/raid1/www/Hosts/bankrupt/TCRAP_Public/220718.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
Monday, July 18, 2022, Vol. 25, No. 136
Headlines
A U S T R A L I A
A NOBLE & SON: Owners Urged to Give Up Shares to Save Firm
AJ & JR LYNCH: First Creditors' Meeting Set for July 26
AJ & JR LYNCH: Hotondo Franchisee Put in Voluntary Administration
BROLTON GROUP: Mackay Goodwin Appointed as Administrator
CWLT LOGISTICS: First Creditors' Meeting Set for July 26
DWELLING BUILDING: Goes Into Voluntary Liquidation
INFORMATION SECURITY: Second Creditors' Meeting Set for July 25
MERHIS GROUP: Helm Advisory Appointed as Liquidators
TIKUN OCEANA: First Creditors' Meeting Set for July 25
C H I N A
E AN PROPERTY: Cleared to Start Bankruptcy Proceedings
H O N G K O N G
HIDILI INDUSTRY: Chapter 15 Case Summary
HIDILI INDUSTRY: Taps Dechert in Securing Ch.15 Recognition
TARGET INSURANCE: Insurance Regulator Files Winding-Up Petition
I N D I A
ANNAPOORNA ENTERPRISES: CARE Keeps D Rating in Not Cooperating
BEEPEE HOSPITALITY: CARE Keeps C Debt Rating in Not Cooperating
BERG AND SCHMIDT: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
BSC C&C: CARE Keeps D Debt Rating in Not Cooperating Category
DAGAR FARM: CARE Keeps D Debt Rating in Not Cooperating Category
DOLLEX AGROTECH: CARE Lowers Rating on INR31.71cr LT Loan to D
G. S. RADIATORS: CARE Lowers Rating on INR5.68cr LT Loan to C
GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category
HILTON INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
IRIS HEALTH: CARE Keeps D Debt Ratings in Not Cooperating Category
MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating
MBC INFRA-SPACE: CARE Keeps C Debt Rating in Not Cooperating
MSP METALLICS: Court Okays Orissa Metaliks' Revival Plan
NATH MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
NHS INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
PLATINUM TEXTILES: CARE Keeps D Debt Rating in Not Cooperating
POGGENAMP NAGARSHETH: Ind-Ra Affirms 'D' Long-Term Issuer Rating
RAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
RAM RAGHU: CARE Keeps D Debt Rating in Not Cooperating Category
ROOPCHAND HOTELS: CARE Keeps D Debt Rating in Not Cooperating
RY MIDAS: CARE Keeps D Debt Rating in Not Cooperating Category
S E TRANSSTADIA: CARE Keeps D Debt Rating in Not Cooperating
SADARAM JINING: CARE Keeps D Debt Rating in Not Cooperating
SAIGON INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
SANNIDHI FOODS: CARE Keeps D Debt Rating in Not Cooperating
SHREEJI SALES: CARE Keeps D Debt Rating in Not Cooperating
SWAMI YOGANAND: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
TRANSSTADIA TECHNOLOGIES: CARE Keeps C Rating in Not Cooperating
I N D O N E S I A
TUNAS BARU: Moody's Withdraws 'B2' Corporate Family Rating
N E W Z E A L A N D
GROUP ACTION: Creditors' Proofs of Debt Due on Sept. 12
HOLLAND SH: Court to Hear Wind-Up Petition on July 29
NEW ZEALAND MEDICAL: Creditors' Proofs of Debt Due on Aug. 2
NZMA SERVICES: Creditors' Proofs of Debt Due on Aug. 3
TAWHARAU HOUSING: Court to Hear Wind-Up Petition on Aug. 23
P A K I S T A N
PAKISTAN: Reaches Agreement With IMF for US$4 Billion Lifeline
S I N G A P O R E
CHONG SING: Court to Hear Wind-Up Petition on July 29
HIN LEONG: Commences Wind-Up Proceedings
KINGFA HUAYUAN: Court to Hear Wind-Up Petition on July 29
NAN HO: Commences Wind-Up Proceedings
OORJA HOLDINGS: Court to Hear Wind-Up Petition on July 29
THREE ARROWS: Liquidators Get Court OK to Preserve S'pore Assets
- - - - -
=================
A U S T R A L I A
=================
A NOBLE & SON: Owners Urged to Give Up Shares to Save Firm
----------------------------------------------------------
InDaily reports that shareholders of A Noble & Son Ltd, a
111-year-old Adelaide company, are being asked to hand over their
stake for nothing in order to keep the company's "fine name and
tradition" going and save the jobs of about 100 staff.
A Noble & Son entered into voluntary administration on June 15 when
its directors decided the company was unable to repay its debts and
a restructure was urgently needed.
James McPherson and Austin Taylor of Adelaide-based Meertens
Chartered Accountants have been appointed administrators and said
the company is insolvent, InDaily relates.
According to the report, Nobles chairman Ian Stirling addressed
shareholders at a meeting earlier this month to request they
transfer their shares and to detail plans of a proposed bailout by
E&A Limited – an investment company with 10 wholly-owned
subsidiaries across the mining, resources, defence, water, energy
and financial services industries.
Keswick-based E&A's companies employ more than 1,400 people and
have historically retained business names through subsidiaries.
In a letter to shareholders dated June 28, Mr. Stirling said E&A's
suggested Deed of Company Arrangement (DOCA) was based on achieving
a better return for creditors than liquidation of the company and
would be presented to the next meeting of creditors on July 20,
InDaily relays.
"It is a key term of the proposal that EAL acquire all the shares
and therefore the business of Nobles," Mr. Stirling wrote in the
letter seen by InDaily.
"We are fortunate to have the support of EAL who have demonstrated
their commitment through funding the mid-June payroll and their
proposal to ensure continuity of employment and the survival of the
Nobles brand into the future.
"The DOCA does not provide for a return for shareholders, but
neither would the alternative, being liquidation."
Nobles administrators have asked shareholders to agree to the
transfer of their shares by July 19, ahead of the next creditor
meeting, according to InDaily.
"The DOCA cannot be completed unless your shares are transferred as
required under the E&A Limited proposal," Mr. McPherson wrote in a
letter to shareholders after the meeting two weeks ago.
"Further, if the shares are not transferred as required under the
terms of the E&A Limited proposal, the company would then enter
into liquidation upon a resolution being passed by the creditors or
by order of the court."
