/raid1/www/Hosts/bankrupt/TCRAP_Public/220527.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 27, 2022, Vol. 25, No. 100
Headlines
A U S T R A L I A
AUQSAP PTY: First Creditors' Meeting Set for June 3
KAM FU: First Creditors' Meeting Set for June 2
KAM TASMANIA: First Creditors' Meeting Set for June 3
LANGEN GROUP: First Creditors' Meeting Set for June 7
PIVOTAL HOMES: Worrells Appointed as Liquidators
REDZED TRUST 2020-1: S&P Raises Class F Notes Rating to BB- (sf)
RESIMAC TRIOMPHE 2020-2: S&P Raises Class F Notes Rating to B+ (sf)
WHERE TO START: First Creditors' Meeting Set for June 6
C H I N A
CHONGQING LIANGJIANG: Closure 'Distressing', Says Former Coach Lee
JINKE PROPERTY: Seeks Payment Extension on CNY1.24BB Onshore Bond
POWERLONG REAL ESTATE: S&P Reinstates 'B' LT ICR, Outlook Negative
I N D I A
AANCHAL CEMENT: Insolvency Resolution Process Case Summary
AD MART PRIVATE: Liquidation Process Case Summary
ANJALI KITCHENWARE: CRISIL Withdraws B Rating on INR9cr Loan
ASHUTOSH COTTON: Voluntary Liquidation Process Case Summary
AVON MARKTRADE: Voluntary Liquidation Process Case Summary
B K RICE: CRISIL Keeps B Debt Ratings in Not Cooperating Category
BE BE RUBBER: CRISIL Reaffirms Rating on INR5.35cr Cash Loan
CHAMPALAL MOTILAL: Liquidation Process Case Summary
CHANDRA MOTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
DAKSHA PROPERTY: CRISIL Keeps D Debt Ratings in Not Cooperating
DULICHAND AUTO: Liquidation Process Case Summary
ECO JUTE: CRISIL Keeps B Debt Ratings in Not Cooperating
GI INTERNATIONAL PRIVATE: Insolvency Resolution Case Summary
GLORIA ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
HEMA ENGINEERING: Liquidation Process Case Summary
IDCOL SOFTWARE: Voluntary Liquidation Process Case Summary
INNOVATIVE INTERIORS: CRISIL Moves B Ratings to Not Cooperating
INSANNOVA CLINICALS: Voluntary Liquidation Process Case Summary
IOTA AUTOMATION PRIVATE: Insolvency Resolution Case Summary
JAIPRAKASH ENGINEERING: Voluntary Liquidation Process Case Summary
JAISWAL TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
JOYS STEEL: CRISIL Moves D Debt Ratings to Not Cooperating
K.S. GRANITES: CRISIL Keeps D Rating in Not Cooperating Category
KAPICO MOTORS: Liquidation Process Case Summary
KAY PAN: Insolvency Resolution Process Case Summary
KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
LAKSHMI NARASIMHA: CRISIL Keeps B+ Debt Rating in Not Cooperating
LAKSHMI POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
LUMINA NETWORKS: Voluntary Liquidation Process Case Summary
MANIK COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MAXGROW OVERSEAS: Insolvency Resolution Process Case Summary
MM AGRO VENTURES: Liquidation Process Case Summary
NARAIN SINGH: CRISIL Lowers Rating on INR3.75cr Cash Loan to B
NASCENT COMMUNICATION: Insolvency Resolution Process Case Summary
NATH JI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
NOBLE MOULDS: CRISIL Withdraws D Rating on INR15cr Loans
PNC ENTERPRISES PRIVATE: Insolvency Resolution Case Summary
POWERAGE TOWERS: Insolvency Resolution Process Case Summary
RADHASHYAM INDUSTRIES: Insolvency Resolution Process Case Summary
RAM CHARAN: Insolvency Resolution Process Case Summary
RESSEAUX TECH: CRISIL Lowers Rating on INR5cr Cash Loan to B
RHC HOLDING PRIVATE: Insolvency Resolution Case Summary
RUBBER WOOD: Insolvency Resolution Process Case Summary
SAI OTO TUBES: Insolvency Resolution Process Case Summary
SANJEEVAN HEART: Voluntary Liquidation Process Case Summary
SHANKER PLASTIC: CRISIL Lowers Rating on INR8.85cr Loan to D
SHARF INDUSTRIES: CRISIL Reaffirms B+ Rating on INR10cr Loans
SHIV-PARVATI CONSTRUCTION: CRISIL Cuts Rating on INR5cr Loan to B
SHRIDEVI CHARITABLE: CRISIL Withdraws D Rating on INR27.54cr Loan
SKPJ INVESTMENT & FINANCE: Liquidation Process Case Summary
SPECIAL ENGINEERING: Voluntary Liquidation Process Case Summary
SURYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
THAKUR VS: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
VAISHNAVI GLOBAL: CRISIL Withdraws B+ Rating on INR8.5cr Loan
VELOCLOUD NETWORKS: Voluntary Liquidation Process Case Summary
VIKRAM HEALTH: Voluntary Liquidation Process Case Summary
J A P A N
TOSHIBA CORP: Japan State-Backed Fund JIC Mulls Making Bid for Firm
N E W Z E A L A N D
AIREPURE (NEW ZEALAND): Creditors' Proofs of Debt Due on July 24
APOLLO GROUP: Court to Hear Wind-Up Petition on June 3
FIRST CONSTRUCTION: Court to Hear Wind-Up Petition on June 3
JONESY CONSTRUCTION: Goes Bust, Owes Unsec. Creditors NZD2.11MM
SERES BEAUTY: Creditors' Proofs of Debt Due on July 4
TRUCK-PRO LIMITED: Court to Hear Wind-Up Petition on June 16
S I N G A P O R E
LIMIN MARINE: Bid to Restrain Proceedings to be Heard on June 9
NO SIGNBOARD: Secures Super Priority Rescue Funding
PINNACLE HOMES: Creditors' Proofs of Debt Due on June 27
- - - - -
=================
A U S T R A L I A
=================
AUQSAP PTY: First Creditors' Meeting Set for June 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Auqsap Pty
Ltd, trading as Sealutions Industrial Flooring (Formerly Trading as
Dunlaid Contracting West Sydney), will be held on June 3, 2022, at
10:00 a.m. via teleconference.
Mohammad Najjar of Chifley Advisory was appointed as administrator
of Auqsap Pty on May 24, 2022.
KAM FU: First Creditors' Meeting Set for June 2
-----------------------------------------------
A first meeting of the creditors in the proceedings of Kam Fu Food
Manufacturers Pty Ltd, trading as Kam Fu Food, will be held on June
2, 2022, at 10:00 a.m. via virtual meeting technology.
Christopher Darin of Worrells Solvency & Forensic Accountants was
appointed as administrator of Food on May 23, 2022.
KAM TASMANIA: First Creditors' Meeting Set for June 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Kam Tasmania
Pty Ltd ATF Kam Trust, formerly trading as Kam Joinery, will be
held on June 3, 2022, at 10:00 a.m. via virtual meeting
technology.
Shelley-Maree Brooks of Rodgers Reidy (TAS) was appointed as
administrator of Kam Tasmania on May 25, 2022.
LANGEN GROUP: First Creditors' Meeting Set for June 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Langen Group
Pty Ltd, trading as Langen Electrical, will be held on June 7,
2022, at 11:00 a.m. at the offices of Westburn Advisory, Level 5,
115 Pitt Street, in Sydney, NSW.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of Langen Group on May 26, 2022.
PIVOTAL HOMES: Worrells Appointed as Liquidators
------------------------------------------------
Chris Cook and James Robba of Worrells were appointed liquidators
of Pivotal Homes Pty Ltd, which trades as Pivotal Homes, on May 26,
2022.
Pivotal Homes is a Gold Coast-based residential home builder
company that has been building homes "that look good from every
angle" for Queenslanders for more than 15 years.
It is understood approximately 103 buildings are due to be
completed for families throughout South East Queensland.
Mr. Cook said, "the directors appointed liquidators following a
devastating combination of company pressures from ever-increasing
trades and supply costs, along with relentless wet weather causing
delays in completing projects.
"The building and construction industry is traditionally
susceptible to financial pressures; however, these sad and very
troubling circumstances were beyond any turnaround proposition."
The Worrells' teams are now investigating Pivotal Home's financial
position and exploring the options for the best way to wind up
operations, make any optimal recoveries available, and to take
expert care of the creditors, investors, and employees in a
dividend process.
The company has 16 employees with outstanding entitlements yet to
be verified.
Eligible employees have recourse through the government's Fair
Entitlement Guarantee Scheme for certain outstanding employee
entitlements when company assets are unable to meet those debts.
"As it's day one in this appointment, we're doing our best to
establish the financial position, and work-in-progress. We're very
conscious and empathetic to the impact it will have on everyone
involved."
Worrells advises it will continue to give updates as they become
available.
Creditors and concerned parties regarding the liquidation are
invited lodge a proof of debt via the Worrells website
www.worrells.net.au and can contact the Worrells teams at
pivotalcreditors@worrells.net.au.
REDZED TRUST 2020-1: S&P Raises Class F Notes Rating to BB- (sf)
----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of
small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by Perpetual Trustee Co. Ltd. as trustee
of RedZed Trust STC Series 2020-1. At the same time, S&P affirmed
its ratings on two classes of notes.
RedZed Trust STC Series 2020-1 is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
RedZed Lending Solutions Pty Ltd. (RedZed).
The rating actions reflect:
-- S&P said, "Our view of the credit risk of the underlying
collateral portfolio and the credit support available, which is
sufficient to withstand the stresses we apply. Our analysis of
credit risk is based on our "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, we have
applied similar assumptions. Credit support for the rated notes is
provided in the form of subordination and excess spread."
-- That as of March 31, 2022, there are no borrowers under any
hardship arrangements. At transaction close, approximately 19.4% of
the borrowers in the pool were under COVID-19-related hardship
arrangements.
-- That S&P has revised its archetypal pool foreclosure frequency
assumptions for the transaction.
-- The potential concentrations emerging in the pool, given the
portfolio size and loan composition, and the relatively limited
performance history, which are factors in the rating constraints on
the lower-rated notes.
-- Greater risk from borrower concentration. The top 10 loans make
up around 13.4% of the pool, with the highest borrower
concentration representing about 1.6%.
