/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220603.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, June 3, 2022, Vol. 25, No. 105 Headlines A U S T R A L I A ANONYMOUS WINE: Second Creditors' Meeting Set for June 10 AUSTRALIA: More Builders to Collapse as Building Costs Up by $76K AUZCON PTY: First Creditors' Meeting Set for June 13 LIMEBROOK CORP: Charged for Breaching Financial Reporting SYDBUY@HOME PTY: Second Creditors' Meeting Set for June 9 WANJI PROPERTY: Second Creditors' Meeting Set for June 10 C H I N A HUAI'AN DEVELOPMENT: Fitch Withdraws Ratings ZHENRO PROPERTIES: Warns of Default on US$300MM Senior Notes I N D I A AKARSHAN MULTITRADE: Voluntary Liquidation Process Case Summary ANJALI WATERFORD: Liquidation Process Case Summary BOHRA FASHIONS: Insolvency Resolution Process Case Summary GIRISH ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating GOYAL SONS: CRISIL Keeps B Debt Rating in Not Cooperating GRK THEATRES: CRISIL Keeps B Debt Ratings in Not Cooperating HAROHALLI LAND: Voluntary Liquidation Process Case Summary KHALATKAR CONSTRUCTION: CRISIL Withdraws B+ Debt Rating on Loans KND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating KOHLI AND SONS: CRISIL Keeps B Debt Rating in Not Cooperating LAMIFAB INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating LAXMI LUMBER: CRISIL Keeps B Debt Ratings in Not Cooperating LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating MAHAJAN STEEL: Insolvency Resolution Process Case Summary MAHALAKSHMI SERVICE: CRISIL Keeps B+ Rating in Not Cooperating MAHARAJA EDUCATION: CRISIL Keeps B+ Rating in Not Cooperating MAHENJU TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating MANSFIELD CABLES: Insolvency Resolution Process Case Summary MARINO FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating MODI CAR: CRISIL Keeps B Debt Ratings in Not Cooperating NAGAR DAIRY: CRISIL Keeps B Debt Rating in Not Cooperating NEELKANTH TOWN: CRISIL Keeps B Debt Ratings in Not Cooperating NIRVANA HAMMOCKS: CRISIL Keeps B Debt Rating in Not Cooperating NRW POLYMERS PRIVATE: Insolvency Resolution Process Case Summary PARAMESWARA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating RAF STATIONERS PRIVATE: Insolvency Resolution Process Case Summary RAJPAL CARGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating RANJIT SINGH: CRISIL Keeps B Debt Rating in Not Cooperating RM DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating RNC COTTON MILLS: Voluntary Liquidation Process Case Summary ROCKLINE CONSTRUCTION: CRISIL Keeps B- Rating in Not Cooperating RUTUJA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating SAMC SUPPORT SERVICES: Voluntary Liquidation Process Case Summary SRIVATSA INTERNATIONAL: Liquidation Process Case Summary SSM INTERNATIONAL PRIVATE: Voluntary Liquidation Case Summary TAMIL NADU GENERATION: Allowed to File More Docs in Insolvency Case TOTALA TEXTILES: CRISIL Keeps B Debt Rating in Not Cooperating VIJAYA SARADA: CRISIL Keeps B Debt Ratings in Not Cooperating [*] INDIA: Nearly Half of Insolvency Process Led to Liquidation M A L A Y S I A COMINTEL CORP: JTC Cuts Stake in PN17 Company N E W Z E A L A N D BEACHCROFT INVESTMENTS: Creditors' Proofs of Debt Due on July 8 ERP GROUP: Goes into Liquidation; Leaves Landowners with Rubbish GENESIS ENERGY: S&P Assigns 'BB+' Rating on Sub. Capital Bonds JCJR LIMITED: Creditors' Proofs of Debt Due on June 27 JOINT ACTION: Court to Hear Wind-Up Petition on June 23 KAUKAPAKAPA VILLAGE: Rodgers Reidy Appointed as Receivers KID COUNTRY: Creditors' Proofs of Debt Due on July 8 PRESTIGE MOTORS: Court to Hear Wind-Up Petition on June 23 S I N G A P O R E DYF INT'L: Creditors' Meeting Set for June 13 EDUCOMP ASIA: Creditors' Meeting Set for June 9 S R I L A N K A SRI LANKA: Seeking US$3 Billion Under IMF Extended Fund Facility - - - - - ================= A U S T R A L I A ================= ANONYMOUS WINE: Second Creditors' Meeting Set for June 10 --------------------------------------------------------- A second meeting of creditors in the proceedings of Anonymous Wine Pty Ltd has been set for June 10, 2022, at 10:00 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 8, 2022, at 5:00 p.m. Brent Leigh Morgan and Neil Stewart Mclean of Rodgers Reidy were appointed as administrators of Anonymous Wine on May 31, 2022. AUSTRALIA: More Builders to Collapse as Building Costs Up by $76K ----------------------------------------------------------------- The Daily Telegraph reports that the cost of building a house skyrocketed by a record AUD76,715 in April as supply chain and labour shortages continued to bite, with alarm bells sounding that more construction firms will collapse in the coming months amid soaring prices making fixed price contracts unprofitable. It comes as the number of construction companies going under this year has accelerated, with predictions that huge jumps in prices will not ease and are set to continue into the next financial year, the report says. According to the report, the AUD76,000 increase in building also means for the first time the national average value of new homes approved has jumped over the AUD400,000 mark at a time when house and land packages were seen as an affordable entry point for first home buyers and families. Daily Telegraph relates that economist Maree Kilroy said the huge backlog of work and global commodity price increases will continue to hit the industry. "Pressure being faced by home builders is not set to abate in this environment, and we expect more builders to hit the wall, especially less capitalised small-to medium-sized operators," she told the Australian Financial Review. The construction sector has been hit by a wave of construction firm collapses this year shaking confidence in the sector, the report notes. In February, building giant Probuild sent shockwaves through the industry when it went into liquidation, followed by Gold Coast-based firm Condev, while Australia's largest home builder Metricon was recently thrown a AUD30 million lifeline to keep the struggling business afloat, according to the report. Smaller operators have also fallen over including Hotondo Homes Hobart, Home Innovation Builders and Sydney-based Next, while staff at Queensland builders Pivotal Homes' were all terminated on the spot last week. Over the weekend, Queensland construction firm Solido Builders also revealed it had sadly appointed liquidators. Experts have agreed that the construction industry's horror run means it is most at risk for more insolvencies. Russ Stephens, co-founder of the Association of Professional Builders, has estimated around 50% of Australian building companies are currently trading insolvent – which means they can't pay their bills, Daily Telegraph relays. National Australia Bank chief executive Ross McEwan has said construction was the "most worrying sector" for the bank's loan book. ANZ chief Shayne Elliott has described the construction industry as a "fragile sector", adding that business were struggling to pass on higher costs were also more at risk of failure in a downturn, the report relays. "The business model has moved towards a fixed price contract model. The problem with that is that when you end up with cost shocks or labour shortages, the business can't pass it on," he told an Australia-Israel Chamber of Commerce lunch. "So you are in this weird situation, which is sort of counterintuitive: construction is booming, and construction companies are falling over." AUZCON PTY: First Creditors' Meeting Set for June 13 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Auzcon Pty Ltd will be held on June 13, 2022, at 10:00 a.m. at the offices of Pilot Partners, Level 10, 1 Eagle Street, in Brisbane, Queensland. Bradley Vincent Hellen of Pilot Partners was appointed as administrator of Auzcon Pty on June 1, 2022. LIMEBROOK CORP: Charged for Breaching Financial Reporting --------------------------------------------------------- Limebrook Corporation Ltd has been charged with five counts of failing to meet its financial reporting obligations and one count of failing to have the required number of company officers. ASIC alleges that Limebrook failed to lodge annual reports with ASIC for its financial years ended October 23, 2016, October 23, 2017, October 23, 2018, October 23, 2019 and October 23, 2020 within the required timeframes. ASIC further alleges that between Feb. 2, 2018 to Feb. 8, 2022, Limebrook failed to meet the legal requirement to have at least three directors appointed to the company and at least two directors that ordinarily reside in Australia. As a public company, Limebrook is required to provide financial reports to ASIC within 4 months after the end of each financial year and meet minimum officeholder requirements. These rules are in place to promote investor confidence and support the integrity of Australia's financial system. The matter was heard in the Frankston Magistrates' Court on May 19, 2022 and was adjourned to June 16, 2022. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. SYDBUY@HOME PTY: Second Creditors' Meeting Set for June 9 --------------------------------------------------------- A second meeting of creditors in the proceedings of Sydbuy@Home Pty. Ltd has been set for June 9, 2022, at 10:30 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 7, 2022, at 5:00 p.m. Con Kokkinos of Worrells Solvency & Forensic Accountants was appointed as administrator of Sydbuy@Home Pty on May 5, 2022. WANJI PROPERTY: Second Creditors' Meeting Set for June 10 --------------------------------------------------------- A second meeting of creditors in the proceedings of Wanji Property Investment Pty Ltd has been set for June 10, 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 9 2022, at 4:00 p.m. Andrew Poulter of IRT Advisory was appointed as administrator of Wanji Property on May 5, 2022. ========= C H I N A ========= HUAI'AN DEVELOPMENT: Fitch Withdraws Ratings -------------------------------------------- Fitch Ratings has affirmed Huai'an Development Holdings Co.,Ltd's (HAD) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-' with a Stable Outlook. Fitch has also affirmed the 'BB-' rating on the USD300 million 6.9% senior unsecured notes due 2022, issued by Xiangyu Investment (BVI) Co., Ltd., a wholly owned subsidiary of HAD. At the same time, Fitch has withdrawn all the ratings. Fitch has chosen to withdraw the ratings of HAD for commercial reasons. KEY RATING DRIVERS 'Strong' Status, Ownership and Control: HAD is a fully municipal-owned limited liability company under China's company law. The government monitors its financing plan and debt levels and it is required to regularly report operational and financial results. Major decisions, including M&A, spin-offs, bankruptcy and liquidation, require government verification and approval. However, HAD's operations are more closely monitored and guided by Huai'an's economic and technology development zone's management committee, which represents the municipal government, as HAD specialises in urban development within the zone. 'Strong' Support Record: HAD receives recurring financial support from the government to assist it with its urban infrastructure policy role. Fitch expects government financial support to continue, considering the importance of HAD in the urban infrastructure programme. HAD received operating subsidies totalling CNY676 million in 2019-2021. The average annual subsidy was about 24% of HAD's adjusted EBITDA. The municipal government has also made capital and assets injections into HAD, to support its urban development business. In 2021, HAD received a cash capital injection of CNY506 million. 'Moderate' Social-Political Implications of Default: HAD is one of Huai'an municipality's urban-development companies and the sole investment and financing platform of the municipal government's flagship zone. It develops large-scale urban infrastructure projects in the zone and provides ancillary services. Its failure could jeopardise the zone's policy duties and services, although HAD may be substituted by other government-related entities outside the zone. 'Strong' Financial Implications of Default: The government commissions HAD to finance and invest in various urban construction projects and support the city's overall development. Therefore, HAD has substantial government receivables due for its contracted works. It also has various funding channels and issues bonds in the onshore market. So a HAD default would impair the government's credibility and significantly affect its access to and the cost of domestic and foreign financing. However, the direct financial implications for Huai'an municipality could be cushioned by HAD's geographic concentration within the zone, as HAD's operations are more closely guided by the zone's management committee and the large account receivables are from the zone's finance department, rather than the municipal government. Standalone Credit Profile of 'b-': Fitch assesses HAD's revenue defensibility as 'Weaker', as its primary-land development, infrastructure and property-development businesses rely on the government for volume and pricing. Fitch assesses operating risk as 'Midrange', based on HAD's predictable cost structure. HAD's financial profile is characterised by high leverage due to substantial capital investment. Fitch expects the average net debt/EBITDA for forecast period of 2022-2026 to remain above 50x. DERIVATION SUMMARY HAD's rating is derived from the four factors under Fitch's Government-Related Entities Rating Criteria, combined with the 'b-' SCP under Fitch's Public Sector, Revenue-Supported Entities Rating Criteria. RATING SENSITIVITIES Not applicable, as the ratings have been withdrawn. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. ISSUER PROFILE HAD is fully owned by Huai'an, a municipal-level city located in the northern corner of China's Jiangsu province. It is responsible for infrastructure development, primary-land financing, social and commercial property development, industry promotion and SME support within the municipality's flagship economic and technology development zone. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. DEBT RATING PRIOR ---- ------ ----- Huai'an Development Holdings Co., Ltd LT IDR BB- Affirmed BB- LT IDR WD Withdrawn BB- LC LT IDR BB- Affirmed BB- LC LT IDR WD Withdrawn BB- Xiangyu Investment (BVI) Co., Ltd. senior unsecured LT BB- Affirmed BB- senior unsecured LT WD Withdrawn BB- ZHENRO PROPERTIES: Warns of Default on US$300MM Senior Notes ------------------------------------------------------------ Mingtiandi reports that Zhenro Properties Group said on May 31 it expects to default on $300 million of 9.15 percent senior notes that it issued in November 2019. The company said it has insufficient financial resources to pay the $13.7 million interest of the notes by June 5, which is the last day of the grace period for its missed payment on May 6, Mingtiandi relates. Zhenro Properties Group Limited is an investment holding company principally engaged in the sale of properties. Along with its subsidiaries, the Company provides sales of properties, property leasing business, provision of commercial property management services, and sales of goods and provision of design consultation services. As reported in the Troubled Company Reporter-Asia Pacific on April 1, 2022, Fitch Ratings has downgraded Zhenro Properties Group Limited's Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'C' on the completion of an exchange offer and consent solicitation in accordance with the agency's rating definitions. Zhenro's senior unsecured rating has been affirmed at 'C', with a revised Recovery Rating of 'RR5' from 'RR4'. ========= I N D I A ========= AKARSHAN MULTITRADE: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Akarshan Multitrade Private Limited G-82, 2nd Floor Vijay Chowk Laxmi Nagar Delhi East Delhi DL 110092 IN Liquidation Commencement Date: May 23, 2022 Court: National Company Law Tribunal, Gurgaon, Haryana Bench Insolvency