/raid1/www/Hosts/bankrupt/TCRAP_Public/220516.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, May 16, 2022, Vol. 25, No. 91
Headlines
A U S T R A L I A
ARROW & CO PTY: Second Creditors' Meeting Set for May 20
BELLVUE WINDOWS: First Creditors' Meeting Set for May 23
LIFE SCIENCE: Second Creditors' Meeting Set for May 20
LUCASWORKS PTY: Second Creditors' Meeting Set for May 20
C H I N A
JINKE PROPERTY: S&P Downgrades ICR to 'B+' on Tighter Liquidity
RED STAR: S&P Downgrades LT ICR to 'B+', Outlook Negative
SUNAC CHINA: Pays Local Bondholders After Defaulting on Notes
I N D I A
AMON-RA IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
ASHIRVAD AGRO: CARE Lowers Rating on INR11cr LT Loan to B
BALASORE ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating
BEVCON WAYORS: Insolvency Resolution Process Case Summary
BHANGE ORGANIC: Insolvency Resolution Process Case Summary
CASTALL TECHNOLOGIES: Insolvency Resolution Process Case Summary
CITYLIFE RETAIL: CARE Lowers Rating on INR70cr LT Loan to C
ELIXIR BUILDCON: Insolvency Resolution Process Case Summary
GAJANAN AGRO: Insolvency Resolution Process Case Summary
HCC LTD: Says Close to Completing Debt Recast With Lenders
INDUSTRIAL HANDLING: CARE Lowers Rating on INR15cr LT Loan to B
INFRA CORPORATION: CARE Lowers Rating on INR10cr LT Loan to B+
INNER BEING: Insolvency Resolution Process Case Summary
J. V. EXPORTS: CARE Lowers Rating on INR16cr LT Loan to B+
KATGORA SRIKRISHNA: CARE Lowers Rating on INR5.70cr LT Loan to B-
MAA BAMESWARI: CARE Lowers Rating on INR7.82cr LT Loan to B-
MAA SHITALA: CARE Lowers Rating on INR11.74cr LT Loan to B+
MAHESVARA CASHEW: CARE Keeps C Debt Rating in Not Cooperating
MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
NATIONAL CONTRACTORS: ICRA Moves D Debt Ratings to Not Cooperating
OHIO CARDIOLOGY: Insolvency Resolution Process Case Summary
OM SHARDA: CARE Keeps B+ Debt Rating in Not Cooperating
QUTAB REALCON: Insolvency Resolution Process Case Summary
RADHARAMAN STAINLESS: CARE Lowers Rating on INR6.5cr Loan to B-
RAIGANJ AGRO: CARE Keeps B+ Debt Ratings in Not Cooperating
SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
SAI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHRIKRUPALU STEELS: Insolvency Resolution Process Case Summary
SRIE FLORA: CARE Lowers Rating on INR1.75cr LT Loan to B-
VOLT-AGE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
XL AXIATA: Profit Falls in Q3 as Tower Sale Income Dries
J A P A N
TOSHIBA CORP: Receives Interest from 10 Potential Investors
N E W Z E A L A N D
ABC 2022: Creditors' Proofs of Debt Due on June 9
ASH CONSTRUCTION: Creditors' Proofs of Debt Due on June 16
ASHGROVE INVESTMENTS: Creditors' Proofs of Debt Due on June 15
JUST BUILT: Court to Hear Wind-Up Petition on May 20
MAIHELANI CONTRACTORS: Court to Hear Wind-Up Petition on May 20
S R I L A N K A
SRI LANKA: Leader Names Opponent as PM in Push for Unity
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A U S T R A L I A
=================
ARROW & CO PTY: Second Creditors' Meeting Set for May 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Arrow & Co Pty
Ltd has been set for May 20, 2022, at 11:00 a.m. via Microsoft
Teams.
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 18, 2022, at 5:00 p.m.
Rajiv Goyal and Joseph Hayes of Wexted Advisors were appointed as
administrators of Arrow & Co Pty on April 11, 2022.
BELLVUE WINDOWS: First Creditors' Meeting Set for May 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Bellvue
Windows Pty Ltd as Trustee for the Bell Trust will be held on May
23, 2022, at 10:00 a.m. at the offices of Rodgers Reidy, Level 3,
326 William Street, in Melbourne, Victoria.
Neil McLean of Rodgers Reidy was appointed as administrator of
Bellvue Windows on May 11, 2022.
LIFE SCIENCE: Second Creditors' Meeting Set for May 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Life Science
Biosensor Diagnostics Pty Ltd has been set for May 20, 2022, at
11:00 a.m. via teleconference.
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 20, 2022, at 11:00 a.m.
Mark Robinson, Antony Resnick and Riad Tayeh of de Vries Tayeh were
appointed as administrators of Life Science on May 10, 2022.
LUCASWORKS PTY: Second Creditors' Meeting Set for May 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Lucasworks Pty
Ltd has been set for May 20, 2022, at 11:00 a.m., at DV Recovery
Management, Level 1, 76-78 Market Street, in Wollongong, NSW.
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 19, 2022, at 4:30 p.m.
Daniel Obrien of DV Recovery was appointed as administrator of
Lucasworks Pty on April 8, 2022.
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C H I N A
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JINKE PROPERTY: S&P Downgrades ICR to 'B+' on Tighter Liquidity
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Jinke
Property Group Co. Ltd. to 'B+' from 'BB-'. S&P also lowered the
long-term issue rating on the developer's senior unsecured notes to
'B' from 'B+'.
The stable outlook reflects S&P's view that Jinke will maintain its
ability to generate liquidity and preserve cash for debt repayment
to weather the industry down cycle.
S&P downgraded Jinke because the company now has less liquidity
headroom to absorb adverse industry conditions, after it used cash
on hand to repay debt while sales declined in the past few months.
Despite the regulatory environment becoming more supportive for
developers in 2022, the tough operating environment may continue to
pressure the company's sales and profit margin, leading to
weakening credit metrics.
That said, Jinke's ability to adapt to changing market conditions
and its track record of onshore issuances should support its
business operations in the current downturn, in our assessment. The
company generated positive cash flow of Chinese renminbi (RMB) 14.2
billion from its operations during 2021, and RMB2.5 billion in the
first quarter of 2022 (before interest payments), despite the
drastic industry downturn since the second half of 2021. It
generated a total of about RMB3 billion from a partial sale of its
property management company to a strategic investor. It also
divested a wind energy noncore asset in 2021.
Despite the shutdown of new issuance channels in bond markets,
Jinke managed to refinance its bonds. The company issued RMB800
million in December 2021 and RMB1.5 billion in February 2022 in the
domestic market. The divestments and bond issuances partly
alleviated the pressure of burning cash for debt repayment, while
the developer faced unprecedented tight funding conditions.