-- That the underlying pool as of March 31, 2022, has a
weighted-average seasoning of 45 months and a weighted-average
current loan-to-value ratio of 61.5%. The asset pool consists of
315 consolidated loans, with pool composition consisting primarily
of assets backed by commercial properties (61.8%) and the remainder
a proportion of residential (31.4%) and other properties (6.8%).
-- The arrears performance, with a moderate level of loans past
due and minimal losses to date. As of March 31, 2022, a total of
2.0% of loans are greater than 30 days in arrears, 0.6% of the
asset pool is between 30 days and 60 days, 0.5% of the asset pool
is between 60 days and 90 days, and 0.9% is more than 90 days in
arrears.
-- That the credit support provided in percentage terms has
increased as the pool has paid down due to the sequential pay
structure. However, S&P doesn't expect this buildup in credit
support to continue because it believes the transaction will meet
the pro-rata triggers in the coming months. Once these performance
triggers are met, the transaction will commence a pro- rata pay
structure. Under a pro-rata payment structure, there will be
limited buildup in the percentage of credit support provided to the
rated notes. The cash-flow modeling results demonstrate there was
greater sensitivity to back-default curve scenarios due to the
pro-rata mechanism, which constrain our ratings on the class C and
class D notes.
-- That the transaction benefits from several structural
mechanisms, including an amortizing liquidity facility equal to
3.0% of the outstanding balance of the rated notes, and principal
draws, which are sufficient under our stress assumptions to ensure
timely payment of interest. S&P's cash-flow analysis also reflects
that a minimum margin will be maintained on the assets.
-- That the transaction passes our stressed cash-flow modeling
scenarios at their respective rating levels, having the ability to
make timely interest and ultimate payment of principal.
Ratings Raised
RedZed Trust STC Series 2020-1
Class B: to AAA (sf) from AA+ (sf)
Class C: to AA- (sf) from A+ (sf)
Class D: to A- (sf) from BBB+ (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to BB- (sf) from B (sf)
Ratings Affirmed
RedZed Trust STC Series 2020-1
Class A-1-L: AAA (sf)
Class A-2: AAA (sf)
RESIMAC TRIOMPHE 2020-2: S&P Raises Class F Notes Rating to B+ (sf)
-------------------------------------------------------------------
S&P Global Ratings raised its ratings on nine classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2019-1 and RESIMAC Triomphe
Trust - RESIMAC Premier Series 2020-2. At the same time, S&P
affirmed its ratings on five classes of notes.
The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio, which consists of
full-documentation loans to prime-quality borrowers originated by
RESIMAC Ltd. Both portfolios are closed pools, which means no
additional loans can be assigned to the trusts after the closing
date. As of Feb.28, 2022, the RESIMAC Premier Series 2019-1 pool
has a current weighted-average loan-to-value ratio of 62.8%,
weighted-average seasoning of 43.5 months, and pool factor of
around 55%. The RESIMAC Premier Series 2020-2 pool has a current
weighted-average loan-to-value ratio of 61.5%, weighted-average
seasoning of 36.2 months, and pool factor of around 55%.
Both transactions continue to perform well, with low levels of
arrears. As of Feb. 28, 2022, 0.29% of the RESIMAC Premier Series
2019-1 pool is more than 30 days in arrears, of which none is more
than 90 days in arrears. Losses have been low for this portfolio,
with no charge-off to notes. For RESIMAC Premier Series 2020-2,
0.25% of the pool is more than 30 days in arrears, all of which is
more than 90 days in arrears. There have been no losses to date for
this portfolio.
For both transactions, there has been a buildup of credit support
for the class B, class C, class D, class E, and, in the case of
RESIMAC Premier Series 2020-2 only, class F notes to support higher
ratings. S&P believes that the credit support provided to each
class of notes is sufficient to withstand the stresses it applies
at each respective rating level. For both transactions, credit
support is provided via subordination from junior notes and
lenders' mortgage insurance for a portion of the loans in the
portfolio.
In addition, the transaction's cash flows support the timely
payment of interest and ultimate payment of principal to the
noteholders under our rating stress assumptions. The various
mechanisms to support liquidity for RESIMAC Premier Series 2019-1
include principal draws and an amortizing liquidity facility equal
to 0.75% of the aggregate invested amount of the notes, with a
floor of A$450,000. For RESIMAC Premier Series 2020-2, this
includes principal draws and an amortizing liquidity facility equal
to 1.50% of the aggregate invested amount of the notes, with a
floor of A$750,000.
Ratings Raised
RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Class D: to A (sf) from BBB (sf)
Class E: to BBB (sf) from BB (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-2
Class B: to AAA (sf) from AA (sf)
Class C: to AA (sf) from A (sf)
Class D: to A- (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to B+ (sf) from B (sf)
Ratings Affirmed
RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1
Class A1-S: AAA (sf)
Class A1-L: AAA (sf)
Class AB: AAA (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-2
Class A2: AAA (sf)
Class AB: AAA (sf)
WHERE TO START: First Creditors' Meeting Set for June 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Where to
Start Pty Ltd, trading as Southside Tiling Services Victoria, will
be held on June 6, 2022, at 11:30 a.m. via virtual meeting
technology.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Where to Start on May 25, 2022.
=========
C H I N A
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CHONGQING LIANGJIANG: Closure 'Distressing', Says Former Coach Lee
------------------------------------------------------------------
Reuters reports that Chinese Super League-winning coach Lee
Jang-soo said he was distressed to see his former side Chongqing
Liangjiang Athletic forced to disband due to rising debts and has
criticised the lack of "care and support" shown to the club.
According to Reuters, Chongqing owners the Dangdai Group announced
that the club would cease operations as the COVID-19 pandemic took
its toll on the debt-addled outfit.
The announcement came 10 days before the new CSL season was due to
commence, with teams set to play in bio-secure hubs in Dalian,
Haikou and Meizhou as the country continues to deal with the
pandemic, Reuters relays.
"It is distressing for me that this team, which was the first
Chinese side I coached, was dissolved," Xinhua quoted Lee as
saying. "I have a deep attachment to the city of Chongqing.
"Chongqing is a big city with a lot of fans. If more care and
support had been given to the Chongqing club, it would not have
ended up like this."
Reuters says Mr. Lee led Guangzhou Evergrande to the first of their
eight CSL titles in 2011 before being replaced as head coach by
Marcello Lippi in May 2012.
But the South Korean had made his name in Chinese football with
Chongqing, where he won the Chinese FA Cup in 2000 having joined
the club from former Asian champions Ilhwa Chunma two years
earlier.
Chongqing's closure comes a year after Jiangsu FC, then the
reigning Chinese Super League champions, were forced to shut, the
report notes.
Mr. Lee, who will lead Shenzhen FC during this year's campaign,
said that the issues that forced Chongqing to disband extend
throughout the sport in China.
"The Chongqing club's problems are not unique to itself, they are
problems Chinese football is facing in general," Reuters quotes Mr.
Lee as saying.
JINKE PROPERTY: Seeks Payment Extension on CNY1.24BB Onshore Bond
-----------------------------------------------------------------
South China Morning Post reports that Jinke Property Group is
seeking to extend the payment deadline of its CNY1.25 billion
(US$188 million) onshore bond to avert a default, as the Chinese
government's policy easing on the real estate sector was too late
to have any material impact on its overall business.
The Post relates that the developer asked creditors to extend the
payment date on its CNY1.25 billion principal and the 5% coupon
after investors exercised their put option, which requires Jinke to
pay by May 28. The vast majority of the bondholders, with CNY1.24
billion of the face value of the CNY1.25 billion issue, exercised
the put option.
"Given the balance sheet situation, cash collections from sales and
liabilities, we hope to extend this bond for one year to have the
time to recover our cash flow," the Post quotes Song Ke, Jinke's
vice-president and financial manager, as saying during an
investors' call.
Jinke's debt crisis highlighted the ongoing struggles of home
builders in the world's largest property market despite recent
policy easing, as sluggish sales and Covid-19 lockdowns are
clouding the industry's outlook, the Post states. Sunac China
Holdings, one of the largest developers in China, missed paying the
coupon on two dollar bonds.
China's prices of new homes fell for the first time in seven years
in April, while the prices of lived-in homes declined for the
eighth consecutive month. Authorities have ramped up measures to
revive the market, as the central bank slashed the five-year loan
prime rate (LPR) - reference for home mortgages - by a
bigger-than-expected 15 basis points.
Its 696 million-yuan outstanding onshore bond due July 8, 2022 was
indicated at 66.989 cents on the dollar on May 23, from 84.2456
cents on a dollar on May 20, according to Bloomberg data.
Jinke will pay the interest for the bond on May 28, and pay 10% of
the principal immediately after the extension agreement, company
executives said, the Post relays. It will pay another 5%
respectively at the end of July and August.
The Post relates that will allow the company to pay off 20% of the
total amount in the three months, and then will pay 5%, 5% and 70%
in the following quarters.
"If the extension can't be agreed to, this bond will default, and
[lead to] cause cross-defaults of some other outstanding bonds, so
the company may have to go through an overall debt restructuring,"
said Liu Shaojun, accounting manager at Jinke.
About Jinke Property
Jinke Property Group Co., Ltd. principally engages in the
development and distribution of real estates. The Company mainly
operates through three segments. Real Estate segment is primarily
engaged in the development of residential and commercial
properties, as well as the development and operation of industrial
estates. Community Integrated Services segment mainly provides
property management services. New Energy segment consists of wind
power and photovoltaic power generation. The Company is also
involved in hotel management, gardening and architecture decoration
businesses. The Company operates its business in domestic market,
mainly in Chongqing and Jiangsu Province, China.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2022, S&P Global Ratings lowered its long-term issuer credit
rating on Jinke Property Group Co. Ltd. to 'B-' from 'B+'. S&P also
lowered the long-term issue rating on the developer's senior
unsecured notes to 'CCC+' from 'B'. At the same time, it placed the
ratings on CreditWatch with negative implications. S&P subsequently
withdrew its issuer credit rating and issue rating on Jinke at the
company's request.
POWERLONG REAL ESTATE: S&P Reinstates 'B' LT ICR, Outlook Negative
------------------------------------------------------------------
On May 25, 2022, S&P Global Ratings reinstated and assigned its 'B'
long-term issuer credit rating on Powerlong Real Estate Holdings
Ltd. S&P also reinstated its 'B-' long-term issue rating on the
company's outstanding senior unsecured notes.