professional: Karuna Sharma Interim Resolution Professional: Karuna Sharma G-13, First Floor South City-2, Gurugram Haryana 122018 E-mail: sharma.karuna@gmail.com Mobile: 9871145777 Last date for submission of claims: June 22, 2022 ANJALI WATERFORD: Liquidation Process Case Summary -------------------------------------------------- Debtor: Anjali Waterford Hospitality and Infra Limited Plot No. 304-L-III Road No. 78 Jubilee Hills, Hyderabad TG 500033 Liquidaton Commencement Date: May 13, 2022 Court: National Company Law Tribunal, Hyderabad Bench Date of closure of insolvency resolution process: May 13, 2022 Insolvency professional: Pradeep Kumar Sravanam Interim Resolution Professional: Pradeep Kumar Sravanam 6-40, Plot No. 101 Suprabhat Township Venture-2, Kachavani Singaram Hyderabad 500088 E-mail: 12283kumar@icmaim.in Last date for submission of claims: June 12, 2022 BOHRA FASHIONS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Bohra Fashions Private Limited 8th Floor Vanijya Bhava Kankaria, Ahmedabad Gujarat 380002 Insolvency Commencement Date: May 10, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: November 5, 2022 Insolvency professional: Atul J Sheth Interim Resolution Professional: Atul J Sheth B-27, Salyam Apartment Nr. Nehru Nagar, Ambawadi Ahmedabad 380015 E-mail: bohracirp@gmail.com Last date for submission of claims: June 6, 2022 GIRISH ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Girish Enterprises Private Limited (GEPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4 (Issuer Not Cooperating) Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GEPL for obtaining information through letters and emails dated February 28, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GEPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. GEPL was promoted in 2011 by Mr. Girish Khangadale to take over the assets and liabilities of proprietorship firm Girish Enterprises. GEPL took over the business of Girish Enterprises with effect from April 2011. GEPL undertakes infrastructure development works such as roads, buildings, sewage treatment plants, and reclamation works. It obtains contracts mainly from the departments of the state government, such as City and Development Corporation and Maharashtra Industrial Development Corporation. GOYAL SONS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Goyal Sons (GS) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL A4 (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GS for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GS, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GS continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. GS was established as a proprietorship concern by Mr. Vinod Goyal in 1987. The firm is based in Ludhiana (Punjab) and trades in various types of blended yarn. It is also an authorized agent for distribution of synthetic textile yarn of Reliance Industries Ltd (RIL), Chiripal Industries Ltd, Sanghi Polyester Ltd, Sanghi Spinners India Ltd, and JCT Ltd. GRK THEATRES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of GRK Theatres Private Limited (GRK) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 20 CRISIL A4 (Issuer Not Facility Cooperating) Lease Rental 10 CRISIL B/Stable (Issuer Not Discounting Loan Cooperating) Overdraft Facility 17 CRISIL A4 (Issuer Not Cooperating) Term Loan 13 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GRK for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GRK, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GRK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GRK continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Cuddalore (Tamilnadu) based GRK was incorpored in 1983 and is engaged in two main lines of business ' Film screening and automobile dealership for TATA Motors. Operations are managed by Mr. G.R. Durairaj. The promoters have diverse business interest including Theatres, Restaurant and transportation among others. HAROHALLI LAND: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Harohalli Land LLP No. 240, First Floor 32nd Cross, Jayanagar 7th Block, Bangalore Karnataka 560082 Liquidation Commencement Date: May 25, 2022 Court: National Company Law Tribunal, Bangalore Bench Insolvency professional: Kondisetty Kumar Dushyantha Interim Resolution Professional: Kondisetty Kumar Dushyantha # 404/2, 7th Main, 9th Cross Jayanagar II Block Bangalore 560011 E-mail: dushyanthak@gmail.com Tel: 08026560400 Last date for submission of claims: June 24, 2022 KHALATKAR CONSTRUCTION: CRISIL Withdraws B+ Debt Rating on Loans ---------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Khalatkar Construction Infra Private Limited Formely Known As Khalatkar Construction (KC) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL A4/Issuer Not Cooperating (Withdrawn) Cash Credit 2.75 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term 19.46 CRISIL B+/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 0.89 CRISIL B+/Stable/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with KC for obtaining information through letters and emails dated March 14, 2022 and May 9, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KC. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on KC is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has Continues the ratings on the bank facilities of KC to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. KC, a proprietorship concern based in Nagpur, was established in 1985 by Mr. Jayant Khalatkar. The firm's operations are now being looked after by Mr. Sumant Khalatkar. KC undertakes construction work for the Vidarbha Irrigation Department mainly in and around Nagpur. The company has also ventured into toll collection contracts with counterparties such as Maharashtra State Road Development Corporation and National Highways Authority of India for the Nagpur'Mumbai route. KND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KND Engineering Technologies Limited continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 35 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Bank 20 CRISIL D (Issuer Not Guarantee Cooperating) CRISIL Ratings has been consistently following up with KND for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of KND, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on KND is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KND continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. KND, based in Kolkata, was incorporated in 1982, by Late Mr. K N Dadina; it became a public limited company in 1991. The company provides services such as soil investigation, geotechnical studies and also undertakes foundation/piling works. It recently forayed into civil construction segment. The Dadina family manages the daily operations. KOHLI AND SONS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kohli and Sons (K&S) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 11 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with K&S for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of K&S, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on K&S is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of K&S continues to be 'CRISIL B/Stable Issuer Not Cooperating'. K&S, a proprietorship concern set up in 2002, is the exclusive authorized dealer of spare parts for commercial vehicles of TML in Assam, Meghalaya, Arunachal Pradesh, and Nagaland. Its operations are managed by Mr Kulwant Singh Kohli and his son, Mr Davinder Kohli. LAMIFAB INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lamifab Industries (LI) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL A4 (Issuer Not Cooperating) Cash Credit 6.25 CRISIL B/Stable (Issuer Not Cooperating) Foreign Exchange 0.1 CRISIL A4 (Issuer Not Forward Cooperating) Inland/Import 2 CRISIL A4 (Issuer Not Letter of Credit Cooperating) Proposed Long Term 0.33 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.63 CRISIL B/Stable (Issuer Not Cooperating) Working Capital 0.19 CRISIL B/Stable (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with