/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220722.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 22, 2022, Vol. 25, No. 140 Headlines A U S T R A L I A A NOBLE & SON: Creditors Approve E&A Limited's Bailout Plan APEX ENERGY: Second Creditors' Meeting Set for Aug. 1 FIRSTMAC MORTGAGE 4: S&P Assigns Prelim. BB+ Rating on E Notes METRO GLOBAL: First Creditors' Meeting Set for July 29 OVATO LIMITED: Goes Into Voluntary Administration PARAMOUNT HAIR: First Creditors' Meeting Set for July 29 PLAY CENTRAL: First Creditors' Meeting Set for July 29 POWER CLUB: First Creditors' Meeting Set for July 29 C H I N A CHINA: Deploys Bad-Loans Expert to Clean Up Henan's Property Mess DONGGUAN KOPPO: To Shut Down Operations, Layoff All Workers JIAYUAN INT'L: Fitch Affirms & Withdraws 'CC' Foreign Currency IDR TIANGQI LITHIUM: Moody's Hikes CFR to B3, Outlook Remains Positive TOMORROW HOLDING: Bankrupt Insurance Unit Seeks Investors I N D I A ACTIVE CHAR: ICRA Keeps B+ Debt Ratings in Not Cooperating AJS IMPEX PRIVATE: Insolvency Resolution Process Case Summary AMS TRADING AND INVESTMENT: Insolvency Resolution Case Summary ANISHA ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating ARCHIT BUIDERS: Insolvency Resolution Process Case Summary CARNIVAL FILMS: Insolvency Resolution Process Case Summary CDR PROJECTS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating CINEMA VENTURES: Insolvency Resolution Process Case Summary COAST REALTORS: Insolvency Resolution Process Case Summary DUGAR POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating FARMAX INDIA: Insolvency Resolution Process Case Summary ICOMM TELE: ICRA Keeps D Debt Ratings in Not Cooperating Category INDO INTERNATIONAL: Insolvency Resolution Process Case Summary JAGDAMBA OIL: ICRA Keeps B- Debt Ratings in Not Cooperating KUMAR PROPACK: Insolvency Resolution Process Case Summary LF FINANCIAL: Voluntary Liquidation Process Case Summary LN INDUSTRIES INDIA: Insolvency Resolution Process Case Summary MAEKSIN SHIPPING: Insolvency Resolution Process Case Summary MAHAMAYA CASHEW: ICRA Keeps B Debt Ratings in Not Cooperating MINERVA ENTERPRISES: Insolvency Resolution Process Case Summary MITTAL CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating NEW WORLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category OPULENT INFRADEVELOPERS: Insolvency Resolution Case Summary PRANI AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category PRATHISTA INDUSTRIES: ICRA Withdraws B+ Rating on INR15cr Loan PYTEX JEWELLERS: Insolvency Resolution Process Case Summary QUALITY WOVEN: ICRA Keeps B+ Debt Ratings in Not Cooperating RAAJA MAGNETICS: ICRA Keeps B+ Debt Ratings in Not Cooperating RAS POLYTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating REGEN INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating ROYAL CROWN: Insolvency Resolution Process Case Summary RPL PROJECTS: ICRA Keeps B Debt Ratings in Not Cooperating RS INGOT AND BILLET: Liquidation Process Case Summary RUDRAKSH DEALCOM: Insolvency Resolution Process Case Summary SAHARA HOSPITALITY: Insolvency Resolution Process Case Summary SAI INTERNATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating SAMDARIYA BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating SHIMA EDIBLES: Insolvency Resolution Process Case Summary SHRISTI PLYWOOD: Liquidation Process Case Summary SIDDHARTH EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating SINTRA LIMITED: Liquidation Process Case Summary SOMESHWARA FERTILIZERS: ICRA Keeps B+ Rating in Not Cooperating SUBHANG CAPSAS: ICRA Keeps B+ Debt Ratings in Not Cooperating TANEJA IRON: Insolvency Resolution Process Case Summary TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating UNIQUE ENGINEERS: ICRA Withdraws B+ Rating on INR10cr LT Loan URVI PLASTIC: ICRA Keeps B Debt Ratings in Not Cooperating VINDHYA INDUSTRIES: Insolvency Resolution Process Case Summary WHITE OWL: Voluntary Liquidation Process Case Summary WOODHILL INFRASTRUCTURE: ICRA Keeps B+ Ratings in Not Cooperating I N D O N E S I A PAN BROTHERS: Moody's Withdraws 'Ca' Corporate Family Rating PERUSAHAAN PENGELOLA: S&P Alters Outlook on 'BB/B' ICRs to Stable J A P A N H.I.S. CO: Mulls Selling Nagasaki's Huis Ten Bosch Theme Park TOSHIBA CORP: Selects Four Bidders for Second Round N E W Z E A L A N D N.Z. FUTURE: Court to Hear Wind-Up Petition on July 25 NG CONSULTANTS: Court to Hear Wind-Up Petition on Aug. 19 SEROJA CAFE: Creditors' Proofs of Debt Due on Aug. 15 SHAMGAR LIMITED: Creditors' Proofs of Debt Due on Aug. 12 WILSON SHEARING: Court to Hear Wind-Up Petition on July 28 P H I L I P P I N E S RURAL BANK OF POLOMOLOK: PDIC to Take Over and Liquidate Bank S I N G A P O R E GOBLIN GROUP: Court Enters Wind-Up Order NAN CHIAU: Creditors' Meetings Set for July 27 PRISM DYNAMICS: Court to Hear Wind-Up Petition on Aug. 5 THREE ARROWS: Liquidators Ask