S&P said, "The negative outlook on Powerlong reflects our view that
the China-based company's liquidity could further deteriorate over
the next 12 months due to weaker-than-expected operating cash flow
and declining funding access.
"We reinstated our long-term issuer rating on Powerlong following
the publication of its audited report. The 'B' rating is one notch
lower than the rating before suspension. This is because we assess
the developer's liquidity to be tighter, stemming from sluggish
sales and higher refinancing pressure amid the dampened capital
market confidence.
"We believe the risk of debt acceleration due to delay in financial
reports is now lessened. On March 11, 2022, Powerlong published its
audited financial statements for the year 2021 and obtained an
unqualified opinion from Elite Partners, its new auditor. We
reinstated the rating given that we have been provided with
financial information examined by a third party as a basis to
assess the company's creditworthiness."
Weakening cash flow from operations will squeeze Powerlong's
liquidity buffer. Lockdowns of major cities in China will likely
hamper sales recovery. The company recorded sales of Chinese
renminbi (RMB) 3.1 billion in April, down 64% year on year, at the
peak of lockdown and shutdown of sales centers. While operating
cash flow is likely to remain sluggish in the coming months,
Powerlong will rely more on cash inflow from financing, including
obtaining bank loans by pledging its unencumbered investment
properties, to alleviate liquidity pressure.
Powerlong's liquidity has weakened due to a drop in unrestricted
cash. Unrestricted cash to short-term debt ratio was 88% as of Dec.
31, 2021, compared with 122% at end-2020. Powerlong has US$600
million outstanding offshore senior notes and RMB3.7 billion
onshore bonds (including commercial mortgage-backed securities) due
or puttable in 2022, concentrated in July and August.
S&P said, "We expect COVID-19 lockdowns to mildly weigh on
Powerlong's rental cash collection. Its shopping malls, apart from
those in Shanghai, are still operating despite a resurgence of
COVID-19 cases across China. Powerlong may use the properties as
collateral to secure additional funding while most Chinese
developers continue to face tight funding channels. The company
management expects to get RMB10 billion–RMB12 billion bank and
other loans by pledging malls, mostly unencumbered assets. Its
estimate assumes a loan-to-value ratio of about 40%, similar to
that of its existing malls.
"However, pledging malls for loans is not without execution risk,
in our view. Given the current market turbulence and weakening
investor confidence, investors and financial institutions may be
more cautious in selecting high-quality assets and extending loans.
Timely execution of the plan is crucial, given the company's
sizable bond repayment need in July and August."
Powerlong's financial leverage is also likely to deteriorate.
Revenue and profit margin will decline when projects sold at lower
prices to boost liquidity will be delivered and recognized in the
next one to two years. Despite S&P's projected debt reduction, its
financial leverage measured by consolidated debt-to-EBTIDA ratio
will stay elevated at 5.5x-6.5x in 2022-2023, compared with 6x in
2021 and 4.8x in 2020.
That said, Powerlong's leverage profile is better than most peers
rated 'B-'. This, together with the company's good quality
investment property portfolio and its ability to maintain stable
capital structure amid tight funding conditions, represents a
comparative advantage over other developers rated 'B-'. Therefore,
S&P's assessment on the comparable rating analysis for Powerlong is
positive.
S&P said, "The negative outlook on Powerlong reflects our view that
the company's liquidity could further deteriorate over the next 12
months due to weaker-than-expected cash generation from operations
and declining funding access.
"We may lower the rating if Powerlong's liquidity deteriorates.
This could happen if the company's contracted sales continue to
drop sharply, or it encounters difficulty in refinancing its bank
loans such that its bank borrowings fall.
"We may also downgrade Powerlong if its financial leverage, as
measured by a consolidated, or "look-through" (proportionately
consolidated), ratio of debt to EBITDA, rises above 8x due to a
slippage in profit margins and revenue booking.
"We may revise the outlook to stable, if Powerlong manages its
coming debt maturities, and executes its plan to increase bank
borrowings and liquidity buffer. At the same time, it should
maintain stable credit metrics with consolidated and look-through
debt-to-EBITDA ratio below 8x on a sustained basis."
Environmental, Social, And Governance
ESG credit indicators: E-3, S-2, G-5
S&P said, "Governance factors are a very negative consideration in
our credit rating analysis. The company's delay in publishing
audited reports and the change of its auditor right before the
reporting deadline indicated weakness in its internal control and
risk management around financial reporting. The assessment also
factors in the strong influence of its controlling shareholder in
the board structure and the company's decision-making process.
"Powerlong has exposure to environmental and social risk in line
with sector peers. While we believe the latest surge of COVID cases
would hinder Powerlong's rental and property sales recovery,
employment and health and safety risks in its shopping malls and
facilities were largely unaffected, in our view."
ESG credit indicators: E-3, S-2, G-5
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I N D I A
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AANCHAL CEMENT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aanchal Cement Limited
Fathepur, Jagatdih Village Road
Asansol, Sitarampur
Bardhaman 713359
West Bengal
Insolvency Commencement Date: May 18, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: November 14, 2022
Insolvency professional: Mamta Binani
Interim Resolution
Professional: Mamta Binani
Second Floor, Nicco House
2 Hare Street
Kolkata 700001
West Bengal
E-mail: mamtabinani@gmail.com
cirp.aanchalcementlimited@
gmail.com
Last date for
submission of claims: June 2, 2022
AD MART PRIVATE: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Ad Mart Private Limited
41, Thiruvengadam Street
Mandaveli, Chennai 600028
Liquidation Commencement Date: May 2, 2022
Court: National Company Law Tribunal, Division Bench I, Chennai
Date of closure of
insolvency resolution process: March 10, 2022
Insolvency professional: CA S. Kannan
Interim Resolution
Professional: CA S. Kannan
No. 27, "Skyline Castle"
Abdul Razack Street
Saidapet, Chennai 600015
E-mail: charitarthkannan@gmail.com
Mobile: 9381041949
Last date for
submission of claims: May 27, 2022
ANJALI KITCHENWARE: CRISIL Withdraws B Rating on INR9cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Anjali
Kitchenware Private Limited (AKPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL has been consistently following up with AKPL for obtaining
information through letters and emails dated October 8, 2021 and
October 13, 2021 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
failed to receive any information on either the financial
performance or strategic intent of AKPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of the
entity. CRISIL believes that rating action on AKPL is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has revised the
ratings on the bank facilities of AKPL revised to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.
AKPL was established as a partnership firm in 1974, and
reconstituted as a private limited company in 2007; Mr Atmaram
Patel is the promoter. The company manufactures all types of
kitchenware, cutlery, and non-stick cookware.
ASHUTOSH COTTON: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Ashutosh Cotton and Oil Mill Private Limited
Plot no. 74/A, Khodiyar Krupa
Kaminiyanagar, Talaja Road
Bhavnagar 364002
Gujarat, India
Liquidation Commencement Date: May 12, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency professional: CS & IP Amrish Gandhi
Interim Resolution
Professional: CS & IP Amrish Gandhi
504, Shivalik Abaise
Nr. Anand Nagar Bus Stand
Opp. Shell Petrol Pump
Anand Nagar Road
Satellite, Ahmedabad 380015
E-mail: amrishgandhi72@gmail.com
Tel: 079-40323014
Last date for
submission of claims: June 10, 2022
AVON MARKTRADE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Avon Marktrade Private Limited
G-82, 2nd Floor
Vijay Chowk Laxmi Nagar
Delhi East Delhi
DL 110092
IN
Liquidation Commencement Date: May 6, 2022
Court: National Company Law Tribunal, Gurgaon, Haryana Bench
Insolvency professional: Karuna Sharma
Interim Resolution
Professional: Karuna Sharma
G-13, First Floor
South City-2, Gurugram
Haryana 122018
E-mail: sharma.karuna@gmail.com
Mobile: 9871145777
Last date for
submission of claims: June 5, 2022
B K RICE: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B K Rice
Industries (BKRI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 6.23 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BKRI for
obtaining information through letters and emails dated February 28,
2022 and April 18, 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 BKRI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BKRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BKRI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Set up as a proprietorship firm in 2017 by Mr Nagaraj, BKRI mills
and processes rice at its unit in Kolappa, Karnataka, which has an
installed capacity of 8 tonne per hour.
BE BE RUBBER: CRISIL Reaffirms Rating on INR5.35cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable' rating on the
long term bank facilities of The Be Be Rubber Estates Limited
(TBBREL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.35 CRISIL B-/Stable (Reaffirmed)
Long Term Loan 0.6 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.28 CRISIL B-/Stable (Reaffirmed)
The rating reflects the firm's small scale of operations, intense
competition in the industry and modest financial risk profile.
However, these weaknesses are partially off-set by the extensive
experience of the promoter in the rubber plantation industry of
over 9 decades.
Key Rating Drivers & Detailed Description
Weaknesses:
* Small scale of operations and intense competition: The scale of
the operations has remained modest, as indicated by expected
revenue of around INR3 - 4 crore in fiscal 2022. The same is
constrained by intense competition in the rubber plantation
industry. The industry has low entry barriers due to minimal
capital requirement, resulting in presence of several unorganized
players. Further, climatic conditions also play a major role in the
production.
* Modest financial risk profile: The Company has a modest financial
risk profile due to modest net-worth and high gearing levels. The
net-worth has deteriorated due to accumulated losses incurred
during the past financial years. Further, the debt protection
metrics were also weak due to negative interest coverage and net
cash accruals to total debt in FY2022.
Strength:
* Extensive experience of promoters in the industry: TBBREL
benefits from the extensive experience of the promoter in the
rubber plantation business of over 9 decades. This longstanding
experience has helped the company sustain in the industry, despite
regular volatility in prices of rubber.
Liquidity: Stretched
Bank limit utilization was high at around 90 percent for the past
twelve months ending January 2022. Cash accruals from core business
operations are insufficient against repayment obligations over the
medium term. However, proceeds from sale of land and other assets
are expected to support the liquidity risk profile of the company.
Current ratio was low at 0.1 times on March 31, 2022. Negative net
worth limits its financial flexibility and restricts the financial
cushion available to the company in case of any adverse conditions
or downturn in the business.
