/raid1/www/Hosts/bankrupt/TCRAP_Public/220629.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, June 29, 2022, Vol. 25, No. 123
Headlines
A U S T R A L I A
APEX ENERGY: First Creditors' Meeting Set for July 7
AUZCON PTY: Second Creditors' Meeting Set for July 6
IFC GLOBAL: First Creditors' Meeting Set for July 6
SAPPHIRE XXIV 2020-2: S&P Raises Class F Notes Rating to BB (sf)
STATEMENT BUILDERS: Second Creditors' Meeting Set for July 6
WONDER SMILE: Second Creditors' Meeting Set for July 6
C H I N A
CHINA EVERGRANDE: Says Winding-Up Suit Won't Impact Restructuring
XINYUAN REAL: Fitch Withdraws 'CC' Foreign Currency IDR
I N D I A
A. GEERI: CRISIL Hikes Rating on INR20cr Cash Credit to B+
AJAY KNITWEARS: ICRA Withdraws B+ Rating on INR7.0cr LT Loan
AMBIKA SUGARS: Liquidation Process Case Summary
ARHYAMA SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
ARMAX HEALTH: Insolvency Resolution Process Case Summary
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
C VIEW INNOVATIONS: Liquidation Process Case Summary
CAMERICH PAPERS: CARE Keeps D Debt Ratings in Not Cooperating
COPERION IDEAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating
CPDC GEMINI STAR: Voluntary Liquidation Process Case Summary
DELCO INFRASTRUCTURE: Insolvency Resolution Process Case Summary
DIVINE SOLUTIONS: ICRA Keeps B Debt Rating in Not Cooperating
FINBRO TECHNOLOGIES: Voluntary Liquidation Process Case Summary
FUTURE ENTERPRISES: Defaults on Interest Payment for NCDs
GUPTA STEEL: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
JSW STEEL: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
KUMAR TOOLS: CRISIL Withdraws B+ Rating on INR5.50cr Cash Loan
MEHTA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating
MIRAJ RECYCLERS: CARE Keeps D Debt Ratings in Not Cooperating
MITHILA CARS: Liquidation Process Case Summary
MOTA LAYJA: Insolvency Resolution Process Case Summary
MRB PATIALA: CRISIL Lowers Rating on INR30cr Term Loan to D
MULJI DEVSHI: CARE Keeps D Debt Ratings in Not Cooperating
NANA LAYJA: Insolvency Resolution Process Case Summary
NAVNEETA STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
PARDAL RESORTS: Voluntary Liquidation Process Case Summary
PAYISM TECHNOLOGIES: Insolvency Resolution Process Case Summary
PRAGATI GRANITO: CRISIL Hikes Rating on INR6.0cr Debts to B+
PREDICATE CONSULTANTS: Insolvency Resolution Process Case Summary
PRINTEX GRAPHIX: Insolvency Resolution Process Case Summary
R.V. PLASTIC: ICRA Keeps B+ Debt Rating in Not Cooperating
S. K. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAI SWADHIN: ICRA Keeps D Debt Ratings in Not Cooperating
SCIENT CAPITAL: ICRA Lowers Rating on INR3.52cr PTCs to B+
SENSETIVE INFRA: Liquidation Process Case Summary
SHRADDHA SYNTHETICS: ICRA Keeps B Debt Ratings in Not Cooperating
SIKSHA 'O' ANUSANDHAN: ICRA Keeps B+ Rating in Not Cooperating
SION STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
SPECIALITY POLYMERS: ICRA Keeps D Debt Ratings in Not Cooperating
SYNDBANK SERVICES: Voluntary Liquidation Process Case Summary
VS LIGNITE: ICRA Keeps D Debt Ratings in Not Cooperating Category
I N D O N E S I A
GARUDA INDONESIA: Halves Debt, On Track for Profit
J A P A N
TOSHIBA CORP: Shareholders Endorse Two Activist Directors
M A C A U
SJM HOLDINGS: Moody's Confirms Ba3 CFR, Alters Outlook to Negative
M A L A Y S I A
SAPURA ENERGY: Posts Profit of MYR92MM in Q1 Ended April 30
N E W Z E A L A N D
ECOLIBRIUM BIOLOGICALS: Court to Hear Wind-Up Petition on Sept. 30
FOUR SEASONS: Creditors' Proofs of Debt Due on July 27
IMMACULATE CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 1
LATHA SRI: Commences Wind-Up Proceedings
MAHI WORX: Court to Hear Wind-Up Petition on July 22
Q&S HOUSING: Court to Hear Wind-Up Petition on July 22
S I N G A P O R E
BRIT GLOBAL: Creditors' Proofs of Debt Due on July 27
IPROPERTY GROUP: Creditors' Proofs of Debt Due on July 27
MOECO ASIA: Creditors' Proofs of Debt Due on July 25
SILK ROAD: Members' Final Meeting Set for July 25
WILMAR YIHAI: Creditors' Proofs of Debt Due on July 28
S O U T H K O R E A
SSANGYONG MOTOR: Picks KG Consortium as Final Bidder
S R I L A N K A
SRI LANKA: To End Fuel Duopoly to Ease Shortages
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A U S T R A L I A
=================
APEX ENERGY: First Creditors' Meeting Set for July 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Apex Energy
Holdings Pty Ltd will be held on July 7, 2022, at 10:00 a.m. via
conference telephone call.
Bill Karageozis and Jonathan Paul Mcleod of McLeod & Partners were
appointed as administrators of Apex Energy on June 27, 2022.
AUZCON PTY: Second Creditors' Meeting Set for July 6
----------------------------------------------------
A second meeting of creditors in the proceedings of Auzcon Pty Ltd
has been set for July 6, 2022, at 11:00 a.m. at the offices of
Pilot Partners, Level 10, 1 Eagle Street, in Brisbane, Queensland.
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 July 5, 2022, at 5:00 p.m.
Bradley Vincent Hellen of Pilot Partners was appointed as
administrator of Auzcon Pty on June 1, 2022.
IFC GLOBAL: First Creditors' Meeting Set for July 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of IFC Global
Pty Ltd will be held on July 6, 2022, at 10:30 a.m. via
teleconference.
Peter John Moore and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of IFC Global on June 27, 2022.
SAPPHIRE XXIV 2020-2: S&P Raises Class F Notes Rating to BB (sf)
----------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee of Sapphire XXIII Series 2020-1 Trust (Sapphire 2020-1) and
Sapphire XXIV Series 2020-2 Trust (Sapphire 2020-2). At the same
time, S&P affirmed its ratings on four classes of notes issued out
of the same trusts.
The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolios. The asset pools have continued to
amortize and have a pool factor of around 50.4% for Sapphire 2020-1
and 51.9% for Sapphire 2020-2 as of May 23, 2022.
The strength of the cash flows at each respective rating level is
underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.
S&P said, "We have also factored into our analysis the arrears
performance and the relatively high level of self-employed
borrowers and investment loans in the pool. These characteristics
increase our expectation of loss for the portfolio. The arrears
performance generally has been higher relative to the Standard &
Poor's Performance Index (SPIN) for nonconforming loans in the past
six months. As of April 31, 2022, loans greater than 30 days in
arrears represent 3.71% for Sapphire 2020-1, of which 1.95% is more
than 90 days in arrears, and 3.34% for Sapphire 2020-2, of which
2.02% is more than 90 days in arrears. There have been no
charge-offs to any of the notes.
"The transactions' cash flows support the timely payment of
interest and ultimate payment of principal to the noteholders under
our rating stress assumptions."
For both transactions, under the pro rata payment structure, the
class G notes allocated principal is paid to the class F notes
until the class F notes are fully repaid, followed by the remaining
subordinated notes once the class F notes have fully repaid.
Therefore, the class F notes will continue to benefit from an
increase in the percentage of credit support provided as the pool
amortizes under a pro rata structure, while for the remaining rated
notes the percentage of credit support will remain static.
Currently both transactions are sequential pay until the pro-rata
triggers are met.
The turbo repayment of the class F notes, being the most
subordinated rated notes, has created overcollateralization, which
provides additional credit support for the rated tranches in both
transactions.
A constraining factor on the degree of upgrades for both
transactions is the increasing risk of borrower concentration as
the pools continue to amortize. S&P views the lower-rated notes as
being more susceptible to increasing borrower concentration risk.
The largest 10 borrowers comprise 7.8% of the pool for Sapphire
2020-1 and 7.3% for Sapphire 2020-2.
The composition of the portfolio and the subset of borrowers are
likely to be more susceptible to changes in the economy,
particularly rising interest rates and cost of living pressures.
These qualitative factors constrain the ratings beyond quantitative
factors alone.
Ratings Raised
Sapphire XXIII Series 2020-1 Trust
Class B: to AAA (sf) from AA (sf)
Class C: to A+ (sf) from A (sf)
Class D: to BBB+ (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to BB (sf) from B (sf)
Sapphire XXIV Series 2020-2 Trust
Class B: to AAA (sf) from AA (sf)
Class C: to AA- (sf) from A (sf)
Class D: to A- (sf) from BBB (sf)
Class E: to BBB- (sf) from BB (sf)
Class F: to BB (sf) from B (sf)
Ratings Affirmed
Sapphire XXIII Series 2020-1 Trust
Class A1L: AAA (sf)
Class A2: AAA (sf)
Sapphire XXIV Series 2020-2 Trust
Class A1L: AAA (sf)
Class A2: AAA (sf)
STATEMENT BUILDERS: Second Creditors' Meeting Set for July 6
------------------------------------------------------------
A second meeting of creditors in the proceedings of Statement
Builders Pty Ltd (formerly known as TC Build Co Pty Ltd) has been
set for July 6, 2022, at 10:00 a.m. via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 5, 2022, at 4:00 p.m.
Atle Crowe-Maxwell of DBA Reconstruction and Advisory was appointed
as administrator of Statement Builders on June 6, 2022.
WONDER SMILE: Second Creditors' Meeting Set for July 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Wonder Smile
Pty Ltd, trading as Wondersmile, has been set for July 6, 2022, at
11:00 a.m. at the offices of Westburn Advisory, Level 5, 115 Pitt
Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 5, 2022, at 4:00 p.m.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of Wonder Smile on May 31, 2022.
=========
C H I N A
=========
CHINA EVERGRANDE: Says Winding-Up Suit Won't Impact Restructuring
-----------------------------------------------------------------
Reuters reports that China Evergrande Group, the world's most
indebted property developer, on June 28 said it will "vigorously"
oppose a winding-up lawsuit filed against it, and that the petition
will not impact its restructuring plan or timetable.
According to Reuters, Evergrande confirmed the filing by investment
holding firm Top Shine Global in Hong Kong for not fulfilling a
financial obligation of HK$862.5 million (US$109.91 million).
