/raid1/www/Hosts/bankrupt/TCRAP_Public/220624.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 24, 2022, Vol. 25, No. 120
Headlines
A U S T R A L I A
BELLA LAMPA: Second Creditors' Meeting Set for July 1
CATALYST CHILD: First Creditors' Meeting Set for June 30
ENOVA ENERGY: Enters Into Voluntary Administration
INFORMATION SECURITY: First Creditors' Meeting Set for June 30
MESOBLAST LTD: Faces Another Class Action Suit
REMI CAPITAL: Collapse Described as 'Catastrophic' by Liquidator
STRIKEFORCE GROUP: Second Creditors' Meeting Set for June 30
VOLY: Reportedly Lays Off Staff, Ends 15-Minute Delivery
WHERE TO START: Second Creditors' Meeting Set for June 30
I N D I A
A SCHOOL INDIA: Liquidation Process Case Summary
A.S. MOLOOBHOY: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
AETHON ENERGY: Liquidation Process Case Summary
AGFA HEALTHCARE INDIA: Insolvency Resolution Process Case Summary
AIRCEL CELLULAR: ICRA Keeps D Debt Ratings in Not Cooperating
AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
ALOKA EXPORTS: ICRA Lowers Rating on INR17.86cr LT/ST Loan to B
ARUPPUKOTTAI SHRI: ICRA Keeps B Debt Ratings in Not Cooperating
ASPG INFRASRUCTURES PRIVATE: Insolvency Resolution Case Summary
AVANI PETROCHEM: ICRA Keeps B+ Debt Ratings in Not Cooperating
AVON MOLDPLAST: Insolvency Resolution Process Case Summary
AXIS BANK: Fitch Affirm 'BB+' IDR & Alters Outlook to Stable
B. MELARAM: ICRA Reaffirms B Rating on INR7cr LT Loan
BALAJI ENTERTAINMENTS: Insolvency Resolution Process Case Summary
BALASON TEA: ICRA Keeps B- Debt Rating in Not Cooperating
CONCORD CREATIONS: Insolvency Resolution Process Case Summary
DISHNET WIRELESS: ICRA Keeps D Debt Ratings in Not Cooperating
DP POLYPLAST INDUSTRIES: Voluntary Liquidation Case Summary
G. M. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
H.S. SANDHU: ICRA Moves B- Debt Ratings to Not Cooperating
HAN UL TECHNOLOGIES: Liquidation Process Case Summary
HPCL-MITTAL ENERGY: Moody's Alters Outlook on 'Ba2' CFR to Stable
HYDERABAD METROPOLITAN: ICRA Keeps B+ Rating in Not Cooperating
INDIAN FURNITURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
JOSEPH LESLIE: ICRA Keeps B+ Debt Ratings in Not Cooperating
K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating
LEO PRIMECOMP: Liquidation Process Case Summary
LEXCORP ADVISORY: Liquidation Process Case Summary
LIMTEX INDIA: Insolvency Resolution Process Case Summary
MAHA SAI: ICRA Keeps B Debt Ratings in Not Cooperating
MEMON HEALTH: ICRA Keeps B+ Debt Ratings in Not Cooperating
MONOLITHIC INVESTMENTS: Voluntary Liquidation Process Case Summary
MYSORE SUGAR: Insolvency Resolution Process Case Summary
OMKAR FERTILISERS: ICRA Keeps B Debt Ratings in Not Cooperating
RAHUL COMMERCE: Liquidation Process Case Summary
SAMAR LIFESTYLE: Insolvency Resolution Process Case Summary
SESHA SAILA: Liquidation Process Case Summary
SHELL APPARELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SM LPG CYLINDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SS INVESTMENTS PVT: Insolvency Resolution Process Case Summary
TATTVA VALUERS: Insolvency Resolution Process Case Summary
THERDOSE PHARMA: ICRA Keeps B Debt Ratings in Not Cooperating
TIRUMALA SEVEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
TRIVANDRUM INTERNATIONAL: Liquidation Process Case Summary
UNIQUE MULTIFILMS: ICRA Keeps B+ Debt Rating in Not Cooperating
VIBRANT FAB: Liquidation Process Case Summary
WALKER ESTATE: ICRA Withdraws D Rating on INR45cr Term Loan
ZENITH AUTOMOTIVE: Liquidation Process Case Summary
J A P A N
TOSHIBA CORP: Bidders Weigh Offers Valuing Firm at Up to US$22BB
M A L A Y S I A
1MDB: Prosecution Has 20 Witnesses Before Closing Case vs Najib
ASPEN GLOVE: Gets Interim Injunction Against Winding-Up Petition
N E W Z E A L A N D
DOUBLE D: Creditors' Proofs of Debt Due on Aug. 12
GAS GUYS: Creditors' Proofs of Debt Due on July 19
KOTAHITANGA LOG: Court to Hear Wind-Up Petition on July 12
ORCHARD PARK: Creditors' Proofs of Debt Due on July 21
OTAGO EXCAVATION: Court to Hear Wind-Up Petition on June 30
PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15
S I N G A P O R E
70 SHENTON: Creditors' Proofs of Debt Due on July 23
INTEGRATED GREEN: Court to Hear Wind-Up Petition on July 1
LIPPO MALLS: Moody's Lowers CFR to B2, Outlook Remains Negative
VIEWERS CHOICE: Commences Wind-Up Proceedings
T H A I L A N D
THAI AIRASIA: To Honor Paid Bookings Despite Bankruptcy Process
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=================
A U S T R A L I A
=================
BELLA LAMPA: Second Creditors' Meeting Set for July 1
-----------------------------------------------------
A second meeting of creditors in the proceedings of Bella Lampa Pty
Ltd, formerly Trading as Orbit Lighting, has been set for July 1,
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 30, 2022, at 4:00 p.m.
Shelley-Maree Brooks of Rodgers Reidy was appointed as
administrator of Bella Lampa on June 3, 2022.
CATALYST CHILD: First Creditors' Meeting Set for June 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Catalyst
Child and Family Services Ltd will be held on June 30, 2022, at
10:30 a.m. via virtual meeting facilities.
John Joseph Goggin of Worrells was appointed as administrator of
Catalyst Child on June 20, 2022.
ENOVA ENERGY: Enters Into Voluntary Administration
--------------------------------------------------
news.com.au reports that Enova Energy has collapsed after six years
announcing its "devastating end" would come as a "huge shock" to
customers.
According to news.com.au, the Byron Bay community-owned electricity
provider Enova said it had been forced into voluntary
administration after it failed to secure fixed pricing after July 1
meaning the business would be "fully exposed to severely inflated
wholesale energy prices".
Wholesale electricity prices have soared by a whopping 141% in 2022
alone.
Enova added that the "energy crisis" affecting the east coast of
Australia made operating "unbearable" and a cap on customer pricing
also meant the business was no longer "financially viable",
news.com.au relays.
news.com.au says the electricity company had 13,200 customers
across NSW and South East Queensland, who have been assured their
power will not be disconnected.
Instead, they will be automatically switched to a new provider,
although people can also choose their own.
Customers will also receive a final invoice from Enova for their
electricity supply and usage up to the date of transfer to the new
provider.
It comes as an energy crisis rocks Australia with smaller retailers
struggling to stay afloat as the energy market is buffeted by
skyrocketing prices.
According to the report, Felicity Stening, managing director and
CEO of Enova said the team were "incredibly disappointed" and the
company folding was the "last resort" after all other options were
exhausted. She added she had a "sad and heavy heart".
"The current diabolic state of the energy market, combined with the
high wholesale market energy prices and the cap on customer
pricing, has made it impossible for Enova Energy and many other
small retailers to operate in the market," the report quotes Ms.
Stening as saying. "The market is broken and does not support small
retailers. In addition, the constant raft of state and federal
government regulatory changes is adding to the market complexities
and have caused Enova delays in being able to fund and resource
energy innovation."
She added that small and medium retailers provided a much needed
alternative to the big players providing competition and ensuring
consumers had a choice, while just two weeks ago the company had
been named Finder's Retailer of the Year.
Ms Stening added the company had been required to navigate "heavy
storms" in the last few years, including bushfires, Covid-19, the
recent Northern NSW floods and the current energy crisis,
news.com.au relays.
She pleaded with customers to pay their final bill as 1,600
community shareholders, lenders and supplier partners need their
money.
"An incredibly difficult part of this process is having our entire
team made redundant," she added.
"The great majority of our team is based here in the Northern
Rivers region and, unexpectedly through no fault of their own, find
themselves now looking for the next step in their working life."
Enova Energy is community-owned energy provider.
INFORMATION SECURITY: First Creditors' Meeting Set for June 30
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Information
Security Holdings Pty Ltd will be held on June 30, 2022, at 2:30
p.m. via video conference.
Bruce Gleeson and Daniel Robert Soire of Jones Partners Insolvency
& Restructuring were appointed as administrators of Information
Security Holdings on June 20, 2022.
MESOBLAST LTD: Faces Another Class Action Suit
----------------------------------------------
Further to Mesoblast's announcement of May 19, 2022, regarding the
proceeding served by the law firm William Roberts Lawyers, a second
class action proceeding in the Federal Court of Australia
canvassing similar allegations has been served on the Company by
the law firm Phi Finney McDonald. Mesoblast will vigorously defend
both proceedings.
In the U.S., the Company recently resolved a similar suit for $2
million, with no admission of liability, which was paid by the
Company's insurer other than the minimum excess as per the
Company's insurance policy. The court granted preliminary approval
of the settlement on April 8, 2022, and has scheduled a final
approval hearing for August 15, 2022.
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions. The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).
Mesoblast reported a net loss of US$98.81 million for the year
ended June 30, 2021, a net loss of US$77.94 million for the year
ended June 30, 2020, and a net loss of US$89.80 million for the
year ended June 30, 2019. As of March 31, 2022, the Company had
US$681.69 million in total assets, US$164.56 million in total
liabilities, and $517.13 million in total equity.
Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2021, citing that additional cash inflows
will be required over the next twelve months in order to meet
forecast expenditure, including repayment of the Hercules debt
facility, that raises substantial doubt about its ability to
continue as a going concern.
REMI CAPITAL: Collapse Described as 'Catastrophic' by Liquidator
----------------------------------------------------------------
news.com.au reports that more than 300 investors impacted by the
collapse of an Australian investment firm may have claims worth an
estimated AUD126 million against the company's directors if it is
put into liquidation, a creditor's report filed with Australian
Securities and Investments Commission (ASIC) has revealed.
news.com.au says the company called Remi Capital may have been
insolvent since its launch in 2018 and had no income generating
assets, according to the report, despite promising "mum and dad"
investors big returns.
Remi Capital was placed into voluntary administration on May 25,
with Chris Baskerville from specialist insolvency firm Jirsch
Sutherland appointed as administrator.
The most recent creditor's report detailed outstanding debts from
the company amounting to AUD124 million, news.com.au discloses.
According to news.com.au, preliminary investigations outlined in
the report showed creditors may have claims worth AUD123 million
for insolvent trading, over AUD700,000 for "unfair preference
payments" and AUD2.2 million for "unreasonable director-related
transactions".
"It would be very unrealistic for a liquidator to collect AUD123
million in insolvency trading claims from two directors but I think
that's the value we are likely to have," Mr. Baskerville told
news.com.au.
"It should be noted in my report there were no real property assets
in the name of (Remi's directors) Peter Terrill or Mark Prestige
that we could identify directly in their name, so in other words
these men appear to be men of straw.
"But that doesn't mean they don't have assets, its just not in
their direct name."
Peter Terrill founded the company, which is formerly known as C2
Capital, in 2018. But he left the organisation "by an exit deed"
at the start of March 2021 after "unrest from investors and staff",
the report said.