Outlook: Stable
CRISIL Ratings believes that TBBREL will benefit over the medium
term from the extensive experience of the promoters and their
established relationships with suppliers and customers in trading
business.
Rating Sensitivity factors
Upward Factors
* Improvement in the revenue profile to over INR5 crore
* Substantial improvement in operating margins and cash accruals of
over INR20 lakh.
Downward Factors
* Stretch in the working capital requirements
* Any Large debt funded capital expenditure that weakens the
company's capital structure
Incorporated in the year 2007, TBBREL is engaged in production of
latex from rubber trees. The company owns 650 acres of land in
Kollam, Kerala, where it carries out rubber tree plantation.
Besides the company also has 121 acres of land in Palghar district
for plantation of Cardamom and Coffee.
CHAMPALAL MOTILAL: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Champalal Motilal Steel Company Private Limited
229, S T Road
Opp. Sant Tukaram Mandir
Carnac Bunder, Mumbai
Maharashtra 400009
Liquidation Commencement Date: May 13, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: May 2, 2022
Insolvency professional: Rajan Rawat
Interim Resolution
Professional: Rajan Rawat
B-602, Azziano
Rustomjee Urbania
Majiwada, Thane (W)
Mumbai 400601
E-mail: rajanrawat61@rediffmail.com
Last date for
submission of claims: June 13, 2022
CHANDRA MOTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chandra
Motors (CM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CM for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 CM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of CM
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
CM is an authorized dealer and service center for HMCL in Adilabad,
Telangana and has been established in 1999.
DAKSHA PROPERTY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Daksha
Property Developers India Private Limited (SDPDIPL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 10.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SDPDIPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 SDPDIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SDPDIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SDPDIPL continues to be 'CRISIL D Issuer Not
Cooperating'.
SDPD, set up in 2010 and based in Coimbatore, is a real estate
developer. Its operations are managed by the promoter, Mr R Mohan.
The company currently has 6 ongoing projects.
DULICHAND AUTO: Liquidation Process Case Summary
------------------------------------------------
Debtor: Dulichand Auto Sales Private Limited
53, Nalini Ranjan Avenue
371, Block G
New Alipore
Kolkata 700053
Liquidation Commencement Date: May 18, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: May 12, 2022
Insolvency professional: Mr. Jai Narayan Gupta
Interim Resolution
Professional: Mr. Jai Narayan Gupta
2nd Floor, YMCA Building
25, Jawaharlal Nehru Road
Kolkata 700087
E-mail: cajainarayangupta@gmail.com
insolvency.dulichand@gmail.com
Last date for
submission of claims: June 18, 2022
ECO JUTE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eco Jute
Private Limited (EJPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 7 CRISIL A4 (Issuer Not
Cooperating)
Proposed Bank 0.3 CRISIL B/Stable (Issuer Not
Guarantee Cooperating)
Proposed Packing 1.5 CRISIL A4 (Issuer Not
Credit Cooperating)
Term Loan 1.04 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EJPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 EJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EJPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
EJPL was incorporated in November 1998, promoted Mr Sidhharth
Lohariwal and Mrs Prem Agarwal. The company manufactures and
exports jute and cotton bags.
GI INTERNATIONAL PRIVATE: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: GI International Private Limited
8/1, Ram Kumar Rakhit Lane
1st Floor
Kolkata 700007
Insolvency Commencement Date: May 19, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: November 15, 2022
Insolvency professional: Dhiren S Shah
Interim Resolution
Professional: Dhiren S Shah
B 102 Bhagirathi Niwas
Near Natraj Studio
Sir M V Road, Andheri (East)
Mumbai 400069
E-mail: dss@dsshah.in
ip@dsshah.in
Last date for
submission of claims: June 4, 2022
GLORIA ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gloria
Engineering Company (GEC) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 4.50 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 2.25 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GEC for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 GEC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GEC continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 1981 as a proprietorship firm, GEC was reconstituted as a
partnership firm in 1996. It manufactures sheet-metal-pressed
components for the commercial vehicle segment. GEC has three
manufacturing units in Pune (Maharashtra) and two units in Lucknow
(Uttar Pradesh).
HEMA ENGINEERING: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Hema Engineering Industries Ltd
Registered office:
Sachindanand Farm House
Kishangarh Village
Op. Swimming Pool
DDA Sports Complex
Lane Green Avenue
Vasant Kunj, New Delhi 110070
Administrative office:
69th Km Stone
Delhi-Jaipur Highway
Dharuhera, Rewari 122001 (Haryana)
Plant:
1/3 KM, Khandsa Road
Gurugram 122001
Plant:
Upparapalli Village
Mathgondapalli Post
Thally Road
Hosur (Tamilnadu)
Plant:
No. 713 & 717, Poonapalli Village
Hosur (Tamilnadu)
Plant:
Plot No.4, Salempur
Mehdood, IP-2
Haridwar (Uttarakhand)
Plant:
Khasra No. 1394, Salempur Mehdood-2
Haridwar (Uttarakhand)
Plant:
153, Village Belideyod
Tehsil-Nalagarh (Himachal Pradesh)
Plant:
Plot No. 5 & 14, Sector-6
HSIDC, Growth Centre
Bawal Distt. Rewari (Haryana)
Plant:
Plot No. G-77, Shed No. 47, SIDCO
Industrial Estate, Kakalur
Distt. Thiruvallur 602003 (TN)
Plant:
Plot No. 1601, at GIDC Halol
Tal-Halol, Distt. Panchmahal
Gujarat 389350
Plant:
64th Km Stone, Delhi Jaipur Highway
Village Sidhrawli
Gurgaon 122413
Liquidation Commencement Date: May 17, 2022
Court: National Company Law Tribunal, Bench-III, New Delhi
Date of closure of
insolvency resolution process: May 17, 2022
Insolvency professional: Vikas Garg
Interim Resolution
Professional: Vikas Garg
809, 8th Floor
Arunachal Building
19, Barakhamba Road
New Delhi 110001
E-mail: vikas@vamindia.in
- and -
Immaculate Resolution Professionals
Private Limited
Unit No. 111-112, First Floor, Tower-A
Spazedge Commercial Complex
Sector-47, Sohna Road
Gurgaon 122018
E-mail: liquidator.hemaengg@gmail.com
Last date for
submission of claims: June 16, 2022
IDCOL SOFTWARE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: IDCOL Software Limited
IDCOL House, Ashok Nagar
Unit-II
Bhubaneswar 751009
Liquidation Commencement Date: May 17, 2022
Court: National Company Law Tribunal, Bhubaneswar Bench
Insolvency professional: Saradindu Jena
Interim Resolution
Professional: Saradindu Jena
O.U.-510, 5th Floor
Esplanade One, Rasulgarh
Bhubaneswar 751010
E-mail: liq.idcolsoft@gmail.com
Mobile: +917894407699
Last date for
submission of claims: June 16, 2022
INNOVATIVE INTERIORS: CRISIL Moves B Ratings to Not Cooperating
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Innovative Interiors Private
Limited to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has subsequently started sharing the
information required for carrying out a comprehensive review of the
ratings. Consequently, CRISIL Ratings is migrating its rating to
'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Long Term Loan 1.6 CRISIL B/Stable (Migrated
from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
Secured Overdraft 3.0 CRISIL B/Stable (Migrated
Facility from 'CRISIL B+/Stable ISSUER
NOT COOPERATING')
The rating reflects CRISIL Rating's expectation that the credit
risk profile of the company will remain constrained by both
business and financial risk. The financial risk profile is marked
by fully utilized bank limits on account of stretch in receivables.
The rating downgrade also factor's CRISIL Rating's belief that
company's operating performance would remain subdued in fiscal 2023
due to reduced spending on interior design projects. The company's
revenues are expected to remain stable around INR17 – 18 crore
while operating profitability would be at around 8 - 9 percent in
FY2023, as compared to operating margins of over 14% prior to
FY2020.
The rating continues to reflect the working capital-intensive
nature of operations, modest scale, and exposure to intense
competition in a highly fragmented industry and an average
financial risk profile. These weaknesses are partially off-set by
the extensive experience of the firm's promoter in the Interior
decorative industry and established clientele.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale and exposure to Intense Competition: With expected
revenue at around Rs.18 crore for fiscal 2022, scale remains small
in the competitive interior decorating and furnishings industry.
Also, tender-based nature of business further limits pricing
flexibility.
* Working Capital-Intensive Operations: The gross current assets
(GCA) are estimated at over 250 days in FY2022, driven by inventory
and payables of around 160 days and 220 days respectively as on
March 31, 2022. Receivables collection in a timely manner shall
remain a key monitor-able given that majority of IIPL's clients
operate in the hospitality space.
* Average Financial Risk Profile: IIPL has an average financial
risk profile marked by estimated gearing of 1.45 times as on 31st
March 2022. The firm's debt protection metrics are modest with net
cash accrual to total debt (NCATD) and interest coverage ratios of
over 0.1 and 2.2 times, respectively, for fiscal 2022. Financial
risk profile is expected to improve over the medium term with
increase in demand from customers.
Strengths:
* Promoters' Extensive Experience and Established Clientele:
Presence of around 15 years in the furnishings and interior
decorative segment has enabled the promoters to establish strong
relationships with customers and suppliers. The company has
undertaken projects for reputed brands in Pondicherry & Chennai.
Liquidity: Stretched
Average month-end bank limit utilization was high at around 97% for
the past twelve months ending March 2022. Cash accruals of over
INR0.8 crore each in FY2023 and FY2024 are tightly matched against
term debt obligations over the medium term. Current ratio has been
moderate at an estimated 1.2 times on March 31, 2022.
Outlook: Stable
CRISIL Ratings believes IIPL will continue to benefit over the
medium term from the promoters' extensive experience.
Rating Sensitivity Factors
Upward Factors
* Improvement in revenue by over 15–20% to over INR21 crore and
operating margins of over 10% leading to higher cash accruals
* Improvement in the working capital cycle
Downward Factors
* Decline in the revenue profile or operating margins of less than
8%
* Stretch in the working capital cycle
* Any large debt-funded capital expenditure that weakens capital
structure
Established in 2006, IIPL, promoted by Chennai-based Mr. K Pandian
and his family, undertakes interior designing projects on a turnkey
basis for commercial establishments, including Hotels and Jewelry
Shops (75% of sales), and individuals (25%).