LI for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained noncooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of LI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LI continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Established in 1994, LI, a partnership concern, manufactures plastic woven fabrics (HDPE, polyethylene, and polypropylene), vermi bed, irrigation pipe, pond lining, HDPE tarps, tarpaulins, and tents. LAXMI LUMBER: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Laxmi Lumber Industries Private Limited (LLIPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.50 CRISIL B/Stable (Issuer Not Cooperating) Inland/Import 6.25 CRISIL A4 (Issuer Not Letter of Credit Cooperating) Proposed Long Term 2.25 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with LLIPL for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of LLIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LLIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LLIPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Established as a private-limited company in 2008 by Mr Ganga Ram Patel and Mr Dhanna Ram Patel, LLIPL took over the operations of Laxmi Timber Industries, a partnership firm set up in 1976. The company processes (cuts and saws) and trades in timber with capacity of around 600 cubic feet per day. The firm processes teak wood, saal wood, oak wood, ash wood and pinewood. LLIPL has three processing facilities-cum-warehouses, two in Delhi and one in Ghandidham, Gujrat. Daily operations are managed by Mr Kishore Patel. LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Leofortune Infrabuildcon Private Limited (LIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with LIPL for obtaining information through letters and emails dated February 28, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of LIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on LIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LIPL continues to be 'CRISIL D Issuer Not Cooperating'. LIPL was incorporated in 2009 by Mr. Pradeep K Swami, Mr. Sitapathy Chavali, Mr. Dhiren Savla, Mr. Prasad K Swami and Mr. Vasant D Bhambhaniya. The company is engaged in real estate development in Navi Mumbai. The company currently has three ongoing projects - Fortune Symphony, Fortune Calypso and Fortune Oriana. MAHAJAN STEEL: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Mahajan Steel Furnace Pvt. Ltd. Opp. Dhandar Kalan Railway Station Adjoining R.V. International G.T. Road Dhandari Kalan Ludhiana, Punjab 141010 Insolvency Commencement Date: May 25, 2022 Court: National Company Law Tribunal, Patiala Bench Estimated date of closure of insolvency resolution process: November 21, 2022 Insolvency professional: Mr. Prem Chand Goyal Interim Resolution Professional: Mr. Prem Chand Goyal House No. 1-F Adjoining Municipal House Model Town, Patiala Punjab 147001 E-mail: pcg47758@gmail.com - and - Embee IP Services Limited SCO 2935-36, Level-1, Sector 22-C Chandigarh 160022 E-mail: ip.mahajansteel@gmail.com Last date for submission of claims: June 8, 2022 MAHALAKSHMI SERVICE: CRISIL Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Mahalakshmi Service Apartments (MSA) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with MSA for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MSA, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MSA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Set up in 2017, MSA plans to operate 40 service apartments in Coimbatore. Its operations are managed by Mr Ramesh Raju. MAHARAJA EDUCATION: CRISIL Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Maharaja Education Trust (MET) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 6 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MET for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MET, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MET continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. MET, located in Mysore (Karnataka), and was established in 2005 as a trust registered under the Indian Registration Act, 1902, with the objective of promoting education, both technical and non-technical. The trust governs many institutions offering schooling, undergraduate, and post-graduate courses in engineering, commerce, business management, and corporate social responsibility. MAHENJU TEXTILES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahenju Textiles Private Limited (MTPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 4 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 2 CRISIL B+/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MTPL for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MTPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. MTPL, based out of Mumbai, incorporated in 1999, is promoted by Mr. Suresh Jain and Mr. Gajendra Singh Rathore. The company knits yarn used to manufacture fabric. MANSFIELD CABLES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: M/s Mansfield Cables Company Limited BF-5A, 2nd Floor, Janakpuri Jail Road, New Delhi 110058 Insolvency Commencement Date: May 27, 2022 Court: National Company Law Tribunal, New Delhi Bench, Court-IV Estimated date of closure of insolvency resolution process: November 23, 2022 Insolvency professional: Vinod Kumar Chaurasia Interim Resolution Professional: Vinod Kumar Chaurasia A-756, Sector-2 Rohini, New Delhi 110085 E-mail: cavinodchaurasia@gmail.com - and - B-22, Pragati Vihar Hostel Lodhi Road, New Delhi 110003 E-mail: cirp.mansfield@gmail.com Last date for submission of claims: June 10, 2022 MARINO FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Marino Food Products Private Limited (Marino) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 8 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 18 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Marino for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of Marino, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Marino is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Marino continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Marino, incorporated in May 2010 by Mr. Om Prakash Chhawnika, manufactures confectionery items. It is based in Hyderabad. MODI CAR: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Modi Car Agencies Private Limited (MCAPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 20 CRISIL B/Stable (Issuer Not Cooperating) Inventory Funding 4.02 CRISIL B/Stable (Issuer Not Facility Cooperating) Inventory Funding 7.5 CRISIL B/Stable (Issuer Not Facility Cooperating) Inventory Funding 5 CRISIL B/Stable (Issuer Not Facility Cooperating) Term Loan 23.48 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MCAPL for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MCAPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MCAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCAPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. CRISIL Ratings has consolidated the business and financial risk profile of MCAPL and Asset Cars Private Limited (ACPL), together referred to as Modi group, since there are business and operational linkages between the 2 companies and MCAPL owns majority stake in ACPL. MCAPL, incorporated in 2010, by Mr. Vikram Modi, is an authorised dealer of Hyundai Motors India Ltd in Mumbai, through two showrooms and three workshops. MCAPL acquired ACPL on March 31, 2016. ACPL operates a Jaguar showroom in Pune. NAGAR DAIRY: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Nagar Dairy Private Limited (NDPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with NDPL for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of NDPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NDPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Incorporated in 2003-04 (refers to financial year, April 1 to March 31), NDPL manufactures dairy products such as ghee and skimmed milk powder under its own brand, Nagar. It has a total milk processing capacity of 0.6 million litres per day (lpd) at its unit in Hapur (Uttar