S&P said, "We expect Jinke's revenue growth to lose steam and
margin pressure to persist in the next two years. In our estimate,
the company's revenue is likely to slide in coming years after a
strong 28.1% increase in booked revenue to RMB112 billion in 2021.
Tough industry conditions have prompted the company to destock its
inventory, including offering discounts, to boost liquidity.
Revenue from projects sold at lower prices will be booked over the
next two years. This will likely weigh on Jinke's EBITDA and make
it tougher to maintain leverage levels. We forecast consolidated
debt-to-EBITDA ratio will edge up to 5.5x-6.5x for 2022-2023,
compared with 5.3x in 2021.
Refinancing needs will remain Jinke's priority for the next one to
two quarters, shifting cash resources away from business
operations. The company has about RMB7 billion onshore bonds due or
puttable in the rest of 2022, mostly during May to September. S&P
believes the company will use part of cash on hand and its
operating cash flow to settle a majority of the repayment. It may
also tap the market for new issue, although at a higher price and
smaller size than the upcoming maturities.
Weak sales for the first quarter drove Jinke to repay debt with
cash on hand. Total cash level declined to RMB21.8 billion as of
end-March, from RMB28.9 billion at the end of December 2021, while
debt decreased by RMB8.2 billion over this period.
S&P said, "We believe contagion risks from joint venture (JV)
partners will reduce Jinke's access to project cash.The company's
use of partnerships has exposed it to heightened counterparty risk
from JV partners. Sales attributable to its stakes in all project
companies account for 60%-70% of its total sales. We believe access
to pre-sale proceeds in project companies may be hindered because
some project partners have run into liquidity issues.
"The stable outlook reflects our view that Jinke will maintain its
ability to generate liquidity and preserve cash for debt repayment
to weather the industry down cycle. We also believe the company
will settle its domestic bonds with cash on hand and small new
issuances as maturities come due in the next six to 12 months.
"We may lower the rating if Jinke's liquidity deteriorates from the
current level. This could happen if the company's contracted sales
continue to drop sharply. A drop in cash collection ratio and
inability to refinance would also prompt the company to further
deplete cash on hand to repay debt.
"We may also downgrade Jinke if its financial leverage, as measured
by a consolidated or 'look through' (proportionately consolidated)
ratio of debt to EBITDA, rises above 7x due to slippage in profit
margins and revenue booking.
"We may raise the rating if: (1) Jinke's consolidated and
look-through debt-to-EBITDA ratios stay below 5x on a sustainable
basis. This could happen if the company's contracted sales rebound
sufficiently to maintain stable business operations, and it can
maintain its profit margin; and (2) its liquidity profile improves,
with the ratio of liquidity sources to uses increasing to above
1.2x."
ESG credit indicators: E-3, S-2, G-3
RED STAR: S&P Downgrades LT ICR to 'B+', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Red Star Macalline Group Corp. Ltd. to 'B+' from 'BB', and the
long-term issue rating on the company's outstanding guaranteed
senior unsecured notes to 'B' from 'BB-'.
The negative outlook reflects S&P's view that Red Star's parent may
see increased refinancing risk over the next 12 months.
S&P said, "We downgraded Red Star to reflect rising liquidity risk
for parent Red Star Macalline Holding Group Co. Ltd. (RSH). The
parent has concentrated debt maturities over the next two years. We
continue to assess Red Star as a core subsidiary of RSH, and the
rating on Red Star is capped at RSH's group credit profile of
'b+'.
"At the same time, we believe Red Star's deteriorated leverage is
unlikely to recover over the next two years. The company's home
decoration and furniture malls, being a downstream industry of the
property value chain, will likely see a contagion impact from the
weak residential market in China. This, coupled with
pandemic-related disruptions in major cities, will hinder cash
collection and improvement in leverage. We lowered our assessment
of Red Star's stand-alone credit profile to 'bb-' from 'bb' based
on these factors.
"RSH's short weighted average maturity profile and concentrated
onshore bond maturities or puttables due over the next two years
pose meaningful refinancing risk. We have reflected this in our
negative assessment of the company's capital structure. RSH has
about Chinese renminbi (RMB) 10 billion of corporate bond
repayments in 2022 and 2023.
"In our opinion, the company is depending on profit distribution
from the disposal of Chongqing Hongxing Macalline Enterprise
Development Co. Ltd. (Hongxing Enterprise) and resources from other
non-listed segments for this. As of end-2021, RSH had about RMB3.9
billion of cash at the consolidated level excluding RSM, and only
about RMB870 million at the holding company level. In 2021, RSH
disposed of a 70% interest in Hongxing Enterprise, its property
development arm, to Sino-Ocean Group Holding Ltd. RSH received RMB4
billion as upfront payment and right to a share of profit from
Hongxing Enterprise's future projects. RSH's management expects to
receive RMB10 billion-RMB12 billion over the next two years.
"However, we believe these cash flows are subject to uncertainties
in the current unprecedented property downturn and amid the
pandemic, and may expose RSH to liquidity risk. For the RMB2.5
billion of corporate bonds puttable on May 29, 2022, management
expects over half not to be exercised and the bonds to be held for
another year. RSH has RMB3.5 billion of corporate bonds puttable in
November 2022, and another RMB3.9 billion in 2023."
While Red Star will also have considerable repayment needs in the
rest of 2022, we believe the company's sizable mall portfolio will
support refinancing. Red Star's cash balance was RMB6.9 billion as
of end-2021. In comparison, the company had RMB13 billion of
short-term debt, including RMB6 billion equivalent of senior notes
maturities, and corporate bonds and commercial mortgage-backed
securities (CMBS) puttable in 2022.
Meanwhile, about 10% of Red Star's RMB96 billion investment
properties were unencumbered as of end-2021, and the loan-to-value
(LTV) ratio of pledged assets was low at 35%-40%. Red Star's malls
are well-located in higher cities, and the company has a record of
utilizing them as CMBS pledge for fund raising. Management also
expects to refinance its US$300 million senior notes due in
September with a new issuance backed by a standby letter of credit
(SBLC).
S&P said, "We continue to see risks in Red Star's operation and
business model, which will constrain the company's ability to
deleverage over the next two years. In our base case, Red Star's
ratio of funds from operations (FFO) to debt will be 5.1%-5.3% in
2022 and 5.6%-5.8% in 2023, compared with 6.2% in 2021." The ratio
rebounded significantly from 4.8% in 2020, when the company was
affected by pandemic-related disruptions and rent concessions.
Red Star's operations are less resilient than those of other
traditional landlords, due to the company's shorter lease structure
and weaker tenant profile (consisting of small-to midsize furniture
retailers). While Red Star recorded 9% higher revenue in 2021, the
growth was mainly due to a low base in 2020 given lower occupancy
and a rent-free policy. Income from managed malls and the
construction segment declined 9% and 10%, respectively.