INSANNOVA CLINICALS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Insannova Clinicals Private Limited
GHMC No. 24-239, MIG 239
KPHB Main Road
Beside Remedy Hospital
Kukatpally, Hyderabad
Rangareddi TG 500072
IN
Liquidation Commencement Date: April 28, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency professional: Vinod Sakaram
Interim Resolution
Professional: Vinod Sakaram
13-15, Sri Nagar Uppal
Behind Huda Park
Hyderabad, Telangana 500039
E-mail: insannovaliquidation22@gmail.com
Tel: +919885013300
Last date for
submission of claims: May 28, 2022
IOTA AUTOMATION PRIVATE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: IOTA Automation Private Limited
New No. 34, Old No. 26
Rathna Nagar, Virugambakkam
Chennai TN 600092
Insolvency Commencement Date: March 25, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: September 21, 2022
(180 days from commencement)
Insolvency professional: CA M. Senthilkumar
Interim Resolution
Professional: CA M. Senthilkumar
Ramya, Plot No. 1314
Door No. 125
13th Main Road
Anna Nagar West
Chennai 600040
E-mail: senthil@sacas.in
- and -
La Aurora, Plot No. 1575
Door No. 45
13th Main Road
Anna Nagar West
Chennai 600040
Last date for
submission of claims: April 16, 2022
JAIPRAKASH ENGINEERING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Jaiprakash Engineering and Steel Company
510, 3rd A Cross
2nd Main 3rd Block
Rajmahal Vilas-II Dollars Colony
Bangalore 94
Liquidation Commencement Date: May 6, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency professional: Kranthi Kumar Kedari
Interim Resolution
Professional: Kranthi Kumar Kedari
Flat No. 101
Srikrishnas Rali Nilayam
G 134, Madhura Nagar
Hyderabad, Telangabad 500038
E-mail: kranthikumar1980@gmail.com
Last date for
submission of claims: May 25, 2022
JAISWAL TRADING: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jaiswal
Trading Company (Bhikangaon) (JTC) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JTC for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 JTC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JTC continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2012 as a proprietorship firm, JTC, based in
Bhikangaon (Madhya Pradesh), trades in cotton seeds and bales. Mr
Amit Jaiswal is the proprietor.
JOYS STEEL: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Joys
Steel Impex (JSI) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 7 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 13 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 7 CRISIL D ((ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JSI for
obtaining information through letters and emails dated March 29,
2022 and April 27, 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 JSI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSI
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 JSI to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Set up in 2006 as a proprietorship firm by Mr Tejal Shah, JSI
trades in carbon steel plates. The firm is based in Mumbai.
K.S. GRANITES: CRISIL Keeps D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of K.S. Granites
(KS) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KS for
obtaining information through letters and emails dated February 28,
2022 and April 18, 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 KS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KS
continues to be 'CRISIL D Issuer Not Cooperating'.
KS was set up as a partnership firm in 2009 by Mr. Mohammed Ali and
Mr. Mohammed Ismail. The firm undertakes quarrying and sale of
rough granite. It commenced commercial operations in December
2013.
KAPICO MOTORS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Kapico Motors India Private Limited
Old No. 197, New No. 309
Poonamallee High Road
Kilpauk, Chennai 600010
Liquidation Commencement Date: April 30, 2022
Court: National Company Law Tribunal, Division Bench I, Chennai
Date of closure of
insolvency resolution process: February 26, 2022
Insolvency professional: CA S. Kannan
Interim Resolution
Professional: CA S. Kannan
No. 27, "Skyline Castle"
Abdul Razack Street
Saidapet, Chennai 600015
E-mail: charitarthkannan@gmail.com
Mobile: 9381041949
Last date for
submission of claims: May 27, 2022
KAY PAN: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Kay Pan Fragrance Private Limited
286, Main Road
Mandawali, Delhi East
Delhi 110092
Insolvency Commencement Date: May 13, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 9, 2022
(180 days from commencement)
Insolvency professional: Mr. Shashi Bhushan Prasad
Interim Resolution
Professional: Mr. Shashi Bhushan Prasad
G-4/9, 1st Floor
Near Krishna Mandir
Malviya Nagar, New Delhi
National Capital Territory of Delhi
110017
E-mail: shashibpd@gmail.com
- and -
Stress Credit Resolution Private Limited
E-43, LGF, Panchsheel Park
New Delhi 110017
E-mail: shashi@stresscredit.com
admin@stresscredit.com
Last date for
submission of claims: May 27, 2022
KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Konnecting
India (KI) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated February 28,
2022 and April 18, 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 KI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL D Issuer Not Cooperating'.
KI, based in Mumbai and established in 2008 by Mr. Anmol Samat and
his mother Ms. Sapna Samat, trades in technical textile fabrics.
LAKSHMI NARASIMHA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lakshmi
Narasimha Traders - Nellore (LNTN) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LNTN for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 LNTN, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LNTN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LNTN continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2002 as a partnership firm Lakshmi Narasimha
Traders-Nellore (LNTN) is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. It has an
installed paddy milling capacity of 3 tons per hour. Its rice mill
is located in Nellore (Andhra Pradesh). The firm is promoted by Mr.
Y Ranga Rao.
LAKSHMI POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Poultry Farm - Vijayawada (LPF) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.1 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 3.05 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 1.85 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LPF for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 LPF, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LPF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
LPF was set up in year 2015. LPF is engaged in poultry and hatchery
business. LPF is owned & managed by Mrs. Vallabhaneni Usha Rani.
LUMINA NETWORKS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Lumina Networks India Private Limited
Vishwakalyan Apartments, 3rd Floor
S.No. 149/2A, PT 3
ITI Road, Aundh
S.No. 1, Pune
Maharashtra 411007
Liquidation Commencement Date: May 16, 2022
Court: National Company Law Tribunal, Coimbatore Bench
Insolvency professional: Vasudevan Gopu
Interim Resolution
Professional: Vasudevan Gopu
G.V. Enclave 18/30
Ramani Street, K.K. Pudur
Saibaba Colony
(4th Right Opp. Road to Saibaba Colony
Hotel Annapoorna Road)
Coimbatore 641038
E-mail: vasudevanacs@gmail.com
vasudevangopu.ip@gmail.com
Tel: 0422-4347063
Last date for
submission of claims: June 15, 2022
MANIK COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manik
Commercial Private Limited (MCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.9 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 0.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MCPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 MCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCPL continues to be 'CRISIL D Issuer Not Cooperating'.
MCPL incorporated in 1996 was primarily engaged in trading of
various agriculture products like wheat, maize, jute etc. The
company started the commercial production of its rice mill in the
current fiscal year having a manufacturing capacity of 20 tonnes
per day.
MAXGROW OVERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Maxgrow Overseas Limited
Registered address:
Natural Height Complex
1C Building No. 5 Phase I
VIP Road, Opp. Haldiram (Airport)
Kolkata, West Bengal 700052
Address other than R/o:
103, Hubtown Solaris
N S Phadke Marg
Andheri (East)
Mumbai, Maharashtra 400069
Insolvency Commencement Date: May 19, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: November 15, 2022
Insolvency professional: Mr. Sushil Kumar Agrawal
Interim Resolution
Professional: Mr. Sushil Kumar Agrawal
Avani Oxford, Phase 1
Block 2, Lobby 2 Flat No. 4B
136 Jessore Road
Near Lake Town Swimming Pool
Kolkata, West Bengal 700055
E-mail: avafca@gmail.com
- and -
AAA Insolvency Professionals LLP
Mousumi Co. Op. Housing Society
15B, Ballygunge Circular Road
Kolkata 700019
E-mail: ip.maxgrowoverseas@gmail.com
Last date for
submission of claims: June 2, 2022
MM AGRO VENTURES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M.M. Agro Ventures Private Limited
House no. 6B/26, Tilak Marg
North S.K. Puri Patna Bihar
India 800013
Liquidation Commencement Date: May 5, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: May 5, 2022
Insolvency professional: Sonu Jain
Interim Resolution
Professional: Sonu Jain
Poddar Court, Gate No. 2
18, Rabindra Sarani
3rd Floor, Suit No. 327
Kolkata 700001
E-mail: casonujain@gmail.com
Tel: 9830285088
Last date for
submission of claims: June 3, 2022
NARAIN SINGH: CRISIL Lowers Rating on INR3.75cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Narain Singh Bundela and Co (NSBC) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable' and reaffirmed its 'CRISIL A4' rating on
the short-term bank facility.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.57 CRISIL A4 (Reaffirmed)
Cash Credit 3.75 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
The upgrade reflects the improving order book of the firm, with
in-hand orders of around INR10 crore providing medium-term revenue
visibility. The extensive experience of the proprietor in the
construction industry and association with government departments
for over two decades supports the firm's business risk profile.
Furthermore, aided by low reliance on external debt, the total
outside liabilities to tangible networth (TOLTNW) ratio is expected
at 0.32 time as on March 31, 2022. Debt protection metrics will
remain comfortable, with interest coverage ratio expected at around
3.7 times in fiscal 2023. Improvement in the financial risk profile
backed by the absence of major debt-funded capital expenditure
(capex) and low reliance on external debt amid improving business
performance will be a key monitorable.
The ratings reflect the firm's large working capital requirement
and exposure to intense competition constraining scalability and
profitability. These weaknesses are partially offset by the
extensive experience of the proprietor in the construction
industry.
Analytical approach
Unsecured loan of INR0.09 crore as of March 31, 2022, from the
proprietor, has been treated as 75% equity and 25% debt as the loan
is subordinate to external debt and expected to be retained in the
business for over five years.
Key rating drivers and detailed description
Weaknesses:
* Exposure to intense competition constraining scalability and
profitability: The firm's revenue comes from government departments
of Uttar Pradesh and Madhya Pradesh. Because of intense
competition, it has to bid aggressively to win tenders, which
constrains scalability, reflected in modest revenue of INR6.55
crore in fiscal 2022, and profitability. The prices of raw
materials, mainly steel, are highly volatile; due to lower pricing
flexibility on account of tender-based business, the firm is unable
to pass on increase in raw material prices to its customers.
Improvement in revenue amid higher order inflow and timely
execution of orders with stable operating margin above 8% will be
key monitorables over the medium term.
