
Enterprise Construction Pty Ltd. on April 11, 2022.
The liquidator can be reached at:
Cor Cordis
Level 29
360 Collins Street
Melbourne, VIC 3000
SPARQLING DINING: Cor Cordis Appointed as Liquidators
-----------------------------------------------------
Andre Lakomy of Cor Cordis was appointed as liquidator of Sparqling
Dining Pty Ltd. on April 11, 2022.
The liquidators can be reached at:
Cor Cordis
One Wharf Lane
Level 20, 171 Sussex Street
Sydney, NSW 2000
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C H I N A
=========
LUCKIN COFFEE: Successfully Completes Financial Restructuring
-------------------------------------------------------------
Luckin Coffee Inc. on April 11, 2022, announced the successful
completion of the restructuring of its financial indebtedness and
its emergence from the bankruptcy proceeding commenced with respect
to the Company as debtor under chapter 15 of title 11 of the United
States Code (the "Chapter 15 Case").
"[Mon]day marks a new beginning for Luckin Coffee," said Dr. Jinyi
Guo, Chairman and Chief Executive Officer of the Company. "Luckin
Coffee utilized the Chapter 15 process to effectuate the
restructuring of its financial indebtedness in the United States.
As we have emerged from this process successfully with the support
of our creditors, we are confident that Luckin Coffee is well
positioned for long term growth and creation of stakeholder
value."
Dr. Guo continued, "We are thankful to all of our stakeholders for
helping us achieve this positive outcome and become a stronger
company. In particular, I would like to express my sincere
gratitude to our leadership and management team for their
unwavering commitment, even during challenging times, and to our
employees and retail partners for their hard work and dedication.
We will endeavor to continuously enhance our governance and
internal controls and improve our product and service offerings."
As previously announced, a final report was filed with the United
States Bankruptcy Court for the Southern District of New York (the
"Bankruptcy Court") on March 4, 2022 requesting the entry of an
order to close the Chapter 15 Case. As detailed in the final
report, the Company previously obtained recognition and enforcement
of its Cayman Islands scheme of arrangement under chapter 15 of
title 11 of the United States Code and successfully restructured
its financial indebtedness pursuant to such scheme.1 No objections
were filed to the motion to close the Chapter 15 Case, and the
Bankruptcy Court entered an order granting this request on April 8,
2022.
The entry of the Bankruptcy Court's order marks the formal closure
of the Company's U.S. bankruptcy proceedings. As previously
announced, the winding up petition (as amended) in respect of the
Company has been dismissed and the Company's provisional
liquidation proceedings were also brought to a successful close
pursuant to an order of the Grand Court of the Cayman Islands dated
February 25, 2022. Accordingly, the Company is no longer subject to
bankruptcy or insolvency proceedings in any jurisdiction.
In connection with the Company's debt restructuring, Luckin Coffee
is advised by Davis Polk & Wardwell LLP as legal counsel, Harney
Westwood & Riegels as Cayman Islands legal counsel and Houlihan
Lokey as financial advisor.
About Luckin Coffee
Luckin Coffee Inc. (OTC: LKNCY), was a Xiamen, Fujian-based coffee
chain.
In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post says.
The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.
The move was in response to a winding-up petition by an undisclosed
creditor.
The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York. The Chapter 15 Petition seeks, among
other things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of 2020
(ASCJ) and related relief.
=========
I N D I A
=========
ABHISAR IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Abhisar Impex Private Limited
Thapar Huse
124, Janpath
New Delhi 110001
Insolvency Commencement Date: April 5, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 3, 2022
Insolvency professional: Ritu Rastogi
Interim Resolution
Professional: Ritu Rastogi
D-1B, Flat No. 9A
Janakpuri D Block
New Delhi 110058
E-mail: ritu_rastogi1@yahoo.co.in
abhisarimpexcirp@gmail.com
Last date for
submission of claims: April 19, 2022
AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Akal Pipe
Industries (API) continues to remain in the 'Issuer Not Cooperating
' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.86 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.32 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of API under the 'issuer
non-cooperating' category as API had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. API
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a dated
December 14, 2021, December 24, 2021, January 3, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Akal Pipe Industries (API) was established in 2010 but started its
commercial operations in April 01, 2013 and is currently being
managed by Mr. Yadwinder Singh, Mr. Gurnam Singh, Mr. Harpreet
Singh, Mr. Harbant Singh and Mr. Nazam Singh, as its partners,
sharing the profit and losses in the ratio of 13%, 14%, 13%, 51%
and 9% respectively. API is engaged in the manufacturing of HDPE
(High density Polyethlylene) lined RCC (Reinforced cement concrete)
pipes at its manufacturing unit in Nalagrah, Solan, Himachal
Pradesh with varied installed capacity for different size of pipes.
The firm's products find their application mainly in the irrigation
and sewage sector.
BHUMYA TEA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Bhumya Tea Company Private Limited
Registered office:
34A Metcalfe Street
Jain Centre 7th Floor
Kolkata 700013
West Bengal
Principal office:
20, Coalberth Hoboken Road
Kolkata 700088
Insolvency Commencement Date: April 5, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: October 1, 2022
Insolvency professional: CA Santanu Brahma
Interim Resolution
Professional: CA Santanu Brahma
AH-276, Salt Lake
Sector-II
Kolkata 700091
E-mail: ip.santanubrahma@gmail.com
cirp.bhumyatea@gmail.com
Last date for
submission of claims: April 18, 2022
BIFF AND BRIGHT: CARE Lowers Rating on INR13.12cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Biff and Bright Welfare Society (BBWS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.12 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of BBWS under the 'issuer
non-cooperating' category as BBWS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BBWS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 30, 2021, January 8, 2022, January 18,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Dudu (Rajasthan) based Biff and Bright Welfare Society (BBWS) is
registered as a society in August, 1999 under Rajasthan Societies
Registration Act, 1958 with an objective to impart education.
Earlier, the society was providing vocational training till 2005.
BBWS has started Biff and Bright College of Engineering & Tech
since 2010. The society is presently operating five
colleges/institutes at Dudu in Jaipur district (Rajasthan) and
offers degree and diploma courses in engineering, graduate courses
in Arts and Commerce as well as post graduate course in M. Sc. (IT)
stream, MBA and B.Ed., B.A. - B. Ed course (integrated) and B. Sc.
- B. Ed. (Integrated) and one school in the name of Bombay Word
School. It also offers diploma course in electrical and medical
nursing & allied health care courses to students under Rajasthan
Skill & Livelihoods Development Corporation (RSLDC). The colleges
run by the society are affiliated with University of Rajasthan (RU)
as well as Rajasthan Technical University (RTU) and has taken
approval from All India Council for Technical Education (AICTE) and
NCTE.