Red Star's franchise model will likely continue to face challenges
because the counterparties are mostly small-scale developers. S&P
said, "We project a 5%-10% decline in revenue in 2022 owing to a
dip in both occupancy and rent amid the downturn in the property
market and the impact of pandemic lockdowns. We also expect
weakness in Red Star's franchise income because liquidity stress
across developers may slow down construction and opening of new
malls."
S&P said, "The negative rating outlook on Red Star reflects our
view that its parent RSH may see higher refinancing risk amid
concentrated debt maturities over the next two years. RSH's
liquidity buffer may shrink if cash distribution from profit
sharing is significantly delayed.
"At the same time, we expect Red Star's business operations to
suffer from market headwinds over the next 12 months, before
recovering gradually. We further believe Red Star will manage its
upcoming debt maturities by refinancing or using internal
resources.
"We could downgrade Red Star if we believe RSH's liquidity buffer
has narrowed further. This could happen if the parent fails to
collect profit sharing distribution in time to repay its corporate
bonds. Our rating on Red Star is capped at the parent's group
credit profile.
"We could also downgrade Red Star if we see a substantial weakening
in the company's access to funding, leading to higher uncertainty
in the refinancing of its capital market borrowings.
"The ratings may also come under pressure if: (1) Red Star's
operations deteriorate further, such that we believe the
competitiveness of its business model has weakened; or (2) the
company's leverage further deteriorates. EBITDA interest coverage
deteriorating below 1.3x or the FFO-to-debt ratio falling below 5%
without signs of improvement would indicate such a deterioration.
"We could revise the rating outlook on Red Star to stable if RSH
resolves its repayment overhang and restores its liquidity buffer
with significant new funding. At the same time, Red Star should
maintain steady leverage with stable business operations."
Red Star is China's largest owner and operator of malls
specializing in home improvement and furnishing products. As of
March 31, 2022, the company had a large portfolio of 94 self-owned
and leased shopping malls and 280 franchised malls across 200
cities.
Red Star is dual listed on the Hong Kong and Shanghai stock
exchanges. Founder and chairman Mr. Che Jianxing and his sister
held 60.53% of the company's shares through RSH as of Dec. 31,
2021.
ESG credit indicators: E-2; S-2; G-3
Governance factors are a moderately negative consideration in S&P's
credit rating analysis of Red Star. This is because the company has
a limited record of demonstrating its board is sufficiently
independent of management. The founder chairman, Mr. Jianxing, and
his sister hold 60.53% of the company's shares through RSH and may
exercise significant control of the board.
Although pandemic-related lockdowns affected Red Star's mall
operations and hurt rental income, the company maintained over 90%
occupancy during the pandemic. Occupancy rate returned to 94.1% at
end-2021, the pre-pandemic level. S&P said, "However, we believe
the latest surge of COVID cases in key cities would hinder Red
Star's deleverage. Employment and health and safety risks in these
facilities were largely unaffected, in our view."
SUNAC CHINA: Pays Local Bondholders After Defaulting on Notes
-------------------------------------------------------------
South China Morning Post reports that major developer Sunac China
Holdings has made a local bond payment, soon after it announced a
dollar-note default, the latest example of cash first going to
ailing builders' domestic creditors.
Sunac Real Estate Group sent an initial planned payment to
investors via the bond's trustee, according to at least two
noteholders who are not authorised to speak publicly about their
holdings. It's the first principal payment under an 18-month
extension agreed to by the note's holders, the Post relates citing
an April 1 filing.
The Post says the due date under the plan for a CNY400 million
(US$59 million) payment was May 15. Sunac China was to make the
first principal payment on that date, according to an exchange
filing on May 13.
According to the report, the payment news comes a day after Sunac
China defaulted on dollar debt, highlighting the growing divergence
of the treatment of global investors versus their domestic peers as
stress ripples through the real estate sector.
Even as the clampdown on property triggered a wave of defaults
among borrowers, holders of domestic notes have been receiving
payments or sweetened offers on extension proposals. Most Chinese
firms' payment failures in 2022 have been on offshore notes, a
sharp reversal from previous years that's left overseas creditors
with billions in losses and waning power, the Post notes.
The Post says the handling of local and dollar debt obligations has
raised concerns about how different types of creditors are treated
in China's credit markets as borrowers grapple with liquidity
crises. Offshore notes are typically subordinated to their domestic
peers and are not secured by onshore assets, leaving global
investors with little recourse in the event of a payment failures -
even when the bulk of borrower's debt is owed to those creditors.
Sunac China has US$7.7 billion in outstanding dollar bonds and the
equivalent of US$3.1 billion in local notes, Bloomberg-compiled
data shows. It became one of the country's biggest property firms
to default when the company said it didn't pay a US$29.5 million
bond coupon before the end of a grace period.
Sunac also warned it wasn't likely to make payments on other
securities, highlighting ongoing liquidity issues amid this year's
sales plunge, and said it hired legal and financial advisers, the
report adds.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- is principally engaged in the sales of
properties in the People's Republic of China. The Company operates
its business through two segments: Property Development and
Property Management and Others. The Company's subsidiaries include
Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate
Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings
Ltd.
As reported in the Troubled Company Reporter-Asia Pacific on April
25, 2022, Fitch Ratings has withdrawn Sunac China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) of
'CC' and senior unsecured rating of 'CC' with a Recovery Rating of
'RR4'.
Fitch is withdrawing the ratings as Sunac has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Sunac.
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I N D I A
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AMON-RA IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amon-Ra
Impex Private Limited (AIPL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 18,
2021, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 4, 2022, January 14, 2022, January 24,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Amon-Ra Impex Private Limited (ARIPL) was incorporated in 1995 and
is currently managed by Mr. Ashok Rajgor and Mrs. Kalpana Shah. The
company is engaged in trading of polyvinyl chloride tiles &
floorings to various dealers and distributors across Maharashtra.
The company is an exclusive distributor of various PVC tiles &
flooring product lines manufactured by Hanwha based in Korea (among
fortune 500 list) across India. The company has leased two
warehousing facilities located at Bhiwandi, Thane for the storage
of traded materials.
ASHIRVAD AGRO: CARE Lowers Rating on INR11cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ashirvad Agro Processors (AAP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 25,
2021, placed the rating(s) of AAP under the 'issuer
non-cooperating' category as AAP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AAP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 11, 2022, January 21, 2022 and January
31, 2022. In line with the extant SEBI guidelines, CARE Ratings
Ltd. has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of AAP have been
revised on account of non-availability of requisite information.