* Large working capital requirement: As the firm is engaged in
civil construction work, execution time varies depending on the
size of the orders. To ensure timely execution of orders, the firm
maintains inventory of 5-6 months. Usually, government departments
take 6-7 months to release payments post-inspection. The firm
raises bills after getting approval from the departments and
receives payment within 20-30 days. The working capital requirement
will remain large with gross current assets (GCAs) expected at
300-500 days over the medium term. The working capital cycle is
supported by payables of 60-90 days.
Strength:
* Extensive experience of the proprietor: Presence of around three
decades in the civil construction industry and strong understanding
of market dynamics have aided the proprietor to bid successfully
for tenders and will continue to support the business. The firm has
an order book worth around INR10 crore, which provides medium-term
revenue visibility. Hence, improvement in revenue amid timely
execution of orders will remain a key monitorable.
Liquidity: Stretched
Expected cash accrual of INR0.4-0.55 crore per annum will
adequately cover yearly debt obligation of INR0.05-0.06 crore over
the medium term. Fund-based limit of INR3.75 crore was utilised
36.19% on average over the 12 months through March 2022. Current
ratio improved to an estimated 2.46 times as on March 31, 2022.
Liquidity will remain supported by cushion in bank lines, improving
cash accrual and need-based funding support from the proprietor.
Outlook: Stable
NSBC will continue to benefit from the extensive experience of the
proprietor.
Rating sensitivity factors
Upward factors
* Increase in revenue and rise in profitability above 10% leading
to cash accrual of more than INR1 crore
* Improvement in the working capital cycle, with GCAs less than 250
days
Downward factors
* Decline in revenue or fall in operating margin below 8% leading
to lower cash accrual
* Considerable capital withdrawal, impacting the net cash accrual
Large, debt-funded capex, weakening the capital structure
NSBC was set up in 1988 in Jhansi, Uttar Pradesh, as a
proprietorship firm by Mr Narain Singh Bundela. It undertakes civil
construction work for the railways, irrigation and road
departments. It constructs bridges and canals and undertakes
ancillary works for railway lines.
NASCENT COMMUNICATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Nascent Communication Private Limited
Pankaj Tower 1 Basement
G Block Community Center
Near PVR Cinema
Vikaspuri, New Delhi 110018
Insolvency Commencement Date: May 12, 2022
Court: National Company Law Tribunal, New Delhi Bench-V
Estimated date of closure of
insolvency resolution process: November 5, 2022
(180 days from commencement)
Insolvency professional: Ravi Bansal
Interim Resolution
Professional: Ravi Bansal
308, Adarsh Complex
03 Community Centre
Wazirpur Industrial Area
New Delhi 110052
E-mail: ipravibansal@gmail.com
ncpl.cirp@gmail.com
Last date for
submission of claims: May 27, 2022
NATH JI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Nath Ji
Enterprises - Nissing (SNJE) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Warehouse Receipts 3.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SNJE for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 SNJE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNJE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNJE continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SNJE was established in 2013 as a partnership firm by Mr Gaurav
Garg, Mr Mukesh Garg, Mr Dharampal Garg, Ms Suman Garg, and Mr
Ankush Garg. The firm processes and mills rice at its plant at
Karnal, Haryana.
NOBLE MOULDS: CRISIL Withdraws D Rating on INR15cr Loans
--------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Noble Moulds Private Limited (NMPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Medium Term Loan 1 CRISIL D/Issuer Not
Cooperating (Withdrawn)
Open Cash Credit 14 CRISIL D/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with NMPL for
obtaining information through letters and emails dated June 29,
2020, December 18, 2020 and October 7, 2021 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 NMPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on NMPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
NMPL to 'CRISIL D Issuer not cooperating'.
NMPL, incorporated in 1999, manufactures moldings and other plastic
products used in electronic goods such as televisions, washing
machines and refrigerators. Its facilities are in Noida (Uttar
Pradesh).
PNC ENTERPRISES PRIVATE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: PNC Enterprises Private Limited
C-204, Rail Vihar
Sector-15, Part-2
Gurugram, Haryana
Insolvency Commencement Date: May 17, 2022
Court: National Company Law Tribunal, Noida Bench
Estimated date of closure of
insolvency resolution process: October 13, 2022
Insolvency professional: Ranjeet Kumar Verma
Interim Resolution
Professional: Ranjeet Kumar Verma
CS-53, 1F, Ansal Plaza
Sector-1, Vaishali
Ghaziabad 201010
India
E-mail: ranjeet@ranjeetcs.com
Tel: 0120-4548178
- and -
C/o V P Singh & Co
C 396, 2nd FLoor
Sector 10, Noida 201301
UP
E-mail: cirp.pnc@gmail.com
Last date for
submission of claims: May 31, 2022
POWERAGE TOWERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Powerage Towers Limited
101 to 103, Indore Trade Centre
2/3, South Tukoganj
Indore MP 452001
Insolvency Commencement Date: May 13, 2022
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: November 1, 2022
Insolvency professional: Dhiren S Shah
Interim Resolution
Professional: Dhiren S Shah
B 102 Bhagirathi Niwas
Near Natraj Studio
Sir M V Road
Andheri (East)
Mumbai 400069
E-mail: dss@dsshah.in
ip1@dsshah.in
Last date for
submission of claims: May 27, 2022
RADHASHYAM INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Radhashyam Industries Private Limited
46B, Rafi Ahmed Kidwai Road
1st Floor
Kolkata WB 700016
Insolvency Commencement Date: May 21, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: November 15, 2022
Insolvency professional: Ms. Priyanka Ajitsaria
Interim Resolution
Professional: Ms. Priyanka Ajitsaria
Room No. 211, 2 Lal Bazar Street
Dalhousie, Kolkata
West Bengal 700001
E-mail: ppandco@gmail.com
Last date for
submission of claims: June 4, 2022
RAM CHARAN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ram Charan Company Private Limited
No. 505, Fifth Floor, Delta Wing
Raheja Towers Old No. 113-134
New No. 177, Anna Salai
Chennai, TN 600002
Insolvency Commencement Date: April 21, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: October 18, 2022
Insolvency professional: S. Vasudevan
Interim Resolution
Professional: S. Vasudevan
Manasarovar Apartment Plot 5
Bagavathi Nagar
Medavakkam Koot Road
Chennai 600100
E-mail: ksvasu1956@gmail.com
Last date for
submission of claims: May 4, 2022
RESSEAUX TECH: CRISIL Lowers Rating on INR5cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Resseaux Tech Private Limited (RTPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 RTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
Incorporated in 2009 and promoted and managed by Mr Ramesh Vaswani
and Mr Rajeev Vaswani, RTPL trades in IT hardware and power back-up
products. and supplies mainly to government departments.
RHC HOLDING PRIVATE: Insolvency Resolution Case Summary
-------------------------------------------------------
Debtor: RHC Holding Private Limited
G-16, Marina Arcade
Connaught Circus
New Delhi
Central Delhi 110001
India
Insolvency Commencement Date: May 19, 2022
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: November 9, 2022
(180 days from commencement)
Insolvency professional: Mr. Gautam Singhal
Interim Resolution
Professional: Mr. Gautam Singhal
C-35, Ground Floor
Vivek Vihar, Phase-1
New Delhi 110095
E-mail: gautam@klfindia.com
- and -
Immaculate Resolution Professionals
Private Limited
Unit No. 112, First Floor, Tower-A
Spazedge Commercial Complex
Sector-47, Sohna Road
Gurgaon 122018
E-mail: cirp.rhcholding@gmail.com
Last date for
submission of claims: June 2, 2022
RUBBER WOOD: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rubber Wood India Private Limited
Indiawood Factory, Rubber Board
RRDTC Complex, Manganum
Kottayam 686018
Kerala
Insolvency Commencement Date: May 17, 2022
Court: National Company Law Tribunal
Estimated date of closure of
insolvency resolution process: November 16, 2022
Insolvency professional: Mr. Renahan Vamakesan
Interim Resolution
Professional: Mr. Renahan Vamakesan
Villa 23, Skyline Rosemount Homes
Kunjan Bava Road
Vyttila P O, Ernakulam
Kerala 682019
E-mail: renahanv@gmail.com
Last date for
submission of claims: June 1, 2022
SAI OTO TUBES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Sai Oto Tubes Mill Limited
104/A, Jagannath Apartment
Rokadia Lane, Borivali West
Mumbai 400092
Insolvency Commencement Date: May 10, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: October 7, 2022
Insolvency professional: Vishnu Kant Kabra
Interim Resolution
Professional: Vishnu Kant Kabra
903, Mayfair Greens
S.V. Road, Kandivali West
Mumbai 400067
E-mail: ipvishnukabra@gmail.com
Last date for
submission of claims: May 24, 2022
SANJEEVAN HEART: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Sanjeevan Heart Centre Limited
467/7-A/1-42, Sadar Bazar
Satara 425001
Liquidation Commencement Date: May 9, 2022
Court: National Company Law Tribunal, Satara Bench
Insolvency professional: IP Manoj H. Shah
Interim Resolution
Professional: IP Manoj H. Shah
A J Residency 1st Floor, Flat no. 102
S.No. 47/1 Plot no. 6
Taware Colony
Next to Chowgule
Showroom, Parvati
Pune 411009
E-mail: manoj_shah68@yahoo.co.in
Tel: 02029510658
74982035385
Last date for
submission of claims: June 7, 2022
SHANKER PLASTIC: CRISIL Lowers Rating on INR8.85cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Shanker Plastic Products (SPP) to 'CRISIL D' from
'CRISIL BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.85 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Fund- 2.15 CRISIL D (Downgraded from
Based Bank Limits 'CRISIL BB-/Stable')
Term Loan 4 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The downgrade reflects the continuous delays by SPP in repayment of
term loan installments & overutilised Bank limits due to weak
liquidity in last three months ending in April 2022.
The rating reflects the extensive experience of SPP's proprietor,
in manufacturing of plastic water tanks, and the firm's average
debt protection metrics. These strengths are partially offset by
the modest scale of operations, and susceptibility to fluctuations
in raw material prices, and intense competition.
Key Rating Drivers & Detailed Description
Weaknesses:
* Delays in servicing term debt obligation: The company has delayed
the principal repayments on its term debt and has overutilised its
cash credit limit for the past more than three months because of
poor liquidity.
* Susceptibility of profitability to fluctuations in raw material
prices: Prices of raw material, granules of high-density
polyethylene HDPE are volatile, and susceptible to movement in
global prices and regional demand-supply dynamics. Thus, any sharp
increase in raw material prices could adversely impact
profitability.