CANPEX CHEMICALS: ICRA Withdraws B+ Rating on INR2.0cr Cash Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Canpex Chemicals Private Limited at the request of the company and
based on the No Objection Certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Withdrawn
Non-Fund Based–
Letter of Credit 7.00 [ICRA]A4; ISSUER NOT
COOPERATING; Withdrawn
Non-Fund Based–
Bank Guarantee 2.90 [ICRA]A4; ISSUER NOT
COOPERATING; Withdrawn
Incorporated in 1985, CCPL is engaged in the manufacturing of
chemicals such as Guanidine Nitrate (GN) and Hydrogen Cyanamide
(HC) for sectors like Defense, Pharmaceuticals and Agriculture. The
company started with the production of Ammonium Nitrate, and later
went into producing GN to diversify its product portfolio, and
subsequently in 2003, the company started producing HC. It has
begun production of Dodecyl guanidine base (DGB) in FY2017. The
manufacturing unit is located at Beed, Maharashtra, with a
production capacity of 4,800 MTPA of GN and 1,800 MTPA of HC and
250 MT of DGB. The company also operates a wind energy plant at
Satara, Maharashtra, with 350kw capacity per annum.
CHIRAG VYAPAAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Chirag Vyapaar Pvt. Ltd.
14, Roop Chand Roy Street
1st Floor
Kolkata 700007
Insolvency Commencement Date: April 2, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: September 28, 2022
(180 days from commencement)
Insolvency professional: CA IP Daulat Ram Jain
Interim Resolution
Professional: CA IP Daulat Ram Jain
33 Shakespeare Sarani
Kolkata 700017
E-mail: daulatjain@rediffmail.com
Last date for
submission of claims: April 16, 2022
CIRCAR JUTE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Circar Jute Mills Private Limited
N.H. 5, Bapulapadu Mandalam
Kodurupadu Village
Krishna District
Andhra Pradesh 521110
Insolvency Commencement Date: April 5, 2022
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: September 30, 2022
Insolvency professional: Ajay Kumar Jain
Interim Resolution
Professional: Ajay Kumar Jain
E-15/209, Sector-8
Rohini, Delhi 110085
E-mail: ajayjain721@gmail.com
circar.cirp@gmail.com
Last date for
submission of claims: April 18, 2022
CUMMINS RESEARCH: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Cummins Research and Technology India Private Limited
Cummins India Office Campus
Tower A, 5th Floor
Survey No. 21, Balewadi
Pune 411045
Liquidation Commencement Date: April 1, 2022
Court: National Company Law Tribunal, Pune Bench
Insolvency professional: Mr. Rajesh Shah
Interim Resolution
Professional: Mr. Rajesh Shah
635/84, Siddharth
Vijayanagar Colony
Next to MSEDCL Building
Opp to Neelayam
Theatre, Pune
MH 411030
E-mail: rsshah27@hotmail.com
Telephone: +919923700717
Last date for
submission of claims: May 1, 2022
DELHI DIAMONDS: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s Delhi Diamonds Private Limited
H.No. 3318, Basement
Bank Street, Karol Bagh
New Delhi Central Delhi
DL 110005
IN
Liquidation Commencement Date: February 22, 2022
Court: National Company Law Tribunal, Delhi Court-VI Bench
Date of closure of
insolvency resolution process: February 22, 2022
Insolvency professional: Adv. Deepa Gupta
Interim Resolution
Professional: Adv. Deepa Gupta
B-2/110, Sector-16
Rohini, Delhi 110085
E-mail: advocate.deepa.gupta@gmail.com
Last date for
submission of claims: March 26, 2022
EMPEE POWER: Liquidation Process Case Summary
---------------------------------------------
Debtor: Empee Power Company (India) Limited
Empee Tower, No. 59
Harris Road, Pudupet
Chennai TN 600002
India
Liquidation Commencement Date: March 22, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: March 22, 2022
Insolvency professional: R Lalitha
Interim Resolution
Professional: R Lalitha
Flat F, Hanumanthpuri Apts
No. 2, Bharathi Colony
Alwarthirunagar
Valasaravakkam
Chennai 600087
TN
E-mail: lalitharca@gmail.com
Last date for
submission of claims: April 20, 2022
EPITOME PETROCHEMICAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Epitome Petrochemical Private Limited
7 Prafulla Sarkar Street
Kolkata 700013
Insolvency Commencement Date: April 5, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: October 1, 2022
(180 days from commencement)
Insolvency professional: Meena Sureka
Interim Resolution
Professional: Meena Sureka
Central Plaza, 6th Floor
Room No. H
41, B.B. Ganguly Street
Kolkata 700012
West Bengal
E-mail: ipmeenasureka@gmail.com
cirp.eppl@gmail.com
Last date for
submission of claims: April 19, 2022
GAUTAM CEMENT: CARE Lowers Rating on INR8cr LT Loan to B+
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gautam Cement Works (GCW), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable
Short Term Bank 8.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of GCW under the 'issuer
non-cooperating' category as GCW had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GCW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 29, 2021, January 8, 2022, January 18,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Beawar (Rajasthan) based GCW was formed in 1996 as a partnership
concern by Mr. Lalit Kumar Jain and Ms. Sunita Jain and shares
profit/loss equally. GCW is engaged in the business of
manufacturing of Pre-stressed Cement Concrete (PSC) electric poles
with an installed capacity of 3500 poles per day and utilizes
80-90% of its existing facility. It has four plants, out of which
three located in Tamil Nadu and one in Orrisa. GCW manufactures
7.5M, 8M and 9M poles and also manufacture poles according to
designs and specifications of the client.
GOENKA ENTERPRISES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Goenka Enterprises Private Limited
D/75, Ghiya Marg
Bani Park
Jaipur 302016
Rajasthan
Liquidation Commencement Date: January 25, 2022
Court: National Company Law Tribunal, Jaipur Bench
Insolvency professional: Brij Kishore Sharma
Interim Resolution
Professional: Brij Kishore Sharma
AB-162, Vivekanand Marg
Nirman Nagar, Ajmer Road
Jaipur 302019
Rajasthan
E-mail: bksharma162@gmail.com
Mobile: 9314517929
Last date for
submission of claims: February 24, 2022
HYDERABDA METCHEM: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Hyderabda Metchem Pvt. Ltd.
Plot no. 34 Cie Phase II
Gandhi Nagar Opp. IDPL Colony
Hyderabad, Telangana 500037
Insolvency Commencement Date: April 5, 2022
Court: National Company Law Tribunal, Surat Bench
Estimated date of closure of
insolvency resolution process: October 2, 2022
Insolvency professional: Pradeep Kumar Kabra
Interim Resolution
Professional: Pradeep Kumar Kabra
301, 3rd Floor, Reegus Busines Centre
New Citylight Road
Above Mercedes Benz Showroom
Barthana-Vesu, Surat 395007
E-mail: ippradeepkabra@gmail.com
ippradeep.hmpl@gmail.com
Last date for
submission of claims: April 20, 2022
JET AIRWAYS: To Launch Hybrid of Premium and No-Frills Model
------------------------------------------------------------
Bloomberg News reports that Jet Airways India, which is undergoing
a court-monitored restructuring, plans to return with a hybrid of
premium and no-frills services that would allow the former top
local airline to claw back market share while managing costs in the
fiercely competitive Indian aviation market.
The bankrupt airline, now helmed by a new set of owners, will have
a two-class configuration where business class passengers will be
offered services including free meals, its new chief executive
Sanjiv Kapoor said in an interview near New Delhi, Bloomberg
relays.
