/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220602.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 Thursday, June 2, 2022, Vol. 25, No. 104 Headlines A U S T R A L I A CANLUX PTY: First Creditors' Meeting Set for June 9 ENVIROTEC INTEGRATED: First Creditors' Meeting Set for June 8 MAILEC ELECTRICAL: Second Creditors' Meeting Set for June 7 MILDURA BREWERY: Second Creditors' Meeting Set for June 10 MORETON RESOURCES: Second Creditors' Meeting Set for June 7 C H I N A CBAK ENERGY: Posts $681K Net Income in First Quarter ORIGIN AGRITECH: Posts RMB4.1 Million Net Profit in H1 2022 H O N G K O N G NAN HAI: Property Arm Forces Staff to Stand Down for Six Months I N D I A ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category ANJALI MULTI-SPECIALITY: CARE Withdraws B+ Rating on Bank Debt ASSOCIATED POLYTECH: CARE Keeps B Debt Rating in Not Cooperating ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating BALAJI IMPEX: CARE Lowers Rating on INR1.75cr LT Loan to B- C K FABRICS: CARE Keeps B+ Debt Rating in Not Cooperating C.A. VEGE: CARE Keeps D Debt Rating in Not Cooperating CABBANA INFRASTRUCTURES: CARE Keeps B Rating in Not Cooperating DAMANI INFRACON: Insolvency Resolution Process Case Summary GEM ROUGH: CARE Lowers Rating on INR5.00cr LT Loan to B- GOVINDKRUPA COTTON: CARE Keeps B+ Debt Rating in Not Cooperating J R AND COMPANY: CARE Lowers Rating on INR17cr LT Loan to B JAWALA COKE: CARE Keeps B+ Debt Rating in Not Cooperating JET AIRWAYS: Officers' Union Challenges Revival Plan in NCLAT KISAN GINNING: CARE Lowers Rating on INR10cr LT Loan to B LAXMINARAYAN SPINNERS: CARE Withdraws B Rating on LT Bank Debts MAHADEVI SILK: CARE Keeps B- Debt Rating in Not Cooperating MAHAKAL AGRO: Insolvency Resolution Process Case Summary MAHAVEER COTTS: CARE Keeps B- Debt Rating in Not Cooperating MAYFAIR RESORTS: CARE Lowers Rating on INR11.15cr LT Loan to B- METRO ECO: CARE Keeps B- Debt Rating in Not Cooperating Category NATIONAL TEXTILE: Insolvency Resolution Process Case Summary NATIONAL TEXTILE: NCLT Allows Insolvency Proceedings Against Firm PCM CEMENT: CARE Lowers Rating on INR102.20cr LT Loan to D RADIUS INFRA: NCLT Admits Yes Bank's Insolvency Bid vs. Firm SEVEN HILLS: Insolvency Resolution Process Case Summary SHAKTI EARTH: CARE Lowers Rating on INR3.50cr LT Loan to B SHIV SUNDAR: CARE Lowers Rating on INR13.40cr LT Loan to B- SOHAN MINERALS: Insolvency Resolution Process Case Summary SRIJAN REALTY: Insolvency Resolution Process Case Summary TOPAIM PROPERTIES: Insolvency Resolution Process Case Summary WESTIN RESINS: CARE Keeps D Debt Ratings in Not Cooperating J A P A N SOFTBANK GROUP: Moody's Affirms 'Ba3' CFR & Alters Outlook to Neg. M A L A Y S I A SAPURA ENERGY: Now Classified as a PN17 Listed Issuer N E W Z E A L A N D ALL ABOUT: Court to Hear Wind-Up Petition on July 8 B & T CO: Court to Hear Wind-Up Petition on June 14 BEARMAN ENGINEERING: Creditors' Proofs of Debt Due on June 25 EPIC ENTERTAINMENT: Creditors' Proofs of Debt Due on June 25 OCEANSIDE HOMES: Falls w/ NZD518K Shortfall; Stokes Recession Fears UMBRELLA MULTIMEDIA: Court to Hear Wind-Up Petition on June 14 S I N G A P O R E LION II: Creditors' Proofs of Debt Due on July 4 NO SIGNBOARD: Lim Lay Hoon to Step Down as Executive Director QUALIVAX PTE: Creditors' Proofs of Debt Due on July 1 XIN CHUN: Commences Wind-Up Proceedings S R I L A N K A SRI LANKA: Inflation Hits a Record 39% as Shortages Persist - - - - - ================= A U S T R A L I A ================= CANLUX PTY: First Creditors' Meeting Set for June 9 --------------------------------------------------- A first meeting of the creditors in the proceedings of Canlux Pty Ltd Formerly Parity Developments Pty Ltd will be held on June 9, 2022, at 10:00 a.m. at the offices of BRI Ferrier, Level 4, 307 Queen Street, in Brisbane, Queensland. James Taplin and Stefan Dopking of BRI Ferrier were appointed as administrators of Canlux Pty on May 30, 2022. ENVIROTEC INTEGRATED: First Creditors' Meeting Set for June 8 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Envirotec Integrated Solutions Pty Ltd will be held on June 8, 2022, at 12:00 p.m. via a conference telephone call. Mathew Dieter Windsor Blum and Nicholas John Martin of BDO were appointed as administrators of Envirotec Integrated on May 27, 2022. MAILEC ELECTRICAL: Second Creditors' Meeting Set for June 7 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Mailec Electrical Pty Ltd has been set for June 7, 2022, at 11:00 a.m. via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 6, 2022, at 4:00 p.m. Chad Rapsey of Rapsey Griffiths Turnaround + Advisory was appointed as administrator of Mailec Electrical on May 3, 2022. MILDURA BREWERY: Second Creditors' Meeting Set for June 10 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Mildura Brewery Pub (Broo) Pty Ltd has been set for June 10, 2022, at 1:00 p.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 9, 2022, at 5:00 p.m. Con Kokkinos and Matthew Jess of Worrells Solvency & Forensic Accountants were appointed as administrators of Mildura Brewery on May 6, 2022. MORETON RESOURCES: Second Creditors' Meeting Set for June 7 ----------------------------------------------------------- A second meeting of creditors in the proceedings of: - Moreton Resources Ltd (formerly k/as Cougar Energy Ltd); - MRV Bowen Basin Coal Pty Ltd; - MRV Metals Pty Ltd; and - MRV Tarong Basin Coal Pty Ltd has been set for June 7, 2022, at 11:00 a.m. via telephone conference facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 3, 2022, at 5:00 p.m. David James Hambleton and Kaily Lyn Chua of Rodgers Reidy were appointed as administrators of Moreton Resources et al. on May 3, 2022. ========= C H I N A ========= CBAK ENERGY: Posts $681K Net Income in First Quarter ---------------------------------------------------- CBAK Energy Technology, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $680,503 on $80.20 million of net revenues for the three months ended March 31, 2022, compared to net income of $29.61 million on $9.42 million of net revenues for the three months ended March 31, 2021. As of March 31, 2022, the Company had $278.80 million in total assets, $136.76 million in total liabilities, and $142.03 million in total equity. Yunfei Li, chairman and chief executive officer of the Company, commented: "We are very excited to kick off 2022 with our net revenues surging more than eight-fold year over year to reach $80.2 million in the first quarter, primarily driven by the material business brought by the Hitrans merger and robust demand for our high power lithium batteries." Mr. Li continued: "We will continue attentive operations in the material business with additional strategies to enhance its core competitiveness while actively combining them with other alternatives to counter the impact of increased raw material costs on the battery production. Additionally, we remain focused on product innovations to meet various demands and drive higher lithium battery sales. With our expansion into producing key materials for battery products and our relentless efforts into addressing the dynamic market, we are very confident in our capabilities to grow and thrive in the battery industry." Xiangyu Pei, interim chief financial officer of the Company, noted: "Our significant revenue expansion exemplified the efficacies of our growth strategies. Despite short-term challenges from raw material price hikes, we furthered our investments for our infrastructure to propel higher revenue levels. Looking ahead, we will remain committed to driving our next phase of growth by leveraging and building upon our solid financial position and competitive advantages." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1117171/000121390022028442/f10q0322_cbakenergy.htm About CBAK Energy Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium batteries that are mainly used in light electric vehicles, electric vehicles, electric tools, energy storage including but not limited to uninterruptible power supply (UPS) application, and other high-power applications. Its primary product offering consists of new energy high power lithium batteries, but it is also seeking to expand into the production and sale of light electric vehicles. Hong Kong, China-based Centurion ZD CPA & Co., the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has negative cash flows from operating activities, accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of Dec. 31, 2021. All these factors raise substantial doubt about its ability to continue as a going concern. ORIGIN AGRITECH: Posts RMB4.1 Million Net Profit in H1 2022 ----------------------------------------------------------- Origin Agritech Limited filed with the Securities and Exchange Commission its unaudited financial results for the first half of FY2022 ended March 31, 2022. Origin Agritech reported net profit of RMB4.08 million on RMB46.37 million of revenues for the six months ended March 31, 2022, compared to a net loss of RMB4.59 million on RMB11.65 million of revenues for the six months ended March 31, 2021. As of March 31, 2022, the Company had RMB93.86 million in total assets, RMB280.01 million in total liabilities, and a total deficit of RMB186.15 million. As of March 31, 2022, cash and cash equivalents were RMB6.5 million (US$1.0 million), a decrease of RMB8.9 million from the cash and cash equivalents of RMB15.4 million as of Sept. 30, 2021. As of March 31, 2022, the current portion of long-term debt were RMB137.7 million (US$21.7 million). Advances from customers were RMB25.8 million (US$4.0 million), compared to RMB45.8 million as of Sept. 30, 2021. As of March 31, 2022, total current assets were RMB35.0 million (US$5.5 million) and non-current assets was RMB58.9 million (US$9.3 million). As of March 31, 2022, total current liabilities were RMB261.8 million (US$41.2 million). A full-text copy of the Form 6-K is available for free at: https://www.sec.gov/Archives/edgar/data/0001321851/000110465922062330/tm2215948d1_ex99-1.htm About Origin Agritech Headquartered in Beijing, China, Origin Agritech Limited, along with its subsidiaries, is focused on agricultural biotechnology and an agricultural oriented e-commerce platform, operating in the PRC. The Company's seed research and development activities specialize in crop seed breeding and genetic improvement. The e-commerce activities will focus on delivering agricultural products to farmers in China via online and mobile ordering and tracking the source of the agricultural products via blockchain technologies. Origin Agritech reported a net loss of RMB127.08 million for the year ended Sept. 30, 2021, compared to a net loss of RMB102.84 million for the year ended Sept. 30, 2020. As of Sept. 30, 2021, the Company had RMB119.04 million in total assets, RMB304.64 million in total liabilities, and a total deficit of RMB185.60 million. Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Feb. 4, 2022, citing that the Company incurred recurring losses from operations, has net current liabilities and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. ================= H O N G K O N G ================= NAN HAI: Property Arm Forces Staff to Stand Down for Six Months --------------------------------------------------------------- South China Morning Post reports that the property arm of Hong Kong-listed Nan Hai Corporation, owned by Yu Pun-hoi who founded Hong Kong online news portal HK01, has asked its staff to stand down for six months citing tough financial conditions, according to information published in social media posts. All employees of The Peninsula Shenzhen Property Development, a subsidiary of Nan Hai Development, and an associated company, The Peninsula Real Estate (Shenzhen) Corporation, have been suspended from work for six months from June 1, according to social media posts containing screen grabs of a letter issued by the human resources department of The Peninsula Shenzhen Property Development, the Post relates. Calls to The Peninsula Shenzhen Property Development by the Post were not picked up. According to the letter contained in screen grabs, which was addressed to all of the property unit's staff, the company is facing tough operating conditions as a result of Covid-19 disruptions and a harsh environment for the whole property sector. "We are in the midst of a serious financial crisis and cannot operate sustainably," said The Peninsula Shenzhen Property Development in screen grabs of the human resources letter, dated May 30 and posted on social media. The letter stated that a partial salary will be distributed to staff during the suspension period, according to the report. Nan Hai, which is mainly engaged in property development, culture and media services, issued a profit warning in March saying it had lost between HK$3 billion (US$382 million) to HK$3.4 billion last year because of a weak property market and the impact of a protracted Covid-19 pandemic, the Post discloses. The Post says China's wider property market remains under pressure despite efforts by many local authorities to relax previous anti-overheating measures. A slowing economy, ravaged by lockdown-related disruption and the impact of Russia's invasion of Ukraine on many exporters, has sapped confidence. According to the Post, the Peninsula Shenzhen Property Development's residential development The Peninsula, with five stages, in Shenzhen's Shekou district near the Shekou Port, was previously a hit with buyers in the southern tech hub. The fourth phase - launched in 2019 was - sold at an average price of CNY116,000 per square metre, double the average of new home prices in Shenzhen at the time. However, the luxury-home seller said recently that due to several issues with authorities in Shenzhen, a parcel of land for the fifth phase of The Peninsula cannot be developed, leading to difficulties with operations, the Post relays. Nan Hai did not report its audited annual results by the end of March, a formal deadline set by the Hong Kong stock exchange, and as such its shares remain suspended. Nan Hai also owns the HK01 news portal and Dadi Cinema Group. The owner of the group, Yu Pun-hoi, once owned the Hong Kong newspaper Ming Pao and Duowei News, known for its Chinese political commentary and which recently closed, the report discloses. Nan Hai Corporation Limited -- http://www.nanhaicorp.com/-- is a Hong Kong-based investment holding company principally engaged in information technology (IT) and media businesses. The Company operates through four segments. Corporate IT Application Services segment is engaged in the provision of Internet-based services, e-commerce and information application services and overall solutions. Property Development segment is engaged in the development of properties. Its projects include The Peninsula in Shenzhen and Free Man Garden in Guangzhou, among others. Culture and Media Services segment is engaged in the operation of Dadi Cinema, the publication of films and other film-related businesses. New Media segment is engaged in new media businesses. ========= I N D I A ========= ALVI TECH: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Alvi Tech Services Private Limited (ATSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 5, 2021, placed the rating(s) of ATSPL under the 'issuer non-cooperating' category as ATSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ATSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 19, 2022, January 29, 2022, February 8, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Alvi Tech Services Private Limited (ATSPL) was incorporated as a private limited company in the year 2006 by Mr. Krishnanand Trivedi and Mr. Alok Trivedi who are having more than two decades of experience in EPC contracts. ATSPL has taken over proprietorship company namely Alvi Tech Services in 2006. Company is engaged in erection, commissioning and procurement (EPC) work in the field of electrical instrumentation for offshore projects for Oil & Gas companies through tender bidding process. ATSPL's registered office is located at Kalyan while workshop is situated at Dombivali. ANJALI MULTI-SPECIALITY: CARE Withdraws B+ Rating on Bank Debt -------------------------------------------------------------- CARE Ratings Ltd has reaffirmed and withdrawn the outstanding rating of 'CARE B+; Stable' assigned to the bank facilities of Anjali Multi-Speciality Hospital (AMSH), with immediate effect. The above action has been taken at the request of AMSH and 'No Objection Certificate' received from the bank that have extended the facilities rated by CARE Ratings Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank - Reaffirmed at CARE B+; Stable Facilities and Withdrawn Detailed description of the key rating drivers Key Rating Weaknesses * Small scale of operations coupled with moderate profitability: AMSH has started its commercial operations from August 2019. The scale of operations of AMSH marked by TOI remained modest at INR6.80 crore during FY21 as against INR0.92 crore during 8MFY20, FY20 being first year of operations. Income mainly generated from COVID19 patient care income as till May, 2021 AMSH was operating at fully COVID19 hospital as per the Government guidelines. However, from June, 2021 AMSH was converted into Non COVID Hospital. The profitability as marked by PBILDT margin remained moderate at INR3.81 crore (55.95%) in FY21 from operating loss of INR0.39 crore in FY20, FY20 being first year of operations. Moderate operating profits led to low net profit of INR0.62 crore in FY21, led by higher depreciation and interest costs in the preliminary years of operations. Gross Cash Accruals (GCA) level remained moderate at INR2.71 crore in FY21 as against cash losses booked in FY20. * Moderate capital structure and debt coverage indicators: The capital structure of AMSH remained moderate marked by an overall gearing ratio of 2.29 times as on March 31, 2021 [1.82 times as on March 31, 2020], mainly on account of an increase in the total debt level led by availment of fresh working capital term loans under COVID19 relief package of INR1.18 crore during FY21. The tangible net worth stood low at INR7.24 crore as on March 31, 2021. The debt coverage indicators of AMSH remained moderate as marked by total debt to GCA (TDGCA) of 4.81 years as on March 31, 2021 as against cash losses booked in FY20. Further, interest coverage remained moderate at 3.48 times during FY21 as against operating losses booked in FY20. * Partnership nature of constitution: On account of AMSH's constitution as a partnership firm, the risk associated with withdrawal of partner's capital exists which may affect its financial flexibility in the eventuality of occurrence of death/insolvency of partner as it has limited ability to raise capital and poor succession planning may result in dissolution of the firm. * Challenges of attracting and retaining quality doctors and medical professionals: Undertaking new project or expanding existing facilities requires trained doctors and medical personnel. Due to scarcity of trained medical persons including doctors owing to heavy competition in the state of Gujarat, it becomes relatively difficult to attract and retain skilled pool of medical personnel. Further, the loss of the services of any senior medical personnel may seriously impair the entity's ability to continue to manage and expand its operations due to highly skill driven nature of medical services. However, given the increasing competition and scarcity of quality medical specialists, the ability of the firm to retain its current medical fraternity would be a key differentiator. AMSH