A Noble & Son Limited was founded in Adelaide in 1911 and has more
than 100 staff.
With annual revenues around AUD45 million, the company has slid
down the rankings in InDaily's South Australian Business Index in
recent years, falling from 70 in 2019 to 79 in 2020 and 93 in
2021.
A Noble & Son Ltd provides lifting and rigging equipment, technical
services and engineering design for a range of heavy industries
including mining, oil and gas, construction, shipping,
manufacturing and defence. It has 11 locations across Australia.
AJ & JR LYNCH: First Creditors' Meeting Set for July 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of AJ & JR
Lynch Pty Ltd will be held on July 26, 2022, at 10:30 a.m. via via
Zoom.
Nathan Deppeler and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of the company on July
14, 2022.
AJ & JR LYNCH: Hotondo Franchisee Put in Voluntary Administration
-----------------------------------------------------------------
News.com.au reports that a Victorian-based builder called Hotondo
Homes Horsham, which was a franchisee of a national construction
firm, has collapsed affecting a number of homeowners.
The company had 11 homes under construction at the time of its
collapse, while there are also 11 employees with outstanding
entitlements, the report says.
It is the second Hotondo Homes franchisee to go under this year,
with its Hobart branch collapsing in January owing $1.3 million to
creditors, news.com.au discloses citing a report from liquidator
Revive Financial.
Established 14 years ago, Hotondo Home Horsham, which is also known
as AJ & JR Lynch Pty Ltd, fell into voluntary administration on
July 14 with Worrells appointed as administrators.
The building franchise had been "extremely challenged by a range of
external pressures currently facing the construction sector", a
statement from Hotondo Homes said, news.com.au relays.
"The Australian building industry is currently enduring a perfect
storm of factors, navigating record levels of demand while facing
widespread shortages of building materials and trades, supply chain
delays, major spikes in the costs of materials and labour and the
ongoing effects of the Covid-19 pandemic," it said.
After news.com.au learned of Hotondo Homes Horsham's collapse, all
reference to the franchise was removed from the national firm's
website.
BROLTON GROUP: Mackay Goodwin Appointed as Administrator
--------------------------------------------------------
Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Brolton Group Pty. Limited on July 13, 2022.
A first meeting of the creditors was held in the proceedings of
Brolton Group Pty. Limited on July 13, 2022 via Zoom teleconference
facilities.
CWLT LOGISTICS: First Creditors' Meeting Set for July 26
--------------------------------------------------------
A first meeting of the creditors in the proceedings of CWLT
Logistics Pty Ltd will be held on July 26, 2022, at 11:30 a.m. via
Microsoft Teams.
Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on July 14, 2022.
DWELLING BUILDING: Goes Into Voluntary Liquidation
--------------------------------------------------
News.com.au reports that Melbourne-based builder called Dwelling
Building Group went into voluntary liquidation last week with three
residential projects and four employees impacted, Andrew Poulter
from IRT Advisory said.
Mr. Poulter told news.com.au that information is still incomplete
which is common with many smaller insolvencies, as "the books and
records are not up to date and we have not yet received a Report on
Company Activities and Property from the director".
"There are three projects on foot which are substantially
incomplete, based on verbal advices from the director, all of which
are residential," he added.
News.com.au reached out to the owner of Dwelling Building Group but
he did not wish to comment.
INFORMATION SECURITY: Second Creditors' Meeting Set for July 25
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Information
Security Holdings Pty Ltd has been set for July 25, 2022, at 2:30
p.m. via virtual meeting.
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 25, 2022, at 9:00 a.m.
Daniel Robert Soire and Bruce Gleeson of Jones Partners were
appointed as administrators of the company on June 20, 2022.
MERHIS GROUP: Helm Advisory Appointed as Liquidators
----------------------------------------------------
News.com.au reports that Western Sydney high-rise apartment
developer Merhis Group collapsed last week with Stephen Wesley
Hathway and Philip Raymond Hosking from Helm Advisory appointed as
liquidators.
According to the report, the Merhis Group had been embroiled in
controversy after a 16-storey apartment building in Auburn known as
the Aya Eliza towers was previously issued orders to resolve major
defects.
news.com.au relates that the NSW Building Commissioner David
Chandler publicly described the Aya Eliza towers, which had 229
apartments, as the worst building he had ever inspected.
Goodenia Developments, whose director was the founder of developer
Merhis Group, was behind the 16-storey Aya Eliza building at 93
Auburn Road that had been subject to a multiple complaints.
Last year, Merhis Group was responsible for two 22-storey apartment
towers in Parramatta's CBD, but was issued with orders preventing
it from allowing owners and tenants to move in after serious
defects were discovered, news.com.au relays citing the Sydney
Morning Herald.
Known as Imperial, the towers at 9 Hassall Street contained 179
units between them but at the time Merhis managing director Dave
Stickland said the developer took the matters "very seriously" and
had engaged independent experts to assist in working through the
issues raised, news.com.au relates.
He added the developer did not accept that there were "any
outstanding serious defects".
news.com.au reports that Helm Advisory said in the statement the
liquidators of the Merhis Group are currently conducting
investigations and will be in contact with known affected creditors
in due course.
Five other companies related to Merhis Group had already been put
into liquidation, with Helm Advisory appointed by the Federal Court
to deal with businesses known as The Stacey Group in
July 2019.
"The liquidators' investigations into the Stacey Group's financial
affairs, identified potential voidable transactions and insolvent
trading claims in excess of AUD25 million," Helm Advisory said.
"The liquidators publicly examined the related parties of interest
and commenced recovery action."
news.com.au says the directors of the Stacey Group agreed to pay
outstanding debts via a settlement deed, Helm Advisory added, but
ultimately defaulted.
"Despite partial payments of approximately AUD8 million being made
towards the deed, the parties ultimately defaulted under the deed
alleging various factors, including but not limited to disruptions
in the market, tough economic climate, Covid-19 pandemic and delays
in key project timelines resulting from NSW Building Commissioners
actions," it said.
news.com.au relates that Helm Advisory said the deed was varied on
four occasions, but they were left "with no alternative but to
commence action to terminate the deed and pursue the parties".
"At the time of default, there were outstanding amount owing in the
proximity of AUD17 million plus interest," it said.
"The parties under the deed indicated that they were without funds
to rectify the default under the deed and were also without funds
to continue to operate the Merhis Group and defend any action.