The economy class will, however, be modelled similar to low-cost
carriers where flyers pay for meals and other services, he said.
"It's very difficult in the domestic Indian market to take on the
cost of the food and everything else in economy class, where the
customer in India chooses primarily on the basis of fares,"
Bloomberg quotes Mr. Kapoor, an aviation veteran who took charge
of the defunct airline, as saying. "Let's just accept that and
let's not burden ourselves with extra cost."
A successful revival of Jet Airways, which collapsed under a pile
of debt in 2019 and became the first airline to enter a reformed
insolvency resolution process, will be a major moment for India's
bankruptcy laws, the report says. The new owners - Dubai-based,
Indian-origin businessman Murari Lal Jalan and Florian Fritsch, the
chairman of London-based financial advisory and alternative asset
manager Kalrock Capital Management - have pledged to make
investments of as much as $120 million, Mr. Kapoor said.
According to Bloomberg, Mr. Kapoor himself is not new to navigating
carriers through turbulent skies. He spearheaded SpiceJet as its
chief operating officer in 2014, helming it through a time when the
low-cost airline was severely cash strapped. He was also the chief
strategy and commercial officer for Tata Group-led airline,
Vistara.
Jet Airways will operate a so-called proving-flight - one or more
test flights with no passengers to assess safety - as early as this
month, using a leased Boeing 737, Mr. Kapoor said and added that
this will immediately make the airline eligible for a flying
permit, Bloomberg relays. This permit allows the new owners to
bring in investments and enables the airline to negotiate landing
and parking slots with airports.
"We are confident that we are very close to a proving flight," Mr.
Kapoor said.
"Proving flight is the last step. If you pass the last step there's
nothing preventing you from getting the AOP," he said, referring to
an air operator permit, which is a licence to start commercial
operations.
Jet Airways will return to Indian skies that are expected to get
more crowded and competitive as billionaire Rakesh
Jhunjhunwala-owned Akasa Air gears up to fly later this year, the
report says. The unprofitable and former flag airline Air India was
recently acquired by the Tata Group, which is looking to turn it
around. Even though air travel is rebounding strongly from two
years of the Covid-19 pandemic, India is a tough place to make
money in aviation and several carriers have failed amid bruising
fare wars and high costs.
Jet Airways will prefer hiring employees who were with the airline
before it collapsed and try getting as many of them back as
possible, Mr. Kapoor said and added that the airline will also
restore the status of platinum members, according to Bloomberg. The
management is still assessing whether it should revive the old
frequent-flyer loyalty plan, which was jointly owned by Etihad
Airways, or launch a new one over which it has full control.
Founded by ticketing agent-turned-entrepreneur Naresh Goyal after
India ended a state monopoly on aviation in the early 1990s, Jet
Airways became popular among flyers as an attractive alternative to
formerly state-run Air India, offering full-service flights to
cities including London and Singapore, before a bunch of low-cost
airlines ushered in cheap fares for no-frills services.
Bloomberg says the consortium between Mr. Jalan and Mr. Kalrock is
currently in court seeking another extension of 90 days to enact
the rescue plan it proposed for the bankrupt airline. The
successful bidder had proposed to make payments worth INR13.75
billion (US$180 million), out of which INR3.5 billion would be paid
in the first 180 days, failing which the plan could be scrapped,
Bloomberg discloses citing court documents.
Bloomberg adds that the consortium infused INR500 million into Jet
Airways 2.0 - as it has been called by the new owners - in January,
and lenders have said they do not object to an extension of 60
days. A court decision on the deadline extension request is
awaited.
The delay in enacting the resolution plan is in part hampered by
the lack of a flying permit, Mr. Kapoor said. While the plan
initially envisaged renewing the old permit of Jet Airways, that
licence is no longer valid, which forced the airline to apply
afresh, he said.
Jet Airways is also evaluating aircraft from Boeing, Airbus and
Embraer, and has yet to decide on a model, Mr. Kapoor said,
Bloomberg relays. Due to a heavy backlog with manufacturers of the
most-popular planes, Jet Airways will initially start with leased
aircraft.
The insolvent airline, in which creditors were forced to take a 95
per cent haircut, was in talks with Airbus and Boeing to induct at
least 100 narrowbody jets, Ankit Jalan, a representative for the
consortium, told Bloomberg News in December.
The airline doesn't want to be pushed into an aircraft only because
it is available now, Mr. Kapoor said.
"We'd rather take a longer-term view and do the analysis, and
evaluate the entire syllabus and pick what we think is best," he
said. "We don't want the tail to wag the dog."
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
Jet Airways would be acquired by an investor consortium under a
multi-million dollar resolution plan approved by the carrier's
creditors on Oct. 17, 2020.
KANIKA FURNITURE: CARE Lowers Rating on INR2.49cr LT Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kanika Furniture Private Limited (KFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.49 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 5.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 21,
2021, placed the rating(s) of KFPL under the 'issuer
non-cooperating' category as KFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 7, 2021, December 17, 2021 and December
27, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of KFPL have been
revised on account of non-availability of requisite information.
The ratings further consider the decline in scale of operations,
operating profitability as well as decline in capital structure
during FY21.
Kanika Furniture Private Limited (KFPL) was incorporated in the
year 2003 with its office located at Bhubaneswar, Odisha. Since its
inception, the entity has been engaged in interior decoration
solutions on behalf of various corporate clients across Odisha.
This apart, the company was also engaged in trading of various
furniture items through dealers spreading across Jharkhand, Odisha,
West Bengal and Chhattisgarh under the brand name "Kiran". Mr.
Ritesh Agarwal having almost two decades of experience in similar
line of business looks after the day to day operations of the
entity along with other technical and nontechnical professionals
who are having long experience in this industry.
M L AGROFOODS: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M L
Agrofoods Private Limited (MLAPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.25 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.02 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 10,
2021, placed the rating(s) of MLAPL under the 'issuer
non-cooperating' category as MLAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MLAPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 27, 2021, January 6,
2022 and January 16, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Udaipur (Rajasthan) based MLAPL was incorporated in April 25, 2013
by Agrawal family. The company is engaged in processing of wheat
and products of the company includes such as suji, meda, atta, rawa
and others. The processing facility of MLAPL is located at Udaipur
with installed capacity of 1800 quintal per day and has utilized
80% of capacity in FY19. MLAPL procures raw material from domestic
market mainly from Kota, Delhi and Uttar Pradesh and sells its
finished products to wholesalers through brokers under the brand
name 'Ujwal'. The company sells its products mainly in Udaipur and
Gujarat. The company group company named Shree Karni Suraj Rice and
Dall Mill is also engaged in same line of business and the firm
started its operation since 1994.