Pradesh). The company also carries out job work of milk processing and manufacturing curd and butter milk for Gujarat cooperative Milk Marketing Federation Limited (Amul). NEELKANTH TOWN: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Neelkanth Town Planners Private Limited (NTPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 18 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with NTPL for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of NTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NTPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. NTPL was set up in 1995 by Mr. Ravinder Taneja and Mr. N D Taneja, of the TDI group. In 2005, the company was taken over by the current promoters, Mr. Parveen Arora and Mr. Shubham Sogani. The company is undertaking a premium residential project, Ourania, at Golf Course Road, Gurgaon. The project is nearing completion and the company is expected to hand over possession by December 2015. Construction of the school and clubhouse in the project is expected to be completed by March 2016 and December 2015, respectively. NIRVANA HAMMOCKS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Nirvana Hammocks Private Limited (NHPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 10 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) CRISIL Ratings has been consistently following up with NHPL for obtaining information through letters and emails dated February 28, 2022 and April 29, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of NHPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NHPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'. NHPL set up in 2011 is engaged into manufacturing and exporting of hammocks. The operations of the company is being managed by the promoter Mr Karan Bhatt who has an experience of over 4 decades in the industry. NRW POLYMERS PRIVATE: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: NRW Polymers Private Limited 52, Shri Krishan Niwas New Silk Bazar, Kalbadevi Mumbai 400002 Insolvency Commencement Date: May 27, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 25, 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 cirpnrw@gmail.com Last date for submission of claims: June 10, 2022 PARAMESWARA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Parameswara Cotton Mills (PCM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 0.7 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 0.3 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PCM for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PCM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PCM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. PCM, set up in 1972 and promoted by Mr K Nageswara Rao, gins and presses cotton. The firm is based in Guntur, Andhra Pradesh. RAF STATIONERS PRIVATE: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Raf Stationers Private Limited Room No. 2, 68 Darya Ganj New Delhi 110002 Insolvency Commencement Date: May 31, 2022 Court: National Company Law Tribunal, New Delhi Bench-III Estimated date of closure of insolvency resolution process: November 22, 2022 Insolvency professional: Sudesh Kumar Interim Resolution Professional: Sudesh Kumar E 24, Rose Apartment Sector-14, Rohini New Delhi 110085 E-mail: skrtomar@gmail.com - and - B-09, 308, ITL Twin Tower Netaji Subhash Place Pitampura, New Delhi 110034 E-mail: cirp.rafspl@gmail.com Last date for submission of claims: June 10, 2022 RAJPAL CARGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rajpal Cargo Movers Private Limited (RCMPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.23 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with RCMPL for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RCMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RCMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCMPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. RCMPL was incorporated in 2000 as Rajpal Cargo Movers South Pvt Ltd by Mr. Surinder Singh and his family members and was renamed as Rajpal Cargo Movers Pvt Ltd in 2004. It provides inland logistics (by road) services, mainly to steel manufacturing companies in Karnataka and Maharashtra. RANJIT SINGH: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ranjit Singh & Company Limited Liability Partnership (RSLLP) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 65 CRISIL A4 (Issuer Not Cooperating) Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RSLLP for obtaining information through letters and emails dated February 28, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RSLLP, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RSLLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RSLLP continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. RSLLP, formerly known as Ranjit Singh & Co, was set up as a partnership firm of Mr Bhagwant Singh Gill, Mr Dhanwant Singh Gill, Mr Jagwant Singh Gill, Ms Jagjit Kaur, Ms Amarjit Kaur, and Ms Jannat Gill in 1974. The Mohali (Punjab)-based firm erects high-voltage power transmission lines. It was converted into a limited liability partnership in September 2016. RM DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RM Dairy Products LLP (RMDP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Term Loan 14.9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RMDP for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RMDP, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RMDP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RMDP continues to be 'CRISIL D Issuer Not Cooperating'. RMDP was incorporated in April 2015 as limited liability partnership firm by eight partners namely Mr. Ram Vinod Singh, Ms. Radha Singh, Mr. Shishir Singh, Mr. Girish Goyal, Ms. Suman Goyal, Mr. Ravi Singhal, Ms. Archana Singhal and Ms. Shally Singh. RMDP is setting-up an integrated manufacturing plant of Skimmed Milk Power (SMP), cream and Desi Ghee in Aligarh, Uttar Pradesh with an installed capacity of around 4.0 lakh litres per day. RNC COTTON MILLS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: R.N.C. Cotton Mills Private Limited Chak 24 GB Sri Bijay Nagar Distt Ganganagar 335704 Rajasthan Liquidation Commencement Date: May 27, 2022 Court: National Company Law Tribunal, Jaipur Bench Insolvency professional: Mr. Sandeep Kumar Jain Interim Resolution Professional: Mr. Sandeep Kumar Jain 24 Ka 1, Pankaj Singhvi Marg Jyoti Nagar, Jaipur 302005 Rajasthan E-mail: cssandeep@armsandassociates.com Tel: +919828050920 Last date for submission of claims: June 25, 2022 ROCKLINE CONSTRUCTION: CRISIL Keeps B- Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rockline Construction (RC) continue to be 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.65 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2.35 CRISIL B-/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RC for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of RC, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RC continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'. Established in 1991, RC undertakes construction of sewerage systems and water supply projects, lays pipelines, supplies raw materials, and other water supply projects for Government of Maharashtra undertakings. RUTUJA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Rutuja Industries (SRI) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SRI for obtaining information through letters and emails dated February 28, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SRI, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Sunita Sarda. The firm processes cotton and extracts cotton seed oil at its unit in Beed, Maharashtra. SAMC SUPPORT SERVICES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: SAMC Support Services Private Limited (formerly known as Principal Asset Management Private Limited) Unit 002, GF, B (West) Wing Satellite Gazebo Andheri-Ghatkopar Link Road Chakala, Andheri (East) 400093 Maharashtra Liquidation Commencement Date: May 20, 2022 Court: National Company Law Tribunal, Kolkata, West