The developer has over US$300 billion in liabilities and defaulted
on its offshore debt last year. It expects to announce a
preliminary restructuring plan by the end of July.
In a stock exchange filing on June 28, it said, if wound up, any
disposition of property directly held, including assets and shares,
will be void unless the court grants a validation order, Reuters
relays.
In such a scenario, it said, any transfer of shares by shareholders
or potential investors on or after Jun 24, when the petition was
filed, would be void.
Reuters says trading of Evergrande shares has been suspended since
March 21 as the firm was unable to publish financial results on
time, and because unit Evergrande Property Services Group said it
was investigating how banks seized CNY13.4 billion (US$2.00
billion) in deposits that had been pledged as security for
third-party guarantees.
On June 27, a Top Shine executive told Reuters his firm filed the
petition because Evergrande had not honoured an agreement to
repurchase shares it bought in Fangchebao (FCB), Evergrande's
online real estate and automobile marketplace.
Reuters relates that the executive said Top Shine bought 0.46 per
cent of FCB for HK$750 million in March last year ahead of an
initial public offering (IPO), and that Evergrande agreed to
repurchase the shares with a 15 per cent premium if an IPO did not
materialise by April 8, 2022.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific on June
7, 2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'.
Fitch has withdrawn the ratings as Evergrande and its
subsidiarieshave chosen to stop participating in the rating
process. Therefore, Fitch will no longer have sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide ratings or analytical coverage for Evergrande and
its subsidiaries.
XINYUAN REAL: Fitch Withdraws 'CC' Foreign Currency IDR
-------------------------------------------------------
Fitch Ratings has withdrawn Chinese homebuilder Xinyuan Real Estate
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'CC', as well as its senior unsecured rating and the rating on
its outstanding bonds of 'C', with a Recovery Rating of 'RR5'.
Fitch has withdrawn the ratings as Xinyuan has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Xinyuan.
KEY RATING DRIVERS
No longer relevant, as the ratings have been withdrawn.
Xinyuan had ESG Relevance Scores of '5' for Management Strategy and
Financial Transparency to reflect the delayed publication of its
audited financials and a change in auditors. These had a negative
impact on the credit profile and were highly relevant to the
ratings.
RATING SENSITIVITIES
No longer relevant, as the ratings have been withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
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.
ISSUER PROFILE
Xinyuan is a small property developer founded in 1997 in Zhengzhou.
The company has projects in over 10 Tier 1 and 2 Chinese cities. It
has been listed on the New York Stock Exchange since 2007.
ESG CONSIDERATIONS
Xinyuan had ESG Relevance Scores of '5' for Management Strategy and
Financial Transparency due to the delayed publication of its
audited financials and auditor change. These had a negative impact
on the credit profile and were highly relevant to the ratings.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING PRIOR
---- ------ -----
Xinyuan Real Estate LT IDR WD Withdrawn CC
Co., Ltd.
senior unsecured LT WD Withdrawn C
=========
I N D I A
=========
A. GEERI: CRISIL Hikes Rating on INR20cr Cash Credit to B+
----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term back
facilities of A. Geeri Pai Gold and Diamonds (AGPGD) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'. Also, CRISIL Ratings has
withdrawn its rating on INR14.9 crore of proposed fund-based bank
limits at the company's request. This is in line with the CRISIL
Ratings policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Long Term Loan 5.4 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Fund-
Based Bank Limits 14.9 Withdrawn
Working Capital
Demand Loan 5.15 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Working Capital
Term Loan 12.45 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects improvement in the financial risk profile of
the firm post infusion of INR3 crore in fiscal 2022 by the
partners, leading to reduction in Total Outside Liabilities to
Adjusted Networth (TOLANW) to 4.3 times as on March 31, 2022 from
7.3 times a year ago. Revenue remained modest but better
realization of jewellery prices led to improved margin and higher
net cash accrual. Hence, interest cover improved from 1.19 times in
fiscal 2021 to 1.35 times in fiscal 2022.
The rating continues to reflect modest scale of operations, large
working capital requirement and below average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the partners in the jewellery industry.
Analytical Approach
Unsecured loan of INR3.88 crore on March 31, 2022, from the
partners has been treated as neither debt nor equity as the loan is
likely to be retained in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations amid intense competition: Intense
competition constrains scalability pricing flexibility and
profitability, reflected in estimated revenue of INR31 crore in
fiscal 2022. With operations to get regularized, revenues are
expected to improve, however will continue to remain modest due to
minimal number of showrooms.
* Large working capital requirement: Gross current assets were
large at 500-550 days as on March 31, 2022, led by sizeable
inventory of over 500 days. The firm needs to maintain large
inventory of jewellery of various designs for display purposes.
Working capital requirement will remain large over the medium
term.
* Below average financial risk profile: With modest networth
INR11-12 crores and high reliance on working capital loans has led
to high total outside liabilities to adjusted networth (TOLANW)
ratio of 4.2-4.3 times, as on March 31, 2022. Debt protection
metrics were susbuded, reflected in interest coverage of 1.34-1.45
times, in fiscal 2022. The financial risk profile will remain below
average over the medium term due to modest networth and high
reliance on outside borrowings.
Strength:
* Extensive experience of the partners and healthy relationships
with customers: The four-decade-long experience of the partners and
their healthy relationships with suppliers and key customers will
continue to help the firm successfully navigate business cycles in
the jewellery industry.
Liquidity: Poor
* Cash accrual is expected to be INR4.5-6.0 crores for fiscals 2023
and 2024, against debt obligation of INR4.31 crore and INR4.71
crore, respectively. Average utilisation of fund-based limit of
INR20 crore was 99% during the 12 months through March 2022.
Unsecured loans from partners provide additional support to
liquidity.
Outlook: Stable
CRISIL Ratings believes AGPGD will continue to benefit from the
extensive experience of the partners and established relationships
with clients.
Rating Sensitivity Factors
Upward Factors
* Steady growth in revenue and stable operating margin leading to
higher cash accrual
* Improvement in financial risk profile, with TOLANW ratio below 4
times
Downward Factors
* Decline in revenue and operating margin, leading to net cash
accrual below INR1 crore
* Further stretch in the working capital cycle weakening the
liquidity
AGPGD was set up in 1980 as a partnership firm of Mr. Sachithananda
S Pai, Ms Sheela S Pai, Mr. Ramesh S Pai and Mr. Vishnunarayana S
Pai. It retails jewellery through its showroom in Palarivattom,
Kerala.
AJAY KNITWEARS: ICRA Withdraws B+ Rating on INR7.0cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Ajay Knitwears and Fabrics Private Limited at the request of the
company and based on the No Due Certificate/Closure Certificate
received from the banker. 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, Liquidity
Position, Rating Sensitivities, Key Financial indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+; Withdrawn
Fund Based-
Cash Credit
Short Term- 1.00 [ICRA]A4; Withdrawn
Non-Fund
Based-Others
Ajay Knitwears and Fabrics Private Limited (AKFPL) is a Ludhiana
(Punjab) based company engaged in trading and manufacturing of
knitted cloth, yarn and garments. The company also does job work
for other textile companies located in Ludhiana. Within garments,
the company sells T-shirts, shirts, trousers, track suits,
sweatshirts, jersey and bottoms. AKFPL sells its garments under own
brand name, Auxamis, as well as under third party brands. AKFPL was
started by Mr. Jangi Lal Jain in 1999. Mr. Jain was later joined by
his three sons, Mr. Vinay Jain, Mr. Vineet Jain and Mr. Ajay Jain.
The company has its manufacturing facility located at Village
Bajra, Rahon Road, Ludhiana, Punjab. The unit has 20 circular
knitting machines and 200-225 stitching machines. It has the
installed capacity to manufacture 50,000 pieces on a monthly
basis.
AMBIKA SUGARS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Shree Ambika Sugars Limited
Registered office:
Eldorado, 5th Floor
112 Nungambakkam High Road
Chennai, Tamil Nadu 600034
Presently at:
Eldorado, 4th Floor
112 Nungambakkam High Road
Chennai, Tamil Nadu 600034
Liquidation Commencement Date: June 21, 2022
Court: National Company Law Tribunal, Bench-II, Chennai
Date of closure of
insolvency resolution process: June 20, 2022
Insolvency professional: Anurag Goel
Interim Resolution
Professional: Anurag Goel
10/349, First Floor
Sunder Vihar
New Delhi 110087
E-mail: agoel@caanurag.com
cirp.ambikasugars@caanurag.com
Last date for
submission of claims: July 20, 2022
ARHYAMA SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term rating of Arhyama Solar Power
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loan 31.65 [ICRA]D; 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.
Arhyama Solar Power Private Limited (ASPPL) was incorporated in
September 2012. ASPPL has set up a 6-MW solar power plant at
Kolanpak Village, Aleir Mandal, Nalgonda District of Telangana. The
solar power plant commenced its commercial operations from February
2014 and a power-purchase agreement has been signed with Dr Reddy's
Laboratories Limited (DRL) for 20 years. The company is promoted by
a group of entrepreneurs who have experience of more than 20 years
in solar power EPC, agriculture commodities and financial
management.
ARMAX HEALTH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Armax Health Private Limited
(Formerly known as BAFNA Health Care Private Limited)
Unit No. 712, 7th Floor
World Trade Centre No. 1
Cuffe Parade, Colaba
Mumbai MH 400005
IN
Insolvency Commencement Date: June 7, 2022
Court: National Company Law Tribunal, Nashik Bench
Estimated date of closure of
insolvency resolution process: November 30, 2022
Insolvency professional: Mr. Shashant Sudhakar Yeola
Interim Resolution
Professional: Mr. Shashant Sudhakar Yeola
Flat No. 7, Indrayani
Ganesh Nagar
Opp. Lekha Nagar, Agra Road
Nashik, Maharashtra 422009
E-mail: shashantsyeola@gmail.com
Last date for
submission of claims: June 21, 2022
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term and short-term ratings of Bagga
Luxury Motorcars Llp in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based– 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Proposed Rating Continues to remain under
Inventory issuer not cooperating category
Funding Limits
Non-fund Based– 7.00 [ICRA]D; ISSUER NOT
COOPERATING;
Proposed Bank Rating Continues to remain under
Guarantee 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 2015, Bagga Luxury Motocars LLP (BLML or the firm)
is a limited liability partnership with Mr. Sukhbirsingh Bagga and
his wife Mrs Khushboo Bagga as partners with a profit sharing ratio
of 70% and 30%, respectively. BLML is an authorised dealer for
Italian car Maserati for western region of India. The firm is a
part of the Planet Petal Group, which is promoted by Mr. Sukhbir
Bagga and his family members. Planet Petal Group is a diversified
group with operations in the western region of India and presence
in the fields of automotive dealership, retail, real estate and
finance business.