In July 2021, a number of the companies went through a formal name
change and rebranding to Remi.
"This shift in branding was as a result of poor public perception
of the C2 brand following a number of news articles published about
the group and its former director, Mr. Peter Terrill," the report,
as cited by news.com.au, said.
Remi Capital's parent company was put into liquidation by court
order on June 9, but there are 11 companies within the group,
news.com.au notes.
news.com.au relates that the report revealed AUD141.8 million had
been invested into the companies during their five years of
operation, with AUD61.2 million still owed to 312 creditors.
There were 158 investors from Victoria, 77 from Queensland and 25
from NSW, as well as five overseas investors from Japan, New
Zealand and South Africa.
One of the 312 investors impacted was a Melbourne dad of two, who
had been left "shocked" and "heartbroken" after the Remi Capital
collapse left AUD300,000 owed to his family.
The report outlined a number of different possibilities in terms of
the amount of money investors may get back, but Mr. Baskerville
told news.com.au it was likely to be a less than 10 per cent return
on average.
"We think the bulk of investors are mum and dads and (people with)
self managed super funds and the minimum investment had to be
AUD50,000," Mr. Baskerville previously told news.com.au.
"I think every one of those investors had to sign up to say that
they were a sophisticated investor, so to get sophisticated
investor status the regulations say you have to have a net income
of around AUD250,000 or net assets of over AUD2 million.
"We do believe that there are a handful of investors that put in
potentially around AUD1 million and AUD5 million, but that's not
the majority.
"We think that's a reflection of a small minority of (investors)
but it looks like high net wealth investors have put their money
into the scheme."
The creditor's report found that all companies under Remi Capital
Pty Ltd "suffered trading losses in each financial year analysed"
except for one, with Mr. Baskerville describing the situation as
"catastrophic" to news.com.au.
The report added there was one company that reported profit in the
2021/22 financial year, although it derived 93 per cent of its
income from inter-company income and state government Covid-19
hardship grants, news.com.au relays.
It also showed that the parent company has haemorrhaged money in
the past four years.
Remi Capital, which is currently in liquidation, recorded a loss of
AUD710,000 for the 2019 financial year and AUD2.34 million for the
2020 financial year, news.com.au discloses.
This jumped to AUD4.82 million for the 2021 financial year and
AUD4.44 million for the current financial year, showed the report.
"Based on the information available, the majority of the funds
received from investors has been utilised to pay related party
loans, operating expenses, salaries and payroll tax liabilities and
interest expenses," the report said in regards to Remi Capital Pty
Ltd.
At the time of the administrator's being appointed, there were five
employees left with Remi, a huge drop from the 54 it had at one
stage.
Yet, staff are owed a whopping AUD1.3 million from three of the
companies for wages, superannuation, annual leave and redundancy.
The parent company Remi Capital owes its former employees the
largest amount with AUD696,650.
About REMI Capital
REMI Capital is an independent Australian boutique investment
company, with offices in Melbourne and Brisbane.
Chris Baskerville from Jirsch Sutherland has been appointed as
voluntary administrator of the REMI Capital Group of companies.
STRIKEFORCE GROUP: Second Creditors' Meeting Set for June 30
------------------------------------------------------------
A second meeting of creditors in the proceedings of Strikeforce
Group Pty Ltd (formerly trading as "Strikeforce Boilermakers &
Hire") has been set for June 30, 2022, at 10:30 a.m. via virtual
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 29, 2022, at 4:00 p.m.
Jimmy Trpcevski and David Ashley Norman Hurt of WA Insolvency
Solutions were appointed as administrators of Strikeforce Group on
May 25, 2022.
VOLY: Reportedly Lays Off Staff, Ends 15-Minute Delivery
--------------------------------------------------------
SmartCompany reports that the end of COVID-19 restrictions and a
return to "normalcy" will challenge Australia's instant delivery
startups, a retail expert says, after reports rapid grocery firm
VOLY has cut its office headcount and shuttered some of its Sydney
distribution centres.
VOLY is one of several buzzy startups founded last year promising
to challenge supermarket giants like Coles and Woolworths with
quickfire grocery deliveries across inner-city regions,
SmartCompany says.
Unlike Uber's grocery-grabbing service, VOLY operates its own
micro-fulfillment centres, where workers can quickly pull groceries
from a shelf and package them for delivery.
According to SmartCompany, the company raised AUD18 million in a
seed funding round late last year, and counted 35 office staff and
around 100 employees in December.
Citing an unnamed former employee, The Age reported VOLY this week
halved its office staff numbers, jettisoned its promise of
15-minute grocery deliveries, and closed warehouses in four
inner-Sydney suburbs, SmartCompany relays.
The source claimed staff were informed on June 22, a day after
co-founders Mark Heath and Thibault Henry met with investors,
SmartCompany notes.
While the instant delivery service remains operational, The Age
reported VOLY seems to have put its Melbourne expansion plans on
ice.
Reports of VOLY's change of course arrive weeks after competitor
SEND entered voluntary administration, with administrators circling
the firm's cash burn rate as a key factor in its financial
challenges, according to SmartCompany.
Instant grocery delivery services now operate in a very different
environment compared to when they first sprung up, said Professor
Gary Mortimer, a retail and consumer behaviour researcher at the
Queensland University of Technology.
SmartCompany says services like VOLY first appeared when COVID-19
lockdowns were fresh on the minds of users, he said, but the
gradual reopening of Australian cities has influenced what shoppers
see as convenient.
"I think the challenge though, that these smaller players are
facing, is that we've returned to a 'COVID normal' situation where
people are back to shopping for the groceries as they normally
did," Mr. Mortimer told SmartCompany.
"They're going back to work and cities and office. So life is
returning to normal.
"Being able to pop into your local supermarket on the way home is
an easy and efficient way to access food and groceries, so the
demand for that service is decreasing."
At the same time, rising costs are likely to dig into the margin of
instant delivery services, Mr. Mortimer added.
WHERE TO START: Second Creditors' Meeting Set for June 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Where to Start
Pty Ltd, trading as Southside Tiling Services Victoria, has been
set for June 30, 2022, at 11:00 a.m. via teleconference facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 29, 2022, at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Where to Start on May 25, 2022.
=========
I N D I A
=========
A SCHOOL INDIA: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s. A School India Private Limited
Rani Seethai Hall, 7th Floor No. 603
Anna Salai, Chennai 600006
Tamilnadu
Liquidation Commencement Date: June 10, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: June 10, 2022
Insolvency professional: CS Bhaskar B.
Interim Resolution
Professional: CS Bhaskar B.
4/447A, 7th Street
Aruna Nagar
K. Vadamadurai, PO
Coimbatore 641017
E-mail: bhasja@gmail.com
Tel: 8870010863
Last date for
submission of claims: July 9, 2022
A.S. MOLOOBHOY: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of A.S.
Moloobhoy Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-fund based 7.00 [ICRA]A4; ISSUER NOT
Letter of Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-fund-based (7.00) [ICRA]A4; ISSUER NOT
Letter of COOPERATING; Rating continues
Guarantee to remain under 'Issuer Not
(Interchangeable) Cooperating' category
Unallocated 11.00 [ICRA]B+(Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
A.S. Moloobhoy Private Limited was initially established as the
partnership firm, AS Moloobhoy & Sons, in 1905. It was converted
into a private limited company in January 2014. The operations of
the company are managed by the Moloobhoy family, who collectively
have an experience of over a decade in the marine services
industry. ASMPL distributes and provides services for marine safety
and electronic equipment. The company's registered office is in
Mumbai, with branches in Chennai, Kolkata, Vishakhapatnam (Andhra
Pradesh), Kochi (Kerala), Gandhidham (Gujarat), Goa, Mundra
(Gujarat) and Port Blair. ASMPL has two group companies, AS
Moloobhoy & Sons Pvt. Ltd. and Poseidon Holding Pvt. Ltd. Poseidon
Holding is the ultimate holding company of the AS Moloobhoy Group.
It has a 100% stake in AS Moloobhoy & Sons Pvt. Ltd., which has a
100% stake in ASMPL. ASMPL also has a subsidiary, Marine Services
LLC, in Dubai, which was set up in FY2016 for broadening the
company's geographical reach.
AETHON ENERGY: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s. Aethon Energy LLP
No. 47, 1st Floor
2nd Cross, P&T Colony
R.T. Nagar, Bangalore
Karnataka 560032
Liquidation Commencement Date: June 8, 2022
Court: National Company Law Tribunal, Bangalore Bench
Date of closure of
insolvency resolution process: June 8, 2022
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: aethonirp@gmail.com
Last date for
submission of claims: July 7, 2022
AGFA HEALTHCARE INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: AGFA Healthcare India Private Limited
Unit No. 301, 3rd Floor
Quantum Hiranandani Business Park
Ghodbunder Road, Thane West
Thane 400607
Insolvency Commencement Date: June 20, 2022
Court: National Company Law Tribunal, Mumbai Bench, Court II
Estimated date of closure of
insolvency resolution process: December 14, 2022
(180 days from commencement)
Insolvency professional: Mr. Jitender Kothari
Interim Resolution
Professional: Mr. Jitender Kothari
702, Orchid A Wing
Evershine Park CHS
Off Veera Desai Road
Andheri (West)
Mumbai 400053
E-mail: jitenderkothari@rediffmail.com
irp.jitenderkothari@gmail.com
Last date for
submission of claims: July 4, 2022
AIRCEL CELLULAR: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Aircel Cellular Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term– 3,750 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 13,729 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another
wholly-owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term rating of Aircel Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13,729 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 3,750 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Based Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Aircel Smart Money
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13,729.00 [ICRA]D; ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3,750.00 [ICRA]D; ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
ALOKA EXPORTS: ICRA Lowers Rating on INR17.86cr LT/ST Loan to B
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Aloka
Exports, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term, 5.00 [ICRA]A4; reaffirmed
Fund-based
Limits
Short-term, 0.60 [ICRA]A4; reaffirmed
Non-fund
Based Limits
Long Term & 17.86 [ICRA]B (Stable) downgraded
Short Term, from [ICRA]B+ (Stable) and
Unallocated [ICRA]A4; Reaffirmed
Limited
Rationale
The rating action factors in Aloka weak financial risk profile, as
reflected by continued pressure on scale of operations owing to
Covid-19 induced disruptions and lower demand from key geographies;
and considerable increase in operating losses in FY2022. While the
net profitability improved on account of sizeable non-operating
income realised from sale of some manufacturing units, the firm is
likely to report operating and net losses in the near term due to
lower absorption of fixed overheads amid continued pressure on
scale of operations. Moreover, there has also been sizeable capital
withdrawals due to exit of two partners, adversely impacting the
firm's capital structure, debt protection metrics and liquidity
position in FY2022. The ratings also continue to factor in the high
working capital-intensive nature of business and vulnerability of
the firm's profitability to fluctuations in raw material prices as
well as the currency fluctuation risks owing to the export-oriented
business.
ICRA also notes the firm's exposure to high customer and geographic
concentration risks, any adverse changes in Government policies on
incentives for the textile industry and risks inherent in a
partnership firm. However, the ratings continue to draw comfort
from the extensive experience of the firm's promoters in the
industry and its wide customer base, which also includes some
reputed fashion brands in US and Europe.
The Stable outlook reflects ICRA's opinion that Aloka Exports will
continue to benefit from the extensive experience of its
partners in the industry and several cost-saving measures taken by
the management will enable gradual turnaround and
stabilization of the firm's operations over the medium term.