Court to Force Founders to Cooperate THREE ARROWS: NY Judge Freezes Founders' Remaining Assets - - - - - ================= A U S T R A L I A ================= A NOBLE & SON: Creditors Approve E&A Limited's Bailout Plan ----------------------------------------------------------- Andrew Spence at InDaily reports that the creditors of a 111-year-old Adelaide firm which lost AUD18 million before being placed into administration have agreed to a takeover plan to allow the business to survive. A Noble & Son Ltd entered into voluntary administration on June 15 when its directors decided the company was unable to repay its debts, and appointed James McPherson and Austin Taylor of Adelaide-based Meertens Chartered Accountants to handle the insolvency. At a second creditors meeting held on July 20, a proposed bailout by E&A Limited was presented with creditors agreeing to the plan, according to InDaily. InDaily says Nobles shareholders are being asked to hand over their shares, which the administrators said are worthless, to ensure the company's survival under new ownership. Under the deed of company arrangement (DOCA), E&A Limited will hold 95% of the shares in Nobles while 5% will be held by Nobles chief executive Rhys Goldsworthy. E&A Limited managing director Stephen Young and company secretary Mark Vartuli will become the new Nobles directors, InDaily notes. About 100 staff will continue to work for the revamped Nobles but 55 will lose their jobs, says InDaily. It is understood that while the majority of the 150 shareholders have so far agreed, the process is ongoing. InDaily relates that the administrators have said they will apply for court orders allowing them to sign over the shares of any shareholder unwilling to execute a share transfer. The latest creditors' report published last week showed the company reported net losses after tax for the five financial years to June 30 2021 of AUD18.3 million, InDaily discloses. In the same period, the financial accounts indicate that Nobles sold assets totalling AUD14.7 million to help cover losses. Over the five years, the company's holding of stock reduced by AUD1.7 million and the amount due to trade creditors increased by AUD1.2 million. According to InDaily, the administrators said the company's failure was due to reduced demand and disrupted supply chains as a result of the COVID-19 pandemic, inadequate cashflow and loss of key staff. Nobles owes at least 628 unsecured creditors a total of AUD5,249,827.38. They will now be paid between five and 33 cents in the dollar, InDaily notes. Secured creditors, including Meertens Chartered Accountants, Westpac and financier Scottish Pacific as well as all outstanding employee entitlements will be paid out in full, adds InDaily. Nobles owes the Australian Taxation Ofiice AUD1,547,910 for PAYG Tax (AUD1,204,801.81), outstanding superannuation contributions (AUD254,329), and Fringe Benefits Tax (AUD52,843). It also owes AUD31,034 in state taxes to Revenue SA. The company employed 155 full-time employees at 11 locations across Australia and owes them about AUD2.48 million in unpaid entitlements such as annual leave and long-service leave, InDaily discloses. A Noble & Son Limited was founded in Adelaide in 1911. The company 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. APEX ENERGY: Second Creditors' Meeting Set for Aug. 1 ----------------------------------------------------- A second meeting of creditors in the proceedings of Apex Energy Holdings Pty Ltd has been set for Aug. 1, 2022, at 2:00 p.m. via conference telephone call. 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 31, 2022, at 4:00 p.m. Bill Karageozis and Jonathan McLeod of McLeod & Partners were appointed as administrators of the company on June 27, 2022. FIRSTMAC MORTGAGE 4: S&P Assigns Prelim. BB+ Rating on E Notes -------------------------------------------------------------- S&P Global Ratings assigned preliminary ratings to six of the seven classes of prime residential mortgage-backed securities (RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage Funding Trust No.4 Series Eagle No.2. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support for the rated notes is provided by subordination and excess spread. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk takes into account Firstmac Ltd.'s underwriting standards and approval processes, which are consistent with industry-wide practices, and the strong servicing quality of Firstmac. The rated notes can meet timely payment of interest--excluding the residual interest due on the class B, class C, class D, and class E notes--and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the liquidity reserve, the principal draw function, the interest-rate swap, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and National Australia Bank Ltd. (NAB) as interest-rate swap provider. NAB will provide an interest-rate swap to hedge the interest-rate risk between any fixed-rate mortgage loans and the floating-rate obligations on the notes. The transaction documents for the swap and bank account include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Firstmac Mortgage Funding Trust No.4 Series Eagle No.2 Class A-1, A$160.00 million: AAA (sf) Class A-2, A$24.00 million: AAA (sf) Class B, A$6.00 million: AA+ (sf) Class C, A$4.00 million: A+ (sf) Class D, A$2.00 million: A- (sf) Class E, A$2.00 million: BB+ (sf) Class F, A$2.00 million: Not rated METRO GLOBAL: First Creditors' Meeting Set for July 29 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Metro Global Technology Supplies Pty Ltd will be held on July 29, 2022, at 10:00 a.m. via virtual facility. David Coyne of BRI Ferrier was appointed as administrator of the company on July 20, 2022. OVATO LIMITED: Goes Into Voluntary Administration ------------------------------------------------- Stuff.co.nz reports that Ovato, which calls itself New Zealand's largest print and print distribution company, has gone into voluntary administration. Stuff relates that Ovato's Australian parent company announced to the ASX on July 21 that ongoing volatile market conditions, the increased cost of raw materials and legacy cost issues had continued to impact the business and led to the decision to appoint administrators. Directors asked appointed Chris Hill, Ross Blakeley, and Ben Campbell of FTI Consulting to be Voluntary Administrators to the company, effective immediately, Stuff discloses. According to Stuff, the administrators intended to trade the company on a business-as-usual basis, while they assessed the financial position and ongoing viability of the business. They would provide an update at a creditors meeting expected in early August. It is not known how this will affect the New Zealand side of the business, and Ovato has been approached for comment. It comes after Ovato has made closures to its printing plants in New Zealand, Stuff notes. Nearly 150 workers were made redundant after it closed its heatset printing operation at its printing plant in the Auckland suburb of Wiri at the end of April, recalls Stuff. Ovato manging director Paul Gardiner told Stuff in April that the company had lost a number of clients because supply chain issues meant it did not have the paper theyneeded. He said by May there would be around 50 New Zealand staff members left, with losses from across the company including at the executive level. The Wiri closure came just months after the company closed its Christchurch branch in September 2021, Stuff adds. Headquartered in Pyrmont, Australia, Ovato Limited (ASX:OVT) -- https://www.ovato.com.au/ -- provides marketing, digital premedia, commercial printing, letterbox delivery, and magazine distribution services in Australia and New Zealand. The company prints and distributes catalogues, magazines, books, brochures and flyers, stationery, newspapers, directories, packaging, and point of sale products. It serves customers in the retail, publishing, ecommerce, FMCG, and other sectors. The company was formerly known as PMP Limited and changed its name to Ovato Limited in February 2019. PARAMOUNT HAIR: First Creditors' Meeting Set for July 29 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Paramount Hair Extensions Qld Pty Ltd (formerly known as "S9 Hair Extensions Pty Ltd" & "S1 Extensions Pty Ltd") will be held on July 29, 2022, at 10:00 a.m. virtually via teleconference. Michael Caspaney of Menzies Advisory was appointed as administrator of the company on July 19, 2022. PLAY CENTRAL: First Creditors' Meeting Set for July 29 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Play Central Pty Ltd will be held on July 29, 2022, at 11:00 a.m. via virtual meeting technology. Adam Shepard of Setter Shepard was appointed as administrator of the company on July 19, 2022. POWER CLUB: First Creditors' Meeting Set for July 29 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Power Club Limited will be held on July 29, 2022, at 10:00 a.m. via Zoom. Andrew MacNeill and Justin Howlett of SMB Advisory were appointed as administrators of the company on July 19, 2022. ========= C H I N A ========= CHINA: Deploys Bad-Loans Expert to Clean Up Henan's Property Mess ----------------------------------------------------------------- South China Morning Post reports that Henan's local authorities assigned a bad-loans manager and a state-owned real estate developer to clean up the province's property mess, taking drastic action to contain a crisis ahead of China's twice-a-decade leadership conclave. A working team set up by Henan Asset Management Company and Zhengzhou Real Estate Group will help cash-starved developers to work out their funding woes, the Post relates citing a report posted on the asset management firm's website. The team will