/raid1/www/Hosts/bankrupt/TCRAP_Public/220615.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
Wednesday, June 15, 2022, Vol. 25, No. 113
Headlines
A U S T R A L I A
66 SMITH: First Creditors' Meeting Set for June 21
JACKS CORNER: Second Creditors' Meeting Set for June 22
METRICON: Victoria Plans to Offer Collapsed Builders a Lifeline
OPPOSITE GROUP: Second Creditors' Meeting Set for June 22
QUIRKY BUBBA: Mackay Goodwin Appointed as Administrators
WIRES & PLIERS: Second Creditors' Meeting Set for June 22
XO HEALTH: First Creditors' Meeting Set for June 23
I N D I A
AGASTI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating
AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
AKONA ENGINEERING: Insolvency Resolution Process Case Summary
ALBANNA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
BOMBAY RAYON: Insolvency Resolution Process Case Summary
BOMBAY RAYON: NCLT Admits Insolvency; Taps AAA Insolvency as RP
BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
DELTA IRON: Insolvency Resolution Process Case Summary
DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating
ESS ELL: CRISIL Lowers Rating on INR7.50cr Loan to B
GLOBAL ENERGY: Insolvency Resolution Process Case Summary
GREENLAND AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
INFERTILITY INSTITUTE: CARE Cuts Rating on INR7.82cr Loan to B
KRISHNA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating
MAAJAGDAMBE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHARAJA COTSPIN: CARE Keeps D Debt Ratings in Not Cooperating
NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
PANCHSHREE DEALMARK: Insolvency Resolution Process Case Summary
PARTHAS: CARE Lowers Rating on INR18.54cr LT Loan to B-
PUNALUR PAPER: CRISIL Keeps B- Debt Rating in Not Cooperating
PUNJ LLOYD: Goes Into Liquidation as Lenders Reject Bid
RAMANI RESORTS: Insolvency Resolution Process Case Summary
REENA TINAAZ: CRISIL Keeps D Debt Ratings in Not Cooperating
RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
RUCHI HOSPITALITY: CARE Lowers Rating on INR23.53cr Loan to B+
SAI VYSHNAVI: CARE Lowers Rating on INR7.50cr LT Loan to B
SATYAM CASTINGS: CRISIL Lowers Rating on INR7cr Loans to B
SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category
STERIMED INC: CRISIL Keeps B Debt Ratings in Not Cooperating
UMRI POOPH: CRISIL Lowers Rating on INR45.83cr Term Loan to B
UNIVERSAL EXTRUSIONS: CARE Keeps D Debt Rating in Not Cooperating
VAMA WOVENFAB: Insolvency Resolution Process Case Summary
ZENITH DRUGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
I N D O N E S I A
GARUDA INDONESIA: Seeks to Delay Vote on Restructuring Proposal
J A P A N
ANA HOLDINGS: Egan-Jones Keeps CCC Senior Unsecured Ratings
EAST JAPAN RAILWAY: Egan-Jones Keeps BB Senior Unsecured Ratings
KEISEI ELECTRIC: Egan-Jones Keeps B+ Senior Unsecured Ratings
MITSUI O.S.K: Egan-Jones Keeps BB Senior Unsecured Ratings
TOKYO ELECTRIC: Egan-Jones Keeps CCC Senior Unsecured Ratings
N E W Z E A L A N D
ALPHA FACADE LIMITED: Creditors' Proofs of Debt Due on Aug. 10
B & T CO: Creditors' Proofs of Debt Due on July 29
KERU ENTERPRISES: Creditors' Proofs of Debt Due on July 14
LAKES DISTRICT: Court to Hear Wind-Up Petition on June 30
LIQUORNZ LIMITED: Court to Hear Wind-Up Petition on July 5
S I N G A P O R E
BRANDED LIFESTYLE: Creditors' Proofs of Debt Due on July 14
CJP MARKETING: Court to Hear Wind-Up Petition on June 24
NUTRYFARM INT'L: Court to Hear Judicial Management Bid on June 28
PIERSIDE KITCHEN: Creditors' Proofs of Debt Due on July 7
S O U T H K O R E A
MAGNACHIP SEMICONDUCTOR: S&P Withdraws 'B+' Long-Term ICR
- - - - -
=================
A U S T R A L I A
=================
66 SMITH: First Creditors' Meeting Set for June 21
--------------------------------------------------
A first meeting of the creditors in the proceedings of 66 Smith St
Pty Ltd will be held on June 21, 2022, at 10:30 a.m. virtual
meeting technology.
William Roland Robson and Abdul Chambal of Robson Cotter Insolvency
Group were appointed as administrators of 66 Smith on June 9,
2022.
JACKS CORNER: Second Creditors' Meeting Set for June 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of Jacks Corner
Pty Ltd ATF Jacks Corner Property Trust has been set for June 22,
2022, at 11:00 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 21, 2022, at 4:00 p.m.
John Vouris and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Jacks Corner on May
17, 2022.
METRICON: Victoria Plans to Offer Collapsed Builders a Lifeline
---------------------------------------------------------------
news.com.au reports that as Australia's construction industry
nightmare worsens, one Australian state is considering rolling out
a plan to support struggling businesses.
According to the Herald Sun, Victoria is considering some form of
support which would help Metricon and other firms survive after a
series of cost blowouts threatened to end them, news.com.au
relays.
news.com.au relates that treasurer Tim Pallas told the publication
supporting the industry was top priority and that he was
"concerned" by the state of the sector, but he declined to comment
on what form the support would take.