MANTHAN BROADBAND: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Manthan Broadband Services Private Limited
6 Ganesh Chandra Avenue
Kolkata 700013
Liquidation Commencement Date: April 6, 2022
Court: National Company Law Tribunal, Kolkata Bench-II
Date of closure of
insolvency resolution process: April 6, 2022
Insolvency professional: Mr. Kuldeep Verma
Interim Resolution
Professional: Mr. Kuldeep Verma
46, B B Ganguly Street
5th Floor, Unit 501
Kolkata 700012
E-mail: kuverma@gmail.com
liquidation.manthan@gmail.com
Last date for
submission of claims: May 6, 2022
MEGHNA SHREE PETROCHEM: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s Meghna Shree Petrochem Private Limited
809, 8th Floor, Hemkoot Building
Opp. Capital Commercial Centre
Ashram Road, Ahmedabad 380009
Gujarat
Insolvency Commencement Date: April 5, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: October 1, 2022
Insolvency professional: Bhavi Shreyans Shah
Interim Resolution
Professional: Bhavi Shreyans Shah
C-201, Embassy Apartment
Near Ketav Petrol
Dr. V.S. Road
Ahmedabad, Gujarat 380015
E-mail: ca.bhavishah@gmail.com
- and -
9B Vardan Complex
Nr. Vimal House
Lakhudi Circle, Navrangpura
Ahmedabad, Gujarat 380014
E-mail: ipbhavishah@gmail.com
Last date for
submission of claims: April 19, 2022
MELANGE DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Melange
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Melange Developers is a real estate residential projects
development firm. The firm's residential project "Pristine Pacific
(Phase-II)" is situated in Ambegaon, Pune. The promoters of Melange
Developers are also the promoters of Pristine Group and Ceratec
Group which are present in real estate business in Pune,
Maharashtra.
MOHAN COLD: CARE Lowers Rating on INR9.0cr LT Loan to B-
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mohan Cold Storage Private Limited (MCSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 28,
2021, placed the rating(s) of MCSPL under the 'issuer
non-cooperating' category as MCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 14, 2021, December
24, 2021, January 3, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MCSPL have been
revised on account of non-availability of requisite information.
The ratings also factored decline in scale of operation,
profitability as well as debt coverage indicators.
Mohan Cold Storage Private Limited (MCSPL) was established as a
private limited company in 1965. MCSPL is owned by the Samastipur
(Bihar) based family having extensive experience of around five
decades in cold storage industry. Since its inception, the company
provides cold storage services for potatoes. The cold storage unit
of the company is located at N.H. – 28, Tajpur, Dist-Samastipur,
Bihar with aggregated storage capacity of 15000 Metric Tonne Per
Annum (MTPA). Mr. Sushant Anil (aged about 33 years), and Mrs.
Kajal Anil (aged about 35 years) has experience of around a decade
in cold storage industry, looks after the overall management of the
company. They are supported by other director Mrs. Soni Kumari
(aged about 31 years) who also has around five years of experience
in this line of business. The promoters are supported by a team of
experienced professionals.
OM SHIV: CARE Lowers Rating on INR24cr LT Loan to C
---------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Om Shiv Foods (OSF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term Bank 15.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 3,
2021, placed the rating(s) of OSF under the 'issuer
non-cooperating' category as OSF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. OSF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2021, December 30, 2021, January 9,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of OSF have been
revised on account of non-availability of requisite information.
Gwalior (Madhya Pradesh) based partnership firm, Om Shiv Foods
(OSF) was formed in 2017 by five partners namely Mr. Ajay Mittal,
Mr. Vijay Kumar Mittal, Mrs. Saroj Sharma, Mrs. Pushpa Saravagi and
Mrs. Sonam Sharma for setting up the greenfield project of
establishing rice mill. The project was completed in August, 2017
and commenced the commercial operations from August 28, 2017 with
an installed capacity of 10 tonnes per hour (TPH) of processing of
rice. OSF procures the required raw material i.e. paddy from the
local mandi and generates revenue from domestic market only.
PARAS GOTTAM: CARE Lowers Rating on INR10cr LT/ST Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Paras Gottam and Company (PGC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 CARE B-; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable/CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of PGC under the 'issuer
non-cooperating' category as PGC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PGC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 29, 2021, January 8, 2022, January 18,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Jaipur (Rajasthan) based PGC was established in 1969 as a
proprietorship concern by Mr. Paras Mal Jain. PGC is engaged in the
business of processing of precious stones which includes cutting
and finishing. The firm deals mainly in Emerald stones and also
does processing as per requirement for other stones like Ruby,
Sapphire, Diamond and etc. It procures rough stones mainly from
Belgium, Zambia and Hong Kong and sells its product mainly in
exports market like Belgium, New York, Hong Kong and Japan etc.
RAGHUKUL COTTEX: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Raghukul Cottex and Processing Private Limited
R.S. No. 318/1
Nr. Dhuadhar Khodiyar Temple
Jasdan Ahmedabad Highway
Lilapur, Jasdan
Gujarat 360050
Liquidation Commencement Date: April 4, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Date of closure of
insolvency resolution process: November 17, 2021
Insolvency professional: Mr. Shalabh Kumar Daga
Interim Resolution
Professional: Mr. Shalabh Kumar Daga
405, Atlantis Enlcave
Above Dinner Bell Restaurant
Subhash Chowk, Gurukul
Memnagar, Ahmedabad 380052
Gujarat, India
E-mail: jlnus.ahd@gmail.com
raghukul.cirp@gmail.com
Mobile: 9687605050
Last date for
submission of claims: April 29, 2022
RAMA COTTON: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Rama Cotton Textiles Private Limited
180, Mahatma Gandhi Road
2nd Floor
Kolkata 700007
Liquidation Commencement Date: March 25, 2022
Court: National Company Law Tribunal, Kolkata Bench
Insolvency professional: FCMA Birendra Kumar Tripathi
Interim Resolution
Professional: FCMA Birendra Kumar Tripathi
60/2/1, Haripada Dutta Lane
Golf View Apartment
Flat No. 7, 3rd floor
Kolkata 700033
E-mail: bkt9000@gmail.com
Mobile: 9433602746
Last date for
submission of claims: April 24, 2022
RAMA NEWSPRINT: CARE Lowers Rating on INR102.16cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Rama Newsprint Limited (SRNL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 102.16 CARE D Revised from
Facilities CARE BB (CWD) (Under Credit
watch with Developing
Implications)
Long Term/ 2.00 CARE D/CARE D Revised from
Short Term CARE BB/CARE A4 (CWD) (Under
Bank Facilities Credit watch with Developing
Implications)
Detailed Rationale & Key Rating Drivers
The revision in ratings assigned to the bank facilities of SRNL
factor in default in debt servicing of term loans which was due on
March 31, 2022. During due diligence with lenders of SRNL, it was
informed that the company has not paid the term loan installment
and interest thereon due on March 31, 2022. As informed by the
company management the default is merely on account of legal
restriction arising out of The Honourable National Company Law
Tribunal (NCLT), Ahmedabad order under Insolvency and Bankruptcy
Code (IBC), 2016. NCLT vide its order dated March 16, 2022 admitted
an application filed by operational creditor under IBC for
initiation of Corporate Insolvency Resolution Process (CIRP)
against the company and has also appointed Interim Resolution
Professional (IRP).