has a dedicated team of full-time consultant doctors who practice in various therapeutic areas. Key Rating Strengths * Location Advantage: AMSH is located at Tarapur Vasad Highway, Borsad which is surrounded by around 45 small villages within a distance of 10-15 km. Further, Borsad city has population of ~64000 and there are only 3 medium sized hospitals which do not have modern medical Equipments or facilities. Hence, AMSH is expected to cater demand from nearby small villages. Further, there are a lot of medical colleges in and around Borsad which will make availability of doctors easy. * Experienced doctors' team: The promoter of AMSH, Dr. Parth Shah (Master of Dental Science) has experience of two years as a Dental specialist in Anjali Dental clinic. Other than the promoters, AMSH has appointed 16 experienced doctors hold specialization as Cardiologist, Onchologist, MD – Physician, Gynaecologist, Nephrologist, E.N.T Surgeon, Neuro Surgeon, Urologist, Anaesthetist, Orthopedic Expert, Maxillofacial Surgeon etc. Majority of the appointed doctors holds rich experience ranging from one to three decades. * Positive long-term outlook for the healthcare sector in India albeit increasing competition: The Hospital and Health services industry is the largest component of the Indian health care sector, comprising 70% of the sector. The net sale of the entire industry has grown at a healthy double-digit growth during past couple of years. The healthcare services sector is highly fragmented with few large players in the organized sector and numerous small players in the unorganized sector leading to high level of competition in the business. Thus, differentiating factors like range of services offered, quality of service, pedigree of doctors, success rate in treatment of critical/complex diseases, etc. will be crucial in order to attract patients and increase occupancy. With the Outbreak of Covid-19, profitability margins of the industry remained under pressure till H1FY21 due to drop in outpatient footfalls and elective surgeries. However, the long-term prospect of the industry remains positive and continue to grow backed by an increase in demand for modern healthcare facilities, a rise in awareness about diseases, health consciousness among people, increase in per capita income, changing lifestyle, transition in disease profile etc. Borsad- Anand (Gujarat) based Anjali Multi-Speciality Hospital (AMSH) is engaged in providing advanced healthcare services. AMSH was originally established in September 2016 by Mr. Kamleshkumar Shah, Mrs. Rupa Kamlesh Shah and Mr. Vikram Shah. Later, during December, 2016 Mr. Dr. Parth Shah (Son of Mr. Kamleshkumar and Mrs. Rupa Shah) added as one of the partners. The hospital had a soft launch in July 2019, it commenced operations from August, 2019. AMSH is currently operating with 140 beds having capacity of 250 beds at Borsad, Dist., Anand having various departments such as Gynecology & Obstetrics, Pediatrics medicine, Surgical Gastroenterology, Neurosurgery, Endocrinology psychiatry, Dentist, blood bank, Cardiothoracic & Surgery, Neonatology, Orthopedics, Nephrology, Urosurgery, Plastic surgery, HIV-AIDS, Blood bank etc., equipped with latest health care facilities. ASSOCIATED POLYTECH: CARE Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Associated Polytech Industries Private Limited (APIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 1.35 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 2, 2021, placed the rating(s) of APIPL under the 'issuer non-cooperating' category as APIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. APIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 16, 2022, January 26, 2022, February 5, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established as Associated Polymers in 1998 by Mr. Babaji Sawant and later reconstituted to private limited in 2008, Associated Polytech Industries Private Limited (APIPL) is engaged into trading of fibre reinforcement plastic resins such as Fibre Glass, Rexine, Cobalt, Catalyst and Pigments. ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Asuti Trading Private Limited (ATPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 5.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 115.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 1, 2021, placed the rating(s) of ATPL under the 'issuer non-cooperating' category as ATPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ATPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 15, 2022, January 25, 2022, February 4, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). ATPL, incorporated in the month of April 1996, is engaged in to trading of iron and steel products. It was incorporated by Agarwal family which was subsequently bought by Mr. Siddhartha Bagrecha in 2011. It mainly trades in iron and steel products like – Hot Rolled Coils (HRC), Cold Rolled Coils and Sheets (CRC/s), Alloy CRC, Galvanized sheets, Mils Steel Angle and Round bar, etc. BALAJI IMPEX: CARE Lowers Rating on INR1.75cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Balaji Impex_Prakasam (BI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term Bank 6.25 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 8, 2021, placed the rating(s) of BI under the 'issuer non-cooperating' category as BI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 22, 2022, February 1, 2022, February 11, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BI have been revised on account of non-availability of requisite information. Andhra Pradesh based, Balaji Impex (BI) was established as a proprietorship Firm in 2008 by Mr. Yekkali Kasi Viswanatham. The firm is engaged in the manufacturing of writing slates. The registered office of the firm is located at Markapur, Prakasham District and Andhra Pradesh. The manufacturing process involves cutting of Medium Density Fiber Board (MDFB) in to small pieces, painting and application of plastic frames across its border. The company imports (MDFB) raw materials from countries like Malaysia, Indonesia, Singapore, Thailand and Veitnam. The company sells its final products to the local customers located in and around Andhra Pradesh state. The company has an installed capacity for manufacturing of writing slates is 70,000 pieces per day as of September 26, 2019. C K FABRICS: CARE Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of C K Fabrics Private Limited (CKFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.49 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 0.12 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 2, 2021, placed the rating(s) of CKFPL under the 'issuer non-cooperating' category as CKFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CKFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 16, 2022, January 26, 2022, February 5, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). C K Fabrics Private limited (CKFPL) was incorporated in 2012 by Mr. L. Rajesh, Ms L. Sita, Ms L. Sunitha, Mr. Y. Suresh and Mr. L Sai Krishna as a private limited company. The company is engaged in manufacturing of polypropylene spun bonded non-woven fabric and bags. It commenced its operations during September 2014 at its processing facility at Rangapur area in Kothur (Telangana). The installed capacity stood at ~2,300 metric tonnes per annum. C.A. VEGE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------ CARE Ratings said the rating for the bank facilities of C.A. Vege Fruit Stores (CVFS) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 1, 2021, placed the rating(s) of CVFS under the 'issuer non-cooperating' category as CVFS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CVFS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 15, 2022, January 25, 2022, February 4, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Mohali-based (Punjab), C.A. Vege Fruit Stores (CAVFS), is a proprietorship concern established in June, 2010 by Mr. Rajiv Malhotra. However, the firm commenced its commercial operations in January, 2015 by letting the cold storage unit on rental basis. Currently, the firm is running an integrated cold chain storage facility by engaging in procurement, cold storage and distribution of fruits and vegetables at its warehouse located in Mohali, Punjab. CABBANA INFRASTRUCTURES: CARE Keeps B Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cabbana Infrastructures Private Limited (CIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 3, 2021, placed the rating(s) of CIPL under the 'issuer non-cooperating' category as CIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. CIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 17, 2022, January 27, 2022, February 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Cabbana Infrastructure Private Limited (CIPL) was incorporated in December 2005 by the name Hyatt Resorts Private Ltd. Later in April 2011, the name of the company was changed to its present name- Cabbana Infrastructure Private Limited. CIPL is located on the Jalandhar- Ludhiana highway and is operating a 47 room, 5star hotel. The company also provides banquet services (5 banquet halls) and has a recreational club under the name 'Club Cabbana'. CIPL is promoted by Mr. S L Pabbi, Mr. H L Pabbi, Mr. Anil Chodha and Mr. Manoj Chodha. DAMANI INFRACON: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Damani Infracon Private Limited P-32, Kasba Industrial Estate Phase-1, D.D. House, 1st Floor Kolkata 700107 West Bengal Insolvency Commencement Date: May 27, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 20, 2022 Insolvency professional: Kanchan Dutta Interim Resolution Professional: Kanchan Dutta Chatterjee International Centre 14th Floor, Flat No. 13A 33A J.L. Nehru Road Kolkata 700071 E-mail: kanchan@kgrs.in damani.cirp@gmail.com Last date for submission