"The directors of the Merhis Group subsequently offered to have the
companies within the group voluntarily wound up. In order to save
costs, the liquidators accepted the appointment of the Merhis
Group."
TIKUN OCEANA: First Creditors' Meeting Set for July 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tikun Oceana
Pty Ltd will be held on July 25, 2022, at 11:00 a.m. via video
conference.
Stephen Earel of Cor Cordis was appointed as administrator of the
company on July 13, 2022.
=========
C H I N A
=========
E AN PROPERTY: Cleared to Start Bankruptcy Proceedings
------------------------------------------------------
Caixin Global reports that E An Property & Casualty Insurance Co.
Ltd., an insurer previously controlled by embattled private
conglomerate Tomorrow Holding Co. Ltd., was cleared to start
bankruptcy proceedings.
Caixin says the move is part of regulators' years-long efforts to
dismantle the troubled business empire of fallen tycoon Xiao
Jianhua. The Chinese-Canadian billionaire Xiao was placed under
Chinese graft investigation in January 2017. His Tomorrow Holding
is one of the highest-profile targets swept up in China's crackdown
on financial risks.
=================
H O N G K O N G
=================
HIDILI INDUSTRY: Chapter 15 Case Summary
----------------------------------------
Chapter 15 Debtor: Hidili Industry International
Development Limited
Cricket Square, Hutchins Drive
2681
Grand Kayman KY1-1111
Cayman Islands
Type of Business: Hidili is an investment holding company that
is the ultimate parent of a large number of
direct and indirect subsidiaries. The Group
is primarily engaged in coal mine production,
mining operations, mine development, and the
manufacture and sale of clean coal and coke in
the PRC. The Group's major assets include
coal mines, coal washing plants and coal yards
in Yunnan, Guizhou and Sichuan provinces. The
Group engages in mining of raw coking coal
from its coal mines located in the Guizhou and
Sichuan Provinces, refining of the raw coking
coal into clean coal, and then selling the
coal to customers, which mostly are large
steel manufacturers in the southern PRC. The
Group also owns 50% of a coal mining joint
venture in the Yunnan Province, but the joint
venture is currently not operating.
Foreign Proceeding: High Court of Hong Kong Special Administrative
Region, Court of First Instance
Chapter 15
Petition Date: June 10, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-10736
Judge: Hon. David S. Jones
Foreign
Representative: Chu Lai Kuen
8 Fleming Road, Rm. 1306, Tai Tung Bldg.
Wanchai, Hong Kong
Foreign
Representative's
Counsel: Stephen M. Wolpert, Esq.
DECHERT LLP
1095 Avenue of the Americas
New York, NY 10036
Tel: (212) 698-3500
Email: stephen.wolpert@dechert.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FMLY53Q/Hidili_Industry_International__nysbke-22-10736__0001.0.pdf?mcid=tGE4TAMA
HIDILI INDUSTRY: Taps Dechert in Securing Ch.15 Recognition
-----------------------------------------------------------
Dechert represented the foreign representative of Hidili Industry
International Development Limited in a chapter 15 case filed with
the United States Bankruptcy Court for the Southern District of New
York. On July 12, Hidili successfully secured Chapter 15
recognition of its Hong Kong restructuring scheme in New York.
On January 31, 2022, Hidili commenced a proceeding to sanction a
scheme of arrangement (the "Hong Kong Scheme") before the High
Court of the Hong Kong Special Administrative Region, Court of
First Instance (the "Hong Kong Court") seeking to restructure
8.625% senior notes due 2015 in the originally issued amount of
$400 million. The Hong Kong Scheme was approved by an overwhelming
majority of creditors and was sanctioned by the Hong Kong Court. On
June 10, 2022, the foreign representative of Hidili, represented by
Dechert, commenced a case under chapter 15 of the Bankruptcy Code
before the United States Bankruptcy Court for the Southern District
of New York, seeking recognition and enforcement of the Hong Kong
Scheme.
The case was assigned to the Honorable Judge David S. Jones, who
entered (on July 12, 2022) an order recognizing and enforcing the
Hong Kong Scheme in the United States. A cross-border Dechert team
of New York and Hong Kong-based lawyers, led by New York-based
partner Shmuel Vasser, and including Stephen Wolpert (Counsel
N.Y.), Isaac Stevens and Allyesha Hall (Associates, N.Y.) and Hong
Kong-based partners Stephen Chan and Dan Margulies, and associate
Charles Lam, worked on this case.
Hidili, a Cayman Islands company, is an investment holding entity,
parent of a number of direct and indirect subsidiaries primarily
engage in coal mine production, mining operations, mine
development, and the manufacture and sale of clean coal and coke in
China. Hidili has been also registered as a non-Hong Kong entity in
Hong Kong and its shares are listed on the Main Board of the Stock
Exchange of Hong Kong Limited.
About Dechert's Financial Restructuring Practice
Dechert's financial restructuring group represents creditors,
investors and troubled companies in all types of in-court and
out-of-court restructuring matters. The practice represents clients
in highly sophisticated, precedent-setting matters and holds
substantial market share of the largest and most complicated deals.
Dechert has a particularly strong track record advising on
cross-border restructuring matters. In 2021, Dechert was ranked as
one of the world's top five law firms for cross-border
restructuring and insolvency matters in Global Restructuring
Review's "GRR 30" listing.
About Hidili Industry
Hidili Industry International Development Ltd. is a Chinese coal
mining company. Hidili owns a group of companies engaged in the
coal and coke business in China, operating coal mines, and coal
washing.
Hidili's headquarters are at 16th Floor, Dingli Mansion, No. 185
Renmin Road, Panzhihua, Sichuan 617000, China. Hidili maintains an
office at Room 1306, 13th Floor, Tai Tung Building, 8 Fleming Road,
Wanchai, Hong Kong, which serves as its principal place of business
in Hong Kong.
The Group's audited consolidated financial statements for the year
Ended Dec. 31, 2021, reflects that the Group's total current assets
are US$240.39 million and total non-current assets are US$1,628.51
million, for total assets of US$1,868.90 million. Hidili's audited
consolidated financial statements for the year ended Dec. 31, 2021,
reflects that the Group's total current liabilities are US$1,674.74
million and total non-current liabilities are US$51.98 million, for
total liabilities of US$1,726.72 million.