Ashirvad Agro Processors (AAP) was established in the year 2000 as
proprietorship firm by Mr. K. Sridhar Nayak. The firm is engaged in
trading and processing of cashew nuts and cashew kernels. The firm
sells both raw cashew nuts and processed cashew kernels based on
market requirements and volatility of prices. The firm has
installed capacity of 10,000 kilograms per day at Birau, Mangalore,
Karnataka. The process involves steam roasting, shell cutting,
drying, sorting, peeling and grading. The firm outsources the
cutting, peeling and grading processes on job work basis. The firm
majorly procures raw material (raw cashew nuts) from African
countries like Benin, Togo, Ivory Coast, Ghana, Burkina Faso,
Tanzania, Indonesia etc. The firm imports raw cashew nuts owing to
better quality and relatively lower prices as compared to the
domestic market. The firm sells the cashew kernels to wholesalers
located all over India majorly in the states Karnataka (around 3
CARE Ratings Limited Press Release 50%), Gujarat (around 20%),
Rajasthan (around 20%) and others (around 10%). The firm also
generates income from sale of by-products like cashew shells,
cashew husk and rejections.
BALASORE ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balasore
Alloys Limited (BAL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 95.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 24, 2021,
placed the rating(s) of BAL under the 'issuer non-cooperating'
category as BAL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BAL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 27, 2022. In line with the extant SEBI guidelines, CARE
Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Balasore Alloys Limited (BAL), incorporated in May, 1984, is a part
of Kolkata-based Ispat group of companies promoted by Mr. M. L.
Mittal. BAL commenced commercial operations in 1987 with production
of ferro-chrome (FeCr). FeCr is mainly used in Stainless steel (SS)
production. The manufacturing facilities of BAL are located in
Balasore (Odisha) with an installed capacity of 1,45,000 tpa and in
Sukinda (Odisha) with an installed capacity of 15,660 MTPA for
ferro chrome. BAL has two chrome ore beneficiation plant, a chrome
ore briquetting plant and a metal recovery plant.
BEVCON WAYORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Bevcon Wayors Private Limited
Plot No. 139, Phase III
IDA Cherlapally, Hyderabad
Telangana 500051
India
Insolvency Commencement Date: May 9, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: October 16, 2022
Insolvency professional: S. Manjula
Interim Resolution
Professional: S. Manjula
Akasam & Associates, 10-1-17/1/1
2nd Floor, Masab Tank
Hyderabad 500004
Telangana, India
E-mail: sistlamanjula@gmail.com
cirp.bevconwayors@gmail.com
Last date for
submission of claims: May 23, 2022
BHANGE ORGANIC: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bhange Organic Chemicals Private Limited
B-1, Gangai Apt., S.No. 51/3/A/1
Wadgaon Budruk Pune
Maharashtra 411041
Insolvency Commencement Date: May 4, 2022
Court: National Company Law Tribunal
Estimated date of closure of
insolvency resolution process: October 31, 2022
Insolvency professional: Mr. Rakesh Maganlal Nathwani
Interim Resolution
Professional: Mr. Rakesh Maganlal Nathwani
G504, Mystique Moods
Behind Symbiosis College
Vimannagar, Pune
Maharashtra 411014
E-mail: rakesh@carmn.in
- and -
E-10 A, Kailash Colony
Greater Kailash
New Delhi 110048
E-mail: bhange.organic@aaainsolvency.com
Last date for
submission of claims: May 18, 2022
CASTALL TECHNOLOGIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Castall Technologies Pvt Ltd
Plot No. A-55, IDA Kukatpally
Gandhinagar, Hyderabad 500037
Insolvency Commencement Date: April 22, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: October 19, 2022
Insolvency professional: Haridasu Sambasiva Rao
Interim Resolution
Professional: Haridasu Sambasiva Rao
Flat no. 107, Prajapathi Elite 3
Mayurinagar, Miyapur
Hyderabad 500049
Telangana State
E-mail hsrao.siva@gmail.com
hsr11858ctpl@gmail.com
Last date for
submission of claims: May 6, 2022
CITYLIFE RETAIL: CARE Lowers Rating on INR70cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
CityLife Retail Private Limited (CRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 17,
2021, placed the rating(s) of CRPL under the 'issuer
non-cooperating' category as CRPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CRPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 3, 2022, January 13, 2022, January 23,
2022 and May 5, 2022. In line with the extant SEBI guidelines, CARE
Ratings Ltd. has reviewed the rating on the basis of the best
available information which however, in CARE Ratings Ltd.'s opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of CRPL have been
revised on account of non-availability of requisite information.
The ratings also factored in Corporate Insolvency Resolution
Process initiated by financial creditor (Apundarik Merchants
Private Limited). The facilities which is sanctioned not rated by
care.
CRPL, incorporated in 2006, started retailing under the CityLife
brand since 2013. CRPL is a family lifestyle store having 118
stores in Northern and Eastern India across states of Uttar
Pradesh, West Bengal, Odisha, Bihar, Jharkhand, Delhi, Assam,
Tripura, Madhya Pradesh, Haryana and Nagaland covering an area of
around 11.14 lakh sq. ft. CRPL mainly retails in apparels, however
other products include accessories, home furnishing and households
goods. CRPL is currently managed by cofounders and joint CMDs- Mr
Manish Kakrania, Mr Rajesh Baid and Mr Ritesh Kedia. The
co-founders have past experience in manufacturing readymade
garments. The directors are also jointly present in various real
estate businesses.
ELIXIR BUILDCON: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Elixir Buildcon Pvt Ltd
323, Aggarwal Plaza
Plot No. 3 DDA Community Centre
Sector-14, Rohini Delhi
DL 110085
IN
Insolvency Commencement Date: May 4, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 30, 2022
Insolvency professional: Reshma Mittal
Interim Resolution
Professional: Reshma Mittal
R-4-39, Raj Nagar
Ghaziabad 201002
E-mail: careshmamittal@gmail.com
irp.elixir@rrinsolvency.com
Classes of creditors: Real Estate Projects
Insolvency
Professionals
Representative of
Creditors in a class: Pooja Goel
Plot no. B-29/Flat no. S-1
Ramprashtha Colony, Ghaziabad
Uttar Pradesh 201011
Praveen Kumar Singhal
E-24A, 2nd Floor, Jawahar Park
Laxmi Nagar, New Delhi
National Capital Territory of Delhi
110092
E-mail: pksinghalca@gmail.com
Sumit Bansal
Preeti Sumit Bandal & Co.
Chartered Accountants
B-11, First Floor, RDC
Raj Nagar Court Road
Ghaziabad, Uttar Pradesh 201002
E-mail: ipsumitbansal@gmail.com
Last date for
submission of claims: May 18, 2022
GAJANAN AGRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shree Gajanan Agro Farms Private Limited
Flat No. 101, Vishvkarma Complex K Building
Devkar Panand Vasahat Kolhapur
Maharashtra 416012
Insolvency Commencement Date: May 6, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 2, 2022
(180 days from commencement)
Insolvency professional: Mr. Kamal Kishore Gurnani
Interim Resolution
Professional: Mr. Kamal Kishore Gurnani
Flat No. 1301, Building No. 23E
Palazzio CHS Ltd.