Bengal Bench Insolvency professional: Mr. Vivek Gupta Interim Resolution Professional: Mr. Vivek Gupta Tower 7 Flat 1805, Urbana 783 Anandapur Main Road Kolkata 700107 - and - Anandapur Main Road Ruby Hospital Kolkata 700107 West Bengal E-mail: gupta.vivekaca@gmail.com Tel: +919831808041 Last date for submission of claims: June 19, 2022 SRIVATSA INTERNATIONAL: Liquidation Process Case Summary -------------------------------------------------------- Debtor: Srivatsa International Private Limited 253/D1, K.P. Road Nagercoil Tamilnadu 629003 Liquidation Commencement Date: May 25, 2022 Court: National Company Law Tribunal, Special Bench-II, Chennai Date of closure of insolvency resolution process: May 24, 2022 Insolvency professional: Nithiyanantham Ramachandran Interim Resolution Professional: Nithiyanantham Ramachandran No.3/716, Avin Nagar Surveyor Colony, Madurai-7 Tamilnadu 625007 E-mail: arnit_m@yahoo.co.in irpnithiram@gmail.com Last date for submission of claims: June 24, 2022 SSM INTERNATIONAL PRIVATE: Voluntary Liquidation Case Summary ------------------------------------------------------------- Debtor: S S M International Private Limited Anukampa, J-6 Sector-12, Noida Gautam Buddha Nagar UP 201301 Liquidation Commencement Date: May 13, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Vijay Kumar Gupta Interim Resolution Professional: Vijay Kumar Gupta C/o K.G. Somani Insolvency Professionals Private Ltd. 3/15, 4th Floor, Asaf Ali Road New Delhi 110002 E-mail: ssminternational2022@gmail.com guptavk995@gmail.com Mobile: 8527192391 Last date for submission of claims: June 17, 2022 TAMIL NADU GENERATION: Allowed to File More Docs in Insolvency Case ------------------------------------------------------------------- The Hindu reports that the National Company Law Tribunal (NCLT), Chennai, has allowed two pleas filed by Tamil Nadu Generation and Distribution Corporation (Tangedco) Ltd. seeking to file additional documents in an insolvency case filed against it by South India Corporation Pvt. Ltd., an operational creditor. In its pleas, Tangedco said it seeks to file additional documents as per order of the Madras High Court of November 8, 2011. The court had ruled that it is certainly within the domain of NCLT to adjudicate upon any dispute raised by a debtor in any insolvency proceedings brought by a creditor, the Hindu says. It had allowed Tangedco to withdraw its petition with liberty to raise permissible disputes in accordance with law before the NCLT, the report relates. However, Tangedco cannot question the authority of NCLT to receive the petition, the High Court had ruled. According to the Hindu, South India Corporation Pvt. Ltd. opposed Tangedco's request to file additional documents and alleged that the same are dilatory tactics and to derail the proceedings. The NCLT said there have been serious allegations levelled against the operational creditor and Tangedco has raised a serious dispute in relation to the payment of money. It allowed for filing of additional documents to bring on record the various disputes alleged by the Tangedco. The disputed amount is about INR1,683.58 crore as per the legal filings, the report notes. The Tamil Nadu Generation and Distribution Corporation Limited (Tangedco) is an electrical power generation and distribution public sector undertaking that is owned by the Government of Tamil Nadu. TOTALA TEXTILES: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Totala Textiles Private Limited (TTPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 6 CRISIL A4 (Issuer Not Cooperating) Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with TTPL for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of TTPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TTPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Incorporated in 2015, TTPL initially traded in clothing material. Since fiscal 2018, it has been manufacturing grey fabrics of different specifications. The company has 76 loom machines, and installed capacity is 60 lakh metre of fabrics per annum. Mr. Ramjeevan Totala and his family are the promoters. TTQS was incorporated in 2017 as a partnership between Mr Mukesh Ramjeevan Totala and Mr Ramjeevan Madanlal Totala but started operations in May 2018. It is engaged in yarn sizing and has capacity to cater to 200 machines. VIJAYA SARADA: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vijaya Sarada Delint Seed Mills (VSDM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 2 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with VSDM for obtaining information through letters and emails dated February 8, 2022 and April 18, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of VSDM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on VSDM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSDM continues to be 'CRISIL B/Stable Issuer Not Cooperating'. VSDM is a proprietorship concern set up in 2007 by K. Subhash Chandra Bose in 2007. The firm processes cotton seeds into de-oiled cakes, cotton-seed oil, and hull and cotton lint, which contribute 55, 30, and 15 percent, respectively, to the firm's revenue. The manufacturing unit is in Guntur District, Andhra Pradesh. [*] INDIA: Nearly Half of Insolvency Process Led to Liquidation --------------------------------------------------------------- Business Standard reports that nearly half of all corporate insolvency proceedings led to liquidation rather than rescue of companies owing to better valuation. Experts attributed the trend to inordinate delays in resolution process and lesser appetite to acquire stressed assets. Only 14% of corporate insolvency resolution processes (CIRPs) yielded a resolution plan between December 1, 2016, and March 31, 2022, Business Standard citing the latest data from Insolvency and Bankruptcy Board of India (IBBI). 47% of CIRPs ended in liquidation during the period. Out of a total of 5,258 corporate insolvency proceedings initiated, 3,406 have been closed, the report discloses. Out of the closed ones, 1,609 have ordered liquidation, and 480 have ended in approval of resolution plans, data showed. According to the report, Diwakar Maheshwari, Dispute Resolution Partner at Khaitan and Co, said this is because at times better value is realised for the stressed asset in liquidation rather than in resolution as there are huge haircuts (total claims minus the amount of realisation/amount of the claims) to be agreed by the Committee of Creditors (CoC). "Also, untimely delays have some attribution to the increase in liquidation cases," he said. Of 480 companies rescued through resolution plans, 159 were either with the Board of Industrial and Financial Reconstruction (BIFR) or defunct. Besides, 731 CIRPs have been closed on appeal, review, or have been settled and 586 have been withdrawn, Business Standard relays. Since the launch of IBC in 2016 up to March 31, 2022, the cumulative recovery for lenders where resolution took place dropped to 32.95 against 36% around September last year. In absolute terms, the realisation for financial creditors till end March 2022 stood at INR2.25 trillion, much higher than liquidation value of INR1.31 trillion. The cumulative admitted claims of financial creditors till end March 2022 were INR6.84 trillion. "The buying capacity of companies participating in the resolution process has gone down during the pandemic. "The bid amount of companies during the resolution process is less than the liquidation value so lenders opt for the latter," the report quotes Abhishek Swaroop, partner at Saraf and Partners, as saying. However, delay in the entire resolution process may also be a reason for lenders opting for other legislation, he said. Lenders see more value realisation and a quicker resolution through other existing routes such as Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), according to the report. The SARFAESI Act cannot be invoked when CIRP is in the process, but it can be invoked after the liquidation process," Swaroop explained. Liquidation was never