C VIEW INNOVATIONS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: C View Innovations Private Limited
T-39 Vishnu Garden
New Delhi, West Delhi
DL 110018
Liquidation Commencement Date: May 26, 2022
Court: National Company Law Tribunal, Bench-II, New Delhi
Date of closure of
insolvency resolution process: May 26, 2022
Insolvency professional: Mr. Sanjiv Kumar Arora
Interim Resolution
Professional: Mr. Sanjiv Kumar Arora
D-3/3465, Vasant Kunj
New Delhi, South West
National Capital Territory of Delhi
110070
E-mail: mrask4@yahoo.co.in
Last date for
submission of claims: June 25, 2022
CAMERICH PAPERS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Camerich
Papers Private Limited (CPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 122.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 28, 2021,
placed the rating(s) of CPPL under the 'issuer non-cooperating'
category as CPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 14, 2022, March 24, 2022, April 3, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2014, CPPL (CIN: U21000GJ2014PTC080492) had setup a
green field project of manufacturing of duplex and triplex paper
board with specialty packaging boards like Folding Box Board (FBB)
and white top Craft Liners (WTLs) which commenced commercial
operation in June, 2018. The Plant is located at Morbi, Gujarat
with installed capacity of manufacturing 90,000 Metric Tonne Per
Annum (MTPA) of different type of paper from waste/recycled papers.
CPPL is promoted by Mr. Kamlesh Sitapara, Mr. Arjun Sitapara
(Sitapara family), Mr. Gunvant Surani (Surani family), Mr.
Yogeshkumar Patel and Mr. Mohanbhai Donga.
COPERION IDEAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term and short-term ratings of Coperion
Ideal 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- 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 20.00 [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.
CIPL was incorporated in 1995 and is engaged in the following line
of businesses:
* Manufacturing of the Pneumatic Conveying System (PCS) which
primarily finds application in the polymer industry
* Manufacturing of valves which is exported majorly to
Coperion Germany and also to countries like USA and Singapore
* Trading of extruder parts
* In addition, the company also receives commission from Coperion
GmbH, Germany for the extruders sold in India as the entire
research, marketing and R&D is done by CIPL deals with customers
such as Reliance Industries Limited (RIL), Indian Oil Corporation
Limited, Haldiya Petrochemicals Limited, HPCL-Mittal Energy Limited
(HMEL) - joint venture between Hindustan Petroleum Corporation
Limited (HPCL) and Mittal Energy Investment Pvt Ltd, Singapore,
etc.
COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cosmic
Ferro Alloys Limited (CFAL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 84.65 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 122.05 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 5, 2021,
placed the rating(s) of CFAL under the 'issuer non-cooperating'
category as CFAL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CFAL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 19, 2022, March 1, 2022, March 11, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Cosmic Ferro Alloys Limited (CFAL), incorporated in 2003, is
engaged in manufacturing of ferro manganese and silica manganese
with an installed capacity of 45 MVA (5 furnaces of 9 MVA each) at
Barjora, Durgapur, West Bengal. In April 2014, CFAL forayed into a
new product line, namely, Cold Rolled Form Sections (CRFS) by
setting up a new manufacturing facility of 18,000 MTPA in Singur,
West Bengal.
CPDC GEMINI STAR: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: CPDC Gemini Star (India) Private Limited
Level 7, The Capital
Plot No. C-70, G Block
Bandra Kurla Complex
Bandra Mumbai 400051
Liquidation Commencement Date: June 13, 2022
Court: National Company Law Tribunal, Mumbai Bench
Insolvency professional: Ms. Purnima Shetty
Interim Resolution
Professional: Ms. Purnima Shetty
DX-6, Om Woods
Plot No. 144, Nr. Dmart
Sector-21, Nerul East
Navi Mumbai 400706
E-mail: pcspurnima@gmail.com
Tel: +919920100695
Last date for
submission of claims: July 13, 2022
DELCO INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Delco Infrastructure Projects Limited
Flat 146, Ground Floor
Pocket-1, Phase-1
Sec 13, Dwarka
Neta Ji Subhash Appt.
New Delhi 110075
Insolvency Commencement Date: June 22, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: December 17, 2022
(180 days from commencement)
Insolvency professional: Mr. Harish Taneja
Interim Resolution
Professional: Mr. Harish Taneja
236-L, Model Town
Sonipat, Haryana 131001
E-mail: harishtaneja78@gmail.com
cirp.delco@gmail.com
Last date for
submission of claims: July 6, 2022
DIVINE SOLUTIONS: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long term and short-term ratings of Divine
Solutions 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- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Limit to remain under 'Issuer Not
Cooperating' category
Short Term- 14.00 [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.
DSPL was incorporated in July 2006 with the main objective of
dealing in products like tiles, sanitary ware items, smart boards
etc. The directors on board comprises of Mr. Priyanshu Agarwal and
Mr. Deept Sarup Agarwal. Currently, DSPL is the sole importer of
BRAVAT brand of sanitary wares in India.
FINBRO TECHNOLOGIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Finbro Technologies Private Limited
CA Site No. 1, HAL 3rd Stage
Behind Hotel Leela Palace
Kodihalli, Bengaluru
Bangalore, Karnataka 560008
Liquidation Commencement Date: June 16, 2022
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Addanki Haresh
Interim Resolution
Professional: Addanki Haresh
No. 36/1, 2nd Floor
Munivenkatappa Complex
Bellary Road, Ganganagar
Bangalore 560032
E-mail: addanki.haresh@gmail.com
Tel: +919886034643
Last date for
submission of claims: July 19, 2022
FUTURE ENTERPRISES: Defaults on Interest Payment for NCDs
---------------------------------------------------------
Business Standard reports that debt-ridden Future Enterprises Ltd
(FEL) has defaulted on interest payment of INR4.10 crore for its
non-convertible debentures.
The due date for payment was June 24, 2022, FEL said in a
regulatory filing, Business Standard relates.
"The Company is unable to service its obligations in respect of the
interest on Non-Convertible Debentures was due on June 24, 2022,"
it said.
This is the fourth default in June by the Kishore Biyani-led Future
group firm, the report notes.
Earlier last week, FEL defaulted twice on interest payments of
INR85.71 lakh and INR6.07 crore for its non-convertible debentures.
FEL had made another default on the payment of interest of INR1.41
crore, earlier this month.
The latest default is on the interest of securities issued for a
sum of INR40 crore, the report notes.
FEL has defaulted on interest payment for the period between June
24, 2021, to June 23, 2022, it said.
Business Standard says the debentures are secured and have a coupon
rate of 10.25 per cent per annum.
In April, FEL had informed the exchanges about a default of
INR2,835.65 crore towards its consortium of banks. Its due date was
March 31, 2022.
FEL was a part of the 19 group companies operating in retail,
wholesale, logistics and warehousing segments, which were supposed
to be transferred to Reliance Retail as part of a INR24,713 crore
deal announced in August 2020.
The deal was called off by the billionaire Mukesh Ambani-led
Reliance Industries Ltd in April, the report notes.
Future Enterprises Limited owns and operates retail stores. The
Company offers a variety of household, consumer and fashion
products and also engaged in manufacturing of garments.
GUPTA STEEL: CRISIL Reaffirms B+ Rating on INR5cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Gupta Steel and Strips Private Limited
(GSSPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 5 CRISIL B+/Stable (Reaffirmed)
Overdraft
facility
Proposed Fund- 2 CRISIL B+/Stable (Reaffirmed)
Based Bank Limits
Working Capital 3 CRISIL B+/Stable (Reaffirmed)
Term Loan
The rating continues to reflect weak financial risk profile of
GSSPL along with susceptibility of the operating margin to
volatility in raw material prices and modest scale of operations.
These weaknesses are partially offset by the extensive experience
of the promoter in the steel industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Average financial risk profile: Financial risk profile may remain
constrained by modest cash accrual and sizeable debt. Networth was
low at INR2.4 crore as on March 31, 2022, with gearing high at 1.5
times. Debt protection metrics were subdued: interest coverage and
net cash accrual to total debt ratios are estimated at 1.90 times
and 0.08 time, respectively, for fiscal 2022.
* Exposure to volatility in raw material prices: Cost of production
and profit margin depend on the price of raw materials (sponge iron
and mild steel scrap); even a slight variation in price can
drastically impact the operating margin. Profitability is also
linked to the fortunes of the inherently cyclical steel industry,
which has strong correlation with overall growth in the gross
domestic product. Operating performance will remain exposed to
fluctuations in raw material cost and offtake by key end users.
* Modest scale of operations: The iron and steel industry is highly
fragmented, and the consequent intense competitive pressure may
continue to constrain scalability, pricing power and profitability.
Revenue is estimated at INR30 crore for fiscal 2022. Ability of the
company to ramp up operations will remain a key monitorable.
Strength:
* Extensive experience of the promoter: The promoter has more than
a decade of experience in the iron and steel industry; his strong
understanding of market dynamics and healthy relationships with
suppliers and customers should continue to boost operating
performance.
Liquidity: Stretched
Cash accrual is estimated at INR0.3 crore per annum, barely
sufficient to meet the debt obligation of INR0.1-0.9 crore over the
medium term. However, the same is supported by cushion in bank
lines as indicated by average bank limit utilisation was 12% for
the 12 months through February 2022. Current ratio is healthy at 4
times as on March 31, 2022. Need-based funding support from the
promoter is expected to continue.
Outlook: Stable
GSSPL will continue to benefit from its longstanding relationship
with principals and an experienced management.
Rating Sensitivity factors
Upward factors
* Sustained increase in revenue and operating margin, leading to
cash accrual above INR60 lakhs
* Improvement in financial risk profile
Downward factors
* Decline in operating margin or revenue, resulting in cash accrual
below INR0.3 crore
* Sizeable stretch in the working capital cycle, or any large,
debt-funded capital expenditure
GSSPL, incorporated in 2011, trades in iron and steel products such
as hot-rolled (HR) and cold-rolled coils, HR sheets, and strips.
The company is promoted and managed by Mr. Ashish Gupta.
JSW STEEL: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded JSW Steel Limited's
corporate family rating to Ba1 from Ba2. Moody's has also upgraded
to Ba1 from Ba2 JSW's senior unsecured notes rating, the
guaranteed backed senior unsecured rating on Periama Holdings LLC,
and the US$40 million guaranteed senior unsecured revenue bonds
issued by Jefferson County Port Authority.
At the same time, Moody's has changed the ratings outlook on JSW
Steel Limited and Periama Holdings LLC to stable from positive.
"The upgrade reflects JSW's continued strong operating performance
and consistently strong credit metrics while maintaining good
liquidity," says Kaustubh Chaubal a Moody's Senior Vice President.
