/raid1/www/Hosts/bankrupt/TCRAP_Public/220506.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, May 6, 2022, Vol. 25, No. 85
Headlines
A U S T R A L I A
MARTIN BALL: Second Creditors' Meeting Set for May 13
MINERAL RESOURCES: Fitch Affirms LongTerm 'BB' IDR, Outlook Stable
QUIZA PTY: First Creditors' Meeting Set for May 13
SJC TRANS: First Creditors' Meeting Set for May 13
STALLION ELEVATORS: Second Creditors' Meeting Set for May 12
WANJI PROPERTY: Placed in Administration
WISR FREEDOM 2021-1: Moody's Hikes Rating on Class F Notes to Ba3
C H I N A
CHINA: Over 80 Firms Added to U.S. SEC List Facing Delisting Risk
I N D I A
ARUSH BREEDING: CRISIL Moves B+ Debt Ratings to Not Cooperating
B.S. COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
BABA EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
BALAJI STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating
BALLARPUR INDUSTRIES: NCLAT Sets Aside Liquidation Order
EDUCOMP INFRA: Gurugram Police Files Chargesheet Against RP
FUTURE RETAIL: Bank of India Starts Insolvency Process vs Firm
PADMAJA POLY: CRISIL Lowers Rating on INR12cr Loans to B
PHORUM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
PROGRESSIVE SURFACE: CRISIL Cuts Rating on INR6cr Loans to B
RAJA RAJESHWARA: CRISIL Lowers Rating on INR10cr Cash Loan to B
RAMESHWAR SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
S. K. ENTERPRISES: CRISIL Keeps B- Debt Rating in Not Cooperating
S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
SAFILO HEALTHCARE: CRISIL Keeps B Debt Ratings in Not Cooperating
SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating
SALASAR BALAJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SAM INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SAMEERA HOTELS: CRISIL Keeps B- Debt Rating in Not Cooperating
SANGAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
SHANTDEEP METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHARANAM REAL: CRISIL Keeps B Debt Ratings in Not Cooperating
SLUMBER FOAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUVEERA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
TARA SALES: CRISIL Keeps D Debt Rating in Not Cooperating
THOUSU PERIYAKKAL: CRISIL Keeps D Debt Ratings in Not Cooperating
TORNADO MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
AP INVESTMENTS: Creditors' Proofs of Debt Due on June 15
COUNTIES PAINTING: Creditors' Proofs of Debt Due on May 19
DLM LANDSCAPING: Court to Hear Wind-Up Petition on May 13
GARDEN DIY: Creditors' Proofs of Debt Due on July 1
KORU CONCRETE: Creditors' Proofs of Debt Due on June 17
QEX LOGISTICS: Investors Left With Few Options to Rescue Funds
SKYLINE ALUMINIUM: Court to Hear Wind-Up Petition on May 13
S I N G A P O R E
APIES VENTURES: Court to Hear Wind-Up Petition on May 13
DA SHUN: Court Enters Wind-Up Order
EVERISE HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable
JINFU FOOD: Court to Hear Wind-Up Petition on May 20
NJ ONG: Court to Hear Wind-Up Petition on May 20
THREE ALPS: Court to Hear Wind-Up Petition on May 13
S R I L A N K A
SRI LANKA: To Replace 'Unrealistic' Budget, Finance Minister Says
- - - - -
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A U S T R A L I A
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MARTIN BALL: Second Creditors' Meeting Set for May 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of Martin Ball
Holdings Pty Limited has been set for May 13, 2022, at 9:00 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 May 12, 2022, at 4:00 p.m.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of Martin Ball on March 30, 2022.
MINERAL RESOURCES: Fitch Affirms LongTerm 'BB' IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Mineral Resources
Limited's (MIN) Long-Term Issuer Default Rating (IDR) at 'BB'. The
Outlook is Stable. The senior unsecured debt has also been affirmed
at 'BB'.
At the same time, Fitch has assigned MIN's proposed US-dollar
senior unsecured notes a rating of 'BB'. The proposed notes are
rated at the same level as the IDR, as they will be
unconditionally, jointly and severally guaranteed by MIN and its
subsidiaries, which represent more than 95% of group consolidated
assets and net income. Issuance proceeds will be used to fund the
company's growth capex.
MIN's rating reflects the company's quality lithium assets and the
stable cash flow from its mining services division. This is
countered by rising gross debt and the execution risk associated
with its Ashburton project in Western Australia, which make MIN
more susceptible to downside risk from falling commodity prices and
cost overruns during the construction and ramp-up periods.
KEY RATING DRIVERS
Lithium Boosts Diversification and Earnings: MIN is one of the
world's largest spodumene miners by resource, with a plan to sell
up to 100,000 tonnes of lithium hydroxide a year by 2026. MIN's
credit profile benefits from a competitive cost position,
partnerships with leading lithium suppliers, a long reserve life
and favourable demand and supply dynamics. We expect its lithium
business to contribute a large portion of group EBITDA, which will
help diversify its cash flow streams and underpin solid operating
cash flows during its high investment phase over the next two
years.
Ashburton Adds Execution Risk and Leverage: MIN's greenfield
Ashburton iron-ore project, which the company plans to build over
the next two years, will have a production capacity of 30 million
tonnes per annum with a cost position at around AUD30-35 per wet
metric tonne on a free-on-board basis, excluding royalties and
capital charge on the logistics infrastructure. MIN plans to
execute the project under a fixed-priced contract, which increases
execution risk.
However, it has extensive experience in delivering iron ore
development projects in Western Australia. MIN also maintains
operational flexibility and has adequate rating headroom to absorb
cost over-runs and delays. We expect the company to implement
adequate countermeasures should this occur, given its record of
maintaining a conservative balance sheet and financial policy. We
forecast leverage, measured by net debt/EBITDA, to remain below 2x
over the next four years.