the intent, object, and preamble of the Code, said Maheshwari. "The time gap of 330 days for wrapping up the CIRP has also put pressure on NCLTs to order for liquidation of assets," he added. Besides, the lack of inherent value of the stressed assets itself may be one of the reasons behind the absence of bidders. "Most of the assets going into default, particularly gas-based power plants, do not fetch good value as the cost of running such a plant may be high in the light of soaring natural gas prices. A conventional power plant may be cheaper to run. On the other hand, assets of companies such as Essar Steel and Bhushan Steel, though debt-ridden, fetched a handsome bid during the resolution process because the bidders saw value in the assets," Swaroop said. =============== M A L A Y S I A =============== COMINTEL CORP: JTC Cuts Stake in PN17 Company --------------------------------------------- The Star reports that Comintel Corp Bhd's (Comcorp) largest shareholder, JT Conglomerate Sdn Bhd (JTC), is reducing the number of subscription shares it has in the PN17 company. In a filing with Bursa Malaysia, Comcorp said it had entered into a supplemental subscription agreement with JTC, where the latter will reduce the number of subscription shares to be subscribed from 206.13 million to 145 million, The Star relates. "For avoidance of doubt, the proposed revision does not affect the subscription by JTC of 70 million redeemable convertible preference shares (RCPS) as per the subscription agreement as well as the subscription price of eight sen each for the subscription share and RCPS respectively." Comintel Corporation Bhd, an investment holding company, engages in manufacturing, and system integration and maintenance businesses in Malaysia and internationally. In January 2018, Comintel Corp Bhd slipped into the Practice Note 17 (PN 17) status after it underwent a major disposal exercise which left it without a business. ===================== N E W Z E A L A N D ===================== BEACHCROFT INVESTMENTS: Creditors' Proofs of Debt Due on July 8 --------------------------------------------------------------- Creditors of Beachcroft Investments Limited are required to file their proofs of debt by July 8, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 30, 2022. The company's liquidator is: Craig Andrew Young PO Box 87340, Auckland ERP GROUP: Goes into Liquidation; Leaves Landowners with Rubbish ---------------------------------------------------------------- Stuff.co.nz reports that a waste operator who claimed no-one need worry about him going bust has done just that - and left behind over 10,000 tonnes of illegally stored rubbish for someone else to clean up. ERP Group Ltd, of which Michael Corcoran is the only director and main shareholder, was put into voluntary liquidation earlier this month owing about NZD1.2 million to unsecured creditors and about NZD200,000 in PAYE and GST, according to Stuff. Apart from debts, the company has left thousands of bales of demolition and construction rubble piled high at two sites in Christchurch - one in Port Hills Rd, Woolston and the other at the company's shredding plant in McAlpine St, Sockburn, Stuff relates. Stuff says Mr. Corcoran has been fighting local authorities for several years over the unconsented storage of the bales and was supposed to have removed them to an authorised storage facility by the end of last year. The liquidator's first report said Mr. Corcoran blamed the company's failure on a waste-to-energy plant not being completed and the Christchurch City Council revoking its waste operating licences. ERP Group this year applied to the city council for three waste handling licences for three sites in the city, following the lapse of licences for two sites. According to Stuff, council resource recovery manager Ross Trotter said the council had assessed the applications in accordance "with the considerations in the Cleanfill and Waste Handling Operations Bylaw 2015", and decided to decline the applications. He did not say exactly why the applications were declined. Last year, Mr. Corcoran said people did not need to worry that he would put his company into liquidation and walk away leaving landlords with an expensive waste disposal problem, recalls Stuff. "I'm not a Chris Skelly or a Michael Le Roy," he said. Chris Skelly, an English overstayer, ran a demolition business in Christchurch after the earthquakes and left the city in April 2012 to avoid being deported. His company eventually went into liquidation owing about NZD5 million to unsecured creditors, and he had filled a KiwiRail warehouse in Sydenham with demolition rubble from sites around the city. KiwiRail was left to clean up the mess, Stuff relates. Le Roy, a double bankrupt, illegally stored thousands of tyres at a rural site near Amberley. The tyre pile was torched in 2018 and again last year. Mr. Corcoran did not want to talk to Stuff on May 27, as the owners of the land and buildings he rented contemplated the cost of cleaning up, believed to be well over NZD3 million. According to the report, liquidator Brenton Hunt said the company had insufficient funds to pay for the bales to be removed. ERP rented the McAlpine St site from a lessee of the property. The lessee declined to comment but is understood to be facing a large repair and clean-up bill besides the cost of removing bales. Most of the bales are stored in Port Hills Rd. The property is owned by Nuttall Properties Ltd, the directors of which referred inquiries to their lawyer, who could not be reached, Stuff notes. GENESIS ENERGY: S&P Assigns 'BB+' Rating on Sub. Capital Bonds -------------------------------------------------------------- S&P Global Ratings has assigned its 'BB+' long-term issue rating to the subordinated capital bonds of NZ$285 million to be issued by Genesis Energy Ltd. (BBB+/Stable/A-2). The proceeds of the issuance will be used to refinance the company's existing hybrid capital instruments of NZ$225 million, with the remaining amount to be used to refinance the company's renewable assets. The following are the key points of S&P's assessment of the proposed issuance: -- S&P assesses the subordinated capital bonds as having intermediate equity content. -- S&P has rated the issuance of NZ$285 million two notches below Genesis' stand-alone credit profile (SACP) of 'bbb' (or three notches below the issuer credit rating of 'BBB+') to reflect the bond's subordination and optional deferability of interest. -- S&P expects Genesis' total hybrid issuance will comprise about 15% of the group's total capitalization after the proposed issuance. S&P said, "Our assessment of intermediate equity content is based on our view that the capital bonds meet our criteria in terms of subordination, loss absorption, and cash preservation, with optional coupon deferability of up to five years. "Another key consideration in our assessment is Genesis' stated intention to maintain the capital bonds as a permanent feature of its capital structure, although it has no legal obligation to replace the subordinated capital bonds. We also consider Genesis' track record of replacing hybrid instruments with similar instruments, like it did in July 2018. The company has maintained similar instruments since 2011 as part of its capital structure." Under the terms of the issuance, Genesis will have the ability to undertake an election process whereby at each reset date, it can propose changes to the terms of the instrument (such as margins) which subordinated capital bondholders have a right to reject. If Genesis declares a successful election process, the company will have to purchase the bonds at par from bondholders who rejected the proposal. Nevertheless, S&P expects any such situation to be followed by a replacement with a like-for-like instrument. If Genesis deviates from its intention to retain these capital bonds as a permanent part of its capital structure, except under limited circumstances, it will adversely affect the capital bonds. Such a