In Moody's view, JSW's substantially stronger operating performance
will help to sustain its deleveraging. The company's
Moody's-adjusted leverage, as measured by consolidated adjusted
debt/EBITDA, will remain comfortably below the upgrade trigger of
3.0x (for a Ba1 CFR), having already declined to 4.3x at March 2021
from 5.9x at March 2020, and more recently to an estimated 2.2x at
March 2022.
The upgrade also reflects the successful commissioning of the
company's 5 million tonnes per annum (mtpa) brownfield expansion at
Dolvi in November 2021 and its ramp up thereafter, which will
translate into at least a 20% increase in steel shipments during
the current fiscal year.
RATINGS RATIONALE
JSW's Ba1 CFR reflects the company's use of latest furnace
technology; increasing focus on value-added products; improving
backward integration into iron ore, the key steelmaking input; cost
competitive operations; and high profitability. In fact, the
company's financial profile substantially improved during fiscal
2022 to levels stronger than its Ba1 CFR. Even so, its key credit
metrics will revert to levels that are more commensurate with the
Ba1 rating once steel prices and metal spreads return toward
normalized levels.
Moody's notes that market conditions will gradually moderate over
the next 12-18 months. Rising global interest rates to curb
inflation and an increase in Indian steel export taxes will
slightly dampen steel prices.
Moody's estimates Indian steelmakers exported around 13.5 metric
tons (mt) of finished steel during the fiscal year ended March 2022
(fiscal 2022). A portion of the exports will likely be diverted to
the domestic market in fiscal 2023, owing to export taxes. Still,
underlying steel demand in India, JSW's main operating market,
remains robust, especially with the government's continued
infrastructure investments. Moody's expects steel consumption
growth in India to slightly moderate to the
high-single-digit-percentage during fiscal 2023, following an
increase to 11% in fiscal 2022. JSW should benefit from strong
domestic demand prospects, given its status as a leading steelmaker
in the country.
Moody's forecasts are based on the rating agency's current price
sensitivities for steel ($830 per ton for JSW's Indian operations)
for fiscal 2023. As for key steelmaking inputs, the agency has
modeled per ton of metallurgical coal at $308 and iron ore at about
$100. For fiscal 2024, Moody's forecasts are based on the mid-point
of its price sensitivity ranges ($600-$800/ton for steel, $80-$125
for iron ore and $110-$180 for metallurgical coal).
Given that JSW's backward integration into iron ore production is
only about 50% and that the royalties on the self-mined iron ore is
in excess of 100% of the iron ore price, Moody's remains cautious
and its forecasts are based on JSW's 15-year average EBITDA/ton of
$160. These assumptions translate into a 35% decline in
profitability over fiscal 2022.
Meanwhile, the increase in steel shipments to 22.6 million tonnes
during fiscal 2023, up from 19.1 mt in the previous fiscal year,
will limit any EBITDA decline in the rating agency's forecasts to
just about a quarter.
Moody's projects JSW will incur an estimated $2.5 billion in annual
capital expenditure toward investments in downstream facilities,
plant upgrades and brownfield capacity, causing free cash flow to
turn negative. Even so, with its EBIT margin in the 15%-18% range,
leverage below 3.0x and EBIT/interest coverage above 4.0x, the
company's credit metrics will stay sufficiently strong for its Ba1
CFR.
LIQUIDITY
JSW's balance-sheet liquidity is good.
The company had cash and cash equivalents of about $2.5 billion as
of March 31, 2022, undrawn term loans and letters of credit
aggregating $1.4 billion, and is expected to generate an estimated
$4 billion in operating cash flow over the 18 months till September
2023. These cash sources should be more than sufficient to meet the
company's capital expenditure, debt repayments (including
short-term debt) and dividends, which total about $7.0 billion over
the same period.
Given the inherently volatile cycles of the steel industry, some
unevenness in intra-year working capital is likely, which could
lead the company to continue relying on its undrawn $750 million
fund and non-fund based short-term 364-day working capital
facilities.
ESG CONSIDERATIONS
Moody's views the global steel sector as having high environmental
risk, particularly regarding carbon transition risk, waste and
pollution. Steel companies such as JSW operate blast furnaces that
are more exposed to carbon transition risk than electric arc
furnace (EAF) producers, although the latter have high electricity
requirements. The industry's transition to EAF will be slow and
require new capital investment, as well as sufficient scrap
supply.
RATING OUTLOOK
The stable outlook reflects Moody's view that JSW will remain
prudent in its capital allocation and maintain its good liquidity
position.
JSW currently exhibits an extremely strong financial profile for
its rating. Although softening steel prices and narrowing product
spreads will cause financial metrics to somewhat moderate, Moody's
anticipates that such levels should remain in line with the rating
agency's requirements for the company's Ba1 CFR.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
JSW's ratings are currently appropriately positioned at Ba1.
Whereas JSW's significantly improved operating performance in
fiscal 2022 resulted in credit metrics that are substantially
stronger for its Ba1 ratings, Moody's notes that it is unlikely
that the company would sustain these metrics when steel prices and
product spreads return to normal levels and supply and demand
balances out. Moreover, the execution risks associated with the
company's large capital expenditure, to the tune of an annual spend
of some $2.5 billion over the next two years, will likely constrain
a transition to investment grade.
Nevertheless, over a longer period, upward ratings pressure could
build if JSW operates with its EBIT margin above 15% and
consolidated leverage below 2.5x, while generating positive free
cash flow; all sustained through the cycle. Conservative financial
policies with a very good liquidity position, and a prudent mix of
debt and equity-funded capital spending would be prerequisites for
an upgrade.
Any deterioration in its liquidity position, such that the company
has insufficient cash sources to fund its operations, capital
expenditure and upcoming debt maturities over at least the next 18
months, a material reduction in liquid assets including cash, or
reduced access to bank and debt markets, could exert negative
ratings pressure. Downward rating momentum could also build if JSW
undertakes any large debt-financed acquisitions without an
immediate and meaningful counterbalancing effect on its earnings,
causing its leverage to climb.
Key financial metrics indicative of a lower rating include leverage
above 3.5x and EBIT/interest coverage below 3.5x, through the
cycle. A deterioration in volumes and margins in the company's key
operating markets that affect its ability to generate positive free
cash flow, or a declining flexibility for capital spending and
dividend reduction could also pressure the rating.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Steel published
in November 2021.
COMPANY PROFILE
JSW Steel Limited is one of India's largest steel producers with an
installed steelmaking capacity of 25.5 million tonnes per annum
(mtpa). Its international operations comprise (1) 1.2 million net
tonnes per annum (mntpa) plate mills and 0.5 mntpa pipe mills in
Texas; (2) a 3.0 mntpa hot rolling mill and a 1.5 mntpa electric
arc furnace in Ohio; and (3) a 1.3 mtpa long steel rolling facility
in Piombino, Italy.
JSW generated consolidated revenues of US$19.7 billion and
consolidated EBITDA of US$5.5 billion during fiscal 2022.
KUMAR TOOLS: CRISIL Withdraws B+ Rating on INR5.50cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Kumar Tools and Stampings (KTS) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.50 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
Proposed Long Term 3.73 CRISIL B+/Stable/Issuer Not
Bank Loan Facility Cooperating (Withdrawn)
Term Loan 2.77 CRISIL B+/Stable/Issuer Not
Cooperating (Withdrawn)
CRISIL Ratings has been consistently following up with KTS for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KTS. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KTS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
KTS is a proprietorship firm, set up in 2007 by Mr. Rajkumar S
Nadar. The company manufactures precision making components, used
in the automobile and construction industries, apart from the
compressor technique and pneumatic tool spares. Bulk of the
products are supplied to the automobile industry. The product range
includes 150-200 types of components, including flanges, baffles,
end cap, and perforated tubes. The manufacturing capacity of
150-200 tonnes per month, is utilized at 70-75% as on date.
MEHTA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Mehta Brothers Gems
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- (35.00) [ICRA]B+ (Stable) ISSUER NOT
Interchangeable 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. 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.
Mehta Brothers Gems Private Limited was established in 1966 as a
partnership firm by Mr. Dinesh Mehta & Mr. Jagdish Mehta. In 2005,
the entity's legal status was converted into a private limited
company. The company is engaged in the business of manufacturing
cut and polished diamond of size ranging medium to high carat in
different shapes and colour. The company has its registered office
at Mumbai and dedicated processing facilities at Borivali and
Goregaon in Mumbai.
MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Miraj
Metals (MM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 42.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 15, 2021,
placed the rating(s) of MM under the 'issuer non-cooperating'
category as MM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 1, 2022, March 12, 2022, March 21, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 2010 by Mr. Hiten Mehta, Miraj Metals is a supplier
of non-ferrous metals scrap in India, which it imports entirely
from the Middle East countries.
MIRAJ RECYCLERS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Miraj
Recyclers Private Limited (MRPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 12.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 15, 2021,
placed the rating(s) of MRPL under the 'issuer non-cooperating'
category as MRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MRPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 1, 2022, March 11, 2022, March 21, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in April 2013 by Mr. Hiten Mehta and Mrs. Harita
Mehta, Miraj Recyclers Private Limited (MRPL) is a supplier of
non-ferrous metals scrap of copper, aluminium and iron, and is also
engaged in the manufacturing of aluminium ingots & copper wire
rods. The company has its recycling facility located in Bhavnagar,
Gujarat.
MITHILA CARS: Liquidation Process Case Summary
----------------------------------------------
Debtor: Mithila Cars Private Limited
Plot No. A3/A4, Hatkesh Udyog
1st Floor, Near Hatkesh Industrial Estate
Mira Bhayander Road, Mira Road
Thane 401107, Maharashtra
Liquidation Commencement Date: June 20, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: April 18, 2022
Insolvency professional: Birendra Kumar Agrawal
Interim Resolution
Professional: Birendra Kumar Agrawal
F-1602, Tower A
Runwal Elegante
Lokhandwala Complex Lane
Near Raheja Classiq
Veera Desai Road, Andheri (West)
Mumbai 400053, Maharashtra
E-mail: bk@bhamaconsulting.com
- and –
913, Corporate Annexe
Sonawala Road
Near Udyog Bhawan
Goregaon East, Mumbai 400063
Maharashtra
Last date for
submission of claims: July 20, 2022
MOTA LAYJA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Mota Layja Gas Power Company Limited
301-303 Kaivanna Complex
Panchwati, Ahmedabad
Gujarat 380006
Insolvency Commencement Date: June 20, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: December 17, 2022
(180 days from commencement)
Insolvency professional: Ms. Prajakta Menezes
Interim Resolution
Professional: Ms. Prajakta Menezes
416, Crystal Paradise Co-op Soc. Ltd.