"As you would appreciate with fixed price contracts, we're seeing a
bit of pressure in that market," he told the Herald Sun.
"The government's looking at what it can do to assist.
"Principally our focus at the moment is the situation that Metricon
is facing."
For weeks now, speculation has been mounting that building giant
Metricon was on the brink of collapse, with company representatives
meeting with the Victorian government late last month for crisis
talks about the escalating issues plaguing the sector, including
the surging costs of essential materials such as timber and steel,
according to news.com.au.
news.com.au says the industry-wide problems have already seen Gold
Coast-based Condev and industry giant Probuild enter into
liquidation in recent months, while smaller operators like Hotondo
Homes Hobart and Perth firms Home Innovation Builders and New
Sensation Homes, as well as Sydney-based firm Next have also
failed, leaving homeowners out of pocket and with unfinished
houses.
Just last week, Metricon injected AUD30 million into its business
to allay fears about its survival, the report states.
Speaking to Today on June 13, the Master Builders Association's
Brian Seidler said the sector had been hit by a "perfect storm" of
problems including increased demand after the pandemic, the
skyrocketing cost of materials and employee shortages which were
driving up prices for customers - and that is was all due to the
fact many countries had relied on the industry for post-Covid
economic recovery.
"Unfortunately, everyone's building, and that has an impact, not
only on materials but also on labour costs," news.com.au quotes Mr.
Seidler as saying.
He added that he believed soaring prices would start to plateau in
the months ahead, although it would still be quite a while before
prices dropped.
"We've had some major spikes in the last six months, up to 40 per
cent in steel and 35 per cent in timber, and they've had enormous
impacts on the cost of doing building, particularly in the
residential sector," he said, adding that timelines were also
blowing out as a result of the combination of pressures.
Mr. Seidler also said builders who went through a tender period
during Covid were now doing it tough.
"We've had massive increases and we've got builders who are saying,
well, we can't simply build for the prices that we did 20 months
ago," he said.
Experts have agreed that the construction industry's horror run
means it is at risk of more insolvencies, news.com.au relays.
Russ Stephens, co-founder of the Association of Professional
Builders, has estimated around 50 per cent of Australian building
companies are currently trading insolvent - which means they can't
pay their bills, news.com.au adds.
Metricon Homes is a home builder headquartered in Melbourne,
Australia. The company builds homes, develops land, sells house and
land packages and constructs commercial buildings.
OPPOSITE GROUP: Second Creditors' Meeting Set for June 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Opposite Group
Pty Ltd has been set for June 22, 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 21, 2022, at 4:00 p.m.
John Vouris and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Opposite Group on
May 17, 2022.
QUIRKY BUBBA: Mackay Goodwin Appointed as Administrators
--------------------------------------------------------
SmartCompany reports that expectant parents said they are still
waiting for answers after the collapse of baby furniture business
Quirky Bubba, which has reportedly left deliveries unfulfilled and
young families without hundreds of dollars worth of orders.
7News reported Quirky Bubba, which operated warehouses in
Melbourne, Sydney, and Brisbane, entered administration late last
month, SmartCompany relays.
Its website is no longer online, and its Facebook and Instagram
pages appear to have been deactivated.
SmartCompany called two phone numbers connected to the business on
June 14, both of which were disconnected.
Despite the firm's sudden disappearance, it reportedly did little
to alert customers with orders on the way, according to
SmartCompany.
Appearing on Sunrise on June 13, expectant father Wade Kirkwood
said he e-mailed the company in mid-May regarding his family's
order, SmartCompany relates.
"We had nothing in late May, so we decided to email again and they
just never got back to us," he said.
SmartCompany relates that Mr. Kirkwood said he visited the
company's Tullamarine warehouse on May 29 to find "removalists just
moving everything out of there."
One Melbourne mother also told 7News Quirky Bubba accepted a layby
instalment on June 2, despite the difficulties facing the company.
Parents said they have contacted administrators Mackay Goodwin for
information.
Mackay Goodwin informed 7News on the weekend that its
investigations were too early to provide information on the
company's circumstances, SmartCompany relays.
WIRES & PLIERS: Second Creditors' Meeting Set for June 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Wires & Pliers
Electrical Services Pty. Ltd., formerly trading as WPES Smoke
Alarms has been set for June 22, 2022, at 11:00 a.m. at the offices
of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 21, 2022, at 4:00 p.m.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
Wires & Pliers on May 17, 2022.
XO HEALTH: First Creditors' Meeting Set for June 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of Xo Health
And Fitness Pty Ltd will be held on June 23, 2022, at 10:30 a.m.
via Zoom Meeting.
Nicholas David Cooper of Oracle Insolvency Services was appointed
as administrator of Xo Health on June 10, 2022.
=========
I N D I A
=========
AGASTI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agasti
Sahakari sakhar Karkhana Limited (ASSKL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 26, 2021,
placed the rating(s) of ASSKL under the 'issuer non-cooperating'
category as ASSKL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ASSKL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 9, 2022, February 19, 2022, March 01, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ASSKL was incorporated under Maharashtra Co-Operative Societies Act
1960 in a year 1992-93, to undertake sugar and sugar related
production by Mr. Madhukarrao Kashninath Pichad (Chairman) and Mr.