Unique Profit-Sharing Model: MIN provides pit-to-port, life-of-mine
services to mines. It acquires undeveloped resource assets that can
benefit from its mining infrastructure services. MIN funds a mine's
design and construction in return for equity, and then secures a
life-of-mine contract that charges based on units of production,
with no direct exposure to commodity prices. It monetises part of
its stake over the medium term and reinvests the funds in its
business. MIN's model eliminates the risk of contract loss and
allows MIN to capture earnings from its profit-share commodity
operation.
Partnership Reduces Risk: MIN's joint venture with Albemarle
Corporation (BBB/Stable) and Jiangxi Ganfeng Lithium Co Ltd reduces
the execution and capital commitments associated with its lithium
hydroxide plants. MIN has a 40% interest in two 25 kilotonne per
annum lithium hydroxide modules in Kemerton, Western Australia, and
will sell most of its hydroxide under long-term contracts as part
of its transaction with Albemarle. It also plans to sell lithium
hydroxide through its share of spodumene concentrate at Mt Marion
with Ganfeng.
Secured Debt in Capital Structure: We expect MIN's capital
structure to include secured debt. However, this should stay below
1x EBITDA. The rating on MIN's senior unsecured debt could be
downgraded if the ratio of prior-ranking debt/consolidated
operating EBITDA rises to 3.5x or above, irrespective of any
movement in the issuer's IDR.
DERIVATION SUMMARY
MIN's rating reflects its stable cash flow from its mining-service
contracts and quality lithium assets. This compares well against
peer, PT Adaro Indonesia (AI, BBB-/Stable, Standalone Credit
Profile (SCP): bb+), which has less volatile cash flow due to its
strong cost position and integrated power plant business with its
parent, PT Adaro Energy Tbk. This results in a one-notch rating
uplift from AI's SCP. Both companies have strong leverage metrics.
PT Indika Energy Tbk's (BB-/Negative) rating reflects our
expectation of a rise in medium-term leverage relative to its
rating and increased execution risk from its proposed investments,
which are mostly greenfield and in sectors that Indika has no
previous exposure. Indika has weaker leverage and a shorter mine
life, with concession renewal risk, compared with MIN.
KEY ASSUMPTIONS
- Iron-ore price in line with the Fitch price deck, adjusted for
impurity discounts
- Gradual ramp-up in export volume of spodumene concentrate from
Mt Marion and Wodgina
- Commercial production of lithium hydroxide to start from 2022
- Dividend payout ratio at around 50% of underlying net profit
after tax
- Conservative capex forecast compared with the announced capital
budget for the Ashburton project
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Net debt/EBITDA sustained below 2.0x
- The establishment of an operational record in the commercial
production of lithium hydroxide
- Successful completion of the Ashburton project
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Net debt/EBITDA rising above 3.0x for a sustained period
- Continued delays and cost overruns with the Ashburton project,
which may lead to higher leverage or squeeze MIN's liquidity
position
- Material loss of mining service contracts
Fitch changed the leverage ratio in the sensitivity guidance to
EBITDA from funds from operations, in line with a general change in
Fitch's global policy for corporate issuers.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: MIN reported cash of around AUD750 million at
end-2021, with an undrawn revolving credit facility of AUD400
million, against short-term borrowing of AUD26 million, excluding
lease liabilities. The next major debt maturity is in the financial
year ending June 2025 for its revolving credit facility, which
remains undrawn.
QUIZA PTY: First Creditors' Meeting Set for May 13
--------------------------------------------------
A first meeting of the creditors in the proceedings of Quiza Pty.
Ltd. will be held on May 13, 2022, at 3:00 p.m. via Zoom
teleconference facilities.
David Ian Mansfield and Robert Woods of Deloitte Financial Advisory
were appointed as administrators of Quiza Pty on May 3, 2022.
SJC TRANS: First Creditors' Meeting Set for May 13
--------------------------------------------------
A first meeting of the creditors in the proceedings of SJC Trans
Pty Ltd, trading as SJC Traffic Management, will be held on May 13,
2022, at 10:00 a.m. via virtual meeting technology.
Steven Nicols of Nicols + Brien was appointed as administrator of
SJC Trans on May 4, 2022.
STALLION ELEVATORS: Second Creditors' Meeting Set for May 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Stallion
Elevators Pty. Limited has been set for May 12, 2022, at 10:00 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 May 11, 2022, at 4:30 p.m.
Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Stallion Elevators on March 28, 2022.
WANJI PROPERTY: Placed in Administration
----------------------------------------
Andrew William Poulter of IRT Advisory on May 5, 2022, was
appointed as administrators of Wanji Property Investment Pty Ltd.
The administrator can be reached at:
IRT Advisory
PO Box 50
Collins Street, West Vic 8007
WISR FREEDOM 2021-1: Moody's Hikes Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Wisr Freedom Trust 2021-1.
The affected ratings are as follows:
Issuer: Wisr Freedom Trust 2021-1
Class C Notes, Upgraded to Aa3 (sf); previously on May 31, 2021
Definitive Rating Assigned A1 (sf)
Class D Notes, Upgraded to A3 (sf); previously on May 31, 2021
Definitive Rating Assigned Baa1 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on May 31, 2021
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on May 31, 2021
Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the good performance of the
collateral pool to date.
Following the April 2022 payment, credit enhancement available for
the Class C, Class D, Class E and Class F Notes has increased to
24.7%, 17.5%, 8.1%, and 5.1% respectively, from 20.6%, 14.2%, 5.8%,
and 3.2% at closing.
As of April 2022, 3.4% of the outstanding pool was 30-plus day
delinquent and 1.5% was 90-plus day delinquent. The deal has
incurred 1.2% of loss to date, which have been covered by excess
spread.
Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 7.7% of
the outstanding pool balance (equivalent to 6% of the original pool
balance). Moody's has also maintained the Aaa portfolio credit
enhancement at 38%.
The transaction is a cash securitization of unsecured personal
loans extended to obligors located in Australia. All receivables
were originated by Wisr Finance Pty Ltd.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
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C H I N A
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CHINA: Over 80 Firms Added to U.S. SEC List Facing Delisting Risk
-----------------------------------------------------------------
Reuters reports that the U.S. Securities and Exchange Commission
(SEC) added over 80 firms, including China's JD.com, to a list of
entities facing possible expulsion from American exchanges amid a
long-running auditing standoff between the United States and
China.
On May 4, the SEC expanded the list on a provisional lineup under a
2020 law known as The Holding Foreign Companies Accountable Act
(HFCAA), which aims to remove foreign-jurisdiction companies from
U.S. bourses if they fail to comply with American auditing
standards for three years in a row, Reuters relates.
In the long-drawn dispute, U.S. regulators have been demanding
complete access to audit working papers of New York-listed Chinese
companies, which are stored in China, according to Reuters.
Reuters says the request has so far been denied by China on
national security grounds, but regulators in the two countries are
discussing operational details of an audit deal that Beijing hopes
to sign this year.
Reuters relates that JD.com said on May 5 it is aware that the
company has been identified by the SEC under the Act, and that it
has been actively exploring possible solutions.
"The company will continue to comply with applicable laws and
regulations in both China and the United States, and strive to
maintain its listing status on both Nasdaq and the Hong Kong Stock
Exchange," JD.com said in a statement.
Other large Chinese companies that were added to the SEC's list
were JinkoSolar Holding Co Ltd, China Petroleum & Chemical Corp,
Bilibili Inc, and NetEase Inc, among others, Reuters discloses.
Sources had told Reuters in March Chinese regulators had asked some
of the country's U.S.-listed firms, including Alibaba, Baidu, and
JD.com, to prepare more audit disclosures.
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I N D I A
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ARUSH BREEDING: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Arush
Breeding Farms LLP (ABFL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 21 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with ABFL for
obtaining information through letters and emails dated April 11,
2022 and April 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ABFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABFL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of ABFL to 'CRISIL B+/Stable Issuer not
cooperating'.
Incorporated in April 2019, ABFL is setting up a project to breed,
raise, hatch and sell broiler eggs. The plant is located near
Siddipet, Telangana. The partners of the firm are Ms. Deepthi
Chalimeda, Mr. Sanjay Kumar, Ms. Shailima and Janaki Feeds Private
Limited.
B.S. COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree B.S.
Cotton Private Limited (SBSCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBSCPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBSCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SBSCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SBSCPL continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
SBSCPL, incorporated in 2012 by Tayal family, is engaged in cotton
ginning and pressing business in Sendhwa (Madhya Pradesh). The
operations are currently managed by Mr. Nikunj Tayal.
BABA EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Baba
Exports (SBE) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBE for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBE continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
SBE was established in 1980 as a partnership firm, Shree Baba
Enterprises, by Mr. Ramesh Agarwal and Ms. Batsoo Devi. Later, in
2000 the firm was converted into the proprietorship firm and got
its current name. The firm manufactures menthol crystals and trades
in essential oils, used in pharmaceuticals, perfume compounds, and
toothpastes.
BALAJI STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Balaji
Steel And Tubes (SBST; part of the Shree Balaji group) continues to
be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBST for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBST, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBST continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SBST is engaged in trading of steel products such as angles, beams,
channels, and sheets.
Set up in 2009 as a partnership firm, SBSE trades in steel products
such as angles, beams, channels, plates, pipes, and bars. It is an
authorized distributor for Jindal Steel and Power Ltd and Steel
Authority of India Ltd. It has also commenced dealership for JSW
Steel Ltd in fiscal 2018. Operations are managed by Mr Deepak
Agarwal.
BALLARPUR INDUSTRIES: NCLAT Sets Aside Liquidation Order
--------------------------------------------------------
PrintWeek reports that the National Company Law Appellate Tribunal
(NCLAT) Principal Bench, while adjudicating an appeal filed in
Finquest Financial Solutions vs Anuj Jain (erstwhile RP of
Ballarpur Industries) and others, has set aside the order dated
Jan. 25, 2022 passed by NCLT Mumbai Bench whereby Ballarpur
Industries was sent to liquidation.
Now, the NCLAT Bench has extended the corporate insolvency
resolution process (CIRP) period till April 30 and has directed the
resolution professional to get the revised resolution plan approved
by the NCLT Mumbai Bench. The order was passed on April 19,
PrintWeek says.
According to PrintWeek, the Mumbai bench of the National Company
Law Tribunal (NCLT) had on Jan. 25, 2022 ordered liquidation of
Gautam Thapar-owned BILT after the CoC rejected the only resolution
plan submitted by Finquest Financial Solution, one of the financial
creditors.
Staying the liquidation order, the appellate tribunal said that it
is of the view that ends of justice be served in issuing direction
to the CoC to reconsider the revised resolution plan within a
period of six weeks from today, PrintWeek relays. "It goes without
saying that resolution professional should convene a meeting of CoC
for reconsideration of the revised plan forthwith," said the bench
of Justice Alok Bhushan.
PrintWeek relates that Finquest Financial, which had appealed
against the liquidation order, argued before the NCLAT that while
the order of liquidation was made on Jan. 25, 2022, the order was
uploaded on NCLT website only on February 22. In the meanwhile, the
resolution applicant had submitted its revised plan on February 7.
An appeal was filed by Finquest Financial Solutions before the
NCLAT against the order, the report notes.