Dattaji Salvi Marg, Above Pizza Express
Off Veera Desai Road, Andheri West
Mumbai 400053
E-mail: prajakta@prmlegal.in
ip.mlgpcl@gmail.com
Last date for
submission of claims: July 6, 2022
MRB PATIALA: CRISIL Lowers Rating on INR30cr Term Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facilities of MRB Patiala Storage Private Limited (MRBPSPL) to
'CRISIL D' from CRISIL BB-/Stable.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 30 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The downgrade reflects delay in servicing debt obligations on term
loan availed by MRBPSPL due to weak liquidity.
The rating also reflects MRBPSPL's below average financial risk
profile, modest scale of operations and weak liquidity. However,
the company benefits from extensive experience of promoter in the
industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Weak Liquidity: Liquidity is weak due to stretch in receivables
which led to high bank limit utilization at 90-95%. Net cash
accruals remain insufficient against repayment obligations and
hence, delays in repayment of debt obligation observed for month of
May 2022.
* Below-average financial risk profile: High dependence on debt for
funding the project has led to gearing of around 6.04 times as on
March 31, 2021, and this may lower the DSCR to 1 to 1.05 times over
the medium term.
* Modest scale of operations: Though the scale of operations
remains modest, the company has been receiving rental income of
around INR0.26 crore per month. It is likely to accrue higher
income, once the rail line project is completed as scheduled by
January 2022. Timely completion of the rail line project, thus,
remains a key monitorable.
Strengths:
* Extensive experience of the promoters: Benefits from the
decade-long experience of the promoters in diversified support
services, their strong understanding of the market dynamics, and
healthy relationships with suppliers and customers should continue
to support the business.
Liquidity: Poor
Liquidity is poor as indicated by instances of delay in repayments
in debt obligation towards term loan.
Rating Sensitivity factors
Upward factors
* Track record of timely repayments for more than 3 months
* Increase in scale of operations and profitability leading to
improvement in key credit matrices
Incorporated in 2017, MRBPSPL has set up silos for storage of food
grains, and leased them to FCI. The silo, at Alipur village dist.
Patiala, has a storage capacity of 50,000 tonne per annum. Mr.
Pawan Bansal, Ms Manisha Goyal, and Ms Ratan Bala are the
promoters.
MULJI DEVSHI: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mulji
Devshi And Company (MDC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 19.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 16, 2021,
placed the rating(s) of MDC under the 'issuer non-cooperating'
category as MDC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MDC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 2, 2022, March 12, 2022, March 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1915, Mulji Devshi & Company (MDC), is a
Mumbai-based partnership firm managed by Mr. Kaushal P. Chheda,
Mrs. Vasanti P. Chheda and Ms. Girisha N. Vira. MDC is engaged in
processing, trading and export of agro commodities mainly sesame
seeds and other oilseeds which contributes 80% of their business
and remaining from other commodities which includes oils, meals,
spices & grain. The company has its branch office located at
Valsad, Gujarat and registered office located at Vidyavihar,
Mumbai.
NANA LAYJA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Nana Layja Power Company Limited
301-303 Kaivanna Complex
Panchwati, Ahmedabad
Gujarat 380006
Insolvency Commencement Date: June 20, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: December 17, 2022
(180 days from commencement)
Insolvency professional: Ms. Prajakta Menezes
Interim Resolution
Professional: Ms. Prajakta Menezes
416, Crystal Paradise Co-op Soc. Ltd.
Dattaji Salvi Marg, Above Pizza Express
Off Veera Desai Road, Andheri West
Mumbai 400053
E-mail: prajakta@prmlegal.in
ip.nlpcl@gmail.com
Last date for
submission of claims: July 6, 2022
NAVNEETA STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Navneeta
Steels Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 40.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/CC Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under 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. 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.
NSPL, incorporated in 1999, trades in steel and allied products
such as mild steel (MS) ingots, billets, MS bars, MS angles, MS
flats, scrap, sponge iron etc. The company also sells steel scrap.
NSPL was promoted by Mr. Shankerlal Agarwal and family and is based
in Hyderabad, Telangana. The warehouse facility is in
Vishakapatnam, Andhra Pradesh, with a storage capacity of
5,000-7000 MT.
PARDAL RESORTS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Pardal Resorts Private Limited
16, Saini Colony
Kartarpura, 22 Godam
Jaipur 302006
Rajasthan
Liquidation Commencement Date: June 10, 2022
Court: National Company Law Tribunal, Jaipur Bench
Insolvency professional: Brij Kishore Sharma
Interim Resolution
Professional: Brij Kishore Sharma
AB-162, Vivekanand Marg
Nirman Nagar, Ajmer Road
Jaipur 302019 Rajasthan
E-mail: bksharma162@gmail.com
Mobile: 9314517929
Last date for
submission of claims: July 9, 2022
PAYISM TECHNOLOGIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Payism Technologies India Private Limited
#202, 2nd Floor, Silicon Towers
Plot No. 2 & 3, Silicon Valley
Madhapur, Hyderabad
TG 500081
IN
Insolvency Commencement Date: June 22, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: December 14, 2022
Insolvency professional: Pavan Kankani
Interim Resolution
Professional: Pavan Kankani
#302, 3-6-140, 3rd Floor
City Centre, Himayat Nagar
Hyderabad 500029
Telangana
E-mail: cirp.payism@gmail.com
ippavankankani@gmail.com
Last date for
submission of claims: July 2, 2022
PRAGATI GRANITO: CRISIL Hikes Rating on INR6.0cr Debts to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Pragati Granito (India) Private Limited (PGIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.72 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 5.28 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects improvement in business risk profile of
the client, backed by increased scale of operations and
profitability. Operating income is estimated around INR4.86 crore
in FY22 against INR2.63 crore in FY21 with capacity utilization of
45-50%. Margins are at same levels of just over 4.15% to 5% and
working capital cycle is to remain at similar level. The ratings
continue to reflect the group's established market position
supported by the extensive experience of its promoters in the
industry.
Key Rating Drivers & Detailed Description
Weakness
* Working capital intensive operations: Operations are highly
working capital intensive as reflected in gross current assets of
235 days as on March 31, 2021, led by large receivables and
inventory of 79 and 147 days, respectively. The company has to keep
substantial amount of inventory since there is some seasonality in
procurement of graphite.
* Average financial risk profile: The financial risk profile of the
company is expected to be modest with modest networth of
INR2.14crore, high gearing around 3.13 times respectively, as on
March 31, 2021and subdued debt protection metrics.
Strengths
* Extensive entrepreneurial experience of the promoters: The
promoters have long standing presence in different businesses and
have established a healthy reputation in West Bengal.
Liquidity: Stretched
Liquidity risk profile of company is weak marked by high debt
funded capital expenditure. Cash accruals are expected to be over
INR0.70 -0.75 crore which are sufficient against term debt
obligation of INR0.70 crore over the medium-term Bank limits were
utilized at 55% on an average through the past 12 months ended in
April 2022, while the utilization is expected to increase with
increased operations. Support from promoters is also available in
case of any exigencies. The client has already introduced unsecured
loan of INR1crore in Fy'22.
Outlook: Stable
CRISIL Ratings believes Pragati Granito (India) Pvt Ltd will
continue to benefit from the extensive experience of its
promoters.
Rating Sensitivity Factors
Upward Factors:
* Growth in topline by more than 40% leading to higher cash
accrual.
* Improvement in the capital structure and liquidity position.
Downward Factors:
* Decline in revenue by more than 30% leading to lower cash
accrual.
* Stretch in the working capital cycle.
Incorporated in 2018, PGIPL has a granite cutting and polishing
unit in Purulia, West Bengal, with installed capacity of 12 lakh
square feet per annum. The plant was commissioned in November 2019.
Mr. Ajit Kumar Sarawgi, Mr. Siddharth Sarawgi and Mr. Yash Sureka
are the promoters.
PREDICATE CONSULTANTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Predicate Consultants Private Limited
12A Netaji Subhas Road
Mezanine Floor
Kolkata 700001
WB
Insolvency Commencement Date: June 4, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 1, 2022
Insolvency professional: Mr. Ritesh Agarwal
Interim Resolution
Professional: Mr. Ritesh Agarwal
Jindal Tower, Block C
Flat No. 301
1A Kundan Bye Lane
Near Silver Jubilee Hospital
Howrah, West Bengal 711204
E-mail: riteshagarwal@gmail.com
cirppredicate@gmail.com
Last date for
submission of claims: June 18, 2022
PRINTEX GRAPHIX: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Printex Graphix (India) Private Limited
81/82, Gandhi Nagar
Dainik Shivneer Marg
Worli Mumbai
MH 400018
Insolvency Commencement Date: June 3, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: November 30, 2022
Insolvency professional: Mr. Rohit Vora
Interim Resolution
Professional: Mr. Rohit Vora
A-1103, Raj Sunflower Royal Complex
Eksar Road, Borivali
Mumbai, Maharashtra 400092
E-mail: contact@rohitvora.com
Last date for
submission of claims: June 17, 2022
R.V. PLASTIC: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long term and short-term ratings of R.V.
Plastic 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- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 6.00 [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. 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.
R V Plastic Limited (RVPL) was incorporated in 1995 with the object
of trading in Polyproylene. The company was engaged in the business
of import and trading of polymer products like LDPE (Low-density
polyethylene), LLDPE (Linear low-density polyethylene), HDPE
(High-density polyethylene), PP (Polypropylene) etc. Subsequently
in 2010 it became a Del Credere Agent (DCA) and consignment
stockist of Indian Oil Corporation Limited (IOCL) for distribution
of IOCL's Poly-propylene (PP)/ Polyethylene (PE) products.in
Haryana. Currently, the firm is one of the leading DCAs of IOCL and
has two warehouses in Bhiwandi (Maharashtra) and Daman for stocking
goods. The firm extends credit to its customers for a period
ranging from 30-45 days. Since the interest cost on the working
capital borrowings is lower than the interest charged from
customers (ranging from 13-32%), the firm has a potential arbitrage
to this extent. Nonetheless, as the interest rate on working
capital borrowings is based on a floating base rate of the bank,
the firm continues to remain exposed to risk of interest rate
fluctuations which becomes vulnerable in a scenario of economic
slowdown.
S. K. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of S. K.
Exports (Lower Parel) 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- 13.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term– (0.50) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.40 [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. 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.
S.K. Exports was established on 1st of April 1989 as a partnership
firm by Mr. Sanjay Jawaharlal Khanna and Mr. Sailesh Jawaharlal
Khanna. The firm is engaged in the business of manufacturing and
exporting leather goods. SKE has a registered office at Lower
Parel, Mumbai. SKE has two manufacturing units, located in Mumbai
and Kolkata with a combined manufacturing capacity of 10,000 pieces
of handbags, 10,000 pieces of wallets and 15,000 pairs
(approximately) of footwear per month.