situation would lead S&P to revise its assessment to no equity content on the hybrid instruments, and for it to treat them in line with existing debt. The proposed subordinated capital bonds have a final maturity of 30 years i.e., June 9, 2052, but are redeemable on the hybrid's election date every five years at Genesis' discretion. In S&P's view, the low step-up margins of 25 basis points mean there is limited incentive to redeem the hybrids at the first election date (June 9, 2027). Genesis retains the option to defer coupons by up to five years. However, if the company were to defer any coupon payment, a dividend stopper would apply, whereby it would be prevented from paying any equity dividends, distributions, or capital returns. This would be applicable until the company pays all the outstanding cumulated deferred interest. S&P views this settlement pusher feature as neutral because it does not restrict the issuer's ability to start deferring interest and does not create any circularity. S&P said, "We also note that the hybrids are designated as green bonds and are intended to align with Genesis' sustainable finance framework. Under this framework, Genesis is required to maintain a balance of eligible green assets relative to the aggregate proceeds of outstanding green bonds and loans, and would manage the allocation of the proceeds of the capital bonds in accordance with green bond principles. Genesis is also required to provide a second-party opinion on the alignment of its framework with the International Capital Market Association's green bond principles. "This does not negatively affect our assessment of the hybrids, given that there is no penalty, and the cost of the instrument would not increase should Genesis not meet the objectives under its sustainability goals." Furthermore, non-compliance or a reclassification of the subordinated capital bonds as non-green does not give the bondholder any rights to seek any compensation, accelerate or request for refinance or repayment of the bond. The proposed capital bonds are deeply subordinated obligations of Genesis, ranking only senior to equity. They will rank equally with the company's existing hybrids of NZ$240 million and any potential future hybrids. JCJR LIMITED: Creditors' Proofs of Debt Due on June 27 ------------------------------------------------------ Creditors of JCJR Limited, The Caffeine Laboratory Montreal St Limited, Madbag & C Limited and Twenty 9 Limited (trading as The Caffeine Laboratory) are required to file their proofs of debt by June 27, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 27, 2022. The company's liquidator is: Brenton Hunt PO Box 13400 City East, Christchurch 8141 JOINT ACTION: Court to Hear Wind-Up Petition on June 23 ------------------------------------------------------- A petition to wind up the operations of Joint Action Funding Limited will be heard before the High Court at Auckland on June 23, 2022, at 10:45 a.m. The first, second, third, fifth, sixth and seventh-named first plaintiffs are TEC Saunders, SJ Magill, JM Feeney, PD Hunter, P Thomas and J Withers. The plaintiffs' solicitor is Matthew Harris at the offices of Gilbert Walker Lawyers, Level 35, 48 Shortland Street, Auckland. The fourth-named first plaintiff is CE Horrocks. The fourth-named first plaintiff's solicitor is James Carnie of Clendons at Level 5, 2 Emily Place, Auckland. The second plaintiff is Credit Suisse Private Equity LLC and the third plaintiff is Credit Suisse First Boston Asian Merchant Partners LP. The second and third plaintiffs' solicitor is Chris Curran of Russell McVeagh at Level 24, 157 Lambton Quay, Wellington. KAUKAPAKAPA VILLAGE: Rodgers Reidy Appointed as Receivers --------------------------------------------------------- Paul Vlasic of Rodgers Reidy on June 1, 2022, was appointed by Reforma Limited as receiver and manager of the property of Kaukapakapa Village Centre Company Limited. The Receiver and Manager can be reached at: Rodgers Reidy Level 1, 547 Te Atatu Road Te Atatu Peninsula Auckland 0610 KID COUNTRY: Creditors' Proofs of Debt Due on July 8 ---------------------------------------------------- Creditors of Kid Country Holdings Limited are required to file their proofs of debt by July 8, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 31, 2022. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 PRESTIGE MOTORS: Court to Hear Wind-Up Petition on June 23 ---------------------------------------------------------- A petition to wind up the operations of Prestige Motors Limited will be heard before the High Court at Auckland on June 23, 2022, at 10:00 a.m. Stephen Charles Penney filed the petition against the company on May 3, 2022. The Petitioner's solicitor is: Stephen Charles Penney 18 Bain Place Howick, Auckland ================= S I N G A P O R E ================= DYF INT'L: Creditors' Meeting Set for June 13 --------------------------------------------- DYF Int'l Bullion Holdings (S) Pte Limited will hold a meeting for its creditors on June 13, 2022, at 11:00 a.m. by way of video conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of liquidator; c. to appoint a committee of inspection of not more than 5 members, if thought fit; and d. any other business. EDUCOMP ASIA: Creditors' Meeting Set for June 9 ----------------------------------------------- Educomp Asia Pacific Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on June 9, 2022, at 2:00 p.m. via video conferencing (Zoom platform). Agenda of the meeting includes: a. to receive an update on the status of the Company’s liquidation; b. to consider and if thought fit, to appoint a Committee of Inspection; and c. consider any other matter which may properly be brought before the meeting. The company's liquidator can be reached at: Wong Joo Wan Alternative Advisors Pte Ltd 1 Commonwealth Lane #06-21 One Commonwealth Singapore 149544 ================= S R I L A N K A ================= SRI LANKA: Seeking US$3 Billion Under IMF Extended Fund Facility ---------------------------------------------------------------- Reuters reports that Sri Lanka is in talks with the International Monetary Fund (IMF) to borrow at least US$3 billion via the lender's extended fund facility (EEF), sources familiar with the matter told Reuters. Reuters relates that the island state's government expects another round of technical talks with the IMF in early June and hopes to reach to a staff-level agreement as soon as the end of this month, two of the sources said, speaking on condition of anonymity. According to Reuters, Sri Lanka has requested a rescue plan to overcome its worst economic crisis since independence in 1948. It defaulted on some overseas debt earlier this year and is struggling to pay for imports of basics such as fuel and medicine. An EFF programme, which would be the 17th IMF plan for the nation, requires countries to make structural economic reforms "to correct deep-rooted weaknesses", according to the IMF's website, Reuters relays. These programmes normally last three years with a grace period of four-and-a-half years to start paying back the loan, once the plan is approved. A US$3 billion deal would represent almost four times the country's quota with the IMF. The IMF said last week it was in talks with Sri Lanka for a "comprehensive" reform package, but didn't specify what type of programme was being negotiated. Reuters says Prime Minister Ranil Wickremesinghe, who took office in May after mass protests forced the resignation of his predecessor, Mahinda Rajapaksa, plans to present an interim budget within weeks. Reuters relates that the government announced on May 31 a taxation overhaul to boost revenue, hiking corporate tax and raising the value added tax (VAT) rate to 12% from 8% with immediate effect. Sri Lanka recently appointed financial and legal advisers to kick off talks with bondholders and bilateral lenders, such as China and Japan. ********* 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. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***