Key rating drivers and their description
Credit strengths
* Four-decade-long experience of partners in the textile industry:
Incorporated in 1980, Aloka is promoted by the Agrawal family,
which has been in the garment manufacturing and export business
since 1968 with the incorporation of Silk Asia, a women wear
manufacturer and a sister concern of Aloka. The key promoter and
shareholder, Mr. Alok Agrawal, has an experience of over four
decades in the textile industry.
* Established relationship with reputed clients: Over the years,
the firm has developed a wide customer base, which also includes
some reputed fashion brands from the US and Europe.
Credit challenges
* Weak financial profile as marked by modest scale of operations,
operational losses and weak debt protection metrics: The firm's
revenue has remained under pressure in recent years, adversely
impacted by the pandemic, high competitive intensity and dip in
demand from key customers. Over the past three fiscals, there has
been a decline in the operating Income. However, in FY2022, Aloka
reported an operating income of INR16.5 crore (as per provisional
financials) at similar levels over INR17.0 crore in FY2021.
Moreover, lower absorption of fixed overheads and volatility in raw
material prices have led to higher operating losses in FY2022.
However, net profitability was supported by sizeable non-operating
income of around INR11.9 crore realized from sale of some of the
manufacturing units in FY2022. Despite the same, the firm is likely
to remain loss making at the operating and net levels over the near
term, until the market stabilizes and export demand picks up
globally, enabling the firm to scale up its operations.
Additionally, sizeable capital withdrawals due to the exit of two
partners have led to a considerable decline in the firm's capital
base and an adverse impact on its capital structure and debt
protection metrics.
* High working capital intensity emanating from high inventory
levels: The working capital intensity remains high as represented
by NWC/OI (Net Working Capital/Operating Income) of 33.5% as on
March 31, 2022, though the same has improved slightly from the
previous fiscal on account of some reduction in debtors. High
funding requirements have continued to result in almost full
utilization of the working capital limits availed from the bank.
* Profitability is vulnerable to fluctuations in raw material
prices and forex movements: The firm's profitability remains
exposed to adverse fluctuations in raw material prices and labor
costs for fabric processing activities. Given the increased
competition from domestic players as well as international players
in China, Bangladesh and Turkey, the firm's ability to pass on an
increase in costs to its customers remains limited, as reflected by
the decline in the profitability margins over the last two fiscals.
Further, as Aloka derives its revenues mainly from the export
markets, it remains exposed to fluctuations in foreign exchange
rates, as there is no firm hedging policy. Moreover, the profit
margins also remain susceptible to changes in Government policies
around fiscal benefits for the industry.
* High customer and geographical concentration risk: The customer
concentration risk remains high with the top 10 customers
accounting for more than 80% of the total sales in the last two
years. The US and Europe are the key geographies contributing
highly to the firm's revenues, thereby exposing it to high
geographic concentration risk as well.
* Risks inherent in partnership nature of business: Aloka remains
vulnerable to the risks inherent in the partnership nature of the
firm, such as the risks of capital withdrawal as also evident in
FY2022. Sizeable capital withdrawals led to a considerable decline
in the firm's capital base.
Liquidity position: Poor
Aloka Exports's liquidity is poor on account of continued operating
losses and high working capital intensity of the business.
The bank limits have also remained fully utilised over the past
year. The firm reported sizeable non-operating income in FY2022,
which aided the improvement in net profitability. However there has
also been sizeable capital withdrawals in FY2022, with the exit of
two partners, leading to considerable decline in the firm's capital
base. Moreover, Aloka is expected to continue to report losses over
the near term, constraining its liquidity position. The firm will
require funding support from its promoters or through incremental
bank lines over the near term.
Rating sensitivities
Positive factors: The ratings could be upgraded on a significant
scale-up in the operations with a sustained improvement in the
profitability and coverage indicators along with an improvement in
the liquidity position.
Negative factors: The ratings could be downgraded on a further
decline in the scale of operations and continued losses at the
operating and net levels, or any sizeable capital withdrawals by
the partners, leading to further deterioration of the capital
structure.
Aloka Exports was incorporated as a proprietary concern in 1980 and
was converted into a partnership firm on
October 23, 1987. The firm is a manufacturer and exporter of
customised fashion accessories, such as scarves, bandanas, wraps
and semigarments such as women's kurtas, shrugs and ruanas. These
products are manufactured for prominent mass fashion houses from
Europe, the US and Japan, and are sold under individual client
brands.
ARUPPUKOTTAI SHRI: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Aruppukottai Shri Ramalinga Spinners Private Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 23.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
Long Term- 3.02 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.70 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 1.09 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
Short Term- 15.00 [ICRA]A4 ISSUER NOT
Fund COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aruppukottai Shri Ramalinga Spinners Private Limited ("RSPL"), was
incorporated as a private limited company in June 1999 with an
object of establishing spinning and textile mills. The Company
commenced its production in November 2003 and operates as a cotton
spinning unit in Aruppukottai, Tamil Nadu with an installed
capacity of 68,016 spindles with capacities getting added on a
periodic basis. The Company manufactures 100% grey cotton yarn
ranging from 21s counts to 110s counts. The company is a part of
Ramalinga Group of Companies based out of Aruppukottai, Tamil Nadu.
The major companies in the Ramalinga group include (a) Shri
Ramalinga Mills Limited (SRML) (ii) Aruppukottai Shri Ramalinga
Spinners Private Limited and (iii) Tamilnadu Jaibharath Mills
Limited. (iv) Sree Jeyasoundharam Textile Mills Private Limited.
ASPG INFRASRUCTURES PRIVATE: Insolvency Resolution Case Summary
---------------------------------------------------------------
Debtor: ASPG Infrastructures Private Limited
F-93A, Ground Floor, Gali No. 7
Jagatpuri, East Delhi
New Delhi 110051
Insolvency Commencement Date: June 11, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: December 6, 2022
Insolvency professional: Ram Phal Bhardwaj
Interim Resolution
Professional: Ram Phal Bhardwaj
310/25, Onkar Nagar-B
Tri-Nagar, Delhi 110035
E-mail: bhardwajca@hotmail.com
cirpaspginfra@gmail.com
Classes of creditors: Real Estate Allottees
Insolvency
Professionals
Representative of
Creditors in a class: Shyam Arora
Pawan Goyal
Ravi Bansal
Last date for
submission of claims: June 25, 2022
AVANI PETROCHEM: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Avani
Petrochem Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term (35.60) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 35.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Avani Petrochem Private Limited (APPL) was established in 1980 by
Mr. Dipak Shah. The company uses fractional distillation process to
manufacture petroleum speciality products, mainly de-aromatized
hydrocarbon solvents and oils for polymers, mosquito repellents,
paints, ink and aluminium industry. The company has its
distillation towers in Halol, 3 Vadodara, with capacity of 16000
kilo litres per annum. Mr. Dipak Shah also promotes another firm,
Avani Infrastructure (APPL has 40% stake in it), which is engaged
in real estate business.
AVON MOLDPLAST: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Avon Moldplast Limited
Now known as
Avro India Limited
A-7/36-39, South of GT Road
Industrial Area
Electrosteel Casting Compound
Ghaziabad UP 201009
Insolvency Commencement Date: June 13, 2022
Court: National Company Law Tribunal, Ghaziabad Bench
Estimated date of closure of
insolvency resolution process: December 10, 2022
Insolvency professional: Parag Singhal
Interim Resolution
Professional: Parag Singhal
1002-B, Plot No. 11
Eldeco Apartment
Sector-4, Vaishali
Ghaziabad, UP 201010
E-mail: sparagca@yahoo.co.in
cirpavro@gmail.com
- and -
423-B, Pacific Business Park
Site IV, Sahibabad Industrial Area
Ghaziabad, UP 201010
Last date for
submission of claims: June 27, 2022
AXIS BANK: Fitch Affirm 'BB+' IDR & Alters Outlook to Stable
------------------------------------------------------------
Fitch Ratings has revised the Outlook to Stable from Negative on
the Long-Term Issuer Default Ratings (IDR) of the following
India-based banks, while affirming their IDRs.
State Bank of India (SBI)
Bank of Baroda (BOB)
Bank of Baroda (New Zealand) Limited (BOBNZ)
Bank of India (BOI)
Canara Bank (Canara)
Punjab National Bank (PNB)
ICICI Bank Limited (ICICI)
Axis Bank Limited (Axis)
Fitch has also affirmed the Government Support Ratings (GSRs) for
seven of them and the Shareholder Support Rating (SSR) on Bank of
Baroda (New Zealand) Limited.
At the same time, Fitch has revised the Outlook on Union Bank of
India's (UBI) IDR to Stable from Negative, while affirming its IDR.
Fitch has assigned UBI a Government Support Rating (GSR) of 'bbb-',
in line with the updated Bank Rating Criteria. A full list of
rating actions is below.
Fitch has also withdrawn UBI's Support Rating and Support Rating
Floor as they are no longer relevant to the agency's coverage
following the publication of its updated Bank Rating Criteria on
November 12, 2021.
KEY RATING DRIVERS
The rating actions follow Fitch's revision of the Outlook on the
'BBB-' rating on the Indian sovereign to Stable from Negative on
June 10, 2022 due to diminished downside risks to India's
medium-term growth, which is underscored by its rapid economic
recovery and easing financial-sector weaknesses.
The IDRs for all the above Indian banks are support-driven and
anchored to their respective GSRs. They are based on Fitch's
assessment of high to moderate probability of extraordinary state
support for these banks, which takes into account Fitch's
assessment of the sovereign's ability and propensity to provide
extraordinary support. It factors in the government's consistent
record of supporting systemically important banks, the banks'
relative systemic importance and their different ownership.
SBI
SBI's IDR of 'BBB-' is at the same level as its GSR. It reflects
Fitch's expectation that SBI is highly likely to receive
extraordinary state support, if required. This is based on SBI's
very high systemic importance because of its significant market
shares (around 23% of system assets and deposits), its pan-India
franchise, the state's 57.6% controlling stake in the bank, and its
broader policy-like role than peers. Fitch believes that a default
by SBI would lead to complete loss of confidence in India's banking
sector and pose serious reputational and political risks for the
state.
BOB, PNB, CANARA, UBI AND BOI
The 'BBB-' IDRs of BOB, PNB, Canara, UBI and BOI are at the same
level as their GSRs, which, in Fitch's assessment, reflects a high
probability of extraordinary state support for these banks. It is
based on the banks' high systemic importance, which stems from
their significant market share (relative to much of the system),
their large retail-deposit franchises, majority government
ownership and roles in policy-like lending. Fitch believes that a
default by any of these large banks could result in a general loss
of confidence in the sector and pose high reputational risk for the
state.
ICICI AND AXIS
The 'BB+' IDRs of ICICI and Axis are driven by their GSRs, which is
one notch below the sovereign rating, reflecting Fitch's
expectation of a moderate probability of extraordinary state
support for these banks, due to their systemic importance, market
position and private ownership.
The probability of extraordinary state support for the two large
private banks will be lower than for large state banks, which are
likely to have priority due to their differences in ownership and
linkages to the state. Nevertheless, Fitch views both ICICI and
Axis to be systemically important banks and the state has a record
of supporting such banks, although neither ICICI nor Axis has
required support to date.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
SBI, BOB, PNB, CANARA, UBI AND BOI
The GSRs of the above banks are most sensitive to the agency's
assessment of the government's propensity and ability to support
them, based on their size, systemic importance and linkages to the
state. Weakening of the government's ability to provide
extraordinary support - reflected in negative action on India's
sovereign ratings - would likely lead to negative action on the
IDRs.
Negative action on the IDRs is also likely should Fitch perceive
any reduction in the government's propensity to extend timely
support, in which case the agency will reassess the GSRs, and in
turn, the banks' IDRs and senior debt ratings, although that is not
Fitch's base case.