SAI SWADHIN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-term rating of Sai Swadhin Commercials
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 3.75 [ICRA]D ISSUER NOT COOPERATING;
Limit- Rating continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Fund Based– 5.00 [ICRA]D ISSUER NOT COOPERATING;
Limit- 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. 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 2008, SSCPL is engaged in the extraction of crude
rice bran oil and cashew nut shell liquid. The company commenced
operations from April2015 onwards from its facilities based out of
Ganjam district in Odisha. The company has an installed capacity of
37,500 metric tons per annum (mtpa) each for rice bran oil and
cashew nut shell liquid. The key raw materials required are rice
bran and cashew outer shell which are easily available in Odisha.
SCIENT CAPITAL: ICRA Lowers Rating on INR3.52cr PTCs to B+
----------------------------------------------------------
ICRA has downgraded the rating(s) for the pass-through certificates
(PTCs) issued under a collateralised bond obligation (CBO)
transaction, wherein the seller is Scient Capital Private Limited
(SCPL). The underlying pool backed by non-convertible debentures
(NCDs) receivables were issued by three entities, viz. Spandana
Sphoorty Financial Limited {[ICRA]A-&}, Oxyzo Financial Services
Private Limited ([ICRA]A+(Stable)/[ICRA]A1+) and Sadbhav
Engineering Limited (unrated). The rating downgrade is on account
of the deterioration in the credit profile of one of the underlying
obligors in the pool, viz. Sadbhav Engineering Limited, owing to
delays in its asset monetisation plans and weakening of debt
coverage and profitability metrics.
Trust Amount
Name Instrument (INR cr) Rating
---- ---------- -------- ------
Pyxis Fixed PTC Series A1 3.52 [ICRA]B+(SO); downgraded
Income Trust from [ICRA]BB+(SO)
Key rating drivers and their description
Credit strengths
* Diversity amongst the borrower entities in terms of the varied
nature of businesses
Credit challenges
* High obligor concentration in the pool (top obligor constitutes
~59% of pool principal).
* No external credit enhancement in the structure.
Description of key rating drivers
As per the transaction structure, the monthly cash flow schedule
comprises the expected principal and interest payment to PTC Series
A1. The principal payment would be senior to the interest payment
and any shortfall in making the expected principal and interest
payment to PTC Series A1 in a particular payout would be carried
forward to the subsequent payout. On the final maturity date, only
the principal is promised on the PTCs while the entire yield is on
an expected basis. Hence, the rating assigned by ICRA addresses the
timely payment of the entire principal to the PTC investors by the
final maturity date. There is no external credit enhancement
available in the structure. The only form of credit enhancement
available in the transaction is the excess interest spread (EIS)
arising out of the fact that the interest to be paid on the PTCs,
after paying the Trust expenses, is only expected and not promised
(i.e. the pool yield less the Trust expenses would be the PTC
yield/EIS component). However, the expected interest would still be
paid to the investor each month and thus the EIS of any month is
not available to support any shortfall in subsequent months. The
entities, the NCDs of which have been assigned to Pyxis Fixed
Income Trust, have standalone ratings across the A and B rating
categories. Further, the transaction comprises NCD contracts issued
by only three entities, indicating high concentration risk. Also,
the obligor concentration for the NCD contracts in the initial pool
was high with the top obligor constituting around 59% of the pool
principal after May-22 payout. The pool has seen no prepayments and
all the underlying entities have made the payments on the NCDs in a
timely manner till May-22 payout.
Any deterioration in the credit quality of the individual entities
in the pool to a rating level below the rating assigned to the PTCs
would have a bearing on the credit quality of the rated PTCs.
Performance of past rated pools: ICRA has rated one pool where SCPL
has been the seller.
Key rating assumptions
ICRA's rating (or shadow rating) on the entities has been taken
into account while arriving at the rating of the PTCs. There is no
external credit enhancement in the structure; hence, the default
probability on the PTCs is considered to be in line with the
default probability of the lowest-rated entity in the pool.
Liquidity position: Stretched
Considering the liquidity profile of the weakest entity in the
structure, the liquidity position for PTC Series A1 is considered
to be stretched for meeting the promised principal payouts.
Rating sensitivities
Positive factors – An improvement in the credit profiles of the
underlying entities could lead to an upgrade in the PTC rating.
Negative factors – A deterioration in the credit profiles of the
underlying entities could lead to pressure on the PTC rating.
Scient Capital Private Limited (SCPL) is an alternate asset
management firm. It uses research and structuring to create
investment products for different categories of investors. The
company's offerings are designed to complement the investor's core
portfolio. On the debt side, these include high-yield debt and
intermediate-yield debt, which complement debt mutual funds and
tax-free bonds. The equity side covers early-stage venture capital
and international investments, which help investors diversify
beyond listed Indian equities.
SENSETIVE INFRA: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Sensetive Infra Pvt. Ltd.
C/o Pradipto Sarkar
P.O. Bamongachi
North 24 Parganas
Duttapukur, Parganas North
WB 743248
IN
Liquidation Commencement Date: June 15, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: June 14, 2022
Insolvency professional: Mr. Nitesh Kumar More
Interim Resolution
Professional: Mr. Nitesh Kumar More
18 Rabindra Sarani, Gate No. 1
7th Floor, Room No. 701
Kolkata 700001
E-mail: nmore2091@gmail.com
Tel: 8336087901
Last date for
submission of claims: July 14, 2022
SHRADDHA SYNTHETICS: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Shraddha
Synthetics 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- 0.50 [ICRA]B (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 3.50 [ICRA]B (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 6.50 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 4.10 [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. 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.
Shraddha Synthetics Private Limited was initially established as a
proprietorship concern by Mr. Sushil Kumar Beswala in 1987. The
firm was reconstituted as private limited company and renamed as
Shraddha Synthetics Private Limited in 1997. The company is in the
business of manufacturing of grey fabric and readymade garments
with major focus on ladies tops, shirts jeans and blouses.
Manufacturing of ladies readymade garments like tops, shirts and
blouses is outsourced entirely to job workers in the domestic
market whereas the manufacturing of grey fabric takes place at its
manufacturing facility in Bhiwandi, Maharashtra.
SIKSHA 'O' ANUSANDHAN: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Siksha 'O' Anusandhan in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 115.00 [ICRA]B+(Stable); ISSUER NOT
Limit– COOPERATING; Rating continues
to
Term Loan 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. 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.
SOA was established in 1995 as a society in Bhubaneswar, Odisha and
manages SOA University (deemed University). SOA University offers
under and post graduate courses across different disciplines like
engineering, medicine, law, management and also manages a 750 bed
hospital. Currently, it has strength of more than 12,000 students.
SION STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating of Sion Steels in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Cash Credit 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. 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 1992, Sion Steels is a trader of various Mild steel
structural and metal scraps. Corporate office and godown of the
firm is located in Sion, Mumbai. The firm has its presence in
domestic market only, particularly within Mumbai only. Customer
profile of the firm includes infrastructure and real estate
companies, traders, casting and foundry units. The firm is not an
authorized distributor of any company; it procures all materials
for trading purposes from brokers and commissioning agents. Many a
times, procurement of scraps is through bidding process.
SPECIALITY POLYMERS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of
Speciality Polymers Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 42.00 [ICRA]D ISSUER NOT COOPERATING;
Limits Rating continues to remain
Cash Credit under 'Issuer Not Cooperating'
Category
Fund Based- 13.50 [ICRA]D ISSUER NOT COOPERATING;
Limits Rating continues to remain
Term loan under 'Issuer Not Cooperating'
Category
Interchangeable
Limits (8.50) [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
Non Fund based 16.10 [ICRA]D ISSUER NOT COOPERATING;
Limits 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. 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 October, 1988, Speciality Polymers Private Limited
(SPPL) is engaged in the business of manufacture of various types
of emulsions, adhesives, binders, construction chemicals etc. The
company has its manufacturing unit located at Badlapur, Thane with
an installed capacity of 12,000 metric ton per annum (MTPA) and a
new manufacturing set up with an installed capacity of 63000 MTPA
in Ambernath MIDC, Thane.
SYNDBANK SERVICES: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Syndbank Services Limited
112, JC Road
First Floor Canteen Block
Head Office, Canara Bank
Bangalore 560002
Liquidation Commencement Date: June 22, 2022
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Ganesh Panduranga Pai
Interim Resolution
Professional: Ganesh Panduranga Pai
#68, Chitrapur Bhavan
6B, 6th Floor, 8th Main
15th Cross, Malleshwaram
Bangalore 560055
E-mail: pragnya.cas@gmail.com
Tel: 9845666596
08023565641
Last date for
submission of claims: July 21, 2022
VS LIGNITE: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long term and short-term ratings of VS
Lignite Power Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 72.56 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based– 50.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-Fund based 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
issuer not cooperating category
Unallocated 203.19 [ICRA]D; 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. 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.
VSLPL is a special purpose vehicle (SPV) promoted by KSK
Electricity Financing India Pvt. Ltd. (KEFIPL), a power project
investment arm under Hyderabad-based KSK group. VSLPL operates a
lignite fired power plant with an installed capacity of 135 MW in
Bikaner district of Rajasthan. The power plant commissioned in July
2010 sources fuel from a captive lignite mine. The project does not
have a long-term PPA.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Halves Debt, On Track for Profit
--------------------------------------------------
Bangkok Post reports that Garuda Indonesia has halved its debt and
achieved comparable cuts to aircraft leasing costs in negotiations
that have set the airline up for profitability, the Indonesian
government said on June 28.
Bangkok Post relates that the company had approached financial
investors and foreign airlines to increase its capital, Kartika
Wirjoatmojo, deputy minister of state-owned enterprises, told
reporters.
Restructuring of the airline's obligations, agreed this month, has
come six months after an unpaid creditor forced it into proceedings
for a court-supervised debt moratorium, the report says.
In negotiations supervised by the court and in out-of-court
settlements, Garuda had halved its debt to US$5.1 billion from
$10.1 billion, Kartika said.
Bangkok Post says the company has also renegotiated the terms of
aircraft orders and leasing contracts. It was formerly paying
abnormally high rents for aircraft.
During restructuring, Garuda had managed to cut lease rates for
wide-body aircraft by at least 65% and for narrow-body aircraft by
35%, Kartika said.
Some lessors had also agreed until December 2023 to vary lease
payments according to the amount of time aircraft were used.
"Garuda was rarely profitable, because of its low fleet utilisation
and high lease costs," the deputy minister said. ". . . With an
efficient fleet, optimised domestic routes and reduced lease rates,
Garuda can make a profit, we believe."
The carrier would still face challenges in managing costs amid
soaring fuel prices, but it expected to turn its operating income
positive after reporting negative cashflow each month during the
Covid-19 pandemic, he said, Bangkok Post relays.