Subsequently, the operations of the company are being managed by
IRP. Further, one of suspended director has appealed to National
Company Law Appellate Tribunal (NCLAT) against the order passed by
NCLT. NCLAT vide its order dated March 23, 2022 has stayed
constitution of Committee of Creditors (COC) subject to depositing
entire amount of Rs.2.55 crore which has been deposited by
appellant by demand draft amounting to Rs.2.55 crore drawn in
favour of 'The pay and account officer, Ministry of corporate
affair, New Delhi' on March 25, 2022 as directed by the NCLAT. The
NCLAT appeal hearing is scheduled on April 12, 2022.
Rating Sensitivities
Positive Factors – Factors that could lead to positive rating
action/upgrade:
* Establishing a track record of timely servicing of debt
obligations for a period of at least 90 days
Detailed description of the key rating drivers
Key Rating Weaknesses
* Default in debt servicing
Debt servicing of SRNL is irregular as reflected by default in debt
servicing of term loans as informed by the lender.
Liquidity: Stretched
The liquidity of SRNL remains stretched due to cash loss incurred
during FY21 and 9MFY22 resulting into high reliance on support from
its parent, RSGBL coupled with high reliance on working capital
borrowings. Liquidity of the company is largely supported by timely
need-based support in the form of unsecured loans from its parent,
RSGBL which is being utilised to support the overall operation and
debt servicing of the company. The average fund based working
capital limit utilization remained at 78% for the trailing 12
months ended February 2022. Analytical Approach: CARE has
considered the standalone financials of SRNL along with expected
need-based support from its parent, RSGBL.
Incorporated in 1994, SRNL was initially promoted by Mr. Vashu Ram
Singhani. Subsequently, in the year 2003, West Coast Paper Mills
Limited (WCPM) along with its promoters acquired the majority stake
in SRNL. However, during FY16, RSGBL acquired the majority stake
from WCPM and its promoters. SRNL is engaged in manufacturing of
Newsprint paper, WPP and kraft paper. SRNL has a captive coal-based
power plant which has power generation capacity of 23 MW. With its
plant located near the industrial belt of Hazira (in the Surat
district of Gujarat); SRNL has access to most of the major
newspaper publishers in the Northern, Western and Southern states
of the country. As on September 30, 2021, SRNL had an aggregate
installed capacity of 132,000-1,50,000 Metric Tonnes Per Annum
(MTPA) depending on production of newsprint paper, WPP and kraft
paper. Considering the present very high input costs without
corresponding increase in prices of newsprint and WPP, the company
has decided to close the paper operations temporarily and announced
layoff of its employees under paper division since December 18,
2021. Moreover, SRNL has also started production of packaged
drinking water bottle of "clear" brand from July 2019 having
installed capacity of 32,000 BPH (bottle per hour) funded through
unsecured loans from RSGBL. SRNL is outsourcing for 'Clear' brand
for 200ml and 500ml of water bottle. SRNL sells water bottle to
established and reputed customers of "Clear" brand such as Air
India, Marriott etc. The revenue contribution from the packaged
water bottle remains low in overall revenue of the company.
RICHA LIFESPACE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Richa Lifespace Private Limited
101, 1st Floor, Kshitij
Plot No. 176, TPS-IV
Sena Bhavan Path, Dadar West
Mumbai 400028
Maharashtra, India
Insolvency Commencement Date: March 17, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: September 13, 2022
(180 days from commencement)
Insolvency professional: Neelima Anil Bhate
Interim Resolution
Professional: Neelima Anil Bhate
401 Citicentre
Opp. Ayurved Rasashala
Karve Road
Pune 411004
E-mail: neelima_bhate@yahoo.com
nbirp04@gmail.com
Mobile: 9822076964
Last date for
submission of claims: March 31, 2022
RISHU CONSTRUCTION: CARE Assigns B+ Rating to INR6.0cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rishu
Construction Infratech India Private Limited (RCIIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term
Bank Facilities 6.00 CARE B+; Stable Assigned
Long Term/ 16.00 CARE B+; Stable/CARE A4
Short Term Assigned
Bank Facilities
Detailed Rationale & Key Rating Drivers
The credit profile of RCIIPL is primarily constrained on account of
small scale of operations, leveraged capital structure, low
profitability margins and debt coverage indicators. Further, the
ratings are also constrained by project execution risk inherent in
various infrastructure projects, price escalation clause insulating
it from price volatility and its presence in a highly competitive
industry with business risk associated with tender-based orders.
The credit profile derives comfort from experienced promoters
coupled with long track record of operations, moderate order book
position albeit slow pace of execution and moderate operating
cycle.
Rating Sensitivities
Positive Factors- Factors that could lead to positive rating
action/upgrade:
* Consistent increase in scale of operations as marked by total
operating income of above INR80.00 crore on sustained basis.
* Improvement in profitability margins as marked by PBILDT and PAT
margin above 11.00% and 6.15% respectively on a sustained basis.
* Timely execution of contracts in hand.
Negative Factors- Factors that could lead to negative rating
action/downgrade:
* Deterioration in the capital structure as marked by overall
gearing ratio of above 2.00x.
* Elongation in the operating cycle of the company for more than
90 days.
Detailed description of the key rating drivers
* Price escalation clause insulating it from price volatility: In
the absence of any backward integration, the company procures its
primary raw materials which includes steel, cement, sand, etc. from
approved vendors/regional players specified by the respective
clients at market rates and hence, it is susceptible to volatility
in the input prices and which may have adverse impact on the
profitability of the company. Nonetheless, the company is majorly
insulated from any volatility in the input prices of raw materials
as most of the contracts have a built-in price escalation clause
for change in raw material prices owing to the long tenure of the
project. Thus, the ability of the company to pass on increased
price burden to the customers in a timely manner and maintain
profitability margins is critical from the credit perspective.
* Project execution risk inherent in various infrastructure
projects: Given the nature of projects awarded, RCIIPL is exposed
to inherent risk in terms of delays in certain projects undertaken
by the company due to delay in approvals and sanction from
regulatory bodies such as land acquisition issues, thus exposing
RCIIPL towards the risk of delay in projects resulting in a delay
in the realization of revenue growth. Furthermore, the company's
ability to execute a project in timely manner would be led by its
own operational efficiency and timely stage payments received from
its clients which is also crucial from credit perspective.
* Highly competitive industry with business risk associated with
tender-based orders: RCIIPL operates in a highly competitive
construction industry wherein it faces direct competition from
various organized and unorganized players in the market given the
low barriers to entry. There are number of small and regional
players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins. With the increase in order book of RCIIPL, availability
and retention of skilled manpower has also become a major
challenge. RCIIPL receives all of its majority of work orders from
government/ public sector undertakings. The risk arises from the
fact that any changes in geo-political environment and policy
matters would affect all the projects at large. Furthermore, any
changes in the government policy or government spending on projects
are likely to affect the revenues of the company. Further, the
company majorly undertakes government projects which are awarded
through the tender-based system. This exposes the company towards
risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder.