also aim to revive stalled projects, sell assets and restructure businesses to ensure the completion and smooth delivery of homes to contracted buyers, the report added. Henan AMC is 40-per cent owned by Henan Investment Corporation, the provincial investment platform in central China, the Post discloses. Its involvement underscores how local authorities are responding to Premier Li Keqiang's instructions to fix the simmering banking and property crisis that is spreading throughout the country. Henan's provincial capital Zhengzhou is ground zero in the mess, where a banking scam by local fraudsters has combined with a mortgage boycott by disgruntled homebuyers, Caixin notes. The scam has run up a tally of CNY40 billion (US$6 billion) in missing bank deposits and a rare protest by nearly 1,000 depositors. Henan, the home province of China Evergrande Group's founder Xu Jiayin, also had more unfinished residential projects than anywhere else in China, according to mainland Chinese media. DONGGUAN KOPPO: To Shut Down Operations, Layoff All Workers ----------------------------------------------------------- South China Morning Post reports that a major Bluetooth headphone maker, Dongguan Koppo Electronics Co, has decided to shut down for good and dismiss all its workers, becoming the latest casualty of the economic headwinds, supply chain disruptions and trading woes that have hit China's manufacturing heartland. Koppo Electronics, which has operated its factory in the city of Dongguan in southern Guangdong province for 12 years, said it was ceasing operations partly because "a number of cross-border e-commerce clients have failed to make due payments", according to a notice seen by the Post. "Since the outbreak of the Covid-19 pandemic, global economic and trade flows have seen unprecedented disruptions," the notice, as cited by the Post, said. "The company has been hit by delayed payments by a number of cross-border merchants, and a huge amount of finished goods are stockpiling in the warehouse." Koppo Electronics is expected to lay off 100 workers, according to a report on July 21 by Chinese digital media Jiemian News, Caixin relays. At its peak, the company had more than 1,000 workers and produced about 400,000 headphones a month. "The company has been making losses in recent years and it's difficult to continue the operation," the notice, as cited by Caixin, said. "The sudden outbreak of [the Ukraine] war has dealt another heavy blow to the company's business and the market situation is just grim." Its collapse comes on the heels of a number of high-profile factory closures in the Pearl River Delta, which has raised concerns about China losing its competitive edge in manufacturing and major role in global supply chains, according to Caixin. Caixin adds that trouble in China's manufacturing heartland has the potential to ripple through the wider economy. The export sector provides jobs for 180 million people, or more than a third of the country's 530 million non-farming jobs, according to data from China's Ministry of Commerce. Caixin adds the demise of Koppo Electronics also reflects more signs of trouble for the "Made in China, Sold on Amazon" community, following the US e-commerce firm's extensive crackdown that removed thousands of Chinese sellers from the platform since last year. JIAYUAN INT'L: Fitch Affirms & Withdraws 'CC' Foreign Currency IDR ------------------------------------------------------------------ Fitch Ratings has withdrawn China-based developer Jiayuan International Group Limited's Long-Term Foreign-Currency Issuer Default Rating and senior unsecured rating of 'CC'. Fitch is withdrawing the ratings as Jiayuan 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 Jiayuan. KEY RATING DRIVERS No longer relevant, as the ratings have been withdrawn. 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 Jiayuan is a small- to mid-sized property developer focusing on China's second- and third-tier cities as well as satellite cities in the Yangtze River Delta. The company was listed on the Hong Kong Stock Exchange in 2016. ESG CONSIDERATIONS Jiayuan has an ESG Relevance Score of '4' for Governance Structure due to its concentrated shareholding, the chairman's increasing pledge of company shares as well as recent unexpected liquidation of shares through margin accounts. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Jiayuan has an ESG Relevance Score of '4' for Group Structure due to large related-party transactions. The company settled its related-party transactions mainly with non-cash payments and they appear fairly valued, but there is a potential for more of these transactions. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. 