Ballarpur Industries Limited (BILT) is engaged primarily in the
business of manufacturing of writing and printing (W&P) paper, pulp
and paper products. The Company operates through two business
blocks: one under BILT and one under its step-down subsidiary Bilt
Paper. Under the standalone entity, BILT, the direct assets include
Specialty paper business operating from the Shree Gopal facility in
Haryana; Rayon Grade Pulp business operating from Kamalapuram in
Andhra Pradesh, and Tissue paper business operated through its
subsidiary, Premier Tissues (India) Limited. The Company's other
block of businesses comes under Bilt Paper BV, which focuses on the
woodfree printing and writing paper, coated and uncoated. The
Company's manufactured products are sold primarily within India.
Its writing and printing paper manufacturing operations has over
four production units across India, including Ballarpur
(Maharashtra), Bhigwan (Maharashtra), Sewa (Odisha) and Ashti
(Maharashtra).
EDUCOMP INFRA: Gurugram Police Files Chargesheet Against RP
-----------------------------------------------------------
Hindustan Times reports that the Gurugram police has indicted three
people, including a 'resolution professional' appointed by the
National Company Law Tribunal for the revival of Educomp
Infrastructure & Schools Management Limited (EISML) as a corporate
debtor amid its insolvency process, for cheating it instead.
According to Hindustan Times, the Gurugram Police filed a
chargesheet in a court indicting resolution professional Ashwani
Mehra for cheating and carrying out activities with the knowledge
that it would cause wrongful loss to a person or entity whose
interest he was bound to protect, under sections 420 and 418 of the
Indian Penal Code.
The Educomp Infrastructure & Schools Management Limited, which is
also facing a CBI FIR for alleged cheating and fraud by it after
borrowing a sum of INR805 crore from a consortium of banks and
diverting the same to unauthorised entities, had earlier approached
the NCLT to be declared insolvent, the report says.
As part of the insolvency process, the company law tribunal in
turn, had appointed Mehra as the resolution professional for
EISML's revival as a corporate debtor, the chargesheet said.
But Mehra, despite being an insolvency or resolution professional,
considered the backbone of the insolvency process and mandated by
law to keep the process transparent and fair, "rigged the entire
process', the chargesheet said, Hindustan Times relays.
Two others who were indicted in the chargesheet are Kroll
Associates' managing Director Tarun Bhatia and Duff & Phelps
India's MD Aviral Jain.
In its chargesheet, the police said the three accused were
"involved in fraud, illegalities, siphoning off huge sums of money
for personal benefits, defrauding bankers, creditors of the
company, causing loss to the public exchequer and filing false
reports to intimidate the ex-management of the company (EISML),'
according to Hindustan Times.
"In this case, main accused Mehra, appointed as RP in the Corporate
Insolvency Resolution Process (CIRP) of EISML by the NCLT, abused
his position to make huge financial gains by appointing Kroll and
Associates for financial audits as well as his own firm as a
consultant", the chargesheet said.
Hindustan Times says the accused were doing this to derail the
Educomp's insolvency process and file false complaints against it
which led to its harassment, police said in its chargesheet. The
chargesheet said Mehra got conducted two forensic audits of EISML's
by Kroll at an extraordinarily high fee of more than INR50.74 lakh
besides paying it a legal fee of INR73.87 lakh.
Dwelling upon Duff & Phelps' alleged complicity in the cheating,
the chargesheet said Mehra is also its managing partner and has a
consulting agreement with it, the report relays.
Hindustan Times adds that the chargesheet said he appointed Duff &
Phelps' fully-owned undertaking Kroll and Associates for forensic
audits of ESIML in a "blatant misuse of powers for personal
gains'.
The chargesheet also said Mehra has a commission arrangement with
Duff & Phelps, headed by its MD Aviral Jain and he was entitled to
a commission for every business he brought to them.
Educomp Infrastructure & Schools Management Limited (EISML)
provided various support services to schools. EISML is a
subsidiary of online education services provider Educomp Solutions
Limited (ESL).
FUTURE RETAIL: Bank of India Starts Insolvency Process vs Firm
--------------------------------------------------------------
India Legal reports that the National Company Law Tribunal (NCLT)
Mumbai has been approached by Bank of India in the case regarding
Future Retail Limited as they want to initiate the Corporate
Insolvency Resolution Process (CIRP).
India Legal relates that the bench of Justice P.N. Deshmukh and
technical member S.B. Vohra have issued notice to Future Retail.
They have given the company time to file their response.
According to the report, the application was filed by advocate
Palash Agarwal, under Section 7 of the Insolvency and Bankruptcy
Code where it been alleged that the Future retail group has
committed a default in tune of ₹3,495 crores through a one-time
restructuring scheme between the bank and the company.
The bank was represented by the Senior Advocate Ravi Kadam, who
requested the bench to allow tribunal one more hearing before the
vacations begin, the report says.
Bank of India initiated the concern after the group of creditors
led by BOI raised the issue regarding the recovery of the dues
after 200 Future Retail stores were taken up by the Reliance
Industries.
The Bombay Stock exchange in the last month stated that it was
informed by the Future Group that 69% of the creditors had voted
against the composite scheme of arrangement with Reliance Group
entities whereas only 30% were in favor of the arrangement, India
Legal recalls.
The bench acceded to the request and posted the matter for further
hearing on May 12, the report notes.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.
Future, India's second-largest retailer, has sought to complete its
AUD3.4 billion retail asset sale to Reliance Retail since 2020.
The Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.
PADMAJA POLY: CRISIL Lowers Rating on INR12cr Loans to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Padmaja Poly Packs Private Limited (Padmaja Poly Packs: Part of
Padmaja group) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
Proposed Fund- 4 CRISIL B/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Term Loan 14 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with Padmaja Poly
Packs for obtaining information through letters and emails dated
January 22, 2022 and March 12, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Padmaja Poly Packs, which
restricts CRISIL Ratings' ability to take a forward-looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Padmaja Poly Packs is consistent with 'Assessing
Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of Padmaja Poly Packs
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Padmaja Poly Packs and
Padmaja Polymers Private Limited (Padmaja Polymers). This is
because these companies, together referred to as the Padmaja group,
have a common management team, are in similar lines of business,
and have operational linkages and fungible cash-flows.