* Small scale of operations: Despite being operational for nearly
two decades, the scale of operations has remained low marked by a
total operating income and gross cash accruals of INR 56.35 crore
and INR (0.03) crore respectively during FY21 on account of low
margin contracts executed. Due to takeover of Rishu Construction by
RCIIPL the company was able to execute the work order only for 6
months. Further, during 11MFY22 (refers to the period April 1, 2021
to February 28, 2022; based on provisional results); the RCIIPL has
achieved the total operating income of INR35.00 crore and expecting
to achieve TOI of INR 37.00 crore by March end. Further, the
company's net worth base is relatively small at INR 6.50 crore as
on March 31, 2021. The small scale limits the company financial
flexibility in times of stress and deprives it from scale
benefits.
* Leveraged capital structure: As on March 31, 2021, the debt
profile of the company comprises of unsecured loans from directors
and related parties of INR5.42 crore, working capital borrowings of
INR 6.00 crore and term loan (loan taken for land) INR 1.07 crore.
The capital structure of the company stood leveraged as marked by
overall gearing ratio at 1.92x as of March 31, 2021 showing
deterioration from against 0.69x as on March 31, 2020 mainly on
account of high utilization of debt as on balance sheet date.
* Low profitability margins: The profitability margins of the
company stood low for FY21 since it largely depends upon the nature
of contract executed. Further, PBILDT margin of the company
declined by around 620 bps to 3.18% in FY21 as against 9.38% in
FY20 owing to proportionate increase in various overhead expenses
such as raw material cost, labor charges, hire charges, etc. as
compared to increase in its scale of operations caused due to
disruptions on account of lockdown in the country in the wake of
COVID-19 pandemic. Further, PAT margin also declined and stood at
(1.21%) in FY21 as against 5.34% in FY20 on account of increase in
interest cost. In 11MFY21 the company has generated PBILDT margins
of around 7%.
Key Rating Strengths
* Experienced promoters coupled with long track record of
operations: Mr. Akhilesh Kumar Singh and Mr. Shivansh Singh are the
directors of the company, and they collectively look after the
overall operations of the company. Mr. Akhilesh Kumar Singh is an
MBA and Mr. Shivansh Singh is pursuing BBA. Mr. Akhilesh Kumar
Singh holds experience of around two decades in construction
industry through his association with this entity which has enabled
him to establish strong relationships with suppliers.
* Moderate order book position albeit slow pace of execution:
RCIIPL has an unexecuted order book position of INR52.31 crore as
on January 31, 2022 which is equivalent to ~0.93x the total
operating income achieved in FY21. The progress of certain orders
remains slow moving owing to various issues such as delay in civil
work, land acquisition issues, land rehabilitation issue,
environmental clearances, etc. Further, disruptions in project
execution within the timelines is also caused by lockdowns and
labour unavailability as an impact of COVID-19 pandemic. Thus,
timely completion of slow-moving orders with cost overrun and
execution pace of new orders received in 2021 will be key rating
sensitivities. Timely execution of existing as well as newly
received large sized orders remain key rating monitorable.
* Moderate operating cycle: The operations of the company stood
elongated as marked by operating cycle of 54 days. Furthermore,
there is normally a procedural delay in relation being customers
are mainly government departments/ public sector undertakings.
Thus, the average collection period stood at 81 days for FY21. The
inventory is in the form of raw materials and work in progress at
different sites on account of procedural delays involved in the
certifications/validation of the invoices for the contracts
executed resulting in an average inventory holding period of 37
days for FY21. Further, the company receives an average credit
period of around 64 months from its suppliers. The average
utilization of fund-based working capital limits remained almost
90% utilized for past 12 months ending January, 2022.
Liquidity analysis: Stretched
The liquidity position of the company is stretched marked by high
fund bases working capital limits utilization of around 90% and
non-fund-based limits stood around 50% for the past 12 month's
period ending January, 2022. Further, the company has low
unencumbered cash and bank balances which stood at INR0.50 lakhs as
on March 31, 2021.
Lucknow-based, Rishu Construction Infratech India Private Limited
(RCIIPL) is incorporated in April 2019. Earlier it was a
partnership firm in the name of Rishu Construction. On, September
2020 RCIIPL has taken over the activities of the firm. The company
is currently being managed by Mr. Akhilesh Kumar Singh and Shivansh
Singh. The company is engaged in construction work such as roads
and bridges in Uttar Pradesh for state and Central government
bodies, including infrastructure development authorities, PWDs,
irrigation departments and national highways.
S.K. SOLVEX: ICRA Withdraws B Rating on INR8.50cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
S.K. Solvex Private Limited at the request of the company and based
on the No Due Certificate (NDC) received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
SKSPL was incorporated in 2001 and is engaged in the manufacturing
of mustard oil and cake at its unit in Jaipur, Rajasthan. The
current seed crushing capacity of the oil mill is 36,000 metric
tonnes per annum (MTPA).
SARAF AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saraf
Agencies Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 97.18 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 55.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2021, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2021, December 16, 2021 and December
30, 2021.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SAPL was originally incorporated as Eastern Steel Forgings Pvt.
Ltd. in June, 1965 and subsequently its name was changed to its
present name in August, 2003. SAPL is a part of the Forum Group
based out of Kolkata. The group is primarily engaged in the
business of real estate development and caters to both the
commercial and residential segments in Eastern India. It has
successfully completed several projects in Eastern India. SAPL was
allotted 259.94 acres of land at Chatrapur, Ganjam District in
Odisha by Odisha Government in 2009 for developing a sector
specific Special Economic Zone (SEZ) and setting up manufacturing
facilities for various titanium products. SAPL has used 39 acres of
land for setting up a high purity titanium slag plant with a
capacity of 36,000 ton per annum (TPA) with 4 furnaces and a high
purity pig iron plant (by-product) with a capacity of 20,000 TPA.
Two furnaces out of four commenced operation in March 2017. The
third furnace was operational from April 15, 2019 and the fourth
furnace is yet to be operational. CARE have rated its group company
Forum Projects Private Limited at CARE BBB-; Stable/CARE A3 vide PR
dated February 18, 2022.
TARINI MOTORS: CARE Lowers Rating on INR7.19cr Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tarini Motors Private Limited (TMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.19 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 0.55 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 29,
2021, placed the rating(s) of TMPL under the 'issuer
non-cooperating' category as TMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 15, 2021, December 25, 2021, January 5,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of TMPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in scale of operations,
profitability, capital structure and debt service indicators during
FY
21.
Odisha based Tarini Motors Private Limited was established in year
2008 with its registered office located at Shankarpur, Keonjhar,
and Odisha - 758002. The company is promoted by Mr. Bijay Kumar
Rout, Mr. Pranay Kumar Rout, Mr. Digmay Kumar Rout and Mr. Vishmay
Kumar Rout. TMPL is an authorised dealer of M&M's light commercial
vehicle (LCV), medium & heavy commercial vehicles (M&HCV), and
construction equipment division. TMPL has one 3S (sales, service,
spares) showroom in Keonjhar district of Odisha, two 2S (service,
spares) showrooms in Balasore (Odisha) and Joda (Odisha) and five
1S (sales point) offices in Baripada, Bhadrak, Basudevpur, Koida
and Jaleswar in Odisha.