Similarly, any change in the sovereign rating Outlook would lead to
a corresponding revision in the Outlooks on the banks' IDRs.
ICICI AND AXIS
Fitch would downgrade the GSRs, and in turn, the banks' IDRs, if
Fitch believes that the sovereign's ability and propensity to
support the banks have weakened, which could be the case if the
sovereign rating was downgraded.
Similarly, any change in the sovereign rating Outlook would lead to
a corresponding revision in the Outlooks of the banks' IDRs.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
SBI, BOB, PNB, CANARA, UBI AND BOI
An upgrade in SBI's GSR is more probable in the event of a
sovereign upgrade than for the other large state banks, even though
the government's ability and propensity to support those banks
would be high - the latter due to their systemic importance. This
is because of SBI's much higher systemic importance and policy
roles, making it more strategically important to the state.
However, an upgrade of the sovereign rating appears less likely in
the near term.
Similarly, any change in the sovereign rating Outlook would lead to
a corresponding revision in the Outlooks of the banks' IDRs,
provided the sovereign's propensity to support remains unchanged.
ICICI AND AXIS
ICICI's and Axis's IDRs are driven by their GSRs. A sovereign
rating upgrade, which appears unlikely in the near term, would not
lead to an upgrade in the banks' IDRs unless a sovereign rating
upgrade coincided with a strengthening of the sovereign's ability
and more importantly, propensity to support the banks, in Fitch's
view.
Similarly, any change in the sovereign rating Outlook would lead to
a corresponding revision in the Outlook of the banks' IDRs,
provided the sovereign's propensity to extend support remains
unchanged.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
The banks' medium-term note programmes and senior notes, where
applicable, are rated at the same level as their Long-Term IDRs, in
line with Fitch's criteria. The notes constitute direct,
unsubordinated and unsecured obligations of the banks, and rank
equally with all their other unsecured and unsubordinated
obligations.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The senior debt ratings for all banks would be downgraded if their
Long-Term IDRs were downgraded.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
All the banks' senior debt ratings will move in tandem with the
IDRs should they be upgraded, though Fitch views this to be
unlikely in the near term.
SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS
BOBNZ is a fully owned subsidiary of BOB and its IDR is driven by a
high probability of support from its parent and, ultimately, from
the Indian government. There is strong integration between the two
entities, and BOBNZ's small size relative to the parent makes
potential support manageable. Therefore, Fitch expects government
support for BOB to flow to the subsidiary.
SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Any downgrade of BOB's IDR or revision of its Outlook to Negative
would have a similar impact on BOBNZ, but the latter's IDR could
also be downgraded by a weaker propensity of its parent and,
ultimately, the government, to support the subsidiary.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
An upgrade in BOB's IDR - though highly unlikely - or revision in
its Outlook to Positive would have a similar effect on BOBNZ's
IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond 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 four 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.
These banks' Long-Term IDRs and Outlooks are linked to India's
sovereign Long-Term IDR via the GSR, which reflects Fitch's view of
the probability of extraordinary state support, should there be a
need.
BOBNZ
BOBNZ's Long-Term IDR and the Outlook are the same as those of BOB,
and its IDR is indirectly linked with the sovereign IDR via the
SSR, which reflects Fitch's view of the high probability of
extraordinary state support for BOB being extended to BOBNZ, should
there be a need.
ESG CONSIDERATIONS
SBI, BOB, PNB, CANARA, UBI AND BOI
The above-mentioned banks have an ESG Relevance Score of '4' for
Governance Structure, in line with similarly rated state banks. It
reflects Fitch's assessment that key governance aspects, in
particular board independence and effectiveness, ownership
concentration and protection of creditor or stakeholder rights,
have a moderate, yet negative influence, on their credit profiles,
and are relevant to the ratings in conjunction with other factors.
Fitch views Indian state banks' governance to be less developed,
which is evident from significant lending to higher-risk borrowers
and segments that have led to above-average levels of poorly
performing loans and credit losses. The board is typically
dominated by government appointees, and business models often focus
on supporting government strategy with lending directed towards
promoting socioeconomic and macroeconomic policies, which may
include lending to government-owned companies. These factors also
drive Fitch's view on the bank's state linkages that affect support
prospects that drive the long-term ratings.
SBI, BOB, PNB, CANARA, UBI, BOI, ICICI AND AXIS
The above-mentioned banks have an ESG Relevance Score of '4' for
Financial Transparency. It reflects Fitch's assessment that the
quality and frequency of financial reporting and the auditing
process have a moderate, yet negative influence, on their credit
profiles, and are relevant to the ratings in conjunction with other
factors.
Occurrences of material asset-quality divergence have been minimal
in recent years, but government and regulatory pandemic-related
relief measures pose a risk to transparent recognition of impaired
loans, even though Fitch expects private banks to be reasonably
placed among peers. Still, financial transparency is considered
pivotal for general business and depositor confidence and can lead
to significant reputational risk if not managed well.
DEBT RATING PRIOR
---- ------ -----
Axis Bank Limited LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
Government Support bb+ Affirmed bb+
senior unsecured LT BB+ Affirmed BB+
Union Bank of India LT IDR BBB- Affirmed BBB-
ST IDR F3 Affirmed F3
Support WD Withdrawn 2
Support Floor WD Withdrawn BBB-
Government Support bbb- New Rating
ICICI Bank Limited LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
Government Support bb+ Affirmed bb+
senior unsecured LT BB+ Affirmed BB+
Canara Bank LT IDR BBB- Affirmed BBB-
ST IDR F3 Affirmed F3
Government Support bbb- Affirmed bbb-
senior unsecured LT BBB- Affirmed BBB-
Bank of India LT IDR BBB- Affirmed BBB-
ST IDR F3 Affirmed F3
Government Support bbb- Affirmed bbb-
senior unsecured LT BBB- Affirmed BBB-
Bank of Baroda LT IDR BBB- Affirmed BBB-
ST IDR F3 Affirmed F3
Government Support bbb- Affirmed bbb-
senior unsecured LT BBB- Affirmed BBB-
Bank of Baroda
(New Zealand)
Limited LT IDR BBB- Affirmed BBB-
Shareholder Support bbb- Affirmed bbb-
Punjab National
Bank LT IDR BBB- Affirmed BBB-
ST IDR F3 Affirmed F3
Government Support bbb- Affirmed bbb-
State Bank of
India LT IDR BBB- Affirmed BBB-
ST IDR F3 Affirmed F3
Government Support bbb- Affirmed bbb-
senior unsecured LT BBB- Affirmed BBB-
B. MELARAM: ICRA Reaffirms B Rating on INR7cr LT Loan
-----------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of B.
Melaram & Sons (BMS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term non-
fund based limit 40.0 [ICRA]A4; Reaffirmed
Long-term fund-
based limit (7.0) [ICRA]B(Stable); Reaffirmed
Rationale
The rating action factors in the extensive experience of more than
two decades of BMS promoters in steel trading and ship-breaking
businesses. ICRA notes the firm's plan to re-venture into the
ship-breaking business, leveraging on the promoter group's
well-established presence in this business through an associate
firm. However, the same will be contingent on getting timely
approval for allotment of a plot in the ship-breaking yard from the
Gujarat Maritime Board (GMB), which has witnessed some delays.
The ratings, however, are constrained by BMS' average financial
profile, marked by modest scale of operations, low internal accrual
generation and weak debt protection metrics. The firm's
profitability is susceptible to fluctuations in steel prices and
the cyclicality inherent in the industry. The ratings also take
into account the intense competition in steel trading owing to the
fragmented nature of the business, which limits the pricing
flexibility, and risks inherent in partnership firms related to
capital withdrawals.
The Stable outlook on the rating reflects ICRA's opinion that BMS
will continue to benefit from its established operational track
record and steady demand for steel products.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters in steel trading and
ship-breaking business: BMS was established by Mr. Melaram Baijnath
Agarwal in 1982 and was later taken over by his sons, Mr.
Vinodkumar M. Agarwal and Mr. Bhupendrakumar M. Agarwal. Both the
partners hold over two decades of experience in steel trading and
ship-breaking operations. The partners' extensive experience has
enabled the firm to establish healthy business relationships with
its suppliers and customers.
Credit challenges
* Modest scale of operations, low internal accrual generation and
weak debt protection metrics: The firm's scale of operations has
remained modest with an operating income of INR32.6 crore in FY2022
(INR31.5 crore in FY2021), led by a decline in trading volumes.
BMS' profitability has been weak owing to the lack of value
addition in the trading business. Though the operating margins
improved in FY2022 (as per the provisional financials), its
profitability remains vulnerable to anticipated correction in steel
prices over the near term. Moreover, volatility in margins and low
internal accrual generation has continued to result in weak debt
protection metrics with interest coverage of 1.8 times in FY2022.
* Exposure to cyclicality associated with steel industry: BMS'
operations and profitability are vulnerable to the cyclicality
inherent in the steel trading business. The fluctuation in global
as well as domestic demand and prices affected the firm's scale of
operations and led to volatility in profit margins in the recent
years.
* Fragmented nature of industry resulting in intense competition:
The steel trading industry in India is highly fragmented, given the
commoditised nature of the product. The segment is characterised by
low entry barriers and intense competition from numerous players
that limits the pricing flexibility of the traders.
* Risks inherent in partnership nature of business: BMS remains
vulnerable to risks inherent in partnership firms such as the risks
of capital withdrawal, which can adversely impact its capital
structure.
Liquidity position: Stretched
The firm's liquidity profile has remained stretched due to weak
cash accruals and relatively high working capital intensity in the
business. While the liquidity is temporarily supported by the
capital infusion from partners, the same will be deployed towards
funding the allotment/development of a ship-breaking yard in Alang,
Gujarat. However, the absence of any long-term loan repayments
provides some comfort.
Rating sensitivities
Positive factors – The ratings could be upgraded if there is a
sustained revenue growth, coupled with improvement in
profitability leading to improved liquidity and comfortable
coverage indicators.
Negative factors – The ratings could be downgraded if there is
any sustained decline in profitability and turnover leading to
deterioration of liquidity, or if there are any substantial
withdrawals from the capital account.
Established in 1982, BMS is a partnership concern that trades in
ferrous products such as hot rolled (HR) coils, HR plates and
sheets, HR alloys, etc. The firm was also involved in ship-breaking
business. However, the same was discontinued from FY2013. Baijnath
Melaram is the associate concern of BMS, which deals in
ship-breaking operations.
BALAJI ENTERTAINMENTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Shri Balaji Entertainments Private Limited
B-10, Veera Industrial Estate
New Link Road, Andheri West
Mumbai, Maharashtra 400053
Insolvency Commencement Date: April 20, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: October 17, 2022
(180 days from commencement)
Insolvency professional: Gajesh Labhchand Jain
Interim Resolution
Professional: Gajesh Labhchand Jain
501, Clifton Society
Shastri Nagar
Raviraj Oberoi Marg
Andheri West, Mumbai 400053
E-mail: gajeshjain@gmail.com
- and -
502, Brookfield Society
Old Lokhandwala Complex
Opp Ashok Academy
Andheri West, Mumbai 400053
E-mail: cirp.balajient@gmail.com
Last date for
submission of claims: May 4, 2022
BALASON TEA: ICRA Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Balason
Tea Company Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B-(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 6.55 [ICRA]B- (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non fund based– 0.25 [ICRA] A4; ISSUER NOT
Bank Guarantee COOPERATING; Rating Continues
to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2001, Balason Tea Company Private Limited
manufactures black tea of CTC variety. The company has no
plantation facility and so has to depend entirely on purchased
green leaves for production of black tea. The factory is located in
Darjeeling district, West Bengal. The annual installed capacity for
production of black tea is 2 million kg. BTCL sells its own produce
in the domestic market and also exports tea, procured from tea
auction centres. The company markets tea under the brand name of
'London Royal', 'Kolkata Royal' and 'Balason Tea'.