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 ---- ------ ----- Jiayuan LT IDR WD Withdrawn CC International Group Limited senior unsecured LT WD Withdrawn CC TIANGQI LITHIUM: Moody's Hikes CFR to B3, Outlook Remains Positive ------------------------------------------------------------------ Moody's Investors Service has upgraded to B3 from Caa1 Tianqi Lithium Corporation's corporate family rating, and to Caa1 from Caa2 the senior unsecured rating on the bonds issued by Tianqi Finco Co., Ltd and guaranteed by Tianqi Lithium. The outlook remains positive. On July 13, Tianqi Lithium completed its second listing on the Stock Exchange of Hong Kong. The net proceeds from the second listing were about HKD13 billion. The company indicates it will use HKD8.9 billion to repay outstanding debt related to its investment in Sociedad Quimica y Minera de Chile S.A. (SQM, Baa1 stable) and HKD1.7 billion to repay onshore borrowings. "The upgrade of Tianqi Lithium's ratings reflects our expectation that the company's liquidity and capital structure will improve significantly as the company will use the majority of the HKD13 billion proceeds from its second listing on the Stock Exchange of Hong Kong to repay debt," says Gerwin Ho, a Moody's Vice President and Senior Credit Officer. "The positive outlook reflects Tianqi Lithium's continued robust operating performance in terms of revenue and profitability, which if sustained, will strengthen the company's credit profile," says Ho. RATINGS RATIONALE Tianqi Lithium's B3 rating primarily reflects its volatile operating performance and weak financial management. However, the rating considers the company's solid position in the lithium chemical industry and good profitability, which are driven by its supply of low-cost lithium minerals. The company's rating is also constrained by its product concentration in lithium minerals and lithium chemicals, with limited revenue scale, exposure to regulatory risks and low effective ownership of its upstream lithium mineral business. Tianqi Lithium's leverage rose significantly following its acquisition of a 23.8% stake in SQM in December 2018, which brought its total stake in SQM to 25.9%. Following the completion of SQM's capital increase in April 2021, Tianqi Lithium's stake in SQM reduced to 23.8% as of the end of 2021. Moody's expects Tianqi Lithium's financial leverage — as measured by total debt to EBITDA and with SQM accounted for on an equity method basis — to improve to below 1.0x over the next 12-18 months, from 4.0x in 2021. The improvement reflects an increase in EBITDA and a reduction in debt levels. The company's EBITDA increase is mainly attributable to a strong rise in lithium chemical prices, which reflect growth in demand for lithium chemicals driven by higher end-market demand, mainly relating to electric vehicles. Moody's expects Tianqi Lithium's revenue to rise over 290% over the next 12-18 months from the level in 2021 to about RMB29 billion-RMB31 billion, reflecting a strong increase in lithium chemical prices and sales volume growth driven by better demand. Likewise, the company's profitability, as measured by the EBITDA margin, will expand to around 82%-84% over the next 12-18 months from 71% in 2021, mainly reflecting strong lithium chemical prices and operating leverage. Tianqi Lithium's effective stake in its upstream lithium mineral resource, the Greenbushes mine in Australia, reduced to 26% from 51% following IGO Limited's attainment of a 49% stake in Tianqi Lithium Energy Australia Pty Ltd (TLEA) in 2021. However, Tianqi Lithium has retained control over a majority of TLEA's board member appointments, which tempers the risks associated with its lower stake in, and access to, its subsidiary's cash flow. Revenues from the sale of lithium mineral from the Greenbushes mine made up 35% of Tianqi Lithium's consolidated revenue in 2021. Tianqi Lithium's liquidity is very good. Moody's expects that the company's cash holding of RMB2.5 billion and marketable securities as of March 31, 2022, projected operating cash flow over the next 12 months and proceeds from its second listing on the Stock Exchange of Hong Kong will be sufficient to cover its short-term debt (including maturing long-term debt, shareholder loans and a USD bond maturing in November 2022) of RMB7.9 billion, capital spending and dividend payments over the same period. The company will use the proceeds from its second listing on the Stock Exchange of Hong Kong to repay the SQM investment-related borrowing, including the USD1.2 billion loan that will mature in November 2023. Tianqi Lithium's senior unsecured bond rating is one notch lower than it would otherwise be because of the risk of structural subordination. This risk reflects the fact that most of the claims are at the operating subsidiaries and have priority over claims at the holding company. In addition, the holding company lacks significant mitigating factors for structural subordination. Moody's credit assessment also takes into account the