TOSHNIWAL ENTERPRISES: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Toshniwal Enterprises Controls Limited
1A, Akrur Datta Lane
Kolkata 700012
Liquidation Commencement Date: April 5, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: February 10, 2022
Insolvency professional: Kamal Nayan Jain
Interim Resolution
Professional: Kamal Nayan Jain
Klass Insolvency Resolution
Professionals Pvt.
Vasundhara Apartment, 2nd Floor
2/7, Sarat Bose Road
Kolkata 700020
E-mail: knjain@knjainco.com
ip.knjain@gmail.com
Last date for
submission of claims: May 4, 2022
VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vichitra
Prestressed Concrete Udyog (P) Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]C+; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
Bank Guarantee 15.00 [ICRA]A4 ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Based in Delhi, Vichitra Prestressed Concrete Udyog (P) Ltd. (VPC)
was incorporated on 27th March 1989. The company is closely held by
promoters. The company undertakes contracts for manufacture and
lying and water and sewerage pipes for various government agencies
like Haryana Urban Development Authority (HUDA), U.P. Jal Nigam,
Rajasthan Urban Sector Development Investment Program (RUSDIP),
etc. VPC undertakes manufacturing of different types of pipes like
Prestressed Concrete Pipes, RCC Pipes and MS Pipes. The main
manufacturing facility of the firm is located in Gurgaon,Haryana.
Apart from this, the company also has two other manufacturing units
– located at Nashik (Maharashtra) and Unnav (U.P.).
=================
I N D O N E S I A
=================
MASKAPAI REASURANSI: Fitch Alters Outlook on 'BB+' IFS to Negative
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Maskapai Reasuransi
Indonesia Tbk's (Marein) Insurer Financial Strength (IFS) Rating to
Negative from Stable, and affirmed the rating at 'BB+' (Moderately
Weak). Fitch Ratings Indonesia has also revised the Outlook on the
company's National IFS Rating to Negative from Stable and affirmed
the rating at 'AA-(idn)'.
'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country or monetary union, across all
industries and obligation types.
KEY RATING DRIVERS
The Negative Outlook reflects pressure on Marein's profitability,
stemming from its exposure to the life reinsurance business. The
IFS and National IFS Ratings were affirmed in consideration of the
company's 'Good' capitalisation and 'Moderate' company profile.
The company booked a net loss of IDR293 billion for 2021, reversing
from a profit of IDR106 billion in 2020, mainly due to underwriting
losses from life reinsurance resulted in return on equity (ROE) of
-19% at end-2021, compared with 6% in 2020 (three-year-average:
-0.1%). The life business, which constitutes about 60% of total
premiums, saw higher mortality and medical-related claims in 2021
amid the coronavirus pandemic.
However, most of Marein's life products are on yearly renewal
terms, which allows the company to review the business terms and
conditions. The company says it is tightening its risk monitoring
and ensuring premium-rate adequacy to improve profitability.
As for non-life business, the company managed to book a non-life
combined ratio of below 100%. Its non-life combined ratio was 97%
by end-2021 from 98% in 2020 (three-year-average: 96%).
The company's risk-based capitalisation (RBC) ratio decreased to
234 % by end-2021 (end-2020: 359%), as a result of weak
profitability, but remained well above the 120% minimum regulatory
requirement. Fitch sees Marein's capitalisation as 'Good'. The
reinsurer's capital position was scored at 'Somewhat Weak' in terms
of Fitch's Prism Factor-Based Capital Model using end-2021
financials. The absolute amount of its capitalisation is small
compared with that of some major reinsurers in APAC.
The company is committed to keeping the RBC ratio above 200% and it
does not plan to issue debt in the medium term. Fitch expects the
insurer to maintain its capital buffer against underwriting risks,
particularly during the Covid-19 pandemic.
Fitch assesses Marein's company profile as 'Moderate' due to its
'Moderate' business profile and 'Moderate/Favourable' corporate
governance. The 'Moderate' business profile is driven by its
substantive domestic franchise, which is balanced by its 'Least
Favourable' operating scale compared with international peers.
Marein is one of the biggest life reinsurers in Indonesia, but its
share of the total reinsurance industry's (life and non-life) gross
written premiums was small at 11% at end-2021. It also takes into
account a risk appetite that is on a par with the sector and
Marein's somewhat diversified business lines. Therefore, Fitch
scores Marein's company profile at 'bb-' under Fitch's
credit-factor scoring guidelines in line with the ranking.
The company's investment mix is conservative with cash and
equivalents and fixed-income instruments accounting for more than
80% of invested assets at end-2021. Exposure to risky assets is
manageable relative to equity capital. Fitch expects the company to
maintain the ratio of equity investments to capital in light of its
prudent investment approach.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Significant deterioration in operating performance with a non-
life combined ratio consistently higher than 100% and ROE
lower than 2%.
-- Weakening capitalisation with the local statutory ratio below
200% on a sustained basis.
-- Material deterioration in the company profile in terms of
marketing franchise and operating scale.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Maintaining strong profitability, with a non-life combined
ratio consistently below 93% and ROE above 5%.
-- Sustained improvement in capitalisation, with its regulatory
RBC ratio consistently above 280%.
-- Significant and sustained improvement in the company profile
in terms of operating scale.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=========
J A P A N
=========
TOSHIBA CORP: Suspends Spin-Off Plan; Weighs Going Private
----------------------------------------------------------
Japan Today reports that Toshiba Corp. has said it is suspending
its plan to split into two after last month's shareholder vote
against the idea and will now weigh the possibility of going
private.
According to the report, the firm announced in a statement on April
7 that its management team will lead discussions with private
equity funds and other possible investors on potential offers.
A newly formed special committee will also "identify the
privatisation offer that is best for our diverse stakeholders" and
report back before Toshiba's annual shareholders' meeting in June,
the report relays.
Japan Today relates that the management team will separately
develop a new business plan, which will also be announced before
the meeting, Toshiba said.
Japan Today says the decision comes after shareholders, in a
non-binding decision, voted against a proposal to split the company
into two.
It was the latest setback for the engineering giant, which was once
a symbol of Japan's tech and business prowess but has faced a
series of scandals, financial troubles and shock high-level
resignations in recent years, the report states.
The plan had already been revised once after an initial proposal to
break up the company into three met stiff resistance.
Japan Today relates that several major shareholders argued that a
spin-off would only add to Toshiba's woes by creating more
managerial posts at smaller units, rather than improving the firm's
governance.
And some want a buyout instead, following an abandoned takeover
offer last year from private equity fund CVC Capital Partners.
Bain Capital has said it is examining a bid for Toshiba, and the
private equity firm has already received backing from one key
shareholder, Japan Today relays.
It could face hurdles though given the national security
implications of some of Toshiba's businesses.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific in
November 2021, S&P Global Ratings has placed its 'BB+' long-term
issuer credit rating on Toshiba Corp. on CreditWatch with negative
implications. At the same time, S&P affirmed its 'B' short-term
issuer credit and commercial paper program ratings.