Padmaja Polymers was incorporated in 1996. It is engaged in
manufacturing of polypropylene woven sacks used majorly in cement,
sugar and fertilizers industry. Promoters of the company are Mr.
Suresh Reddy, Mrs. Padmaja Reddy, and family.
Padmaja Poly Packs was incorporated in 2011. It is engaged in
manufacturing of polypropylene woven sacks used majorly in cement,
sugar and fertilizers industry. Promoters of the company are Ms.
Jupally Madhubala, Mr. Suresh Reddy, Mrs. Padmaja Reddy and
family.
PHORUM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Phorum Jewels
Limited (PJL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PJL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PJL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PJL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PJL continue to be 'CRISIL D Issuer Not Cooperating'.
PJL was incorporated in 2001 by Mr. Bharat Mewawala and his family.
The company retails in plain gold and diamond-studded gold jewelry.
PJL has two retail showrooms - one in Byculla and another in the
Opera House (both in Mumbai).
PROGRESSIVE SURFACE: CRISIL Cuts Rating on INR6cr Loans to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Progressive Surface Systems Private Limited (PSSPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Cash 1.5 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with PSSPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PSSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSSPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
PSSPL was incorporated in 2002. The company is engaged in the
manufacturing and electroplating of parts such as grills,
garnishes, ornamental rings & door handles, emblems and sanitary
parts mainly for automobile and consumer durable industry. The
manufacturing facilities are situated in Vasai, near Mumbai. PSSPL
is owned and managed by Mr Malav Kumar Shah and his family
members.
RAJA RAJESHWARA: CRISIL Lowers Rating on INR10cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sri
Raja Rajeshwara Cotton Industries (SRRC) to 'CRISIL B/Stable Issuer
Not Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SRRC for
obtaining information through letters and emails dated January 22,
2022 and March 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRRC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRRC Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
SRRC was formed as a partnership firm in March 2011. There are ten
partners, though operations are mainly managed by Mr Gunda Srinivas
and Mr Gourishetty Srinivas. SRRC gins and processes raw cotton,
and has installed 27 jumbo gins with a capacity of 3,60,000 tons
per annum. The registered office and manufacturing unit is located
at Pandilla Village, Husnabad in Telangana.
RAMESHWAR SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Rameshwar Sahakari Sakhar Karkhana Limited (SRSSKL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 28 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRSSKL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRSSKL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SRSSKL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SRSSKL continue to be 'CRISIL D Issuer Not
Cooperating'.
Established in 2001 by a group of agriculturists in Jalna,
Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve (member
of Parliament) and manufactures sugar. Mr. Santosh Patil Danve is
its chairman, and operations are managed by Mr. Dharmaraj Shewale
(managing director) with support from other functional personnel.
S. K. ENTERPRISES: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. K.
Enterprises - Thane (SK) continues to be 'CRISIL B-/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SK for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SK is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SK
continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Established in 1996 as a proprietorship firm by Mr. Shyam
Gyanchandani, SK trades in fuel oils and chemicals. It is based in
Thane (Maharashtra).
S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K. Hitech
Industries (SKHI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Term Loan 7.98 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKHI for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKHI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKHI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKHI continue to be 'CRISIL D Issuer Not Cooperating'.
Established in 2015, Davanagere (Karnataka) based SKHI is set to
process paddy to produce rice, broken rice, bran and husk. The firm
has an installed processing capacity of 14 tonnes per hour of
paddy. The commercial operations are expected to start from end of
September 2016. Managing partner, Mrs. Syyed Rehana and her family
manage operations.
SAFILO HEALTHCARE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Safilo
Healthcare (SH) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft 3.5 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Term Loan 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SH for
obtaining information through letters and emails dated January 22,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SH, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SH
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
SH was established in 2015 as a partnership firm by the Adroja
Family. The firm is engaged in manufacturing of baby diapers under
its own brand 'champs'. They have one manufacturing facility in
Morbi, Gujarat.
SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saj Roofing
Solutions Private Limited (SRS) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.2 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRS for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRS continue to be 'CRISIL D Issuer Not Cooperating'.
SRS was established in 2016 by Mr Sebastien Cletus in Coimbatore,
Tamil Nadu. The company manufactures roofing sheets for industrial
use.
SALASAR BALAJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Salasar
Balaji Cold Storage (SBCS) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Loan 0.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.55 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 5.20 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBCS for
obtaining information through letters and emails dated January 22,
2022 and March 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBCS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBCS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SBCS was set up as a partnership firm in 2015 by Mr Govindji
Laxmanji , Motilal Laxmanji , Mafa Umedaji and Kasturji Umedaji.
SBCS operates a cold storage facility in Banaskantha, Gujarat.
SAM INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sam
Industrial Enterprises Limited (SIEL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIEL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIEL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIEL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1992 in Delhi, SIEL began operations in 2000. It
designs, prints, and binds books, brochures, and other reading
materials. The company is promoted and managed by Mr Amit Kaka. The
company does work for private publishers and jobwork for NCERT.
SAMEERA HOTELS: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sameera Hotels
(Chennai) Private Limited (SHPL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 26 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHPL continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Incorporated in 2011, Chennai-based, SHPL owns two hotels in
Chennai and Vellore. The company has a consolidated 110 rooms with
various facilities like cafe, restaurant, bar, spa etc. The
operations of the company are managed by the promoters, Mr
Murugesan and his family.
SANGAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sangam
Construction (SC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SC for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SC
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in the 2004, SC is proprietorship firm of Mr. Shanker
Bajirao. The firm is engaged in executing civil construction
contracts mainly for Government of Goa.
SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Savute
Textiles Private Limited (STPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with STPL for
obtaining information through letters and emails dated January 31,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of STPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPL continue to be 'CRISIL D Issuer Not Cooperating'.
Started in 2012, Kerala-based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company's
day-to-day operations are managed by its director Mr. Stephen Logan
and Mr Gopinathan.
SHANTDEEP METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shantdeep
Metals Private Limited (SMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continue to be 'CRISIL D Issuer Not Cooperating'.
SMPL, incorporated in 2009, is promoted by Mr Pradeep Chaudhary, Ms
Sanjot Chaudhary, and Mr Prashant Rahane. The company provides heat
treatment services for automotive components on a job-work basis.
In 2013, it started manufacturing gears for two-wheelers at its
facility in Aurangabad, Maharashtra.
SHARANAM REAL: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Sharanam Real Estate Private Limited (SSREPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2 CRISIL B/Stable (Issuer Not
Facility Cooperating)
Proposed 2 CRISIL B/Stable (Issuer Not
Overdraft Cooperating)
Facility
Term Loan 12.5 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 8.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSREPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSREPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSREPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSREPL continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
SSREPL, established in 2004 by Mr Laxman Das Goel and Mr Ravi Goel,
operates a luxury 5-star hotel, Crystal Sarovar Premiere, in Agra,
Uttar Pradesh. The company has entered into a long-term agreement
with SHRPL, under which, the latter will operate, manage, and
maintain the hotel.
SLUMBER FOAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Slumber Foam
India Private Limited (SFIPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 4 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Long Term 2 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Proposed Term Loan 4 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SFIPL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SFIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SFIPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Established in June 2018 by Mr Kapil Gupta and family, SFIPL is
setting up a plant in Fatehabad to manufacture PU foam and mattress
at a capacity of around 350 kg per minute. The unit is expected to
start commercial operations from November 2018 onwards.
SUVEERA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suveera Agro
Industries (SAR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAR for
obtaining information through letters and emails dated January 31,
2022 and March 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAR continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2010, SAR is a partnership firm of Mr NVV Prasada Rao, Mr
Gadde Srinivasa Rao, Mr Gadde Chakradhar and Mr Naga Bhirava
Krishna Phanendra. The mill, located in Hanuman Junction (Andhra
Pradesh), processes paddy into rice, bran, broken rice and husk.
TARA SALES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tara Sales
Limited (TSL) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TSL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSL continue to be 'CRISIL D Issuer Not Cooperating'.
TSL was incorporated in 2010 by Mr. Jaswant Singh and Mr. Balwant
Singh in Ludhiana. It trades in rice bran and mustard DOC, maize,
bajra, and other agricultural products.
THOUSU PERIYAKKAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thousu
Periyakkal Educational Health and Charitable Trust (TPHCT) continue
to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.6 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5.76 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 13.18 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 2.70 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TPHCT for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TPHCT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPHCT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TPHCT continue to be 'CRISIL D Issuer Not Cooperating'.
TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B
Selvaraj as a trust registered under the Indian Trust Act, 1881.
The trust offers undergraduate, post-graduate, and diploma courses
in engineering and teacher education courses.
TORNADO MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tornado
Motors Private Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 13 CRISIL D (Issuer Not
Cooperating)
Cash Credit 17 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Tornado for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Tornado, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Tornado is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Tornado continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Tornado, incorporated in September 2010, is promoted by Mr.
Jitendra Pal Singh Chadha, and his wife, Mrs. Amanpreet Chaddha.
The company is an authorised dealer of Volkswagen passenger
vehicles, and has one showroom and workshop in Mumbai
(Maharashtra).
=====================
N E W Z E A L A N D
=====================
AP INVESTMENTS: Creditors' Proofs of Debt Due on June 15
--------------------------------------------------------
Creditors of AP Investments 2018 Limited and Overdale Investments
Limited are required to file their proofs of debt by June 15, 2022,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on May 4, 2022.
The company's liquidators are:
Lynda Smart
Geoff Brown
Rodgers Reidy
PO Box 39090
Harewood, Christchurch 8545
COUNTIES PAINTING: Creditors' Proofs of Debt Due on May 19
----------------------------------------------------------
Creditors of Counties Painting Services Limited are required to
file their proofs of debt by May 19, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 19, 2022.
The company's liquidator is David Edward Thomas.
DLM LANDSCAPING: Court to Hear Wind-Up Petition on May 13
---------------------------------------------------------
A petition to wind up the operations of DLM Landscaping Creations
Limited will be heard before the High Court at Auckland on May 13,
2022, at 10:00 a.m.
Simmonds Lumber (NZ) Limited filed the petition against the company
on March 10, 2022.
The Petitioner's solicitor is:
Brett Leeson Martelli
HC Legal Limited
Level 1, 19 Mauranui Avenue
Newmarket, Auckland
GARDEN DIY: Creditors' Proofs of Debt Due on July 1
---------------------------------------------------
Creditors of Garden Diy Limited (formerly Rev Developments Limited)
are required to file their proofs of debt by July 1, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 28, 2022.
The company's liquidator is:
Garry Whimp
Blacklock Rose Limited
PO Box 6709
Victoria Street West, Auckland 1142
KORU CONCRETE: Creditors' Proofs of Debt Due on June 17
-------------------------------------------------------
Creditors of Koru Concrete Limited are required to file their
proofs of debt by June 17, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 2, 2022.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu Peninsula, Auckland 0651
QEX LOGISTICS: Investors Left With Few Options to Rescue Funds
--------------------------------------------------------------
Nicholas Pointon at Radio New Zealand reports that investors in the
embattled shipping firm QEX Logistics find themselves in the dark
with no easy way to recover their money after the company was
booted from the stock exchange.