following environmental, social and governance (ESG) considerations. The company benefits from global trends to reduce carbon emissions, because lithium is a core input in the manufacture of batteries used in electric vehicles. At the same time, its mining and chemical production operations are exposed to environmental and safety risks. Nonetheless, Moody's is not aware of any major environmental or safety incidents. From a governance perspective, Tianqi Lithium's ownership is concentrated. Moreover, the company's debt-funded acquisition of a 23.8% stake in SQM and its inability to arrange refinancing to meet its debt obligations in November 2020 reflect weak financial management and an aggressive financial policy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Tianqi Lithium (1) meets its financial obligations over the next six to 12 months, (2) demonstrates solid access to funding, (3) maintains the improvement in its operations in terms of revenue and profitability, supported by a favorable industry environment and (4) demonstrates prudent financial management in terms of investments, acquisitions and shareholder distributions. On the other hand, Moody's could downgrade the ratings if (1) Tianqi Lithium does not meet its financial obligations, (2) the company's expected operational performance does not materialize or (3) its financial policy becomes more aggressive in terms of investment, acquisitions or shareholder distributions. The principal methodology used in these ratings was Chemicals published in June 2022. Headquartered in Chengdu, Sichuan Province, Tianqi Lithium Corporation is a lithium chemical producer that mines, makes and sells lithium minerals and lithium chemicals. The company was listed on the Shenzhen Stock Exchange in August 2010 and the Stock Exchange of Hong Kong in July 2022. TOMORROW HOLDING: Bankrupt Insurance Unit Seeks Investors --------------------------------------------------------- Caixin Global reports that E An Property & Casualty Insurance Co. Ltd., a bankrupt insurance unit of embattled private conglomerate Tomorrow Holding Co. Ltd., is inviting strategic investors for a reorganization in hopes of reviving its business. Caixin relates that the bankruptcy administrator of E An posted an investor recruitment statement on a public platform for bankruptcy reorganization cases on July 20, less than a week after the company was cleared to start bankruptcy proceedings. Large and medium-sized financial institutions will be granted priority, according to the statement cited by Caixin. Eligible investors should have more than CNY1 billion ($148 million) in net assets over the past financial year, while those seeking more than a one-third stake must have more than CNY10 billion of total assets, Caixin relays. Strategic investors must retain their holdings at least five years, according to the statement. According to Caixin, E An was among nine companies affiliated with Tomorrow Holding that financial regulators seized in July 2020 to dismantle the troubled business empire of fallen tycoon Xiao Jianhua. Founded in 2016 as one of China's first four internet-based insurers, E An was 70% controlled by Tomorrow Holding through various small shareholders. On July 15, the China Banking and Insurance Regulatory Commission (CBIRC) said it approved in principle for E An to enter bankruptcy reorganization, Caixin notes. As of the end of March, E An had CNY335 million in total assets with liabilities of CNY462 million, Caixin discloses citing the company's audit report. ========= I N D I A ========= ACTIVE CHAR: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Active Char Products 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- 10.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 0.50 [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. Incorporated in 2004, ACPPL can manufacture 4,680MT of activated carbon in a year from its plant set up in Edayar, Kochi. Coconut shell-based activated carbon finds its application majorly in water purification and gold extraction. In FY2017, the company reported a net loss of INR0.39 crore on an operating income of INR28.40 crore, as compared to a net profit of INR2.52 crore on an operating income of INR42.84 crore in the previous year. For FY2018 the company is estimated have reported a net loss of INR0.7 crore on an operating income of INR30.0 crore. ACPPL is a part of Mfar Group which has presence globally across various sectors including construction, hospitality, manufacturing, and real estate. Mfar Group ventured into activated carbon manufacturing in 1995 through IGCL and set up three more manufacturing entities namely CSPL, ACPPL and Kalpa Char Products Private Limited in the subsequent years. The combined capacity of the three entities IGCL, CSPL and ACPPL (referred as the Group) is 11,280 MTPA. In FY2019, on a consolidated