===============
M A L A Y S I A
===============
1MDB: Fraud Vehicles Now Being Used to Recover Stolen Money
-----------------------------------------------------------
Bloomberg News reports that once conduits for hundreds of millions
of dollars looted from 1MDB, a group of offshore entities are being
repurposed to try to track down the Malaysian sovereign wealth
fund's stolen money.
Three British Virgin Islands-based companies linked to 1MDB on
April 5 filed for Chapter 15 bankruptcy in Florida, utilizing the
section of the U.S. code that allows foreign debtors to bring
proceedings in the states. Their aim is to recover a portion of
the $8.5 billion allegedly stolen from 1MDB, some of which may be
in the U.S., the companies said.
The offshore entities were "part of the fraud perpetrated against 1
Malaysia Development Berhad," they said in the filing, with some
likely created solely to receive stolen funds or transfer them on
to other entities. They are now being overseen by administrators
appointed by the Malaysian government.
The Chapter 15 filing is designed to help the administrators gather
information from those involved in the deals, and seize whatever
assets they're able to locate.
The overseers for the funds "have identified various individuals
and entities located in the United States who either participated
or otherwise possess knowledge" related to the transactions at
issue, according to court papers. "Some of the missing funds
passed through U.S. entities, including investment managers, fund
managers and other U.S. entities who provided services to the
participants in the fraud."
The move comes as a jury in Brooklyn, New York, decides the fate of
former Goldman Sachs Group Inc. banker Roger Ng, who was accused of
conspiring with his former boss, Tim Leissner, and Malaysian
financier Jho Low to loot 1MDB. Leissner pleaded guilty and
testified against Ng, while Low remains a fugitive.
The entities said U.S. Justice Department efforts to recover funds
stolen in the scheme have seen some success, but they said they
believed $1.15 billion stolen from 1MDB subsidiary SRC Malaysia,
the parent of the funds behind Tuesday's filing, had fallen through
the cracks.
"There are companies and trusts that are yet to be uncovered
related to the fraud," lawyers for the funds said in court papers.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
SCOMI GROUP: Faces Risk of Delisting on April 22
------------------------------------------------
theedgemarkets.com reports that Scomi Group Bhd said trading in its
shares will be suspended with effect from April 20, following Bursa
Securities' rejection of its request for a further extension of
time to submit its regularisation plan.
The group added that it faces the risk of being delisted from the
Main Market of Bursa Malaysia on April 22, unless it files an
appeal against the delisting by April 18, theedgemarkets.com
relays.
"Any appeal submitted after the appeal timeframe will not be
considered by Bursa," Scomi said in a filing.
According to the report, Scomi said if it submits an appeal within
the appeal timeframe, the delisting will be deferred pending a
decision on the appeal.
"However, Bursa shall proceed to suspend the trading of the
company's securities on April 20, even though the decision on the
company's appeal is still pending," it added.
Meanwhile, in a separate filing, Scomi said it intends to submit an
appeal against the delisting within the appeal timeframe, the
report adds.
About Scomi Group
Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.
In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN
17) status after it triggered Paragraphs 2.1(a) and 2.1(e) of PN17
of the Listing Requirements, whereby its shareholder equity fell
below the 25% threshold with modified opinion from its auditors.
=====================
N E W Z E A L A N D
=====================
CAMERONS CLOTHING: Commences Wind-Up Proceedings
------------------------------------------------
Members of Camerons Clothing Limited on March 25, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Iain Andrew Nellies
Insolvency Management Limited
PO Box 1058, Dunedin 9054
DANCING WATER: Creditors' Proofs of Debt Due on April 29
--------------------------------------------------------
Creditors of Dancing Water Limited are required to file their
proofs of debt by April 29, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 4, 2022.
The company's liquidator is:
Andrew John Hawkes
Beck & Caul Financial
Level 1, 443 Colombo Street
Christchurch 8023
HOTEL & LEISURE: Creditors' Proofs of Debt Due on July 8
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Creditors of Hotel & Leisure Consulting Limited are required to
file their proofs of debt by July 8, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 11, 2022.
The company's liquidator is:
Rhys Cain
Larissa Logan
Level 4, 93 Cambridge Terrace
Christchurch Central
Christchurch 8013\
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S I N G A P O R E
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BEAR DEVELOPMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 1, 2022, to
wind up the operations of Bear Development (Singapore) Pte. Ltd.
Sinopec Chemical Commercial Holding (Hong Kong) Company Limited
filed the petition against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
CNAC INTERNATIONAL: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------------
Creditors of CNAC International Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by July 8,
2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 8, 2022.
The company's liquidator is:
Yio Swee Khim
c/o 140 Paya Lebar Road #09-21
Singapore 409015
T-DIMO INVESTMENT: Creditors' Proofs of Debt Due on May 6
---------------------------------------------------------
Creditors of T-DIMO Investment Pte Ltd are required to file their
proofs of debt by May 6, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 8, 2022.
The company's liquidators are:
Ong Woon Pheng
Sajjad A. Akhtar
PKF-CAP Advisory Partners Pte Ltd
c/o 6 Shenton Way, #38-01 OUE Downtown 1
Singapore 068809
TIEN WAH: Creditors' Proofs of Debt Due on May 9
------------------------------------------------
Creditors of Tien Wah Press (Pte.) Limited are required to file
their proofs of debt by May 9, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 8, 2022.
The company's liquidators are:
Tan Wei Cheong
Lim Loo Khoon
6 Shenton Way, OUE Downtown 2, #33-00
Singapore 068809
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S R I L A N K A
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SRI LANKA: Default Risk Seen High by Citi as Crisis Delays Loan
---------------------------------------------------------------
Bloomberg News reports that Sri Lanka's unprecedented interest-rate
hike has helped restore the Central Bank's credibility, although
it's not enough to remove the risk of a debt default as a political
crisis delays an International Monetary Fund (IMF) bailout,
according to Citigroup Global Markets.
Bloomberg relates that the Central Bank of Sri Lanka raised the key
rate by 700 basis points on April 8, narrowing the negative gap in
real interest rates, nominal rates adjusted for inflation to 420
basis points from 1,120 basis points previously.
"While this steep rate hike should help the rupee, stabilising it
may require progress on bridge financing, alongside material
progress to a Fund program," Citigroup Hong Kong Chief Economist
Asia Pacific Johanna Chua wrote in a report to clients, Bloomberg
relays. "We view risk of default as now very high."
According to Bloomberg, the IMF said over the weekend that it will
hold discussions with senior Sri Lankan policymakers in the 'coming
days and weeks' about a possible support program to help the nation
overcome an economic crisis that's pushed citizens to seek
President Gotabaya Rajapaksa's ouster after his Cabinet quit.
"The IMF may be reluctant to sign on to a program without more
assurances of buy-in among stakeholders, including opposition
parties," the report quotes Ms. Chua as saying.
"Under President Gotabaya, it will likely remain challenging to
assemble broad political support for tough policies negotiated
under the IMF."
Coupon payments on April 18 may be in jeopardy given depleted
reserves, she said, adding that $1.94 billion of reserves in March
is not enough to cover swaps with China, India, and Bangladesh,
adds Bloomberg.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***