According to the report, QEX was already planning to de-list but
was struck off by the market regulator last week for repeatedly
breaching listing rules.
RNZ relates that trading in its shares has been suspended for more
than a year, which ensued after a period of chaos, including
failing to disclose material information to investors and even
legal action.
The company was also hit with a NZD150,000 fine for submitting its
financial accounts for the previous financial year.
Kaveh Azar first bought QEX stock in 2020 and prior to the trading
halt he owned about NZD1,800 worth of the company's stock, the
report discloses.
He said all his attempts to contact the company's chief executive,
Ronnie Xue, about what happens to his investment had been
unsuccessful.
"It's so frustrating, they don't respond to e-mails, phone calls
and any time I contact the NZX they tell me to contact [QEX]. It's
basically a closed loop."
He said he was surprised a company's directors could resign
en-masse and it could be put in a trading halt for as long it was,
leaving no way for investors to get their money out, RNZ relays.
RNZ relates that Mr. Azar said he had no idea what happens next now
that QEX is a private company without a tradable market for its
shares.
A spokesperson from the Financial Markets Authority said
shareholders in private companies who wanted to dispose of their
shares would have to find a willing buyer.
"Some companies facilitate trading of their own shares by relying
on an exemption from the law," the spokesperson said.
Investors in private companies also have fewer legal protections
than those invested in a publicly traded firm because private
entities are governed by the Companies Act, not the Financial
Markets Conduct Act which has a higher level of accountability for
businesses, the report notes.
"[QEX] investors don't just feel they are in the dark, they are in
the dark," RNZ quotes New Zealand Shareholders' Association chief
executive Simon Mander as saying. "They have quite limited rights
in terms of accessing what's actually going on [in the company]."
According to RNZ, Mr. Mander said this was the reason why it did
not want QEX to delist because it would still have to be
accountable to shareholders.
"At the end of the day, if someone chooses to ignore the listing
rules completely, NZ RegCo is really left with little choice but to
de-list them but that doesn't make it easier for existing
shareholders."
RNZ relates that Mr. Mander said there was still a requirement for
QEX to hold a shareholders' meeting once a year but there was no
indication of when the company may hold that meeting.
"[The] NZ Shareholders' Association will keep on advocating for
some transparency for QEX shareholders."
"We are hoping at the very least to enable a conversation and a
meeting between shareholders and Ronnie Xue", he said.
He acknowledged the suspension of QEX's shares back in 2021 which
resulted in poor outcomes for shareholders highlighted the risks
associated with investing in listed companies, adds RNZ.
QEX Logistics Limited provides logistics services. The Company
offers storage, packaging, customs clearance, freight forwarding,
and delivery services. QEX Logistics serves customers in New
Zealand.
SKYLINE ALUMINIUM: Court to Hear Wind-Up Petition on May 13
-----------------------------------------------------------
A petition to wind up the operations of Skyline Aluminium Limited
will be heard before the High Court at Auckland on May 13, 2022, at
10:00 a.m.
Village Accommodation Group Limited filed the petition against the
company on Feb. 22, 2022.
The Petitioner's solicitor is:
Catherine Louise Waugh
Credit Consultants Group NZ Limited
Level 12, 15 Willeston Street
Wellington Central, Wellington 6011
=================
S I N G A P O R E
=================
APIES VENTURES: Court to Hear Wind-Up Petition on May 13
--------------------------------------------------------
A petition to wind up the operations of Apies Ventures Pte Ltd will
be heard before the High Court of Singapore on May 13, 2022, at
10:00 a.m.
Marketlend Pty Ltd filed the petition against the company on May
13, 2022.
The Petitioner's solicitors are:
Cavenagh Law LLP
Marina Bay Financial Centre
25th Floor, Tower 3
12 Marina Boulevard
Singapore 018982
DA SHUN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on April 29, 2022, to
wind up the operations of Da Shun Shipping (Pte.) Ltd.
The company's liquidator is:
Yit Chee Wah
c/o FTI Consulting (Singapore)
1 Raffles Quay, #27-10
Singapore 048583
EVERISE HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned to Everise Holdings Pte. Ltd. a
B3 corporate family rating and a B3-PD probability of default
rating. Concurrently, assigned B3 ratings to BCP V Everise
Acquisition LLC's proposed senior secured credit facilities
consisting of a $50 million revolving credit facility expiring 2027
and a $210 million term loan due 2027. The outlook is stable.
Proceeds from the proposed term loan along with balance sheet cash
will be used to refinance existing debt, fund a dividend
distribution to shareholders and pay transaction-related fees and
expenses. The proposed $50 million revolver is expected to be
undrawn and fully available at closing. The debt-funded
distribution and Everise's private equity ownership point to an
aggressive financial strategy. Governance considerations are
therefore a driver of this rating action.
The following ratings/assessments are affected by the action:
New Assignments:
Issuer: Everise Holdings Pte. Ltd.
Corporate Family Rating, Assigned B3
Probability of Default Rating, Assigned B3-PD
Issuer: BCP V Everise Acquisition LLC
GTD Senior Secured Term Loan B, Assigned B3 (LGD3)
GTD Senior Secured Revolving Credit Facility, Assigned B3 (LGD3)
Outlook Actions:
Issuer: Everise Holdings Pte. Ltd.
Outlook, Assigned Stable
Issuer: BCP V Everise Acquisition LLC
Outlook, Assigned Stable
The assigned ratings are subject to review of final documentation
and no material change to the size, terms and conditions of the
transaction as advised to Moody's.