Strength:
* Extensive experience of proprietor: The two-and-half-decade-long
experience of the proprietor, in the pipe and pipe fittings
industry, his strong understanding of market dynamics, and
established relationships with suppliers and customers, will
continue to support the business risk profile.
Liquidity: Poor
Liquidity is likely to remain weak. The firm has delayed in
servicing its term debt obligation and overutilized bank limits
averaged at 102.51% for past twelve months ended in March 2022.
Rating Sensitivity factors
Upward Factor:
* Track record of timely debt servicing for at least 90 days.
* Improvement in the financial risk profile and liquidity.
SPP was formed as a proprietorship concern of Mr Parveen Sharma in
2012. The firm manufactures PVC plastic pipes, garden pipes and
water storages tanks, under the brands, Jehlum, Victrex, and
Durend. SPP has two manufacturing facility at Samba, Jammu and
Jaipur, with an installed capacity of 4 lakh plastic water tanks
per annum.
SHARF INDUSTRIES: CRISIL Reaffirms B+ Rating on INR10cr Loans
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Sharf Industries (SI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.1 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.9 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the firm's modest scale of
operations and low operating margin because of the trading
business, large working capital requirement and highly leveraged
capital structure. These weaknesses are partially offset by the
extensive experience of the proprietor in the electrical goods
trading business.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations and low operating margin because of
the risks inherent in trading business: Intense competition in the
electrical goods industry constrains scalability, reflected in
modest revenue of INR4.23 crore in fiscal 2022 and INR5.84 crore in
fiscal 2021.
* Small initial investment and low complexity of operations have
resulted in innumerable players, leading to significant competition
and low profitability. The operating margin of the firm was
1.96-3.09% over the three fiscals through 2021 and 1.96% in fiscal
2021.
* Large working capital requirement: Gross current assets (GCAs)
declined to 169 days over the three fiscals through 2021 from 213
days as on March 31, 2019. The working capital requirement remains
large because of sizeable receivables and inventory.
* Highly leveraged capital structure: Total outside liabilities to
adjusted networth ratio was high at 12-5 times in the three fiscals
ended March 31, 2021. Despite expected increase in sanctioned
working capital limits, the total outside liabilities to tangible
networth ratio is estimated at 9.74 times as on March 31, 2022.
Strength:
* Extensive industry experience of the proprietor: The proprietor
has experience of 12 years in the electrical goods trading
business. This has given him an understanding of market dynamics
and helped to establish strong relationships with suppliers and
customers.
Liquidity: Stretched
Utilization of the bank lines of INR18 lakh was moderate at 68.5%
on average over the 12 months through February 2022. Net cash
accrual is estimated at INR9-13 lakh in fiscal 2022 against nil
debt obligation. Current ratio is estimated to have been moderate
at 1.1 times as on March 31, 2022. The proprietor will continue to
provide funding support over the medium term.
Outlook: Stable
CRISIL Ratings believes SI will continue to benefit from its
longstanding relationships with principal suppliers and the
experience of the management in mitigating risks inherent in the
trading business.
Rating Sensitivity factors
Upward factors
* Sustained revenue growth of 25% over the medium term,
strengthening the financial risk profile
* Improvement in the working capital cycle, with GCAs of 120 days
Downward factors
* Decline in the operating margin by more than 150 basis points
* Further stretch in the working capital cycle, leading to larger
GCAs
Set up in 2014, SI trades electrical goods such as lights, fans,
switch sockets, miniature circuit breakers (MCBs), wires and other
electrical accessories. The firm is owned and managed by Mr Vinayak
Keshari.
SHIV-PARVATI CONSTRUCTION: CRISIL Cuts Rating on INR5cr Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Shiv-Parvati Construction (SPC) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 1 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with SPC for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 SPC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPC revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.
SPC was set up in 1989 as a partnership firm by Kukreja family,
Sangli (Maharashtra)-based firm undertakes civil works such as
construction of concrete, asphalt, and bitumen roads in Sangli and
Kolhapur (Maharashtra).
SHRIDEVI CHARITABLE: CRISIL Withdraws D Rating on INR27.54cr Loan
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sri Shridevi Charitable
Trust (SSCT) to 'CRISIL D Issuer Not Cooperating'. CRISIL Ratings
has Withdrawn its rating on bank facility of SSCT following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL Ratings is migrating the
ratings on bank facilities of SSCT from 'CRISIL D Issuer Not
Cooperating' to 'CRISIL D'. The rating action is in line with
CRISIL Ratings' policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 27.54 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING'; Rating Withdrawn)
Term Loan 12.00 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING'; Rating Withdrawn)
SSCT (previously known as Sri Shridevi Charitable Trust (R.)),
established in 1992, provides education from primary school to
graduation in engineering; it also has a medical college which
became operational in 2013-14 (refers to financial year, April 1 to
March 31). The trust's operations are managed by its managing
trustee, Dr. M R Hulinaykar.
SKPJ INVESTMENT & FINANCE: Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: S.K.P.J. Investment & Finance Private Limited
House No. 106/T-10, Palco House
Patel Nagar, New Delhi 110008
Liquidation Commencement Date: May 17, 2022
Court: National Company Law Tribunal, New Delhi, Bench-III
Date of closure of
insolvency resolution process: May 17, 2022
Insolvency professional: Mr. Atiuttam Prasad Singh
Interim Resolution
Professional: Mr. Atiuttam Prasad Singh
A-97 & 98, Upper Ground Floor
Street No. 6, Madhu Vihar
Delhi 110092
E-mail: atiuttamsingh@gmail.com
cirpskpj@gmail.com
Last date for
submission of claims: June 16, 2022
SPECIAL ENGINEERING: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Special Engineering (Halol) Private Limited
26, Neelkanth Society
Near Lions Hall
Vadodara, Gujarat 390007
India
Liquidation Commencement Date: May 11, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency professional: CA & IP Bhavan Trivedi
Interim Resolution
Professional: CA & IP Bhavan Trivedi
55, 6th Floor, Shri Krishna Centre
Nr. Mithakhali Six Roads
Navrangpura, Ahmedabad
Gujarat 380009
E-mail: bhavan@yahoo.com
Tel: 9824094617
Last date for
submission of claims: June 9, 2022
SURYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya
Industries (SI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.02 CRISIL D (Issuer Not
Cooperating)
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 6.58 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.40 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SI for
obtaining information through letters and emails dated February 28,
2022 and April 18, 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 SI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SI hulls and mills paddy and processes basmati rice. It was founded
by a group of locals in Ghubaya village in Jalalabad (Punjab) in
2000. In 2009, it was taken over by Mr. Subhash Chander and his
family members. Currently, it is being managed by Mr. Anil Josan
and Mr. Raman Josan.
THAKUR VS: CRISIL Reaffirms B+ Rating on INR7cr Cash Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Thakur V. S. Bidi Works, Poona
(TBWP).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.5 CRISIL B+/Stable (Reaffirmed)
Working Capital
Term Loan 3.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect below-average financial risk
profile of TBWP, large working capital requirement, and exposure to
volatile raw material prices, regulatory risks and intense
competition. These weaknesses are partially offset by extensive
experience of the partners in the bidi industry and their funding
support
Analytical Approach
Of the unsecured loans (INR7.56 crore as on March 31, 2022)
extended by the partners, 75% has been treated as equity and the
remaining as debt because this should be retained in the business
in the long term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Below-average financial risk profile: Financial risk profile is
likely to remain constrained by low cash accrual amid modest
profitability and frequent capital withdrawals. Total outside
liabilities to adjusted networth ratio was 2.6 times as on March
31, 2022. Debt protection metrics were weak, with interest coverage
and net cash accrual to total debt ratios of 2.6 times and 0.23
time, respectively, in fiscal 2022.
* Large working capital requirement: The working capital cycle may
continue to be stretched. Gross current assets were sizeable at 174
days as on March 31, 2022, driven by huge inventory of 115 days and
moderate receivables of 47 days.
* Exposure to volatile raw material prices, regulatory risk, and
intense competition: Sales and profitability are susceptible to the
availability of tobacco and tendu patta and intense competition
from other bidi manufacturers and substitute products, such as
cigarettes. Furthermore, the firm is exposed to changes in
government regulations.
Strength:
Extensive experience of partners and their funding support
Benefits from the five-decade-long experience of the partners,
their strong understanding of market dynamics, healthy relations
with customers and suppliers, and timely, need-based unsecured
loans should continue to support the business.
Liquidity: Stretched
Liquidity is expected to be weak. Cash accrual is projected at more
than INR1.5 crore per annum, barely sufficient to meet the yearly
maturing debt of more than INR1.9 crore. Nonetheless, bank limit
utilization was low at 19% on an average for the 12 months through
March 2022. Cushion in the bank limit and timely funding support
extended by the partners should partially aid liquidity.
Outlook: Stable
TBWP will continue to benefit from the extensive experience of its
partners
Rating Sensitivity factors
Upward factors
* Substantial and sustainable increase in revenue and operating
margin, leading to cash accrual steady at over INR2 crore per
annum
* Improvement in the working capital cycle and capital structure
Downward factors
* Operating margin dropping below 1.5%, resulting in
lower-than-expected cash accrual
* Further stretch in the working capital cycle.
Set up in 1999 as a partnership firm, Pune-based TBWP manufactures
bidis, which are sold in Rajasthan, Uttar Pradesh, Gujarat, and
Madhya Pradesh under its brands, Langar and Taurus. Mr Vijaykumar S
Thakur and Mr Parikshat V Thakur manage the business.
VAISHNAVI GLOBAL: CRISIL Withdraws B+ Rating on INR8.5cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Vaishnavi Global Private Limited (VGPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.5 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Proposed Long Term 12.5 CRISIL B+/Stable/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
Proposed Long Term 1.5 CRISIL B+/Stable/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with VGPL for
obtaining information through letters and emails dated December 18,
2020 and June 9, 2021 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 VGPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on VGPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
VGPL to 'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 1997 as a proprietorship firm and later
reconstituted as private limited company, VGPL manufactures
order-based garments mainly jeans and it also processes fabric. The
company is promoted by Mr. Rishi Mehra and Ms. Priti Mehra and is
based in Mumbai.