Hidili Industry International Development Ltd. sought Chapter 15
bankruptcy protection (Bankr. S.D.N.Y. Case No. 1:22-bk-10736) on
June 10, 2022 to seek recognition of its proceedings before the
High Court of Hong Kong Special Administrative Region, Court of
First Instance.
Chu Lai Kuen, the Chief Financial Officer and Company Secretary of
the Company, has been appointed as legal foreign representative to
represent the Debtor in the Chapter 15 proceedings.
Hidili's U.S. counsel:
Stephen M. Wolpert
Dechert LLP
212-698-3836
stephen.wolpert@dechert.com
TARGET INSURANCE: Insurance Regulator Files Winding-Up Petition
---------------------------------------------------------------
South China Morning Post reports that Hong Kong's insurance
regulator is seeking to wind up Target Insurance, concluding after
six months of investigations that the city's biggest motor insurer
is insolvent, with HK$1.2 billion (US$152.87 million) missing from
its accounts.
As much as HK$1.2 billion of foreign currencies held via an
investment firm has "gone missing" from Target's accounts, causing
the insurer to be "deemed insolvent," said Derek Lai Kar-yan, the
vice-chairman of Deloitte China who was appointed on January 7 by
Hong Kong's Insurance Authority to manage Target, the Post relays.
The insurer has a HK$530 million shortfall between HK$1.71 billion
in liabilities and HK$1.18 billion in assets, Mr. Lai said.
According to the Post, the Insurance Authority's chief executive
Clement Cheung Wan-ching said a court hearing has been scheduled on
September 21 to hear the winding-up petition presented by Mr. Lai.
The matter has also been reported to Hong Kong's police, Mr. Cheung
said.
That marked the first time that the Insurance Authority had flexed
its regulatory muscle since its establishment in 2015. The only
other time that an insurer folded in Hong Kong was 13 years ago
with the collapse of Anglo Starlite Insurance, also a taxi insurer,
the Post notes.
"We cannot deny that there is room for improvement in the taxi
insurance market," the report quotes Mr. Cheung as saying. "We can
find ways to reduce accidents and improve the drivers' behaviour."
The Post notes that the crackdown came late last year after Target
notified 8,000 customers – all of them owner-operators of taxis
– that it would terminate their coverage and return their
premium, giving them a week's notice without recourse.
The action, taken without informing the Insurance Authority,
triggered the watchdog agency to seize control of the insurer on
January 7 to "maintain market stability and protect policyholders'
interest," the report says.
Under Hong Kong's Insurance Ordinance (Cap 41), the regulator has a
wide range of investigative and enforcement powers to deal with
insurers that fail to comply with the law, or engage in
misconduct.
Target, established in 1977, is the largest motor insurer in Hong
Kong, providing coverage for mini buses and more than 60 per cent
of the 18,163 taxis that ply the city's streets. With 1.4 per cent
of Hong Kong's general insurance business, Target issued 41,000
policies before its takeover, 80 per cent of which are motor
insurance policies while the remainder are for staff compensation,
the Post discloses.
The insurer's biggest shareholder is Ng Yu, who owned 21% of the
company, according to a February stock exchange filing. Convoy
Global Holdings owned 10.8%.
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I N D I A
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ANNAPOORNA ENTERPRISES: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Annaporna Enterprises (SAE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 4, 2021,
placed the rating(s) of SAE under the 'issuer non-cooperating'
category as SAE 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. SAE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2022, March 30, 2022, April 9, 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).
Andhra Pradesh based, Sri Annaporna Enterprises (SAE) was
established in the year 2014 as a partnership firm by Mr. Hari Babu
& Mrs. Jayasree. The company is engaged in the trading of tobacco.
The company purchases tobacco from local farmers and traders, and
sells the same to its clients located across Andhra Pradesh.
BEEPEE HOSPITALITY: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Beepee
Hospitality LLP (BHL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.23 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of BHL under the 'issuer non-cooperating'
category as BHL 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. BHL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13,2022, April 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Beepee Hospitality LLP (BHL) is established on November 4, 2011 as
a Limited Liability Partnership. BHL is promoted by Mr. Anup Poddar
and Mr. Anil Poddar. The company is engaged in the business of
processing of fabrics (viz. Polyester and cotton) i.e. spinning,
combing, cleaning, weaving and dyeing on job work basis as well as
through own production. The product finds its application in
hospitality industry (hotels, hospital and airlines).
BERG AND SCHMIDT: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Berg and Schmidt
(India) Private Limited's Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'.
The instrument-wise rating action is:
-- INR6.5 mil. Fund-based working capital facilities downgraded
with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) rating.
Key Rating Drivers
The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.
The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect Berg and Schmidt (India)'s credit strength as the
company has been non-cooperative with the agency since January 6,
2022. Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
Company Profile
Established in 2002, Pune-based Berg and Schmidt (India) is
involved in the trading of animal feed food supplements and
additives such as rumen protected fat, feed supplement, poultry
feed oil supplement, poultry feed enzymes, mineral premix, among
others. It also trades animal vaccines. The company is the Indian
arm of Germany-based Berg + Schmidt GmbH & Co. KG, which has over
60 years of experience in the field of feed ingredients and
specialities, and has a presence in Europe, Asia and the US.
BSC C&C: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BSC C&C
Kurali Toll Road Limited (BCKTRL continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 157.30 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 May 3, 2021,
placed the rating(s) of BCKTRL under the 'issuer non-cooperating'
category as BCKTRL 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. BCKTRL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2022, March 29, 2022, April 8, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
BSC C&C Kurali Toll Road Limited (BSC) is a Special Purpose Vehicle
(SPV) incorporated in February 2007 by BSCPL Infrastructure Limited
(BSCPL Infrastructure Limited; rated CARE BB; Stable/CARE A4 as per
PR dated April 7, 2021) and C&C Constructions Limited, which
currently holds 51% and 49% stake in the company, respectively. The
SPV is for the purpose of widening of an existing 44.60 km long, 2-
lane stretch between Kurali and Kiratpur to 4- lane and stretching
and maintenance of existing 2- lane section The total cost of the
project was INR408.10 crore funded through equity of INR104.18
crore (24%), NHAI grant of INR43.92 crore (11%) and Debt of INR260
crore (65%). The project has achieved COD in August 2011.
DAGAR FARM: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dagar Farm
(DF) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.29 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 June 2, 2021,
placed the rating(s) of DF under the 'issuer non-cooperating'
category as DF 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. DF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 18, 2022, April 28, 2022, May 8, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Haryana-based Dagar Farm (DF) was established in 2015 as a
proprietorship concern by Mr. Sandeep Dagar. DF is engaged in
poultry farming business. The processing facility of the firm is
located at Jhajjar, Haryana.