According to Bangkok Post, the deputy minister reiterated Garuda's
plan to focus on serving domestic routes and maintaining only
profitable international services.
Including low-cost unit Citilink, the Garuda group would operate
120 aircraft, down from 210 in 2020.
Bangkok Post adds that the government has said it will top up
Garuda's capital through a rights issue later this year and that
the company will later make a second rights issue, inviting a
strategic partner to invest in it.
Kartika said Garuda approached international airlines and financial
investors for the second rights issue.
"We believe with our huge domestic market . . . there will be huge
potential" for investors, he said.
As of last month, the government owned 60.54% of Garuda's shares,
according to a stock exchange filing.
About Garuda Indonesia
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations. Under its Citilink
brand, it serves 10 other domestic routes. Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
14, 2021, Bloomberg News said the airline entered a
court-supervised debt restructuring process after a Jakarta court
on Dec. 9, 2021, accepted a debt petition filed against it. Garuda
and its creditors have 45 days to complete negotiations, which can
be extended to 270 days.
Garuda finalized a restructuring proposal in November 2021 and is
in discussion with creditors and lessors to reduce its liabilities
to US$3.7 billion, from US$9.8 billion, Kartika Wirjoatmodjo, a
deputy at Indonesia's state-owned enterprises ministry, told a
parliamentary hearing.
=========
J A P A N
=========
TOSHIBA CORP: Shareholders Endorse Two Activist Directors
---------------------------------------------------------
The Japan Times reports that Toshiba Corp. shareholders voted in
two board directors from activist hedge fund investors at the
firm's annual general meeting on June 28, in an inclusion expected
to add momentum to its exploration of potential buyout deals.
Nabeel Bhanji, a senior portfolio manager at Elliott Management,
and Eijiro Imai, managing director at Farallon Capital Management,
were elected, as was Akihiro Watanabe, an executive from boutique
U.S. investment bank Houlihan Lokey, who becomes chairman of its
board, the Japan Times says.
To date, only a few large Japanese companies have brought activist
shareholders onto their boards. The inclusion by Toshiba is
particularly significant given its history of accounting and
governance crises since 2015 and tensions with its large activist
investor base, the report states.
"One of the major issues that we've had as a company is a lack of
trust between our large shareholders and management, and this was
an attempt to address that," Raymond Zage, who chairs the
nomination committee, told the meeting's attendees before the
vote.
Farallon and Elliott together hold about 10% of Toshiba and
activist shareholders are estimated to own roughly a quarter of the
company's stock, according to The Japan Times.
Tensions with activist investors were particularly fraught last
year when a shareholder-commissioned investigation concluded the
company had colluded with Japan's trade ministry - which sees
Toshiba's nuclear and defense technology as a strategic asset - to
block overseas investors from gaining influence at its 2020
shareholder meeting.
Earlier this year, shareholders rejected management-backed plans to
split the company in half, prompting Toshiba to restart a strategic
review, the Japan Times recalls.
All in all, seven new board directors were appointed and six were
reappointed.
According to the report, the appointments of Bhanji and Imai were
not without controversy, with one board member publicly expressing
concern that the board may become too skewed toward the input of
activist investors.
Toshiba said this month it had received eight initial buyout
proposals to go private, as well as two proposals for capital
alliances that would see it remain listed.
It plans to shortlist bidders soon so that selected suitors can
start due diligence from July, the report says.
Jerry Black, who chairs the board's committee in charge of the
strategic review, told the AGM that going private "could possibly
help" with a radical and speedy transformation of Toshiba, while
stressing that the committee has no predetermined points of view.
Sources have told Reuters at least one bidder is considering
offering up to JPY7,000 per share to take the company private,
valuing a potential deal at up to $22 billion, according to the
report.
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 sources with knowledge of the matter.
Some of them may form consortia for a bid, they added.
But how well the board can unite will be critical, the report
notes. Toshiba external board member Mariko Watahiki earlier this
month spoke out publicly against the appointments of Imai and
Bhanji, saying that if they were appointed, activists would take up
too much of the board, the Japan Times relates. After the
shareholders’ meeting, Watahiki submitted her resignation from
the board, TV Tokyo reported. The board will decide whether or not
to accept her resignation later in the afternoon, the broadcaster
said.
Retail investors at the meeting questioned the appointments of both
Imai and Bhanji as well as the need for privatization, the report
says. Shareholders asked whether the activist funds’ interests
were aligned with what was good for the company over the
long-term.
"Toshiba has accumulated amazing technology precisely because it is
listed," another said. "Please do not go private."
The Japan Times adds that external board member Zage said that the
company consulted multiple law firms to review conflicts of
interest, and that the appointments were designed to address lack
of trust between large shareholders and management. CEO Taro
Shimada responded to shareholders opposing privatization by saying
the company would thoroughly study all options.
The board’s first order of business, however, is finding a clear
direction, said Chieko Matsuda, a professor at Tokyo Metropolitan
University who specializes in corporate governance. Even after
spinning out its memory chips, home appliances, PCs and TVs, the
sprawling industrial conglomerate’s remaining products still span
the gamut from nuclear turbines and high-speed trains to batteries,
elevators, cloud computing and semiconductors.
"It is completely unclear where Toshiba is headed, what its
business will be, or how it sees its future," the report quotes Ms.
Matsuda as saying.
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 C A U
=========
SJM HOLDINGS: Moody's Confirms Ba3 CFR, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has confirmed SJM Holdings Limited's Ba3
corporate family rating and the B1 rating on the backed senior
unsecured bonds issued by Champion Path Holdings Limited and
guaranteed by SJM.
Moody's has also revised the outlooks on these entities to negative
from ratings under review.
This concludes the review for downgrade initiated on October 25,
2021.
"The confirmation of the ratings reflects the completed refinancing
of SJM's loan facilities, which now provide the company with
adequate liquidity for at least the next 12 months," says Sean
Hwang, a Moody's Assistant Vice President and Analyst.
"That said, the negative outlook reflects the high uncertainty
surrounding the pace and extent of SJM's earnings recovery, and
Moody's view that SJM's financial leverage will likely remain very
high over the next 12-18 months," says Hwang.
RATINGS RATIONALE
SJM announced on June 23, 2022 that it had executed its HKD9
billion term loan facility and HKD10 billion revolving credit
facility (revolver) with a syndicate of banks. The seven-year loan
facilities will be used to repay SJM's existing loans and replenish
its liquidity.
Following the refinancing, SJM no longer has large bullet
maturities of debt until January 2026, while its new term loan will
amortize quarterly in modest amounts from September 2023. SJM's
cash and availability under the revolver – totaling HKD6.0
billion-HKD6.5 billion based on Moody's estimate – will be
sufficient to cover its cash needs for at least the next 12 months,
including some construction payments due during this period and the
cash burn that is likely to continue for the remainder of 2022.
Moody's expects SJM's adjusted debt – including lease liabilities
– to increase to around HKD30 billion over the next 12-18 months
from HKD23.6 billion as of the end of 2021. This forecast factors
in the expected revolver drawdown during this period and the HKD1.9
billion convertible bond from Sociedade de Turismo e Diversoes de
Macau (STDM) for SJM's acquisition of the Oceanus property.
At the same time, recovery in SJM's earnings will likely be
protracted, as highlighted by the recent resurgence of Covid cases
and the strengthening of travel restrictions in Macao SAR, China.
Moody's currently assumes that Macao's mass-market gaming revenue
will be around 40% of 2019 levels this year, before improving to
80% in 2023, with a full recovery in 2024. VIP revenue is unlikely
to recover significantly because of the regulatory crackdown on
junkets.
Given the above expectations, Moody's forecasts SJM's adjusted
debt/EBITDA will exceed 10x in 2023 and only fall to 5.1x in 2024.
This level of financial metrics in 2024 is still commensurate with
SJM's Ba3 CFR, but significant risks exist over the assumed pace
and magnitude of earnings recovery, driving the negative outlook.
SJM's Ba3 CFR continues to reflect its established gaming
operations in Macao given its operational history of more than 50
years, as well as the company's conservative financial track
record, which mitigates the risk associated with its geographic
concentration in Macao.
The B1 rating on Champion Path Holdings Limited's senior unsecured
notes is one notch lower than SJM's CFR because bank loans and
subsidiary-level liabilities will remain a significant portion of
SJM's liability structure even after the refinancing, and thus,
have priority over the senior unsecured claims at the holding
company in a default scenario.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
SJM Holdings' ESG Credit Impact Score is highly negative (CIS-4),
mainly reflecting its highly negative exposure to social and
governance risks.
SJM's social risks are driven mainly by the responsibility of
gaming operators to prevent money laundering and problem gambling,
as highlighted by Macao's gaming law revision in 2022. SJM also
faces long-term risks around evolving consumer preferences that may
not favor traditional casino gaming. However, this risk is partly
offset by the growing entertainment spending and limited threats
from online gambling in Asia.
SJM's governance risks mainly reflect the concentrated ownership
and control of SJM by STDM and the previous delay in addressing
loan maturities, which raised a degree of concern over SJM's
financing execution and liquidity management. These risks are
counterbalanced by SJM's track record of a conservative financial
strategy.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of SJM's ratings is unlikely at present, given the
negative outlook.
Moody's could revise SJM's outlook to stable if SJM improves its
earnings, contains debt growth and maintains adequate liquidity.
Credit metrics indicative of this scenario include SJM's adjusted
debt/EBITDA falling below 5.5x on a sustained basis.
Moody's could downgrade SJM's ratings if the rating agency expects
that the company's adjusted debt/EBITDA will stay above 5.5x, due
to a prolonged weakness in earnings or a higher-than-expected
increase in debt. This situation could arise from the impact of a
protracted pandemic.
The principal methodology used in these ratings was Gaming
published in June 2021.
SJM Holdings Limited develops and operates casinos and integrated
resort facilities in Macao SAR. The company is listed on the Hong
Kong Stock Exchange, and is 54% owned by Sociedade de Turismo e
Diversoes de Macau (STDM).
===============
M A L A Y S I A
===============
SAPURA ENERGY: Posts Profit of MYR92MM in Q1 Ended April 30
-----------------------------------------------------------
The Malaysia Reserve reports that Sapura Energy Bhd and its group
of companies posted group profit after tax and minority interests
(Patami) of MYR92 million in the first quarter ended April 30 of
financial year 2023 (1Q23).
In an exchange filing on June 27, the company said this performance
is on the back of Ebitda of MYR250 million and revenue of MYR886
million, the report relays.
Its Patami in 1Q23 was mainly derived from such ongoing efforts,
which materialised through approved commercial settlements and
favourable foreign exchange gains following the strengthening of
the US dollar.