Mahada Housing Society
Powai, Mumbai 400076
E-mail: kamalgurnaniip@gmail.com
- and -
702, Janki Centre
Dattaji Salvi Road
Off Verra Desai Road
Andheri West, Mumbai 400053
E-mail: cirp.gajananagro@rirp.co.in
Last date for
submission of claims: May 20, 2022
HCC LTD: Says Close to Completing Debt Recast With Lenders
----------------------------------------------------------
BloombergQuint reports that HCC Ltd. said it expects to sustain
momentum after turning around and recording its "highest revenue"
in FY22.
The company is at the cusp of completing reorganisation of its debt
with lenders, Arjun Dhawan, vice chairman and whole-time director
at construction company, told BloombergQuint in an interview. That,
he said, should help build more order backlog momentum.
According to BloombergQuint, the company's order backlog has
remained flat over the last two to three years as it's been trying
to resolve debt with lenders. It transferred INR3,000 crore of debt
and INR7,000 crore of asset sales and award claims to a special
purpose vehicle carved out towards the resolution purpose.
After the process is completed, Dhawan said, the company expects a
25% growth in order book, the report adds.
Hindustan Construction Company Limited or HCC Limited is a
construction company headquartered in Mumbai, India, whose
businesses span the sectors of Engineering & Construction, Real
Estate, Infrastructure, Urban development & Management. The HCC
group of companies comprises HCC Ltd. and its subsidiaries HCC Real
Estate Ltd., HCC Infrastructure Co. Ltd., Lavasa Corporation Ltd.,
Steiner AG in Switzerland and Highbar Technologies Ltd.
INDUSTRIAL HANDLING: CARE Lowers Rating on INR15cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Industrial Handling (IH), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 17,
2021, placed the rating(s) of IH under the 'issuer non-cooperating'
category as IH had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 3, 2022, January 13, 2022, January 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of IH have been revised
on account of non-availability of requisite information.
Haldia (West Bengal) based, Industrial Handling (IH) was
established as a proprietorship firm in April 1995 by Mrs. Champa
Nandi. The firm has been engaged in providing equipment like crane,
locomotive engine, man lift, forklift, oil suction unit (Mosru),
hydra; trailer etc., on hire basis to various manufacturing
companies along with experts technical services and skilled
manpower. Currently, the firm has a fleet size of 60 nos. of cranes
with small to large-sized heavy duty hydraulic & crawler cranes
with capacity ranging from 20 metric tons to 400 metric tons. The
firm procures orders mostly through tender and executes orders
floated by the various Govt. and large private entities. However,
the moratorium has been availed on EMI's repayment of equipment
loan taken from ICICI bank from March to August 2020 as per the RBI
circular. Moreover, the entity has not availed any moratorium for
the other facilities from its lender.
INFRA CORPORATION: CARE Lowers Rating on INR10cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Infra Corporation (IC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 17,
2021, placed the rating(s) of IC under the 'issuer non-cooperating'
category as IC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 3, 2022, January 13, 2022, January 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of IC have been revised
on account of non-availability of requisite information.
Pune-based, Infra Corporation (IC), is a partnership firm
established in 2016 by Mr Pankaj Shah and Mr Kiran Shah. The entity
is engaged in trading of metal pipes, M.S pipes, Hollow sections,
Pre-galvanized pipes. IC is distributor of Maharashtra Seamless
Limited, Jindal Pipes Limited, APL Appolo Tubes Limited. The firm
is part of the Ambalal and Sons group, which has its presence in
trading, consultancy and civil work. The group caters to the
variety of end-user industries and has customer base across
Maharashtra.
INNER BEING: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Inner Being Wellness Private Limited
H.No. 6-3-883/5, Flat No. 201-203
Venkat Plaza, Panjagutta
Hyderabad TG 500082
Insolvency Commencement Date: April 25, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: October 22, 2022
Insolvency professional: Ganapati Ram Appana
Interim Resolution
Professional: Ganapati Ram Appana
H.No. 1-1-711/1, Gandhi Nagar
Hyderabad, Telangana 500080
E-mail: ganapati.ram1@gmail.com
- and -
Flat 301, B-Block
Vishnu Residency
Gandhi Nagar, Hyderabad
Telangana 500080
E-mail: ibwcirp@gmail.com
Last date for
submission of claims: May 9, 2022
J. V. EXPORTS: CARE Lowers Rating on INR16cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
J. V. Exports (JVE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 16,
2021, placed the rating(s) of JVE under the 'issuer
non-cooperating' category as JVE had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JVE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2022, January 12, 2022, January 22,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of JVE have been
revised on account of non-availability of requisite information.
Established in 1996, J V Exports (JVE) is a partnership firm
engaged in the processing and export of diamonds. The operations of
the firm are managed by the partners Mr. Vaghjibhai Vadsak, Mr.
Vitthalbhai Vadsak, Mr. Arvindbhai Vadsak and Mr. Jaysukhbhai
Vadsak who are vastly experienced and managing overall operations
of the firm. The firm has its administrative office in Mumbai and
its processing plant is located in Surat. The average size of the
finished diamonds ranges from 0.1 carat to 1 carat.
KATGORA SRIKRISHNA: CARE Lowers Rating on INR5.70cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Katgora Srikrishna Krishak Himghar Private Limited (KSKHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.70 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 1.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of KSKHPL under the 'issuer
non-cooperating' category as KSKHPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KSKHPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 29, 2021, January 08,
2022, January 18, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of KSKHPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in scale of operations,
profitability, deteriorated capital structure and debt coverage
indicators during FY21.
Katgora Srikrishna Krishak Himghar Private Limited (KSKHPL) was
incorporated on April 28, 1997 by Mr. Bhabotosh Ghosh, Since its
inception, KSKHPL is engaged in the business of providing cold
storage services primarily for potatoes, onion, ginger to local
farmers and traders on rental basis with an aggregate storage
capacity of 14,000 MTPA. The cold storage facility of the company
is located at Katgora, Hooghly, and West Bengal. Besides providing
cold storage facility, the company also provides interest-bearing
advances to farmers for their agricultural activities against the
receipts of potato stored.
MAA BAMESWARI: CARE Lowers Rating on INR7.82cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Maa Bameswari Cold Storage Private Limited (MBCSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.82 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 0.25 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of MBCSPL under the 'issuer
non-cooperating' category as MBCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MBCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 29, 2021, January 08,
2022, January 18, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MBCSPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in overall profit margins and
deteriorated debt coverage indicators marked by interest coverage
ratio during FY21.