DOLLEX AGROTECH: CARE Lowers Rating on INR31.71cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dollex Agrotech Private Limited (DAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.71 CARE D Revised from CARE BB;
Facilities Stable
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of DAPL
is primarily due to delays observed in servicing debt obligations.
Rating Sensitivity
Positive Factor:
* Establishing clear repayment track record for more than
consecutive three months.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in debt servicing: DAPL has exhibited delays in servicing
its term loan installments due to poor liquidity position.
Liquidity was impacted due to revenue dip on account of lower
demand from local market along with reduction of sugar export led
by restrictions imposed by the Government. There are delays in
repayment of term loan and instalment for the month of May and June
2022 are not yet paid.
Liquidity: Poor
DAPL has exhibited delays in servicing its term loan installments
due to poor liquidity position of the entity.
Indore–based (Madhya Pradesh) Dollex Agrotech Private Limited
(DAPL) was incorporated in 2013 and is engaged into trading and
manufacturing of sugar and jaggery from its manufacturing plant
located at Datia, M.P. The company has successfully completed capex
of INR59.96 crore for manufacturing of jaggery with an installed
capacity of 1000 TCD (Tons Crushing Per Day) and manufacturing of
sugar with an installed capacity of 2500 TCD. The operations for
manufacturing jaggery commenced from October, 2018 while
manufacturing of sugar commenced from January, 2020. DAPL procures
sugarcane which is the key raw material from the local farmers and
sells majority of its product domestically. However, it conducts
trading operations with traders located in Maharashtra and Madhya
Pradesh.
G. S. RADIATORS: CARE Lowers Rating on INR5.68cr LT Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
G. S. Radiators Limited (GSRL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.68 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Long Term/ 2.00 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable/CARE A4
Short Term 6.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 02, 2021,
placed the rating(s) of GSRL under the 'issuer non-cooperating'
category as GSRL 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. GSRL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 18, 2022, April 28, 2022, May 08, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The revision in the ratings assigned to the bank facilities of GSRL
was due to non-availability of requisite information. The revision
also factored in decrease in scale of operation with overall
profitability led to deterioration in capital structure as well as
debt coverage indicators in FY21 over FY20.
Incorporated in 1988, G.S Radiators Limited (GSR) is a closely held
public limited company promoted by Mr. Ranjodh Singh, Mr. Mohinder
Singh and Ms. Rajinder Kaur. The company is engaged in the
manufacturing of copper-brass radiators for the automotive original
equipment manufacturers (OEMs). The manufacturing unit of the
company is located at Ludhiana (Punjab).
GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goan Real
Estate And Construction private Limited (GRECL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 67.86 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 GRECL under the 'issuer non-cooperating'
category as GRECL 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. GRECL continues to
be non-cooperative 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).
Goan Real Estate and Construction Pvt Ltd (GRECL), incorporated in
1989, has been promoted by the Dynamix Group. The Dynamix Group was
founded in the early 1970's by Mr. K. M. Goenka with a foray in
real estate development. GRECL is developing an integrated
township-type project named “Aldeia de Goa” located at
Bambolim, Goa, spread over nearly 145 acres of land. The project is
being developed in a phase wise manner. The project encompasses
exclusive plots, villas, apartments, landscaped gardens, multiple
clubhouses, a five-star hotel and a proposed mall with commercial
and retail spaces.
HILTON INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hilton
Infrastructure (HI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.91 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 May 17, 2021,
placed the rating(s) of HI under the 'issuer non-cooperating'
category as HI 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. HI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 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 2009, Hilton Infrastructure (HI) is engaged into
development of residential and commercial projects in Mumbai.
IRIS HEALTH: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IRIS Health
Services Limited (IHSL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.97 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.88 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 May 3, 2021,
placed the rating(s) of IHSL under the 'issuer non-cooperating'
category as IHSL 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. IHSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2022, March 29, 2022, April 8, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in December 18, 2007, IRIS Health Services Ltd (IHSL)
was promoted by Mr. Pavan Kumar Poddar, Mr. Govindswamy Sridharan,
Mr. Nikhil Poddar, Mr. Ramesh Kumar Kedia, Mr. Vivek Kumar Kathotia
and Mr. Sanjay Kumar Ginoria based out of Kolkata, West Bengal. The
company has started its commercial operations from February 2008
onwards. The company has been engaged in Healthcare Services.
Currently, the hospital is running with 180 beds which consist of
35 deluxe beds, 22 emergency beds, 15 Intensive Care Unit (ICU),
and other general beds.
MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Mandvi Vibhag Sahakari Khand Udhyog Mandli Limited (SMSKL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 53.91 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 30, 2021,
placed the rating(s) of SMSKL under the 'issuer non-cooperating'
category as SMSKL 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. SMSKL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 16, 2022, March 26, 2022, April 05, 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).
Formed in 1994, Shree Mandvi Vibhag Sahakari Khand Udyog Mandli
Limited (SMSKL; erstwhile Shree Surat Jilla Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) is a co-operative society
registered under The Gujarat Co-operative Society Act 1961.
Initially, the society was engaged in the trading of sugarcane,
procuring sugarcane from farmer members and supplying to sugar mill
in the vicinity. In FY15, SMSKL set-up a green field sugar
manufacturing unit with an installed capacity of 2,500 tonne of
sugarcane crushing per day (TCD) and a warehouse with a capacity of
24,000 metric tonne (MTs) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat. The project was completed with
delay of about 8 months as against its envisaged completion
timeline of May 2014 and commercial operations commenced from
February 2015. After demonetization, due to liquidity crunch, the
cooperative society was not able to make payments in cash to its
farmers for procurement of sugarcane and because of this during the
sugarcane crushing season, it was not able to break even, which led
to its temporarily shut down its plant, which became
non-operational in FY16.
MBC INFRA-SPACE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MBC
Infra-Space Private Limited continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.55 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 4.25 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 26, 2021,
placed the rating(s) of MBC under the 'issuer non-cooperating'
category as MBC 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. MBC continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Vapi (Gujarat) based, MBC was established as private limited
company in year 2012 by Mr. Manoj Barua and Mrs. Bobby Baruah. The
company is based at Vapi and is primarily involved in business of
industrial civil construction and has carried out various projects
such as civil work for construction of Industrial shed and other
industrial civil construction. Also, Mr. Manoj Baruah is also
associated with a proprietorship firm named MB Corporation since
1999.