RATINGS RATIONALE
Everise's B3 CFR is constrained by moderately high debt-to-EBITDA
leverage of 4.7x estimated for FYE2021 pro forma for the
transaction, low barriers to entry for larger, global players to
replicate Everise's business strategy, and small scale and high
customer concentration, with top 3 customers accounting for about
45% of revenues in 2021. The rating is also constrained by a
potentially aggressive financial policy under private equity
ownership with potential for shareholder-friendly transactions,
including debt-funded acquisitions and dividend distributions.
The company benefits from strong organic revenue growth in
fast-growing verticals, including healthcare and new economy,
further supported by the positive growth aspects of the customer
experience business process outsourcing industry, good quality,
successful and growing clients that value Everise's ability to
represent their brand culture to customers, strong net promoter
scores that support high customer retention and growing wallet
share of existing clients and a good liquidity profile.
All financial metrics cited reflect Moody's standard adjustments.
The company's good liquidity profile reflects Moody's expectation
of modestly positive free cash flow over the next 12 to 18 months
and access to an undrawn $50 million revolver at close. Expected
free cash flow of at least $10 million (excluding the dividend
distribution) during the next 12 months and sufficient cash on hand
as of December 31, 2021 should cover the $10.5 million of mandatory
debt amortization. The $50 million revolver expiring in 2027 is
expected to remain fully available to support any unexpected
working capital swings.
As proposed, the new credit facility is expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include incremental debt capacity up to
the greater of $50 million and 100% of Consolidated EBITDA, plus
unused amounts of the general debt basket, plus unlimited amounts
subject to 4.0x first lien leverage ratio (if pari passu secured).
The proposed terms and the final terms of the credit agreement may
be materially different.
Debt capital is comprised of a $50 million revolving credit
facility expiring in 2027 and a $210 million term loan B due 2027.
The B3 credit facility ratings, the same as the B3 CFR, reflect the
preponderance of debt represented by the term loan and revolver.
The term loan and revolver are guaranteed by Everise Holdings Pte.
Ltd. and wholly-owned U.S. restricted subsidiaries of BCP V Everise
Acquisition LLC other than any excluded subsidiary as defined by
the credit agreement. The term loan and revolver also have a first
priority security interest in substantially all assets of the
borrower and guarantors.
The stable outlook reflects Moody's expectation that leverage will
decline below 4.5x over the next 12 to 18 months supported by
organic EBITDA growth as well as steadily increasing margins,
positive free cash flow generation and the maintenance of at least
adequate liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Everise's ratings could be upgraded if debt-to-EBITDA leverage is
sustained below 5x and free cash flow to debt is sustained above 5%
while maintaining stable margins, and if the company improves its
customer diversification.
The ratings could be downgraded if liquidity weakens, operating
performance deteriorates, top customers choose not to renew
contracts, or if debt-to-EBITDA leverage approaches 7x.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Everise, domiciled in Singapore but with a US-based headquarter and
management team, is a global provider of technology-enabled,
omni-channel customer management services to healthcare and fast
growth technology businesses. The company is majority owned by
Brookfield Asset Management Inc.
JINFU FOOD: Court to Hear Wind-Up Petition on May 20
----------------------------------------------------
A petition to wind up the operations of Jinfu Food Services Pte Ltd
will be heard before the High Court of Singapore on May 20, 2022,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
April 25, 2022.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
NJ ONG: Court to Hear Wind-Up Petition on May 20
------------------------------------------------
A petition to wind up the operations of NJ Ong Pte Ltd will be
heard before the High Court of Singapore on May 20, 2022, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
April 26, 2022.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
THREE ALPS: Court to Hear Wind-Up Petition on May 13
----------------------------------------------------
A petition to wind up the operations of Three Alps Pte Ltd will be
heard before the High Court of Singapore on May 13, 2022, at 10:00
a.m.
Marketlend Pty Ltd filed the petition against the company on April
20, 2022.
The Petitioner's solicitors are:
Cavenagh Law LLP
Marina Bay Financial Centre
25th Floor, Tower 3
12 Marina Boulevard
Singapore 018982
=================
S R I L A N K A
=================
SRI LANKA: To Replace 'Unrealistic' Budget, Finance Minister Says
-----------------------------------------------------------------
Reuters reports that Sri Lanka plans to replace its current
"unrealistic" budget and is in talks with the World Bank to extend
its support by $300 million to $700 million, the country's finance
minister said on May 4.
The island nation, hit hard by COVID-19 and short of revenue after
steep tax cuts by President Gotabaya Rajapaksa's government, is
critically short of foreign exchange and has sought an emergency
bailout from the International Monetary Fund, according to
Reuters.
Reuters says rampant inflation and shortages of imported food, fuel
and medicines have led to weeks of protests that have occasionally
turned violent.
"The existing budget is unrealistic, given our challenges," finance
minister Ali Sabry told a parliament session, Reuters relays. "We
will bring in a new budget that will seek to address core issues of
low public revenue."
According to Reuters, Sabry said he wanted to increase tax revenue
as a share of gross domestic product to 14% within the next two
years, from 8.7% now.
Sri Lanka will appoint within the next two weeks financial and
legal advisers for a proposed restructure of its sovereign debt,
Sabry said, adding that the government was keen to work with the
IMF on structural reforms, Reuters relays.
"This is the only way to put the economy on a sustainable footing,"
he said.
As reported in the Troubled Company Reporter-Asia Pacific on April
27, 2022, S&P Global Ratings lowered its long-term and short-term
foreign currency sovereign ratings on Sri Lanka to 'SD/SD' from
'CC/C'. At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative. S&P's transfer and
convertibility assessment at 'CC' is unchanged. S&P's foreign
currency rating on Sri Lanka is 'SD' (selective default). It does
not assign outlooks to 'SD' ratings because they express a
condition and not a forward-looking opinion of default probability.
The negative outlook on the local currency ratings reflects the
high risk to commercial debt repayment in the context of Sri
Lanka's economic, external, and fiscal pressures.
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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-
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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.
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