Sitaram Gaikar (Vice Chairman).
AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aishwarya
Enterprises (AE) continues to remain in the 'Issuer Not Cooperating
' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.95 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 26, 2021,
placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Aishwarya Enterprises (AIE) was established in April 2002 as a
proprietorship firm by Mr. Karan Thapar. AIE is engaged in trading
of yarn, fabric and readymade garments at its facility located in
Ludhiana, Punjab. The firm is also engaged in manufacturing of
garments.
AKONA ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Akona Engineering Private Limited
Kh No. 166/4/209/143/207/143
Ghonda Shahdra, Delhi 110053
Insolvency Commencement Date: June 1, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: November 28, 2022
Insolvency professional: Rajeev Lochan
Interim Resolution
Professional: Rajeev Lochan
243, 1st Floor, AGCR Enclave
New Delhi 110092
E-mail: csrajeevlochan@gmail.com
- and –
1203, Vijaya Building
17 Barakhamba Road
Connaught Place
New Delhi 110001
E-mail: ip.akonengineering@gmail.com
Last date for
submission of claims: June 17, 2022
ALBANNA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Albanna
Engineering (India) Private Limited (AEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.4 CRISIL D (Issuer Not Cooperating)
Letter of Credit 0.6 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with AEIPL for
obtaining information through letters and emails dated March 28,
2022 and May 24, 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 AEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Albanna Engineering (India) Pvt Ltd (AEIPL), established in 2013,
is a wholly owned subsidiary of Albanna Engineering LLC (ABE) which
is a major EPC contractor in mechanical engineering field in UAE.
AEIPL was established solely for taking up projects in India which
fall under group fields of core competence like Oil & Gas and
Process & Engineering Industries. The company is promoted by Mr.
Sreekumar Nair.
BOMBAY RAYON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Bombay Rayon Fashions Limited
3rd Floor, DLH Mangal Murti Building
Linking Road, Santacruz (West)
Mumbai, Mumbai City
MH 400054
Insolvency Commencement Date: June 7, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 4, 2022
Insolvency professional: Mr. Santanu T Ray
Interim Resolution
Professional: Mr. Santanu T Ray
AAA Insolvency Professionals LLP
A301, BSEL Tech Park
Sector 30a
Opp. Vashi Railway Station
Vashi, Navi Mumbai 400705
E-mail: santanutray@aaainsolvency.com
bombayrayonfashions@
aaainsolvency.com
Tel: 02242667394
Last date for
submission of claims: June 21, 2022
BOMBAY RAYON: NCLT Admits Insolvency; Taps AAA Insolvency as RP
---------------------------------------------------------------
The Economic Times of India reports that the bankruptcy court has
allowed a petition filed by an operational creditor of Bombay Rayon
Fashions Ltd (BRFL) to admit the company for the corporate
insolvency resolution process (CIRP) and appointed Santanu T Ray of
AAA Insolvency Professionals as its resolution professional.
According to the report, the Mumbai bench of the National Company
Law Tribunal (NCLT) admitted the plea filed by Vikash
Parasprampuria of Chiranjilal Yarn Traders against the textile
maker.
ET relates that Bombay Rayon, in a filing with stock exchanges,
said Prashant Agrawal, a member of its suspended board, has decided
to appeal the ruling at the appellate tribunal.
"Corporate debtor (BRFL) had time and again by its letter, invoices
and by making part payment acknowledged its liability. Therefore,
the petition made by the creditor is complete in all respects as
required by law," said an NCLT division bench of members Kishore
Vemulapalli and Rajesh Sharma in its order of June 7. "Therefore,
we find that it is a fit case for initiation of CIRP."
As per a stock exchange filing, the company had reported a net sale
of INR108.77 crore and loss of about INR300 crore in fiscal 2021,
ET discloses.
ET says the tribunal has now restrained Bombay Rayon executives
from transferring, encumbering, alienating or disposing of the
company's assets.
"The process as per law is ongoing. A public announcement has been
made and claims are invited from creditors," said resolution
professional Ray.
According to the report, Shahezad Kazi, partner at law firm S&R
Associates, said so long as the NCLT insolvency admission order was
not stayed or set aside, the corporate debtor's admission into
insolvency would remain operative. "The legal course of action
available to a party aggrieved is to file an appeal against the
NCLT order before the appellate tribunal. After admission into
insolvency, the NCLT may allow withdrawal of the insolvency
petition provided first a committee of creditors (CoC) is formed;
and second, 90% of such CoC consents to the withdrawal," added
Kazi.
Bombay Rayon Fashions Ltd. is engaged in the manufacturing of
fabrics and apparels.
BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Borse
Brothers Engineers & Contractors Private Limited (BBEC) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not Cooperating)
Cash Credit 3 CRISIL D (Issuer Not Cooperating)
Project Loan 3 CRISIL D (Issuer Not Cooperating)
Proposed Long Term
Bank Loan Facility 7.2 CRISIL D (Issuer Not Cooperating)
Term Loan 1.65 CRISIL D (Issuer Not Cooperating)
Term Loan 0.15 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with Borse
Brothers Engineers & Contractors Private Limited (BBEC) 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 BBEC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBEC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in April 2010, BBEC constructs roads and buildings,
and also undertakes irrigation projects for central and state
government agencies. Business was earlier carried out under a
proprietorship firm, Borse Brothers Engineers and Contractors,
established in 1986.