"We are seeing the first green shoots of recovery, following the
implementation of our Reset Plan," the report quotes Sapura Energy
group CEO Datuk Mohd Anuar Taib as saying in a statement. "We
still have significant hurdles to overcome before we can sustain
this encouraging momentum."
Sapura Energy is currently classified as a PN17 (Practice Note
17/2005) company. The company is now undergoing a regularisation
plan called the Reset Plan, the report says.
"Delivering our Reset Plan becomes more important than ever as it
is the route to a stable platform for the group, enabling us to
exit the PN17 status and grow in the near future," Mohd Anuar said
further.
According to the report, Sapura Energy’s Reset Plan, initiated in
December 2021, aims to create long-term sustainability by
rebuilding the group’s balance sheet; enhancing its operational
and risk management framework; and charting future business
direction through portfolio rationalisation.
To date, the implementation of the Reset Plan remains on track.
In March, the High Court of Kuala Lumpur allowed Sapura Energy and
22 of its wholly owned subsidiaries to begin a scheme of
arrangement (SoA) process with its lenders and trade creditors, as
a part of the group’s effort to reduce unsustainable debt and
resolve outstanding payments to vendors, the Malaysian Reserve
recalls.
The report relates that the High Court also granted three-month
restraining orders to Sapura Energy and 22 of its wholly owned
subsidiaries, so that these entities may negotiate a compromise
with its trade creditors without disruption to operations.
Sapura Energy also entered into separate contractual arrangements
with its lenders for a standstill on claims.
The Malaysia Reserve says the group was recently granted a
nine-month extension on the restraining orders to March 10, 2023,
and received support from the majority of its lenders to extend the
standstill agreement for a period of six months.
It is undergoing a proof of debt exercise with its trade creditors
and it aims to finalise a proposed SoA as soon as possible.
The Malaysia Reserve relates that the group also recently received
a drawdown of MYR300 million from its existing working capital
facility, backed by proceeds from the disposal of its pipe-laying
and heavy-lift vessel Sapura 3000 (picture). It is also working to
secure additional sources of funding.
The sale of Sapura 3000, in line with the group’s portfolio
rationalisation, is expected to be completed by the end of July.
The group’s remaining fleet is capable of delivering its current
and future business plan, it said.
About Sapura Energy
Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.
Sapura Energy Bhd announced on May 31 that it has been classified
as a PN17 listed issuer due to going concerns on its shareholders'
equity position less than 50% of its share capital.
Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50 per cent of its share capital
of MYR10.9 billion.
=====================
N E W Z E A L A N D
=====================
ECOLIBRIUM BIOLOGICALS: Court to Hear Wind-Up Petition on Sept. 30
------------------------------------------------------------------
A petition to wind up the operations of Ecolibrium Biologicals
Holdings Limited will be heard before the High Court at Auckland on
Sept. 30, 2022, at 10:00 a.m.
Chemovateq Swiss Ag filed the petition against the company on June
16, 2022.
The Petitioner's solicitor is:
David Broadmore
Buddle Findlay
Level 18, 188 Quay Street
Auckland 6011
FOUR SEASONS: Creditors' Proofs of Debt Due on July 27
------------------------------------------------------
Creditors of Four Seasons Group NZ Limited and Four Seasons Health
Products NZ Limited are required to file their proofs of debt by
July 27, 2022, to be included in the company's dividend
distribution.
The companies commenced wind-up proceedings on June 27, 2022.
The companies' liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour, Auckland 0751
IMMACULATE CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 1
----------------------------------------------------------------
Creditors of Immaculate Construction Limited, CPB Flooring Limited
and Q Signs & Graphics Limited are required to file their proofs of
debt by Aug. 1, 2022, to be included in the company's dividend
distribution.
Immaculate Construction commenced wind-up proceedings on June 8,
2022.
CPB Flooring and Q Signs & Graphics commenced wind-up proceedings
on June 27, 2022.
The companies' liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Business Restructuring
Level 1, 50 Customhouse Quay
Wellington 6011
LATHA SRI: Commences Wind-Up Proceedings
----------------------------------------
Members of Latha Sri Enterprises Limited on June 27, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Pritesh Patel
C/- Patel & Co.
PO Box 23296
Manukau, Auckland 2144
MAHI WORX: Court to Hear Wind-Up Petition on July 22
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A petition to wind up the operations of Mahi Worx Limited will be
heard before the High Court at Auckland on July 22, 2022, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 2, 2021.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
Q&S HOUSING: Court to Hear Wind-Up Petition on July 22
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A petition to wind up the operations of Q&S Housing Construction
Limited will be heard before the High Court at Auckland on July 22,
2022, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 5, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
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S I N G A P O R E
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BRIT GLOBAL: Creditors' Proofs of Debt Due on July 27
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Creditors of Brit Global Specialty Singapore Pte. Ltd. are required
to file their proofs of debt by July 27, 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:
Aaron Loh Cheng Lee
EY Corporate Advisors
c/o One Raffles Quay North Tower 18th Floor
Singapore 048583
IPROPERTY GROUP: Creditors' Proofs of Debt Due on July 27
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Creditors of IProperty Group Asia Pte. Ltd. are required to file
their proofs of debt by July 27, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 22, 2022.
The company's liquidator is:
Wong Pheng Cheong Martin
c/o FTI Consulting (Singapore) Pte. Ltd.
One Raffles Quay
#27-10 South Tower
Singapore 048583
MOECO ASIA: Creditors' Proofs of Debt Due on July 25
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Creditors of Moeco Asia EP2 Pte. Ltd., Moeco Asia Offshore Pte.
Ltd., Moeco Asia PSCG Pte. Ltd., Moeco Asia South Pte. Ltd., and
Moeco Oil & Gas Asia Pte. Ltd., are required to file their proofs
of debt by July 25, 2022, to be included in the company's dividend
distribution.
The companies commenced wind-up proceedings on June 16, 2022.
The companies' liquidators are:
Ong Kok Yeong David
Tay Tuan Leng
c/o Tricor Singapore Pte. Ltd.
80 Robinson Road #02-00
Singapore 068898
SILK ROAD: Members' Final Meeting Set for July 25
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Members of Silk Road Group Holding Pte Ltd will hold their final
meeting on July 25, 2022, at 9:30 a.m., at 600 North Bridge Road,
#05-01 Parkview Square, in Singapore.
At the meeting, Victor Goh and Khor Boon Hong of Baker Tilly, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
WILMAR YIHAI: Creditors' Proofs of Debt Due on July 28
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Creditors of Wilmar Yihai Investments Pte Ltd, Wilmar Yihai China
Holdings Pte Ltd, Wilmar China Investments (Yihai) Pte. Ltd., and
Wilmar China Investments Pte Ltd, are required to file their proofs
of debt by July 28, 2022, to be included in the company's dividend
distribution.
The companies commenced wind-up proceedings on June 24, 2022.
The companies' liquidator is:
Liew Khee Soon
60 Paya Lebar Road
#04-51, Paya Lebar Square
Singapore 409051
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S O U T H K O R E A
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SSANGYONG MOTOR: Picks KG Consortium as Final Bidder
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Yonhap News Agency reports that SsangYong Motor said on June 28 it
awaits a court's approval for its decision to select a local
consortium led by chemical-to-steel firm KG Group as the final
bidder for the debt-laden carmaker.
SsangYong has applied for the approval from the Bankruptcy Court
over the selection, a company spokesman said over the phone, Yonhap
relays.
In May, SsangYong picked the KG consortium as the preliminary
bidder for the carmaker in the stalking horse bid, in which the
preliminary bidder suggests its price for SsangYong ahead of the
auction, and other bidders submit their prices in the auction,
recalls Yonhap.
Last week, underwear company Ssangbangwool submitted its bid to
compete with the KG consortium to acquire the Korean unit of Indian
carmaker Mahindra & Mahindra, the report says.
According to Yonhap, the KG consortium reportedly plans to acquire
SsangYong for KRW950 billion (about $740 million) that includes
operating capital of KRW600 billion.
SsangYong aims to sign a deal with the KG consortium in early July,
submit its rehabilitation plan to the court in late July and obtain
the court's approval for its restructuring plan in late August,
Yonhap adds.
About SsangYong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.
Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.
As previously reported in the Troubled Company Reporter-Asia
Pacific, SsangYong Motor filed for court receivership on Dec. 21,
2020, as it struggled with snowballing debts amid the COVID-19
pandemic, according to Yonhap News Agency. The decision came after
SsangYong Motor failed to pay KRW60 billion (US$54.8 million) worth
of debts to its three creditor banks.
On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra failed to
attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.
In November 2021, Edison Motors and SsangYong signed a memorandum
of understanding for the purchase and the Seoul Bankruptcy Court
approved the Edison-led consortium to take over SsangYong in
January. Initially, Edison planned to attract financial investors
to raise funds, but the company has been struggling with securing
enough funds for the acquisition. Consequently, SsangYong Motor
canceled the deal to sell its controlling stake to Edison Motors
due to the electric bus maker's payment failure.
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S R I L A N K A
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SRI LANKA: To End Fuel Duopoly to Ease Shortages
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Reuters reports that Sri Lanka will allow companies from
oil-producing countries to import and sell fuel, the power and
energy minister said on June 28, ending a duopoly as it tries to
overcome a shortage of petrol and diesel that is exacerbating an
economic crisis.
Reuters relates that the Cabinet decision came as the minister,
Kanchana Wijesekera, headed to Qatar and a ministerial colleague
was due to arrive in Russia on Sunday [June 26] for talks on energy
deals.
Sri Lanka is suffering its worst economic crisis since its
independence, with foreign exchange reserves at a record low of
$1.92 billion, according to the Central Bank, though analysts
estimate a lower level of useable funds.
The island of 22 million people is struggling to pay for essential
imports of food, medicine and, most critically, fuel.
According to Reuters, the government closed urban schools for about
two weeks from June 28 and allowed fuel supplies only to services
deemed essential like health, trains and buses as stocks would only
last only a week or so based on regular demand.
"Cabinet approval was granted to open up the fuel import and retail
sales market to companies from oil-producing nations," Wijesekera
said on Twitter, Reuters relays.
"They will be selected on the ability to import fuel and operate
without forex requirements from the CBSL (central bank) and banks
for the first few months of operations."
The state-run Ceylon Petroleum Corporation (CPC) controls about 80%
of the fuel market and Lanka IOC, a unit of Indian Oil Corporation,
the rest, Reuters discloses.
The Cabinet also allowed bunkering companies registered with the
government to import jet fuel so that flights are not disrupted,
the government said in a statement.
Sri Lanka needs about 1.2 million litres of so-called A1 jet fuel a
day to supply airlines but the CPC has been unable to meet the
requirement, the government said, adds Reuters.
As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.' At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative.
In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:
-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.
S&P's transfer and convertibility assessment at 'CC' is unchanged.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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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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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***