Maa Bameswari Cold Storage Private Limited (MBCS) was incorporated
in 2004 to set up a cold storage facility with a storage capacity
of 19,300 metric tonnes in Hooghly district of West Bengal. Since
its inception, the company has been engaged in the business of
providing cold storage services primarily for potatoes to farmers
and traders. Besides providing cold storage facility, the company
also provides interest-bearing advances to farmers for their
agricultural activities against the receipts of potato stored. The
promoters of the company are having more than two decades of
experience in the cold storage business and they look after the
overall management of the company and they are further supported by
a team of experienced professionals.
MAA SHITALA: CARE Lowers Rating on INR11.74cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Maa Shitala Agro Private Limited (MSAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.74 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 16,
2021, placed the rating(s) of MSAPL under the 'issuer
non-cooperating' category as MSAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MSAPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 2, 2022, January 12,
2022, January 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MSAPL have been
revised on account of non-availability of requisite information.
The ratings further consider decline in scale of operations and
operating profitability during FY21 over FY20.
Incorporated in September 2009, Maa Shitala Agro Private Limited
(MSAPL) was promoted by Mrs. Supriya Purkait and Mr. Saumitra
Purkait. The company has been engaged in milling and processing of
rice. The plant of the company is located at Raidighi, West Bengal
with an installed capacity of 60000 metric ton per annum. The
company procures paddy from local farmers at Raidighi and after
processing, the final products are sold to dealers and wholesalers
in West Bengal. Apart from own milling and processing of rice, the
company is also engaged in custom milling for Government
departments like West Bengal Essential Commodities Supply
Corporation Limited, West Bengal State Cooperative Marketing
Federation Ltd. and Food and Supply Department of West Bengal.
MAHESVARA CASHEW: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahesvara
Cashew Industries (MCI) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.08 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 25,
2021, placed the rating(s) of MCI under the ‘issuer
non-cooperating' category as MCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 11, 2022, January 21, 2022 and January
31, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mahesvara Cashew Industries (MCI) was established in the year 2010
and promoted by Mr. Gopinath Bhat, Mr. Udaya Shetty, Mr.
Chiranjitha Ajila, Mrs. Arundathi Ajila, and Mrs. Namitha Shetty.
The firm is engaged in processing of raw cashew nuts. The firm
sells the processed cashew nuts in Karnataka, Gujarat and Mumbai.
The firm procures raw cashew nuts from international market places
like South Africa and Tanzania. Currently, the day to day
operations of the firm are managed by the Mr. Gopinath Bhat
(Managing Partner).
MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mangala
Electricals (ME) continues to remain in the 'Issuer Not Cooperating
' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.34 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.23 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2021, placed the rating(s) of ME under the ‘issuer
non-cooperating' category as ME had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ME
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 8, 2022, January 18, 2022, January 28,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mangalore based, Mangala Electricals (ME) was established in the
year 1980 as proprietor firm promoted by Mr. Gajanthodi Bhaskar
Bhat. ME is engaged in the work of electrical infrastructure for
supply, erection, and installation of sub-station transmission
network, maintenances and distribution substations on turnkey basis
with single and double circuit lines, based on the requirement of
customers. The firm has installed various types of transformers
with capacity up to 11KV to 400KV. ME procures work orders through
government majorly from MESCOM (Mangalore Electricity Supply
Company Limited), KPTCL (Karnataka Power Transmission Corporation),
UPCL (Udupi), Chaitanya Home Industries and Shree Polali Temple.
The firm has current order book of Rs.7.35 crore to be completed by
August 2019.
NATIONAL CONTRACTORS: ICRA Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of National
(India) Contractors & Engineers (NICE or the firm) to the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Cash Credit Cooperating' Category
Long-term/ 14.35 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; moved to the
Fund Based/ 'Issuer Not Cooperating' Category
Non Fund Based
Long-term/ 3.15 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; moved to the
Unallocated 'Issuer Not Cooperating' Category
As part of its process and in accordance with its rating agreement
with National (India) Contractors & Engineers, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, the company's rating has been moved to the
"Issuer Not Cooperating" category.
NICE was set up in 1962 by Mr. Usmangani Khatri and is at present
managed by three partners, Mr. Faruk Khatri, Mr. Zuber Khatri and
Mr. Rizwan Khatri. The firm is involved in the construction of
buildings, factories, townships and universities, as well as in
trading metals and primarily steel. The firm is based out of Mumbai
and executes construction projects primarily in Maharashtra and
Rajasthan.
In FY2020, NICE reported a net profit of INR0.52 crore on an OI of
INR27.37 crore compared to a net profit of INR0.75 crore on an OI
of INR40.82 crore in the previous year.
OHIO CARDIOLOGY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ohio Cardiology Associates India Private Limited
59, Ballygunge Circular Rd
Unit V, 7th Flr
Kolkata 700019
West Bengal, India
Insolvency Commencement Date: May 5, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: November 1, 2022
(180 days from commencement)
Insolvency professional: Sumit Kumar Jain
Interim Resolution
Professional: Sumit Kumar Jain
36, Ramkrishna Samadhi Road
Kankurgachi
In front of Acharya Prafulla Chandra Park
Bada Park Main Entrance
Kolkata 700054
E-mail: ipsumitjain@gmail.com
- and -
C/o D3, Haldiram Enclave
Block-2 & 3, First Floor
Kazi Najrul Islam Avenue
Near VIP Road Haldirams
Kolkata 700157
E-mail: cirp.ohio@gmail.com
Last date for
submission of claims: May 19, 2022
OM SHARDA: CARE Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Sharda
Logistics Private Limited (OSLPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.49 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 12.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 12,
2021, placed the rating(s) of OSLPL under the 'issuer
non-cooperating' category as OSLPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. OSLPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 29, 2021, January 08,
2022, January 18, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
Incorporated in May 2007, OSLPL was promoted by the Kabra family of
Jamshedpur (Jharkhand). Since its inception, the company is engaged
in surface transport business mainly for the minerals and iron
ore/steel industry. OSLPL participates in tenders to secure work
contracts floated by various Govt. undertaking entities. Currently
the company has work orders only from Damodar Valley Corporation
for loading and transportation of coal by road with dumper/tipper.
QUTAB REALCON: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Qutab Realcon Private Limited
52/13 (Basement) Back Side
Ramjas Road, Karol Bagh
New Delhi 110005
India
Insolvency Commencement Date: May 6, 2022
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: November 1, 2022
(180 days from commencement)
Insolvency professional: Dharm Vir Gupta
Interim Resolution
Professional: Dharm Vir Gupta
D-701, Antriksh Apartment
Plot No.26, Sector-4
Dwarka, New Delhi 110078
E-mail: dvgupt@hotmail.com
- and -
Garg Ashok & Company
A-2631/I, First Floor
Derawal Nagar
Delhi 110009
E-mail: cirp.qutabrealcon@cadvgupta.com
Last date for
submission of claims: May 19, 2022
RADHARAMAN STAINLESS: CARE Lowers Rating on INR6.5cr Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Radharaman Stainless Steel Private Limited (RSSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 18,
2021, placed the rating(s) of RSSPL under the 'issuer
non-cooperating' category as RSSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RSSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 4, 2022, January 14,
2022, January 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of availability of
requisite information. The rating also considers significant
decline in scale of operations and Profitability as well as
increase in overall debt in FY21 over FY20.