DELTA IRON: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Delta Iron and Steel Company Private Limited
Unit/Office No. 205, 2nd Floor
Windfall Building
Andheri Kurla Road
J.B. Nagar, Andheri (E)
Mumbai, MH 400059
IN
Insolvency Commencement Date: June 7, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 4, 2022
Insolvency professional: Mr. Bhaskar Gopal Shetty
Interim Resolution
Professional: Mr. Bhaskar Gopal Shetty
C-77, Shanti Shopping Centre
Mira Road East 401107
Thane District, Maharashtra
E-mail: cabgshetty@gmail.com
deltaironandsteel.cirp@gmail.com
Last date for
submission of claims: June 24, 2022
DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dholadhar
Developers Private Limited (DDPL) continue to be 'CRISIL C Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2.2 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 8.0 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DDPL 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 DDPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DDPL continue to be 'CRISIL C Issuer Not Cooperating'.
DDPL, incorporated in 2007 by Mr Gurmit Singh Mann, has set up
Maximus Mall, a commercial complex with a 2-screen multiplex, at
Dharamsala. The project commenced commercial operations in April
2017. The company's founder has entrepreneurial experience of 48
years.
ESS ELL: CRISIL Lowers Rating on INR7.50cr Loan to B
----------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Ess
Ell Foods Limited (EEFL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 7.5 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with EEFL 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 EEFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EEFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EEFL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.
EEFL was set up in 1990 and reconstituted as a limited company in
2008. The company, promoted by Batra family, is an authorized
dealer of HMSI in Dehradun for its entire range of two-wheelers and
spare parts. EEFL operates two showrooms and three workshops.
GLOBAL ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Global Energy Private Limited
Registered office:
207 Gera Imperium II
Patto Plaza, Panjim
Goa 403001
Principal office:
Village Belgundi
Dist. Belgaum
Karnataka 591108
Insolvency Commencement Date: June 8, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 2, 2022
(180 days from commencement)
Insolvency professional: Mr. Dilipkumar Natvarlal Jagad
Interim Resolution
Professional: Mr. Dilipkumar Natvarlal Jagad
803/804, Ashok Heights
Opp. Saraswati Apartment
Nikalas Wadi Road
Near Bhuta School
Old Nagar X Road
Gundavali, Andheri East
Mumbai City
Maharashtra 400069
E-mail: dilipjagad@hotmail.com
globalenergy.irp@gmail.com
Last date for
submission of claims: June 22, 2022
GREENLAND AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Greenland
Automobiles Private Limited (GAPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 19, 2021,
placed the rating(s) of GAPL under the 'issuer non-cooperating'
category as GAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 2, 2022, February 12, 2022, February 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Greater Noida (Uttar Pradesh) based GAPL is a private limited
company incorporated in March, 2012 and started its commercial
operations from July, 2013. GAPL is an authorized dealer of
"Mahindra & Mahindra Limited" vehicles.
INFERTILITY INSTITUTE: CARE Cuts Rating on INR7.82cr Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Infertility Institute and Research Centre Private Limited (IIRCPL),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.82 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 19, 2021,
placed the rating(s) of IIRCPL under the 'issuer non-cooperating'
category as IIRCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IIRCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 2, 2022, February 12, 2022, February 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of IIRCPL have been
revised on account of non-availability of requisite information.
The ratings also factored decline in scale of operations,
profitability as well as debt coverage indicators during FY21.
Infertility Institute and Research Centre (IIRCPL) was established
in 1992 by Dr Mamta Deenadayal. It has achieved national
recognition for clinical excellence and advanced research in the
field of reproductive medicine. The institute offers a full range
of Assisted Reproductive Technologies (ART) services to address
both male and female fertility concerns, ranging from basic
infertility care to the more technically advanced treatments, like
Intracytoplasmic sperm injection (ICSI), Invitro fertilization
(IVF), Embryo freezing, Intrauterine insemination (IUI),
Microsurgical procedures on male, fertility-enhancing surgery –
Laproscopy and Hysteroscopy a dedicated 3D/4D ultrasound unit and
more.
KRISHNA RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krishna
Rice and General Mills (SRGM) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.75 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1.25 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 1.50 CRISIL B/Stable (Issuer Not
Cooperating)
Warehouse Receipts 4.50 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRGM 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 SRGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRGM continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
SRGM was set up in 2000 as a partnership between Mr. Abhinav Goel
and his brother. The firm, based in Kotkapura, mills and sort
basmati rice. It deals in PUSA1121 and PL11 varieties of basmati
rice.
KRUSHNARAJ BIO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krushnaraj
Bio Fuel Private Limited (KBFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 30, 2021,
placed the rating(s) of KBFPL under the 'issuer non-cooperating'
category as KBFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KBFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 13, 2022, February 23, 2022, March 5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Krushnaraj Bio Fuel Private Limited (KBFPL) was incorporated by Mr.
Sourabh Dahiwal and Mr. Sunil Mangwani on August 31, 2018. The
company's manufacturing facility for production of bioethanol is
located at near Borwand, Nanded.
MAAJAGDAMBE PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maajagdambe
Paper Mills Private Limited (MPMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not Cooperating)
Term Loan 4 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with MPMPL 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 MPMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPMPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in May 2016, Maajagdambe Paper Mills Pvt Ltd (MPMPL)
is setting up manufacturing unit for kraft paper and writing paper.
The factory is situated at Mahuli, Bihar.