CONCORD CREATIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Concord Creations (India) Private Limited
No. 731, 4th Floor
Housing Board Colony
4th Stage Yelahanka
New Town, Bangalore
Karnataka 560064
Insolvency Commencement Date: June 16, 2022
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: November 27, 2022
(180 days from commencement)
Insolvency professional: Pankaj Srivastava
Interim Resolution
Professional: Pankaj Srivastava
5, 5th Cross Navya Nagar
Jakkur, Bangalore
Karnataka 560064
E-mail: psri@live.com
- and -
1st Floor, No. 29
S N Complex
14th Main Road
'E' Block Extn
Sahakarnagar
Bangalore 560092
E-mail: cirp.ccipl@gmail.com
Last date for
submission of claims: June 30, 2022
DISHNET WIRELESS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Dishnet Wireless Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term– 3,750 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term– 13,729 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.
DP POLYPLAST INDUSTRIES: Voluntary Liquidation Case Summary
-----------------------------------------------------------
Debtor: D.P. Polyplast Industries Private Limited
30, Kaamdar Shopping Centre, 2nd Floor
Opposite Railway Station
Vileparle East, Mumbai
MH 400057
Liquidation Commencement Date: June 14, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency professional: Prashant Bharatkumar Patel
Interim Resolution
Professional: Prashant Bharatkumar Patel
51, Hariom Villa
Near Iscon Flower Flats
Bopal Guma Road
Ahmedabad 380058
E-mail: prashant167@gmai.com
Tel: 09824002847
- and -
409, West Face
Opp. Turban Restaurant
Nr. Bagbhan Party Plot Cross Road
Zydus Hospital Road
Thaltej, Ahmedabad 380059
Last date for
submission of claims: July 14, 2022
G. M. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of G. M.
Exports in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 6.50 [ICRA]A4; ISSUER NOT
NonFund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
G. M. Exports (GME) is a partnership firm engaged in the
distribution of polymers (HDPE/LLDPE). The firm is a Del Cadre
Agent (DCA) and a consignment agent of GAIL (India) Limited for
distribution of polymer products in Gujarat, mainly Ahmedabad and
North Gujarat region since 2002. Besides, the firm also undertakes
trading of imported polymers in the local market. The firm owns a
10,000 sq feet godown in Ahmedabad for stocking goods.
H.S. SANDHU: ICRA Moves B- Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of H.S. Sandhu
Builders Pvt. Ltd. to the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B- (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.50 [ICRA]B-(Stable); ISSUER NOT
Fund-based COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]A4; ISSUER NOT
Non-fund based– COOPERATING; Rating moved to
Bank Guarantee 'Issuer Not Cooperating'
Category
Long-term/ 8.50 [ICRA]B-(Stable)/[ICRA]A4;
Short-term– ISSUER NOT COOPERATING;
Unallocated Rating moved to 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with H.S. Sandhu Builders Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
Incorporated in 1980 as National Builders with Mr. H S Sandhu as
its proprietor, the company was registered with the Military
Engineering Services (MES). National Builders was later taken over
by H S Builders Pvt. Ltd. on August 10, 2001 with Mr. H.S. Sandhu
as its Managing Director. The company executes civil, electrical,
public health and engineering works. The Company is engaged in
civil construction for Ministry of Defence. The Company is
registered as a 'Super Specialty' contractor with MES.
HAN UL TECHNOLOGIES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Han UL Technologies Private Limited
Janaki, Plot No. 27
Vidyanagar, Pune
Maharashtra 411032
Liquidation Commencement Date: June 17, 2022
Court: National Company Law Tribunal, Mumbai Bench, Court III
Date of closure of
insolvency resolution process: June 17, 2022
Insolvency professional: Kiran Martin Golla
Interim Resolution
Professional: Kiran Martin Golla
Flat No. 1704, T-3
Raheja Tipco Heights
Rani Sati Marg, Malad-E
Mumbai 400097, Maharashtra
E-mail: ip.kirangolla9@gmail.com
hanul.kiran.ibc@gmail.com
Last date for
submission of claims: July 17, 2022
HPCL-MITTAL ENERGY: Moody's Alters Outlook on 'Ba2' CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed HPCL-Mittal Energy Limited's
(HMEL) Ba2 corporate family rating and Ba3 senior unsecured bond
rating.
At the same time, Moody's has changed the outlook on the rating to
stable from negative.
"The change in outlook to stable reflects our view that downside
risks for HMEL's Ba2 CFR have sufficiently declined, following the
completion of the construction of its petrochemical plant and an
improvement in the refining margin environment. Consequently, we
expect HMEL's credit metrics to continue to improve and be within
our rating thresholds by March 2023," says Sweta Patodia, a Moody's
Assistant Vice President and Analyst.
"The affirmation of HMEL's Ba2 CFR is supported by HMEL's high
complexity refinery and its 15-year offtake agreement with
Hindustan Petroleum Corporation Ltd. (HPCL, Baa3 stable), which
provides good visibility into sale volumes and underpins its strong
business profile. We believe that HMEL's business profile will
strengthen following the integration of its petrochemical plant,
which is expected to start commercial production over the next 6-12
months," adds Patodia.
RATINGS RATIONALE
Compared with the pre-pandemic historical average of around
$5.3/barrel (bbl) between 2010-2019, the Singapore benchmark
refining margins are currently trending at around $30-$35/bbl,
which is the highest in over a decade.
A sustained demand recovery from the pandemic combined with
increased demand from Europe will continue to support demand for
Asian refined products. On the other hand, Moody's expects the
supply side to remain tight. Lower exports from China along with
low inventory levels for refined products will exacerbate supply
pressures.
Moody's expects that HMEL's leverage, as measured by gross
debt/EBITDA, to decline to around 4.0x by March 2023 from 6.4x as
of March 2022. This is based on the agency's assumption that
benchmark refining margins will average around $6/bbl during the
remaining three quarters of fiscal 2023 from around $35/bbl
currently. The leverage reduction could be steeper if refining
margins remain at or near current levels for the rest of the year.
This does not include any earnings contribution from HMEL's
petrochemical project.
The construction of HMEL's 2 million metric tons per annum (MMTPA)
petrochemical plant has completed and the plant is now in the
commissioning stage. As per Moody's base assumptions, the company
should be able to start commercial operations from fiscal 2024 and
gradually ramp up capacity utilization thereafter.
The petrochemical plant's completion will reduce HMEL's capital
spending significantly from historical levels.
Reduced capital spending combined with earnings from the
petrochemical plant, will increase free cash flow generation and
further improve the company's credit metrics.
HMEL's Ba2 CFR incorporates a two-notch uplift based on Moody's
expectation that the company will receive extraordinary support
from its shareholder and key offtaker, HPCL. This support
assumption reflects HMEL's strategic importance to HPCL, its 49%
ownership by HPCL, as well as HPCL's management oversight and track
record of providing financial and operational assistance to HMEL.
As of March 31, 2022, 77% of the total debt in HMEL's capital
structure was secured. As such, the claims of bondholders are
subordinated to those of secured lenders. Consequently, Moody's
rates the company's senior unsecured bonds one notch below its
CFR.
HMEL's ratings also consider the following environmental, social
and governance (ESG) factors.
First, HMEL is exposed to increasing environmental regulations and
safety risks associated with its refining business, which is among
the 11 sectors that Moody's has identified as having elevated
environmental risk. However, these risks are somewhat mitigated by
the company's track record of environmental compliance and its high
refining complexity with increasing downstream integration.
Second, the ratings consider HMEL's aggressive financial strategy,
as evidenced by its largely debt-funded petrochemicals capacity
expansion. This is mitigated by the company's low shareholder
return and long-dated debt maturity profile. The ratings also
consider HMEL's limited public disclosure of its financial and
operating performance, given its status as a private company in
India.
Third, HMEL is privately owned and its ownership is concentrated in
HPCL and Mittal Energy Investments, which hold a 49% stake each.
HMEL's board consists of eight directors, out of which only two are
independent. HPCL is in turn 54.9% owned by Oil and Natural Gas
Corporation Ltd. (Baa3 stable), which is 58.91% owned by the
Government of India (Baa3 stable). Mittal Energy Investments is a
100%-owned subsidiary of Mittal Investments SARL. The indirect,
partial ownership by the Government of India mitigates some of the
risks arising from HMEL's concentrated ownership structure.
HMEL has good liquidity. As of March 31, 2022, the company had cash
and cash equivalents of INR18 billion, which along with its
expected cash flow generation over the next 12-18 months, will be
sufficient to cover its capital spending requirements and debt
maturities over the same period.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A sustained improvement in the regional refining margin
environment, relative to levels seen over the last 12-18 months,
leading to a material increase in earnings and cash flow, along
with a timely ramp-up of the petrochemical plant, would be key for
any upward ratings momentum.
Specific metrics that would indicate upward ratings pressure
include adjusted debt/EBITDA staying below 4.0x and
debt/capitalization remaining below 60% on a sustained basis.
Moody's could downgrade the ratings if there is a sustained decline
in HMEL's refining margins or operational efficiency, resulting in
a significant deterioration in its earnings and cash flow. At the
same time, any (1) significant delays in the ramp-up of its
petrochemical plant that defer the earnings contribution from the
project; or (2) material increase in dividends prior to its
consolidated debt/EBITDA falling below 3.0x-3.5x or before the
stabilization of the petrochemical plant, will also exert negative
ratings pressure.
Specifics metrics indicative of a downgrade include adjusted
debt/EBITDA staying above 5.0x and debt/capitalization staying
above 65% on a sustained basis.
Moody's could also downgrade the ratings if (1) Moody's downgrades
HPCL's ratings, or (2) there is a change in the relationship
between HPCL and HMEL that lowers Moody's assessment of the support
incorporated into HMEL's ratings.
The principal methodology used in these ratings was Refining and
Marketing published in August 2021.
HPCL-Mittal Energy Limited, which commenced operations in 2011,
owns an 11.3 million metric tons per annum (mmtpa) refinery in
Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making it
one of the highest complex refineries in Asia. The company is
currently setting up a 2 mmtpa petrochemical plant at the existing
refinery.
HYDERABAD METROPOLITAN: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term rating of Hyderabad Metropolitan
Water Supply And Sewerage Board in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1000.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
HMWSSB was constituted in 1989 under a separate Act of the State
Legislature. HMWSSB today operates as the planning, designing,
implementing and operating and maintenance agency for the water
supply and sewerage infrastructure of Hyderabad city. HMWSSB is
governed by its board, the members of which are nominated by the
state government. The Chief Minister of the state heads the board
as a Chairman and the Minister for Municipal Administration and
Urban Development (MAUD) as the Vice Chairman. The regular
operations of HMWSSB are supervised by the Managing Director, who
is appointed by the state government. The board is administered by
the MAUD as per the provisions of the Hyderabad Metropolitan Water
Supply and Sewerage Board Act, 1989.