MSP METALLICS: Court Okays Orissa Metaliks' Revival Plan
--------------------------------------------------------
The Economic Times reports that the dedicated bankruptcy court has
approved a revival plan submitted by Orissa Metaliks Pvt Ltd (OMPL)
for MSP Metallics Ltd.
Kolkata-based OMPL is paying about INR800 crore, whereas the
admitted liabilities of the company amount to more than INR2,735
crore. The lenders have approved the plan with 100% voting, ET
says.
In 2020, the state-owned Central Bank of India had approached the
Kolkata bench of the National Company Law Tribunal after MSP
Metallics failed to repay its dues, the report recalls. However, in
April last year, the company's lead lender, State Bank of India, on
behalf of the consortium, assigned the debt of the Jharsuguda-based
250,000 tonnes per annum steel plant to CFM Asset Reconstruction
Pvt Ltd.
"As per the CoC (committee of creditors), the plan meets the
requirement of being viable and feasible for the revival of the
corporate debtor (MSP Metallics)," the bench, presided by members
Rohit Kapoor and Harish Chander Suri, said in a 32-page order on
July 11, ET relays.
"As far as the question of granting time to comply with the
statutory obligations/seeking sanctions from governmental
authorities is concerned, the resolution applicant (OMPL) is
directed to do the same within one year," said the tribunal.
It said that the successful resolution plan proposes a financial
outlay of INR800.02 crore, which is way higher than the company's
average fair market value of INR495 crore and liquidation value of
INR347 crore.
According to ET, the company owed more than INR1,500 crore to its
financial lenders. SBI holds 37.2% voting rights in the CoC, while
lenders include Indian Bank, Punjab National Bank, UCO Bank, Indian
Overseas Bank, Canara Bank, Central Bank of India, Union Bank of
India, Bank of Baroda and Bank of India.
As per the MSP Metallics website, the company has signed a
memorandum of understanding (MoU) with the Odisha government and it
has been granted a coal linkage for its steel plant. The company,
incorporated in 1997, claims that its plant is spread over 370
acres and closer to large deposits of iron ore, coal and limestone
in the metallurgical belt of Odisha.
Currently, OMPL, promoted by Sajjan Kumar Patwari, owns two
manufacturing plants located at Kharagpur and Jhargram in West
Bengal. With the acquisition of MSP Metallics, the company will
also have a presence in neighbouring Odisha, ET discloses.
ET says the development came about three months after investment
firm Nithia Capital acquired Crest Steel & Power through the
bankruptcy process for a total consideration of INR600 crore. Crest
Steel & Power was under the corporate insolvency resolution process
since August 2018. In 2020, its admitted financial liability was
about INR3,118 crore.
NATH MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nath Motors
Private Limited (NMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 42.00 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 May 24, 2021,
placed the rating(s) of NMPL under the 'issuer non-cooperating'
category as NMPL 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. NMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2022, April 19, 2022, April 30, 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 2002, NMPL is an authorized dealer of passenger
vehicles and spare parts of Honda Cars India Ltd (Honda) operating
since April 2013.
NHS INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of NHS
Industries (NI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.03 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 May 18, 2021,
placed the rating(s) of NI under the 'issuer non-cooperating'
category as NI 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. NI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13, 2022, April 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
NHS Industries (NI) was established in 2016, by Mr. Bhargav Reddy
N.S for manufacturing of High-Density Polyethylene
(HDPE)/Polypropylene (PP) Woven Bags and Fabrics. The firm majorly
manufacture bags which is used in Cement, Sugar & Rice Industry.
The manufacturing unit is located at KIADB, Kudumalakunte,
Gauribidanur, Karnataka. The Proprietor of the firm is a qualified
graduate, however does not have any experience in the business. The
firm has an installed capacity of 200 MTPM. The firm purchases
calcium carbonate and Polypropylene from Plasmix Private Ltd and
Mangalore Refinery and Petrochemicals Limited. The firm has reputed
clientele i.e., ACC Limited, JSW Cement Limited and other
customers.
PLATINUM TEXTILES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Platinum
Textiles Limited (PTL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 415.53 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 November 12,
2021, placed the rating(s) of PTL under the 'issuer
non-cooperating' category as PTL 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. PTL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 6, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
The rating assigned to the bank facilities of PTL have been revised
on account of on-going delays in debt servicing recognized from
banker's feedback.
Platinum Textiles Limited is a flagship company of Shri Vallabh
Pittie group. The company was incorporated in September 1993 under
the name of Neha Furnishings Pvt Ltd. Subsequently, it was renamed
as PTL with effect from December 31, 2009. PTL is engaged in the
business of manufacturing of cotton, polyester and polyester &
cotton blended yarn.
POGGENAMP NAGARSHETH: Ind-Ra Affirms 'D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Poggenamp
Nagarsheth Powertronics Private Limited's (PANPPL) Long-Term Issuer
Rating at 'IND D'.
The instrument-wise rating actions are:
-- INR250 mil. Fund-based working capital limit (Long-term/Short-
term) affirmed with IND D rating;
-- INR220 mil. Non-fund-based working capital limits (Short-term)
affirmed with IND D rating; and
-- INR57.3 mil. Term loan limits (Long-term) due on March 2023
affirmed with IND D rating.
Key Rating Drivers
The rating reflects continued classification of PANPPL's as a
non-performing asset by the lenders.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.
Company Profile
PANPPL was established in 1982 and is promoted by Shri Gauttam
Nagarsheth & Gaurang Nagarsheth. The company manufactures
electrical motor components such as motor stampings and
laminations, rotors and stators among others. Located in Kheda
(Ahmedabad), the company's plant has an installed capacity of
15,000 metric ton per annum.
RAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Ram
Industries (SRI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; 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 May 26, 2021,
placed the rating(s) of SRI under the 'issuer non-cooperating'
category as SRI 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. SRI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 11, 2022, April 21, 2022, May 1, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shri Ram Industries (SRI) was established as a partnership firm in
1983. SRI is engaged in trading and processing (milling) of
agriculture products such as paddy (rice), wheat, rice bran etc.
The manufacturing unit is located at Shahjahanpur, Uttar Pradesh.