of claims: June 10, 2022 GEM ROUGH: CARE Lowers Rating on INR5.00cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Gem Rough (GR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Long Term/Short 7.00 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable/CARE A4 Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 5, 2021, placed the rating(s) of GR under the 'issuer non-cooperating' category as GR had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 19, 2022, January 29, 2022, February 8, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GR have been revised on account of non-availability of requisite information. Gem Rough (GR) was established as a partnership firm in 1982 by Mr. Gunvantlal Sheth. The firm is engaged in the business of trading of polished diamonds. GOVINDKRUPA COTTON: CARE Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Govindkrupa Cotton Processing Private Limited (SGCPPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.25 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 04, 2021, placed the rating(s) of SGCPPL under the 'issuer non-cooperating' category as SGCPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement.SGCPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 18, 2022, January 28, 2022, February 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Amravati (Maharashtra) based SGCPPL was incorporated in the year 2007. The company has recently in March 2018 has set up an oil refinery unit at Amravati Industrial Area, Maharashtra. The company processes, refine and market a wide range of indigenous and imported edible vegetable oils mainly cotton seed oil and soya bean oil). J R AND COMPANY: CARE Lowers Rating on INR17cr LT Loan to B ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of J R and Company (JRC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 15, 2021, placed the rating(s) of JRC under the 'issuer non-cooperating' category as JRC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JRC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 29, 2022, February 8, 2022 and February 18, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of JRC have been revised on account of non-availability of requisite information. Bangalore, Karnataka based J R and Company was established in 1989 by Mr. Anoop Daga as a proprietorship concern. The firm is engaged in the trading of steel products like MS Plates, SS Angles, Channels, HR Sheets, Coils, Strips among others. The proprietor, Mr. Anoop Daga looks after the day-to-day affairs of the business. JAWALA COKE: CARE Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jawala Coke Private Limited (JCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 0.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 2, 2021, placed the rating(s) of JCPL under the 'issuer non-cooperating' category as JCPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 16, 2022, January 26, 2022, February 5, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Jawala Coke Private Limited (JCPL) was incorporated in September 2005 and currently, the company is being managed by Mr. Anil Kumar Agarwal, Mr. Prakash Kumar Agarwal, Mr. Mahendra Singh and Mr. Sabir Alam. Since its inception, the company has been engaged in manufacturing of coke and allied transportation services. The manufacturing unit of the company is located at Raghonatpur, Mahda Rukni, Purlia, West Bengal with an installed capacity of 73.5 tons per day. Moreover, the company has availed moratorium in payment of interest on cash credit account till August 31, 2020 that was available from its lender. JET AIRWAYS: Officers' Union Challenges Revival Plan in NCLAT ------------------------------------------------------------- The Hindu reports that the All India Jet Airways' Officers and Staff Association has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) challenging the resolution plan of the prospective new owners of the airline, the Jalan-Kalrock consortium, and demanded that proceeds from the liquidation of assets be used for payment of dues owed to the staff. According to The Hindu, the challenge by the union, which represents almost 5,500 white-collared personnel of the defunct airline, comes at a time when the Jalan- Kalrock consortium (JKC) has sought a hearing from the NCLAT for a formal transfer of the airline's ownership after it completed various preconditions for implementing its revival plan, including receipt of an air operator's certificate from the DGCA. JKC aims to restart flights in the July- September quarter. The Hindu relates that the association, which submitted its plea to the NCLAT on May 24, is demanding that the resolution professional assess the liquidation value of Jet's assets, and ensure that this amount is used to clear dues owed to the employees as laid down under Section 53 of the Insolvency and Bankruptcy Code (IBC). The union has demanded payment of gratuity, privilege leave and unpaid salary and bonus and said that the resolution plan submitted by JKC violates labour rights, according to Narayan Hariharan, a former senior vice president at Jet Airways, the report relays. Proceeds from the sale of liquidation of assets have to be distributed in a certain order of priority. Insolvency process costs have to be paid first, followed by workmen's dues for the 24 months preceding the start of liquidation and then debts owed to creditors. Wages and any unpaid dues have to be also paid to employees other than workmen for the period of 12 months before the liquidation. As per the resolution plan submitted by JKC and approved by NCLAT in June 2021, the new owners would pay a total sum of INR52 crore to workmen and employees apart from a 0.5% stake in the airline out of the total investment of INR1,345 crore, The Hindu discloses. The amount of INR52 crore would be spent to pay a token sum of INR11,000 to each employee and workman and a future ticket worth INR10,000. Workmen would also get INR5,100 in cash for medical expenses, another INR5,100 as school fee reimbursement for children, one-time mobile recharge of INR500 and a phone or laptop out of the existing assets. This proposal, however, lapsed after only 35.1% out of the 8,973 eligible employees voted in favor of the offer, while 61.6% abstained, the report states. Other employee unions such as the Jet Airways Maintenance Engineers' Association as well as the Bharatiya Kamgar Union have also moved the NCLAT opposing the resolution plan, The Hindu says. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited was one of India's top airlines founded by Naresh Goyal. It provided passenger and cargo air transportation services as well aircraft leasing services. It operated flights to 66 destinations in India and international countries. Jet Airways on April 17, 2019, halted all flight operations after its lenders rejected its plea for emergency funds. On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai Bench, accepted an insolvency petition against Jet Airways filed by its creditors as they attempt to recover some of their dues. Ashish Chhawchharia of Grant Thornton India has been named as the resolution professional in the case. Law firm Cyril Amarchand Mangaldas will represent the interests of the lenders' consortium, according to a Reuters report. Creditors have filed claims worth INR30,907 crore, according to Financial Express. The RP has so far admitted claims worth over INR14,000 crore. Jet Airways would be acquired by an investor consortium under a multi-million dollar resolution plan approved by the carrier's creditors on Oct. 17, 2020. KISAN GINNING: CARE Lowers Rating on INR10cr LT Loan to B --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kisan Ginning & Pressing (KGP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 08, 2021, placed the rating(s) of KGP under the 'issuer non-cooperating' category as KGP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KGP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 22, 2022, February 1, 2022, February 11, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of KGP have been revised on account of non-availability of requisite information. Kisan Ginning & Pressing (KGP) is a Chandrapur based, partnership firm, established by Mr. Radhesham Adaniya and Mr. Gopal Adaniya in 2014. The entity is engaged in the business of cotton ginning & pressing and extraction of oil at its manufacturing facility located at Chandrapur, Maharashtra. LAXMINARAYAN SPINNERS: CARE Withdraws B Rating on LT Bank Debts --------------------------------------------------------------- CARE has revised and withdrawn the outstanding ratings of 'CARE B; Stable; Issuer Not Cooperating/CARE A4; Issuer Not Cooperating' assigned to the bank facilities of Laxminarayan Spinners (I) Private Limited (LSPL) with immediate effect. Furthermore, the ratings have been withdrawn at the request of Laxminarayan Spinners (I) Private Limited and 'No Objection Certificate' received from the lenders that has extended the facilities rated by CARE. The revision in the long-term rating considers the decline in the scale of operation, continued losses and weak liquidity position. The rating further continues to remain tempered on account of losses at net level, leveraged capital structure and weak debt coverage indicators, and presence in competitive and fragmented industry. The rating however derives strength from experienced management and locational advantage emanating from proximity to raw material. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank - Rating continues to remain Facilities under ISSUER NOT COOPERATING category; Revised to CARE B; Stable; ISSUER NOT COOPERATING from CARE B+; Stable; ISSUER NOT COOPERATING and Withdrawn Short Term Bank - Rating continues to remain Facilities under ISSUER NOT COOPERATING category; Reaffirmed at CARE A4; ISSUER NOT COOPERATING and Withdrawn Detailed Rationale & Key Rating Drivers Detailed description of the key rating drivers Key Rating Weaknesses * Modest scale of operations and moderate profitability margin: LSPL's the total operating income further declined by 10.18% in FY21 and stood at INR60.34 crore in FY21(refers to a period from April 1 to March 31) vis-à-vis INR67.18 crore in FY20. Net Loss also increased from INR0.02 crore in FY20 to INR2.31 crore in FY21 due to decline in operating margin coupled with high interest and depreciation expenses. Tangible net worth was INR14.21 crore as on March 31, 2021. The modest scale of operations limits the financial flexibility of the company in times of stress depriving the company form the benefits of scale. * Leveraged capital structure and weak debt coverage indicators: The capital structure of the company marked by overall gearing ratio deteriorated and stood leveraged at 2.27x as on March 31, 2021 vis-à-vis 1.97x as on March 31, 2020 owing to decline in net worth base due to losses incurred in FY21. Further the debt coverage indicators marked by interest coverage also declined from 1.27x in FY20 to 0.73x in FY21 owing decline in operating profitability, total debt to GCA remained weak due to loss in FY21. However, repayment was made on time through debtor recovery as confirmed by the banker. * Susceptibility to adverse changes in government regulations and climatic condition: The price of raw cotton is highly volatile in nature owing to its seasonal nature and the price is regulated through function of MSP by the government along with export of cotton. Hence, any adverse change in government policy and climatic condition may negatively impact the prices of raw cotton in domestic market and could result in lower realizations and profit for LSPL. * Presence in seasonal and fragmented industry: Operation of cotton business is highly seasonal in nature, as the sowing season is from March to July and the harvesting season is spread from November to February. Furthermore, the cotton industry is highly fragmented with large number (approximately 80%) of players operating in the unorganized sector. Hence, LSPL's faces stiff competition from other players operating in the same industry, which further result in its low bargaining power against its customers. Key Rating Strengths * Experience promoters: The promoters have an average experience of more than three decades in textile and cotton ginning industry. Being in the industry for so long has helped the promoters in gaining adequate acumen about the business which might aid the company in smooth operations. * Locational advantage emanating from proximity to raw material: The manufacturing facility of LSPL is located at Solapur region of Maharashtra. Maharashtra produces around 17% - 21% of total cotton production of India. The presence of LSPL in cotton producing region fetches a location advantage of lower logistics expenditure. Liquidity: Stretched The liquidity position remained weak marked by negative gross cash accruals, however LSPL has made timely repayment through debtor recovery. Its average working capital limit utilization remained high at 85% during past 12 months ended April, 2022. Further, free cash and bank balance remained low at INR0.06 crore as on March 31, 2021 (vis-à-vis INR0.05 crore as on March 31, 2020). The current ratio of 1.11x as on March 31, 2021 (A) vis-à-vis 1.48x as on March 31, 2020. Further cash flow from operation remained positive at INR7.71 crore in FY21 (vis-à-vis INR1.66 crore in FY20). Solapur-based Laxminarayan Spinners (I) Private Limited (LSPL) was established in January 2015 and is engaged in manufacturing of cotton yarn. The commercial operation of the company started in the year April, 2017. The company is currently managed by Mr. Rajkumar Bankatlal Bhattad, Mr. Omprakash Damodar Somani, Mr. Shamsundar Ramkisan Bihani, Mr. Vasant Ghanashyam Somani, Mr. Govind Shrinarayan Somani. The manufacturing facility is located at Solapur with an installed capacity of 13000 Spindles Per Day. MAHADEVI SILK: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahadevi Silk and Sarees Textiles and Garments (MSSTG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.34 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 15, 2021 (Revised on April 12, 2021), placed the rating(s) of MSSTG under the 'issuer non-cooperating' category as MSSTG had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MSSTG continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter/email dated January 29, 2022, February 8, 2022 and February 18, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Karnataka based Mahadevi Silk and Sarees Textile and Garments (MSSTG) was established in 2016 and started its commercial operations from February 2017. MSSTG was promoted by Mr. Santosh G. Shet and their family members. The firm is mainly engaged in trading of textile and readymade garments. The firm purchases Fabric and Readymade garments from the suppliers located in Karnataka, Tamil Nadu, Mumbai, Ahmadabad, Varanasi, Gujarat and Kolkata and sells the products to customers located in Hubli. The firm owns their shopping mall in the name of "Mahadevi Silk and Sarees, Textile and Garments" in the Hubli, Karnataka. MAHAKAL AGRO: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Mahakal Agro Storage & Processing Unit Private Limited 121, Netaji Subhas Road 4th Floor, Room No. 40 Kolkata 700001 West Bengal, India Insolvency Commencement Date: May 25, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 20, 2022 Insolvency professional: Anil Anchalia Interim Resolution Professional: Anil Anchalia 16B Robert Street 2nd Floor Kolkata 700012 E-mail: anilanchalia@yahoo.com mahakal.cirp@gmail.com Last date for submission of claims: June 8, 2022 MAHAVEER COTTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mahaveer Cotts Strings Private Limited (MCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 22, 2021, placed the rating(s) of MCSPL under the 'issuer non-cooperating' category as MCSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 5, 2022, February 15, 2022, February 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Bhikangaon (Madhya Pradesh) based Mahaveer Cotts Strings Private Limited (MCSPL) was incorporated in 2008 by Mr. Kamalchand Jain along with his family members. The company is engaged in the business of cotton ginning and pressing. The company has installed capacity to manufacture cotton bales of 150 Bales Per Day (BPD) as on March 31, 2019. MCSPL procures raw cotton directly from farmers and local mandis and sells its finished products to overall India. MAYFAIR RESORTS: CARE Lowers Rating on INR11.15cr LT Loan to B- --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Mayfair Resorts (MR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 3, 2021, placed the rating(s) of MR under the 'issuer non-cooperating' category as MR had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MR continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 17, 2022, January 27, 2022, February 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Jalandhar-based (Punjab) MFR was constituted in August 2003. The entity is currently operating as a banquet hall spread on a land of 17 acres and building area of 30,000 square feet. The facility is equipped with 8 rooms, a specialty restaurant, a big hall, meeting room, etc. METRO ECO: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Metro Eco Green Resorts Limited (MEGRL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 119.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 3, 2021, placed the rating(s) of MEGRL under the 'issuer non-cooperating' category as MEGRL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MEGRL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 17, 2022, January 27, 2022, February 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Metro Eco Green Resorts Limited (MEGRL) was originally constituted as Continental Hatcheries Pvt. Ltd., in August 1985, to carry out the hatchery business. However, the same was discontinued in November-1990 and a fresh certificate of incorporation was issued in June-2008 vide which the name and objective of the company was changed. MEGRL has set-up a premium resort in Pallanpur (near Chandigarh), Punjab, by the name- 'Oberoi Sukhvillas'. The resort has 46 villas, 11 tents, one presidential suite and two executive suites. Besides, it also has a restaurant, a bar, a spa, swimming pool, a banquet facility and a business centre. NATIONAL TEXTILE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: National Textile Corporation Limited Scope Complex, Core-IV 7, Lodhi Road New Delhi 110003 Insolvency Commencement Date: May 27, 2022 Court: National Company Law Tribunal, Bench-IV, New Delhi Estimated date of closure of insolvency resolution process: Novemmber 23, 2022 Insolvency professional: Amit Talwar Interim Resolution Professional: Amit Talwar A-4/5, Jiwan Jyoti Apartments Near Lok Vihar, Pitampura New Delhi 110034 E-mail: amittalwarcs@gmail.com ip.ntcltd@gmail.com Last date for submission of claims: June 12, 2022 NATIONAL TEXTILE: NCLT Allows Insolvency Proceedings Against Firm ----------------------------------------------------------------- NDTV.com reports that the National Company Law Tribunal (NCLT) has ordered to initiate insolvency proceedings against state-run National Textile Corporation (NTC) after admitting a plea by one of its operational creditors claiming default of around INR14 lakh. The New Delhi bench of the NCLT has also appointed Amit Talwar as an interim resolution professional (IRP), suspending the board of NTC and has also declared a moratorium against the PSU as per the provisions of the Insolvency & Bankruptcy Code (IBC), the report says. A