MAHARAJA COTSPIN: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maharaja
Cotspin Limited (MCL) continue to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.74 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 26, 2021,
placed the rating(s) of MCL under the 'issuer non-cooperating'
category as MCL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 9, 2022, February 19, 2022, March 1, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Maharaja Cotspin Limited (MCL) was incorporated in April 2010 as a
closely-held public limited company, however, the operations of the
company started in August-2011. The company is primarily engaged in
the manufacturing of yarns and knitted fabrics at its sole
manufacturing facility located at Ludhiana, Punjab. The company is
also engaged in the trading of yarns and knitted fabric.
NAVDURGA AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Navdurga Agro
Industries (NAI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NAI 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 NAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NAI continue to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2009, NAI is a proprietorship firm promoted by Unjha,
Gujarat-based Ms Dakshaben Patel. The firm processes melon seed
kernels and trades in cattle feed.
PANCHSHREE DEALMARK: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Panchshree Dealmark Private Limited
63, Radha Bazar Street
3rd Floor, Room No. 43
Kolkata WB 700001
IN
Insolvency Commencement Date: June 7, 2022
Court: National Company Law Tribunal, Kolkata, WB Bench
Estimated date of closure of
insolvency resolution process: December 4, 2022
Insolvency professional: Mr. Pankaj Kumar Kedia
Interim Resolution
Professional: Mr. Pankaj Kumar Kedia
1, R N Mukherjee Road
5th Floor, Room No. 4
Kolkata 700001
E-mail: pkkedia2@rediffmail.com
cirp.panchshree@gmail.com
Last date for
submission of claims: June 21, 2022
PARTHAS: CARE Lowers Rating on INR18.54cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Parthas (PS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.54 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 30, 2021,
placed the rating(s) of PS under the 'issuer noncooperating'
category as PS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 13, 2022, February 23, 2022 and March 5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of PS have been revised
on account of non-availability of requisite information.
M/s. Parthas (PS) is a partnership firm engaged in retailing of
branded garments, home textiles, cosmetics, furniture and
upholstery through its retail showroom having an area of about
50,000 sq. ft. located at the center of Trivandrum city in Kerala.
The firm is part of the Parthas Group, engaged in retailing of
textiles primarily in the Kerala market.
PUNALUR PAPER: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Punalur Paper
Mills Limited (PPML) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 10 CRISIL B-/Stable(Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PPML 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 PPML, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PPML continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.
PPML, incorporated in 1888 manufactures kraft paper. Its
manufacturing facility is in Punalur (Kerala). Its operations were
shut down and resumed in 2014. The company is managed by Mr. T K
Sundaresan.
PUNJ LLOYD: Goes Into Liquidation as Lenders Reject Bid
-------------------------------------------------------
The Economic Times reports that the dedicated bankruptcy court
admitted Atul Punj-promoted Punj Lloyd for liquidation after its
lenders rejected the revival plan submitted by a consortium of
Prudent ARC and Payard Investments. The company has admitted
liability of over INR13,380 crore. The tribunal also approved the
name of Ashwini Mehra, the company's resolution professional (RP),
as the liquidator for the engineering, procurement and construction
(EPC) company.
ET relates that the principal bench of the National Company Law
Tribunal at New Delhi, while passing the order, directed the
liquidator to submit the primary report within 75 days from the
liquidation commencement date. "The voting percentage 'for' the
resolution plan was 8.06% and 'against' the plan was 79.53% and
'abstain' from the voting on resolution was 12.41%. Resultantly,
the plan was declared as failed," observed the division presided
over by Ramalingam Sudhakar and Avinash K Srivastava in its order,
which was made available on June 2, ET relays.
Originally, private sector lender ICICI Bank had approached the
tribunal to admit the company under the Corporate Insolvency
Resolution Process (CIRP) after the company defaulted on over
INR800 crore. On March 8, 2019, the tribunal admitted the plea, ET
recalls.
While filing an application to admit the company for liquidation,
the RP of the company also sought the tribunal's directions for
liquidating the company as a going concern in view of the fact that
there were several ongoing EPC projects of the company and it has
around 3,000 employees on its roll, according to the report.
Originally, when the RP had first invited bids from potential
buyers, about 13 potential bidders had expressed interest to
acquire the company through the resolution process. However, the
final resolution plan was submitted by only a consortium of Payard
Investments and Prudent ARC.
"The assets, which an EPC company will have, generally would mean
its ongoing projects. However, by the time the company reaches the
stage when it must be sold as a going concern; most of the projects
are either gone or over, employees are gone," ET quotes Ashish
Pyasi, associate partner, Dhir & Dhir Associates, as saying.
"With so many cases of EPC companies which have gone into
liquidation, it is evident that to find a resolution applicant or
buyer for EPC company is difficult. In liquidation, challenges are
multi-fold. However, the only benefit for prospective buyers is
that they don't have to go through the process of plan approval,"
said Pyasi.
Punj Lloyd Ltd (PLL), promoted by Mr Atul Punj in 1988, is an
engineering & construction company in India, providing integrated
design, engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector.
In March 2019, the Principal Bench of the National Company Law
Tribunal (NCLT) had admitted an insolvency plea against the company
filed by ICICI Bank.