INDIAN FURNITURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Indian
Furniture Products Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 37.82 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 22.14 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 25.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Indian Furniture Products Limited ("IFPL"), incorporated in 1996,
is part of the K.K. Birla Group of Industries, which has interests
in fertilisers, shipping, textiles, sugar, media, capital goods,
software, finance and power. IFPL, a wholly owned subsidiary of
Zuari Industries Limited (ZIL), was started through a technical &
financial collaboration with Groupe Seribo of France to manufacture
Ready-To-Assemble (RTA) furniture at Kakkalur, near Chennai. The
factory has a floor area of 225, 000 sq. ft. and has capacity to
produce 1, 60,000 units of furniture annually on a double shift
basis. IFPL launched its own brand ZUARI in 2002 and has also
obtained ISO certification in 2004. Style Spa Furniture Limited
(SSFL), was merged with Indian Furniture Products Limited with
effect from April 01, 2014. IFPL sells its products through SSFL
(now merged with IFPL) showrooms and dealers, apart from direct
sale of office furniture to customers. The company predominantly
imports part of its raw materials from Malaysia.
JOSEPH LESLIE: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Joseph
Leslie & Company LLP in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 5.25 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-Fund Based– 0.10 [ICRA]A4; ISSUER NOT
Letter of Credit COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Non-Fund Based– 2.00 [ICRA]A4; ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Unallocated limit 1.25 [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Joseph Leslie & Company LLP (JLC) was formed as a partnership firm
in 1933 and was later converted into a limited liability
partnership in January 2011. The operations of the firm are managed
by Ms. Wendy Leslie Pereira and Ms. Carole Leslie Roy who have an
experience of over two decades in the industrial PPE industry. JLC
manufactures and trades in industrial PPE through its distribution
network of more than 20 distributors across India.
K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the rating for the bank facilities of K.P. Saha
Private Limited Unit: Maa Bameswari Rice Mill in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.69 [ICRA]B+ (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long-term- 0.13 [ICRA]B+ (Stable) ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
K.P. Saha Private Limited was set up in 1990 and its rice mill unit
Maa Bameswari Rice Mill (MBRM) was set up and started
operations in December 2010 at Dhaniakhali, West Bengal. K.P. Saha
also owns two cinema halls at Kalyani and Kolkata, West Bengal.
MBRM is engaged in production of parboiled rice and has a milling
capacity of 96 MT per day on a double-shift basis, translating into
an annual milling capacity of 28,800 MT.
LEO PRIMECOMP: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Leo Primecomp Private Limited
Flat No. 61 & 62, Lakshmi Nagar
Kandanchavadi, Chennai 600096
Liquidation Commencement Date: June 6, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: June 6, 2022
Insolvency professional: Mrs. J Karthiga
Interim Resolution
Professional: Mrs. J Karthiga
New No. 1, Old No. 1052
41st Street, Korattur
Chennai 600080
E-mail: karthigasri@hotmail.com
Tel: 8754402125
Last date for
submission of claims: July 7, 2022
LEXCORP ADVISORY: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Lexcorp Advisory Services Private Limited
Office No. 15, Mashraqui Building
3rd Floor, 227
P.D. Mellow Road
Near G.P.O.
Fort, Mumbai 400001
Liquidation Commencement Date: June 6, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: June 5, 2022
Insolvency professional: Mr. Amit Chandrakant Pandya
Interim Resolution
Professional: Mr. Amit Chandrakant Pandya
603 Anupama CHS Plot 1078
Devidayal Road
Mulund West 400080
E-mail: amitcpandya@yahoo.co.in
acp.lexcrop@gmail.com
Last date for
submission of claims: July 6, 2022
LIMTEX INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Limtex (India) Ltd
"The Legacy", 25 A
Shakespeare Sarani
2nd Floor
Kolkata 700017
West Bengal
Insolvency Commencement Date: June 13, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 10, 2022
(180 days from commencement)
Insolvency professional: Sandip Mitra
Interim Resolution
Professional: Sandip Mitra
53/C, Harish Mulherjee Road
Kolkata 700025
E-mail: sasoso@gmail.com
limtex2022@gmail.com
Last date for
submission of claims: June 27, 2022
MAHA SAI: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------
ICRA has retained the long-term rating of Maha Sai Laboratories in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 4.75 [ICRA]B (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term– 1.25 [ICRA]B(Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Maha Sai Laboratories (MSL) was set up in 2011 by Mr. CH Narasimha
Reddy. MSL is involved in purification and distillation of
industrial solvents. The promoter has about 20 years of experience
in the pharmaceutical industry. The facility is located in
Gummadidala, Medak district of Telangana and has a capacity of 58
KL with a total of five reactors.
MEMON HEALTH: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Memon
Health Care Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 4.07 [ICRA]B+ (Stable) ISSUER NOT
Limit COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Fund based- 2.60 [ICRA]B+ (Stable) ISSUER NOT
Limit COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Unallocated 3.33 [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2006, MHCPL commenced operations as an oncology
hospital under the name Sanjeevani CBCC USA Cancer Hospital in
Raipur, Chattisgarh. Currently the operations are conducted in two
adjacent hospital buildings having a combined capacity of 75 beds.
MONOLITHIC INVESTMENTS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Monolithic Investments Private Limited
163, Vasundhara Apartment
Sector-9, Rohini
New Delhi, North West
DL 110088
IN
Liquidation Commencement Date: June 5, 2022
Court: National Company Law Tribunal, New Delhi Bench
Insolvency professional: Sourabh Modi
Interim Resolution
Professional: Sourabh Modi
1801, Harmony Signature Tower
Ovala Naka, Ghodbunder Road
Thane (W), Mumbai 400615
E-mail: sourabhmodi21@gmail.com
Tel: +917021450026
Last date for
submission of claims: July 5, 2022
MYSORE SUGAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Mysore Sugar Company Limited
Mysore Open Air Theatre
Sugar Town, Mandya 571402
Insolvency Commencement Date: June 15, 2022
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: December 3, 2022
Insolvency professional: B. Balasubramanian Prasad
Interim Resolution
Professional: B. Balasubramanian Prasad
2nd Cross, G.M. Palya Extension
New Thippasandra Post
Bangalore 560075
E-mail: bb.prasad3135@gmail.com
- and -
C/o B. Prasanna Kumar
Advocate & Legal Consultant
No. 317/18, 1st 'G' Cross
Behind Attiguppe Metro Station
Vijayanagar II Stage
Bangalore 560040
E-mail: cirp.mysoresugar@gmail.com
Last date for
submission of claims: June 29, 2022
OMKAR FERTILISERS: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Omkar
Fertilisers Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 2.80 [ICRA]B (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 5.70 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Omkar Fertilisers Private Limited was incorporated in the year 2010
to start a plant with a capacity of 30000 TPA for the manufacturing
of NPK Fertilizers. The total project cost was INR8.50 crore which
was funded by INR4.50 crore of debt and INR4.00 crore of equity.
The company started its commercial production in the month of June
2013. The company has its plant in the west Godavari district of
Andhra Pradesh.
RAHUL COMMERCE: Liquidation Process Case Summary
------------------------------------------------
Debtor: Rahul Commerce Private Limited
D38 (79), Rajdanga Nabapally
Kolkata, West Bengal 700107
India
Liquidation Commencement Date: June 3, 2022
Court: National Company Law Tribunal, Kolkata Bench-I
Date of closure of
insolvency resolution process: May 24, 2022
Insolvency professional: Mr. Nihar Ranjan Nayak
Interim Resolution
Professional: Mr. Nihar Ranjan Nayak
Salarpuria and Partners
7 Chittranjan Avenue
3rd Floor, Laha Paint House
Kolkata, West Bengal 700072
E-mail: banpur65@yahoo.co.in
Last date for
submission of claims: June 23, 2022
SAMAR LIFESTYLE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Samar Lifestyle Private Limited
192/1, 2, 3, C.K. Palya
Sakalawara Post
Bannerghatta Road
Bangalore
Karnataka 560083
Insolvency Commencement Date: June 17, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: December 4, 2022
Insolvency professional: Mr. Suresh Kannan
Interim Resolution
Professional: Mr. Suresh Kannan
4th Floor, 4/1
Krishna Reddy Colony
Domlur Layout
Bengaluru 560071
E-mail: sureshkannan10@gmail.com
- and -
AAA Insolvency Pofessionals LLP
E-10A, Lower Ground Floor
Kailash Colony 110048
E-mail: samarlifestyle@aaainsolvency.com
Last date for
submission of claims: July 1, 2022
SESHA SAILA: Liquidation Process Case Summary
---------------------------------------------
Debtor: Sesha Saila Power and Engineering Private Limited
Plot No. 16, R & D Difence Enclave
Sikh Village, Secunderabad
Hyderabad, TG 500003
Liquidation Commencement Date: June 13, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Date of closure of
insolvency resolution process: June 13, 2022
Insolvency professional: Mr. Anil Seetaram Vaidya
Interim Resolution
Professional: Mr. Anil Seetaram Vaidya
Plot no. 107, Survey no. 62/65
Mahatma Society, Bhusari Colony
Kothrud, Pune 411038
E-mail: anilvaidya38@gmail.com
Last date for
submission of claims: July 12, 2022
SHELL APPARELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shell
Apparels Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 8.14 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term-
Non-Fund Based 2.01 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shell Apparels Private Limited ("SAPL") headquartered in Bangalore
is primarily engaged into manufacturing of knitted garments.
Promoted by Mr. Vasuki in the year 1988 as Shell Sands - a
proprietorship firm, Shell Sands was initially engaged into
manufacturing of shell moldings catering to industrial and
engineering companies like Bharat Heavy Electricals Ltd. etc for
shell mold castings. However in 1994 with an objective of foraying
into garment industry the promoters changed the name of the firm to
Shell Apparels – in line with the nature of business and started
stitching on job works basis. As per management, the Company was
one of the first few garment manufacturing units selected by M/s
Arvind Mills Limited for stitching of Denim Jeans for its popular
brands Flying Machine and New Port University. With growing
experience and track record with Arvind, the Company added new
customers and in turn brought numerous brands like Ruggers,
Wranglers, Excaliber, Arrow, Lee etc (on job work basis) under its
portfolio. With increasing volume of orders, a new company Shell
Apparels Private Limited was incorporated in 2003 and the Company
started taking complete manufacturing orders (on fob basis) inorder
to further enhance credentials as a reliable garment manufacturing
company rather than just a convertor (job worker) aiding its
revenue growth over last several years.
SM LPG CYLINDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of SM LPG
Cylinders Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 30.00 [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non Fund based 1.34 [ICRA]A4 ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SM LPG Cylinders Private Limited – erstwhile S M Cylinders (a
unit of S.M. Sugars Private Limited) – is part of the Amba Group,
which was co-promoted by Mr. Kamal Goel and Mr. Vijay Kumar
Agarwal. The manufacturing of LPG cylinders is undertaken under SM
LPG Cylinders Private Limited, which was incorporated in 1999. The
company started its commercial production of LPG Cylinders from
September 2001. The company has its single manufacturing facility
at Greater Noida, Gautam Budh Nagar, Uttar Pradesh.