VELOCLOUD NETWORKS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Velocloud Networks Private Limited
1st Floor, SKCL Central Square-II
B 20 & B 21, Thiru-vi-ka Industrial Estate
Guindy Chennai Tamil Nadu 600032
India
Liquidation Commencement Date: May 12, 2022
Court: National Company Law Tribunal, Coimbatore Bench
Insolvency professional: Vasudevan Gopu
Interim Resolution
Professional: Vasudevan Gopu
G.V. Enclave 18/30
Ramani Street, K.K. Pudur
Saibaba Colony
(4th Right Opp. Road to Saibaba Colony
Hotel Annapoorna Road)
Coimbatore 641038
Tamil Nadu, India
E-mail: vasudevangopu.ip@gmail.com
vasudevanacs@gmail.com
Tel: 0422-4347063
Last date for
submission of claims: June 10, 2022
VIKRAM HEALTH: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Vikram Health Services Private Limited
5th Floor No. 71/1
Millers Road
Bengaluru 560052
Karnataka, India
Liquidation Commencement Date: January 10, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency professional: Mr. Pramodkumar R Ladda
Interim Resolution
Professional: Mr. Pramodkumar R Ladda
Office No. 106, First Floor
55 Sukhniwas, 15th August Chowk
Mangalwar Peth, Pune 411011
E-mail: csladdaji@gmail.com
Mobile: +919595271145
Last date for
submission of claims: February 9, 2022
=========
J A P A N
=========
TOSHIBA CORP: Japan State-Backed Fund JIC Mulls Making Bid for Firm
-------------------------------------------------------------------
Bloomberg News reports that state-backed investment fund Japan
Investment Corp (JIC) is considering a bid for Toshiba Corp,
according to people with knowledge of the matter.
JIC has signed a confidential agreement with the Japanese
conglomerate for access to detailed finances as it weighs an offer,
said the people, who asked not to be identified as the information
is private, Bloomberg relays. Some private equity funds had
approached JIC to explore a potential joint bid, the people said.
Deliberations are ongoing and JIC could decide against proceeding
with an offer, the people said.
A representative of JIC declined to comment. A representative of
Toshiba declined to comment on JIC's interest and reiterated that
several partners had signed confidentiality pledges. Toshiba will
provide updates and announce the number of non-binding bids
received before its annual shareholders meeting, the representative
said, Bloomberg relays.
According to Bloomberg, Toshiba is fielding take-private proposals
after its shareholders rejected a plan put forward by the
management to split the company. The conglomerate said this month
that 10 potential investors and sponsors had signed confidentiality
pacts and non-binding offers are due by May 30.
The company added JPMorgan Chase & Co and Mizuho Financial Group
Inc to help evaluate the submissions, the report notes. It had
already hired Nomura Holdings Inc as an adviser. Bain Capital,
Blackstone Inc, CVC Capital Partners and KKR & Co are among buyout
firms that are weighing bids for Toshiba, Bloomberg News has
reported.
JIC, founded in 2018, aims to enhance Japan's competitiveness
through supporting the growth of next-generation industries and
stimulating private-sector investment, according to its website.
The Japanese government is JIC's majority shareholder with an
investment of about JPY367 billion (US$2.9 billion or about RM12.68
billion), while 25 investors including Asahi Kasei Corp and Canon
Inc have contributed JPY13.5 billion in total, Bloomberg adds.
A buyout of Toshiba, which has a market value of about US$19
billion, could be private equity's biggest-ever deal in the
country. The potential deal would add to the US$105 billion worth
of transactions targeting Japanese companies announced over the
past year, according to data compiled by Bloomberg.
=====================
N E W Z E A L A N D
=====================
AIREPURE (NEW ZEALAND): Creditors' Proofs of Debt Due on July 24
----------------------------------------------------------------
Creditors of Airepure (New Zealand) Pty Limited are required to
file their proofs of debt by July 24, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 24, 2022.
The company's liquidator is:
Thomas Lee Rodewald
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road (PO Box 15543)
Tauranga 3144
APOLLO GROUP: Court to Hear Wind-Up Petition on June 3
------------------------------------------------------
A petition to wind up the operations of Apollo Group Limited will
be heard before the High Court at Auckland on
June 3, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 13, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
FIRST CONSTRUCTION: Court to Hear Wind-Up Petition on June 3
------------------------------------------------------------
A petition to wind up the operations of First Construction Group
Limited will be heard before the High Court of Singapore on June 3,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 13, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
JONESY CONSTRUCTION: Goes Bust, Owes Unsec. Creditors NZD2.11MM
---------------------------------------------------------------
Stuff.co.nz reports that Rahul Srivastav said he broke down in
tears when he received an email saying the construction company
building his family's first home, Jonesy Construction Ltd, had
entered liquidation.
He and his wife, Ritika Srivastav's new home in the Wellington
suburb of Newlands now has a "temporarily closed" sign outside it,
and despite having paid off nearly all of the construction cost,
the couple do not know whether they will receive their home, or get
their money back, Stuff relates.
The couple received an email from liquidator Grant Thornton on May
11, and Rahul Srivastav said it came out of the blue.
According to Stuff, Srivastav said he met with Jonesy Construction
director Ben Jones in early April, and was told his home would be
completed in four to six weeks.
An initial liquidators report stated the company had at least 15
sites under construction, and that the liquidators were identifying
further sites that may be affected.
The demise of Jonesy Construction follows another Wellington
construction company, Armstrong Downes Commercial, entering
liquidation at the start of May, Stuff notes.
A number of other firms have also gone bust, and Master Builders
chief executive David Kelly said the biggest issue was the delay in
the supply of materials, which meant work could not be progressed,
resulting in cashflow issues.
According to Stuff, the liquidators said in their initial report
that Jonesy Construction focuses on residential construction
projects throughout the Wellington region and had 27 staff.
Outstanding wages had not yet been worked out, but about $60,000
was owed in holiday pay, they said.
"The director has advised that throughout 2019 and 2020, the
company was undertaking work for a developer who faced financial
difficulty, resulting in substantial losses to the company,
however, it was anticipated that these losses would be recouped
from future work and contracts," the liquidators, as cited by
Stuff, said.
"The majority of the company's contracts were Registered Master
Builder contracts and were fixed price and were entered into prior
to substantial price increases and market fluctuations which caused
further losses and time delays that became unsustainable."
After an assessment of the business' financial position, advice,
and the inability for Jones to continue working in the business due
to health issues, it was decided the company should be placed into
liquidation to prevent further losses to creditors, the liquidators
said.
Secured creditors included Westpac and ANZ, and a number of
builders and building suppliers.
The company's records indicate there are unsecured creditors
totalling NZD2.11 million, Stuff discloses.
"At this stage, it is unknown if there will be any funds available
to make payment to unsecured creditors," the report quoted the
liquidators as saying. "We will be reviewing the contracts for each
construction site to understand the company's position."
SERES BEAUTY: Creditors' Proofs of Debt Due on July 4
-----------------------------------------------------
Creditors of Seres Beauty and Health Limited and Three Guys
Hospitality Limited are required to file their proofs of debt by
July 4, 2022, to be included in the company's dividend
distribution.
Seres Beauty commenced wind-up proceedings on May 23, 2022. Three
Guys Hospitality commenced wind-up proceedings on May 24, 2022
The company's liquidators are:
Daran Nair
Heiko Draht
Nair Draht Limited
97 Great South Road
Greenlane, Auckland 1051
TRUCK-PRO LIMITED: Court to Hear Wind-Up Petition on June 16
------------------------------------------------------------
A petition to wind up the operations of Truck-Pro Limited will be
heard before the High Court at Auckland on June 16, 2022, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 11, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
=================
S I N G A P O R E
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LIMIN MARINE: Bid to Restrain Proceedings to be Heard on June 9
---------------------------------------------------------------
An application to restrain proceedings against PT Limin Marine &
Offshore will be heard before the High Court of Singapore on June
9, 2022, at 10:00 a.m.
Komplek Pertokoan Citra Super Mall filed the application on May 11,
2022.
The Petitioner's solicitors are:
Oon & Bazul LLP
36 Robinson Road
#08-01/06, City House
Singapore 068877
NO SIGNBOARD: Secures Super Priority Rescue Funding
---------------------------------------------------
The Business Times reports that ahead of its moratorium hearings on
May 26, No Signboard Holdings announced that it was extended a
lifeline by Gazelle Ventures who has agreed to invest up to SGD5
million into the debt-ridden restaurant operator.
Gazelle Ventures, which invests in food, agri-tech and sustainable
agriculture-related businesses, is a Singapore-incorporated company
jointly owned by Gazelle Capital and Valiant Investments, BT
discloses.
In the event the company winds up, the investor will get
preferential liquidation rights for the rescue financing, according
to the agreement terms which No Signboard disclosed in a bourse
filing on May 25, BT relates.
The High Court was scheduled to hear moratorium requests by the
company and 2 of its subsidiaries, NSB Hotpot and NSB Restaurants,
at 2:30 p.m. on May 26.
On April 29, the trio had applied for moratorium relief spanning 6
months under Section 64 of the Insolvency, Restructuring and
Dissolution Act.
According to the report, the court orders being sought are to
ensure that no resolution is passed to wind up the companies and
that no legal process shall be commenced or continued against any
property of the applicants, among other things.
Specifically in No Signboard's application, it has requested that
OCBC, which is the creditor of SGD3 million under a temporary
bridging loan facility extended to the company in April 2020, be
excluded from the terms of the moratorium order, BT relates.
In the bourse filing on May 25, No Signboard said it entered into a
memorandum of understanding (MOU) for up to SGD5 million in super
priority financing with the investor on April 30, BT relays.
On May 24, the company then entered into an agreement to take up
the offer with a principal amount of SGD450,000, as an interim
measure to obtain immediate and urgent short-term financing for its
working capital requirements.
BT says the rescue financing was intended to precede the
disbursement of the balance of the investment amount by the
investor, it pointed out, while noting that no interest is payable
on the principal amount.
Trading of No Signboard's shares has been suspended since Jan. 24,
2022.
About No Signboard
No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.
No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.
PINNACLE HOMES: Creditors' Proofs of Debt Due on June 27
--------------------------------------------------------
Creditors of Pinnacle Homes (East Coast) Pte. Ltd. are required to
file their proofs of debt by June 27, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 20, 2022.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o Avery Corporate Advisory
Market Street, #05-01A Bank of Singapore Centre
Singapore 048942
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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