RAMANI RESORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Sri Ramani Resorts and Hotels Private Limited
# 8/42, Maharaja Surya Road
Alwarpet, Chennai
Tamil Nadu 600018
Insolvency Commencement Date: June 6, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: December 3, 2022
(180 days from commencement)
Insolvency professional: CA Vasudevan Navneeth
Interim Resolution
Professional: CA Vasudevan Navneeth
No. 12, 1st Street, Raghavan Colony
Ashok Nagar, Chennai 600083
E-mail: navneethv@gmail.com
- and -
"Sai Prasad", First Floor
No. 11, 12th Avenue
Ashok Nagar, Chennai 600083
E-mail: sriramaniirp@gmail.com
Last date for
submission of claims: June 20, 2022
REENA TINAAZ: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Reena Tinaaz
Private Limited (RTPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not Cooperating)
Cash Credit 6 CRISIL D (Issuer Not Cooperating)
Cash Credit 35 CRISIL D (Issuer Not Cooperating)
Cash Credit 12 CRISIL D (Issuer Not Cooperating)
Cash Credit 7 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with RTPL 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 RTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL continue to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2014, RTPL is a Mumbai based company promoted by
Mr. Uday Kantilal Desai. The company is engaged the trading of
Cigarettes (various brands) and FMCG products such as soaps,
shampoos, biscuits, and mosquito coils etc. Mr. Desai was earlier
undertaking the business under his proprietorship firm Reena
Agency. In Jan 2015, the entire business was transferred to RTPL.
RITISHA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ritisha Oils
Private Limited (ROPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not Cooperating)
Cash Credit 5 CRISIL D (Issuer Not Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not Cooperating)
Proposed Long Term
Bank Loan Facility 5 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with ROPL 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 ROPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ROPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ROPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
In 2012, Mr. Ramit Jain set up Manidhari Oils Private Limited,
which trades in edible oils and has the same set of customers and
suppliers as Ritisha Oils Private Limited.
Ritisha Oils Private Limited was set up in 2009 by Mr. Ramit Jain.
The company is based in Delhi and trades in edible oils.
RUCHI HOSPITALITY: CARE Lowers Rating on INR23.53cr Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ruchi Hospitality Private Limited (RHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.53 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 11, 2021,
placed the rating(s) of RHPL under the 'issuer non-cooperating'
category as RHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 25, 2022, February 4, 2022, February 14, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a decline in scale
of operations as well as an increase in net loss in FY21 compared
to FY20.
Analytical approach: Combined. The financial and business risk
profile of RHPL and Shanti Hospitality Private Limited (SHPL),
as SHPL is the holding company of RHPL and both the companies are
in the same line of business and are controlled by a
common management team.
Ruchi Hospitality Private Limited (RHPL), a wholly-owned subsidiary
of Shanti Hospitality Pvt. Ltd (SHPL), owns a 5-star hotel (with
178 rooms, 2 restaurants, all day café, banquet hall, meeting
room, health spa and a swimming pool). RHPL started
commercial operations in September 2012 with IHHR Hospitality
Private Limited managing and operating the hotel operations
under the brand name of 'ISTA'. However, in October 2012; RHPL and
Hyatt India Consultancy Pvt. Ltd. (HICPL) have entered
into hotel operation service agreement and the hotel was rebranded
as 'Hyatt' in March 2013.
SAI VYSHNAVI: CARE Lowers Rating on INR7.50cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sai Vyshnavi Tradings (SVT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 19, 2021,
placed the rating(s) of SVT under the 'issuer non-cooperating'
category as SVT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SVT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 2, 2022, February 12, 2022, February 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities SVT have been revised
on account of non-availability of requisite information.
Sai Vyshnavi Tradings was established as a proprietorship firm on
December 1, 2014 by Mr. Ashok Kumar Divyakolu. The firm is engaged
into trading of used rails and steel products in the state of
Telangana and Andhra Pradesh. Later, on November 11, 2017, the firm
was converted into partnership firm. Mr. Bhavanam Chandrashekar
Reddy and Mr. Ashok Kumar Divyakolu are the partners of the firm.
Mr. Bhavanam Chandrashekar Reddy is the managing partner of the
firm. He has more than 15 years of experience in trading business.
Another partner Mr. Ashok Kumar Divyakolu has more than 8 years of
experience in trading business. The firm purchases steel scraps
from Indian railways on the tender basis and supplies directly to
rolling mills and manufactures of Agro equipments.
SATYAM CASTINGS: CRISIL Lowers Rating on INR7cr Loans to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Satyam
Castings Private Limited (SCPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Term Loan 1 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with SCPL 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 SCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
Incorporated in 2000 in Cuttack, SCPL manufactures mild steel
ingots. The company was acquired by the current promoters, Mr Aman
Kansal and Mr Arihant Jain, from Modi family in October 2010. It
has two induction furnaces with total ingot manufacturing capacity
of 30,000 tonne per annum.
SONAC: CRISIL Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sonac
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 CRISIL D (Issuer Not Cooperating)
Open Cash Credit 5 CRISIL D (Issuer Not Cooperating)
CRISIL Ratings has been consistently following up with Sonac for
obtaining information through letters and emails dated March 28,
2022 and May 24, 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 Sonac, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Sonac
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Sonac continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2015 as a partnership firm, Sonac is engaged in
shrimp feed manufacturing in Nellore (Andhra Pradesh). The firm is
promoted and managed by Mrs K Rama.