Radharaman Stainless Steel Private Limited (RSSPL) was incorporated
in the year 1985 as a private limited company and is managed by Mr.
Purushottam Dass Garg and Mrs. Anita Garg who are having more than
three decades of experience in the business. RSSPL is engaged in
the business of manufacturing of stainless steel sheets and circle
of different measurements as per the requirement of clients.
Company purchases steel coils from suppliers located in domestic
market and sells its products to wholesalers of cutlery and utensil
manufacturers. The company has its registered office and processing
plant in Alwar, Rajasthan.
RAIGANJ AGRO: CARE Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raiganj
Agro Industries Private Limited (RAIPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.24 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.51 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 16,
2021, placed the rating(s) of RAIPL under the 'issuer
non-cooperating' category as RAIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RAIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 2, 2022, January 12,
2022, January 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Raiganj Agro Industries Private Limited (RAIPL) was incorporated in
February 2012 and it has commenced its commercial operations from
April 2016. The company is engaged in milling of raw rice, bran and
husk. The milling unit of RAIPL is located at Raiganj,
District-Uttar Dinajpur in West Bengal with a paddy processing
capacity of 46, 800 metric tons per annum. RAIPL procures paddy
from farmers & local agents and sells its finished products through
the wholesalers and brokers located in West Bengal. Moreover, the
company has availed moratorium over interest on working capital and
term loan EMI repayment for the period from March 2020 to August
2020. Further, it has availed COVID relief loan of Rs.0.18 crore
from its lender.
SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saanvi
Associates (SA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.04 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 22,
2021, placed the rating(s) of SA under the 'issuer non-cooperating'
category as SA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 8, 2022, January 18, 2022 and January 28, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Saanvi Associates is a partnership firm established in the year
2016. The partners of the firm are Mr. Mallikarjunappa and his
brothers, Mr. B. Nageshappa and Mr. B. Umashankar. The firm
purchased an existing hotel named Green View Boutique as on 20
October 2016 for a consideration of INR11 crore funded by INR10
crore of term loan and INR1 crore of partner's capital. The hotel
is a 4 storied building located near Shimoga city railway station.
Also, the firm has a long term contract of 9 years with Clarks Inn
for maintaining the operations. The hotel offers South Indian and
North Indian vegetarian food. It has 30 rooms under different
categories namely superior rooms, executive suite and master suite.
It also has 1 Board room, 1 conference hall and 1 banquet hall. The
firm also undertakes outdoor catering of food.
SAI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term ratings of Sri Sai Balaji Tobaccos
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sri Sai Balaji Tobaccos Private Limited (SSBTPL), incorporated in
2011 by Mr. Showraiah and family, is involved in trading and
processing of tobacco. The company is registered with the Tobacco
Board as a tobacco dealer and can participate in the auction
conducted by the same. The company is involved in trading and
processing of tobacco leaves, primarily Virginia Flue Cured (VFC)
and non-VFC. SBTPL is located in Guntur district of Andhra Pradesh
which is among high tobacco-growing regions in the state.
SHRIKRUPALU STEELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shrikrupalu Steels Private Limited
At. Niladrivihar, Unit-II
Umapada, Jaipur Road
Jaipur 755019
Odisha, India
Insolvency Commencement Date: May 4, 2022
Court: National Company Law Tribunal, Cuttack Bench
Estimated date of closure of
insolvency resolution process: October 29, 2022
(180 days from commencement)
Insolvency professional: Shipra Mishra
Interim Resolution
Professional: Shipra Mishra
Flat No. 1131, Tower 8
Royal Lagoon, Raghunathpur
Bhubaneswar, SBI Raghunathpur Branch
Khordha, Orissa 754005
E-mail: csshipramishra@gmail.com
- and -
Flat No. 1B, First Floor
R K Enclave, Plot No. A/155
Sahid Nagar, Bhubaneswar 751007
Odisha
Last date for
submission of claims: May 18, 2022
SRIE FLORA: CARE Lowers Rating on INR1.75cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Srie Flora Garmments (SFG), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 18,
2021, placed the rating(s) of SFG under the 'issuer
non-cooperating' category as SFG had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SFG
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 4, 2022, January 14, 2022 and January
24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SFG have been
revised on account of non-availability of requisite information.
Tirupur based, Srie Flora Garmments (SFG) was established in 2009
and promoted by Mr. Siva Kumar and Ms. Kalpana Devi. The firm is
mainly engaged in the manufacturing and export of knitted and
hosiery garments.
VOLT-AGE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Volt-Age
Infra Private Limited (VIPL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 18,
2021, placed the rating(s) of VIPL under the 'issuer
non-cooperating' category as VIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 4, 2022, January 14, 2022, January 24,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
VIPL is engaged in design, supply, erection, testing and
commissioning of E.H.V. (Extra High Voltage), Turnkey outdoor
substation projects, hydropower projects, switchyard station, power
transmission lines and industrial lines, testing of electrical
equipment's, live line/hot line and offline maintenance on an
Engineering, Procurement and Constructin (EPC) basis. The company
was originally established as Voltage Infra & Power Projects Pvt.
Ltd. in May 2003. Later, the name of the company was changed to
Voltage Infra Pvt. Ltd w.e.f. 12th January, 2005. The company
started its operation since 2005 -06. The firm undertakes projects
on tender basis for various customers including government, semi
-government and private industrial entities.
=================
I N D O N E S I A
=================
XL AXIATA: Profit Falls in Q3 as Tower Sale Income Dries
--------------------------------------------------------
The Jakarta Post reports that publicly listed PT XL Axiata, one of
the biggest telecommunications firms in Indonesia, saw its net
profit drop in the third quarter this year, dragged down by falling
gains from tower sales.
XL Axiata's latest financial report shows that net profit dropped
51% year-on-year (yoy) to IDR1.01 trillion (US$70.86 million) in
the January to September period this year, according to The Jakarta
Post.
The company reported a slight increase in its revenue to IDR19.80
trillion, up 0.73% from the same period last year, buoyed by higher
data consumption, the report notes.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
6, 2017, Moody's Investors Service said that although XL Axiata Tbk
(P.T.)'s 2016 revenues declined 7% year-on-year (YoY), stable
profitability and declining leverage continue to support the
company's Ba1 corporate family rating and positive outlook.