SS INVESTMENTS PVT: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: S S Investments Pvt Ltd
R Rao, 2-22-7/1, S Villa
Girija Street
Behind Collector Bunglow
Srinagar, Kakinada
East Godavari
Andhra Pradesh 533003
Insolvency Commencement Date: June 16, 2022
Court: National Company Law Tribunal, Mumbai Bench Court III
Estimated date of closure of
insolvency resolution process: December 4, 2022
Insolvency professional: Rishabh Chand Lodha
Interim Resolution
Professional: Rishabh Chand Lodha
E-5, Shraman Basant Vihar
Gandhi Nagar, Bhilwara
Rajasthan 311001
E-mail: rishabhlodha57@gmail.com
ssi.cirp@gmail.com
Last date for
submission of claims: June 30, 2022
TATTVA VALUERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tattva Valuers Pvt Limited
Plot No. X 2&3
Block - EP Sector-V
Saltlake City, Kolkata
West Bengal 7900091
Insolvency Commencement Date: June 15, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 11, 2022
Insolvency professional: Mr. Rakesh Kumar Agarwal
Interim Resolution
Professional: Mr. Rakesh Kumar Agarwal
20, N.S. Road
Room no. 15, Block-A
Kolkata 700001
E-mail: rakesh202@hotmail.com
Last date for
submission of claims: June 28, 2022
THERDOSE PHARMA: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Therdose
Pharma Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 5.47 [ICRA]B(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Cash Credit 7.00 [ICRA]B(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-Fund Based 3.00 [ICRA]A4; ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 9.53 [ICRA]B(Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Therdose Pharma Pvt. Ltd. (TPPL) was incorporated in 2003 in the
name of Oshadha Therapeutical Private Limited in the owned premises
in Hyderabad. In 2005, the company's name was changed to Therdose
Pharma Private Limited (TPPL). The manufacturing unit cum
administration office of the company is situated in Hyderabad. The
company is engaged in drug development and contract research, scale
up and technology transfer, manufacturing of oncology and
non-oncology formulations. Until August 2014, TPPL was subsidiary
of Scidose LLC, U.S. and later became an Indian company. The
company has capacity to manufacture 0.12 crore oncology sterile
injections, and 1.85 crore oncology oral solids per annum.
TIRUMALA SEVEN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Tirumala
Seven Hills Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- (8.00) [ICRA]B+(Stable); ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 23.00 [ICRA]A4; ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term– (6.00) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long-Term/ 1.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1990, TSHPL trades in telecom and transmission
equipment, provides infrastructure support and services for
applications to industries like telecom. In addition, it acts as a
commissioning agent and facilitates trading of telecomrelated
equipment to other companies located outside India. It also
generates a small portion of its revenue from other sources,
including software licence, rentals etc.
TRIVANDRUM INTERNATIONAL: Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Trivandrum International Health Services Limited
T.C. 7/1407, SUT Royal Hospital
Kochulloor, Trivandrum
Kerala 695011
India
Liquidation Commencement Date: June 7, 2022
Court: National Company Law Tribunal, Kochi Bench
Date of closure of
insolvency resolution process: June 2, 2022
Insolvency professional: Mr. Raju Palanilkunnathil Kesavan
Interim Resolution
Professional: Mr. Raju Palanilkunnathil Kesavan
CGNRA-9 (33/1183A), Kodamassary Lane
Chalikkavattom, Vennala P.O.
Kochi 682028
E-mail: rajupkin@gmail.com
- and -
M/s Agasti & Associates
Chartered Accountants
First Floor, CNRWA-6
Cherupushpam Lane
Kadavanthra, Kochi 682020
Kerala
Last date for
submission of claims: July 10, 2022
UNIQUE MULTIFILMS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term rating of Unique
Multifilms Virudhunagar Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 15.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating downgraded
from [ICRA]A4+ and continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Unique Multifilms Virudhunagar Private Limited was incorporated in
the year 2003 by Mr. T.R. Thomas in Virudhunagar, Tamilnadu. The
company is engaged in the manufacture of printed films for oil,
ghee, milk etc and laminated films for various packing
applications. The company has its manufacturing facility in
Virudhunagar with a capacity to produce 300 tons per month.
Currently the company is being managed by the promoter's sons Mr.
Mathiprakash and Mr. Muralidharan.
VIBRANT FAB: Liquidation Process Case Summary
---------------------------------------------
Debtor: Vibrant Fab Private Limited
Landmark Empire Build-A
5th Floor, Sh-517 Landmark Corpo
Saroli Surat, Gujarat 395010
Liquidation Commencement Date: June 3, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Date of closure of
insolvency resolution process: May 29, 2022
Insolvency professional: Mr. Kamal Kishor Gurnani
Interim Resolution
Professional: Mr. Kamal Kishor Gurnani
Flat No. 1301, Building No. 23E
Palazzio CHS Ltd
Mahada Housing Society
Powai, Mumbai 400076
E-mail: kamalgurnaniip@gmail.com
- and –
702, Janki Centre
Dattaji Salvi Road
Off Veera Desai Road
Andheri West, Mumbai 400053
E-mail: rp.vfpl@rirp.co.in
Last date for
submission of claims: June 29, 2022
WALKER ESTATE: ICRA Withdraws D Rating on INR45cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Walker Estate LLP based on the No Due Certificate received from the
Banker and based on the client withdrawal request received and in
accordance with ICRA's policy on withdrawal and suspension.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Key Financial Indicator, Liquidity Position,
Rating Sensitivities, and the related instruments are being
withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-Based- 45.00 [ICRA]D; ISSUER NOT
Term Loan COOPERATING; Withdrawn
Walker Estate LLP (WELLP) was incorporated on January 22, 2016, as
a special purpose vehicle (SPV) to execute a hotel/service
apartment project in Goa. It is developing a 28-key serviced
apartment project in Calangute, Goa, and has established an
operating service agreement with GOCO Hospitality to manage the
same. The expected commissioning of the project was April 2022
(delayed from March 2021).
ZENITH AUTOMOTIVE: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Zenith Automotive Private Limited
564-A-1, P.No. 2/59 AF/F
Bhim Gali, Vishawas Nagar
Shahdra New Delhi 110032
Liquidation Commencement Date: June 3, 2022
Court: National Company Law Tribunal, New Delhi Bench V
Date of closure of
insolvency resolution process: June 2, 2022
Insolvency professional: Mohd Nazim Khan
Interim Resolution
Professional: Mohd Nazim Khan
G-41, Ground Floor
West Patel Nagar
New Delhi 110008
E-mail: nazim@mnkassociates.com
cirp.zenithautomotive@gmail.com
Last date for
submission of claims: July 2, 2022
=========
J A P A N
=========
TOSHIBA CORP: Bidders Weigh Offers Valuing Firm at Up to US$22BB
----------------------------------------------------------------
Reuters reports that bidders for Toshiba Corp. are considering
offering up to JPY7,000 ($51.41) per share to take the troubled
Japanese conglomerate private, three people familiar with the
situation told Reuters, valuing the deal at about $22 billion.
Toshiba, which is exploring strategic options, said this month it
had received eight initial buyout proposals and two for capital
alliances that would see it remain listed, Reuters relates.
According to Reuters, the bidders are now discussing an offer price
range of up to JPY7,000 a share with Toshiba's shareholders, the
people said, representing up to a 27% premium to Toshiba's share
price of JPY5,501 as of June 22's close.
The offer price, if finalised, would value the chips to nuclear
reactors conglomerate at JPY3 trillion ($22 billion), at the top
end of the range, Reuters notes.
A separate source said the range of offers was wide and various
conditions have been attached.
Toshiba told Reuters it would not disclose details of the
proposals.
A wide bid price range and conditionality suggests that some assets
of Toshiba would need to be carved out, or spun out, Travis Lundy,
Quiddity Advisors analyst who publishes on Smartkarma, wrote in a
report, Reuters relays.
If some assets are spun out, that would mean "a lower price for the
rest of the basket", he wrote, adding the up to JPY7,000 per share
price suggests that may be the top price in the initial round.
"While everyone probably needed to spend the time and effort
getting into the first round, if due diligence and a worsening
market environment start to make Toshiba a less interesting
candidate for a particular bidder, they can bid to miss in Round 2,
by lowering price."
Reuters reported in December, citing sources, at least one private
equity firm had told the Toshiba committee tasked with its
strategic review that a deal to take it private could be done at
JPY6,000 a share or more.
KKR & Co Inc., Baring Private Equity Asia, Blackstone Inc., Bain
Capital, Brookfield Asset Management, MBK Partners, Apollo Global
Management and CVC Capital Partners have submitted initial bids,
according to the people.
Some of them may form consortia for a bid, they added.
Domestic funds, including Japan Investment Corp (JIC), and a number
of strategic players are looking to see how they can participate in
the deal, the people said, declining to be named as they were not
authorised to speak to media, adds Reuters.
If successful, the Toshiba deal would be the largest buyout
transaction in Japan since a consortium led by Bain took private
the conglomerate's memory chip unit, Kioxia, for $18 billion in
2018, the report states.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
===============
M A L A Y S I A
===============
1MDB: Prosecution Has 20 Witnesses Before Closing Case vs Najib
---------------------------------------------------------------
theedgemarkets.com reports that the prosecution team in the
1Malaysia Development Bhd (1MDB)-Tanore trial against former prime
minister Datuk Seri Najib Razak told the High Court on June 23 that
they have 20 witnesses to go before they close their case.
According to the report, Deputy Public Prosecutor (DPP) Deepa Nair
Thevaharan informed Justice Datuk Collin Lawrence Sequerah that
thus far the prosecution has called 33 witnesses to testify against
Najib and they will be calling 20 more witnesses before they wrap
up their side of the case.
"Yang Arif, we have called 15 witnesses in the month of June alone,
and we have 20 witnesses to go before we close the prosecution's
case," she said.
She was informing Justice Sequerah after the prosecution's 33rd
witness, Khalil Khalid, a banker with RHB Bank, was done with his
testimony, theedgemarkets.com relays.
He verified documents on transactions related to Terengganu
Investment Authority, 1MDB's predecessor.
After he finished testifying in the afternoon before lunch, Deepa
told the judge that they do not have anymore witnesses for the
day.
However, Justice Sequerah asked her if she could get another
witness after lunch break.
This was when the DPP told him how many witnesses they have left,
and requested for the afternoon session be vacated.
"Please try and see if we can get a witness for the afternoon
session. I am reluctant to waste even half a day," Justice Sequerah
said.
Deepa replied that she will try to get a witness for the afternoon
session.
Once the prosecution wraps up its case, Justice Sequerah will
listen to submissions from both parties and decide whether the
prosecution has proved a prima facie case against Najib, or
essentially, whether the Pekan member of parliament has a case to
answer on the charges levelled against him.
If ordered to enter his defence, Najib has three options - keep
quiet and not answer to the charges, give an unsworn statement from
the dock without being cross-examined by the prosecution, or
testify under oath on the witness stand with the prosecution given
the opportunity to question him during cross-examination.
Najib is on trial for four counts of abuse of power and 21 counts
of money laundering involving MYR2.28 billion of 1MDB's funds, the
report notes.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
ASPEN GLOVE: Gets Interim Injunction Against Winding-Up Petition
----------------------------------------------------------------
The Business Times reports that Aspen Glove, the glove-making
subsidiary of Aspen (Group) Holdings on June 21 obtained an ex
parte interim injunction restraining Multi Purpose Metal Tech
(MPMT) - the company that issued a letter of demand to Aspen Glove
claiming about MYR29.3 million - from filing or presenting a
winding-up petition against Aspen Glove until the inter partes
hearing is held.
BT, citing a May 20 filing, relates that Aspen Glove had received a
letter of demand from MPMT on May 18, claiming the amount of
MYR29.3 million that was allegedly owed to it relating to the
design, fabrication and installation of glove-dipping lines at
Aspen Glove's manufacturing facilities.
Payment had to be made within 7 days, failing which MPMT will be
entitled to take legal action against Aspen Glove, BT says.
Aspen Glove disputed the letter, saying that the claim amount is
not due and payable yet as the contractual works undertaken by MPMT
have not been fully completed and there are unresolved issues
arising from defects, according to the report.
In a bourse filing on June 22, Aspen said that Aspen Glove has also
served an originating summons and notice of application on MPMT's
lawyers in the High Court, BT relates.
Among other things, Aspen Glove is seeking a declaration that the
notice which the company received on May 27 is "null and void", and
that MPMT shall be restrained by an injunction from acting on the
notice. This includes, but is not limited to, MPMT filing or
presenting a winding-up petition against Aspen Glove.