STERIMED INC: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sterimed INC
(SI) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Term Loan 1.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 1.0 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with SI 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 SI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1996, SI is involved in wholesale distribution of
sterilisation packaging, monitoring products, cleaning chemicals,
and teaching aids. The firm has long-term agreements with its
principals'Steris Corporation, Westfield Medical Ltd, Albert Browne
Ltd, and Nasco Fort Atkinson. It is managed by the managing
partner, Mr. A K Chandrasekharan.
UMRI POOPH: CRISIL Lowers Rating on INR45.83cr Term Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Umri
Pooph Pratappur Tollway Private Limited (UPPTPL) Revised to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 0.42 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
Term Loan 13.75 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
Term Loan 45.83 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with UPPTPL 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 UPPTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
UPPTPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of UPPTPL Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.
UPPTPL was incorporated on December 21, 2011, promoted as a special
purpose vehicle by S and P Infrastructure Developers Private
Limited ('CRISIL BBB/Stable/CRISIL A3+') and BLA Infrastructure Pvt
Ltd for the development of a two-lane carriageway in
Umri-Pooph-Pratappur, Madhya Pradesh. It is a two-lane road of
around 43.67 kilometre constructed on a build, operate, and
transfer basis. The project commercial operations on July 4, 2015.
UNIVERSAL EXTRUSIONS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Universal
Extrusions (UE) continues to remain in the 'Issuer Not Cooperating
' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.23 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 23, 2021,
placed the rating(s) of UE under the 'issuer non-cooperating'
category as UE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 6, 2022, February 16, 2022, February 26, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
UE was established in 2012 and is engaged in manufacturing of
aluminium extrusions, which are used in different industries as
construction, solar, greenhouse and engineering.
VAMA WOVENFAB: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vama Wovenfab Private Limited
B/401, Royal Accord
Yogi Nagar, Borivali (W)
Mumbai MH 400091
IN
Insolvency Commencement Date: June 8, 2022
Court: National Company Law Tribunal, Nagpur Bench
Estimated date of closure of
insolvency resolution process: November 30, 2022
Insolvency professional: Ajay Vijaykumar Agrawal
Interim Resolution
Professional: Ajay Vijaykumar Agrawal
Nakshatra, 377, 3rd Floor
Gandhinagar, Nagpur
Maharashtra 440010
E-mail: ajayamarca@yahoo.com
cirp.vama@gmail.com
Last date for
submission of claims: June 17, 2022
ZENITH DRUGS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zenith Drugs
Private Limited (ZDPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.45 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 2.84 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ZDPL 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 ZDPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ZDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ZDPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 2000, ZDPL manufactures and markets pharmaceutical
products. Mr Sandeep Bhardwaj, Mr Bhupesh Soni and Mr Ajay Dasundhi
are the promoters.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Seeks to Delay Vote on Restructuring Proposal
---------------------------------------------------------------
Reuters reports that Garuda Indonesia has asked administrators to
postpone a vote on the flag carrier's debt restructuring proposal
for two days to June 17, its chief executive said late on June 13.
Garuda creditors had been expected to vote on the restructuring
proposal on June 15.
According to Reuters, CEO Irfan Setiaputra said in a statement that
a delay was needed to finalise administrative matters and to
harmonize the input of stakeholders on the restructuring proposal.
Reuters says Garuda started the court-led restructuring process on
Dec. 9, after a vendor petitioned the court over unpaid bills.
The court-appointed administrators will discuss the proposed voting
delay with the supervising judge, one of the administrators said.
"The administrators will carry out voting by taking into account
the readiness of the debtor for its restructuring proposal," Martin
Patrick Nagel told Reuters.
According to Reuters, Garuda has offered to replace its liabilities
to lessors and Islamic bondholders with new bonds and equity worth
US$1.13 billion.
The latest verified claims under Garuda's restructuring process had
reached IDR120.5 trillion (US$8.21 billion), Reuters discloses.
Reuters relates that the airline said on June 14 that a majority of
the holders of its IDR2 trillion (US$136.26 million) asset-backed
securities "KIK-EBA Mandiri GIAA 01" had agreed on a tenor
extension of up to 10 years and a new payment schedule.
The securities, which securitised revenue rights from Garuda's
ticket sales on the Jeddah-Medina route, were issued in 2018 with a
tenor of five years, adds Reuters.
About Garuda Indonesia
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations. Under its Citilink
brand, it serves 10 other domestic routes. Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
14, 2021, Bloomberg News said the airline entered a
court-supervised debt restructuring process after a Jakarta court
on Dec. 9, 2021, accepted a debt petition filed against it. Garuda
and its creditors have 45 days to complete negotiations, which can
be extended to 270 days.
Garuda finalized a restructuring proposal in November 2021 and is
in discussion with creditors and lessors to reduce its liabilities
to US$3.7 billion, from US$9.8 billion, Kartika Wirjoatmodjo, a
deputy at Indonesia's state-owned enterprises ministry, told a
parliamentary hearing.
=========
J A P A N
=========
ANA HOLDINGS: Egan-Jones Keeps CCC Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on May 17, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Ana Holdings Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.
Headquartered in Minato City, Tokyo, Japan, Ana Holdings Inc.
provides a variety of air transportation-related services.
EAST JAPAN RAILWAY: Egan-Jones Keeps BB Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on May 16, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by East Japan Railway Company.
Headquartered in Shibuya City, Tokyo, Japan, East Japan Railway
Company provides rail transportation services in the Kanto and
Tohoku regions, including Tokyo.