=========
J A P A N
=========
TOSHIBA CORP: Receives Interest from 10 Potential Investors
-----------------------------------------------------------
Reuters reports that Toshiba Corp. said on May 13 it has received
interest from 10 potential investors after soliciting buyout
offers.
Reuters relates that the conglomerate, long under pressure from
activist shareholders, also announced a special dividend worth some
$545 million, the second year in a row it has issued such a
payout.
Toshiba, which has since 2015 been bedevilled by accounting and
governance crises, set up a special committee last month to explore
strategic options including potential deals to go private after
shareholders voted down a management-backed restructuring plan,
according to the report.
Reuters relates that Toshiba, whose businesses span nuclear energy,
infrastructure, devices and semiconductors, said 10 potential
investors had signed confidentiality pledges, without identifying
them. They have been given detailed financial information and the
deadline for submitting non-binding proposals is May 30.
It was not clear how many separate proposals Toshiba might end up
entertaining.
"Everyone will be in to kick the tires," Reuters quotes Quiddity
Advisors analyst Travis Lundy who publishes on Smartkarma as
saying. "Even if someone only wants a piece of the business, being
involved in the first stage gets them the visibility to join a
consortium for a second round formal bid."
U.S. private equity firm Bain has sounded out multiple other
Toshiba shareholders about teaming up as it prepares to make a
buyout offer, sources have previously told Reuters. And Toshiba's
top shareholder, Singapore-based Effissimo Capital Management, has
said it has agreed to sell its 9.9% stake to Bain if it launches a
tender offer.
Blackstone and KKR are considering a joint bid for Toshiba,
according to media reports earlier last week.
Those three private equity firms and Canadian investment firm
Brookfield were tapped by Toshiba's strategic review committee last
year to put together and submit ideas for the conglomerate, sources
have previously said, Reuters relays.
In April 2021, CVC Capital Partners made an unsolicited offer to
take Toshiba private worth more than $20 billion which the
conglomerate rejected as lacking in detail. Toshiba currently has a
market cap of $18.3 billion.
According to Reuters, Toshiba said it has hired JPMorgan Chase &
Co. and Mizuho Financial Group Inc. as financial advisors in
addition to Nomura Holdings.
It also has delayed board director nominations, saying it needed
more time to finalise candidates. The company, which will hold its
annual general meeting in June, is trying to ascertain whether
there were any conflict-of-interest issues for some candidates,
according to a source familiar with the matter.
Interim board chairman Satoshi Tsunakawa has been in the position
on a temporary basis, the report says. Shareholders last year
rejected the re-election of his predecessor, angered after an
investigation found that the company's management colluded with the
Japanese government to put pressure on foreign investors.
Toshiba also forecast a 7% rise in operating profit to JPY170
billion ($1.3 billion) this financial year after a 52% jump in the
year just ended. Toshiba's outlook compares with a Refinitiv
consensus estimate of JPY177 billion.
The special dividend of JPY160 per share would bring total
dividends planned for this financial year to JPY290. That's up from
last year's total of JPY220 which included a special dividend of
JPY110, the report discloses.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific in
November 2021, S&P Global Ratings has placed its 'BB+' long-term
issuer credit rating on Toshiba Corp. on CreditWatch with negative
implications. At the same time, S&P affirmed its 'B' short-term
issuer credit and commercial paper program ratings.
=====================
N E W Z E A L A N D
=====================
ABC 2022: Creditors' Proofs of Debt Due on June 9
-------------------------------------------------
Creditors of ABC 2022 Limited (formerly Auckland Heart Group
Limited) are required to file their proofs of debt by June 9, 2022,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on May 9, 2022.
The company's liquidators are:
Gareth Russel Hoole
Clive Robert Bish
Ecovis KGA Limited, Chartered Accountants
PO Box 37223
Parnell, Auckland 1151
ASH CONSTRUCTION: Creditors' Proofs of Debt Due on June 16
----------------------------------------------------------
Creditors of Ash Construction & Interiors Limited are required to
file their proofs of debt by June 16, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 6, 2022.
The company's liquidators are:
Iain McLennan
Keaton Pronk
McDonald Vague Limited
PO Box 6092
Victoria Street West, Auckland 1142
ASHGROVE INVESTMENTS: Creditors' Proofs of Debt Due on June 15
--------------------------------------------------------------
Creditors of Ashgrove 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 12, 2022.
The company's liquidator is:
Bryan Edward Williams
c/o BWA Insolvency Limited
PO Box 609, Kumeu 0841
JUST BUILT: Court to Hear Wind-Up Petition on May 20
----------------------------------------------------
A petition to wind up the operations of Just Built 24 Limited will
be heard before the High Court at Auckland on May 20, 2022, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 6, 2021.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
MAIHELANI CONTRACTORS: Court to Hear Wind-Up Petition on May 20
---------------------------------------------------------------
A petition to wind up the operations of Maihelani Contractors
Limited will be heard before the High Court at Auckland on May 20,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 20, 2021.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
=================
S R I L A N K A
=================
SRI LANKA: Leader Names Opponent as PM in Push for Unity
--------------------------------------------------------
Bloomberg News reports that President Gotabaya Rajapaksa appointed
a long-time opponent to run the government days after his brother
resigned as prime minister, in a bid to quell growing tensions over
a monthslong crisis over shortages of food and fuel.
Bloomberg relates that Ranil Wickremesinghe, a veteran lawmaker and
former premier, will become the new prime minister, the president's
media unit confirmed on May 12.
According to Bloomberg, the announcement may bring a modicum of
stability to the country, which is on the verge of bankruptcy and
needs a government to oversee bailout talks with the International
Monetary Fund. Sri Lanka's central bank chief has threatened to
resign if political order isn't restored urgently.
Wickremesinghe went to pay his respects at two Buddhist temples
soon after taking oath of office, the report relays.
"The next few months will be even more difficult," the new premier
told reporters outside the Walukaramaya temple on May 12. "We need
the support of other countries and the IMF. We need to become a
people who can eat three meals, the rupee must have value, young
people must have a future."
Bloomberg relates that the new appointment is "the only option for
Sri Lanka," said Ravi Karunanayake, a member of Wickremesinghe's
party and a former finance minister. "I think his appointment will
calm down the protest although internally not everyone will be
happy and there will be some who will have belly aches."
The new prime minister's first priority "will be to restore supply
of gas and fuel and then getting the economy back on track," he
added.
A lawyer by training, Wickremesinghe was first elected as a
lawmaker in 1977, the report discloses. He's viewed as something of
a survivor in the island nation's politics. He's served as minister
in several governments and first served as premier in the early
1990s. He had an unbroken streak in parliament until 2020, when his
party was trounced after the Easter Sunday bombings.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***