two-member NCLT bench also rejected the claims of NTC and said the dispute it raised over the due amount claimed by its operational creditor is merely a "moonshine dispute" and said default has occurred for the payment, NDTV.com relates. This is probably for the first time since the code has come into effect that insolvency proceedings against a central government-owned public sector unit (PSU) has been initiated. According to NDTV.com, the NCLT direction came over a petition filed by Hero Solar Energy Private Ltd (HSEPL) through its counsel Pallav Mongia, claiming a default of INR13.84 lakh for two contracts for installing solar rooftop power projects. The matter relates to an almost six-year-old contract. NTC had awarded a work order in May 2016 in Tamil Nadu for a total 780 kWp grid-connected rooftop solar power PV system. As per the contract of both the projects, the amount of INR2.21 crore towards Project 1 and INR1.86 crore towards Project 2 become due upon the completion of work on December, 2016 and April, 2017, respectively. However, NTC failed to release the complete payment due to HSEPL and retained an amount of INR13.84 lakh against the terms of the agreement, NDTV.com says. It was informed by the operational creditor that as per the clauses of the agreement, there was no provision for levying any penalty and sent a demand notice to NTC under section 8 of the IBC. However, NTC in its reply had said HSEPL has committed a delay of 117 days in the execution of the work order and it has suffered losses and hence it has deducted penalties from the amount due, according to the report. This was denied by HSEPL and said no notice of dispute was ever given by NTC to HSEPL and in fact in its several letters written to the PSU, demanding the pending dues, no dispute over delay in execution was raised, the report relays. According to the report, the insolvency tribunal also agreed with the submissions of the operational creditor and said: "Considering the documents on record admittedly the respondent has never raised any dispute over the quantum of claim or delay of the applicant. The corporate debtor has failed to place any document on record to show that said imposition of penalty was ever communicated to the applicant before issuance of demand notice." No debit note in this regard was ever issued by the respondent, NCLT observed adding "No penalty or liquidated damages were levied by corporate debtor". "Admittedly, in terms of the agreement, the corporate debtor is not entitled to impose any penalty to the applicant. The respondent even reconciled the accounts of the applicant and failed to raise any dispute over the claim of the applicant during reconciliation," said NCLT in its 10-page long order passed on May 27. NDTV.com relates that the tribunal further said even the Indian Contract Act provided that in case of the promisor failed to perform the contract at the time agreed and the promise still accepts the performance of such promise any time other than agreed, the promisee cannot claim compensation for any loss. "It is not the case of the respondent (NTC) that work order was never completed by the applicant. The respondent has already made payments to the applicant which shows that there is no defect in the performance of contract . . .," it said. This leaves no doubt that the default has occurred for the payment of the operational debt to the applicant and the so-called dispute raised by NTC is merely a "moonshine dispute". "Therefore, in the given facts and circumstances, it can be concluded that the applicant has established its claim which is due and payable by the corporate debtor and the corporate debtor has failed to prove the existence of any pre-existing dispute in respect of amount claimed by the applicant. The present application is admitted," said NCLT, NDTV.com relays. National Textile Corporation (NTC) is under the jurisdiction of the Ministry of Textile, Government of India. It is engaged in the production of yarn and fabric through its 23 mills in operation, located all over India. PCM CEMENT: CARE Lowers Rating on INR102.20cr LT Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of PCM Cement Concrete Private Limited (PCCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 102.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated August 16, 2021, placed the rating(s) of PCCPL under the 'issuer non-cooperating' category as PCCPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 23, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of PCCPL have been revised on account of on-going delays in debt servicing recognized from publicly available information. Detailed description of the key rating drivers PCCPL has 7 subsidiaries, 12 associates and a JV. CARE has taken a consolidated view of all the companies as majority of group revenue is generated from the same line of business of manufacturing concrete sleepers for railways and flash butt welding. PCCPL, incorporated in 1991, operates in four segments – sleeper, flash butt welding, media and real estate. Sleeper division includes manufacturing of concrete sleepers at the manufacturing facility located in Siliguri and supplying to the railways. Flash butt welding segment undertakes welding activities for railway tracks. The company operates radio stations Radio 94.3 FM (Radio Misty) in Siliguri and Radio 95.0 FM (Radio Misty) in Gangtok. Sleeper is the largest segment of PCCPL, accounting for 70% of revenue in FY17, followed by flash butt welding (26%) and media (4%). The company belongs to the PCM group having presence in various sectors such as manufacturing of concrete sleepers, real estate, tea, steel, etc. The group is headed by Mr. Kamal Kumar Mittal, having over three decades of experience in various industries. RADIUS INFRA: NCLT Admits Yes Bank's Insolvency Bid vs. Firm ------------------------------------------------------------ The Economic Times reports that the Mumbai bench of the National Company Law Tribunal (NCLT) has admitted a plea of Yes Bank to initiate bankruptcy proceedings against real estate developer Radius Infra Holdings for the failure of group firms to repay about INR700 crore of term loans advanced by the private lender. Bhrugesh Amin has been named the Interim Resolution Professional (IRP) of the company by the tribunal. The realty firm, as the corporate guarantor for loans raised by its operating group companies, owes nearly INR700 crore to the bank, ET discloses. Radius Infra Holdings had guaranteed repayment of loans sanctioned to E-Commerce Magnum Solution and Raghuleela Builders by creating a pledge over shares. According to ET, the bank had sanctioned a term loan of INR500 crore in favour of E-Commerce Magnum Solution and, of this, had disbursed INR283 crore. It sanctioned and disbursed loans of INR300 crore in favour of Raghuleela Builders. However, both the companies have continuously failed in the payment of the interest accrued on the sanctioned amounts, besides failing to pay the principal components of the respective advances. The amounts defaulted by E-Commerce Magnum and Raghuleela are over INR322 crore and INR377 crore, respectively. ET says the NCLT Mumbai bench has held that the bench finds that it is a fit case for admitting the petition filed by the financial creditor, Yes Bank, against the corporate debtor, who is a corporate guarantor. "The corporate guarantor is co-extensively liable as of the corporate debtor for the dues payable to the financial creditor," said the bench led by Kishore Vemulapalli Rajesh Sharma. Radius Infra Holdings Private Limited operates as a construction company. The Company, through its subsidiaries, provides construction of commercial and residential properties. Radius Infra Holdings serves customers in India. SEVEN HILLS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: M/s Seven Hills Project Private Limited 197, Prince Anwar Shah Road Kolkata 700033 West Bengal Insolvency Commencement Date: May 24, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 19, 2022 Insolvency professional: Subodh Kumar Agrawal Interim Resolution Professional: Subodh Kumar Agrawal Room No. 301, 3rd Floor 1, Ganesh Chandra Avenue Kolkata 700013 West Bengal, India E-mail: subodhka@gmail.com Last date for submission of claims: June 7, 2022 SHAKTI EARTH: CARE Lowers Rating on INR3.50cr LT Loan to B ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shakti Earth Movers (SEM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.50 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 22, 2021, placed the rating(s) of SEM under the 'issuer non-cooperating' category as SEM had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SEM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 5, 2021, February 15, 2021, February 25, 2021. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SEM have been revised on account of non-availability of requisite information. Mandideep-based (Madhya Pradesh) SEM was established in October, 1992 as a proprietorship firm by Mr. Shiv Singh Chouhan. SEM mainly executes projects for civil construction of roads, largely for the Government of Madhya Pradesh. Further, SEM is also engaged into loading and unloading of construction materials for private entities. Proprietor of SEM is having an experience of around more than two decades in the same industry. SHIV SUNDAR: CARE Lowers Rating on INR13.40cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shiv Sundar & Company (SSC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 22, 2021, placed the rating(s) of SSC under the 'issuer non-cooperating' category as SSC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SSC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated February 5, 2022, February 15, 2022, February 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SSC have been revised on account of non-availability of requisite information. SSC was formed in December, 2011 as a partnership concern by Mr. Dinesh Verma along with his family members. SSC was established with an objective to set up two-star hotel in Indore (Madhya Pradesh). The hotel has started commercial operations from July 2017 and has facility of total 52 rooms which includes; 4 suits, 12 Deluxe/Super Deluxe rooms and 36 Simple rooms along with separate Vegetarian and Non-Vegetarian restaurant and bar, Gym, Spa as well as two banquet halls and marriage garden of 26000 Sq. Ft. SOHAN MINERALS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s Sohan Minerals and Mining Company Private Limited 8, Ho Chi Minh Sarani Harrington Mansion Office No. 28/8, 3rd Floor Kolkata 700071 West Bengal Insolvency Commencement Date: May 24, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 19, 2022 Insolvency professional: Rajesh Kumar Agrawal Interim Resolution Professional: Rajesh Kumar Agrawal Room No. 301, 3rd Floor 1, Ganesh Chandra Avenue Kolkata 700013 West Bengal, India E-mail: rajesh521@yahoo.com Last date for submission of claims: June 7, 2022 SRIJAN REALTY: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Srijan Realty Private Limited 36/1A Elgin Rd Kolkata WB 700020 IN Insolvency Commencement Date: May 25, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: November 21, 2022 Insolvency professional: Mr. Manish Jain Interim Resolution Professional: Mr. Manish Jain Manish Mahavir & Co. 2B, Grant Lane Room No. 303, 3rd floor Bajrang Kunj Kolkata 700012 E-mail: manishmahavir@gmail.com cirp.srijanrealty@gmail.com Tel: 9830248684 8582806221 Last date for submission of claims: June 8, 2022 TOPAIM PROPERTIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Topaim Properties Private Limited Rajpipla Building, Ground Floor Opp. Standard Chartered Bank Linking Road, Santacruz (West) Mumbai 400054 Insolvency Commencement Date: May 24, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 5, 2022 Insolvency professional: Shailesh Desai Interim Resolution Professional: Shailesh Desai Headway Resolution and Insolvency Services Pvt. Ltd. 708, Raheja Centre Nariman Point Mumbai 400021 Maharashtra E-mail: ip10362.desai@gmail.com cirptopaim@gmail.com Last date for submission of claims: June 7, 2022 WESTIN RESINS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Westin Resins & Polymers Private Limited (WRPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.96 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated March 3, 2021, placed the rating(s) of WRPPL under the 'issuer non-cooperating' category as WRPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. WRPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated January 17, 2022, January 27, 2022, February 06, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2010 by the Sawant family, Westin Resins and Polymers Private Limited (WRPPL) is engaged into manufacturing of saturated and unsaturated polyester resins from its manufacturing facility located in the Thane, Maharashtra. ========= J A P A N ========= SOFTBANK GROUP: Moody's Affirms 'Ba3' CFR & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Japan K.K. has affirmed the Ba3 corporate family rating of SoftBank Group Corp. (SBG), as well as the company's Ba3 senior unsecured rating and B2 subordinated debt rating. Moody's has also changed the outlook to negative from stable. RATINGS RATIONALE The change in the outlook to negative from stable reflects both the decline in SBG's asset portfolio value and the increase in leverage. The asset value decline predominantly reflects the fall in the share price of Alibaba Group Holding Limited (Alibaba, A1 stable), which coupled with debt raised ahead of the potential Arm Limited IPO is resulting in increased leverage, and an increased proportion of secured debt. SBG owns a 25% stake in Alibaba. Moody's estimates that the decline in its portfolio value has worsened SBG's market value-based leverage (MVL) to almost 45% as of March 31, 2022, continuing to exceed the 30% range of Moody's expectations. The drop in Alibaba's share price has reduced SBG's portfolio transparency, since a bigger portion of the company's portfolio is now in less liquid, non-public companies. However, the decline in the value of the outsize Alibaba stake results in the overall portfolio now being more diverse in respect of the company's assets and geographic concentration as a proportion of portfolio value. A successful IPO of its semiconductor subsidiary Arm would likely raise substantial proceeds, which would be credit positive if used to reduce debt. However the IPO plan comes after the February 2022 collapse of the expected $40 billion sale of Arm to NVIDIA Corporation (A2 stable), so SBG faces execution risk in the timing and valuation. SBG has raised $8 billion of secured debt against the Arm stake which it does not include in its loan to value calculations; Moody's however includes it in the MVL calculation. While the company also has other assets that can be monetized, it is unclear whether SBG will sustainably reduce its leverage. SBG has used a significant portion of proceeds from past asset sales for shareholder returns. SBG's Ba3 CFR is supported by its good liquidity at the holding company level, which can cover scheduled debt maturities over the next two years, as well as its ownership in valuable companies including Alibaba, SoftBank Corp and Arm. However the collapse of the Arm sale to NVIDIA showcases the challenges around quickly realizing full value for such stakes. SBG's strengths are balanced against the large, unpredictable changes to the company's credit profile as a result of its large investments and divestments, which could alter the value and quality of its investment portfolio, as well as its capital structure. Moody's estimates that SBG's secured debt has been increasing, and if secured debt becomes established as the clear majority of its total debt, the unsecured debt will likely be notched down to reflect effective subordination. The company's interest coverage is low at below 1x, which evidences a highly aggressive financial policy for a company with such a large investment base, although it has significant liquid resources that it can draw on to supplement income. The ratings also consider SBG's aggressive financial policy and associated governance considerations. Governance remains a key rating consideration, with challenges that include (1) the scope and pace of changes of SBG's balance sheet as strategies shift; (2) SBG's strong appetite for investments, which could be funded by complex financial arrangements with limited transparency and pledge of collateral; and (3) key-person risk in its CEO and founder Masayoshi Son on key investment decisions. Mr. Son owned about 28% of SBG as of March 31, 2022, and co-invests in SBG's investment vehicles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Moody's expectation that SBG's MVL will remain elevated at above 40%. An upgrade is unlikely over the next 12-18 months, given the negative outlook. Moody's will consider changing the outlook back to stable if SBG reduces the MVL towards mid-30%, whether as a result of the Arm IPO or other means. Moody's will consider downgrading the CFR if the credit quality and transparency of SBG's investee companies deteriorate, including a decline in the company's ownership of (1) its dividend-paying SoftBank Corp. subsidiary, without a commensurate increase in stable dividends from other sources; or (2) Alibaba, without an increase in other liquid assets. In addition, Moody's will consider a downgrade if cash held at the holding company level diminishes, such that SBG's cash on hand no longer covers two years of scheduled debt maturities; or if the company's total debt increases. The rating of SBG's unsecured debt could be notched down if secured debt becomes established as the clear majority debt. Downgrade pressure will also arise if material legal or other contingent obligations crystallize or governance risks rise further. The principal methodology used in these ratings was Investment Holding Companies and Conglomerates (Japanese) published in August 2018. Headquartered in Tokyo, SoftBank Group Corp. is a Japanese holding company with subsidiaries in various businesses, including telecommunications, e-commerce and other technology businesses. =============== M A L A Y S I A =============== SAPURA ENERGY: Now Classified as a PN17 Listed Issuer ----------------------------------------------------- New Straits Times reports that Sapura Energy Bhd announced on May 31 that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. The group on May 31 announced that it was formulating a regularisation plan to address its PN17 status in tandem with a proposed scheme of arrangement and would make monthly announcements on the progress, NST relates. It was taking the necessary steps to address its PN17 status. According to the report, Sapura Energy has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50 per cent of its share capital of MYR10.9 billion. NST relates that Public Investment Bank Bhd, in a note, said while the challenging situation was not entirely dire as yet, considering the assets that Sapura Energy still owned in light of the currently-positive industry environment. "Financial rehabilitation (capital reductions) is a foregone conclusion, though management will also need to circumspect in determining its path forward, without fear or favour," the research firm said. Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is engaged in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. ===================== N E W Z E A L A N D ===================== ALL ABOUT: Court to Hear Wind-Up Petition on July 8 --------------------------------------------------- A petition to wind up the operations of All About Drains Limited will be heard before the High Court at Auckland on July 8, 2022, at 10:00 a.m. Drain Ninjas Limited filed the petition against the company on May 13, 2022. The Petitioner's solicitor is: Jeffrey Gray Ussher United Legal Limited 300 Richmond Road Grey Lynn, Auckland 1021 B & T CO: Court to Hear Wind-Up Petition on June 14 --------------------------------------------------- A petition to wind up the operations of B & T Co. (2011) Limited will be heard before the High Court at Wellington on June 14, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 27, 2022. The Petitioner's solicitor is: Tara Carr Inland Revenue Legal Services 11 Jepsen Grove Wallaceville, Upper Hutt 5018 BEARMAN ENGINEERING: Creditors' Proofs of Debt Due on June 25 ------------------------------------------------------------- Creditors of Bearman Engineering Limited are required to file their proofs of debt by June 25, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2022. The company's liquidator is: Brenton Hunt PO Box 13400 City East, Christchurch 8141 EPIC ENTERTAINMENT: Creditors' Proofs of Debt Due on June 25 ------------------------------------------------------------ Creditors of Epic Entertainment Limited are required to file their proofs of debt by June 25, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 25, 2022. The company's liquidator is: Brenton Hunt PO Box 13400 City East, Christchurch 8141 OCEANSIDE HOMES: Falls w/ NZD518K Shortfall; Stokes Recession Fears ------------------------------------------------------------------- New Zealand Herald reports that a National MP on May 26 quizzed the Reserve Bank about pressures on the multi-billion dollar construction sector tipping the economy into recession and cited a Tauranga builder's failure as an example. NZ Herald relates that Andrew Bayly, National's building and construction spokesman, said he was concerned about pressures on the sector. Tauranga's Oceanside Homes is in liquidation with a NZD518,000 shortfall, leaving two homes unfinished and a long list of creditors, NZ Herald discloses. The first liquidator's report was out on May 25. On May 26, Mr. Bayly addressed the finance and expenditure select committee on the Reserve Bank's monetary policy statement, out May 25, according to NZ Herald. "I asked Governor Adrian Orr: is trouble in the construction and building sector one of the biggest risks to the economy and whether we might go into a recession," the report quotes Mr. Bayly as saying. Afterwards, Mr. Bayly said he was now even more convinced about economic risks from the building sector struggling to keep up with demand and threats to financial security, NZ Herald relays. Shareholders put Wellington's Armstrong Downes into liquidation this month with an NZD8.7 million shortfall. Liquidators said on May 25 the company had NZD17.6 million liabilities but just NZD8.9 million in assets and 320 unsecured creditors claiming NZD9.2 million. In Tauranga's Oceanside case, liquidator David Thomas has projected a NZD518,537 shortfall. Two homes on Tauranga's outskirts are unfinished, he said, and he is concerned about the situation. Unsecured creditors are owed NZD448,000. The sole director is Claudia Fisher and the business stopped trading three days ago. Mr. Bayly said that was illustrative of wider issues. "Everyone knows we're consenting up to 50,000 homes. But people can't complete all those homes," Mr. Bayly said citing the national Gib board shortage via Fletcher Building's Winstone Wallboards which has around 93 per cent of the market. UMBRELLA MULTIMEDIA: Court to Hear Wind-Up Petition on June 14 -------------------------------------------------------------- A petition to wind up the operations of Umbrella Multimedia Limited will be heard before the High Court at Wellington on June 14, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 29, 2022. The Petitioner's solicitor is: Tara Carr Inland Revenue Legal Services 11 Jepsen Grove Wallaceville, Upper Hutt 5018 ================= S I N G A P O R E ================= LION II: Creditors' Proofs of Debt Due on July 4 ------------------------------------------------ Creditors of Lion II Pte. Ltd. are required to file their proofs of debt by July 4, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 26, 2022. The company's liquidators are: Don M Ho David Ho Chjuen Meng C/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 NO SIGNBOARD: Lim Lay Hoon to Step Down as Executive Director ------------------------------------------------------------- The Business Times reports that Catalist-listed restaurant operator No Signboard Holdings said its executive director Lim Lay Hoon will step down, effective June 14, to focus solely on her role as chief operating officer. This was in light of the current financial situation of the company, No Signboard said in a bourse filing on June 1. Its non-executive director Su Haijin is also resigning with effect from June 14, BT relates. This was due to his current and future business, as well as other commitments, which the company said "would make it difficult for him to continue devoting the time and commitment required as a non-executive director of the company". According to BT, the cessation of Lim Lay Hoon will also facilitate the appointment of the nominated directors of Gazelle Ventures to No Signboard's board, following the super priority financing agreement between the two companies. No Signboard has appointed two non-executive directors, Lim Teck-Ean and Tan Keng Tiong, to its board, also effective June 14, BT discloses. Lim Teck-Ean is chief executive of Gazelle Ventures, while Tan is chief operating officer. Gazelle Ventures is expected to hold a 75 per cent stake in the enlarged share capital of No Signboard upon completion of the proposed investment. In May, No Signboard said it was extended a lifeline by Gazelle Ventures, which has agreed to invest up to SGD5 million in super priority financing into the debt-ridden restaurant operator. Trading of No Signboard's shares has been suspended since Jan. 24, BT notes. 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. As reported in the Troubled Company Reporter-Asia Pacific on May 30, 2022, The Business Times said No Signboard Holdings said the Singapore High Court has granted it and two of its subsidiaries a moratorium lasting till Oct. 29, 2022. On April 29, the embattled restaurant operator and wholly owned NSB Hotpot and NSB Restaurants applied for moratorium relief spanning 6 months, under Section 64 of the Insolvency, Restructuring and Dissolution Act. They sought court orders that no resolution shall be 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. QUALIVAX PTE: Creditors' Proofs of Debt Due on July 1 ----------------------------------------------------- Creditors of Qualivax Pte Limited are required to file their proofs of debt by July 1, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 26, 2022. The company's liquidator is: David Kim c/o KordaMentha Pte Ltd 16 Collyer Quay #30-01 Singapore 049318 XIN CHUN: Commences Wind-Up Proceedings --------------------------------------- Members of Xin Chun Shipping (Pte) Ltd and Xin Dun Shipping (Pte) Ltd on May 23, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Paresh Tribhovan Jotangia Ho May Kee Grant Thornton Singapore c/o 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 ================= S R I L A N K A ================= SRI LANKA: Inflation Hits a Record 39% as Shortages Persist ----------------------------------------------------------- Bloomberg News reports that Sri Lanka's headline inflation surged to a record in May amid continuing food and fuel shortages as the country struggles to lift itself out of its worst economic crisis. Consumer prices in the capital Colombo rose 39.1% from a year ago, the Department of Census and Statistics said in a statement. That's faster than the median 35% climb forecast by economists in a Bloomberg survey and is the highest level on record. Food inflation surged 57.4%, while prices of non-food items jumped 30.6%, the data showed. According to Bloomberg, the Central Bank of Sri Lanka, which this month left borrowing costs steady while letting previous increases to filter through the economy, had predicted price gains to touch 40% amid a shortage of essentials in the absence of dollars to pay for imports. Bloomberg relates that the inflation figures were released the same day that the cabinet reversed the 2019 tax cuts, which have been blamed for ruining the country's finances and setting on course toward its current crisis. The country, battling its worst economic crisis since independence, needs $4 billion in emergency funds this year but a deal with the International Monetary Fund for rapid aid remains still in the works. A sharp fall in the Sri Lankan rupee and heightened global uncertainty also stoked prices. After having lost more than 40% following a devaluation in March, the currency has slowed its decline against the dollar since mid-May, Bloomberg states. As recently reported in the Troubled Company Reporter-Asia Pacific, S&P Global Ratings, on May 27, 2022, affirmed its long-term and short-term foreign currency sovereign ratings on Sri Lanka at 'SD/SD.' At the same time, S&P affirmed its 'CCC-' long-term and 'C' short-term local currency sovereign ratings. The outlook on the local currency ratings remains negative. In addition, S&P lowered to 'D' from 'CC' the issue ratings on the following bonds with missed interest payments in May: -- US$1.5 billion, 6.85% bonds due Nov. 3, 2025. -- US$1.5 billion, 6.20% bonds due May 11, 2027. S&P's transfer and convertibility assessment at 'CC' is unchanged. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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