KEISEI ELECTRIC: Egan-Jones Keeps B+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on May 16, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Keisei Electric Railway Co., Ltd.
Headquartered in Ichikawa, Chiba, Japan, Keisei Electric Railway
Co., Ltd. provides passenger rail and bus transportation services
in the Metropolitan Tokyo and Chiba prefecture areas.
MITSUI O.S.K: Egan-Jones Keeps BB Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 13, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui O.S.K. Lines, Ltd.
Headquartered in Minato City, Tokyo, Japan, Mitsui O.S.K. Lines,
Ltd. provides marine transportation, warehousing, and cargo
handling services.
TOKYO ELECTRIC: Egan-Jones Keeps CCC Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on May 17, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyo Electric Power Company Holdings,
Incorporated.
Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power
Company Holdings, Incorporated generates, transmits, and
distributes electricity.
=====================
N E W Z E A L A N D
=====================
ALPHA FACADE LIMITED: Creditors' Proofs of Debt Due on Aug. 10
--------------------------------------------------------------
Creditors of Alpha Facade Limited are required to file their proofs
of debt by Aug. 10, 2022, to be included in the company's dividend
distribution.
The High Court of New Zealand at Auckland appointed Janet Sprosen
and Leon Francis Bowker of KPMG as joint and several liquidators of
the company on June 10, 2022. The appointment was made on the
application of Inland Revenue.
The company's liquidators can be reached at:
KPMG Auckland
18 Viaduct Harbour Avenue (PO Box 1584)
Shortland Street
Auckland 1140
B & T CO: Creditors' Proofs of Debt Due on July 29
--------------------------------------------------
Creditors of B & T Co. (2011) Limited, Alem Limited, Gizzyonthego
Limited and The Tasting Shed Limited are required to file their
proofs of debt by July 29, 2022, to be included in the company's
dividend distribution.
B & T Co. commenced wind-up proceedings on June 7, 2022. Alem
Limited commenced wind-up proceedings on June 9, 2022. Gizzyonthego
Limited commenced wind-up proceedings on June 10, 2022. The Tasting
Shed commenced wind-up proceedings on June 13, 2022.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu Peninsula
Auckland 0651
KERU ENTERPRISES: Creditors' Proofs of Debt Due on July 14
----------------------------------------------------------
Creditors of Keru Enterprises Limited are required to file their
proofs of debt by July 14, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 10, 2022.
The company's liquidators are:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany, Auckland 0752
LAKES DISTRICT: Court to Hear Wind-Up Petition on June 30
---------------------------------------------------------
A petition to wind up the operations of Lakes District Couriers
Limited will be heard before the High Court at Invercargill on June
30, 2022, at 11:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 14, 2022.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue
Legal Services
PO Box 1782
Christchurch 8140
LIQUORNZ LIMITED: Court to Hear Wind-Up Petition on July 5
----------------------------------------------------------
A petition to wind up the operations of Liquornz Limited T/A Epsom
Liquor will be heard before the High Court at Wellington on July 5,
2022, at 10:00 a.m.
Lion NZ Limited (formerly Lion - Beer, Spirits & Wine (NZ) Limited)
filed the petition against the company on April 5, 2022.
The Petitioner's solicitor is:
Richard Michael Natusch
Carlile Dowling, Solicitors
67 Raffles Street
Napier 4110
=================
S I N G A P O R E
=================
BRANDED LIFESTYLE: Creditors' Proofs of Debt Due on July 14
-----------------------------------------------------------
Creditors of Branded Lifestyle Enterprises Pte Ltd are required to
file their proofs of debt by July 14, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 6, 2022.
The company's liquidator is:
Ong Kok Yeong David
c/o Tricor Singapore Pte. Ltd.
80 Robinson Road #02-00
Singapore 068898
CJP MARKETING: Court to Hear Wind-Up Petition on June 24
--------------------------------------------------------
A petition to wind up the operations of CJP Marketing Pte Ltd will
be heard before the High Court of Singapore on June 24, 2022, at
10:00 a.m.
Spectrum Brands HHI (Zhongshan) Co., Ltd. filed the petition
against the company on May 20, 2022.
The Petitioner's solicitors are:
Allen & Gledhill LLP
One Marina Boulevard #28-00
Singapore 018989
NUTRYFARM INT'L: Court to Hear Judicial Management Bid on June 28
-----------------------------------------------------------------
A petition to place Nutryfarm International Limited under judicial
management will be heard before the High Court of Singapore on June
28, 2022, at 9:20 a.m.
Corpbond IV Ltd filed the petition against the company on May 10,
2022.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
PIERSIDE KITCHEN: Creditors' Proofs of Debt Due on July 7
---------------------------------------------------------
Creditors of Pierside Kitchen & Bar Pte Ltd are required to file
their proofs of debt by July 7, 2022, to be included in the
company's dividend distribution.
Mr. Tan Chin Ren of Tan, Chan & Partners was appointed as
liquidator of the company on May 31, 2022.
=====================
S O U T H K O R E A
=====================
MAGNACHIP SEMICONDUCTOR: S&P Withdraws 'B+' Long-Term ICR
---------------------------------------------------------
S&P Global Ratings has withdrawn its 'B+' long-term issuer credit
ratings on Magnachip Semiconductor Corp. at the company's request.
The rating outlook on Magnachip was stable at the time of the
withdrawal.
*********
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
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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 ***