RAM RAGHU: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ram Raghu
Healthcare Private Limited (RRHPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.26 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 May 31, 2021,
placed the rating(s) of RRHPL under the 'issuer non-cooperating'
category as RRHPL 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. RRHPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 26, 2022, May 6, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Agra Uttar Pradesh based RRHPL was incorporated in January 2012.
The company was incorporated with an aim to run a hospital in the
name of Ram Raghu Hospital. It is being managed by Mr. Manish
Bansal, Mrs. Pooja Bansal and Dr. Parnita Bansal.
ROOPCHAND HOTELS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Roopchand
Hotels Private Limited (RHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.58 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 May 17, 2021,
placed the rating(s) of RHPL under the 'issuer non-cooperating'
category as RHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls, and a letter/email dated
April 2, 2022, April 12, 2022, April 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).
Roopchand Hotels Private Limited was incorporated in April 1992 and
is managed by the Mr. Ramchand Chabbrani, Mr. Tikamdas Chabbrani
and Mr. Ottanlal Chabbrani. RHPL is engaged in managing a hotel
namely Gomati and trading of seasonal fruits segment. The hotel
Gomati is spread over 2500 sq mt and is situated in Nagpur,
Maharashtra.
RY MIDAS: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ry Midas
Alluminiums Private Limited (RMAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 29.00 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 May 4, 2021,
placed the rating(s) of RMAPL under the 'issuer non-cooperating'
category as RMAPL 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. RMAPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2022, March 30, 2022, April 9, 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 October 2006, RY Midas Alluminiums Pvt. Ltd.
(RMAPL) is promoted by Mr. Jagdishchandra Shah. RMAPL is primarily
engaged in the trading of metal scrap and manufacturing of aluminum
ingots. At its manufacturing plant, various scrap of aluminum,
copper, iron etc. is segregated and aluminum ingot is manufactured
which finds application as de-oxidation agent during alloy steel
manufacturing. RMAPL's manufacturing facility is located at
Ahmedabad with an aggregate capacity of melting 4,500 MTPA of metal
scrap as on March 31, 2017.
S E TRANSSTADIA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S E
Transstadia Private Limited (SETPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 335.65 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 May 17, 2021,
placed the rating(s) of SETPL under the 'issuer non-cooperating'
category as SETPL 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. SETPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 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).
S E TransStadia Pvt Ltd (SETPL) belongs to 'Setco group' and has
developed multipurpose convertible (indoor & outdoor) stadium along
with sports facility in the vicinity of Kankaria Lake, Maninagar,
Ahmedabad. The multipurpose sports arena consists of about 14.50
lakh sq. ft. build-up area with 2 basement, 1 ground and 6 floors.
SADARAM JINING: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sadaram
Jining And Pressing Industries (SJPI) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.19 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 May 3, 2021,
placed the rating(s) of SJPI under the 'issuer non-cooperating'
category as SJPI 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. SJPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2022, March 29, 2022, April 08, 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).
SJPI Patan-Gujarat based partnership firm was established in 2014
by Mr. Bharat Bhatiya, Mr. Bhavesh Patel, Mr. Chandanji Thakor, Mr.
Dashrat Bhatiya and Mr. Mafa Modi. The firm is engaged in cotton
ginning and pressing of raw cotton. SJPI has commenced its
operation from August 2014. The manufacturing unit of the firm is
located in Patan, Gujarat which has an installed capacity of 14,400
Metric tonnes per annum (MTPA) as on March 31, 2016 for raw cotton
processing.
SAIGON INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saigon
Infratech Private Limited (SIPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 26.00 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 May 31, 2021,
placed the rating(s) of SIPL under the 'issuer non-cooperating'
category as SIPL 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. SIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 26, 2022, May 6, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2011, SIPL is promoted by Mr. Abhimanyu Pratap
Singh Tyagi and Mr. Anirudh Singh. The company started its
commercial operations in June 2012 and is engaged in execution of
civil construction projects like construction of commercial
building, office complex, hard-scaping stone work and residential
projects for both private organizations and government
departments.
SANNIDHI FOODS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Sannidhi Foods Private Limited (SSFPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.36 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 SSFPL under the 'issuer non-cooperating'
category as SSFPL 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. SSFPL 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).
Andhra Pradesh based (Chittoor) Sree Sannidhi Foods Private Limited
(SSFPL) was incorporated in 2010. During January 2014, the company
was taken over by the current management comprising Mr. Shivam
Goyal and Ms. Shavya Goyal. The company is engaged in manufacturing
of fruit pulp, tomato paste and trading of fruits; it commenced
full-fledged commercial operations from June 2014. SSFPL has total
installed capacity of 16,800 tonnes per annum at its manufacturing
unit located at Chittoor, Andhra Pradesh.
SHREEJI SALES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeji
sales corporation (SSC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.49 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 May 3, 2021,
placed the rating(s) of SSC under the 'issuer non-cooperating'
category as SSC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2022, March 29, 2022, April 8, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SSC was established as proprietorship firm in 2012 by Mr Bharat
Shah. SSC was established for trading of di-calcium phosphate and
mono-calcium phosphate. SSC is recently completed project of
manufacturing di-calcium phosphate and mono-calcium phosphate from
raw phosphate instead of trading with total project cost of INR4.64
crore. The plant will be located at Vadodara (Gujarat) with area of
1 lakh sq. ft. with proposed installed capacity of 300 tonnes per
month.
SWAMI YOGANAND: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swami Yoganand
Charitable Trust's bank facilities in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the ratings. The ratings will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The detailed rating actions are:
-- INR49.5 mil. Term loan (Long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR30 mil. Working capital facility (Long-term) maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
24, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.
Company Profile
The trust was established in 2002. It runs two boarding schools
under the name Vatsalya International School in Anand, Gujarat.
TRANSSTADIA TECHNOLOGIES: CARE Keeps C Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Transstadia
Technologies Private Limited (TTPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.25 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2021,
placed the rating(s) of TTPL under the 'issuer non-cooperating'
category as TTPL 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. TTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 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).
Transstadia Technologies Pvt Ltd (TTPL) was incorporated in
November 2010 by the promoters of Setco group, led by Mr. Harish K
Sheth and is involved in the business of manufacturing, selling and
leasing of Modular arena systems (T-Box). Manufacturing plant of
the company is situated at Kalol, Gujrat.