=====================
N E W Z E A L A N D
=====================
DOUBLE D: Creditors' Proofs of Debt Due on Aug. 12
--------------------------------------------------
Creditors of Double D Construction Limited and Max FX Electrical
Limited are required to file their proofs of debt by Aug. 12, 2022,
to be included in the company's dividend distribution.
Double D Construction commenced wind-up proceedings on June 17,
2022. Max FX Electrical commenced wind-up proceedings on June 20,
2022
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ)
PO Box 45220
Te Atatu, Auckland 0651
GAS GUYS: Creditors' Proofs of Debt Due on July 19
--------------------------------------------------
Creditors of Gas Guys 2015 Limited are required to file their
proofs of debt by July 19, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 20, 2022.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour, Auckland 0751
KOTAHITANGA LOG: Court to Hear Wind-Up Petition on July 12
----------------------------------------------------------
A petition to wind up the operations of Kotahitanga Log Haulage
Limited will be heard before the High Court at Rotorua on July 12,
2022, at 10:00 a.m.
Mercedes-Benz Financial Services New Zealand Limited filed the
petition against the company on May 26, 2022.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
United Legal Limited, Lawyers
300 Richmond Road
Grey Lynn, Auckland 1021
ORCHARD PARK: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
Creditors of Orchard Park Retail Hub Limited are required to file
their proofs of debt by July 21, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 15, 2022.
The company's liquidators are:
Andrew McKay
Rees Logan
BDO Auckland
Level 4, BDO Centre
4 Graham Street
Auckland 1010
OTAGO EXCAVATION: Court to Hear Wind-Up Petition on June 30
-----------------------------------------------------------
A petition to wind up the operations of Otago Excavation Limited
will be heard before the High Court at Dunedin on June 30, 2022, at
10:00 a.m.
J Crooks & Sons Limited filed the petition against the company on
May 9, 2022.
The Petitioner's solicitor is:
Rex Thomas Chapman
136 Spey Street
Invercargill
PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15
--------------------------------------------------------------
A petition to wind up the operations of Propellor Property
Investments Limited will be heard before the High Court at
Christchurch on Sept. 15, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2022.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue
Legal Services
PO Box 1782
Christchurch 8140
=================
S I N G A P O R E
=================
70 SHENTON: Creditors' Proofs of Debt Due on July 23
----------------------------------------------------
Creditors of 70 Shenton Pte. Ltd. are required to file their proofs
of debt by July 23, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 20, 2022.
The company's liquidator is Mr. Tan Chin Ren of Tan, Chan &
Partners.
INTEGRATED GREEN: Court to Hear Wind-Up Petition on July 1
----------------------------------------------------------
A petition to wind up the operations of Integrated Green Energy
Singapore Pte Ltd will be heard before the High Court of Singapore
on July 1, 2022, at 10:00 a.m.
Gunhild Management S.L. filed the petition against the company on
May 24, 2022.
The Petitioner's solicitors are:
Sim Chong LLC
1 North Bridge Road
#14-06 High Street Centre
Singapore 179094
LIPPO MALLS: Moody's Lowers CFR to B2, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Lippo Malls Indonesia Retail Trust (LMIRT) to B2 from
B1.
Moody's has also downgraded the backed senior unsecured rating on
the bonds issued by LMIRT Capital Pte. Ltd., a wholly-owned
subsidiary of LMIRT, to B2 from B1. The bonds are guaranteed by the
trustee of LMIRT.
The outlook on all ratings remains negative.
"The downgrade reflects our expectations that LMIRT's credit
metrics will remain weak despite improving operating environment in
Indonesia as restrictions ease. Rising interest rates also heighten
risks that the trust's interest coverage will further weaken given
its high proportion of floating-rate debt," says Rachel Chua, a
Moody's Vice President and Senior Analyst.
"The downgrade also reflects the trust's weakening financial policy
as demonstrated by its increasing proportion of floating-rate debt
over the past three years, as well as the limited headroom under
its regulatory leverage ratio to accommodate a decline in asset
value," says Chua, who is also Moody's Lead Analyst for LMIRT.
RATINGS RATIONALE
LMIRT's interest coverage will likely stay weak at 1.5x-1.6x
through 2023 and will worsen if interest rates spike. As of March
31, 2022, only 42.5% of the trust's debt are fixed rate.
Moody's also estimates LMIRT's adjusted leverage - as measured by
adjusted net debt/EBITDA - will improve but remain weak at
8.0x-8.5x over the next 12-18 months as its occupancy rate
increases towards 81% in 2022 and 83% in 2023, from 79% at March
31, 2022.
As of March 31, 2022, LMIRT's debt/deposited asset ratio of 42.9%
was almost at the regulatory limit of 45%. A weakening of the
Indonesian rupiah against the Singapore dollar will expose LMIRT to
a decline in asset value.
LMIRT's B2 ratings reflect the trust's established presence in
Indonesia, with its portfolio spread across 12 Indonesian cities
that have large catchment populations, targeting the country's
growing middle- to upper middle-income consumers. The rating also
incorporates the trust's degree of independence as a publicly
listed and regulated trust in Singapore, despite the linkages
between LMIRT and its sponsor, Lippo Karawaci Tbk (P.T.).
The negative outlook reflects LMIRT's heightened refinancing risk
in a tight funding market given its SGD135 million term loan
maturities through 2023 and its $250 million bond maturing in June
2024. It also reflects the continued uncertainty surrounding the
pace of recovery from the pandemic in an environment of inflation
and slower growth.
LMIRT's liquidity is adequate. The trust had cash and cash
equivalents of SGD113 million as of March 31, 2022, an undrawn and
committed line of SGD23 million and annual operating cash flows of
around SGD50 million, which will more than sufficiently address its
capital requirements and the SGD67.5 million term loan maturing in
November 2022. Nonetheless, Moody's expect the trust will have to
rely on external funding to address its term loan maturity in
November 2023 as well as its US dollar bond coming due in June
2024.
In terms of environmental, social and governance (ESG) factors,
Moody's has taken into consideration the governance risk stemming
from related-party transactions between LMIRT and the Lippo group
of companies. This risk is partially tempered by the regulatory
oversight provided by the Monetary Authority of Singapore and
exercised through the company's board, which mostly consists of
independent directors. Furthermore, there is an alignment of
interest between LMIRT and its sponsor, Lippo Karawaci, because the
latter has a 47.3% stake in the trust.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF RATINGS
Given the negative outlook, an upgrade is unlikely over the next
12-18 months. Nonetheless, the outlook could return to stable if
(1) LMIRT's credit metrics strengthen on the back of an improvement
in the operating environment or a reduction in debt, such that its
adjusted net debt/EBITDA stays below 8.0x-8.5x and adjusted
EBITDA/interest expense remains above 1.5x-2.0x on a sustained
basis; (2) it does not breach the regulatory leverage limit or its
financial covenants; and (3) it addresses it refinancing needs
through 2024 well ahead of time.
On the other hand, LMIRT's ratings could be downgraded if: (1) the
operating environment further deteriorates, leading to higher
vacancy levels and declining operating cash flows or falling asset
valuations; or (2) it fails to secure financing for its debt
maturing through 2024; or (3) the trust increases its exposure to
the Lippo group of companies; or (4) the credit quality of the
Lippo group of companies, including Lippo Karawaci, weakens.
A breach of the regulatory leverage limit or its financial
covenants would also likely result in a downgrade.
Specific financial indicators Moody's would consider for a
downgrade include the trust's (1) adjusted net debt/ EBITDA
remaining above 8.5x or (2) adjusted EBITDA/interest expense
remaining below 1.5x.
The principal methodology used in these ratings was "REITs and
Other Commercial Real Estate Firms Methodology" published in July
2021.
Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust and has been listed on the Singapore Stock
Exchange since November 2007. As of March 31, 2022, it had a
portfolio of 22 retail malls and seven retail spaces across major
cities in Indonesia, with a total appraised value of around SGD1.78
billion.
VIEWERS CHOICE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Viewers Choice Green Assets Pte Ltd, on June 13, 2022,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Goh Tiong Hong
519 Balestier Road #02-05
Singapore 329852
===============
T H A I L A N D
===============
THAI AIRASIA: To Honor Paid Bookings Despite Bankruptcy Process
---------------------------------------------------------------
Bangkok Post reports that Thai AirAsia X is committing to paying a
refund in full to all 6,500 paid bookings during the two years of
the pandemic, even as the airline is undergoing bankruptcy.
Bangkok Post relates that Tassapon Bijleveld, director at Thai
AirAsia X, said after a Thai bankruptcy court accepted its petition
on May 17, the court will hear from creditors in case there are any
objections.
The airline reportedly has accumulated debt of around THB25 billion
baht, with the major proportion attributed to aircraft leasing
contracts, the report discloses.
The airline previously had 15 jets in the pre-pandemic years, but
downsized to five aircraft this year.
If creditors vote in favor of the bankruptcy petition, the airline
could continue with its rehabilitation plan, which it hopes will be
completed by the third quarter next year, said Mr. Tassapon,
Bangkok Post relays.
The 6,500 bookings made prior to the bankruptcy process and new
bookings from May 17 will not be affected by the court's process.
He said these bookings will be entitled to a cash or credit
refund.
"Under bankruptcy protection, we can negotiate for debt
reconciliation, which could help relieve our financial burden and
allow us to focus on flight expansion as planned," the report
quotes Mr. Tassapon as saying. "If revenue from operations is
strong enough, we may not have to seek new investors or
partnerships to increase capital."
He said while dealing with the bankruptcy court, the airline can
continue to operate overseas flights as usual. The airline plans to
resume all destinations in South Korea and Japan within this year,
aiming to carry 300,000 passengers, down from 2 million in 2019.
Though international airfare has increased 20-22% because of
surging fuel costs, the airline still sees strong pent-up demand
from both Thai and Korean passengers this month.
Challenging factors this year include fuel costs, which now account
for almost 50% of total costs, up from 30% after jet fuel prices
doubled from US$75-85 per barrel last year to $170 per barrel at
the moment.
According to the report, Mr. Tassapon said the airline could not
immediately pass that cost burden to passengers, though the average
airfare hike tallied 20-22%.
This situation means Thai AirAsia X has to carry monthly
operational losses forward as the airline has only resumed its
routes to South Korea, he said.
The flights restarted last month, but the airline has to wait until
next month to restart its route to Japan.
Bangkok Post adds that Patima Jeerapaet, chief executive at Thai
AirAsia X, said there is strong pent-up demand for South Korea, as
its route to Incheon has a load factor of more than 97% this month
and forward booking of around 60% in July.
The airline expects the load factor in the final quarter will
average 80-90%.
"The proportion of Thai and South Korean guests are the same at
50%. We'll run daily flights in October to respond to growing
demand," said Mr. Patima.
"During that period, we plan to resume flights to Osaka and Sapporo
in Japan."
He said the airline continues to save on operational costs during
the bankruptcy process, such as by relocating its hub to
Suvarnabhumi airport to decrease space usage and cut costs by 50%.
About Thai AirAsia
Thai AirAsia is a joint venture of Malaysian low-fare airline
AirAsia and Thailand's Asia Aviation. It serves AirAsia's regularly
scheduled domestic and international flights from Bangkok and other
cities in Thailand. Thai AirAsia launched operations in February
2004.
As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2022, Thai AirAsia X, the long-haul budget airline under the
AirAsia group, said its application for bankruptcy protection was
accepted by Thailand's Central Bankruptcy Court.
According to Forbes, the carrier said it is aiming to revamp its
administration process and restructure its debts as part of its
efforts to deliver greater efficiency and establish a solid
platform for future growth. The company didn't disclose the figure
for its debts.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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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 ***