=================
I N D O N E S I A
=================
TUNAS BARU: Moody's Withdraws 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating of Tunas Baru Lampung Tbk (P.T.).
The outlook at the time of the withdrawal was stable. The company
currently has no rated debt.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Headquartered in Jakarta, Tunas Baru Lampung Tbk (P.T.) (TBLA) is
an integrated palm oil company with operations along the entire
palm oil value chain, including plantations mills and downstream
production facilities. TBLA also owns sugar plantations, and
operates a sugar mill and a sugar refinery.
As of March 31, 2022, TBLA was 28% owned by PT Sungai Budi and 27%
owned by PT Budi Delta Swakarya. Both major shareholders are
equally owned by Pak Widarto, the executive chairman of TBLA, and
Pak Santoso Winata, the president commissioner of TBLA.
=====================
N E W Z E A L A N D
=====================
GROUP ACTION: Creditors' Proofs of Debt Due on Sept. 12
-------------------------------------------------------
Creditors of Group Action Limited (trading as Action Fiber) are
required to file their proofs of debt by Sept. 12, 2022, to be
included in the company's dividend distribution.
The High Court of New Zealand at Rotorua appointed Janet Sprosen
and Leon Francis Bowker, of KPMG, on July 12, 2022.
The company's liquidators are:
Kristal Pihama
KPMG Auckland
18 Viaduct Harbour Avenue
Auckland 1140
HOLLAND SH: Court to Hear Wind-Up Petition on July 29
-----------------------------------------------------
A petition to wind up the operations of Holland SH Limited will be
heard before the High Court at Auckland on July 29, 2022, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 11, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
NEW ZEALAND MEDICAL: Creditors' Proofs of Debt Due on Aug. 2
------------------------------------------------------------
Creditors of New Zealand Medical Association Incorporated are
required to file their proofs of debt by Aug. 2, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on July 4, 2022.
The company's liquidator is:
Ryan Eathorne
PO Box 9010
Wellington
Email: reathorne@actrix.co.nz
NZMA SERVICES: Creditors' Proofs of Debt Due on Aug. 3
------------------------------------------------------
Creditors of NZMA Services Limited are required to file their
proofs of debt by Aug. 3, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 5, 2022.
The company's liquidator is:
Ryan Eathorne
PO Box 9010
Wellington
Email: reathorne@actrix.co.nz
TAWHARAU HOUSING: Court to Hear Wind-Up Petition on Aug. 23
-----------------------------------------------------------
A petition to wind up the operations of Tawharau Housing Limited
will be heard before the High Court at Rotorua on Aug. 23, 2022, at
10:00 a.m.
Savage Papakainga Land Trust filed the petition against the company
on June 28, 2022.
The Petitioner's solicitor is:
James McDougall
Holland Beckett Law
1072 Haupapa Street
Rotorua 3010
===============
P A K I S T A N
===============
PAKISTAN: Reaches Agreement With IMF for US$4 Billion Lifeline
--------------------------------------------------------------
The Wall Street Journal reports that the International Monetary
Fund (IMF) agreed to a bailout of Pakistan, providing a financial
lifeline as emerging markets strain under pressure from a global
price shock rippling out from the war in Ukraine.
The Journal relates that the IMF said in a statement on July 13 it
would provide Pakistan with $4 billion over the next year, starting
with an initial $1.2 billion, once its board formally approve the
agreement worked out with Pakistani officials over weeks of
negotiations. Foreign-exchange reserves held by Pakistan's central
bank have depleted in recent weeks to cover less than two months'
worth of exports, largely closing off Pakistan's prospects of
tapping international financial markets, the report says.
According to the report, the staff-level agreement with the IMF is
key to the plan of the new government, which came to power in
April, to stabilize the economy and avoid the fate of Sri Lanka, a
fellow South Asian nation in financial meltdown. Sri Lanka, which
approached the IMF late in its crisis, is now in talks for a
bailout.
Pakistan's reserves were left far short of foreign loan repayments
due this year. Like other developing countries, Pakistan struggled
to pay for fuel imports as the Russian invasion of Ukraine drove up
the price of oil, the Journal notes.
As reported in the Troubled Company Reporter-Asia Pacific in early
June 2022, Moody's Investors Service has affirmed the Government of
Pakistan's B3 local and foreign currency issuer and senior
unsecured debt ratings, the (P)B3 senior unsecured MTN programme
rating, and changed the outlook to negative from stable.
=================
S I N G A P O R E
=================
CHONG SING: Court to Hear Wind-Up Petition on July 29
-----------------------------------------------------
A petition to wind up the operations of Chong Sing Fintech
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on July 29, 2022, at 10:00 a.m.
Phang Yew Kiat filed the petition against the company on July 7,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
HIN LEONG: Commences Wind-Up Proceedings
----------------------------------------
Members of Hin Leong Holdings (Ptd.) Ltd., Hin Leong Investment
(Pte.) Ltd., Ritz Capital Venture Pte. Ltd., on July 5, 2022,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
KINGFA HUAYUAN: Court to Hear Wind-Up Petition on July 29
---------------------------------------------------------
A petition to wind up the operations of Kingfa Huayuan Pte Ltd will
be heard before the High Court of Singapore on July 29, 2022, at
10:00 a.m.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
NAN HO: Commences Wind-Up Proceedings
-------------------------------------
Members of Nan Ho Maritime (Pte.) Ltd., Nan Xin Maritime (Pte.)
Ltd., and An Tai Shipping Pte. Ltd., on July 5, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
144 Robinson Road
#14-02 Robinson Square
Singapore 068908
OORJA HOLDINGS: Court to Hear Wind-Up Petition on July 29
---------------------------------------------------------
A petition to wind up the operations of Oorja Holdings Pte Ltd will
be heard before the High Court of Singapore on July 29, 2022, at
10:00 a.m.
Dewdrop Holdings Pte Ltd filed the petition against the company on
July 4, 2022.
The Petitioner's solicitors are:
Helmsman LLC
21A Duxton Hill
Singapore 089604
THREE ARROWS: Liquidators Get Court OK to Preserve S'pore Assets
----------------------------------------------------------------
The Straits Times reports that the liquidators of Three Arrows
Capital (3AC) have been granted interim relief on Friday (July 15)
to investigate and preserve the Singapore assets of the bankrupt
crypto hedge fund.
The whereabouts of its founders, Mr. Zhu Su and Mr. Kyle Davies,
remain unknown, the report says.
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.
As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***