basis, the group reported a net loss of INR4.45 crore on an OI of INR85.23 crore, as compared to a net loss of INR9.73 crore on an OI of INR90.76 crore in the previous year. AJS IMPEX PRIVATE: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: AJS Impex Private Limited Office No. 211, 2nd Floor Hubtown Solaris, Saiwadi N.S. Phadke Road Near Hotel Regency Andheri (East) Mumbai 400069 Insolvency Commencement Date: July 15, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure o insolvency resolution process: January 10, 2023 (180 days from commencement) Insolvency professional: Mr. Atul Jain Interim Resolution Professional: Mr. Atul Jain 3rd Floor, Vaastu Darshan "B" Wing, Azad Road Above Central Bank of India Andheri (East), Mumbai 400069 E-mail: atuljainca@hotmail.com cirp.ajsimpex@gmail.com Last date for submission of claims: July 29, 2022 AMS TRADING AND INVESTMENT: Insolvency Resolution Case Summary -------------------------------------------------------------- Debtor: AMS Trading and Investment Private Limited 1st Flr, Shatrunjay Apartments 28 Sindhi Lane Nanubhai Desai Rd Mumbai 400004 Insolvency Commencement Date: July 15, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 11, 2023 Insolvency professional: Namrata Amol Randeri Interim Resolution Professional: Namrata Amol Randeri 215, Laxmi Plaza Laxmi Industrial Estate New Link Road, Andheri West Mumbai 400053 E-mail: namrataranderi@gmail.com - and - BKC Centre, 31-E Laxmi Indl. Estate New Link Road, Andheri (W) Mumbai 400053 E-mail: cirp.amstrading@gmail.com Last date for submission of claims: July 29, 2022 ANISHA ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has retained the long-term rating of Anisha Enterprises in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Founded in 2014, as a partnership firm, Anisha Enterprises (AE) is engaged in the tobacco trading and processing business. The firm is promoted by Mr. Damacharla Janardhana Rao and Mrs. Damacharla Naga Satya Latha, who have more than five decades of experience in the tobacco trading business. ARCHIT BUIDERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s. Archit Builders Private Limited Tamari No. 43, School Street Koyambedu, Chennai TN 600107 IN Insolvency Commencement Date: July 13, 2022 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: January 9, 2023 Insolvency professional: Dr. CA Madurai Sundaram Sankar Interim Resolution Professional: Dr. CA Madurai Sundaram Sankar A 1206 S & S Sarvam 200 Feet Pallavaram Thuraipakkam Radial Road Pallikaranai, Chennai 600100 E-mail: m.s.sankar@outlook.com - and – Shop No. 332, Plaza Centre 129, Cathedral Garden Road Chennai 600006 TN IN E-mail: architirp@gmail.com Last date for submission of claims: July 27, 2022 CARNIVAL FILMS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Carnival Films Private Limited Registered address: FM-18 Mansarovar Complex 7 No. Stop Shivaji Nagar Bhopal 462016 MP Corporate office: Carnival House Nr. Dindoshi Fire Station Gen A.K. Vaidya Marg Off Western Express Highway Malad E Mumbai 400097 Insolvency Commencement Date: July 11, 2022 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: January 6, 2023 Insolvency professional: Chaya Gupta Interim Resolution Professional: Chaya Gupta 1, Bima Nagar 202, Almas Dreams Apartment Near Anand Bazaar Indore 452018 MP E-mail: guptachayacs@gmail.com cirp.cfpl@gmail.com Last date for submission of claims: July 25, 2022 CDR PROJECTS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-Term And short-term ratings of CDR Projects 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 ---------- ----------- ------- Short Term- 18.75 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term/ 5.04 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Long Term- 1.21 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The promoter of CDR Projects Private Limited, Mr. Anil Reddy has been engaged in the construction business for over 15 years in the Medak district through proprietorship firm. As the scale of business increased the promoter incorporated private limited company –CDR in December 2010 which started operations during FY 2012. The company is engaged in civil contract works like building construction, road repairs, etc. CDR has been participating in the tenders for construction works within the Medak district from agencies like Andhra Pradesh Educational Welfare Infrastructure Development Corporation (APEWIDC), Panchayt Raj, etc. CINEMA VENTURES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Cinema Ventures Private Limited Carnival House, Gen. A K Vaidya Marg Off Western Express Highway Dindoshi, Malad East Mumbai, Maharashtra 400097 Insolvency Commencement Date: July 14, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 31, 2022 (180 days from commencement) Insolvency professional: Pravin R. Navandar Interim Resolution Professional: Pravin R. Navandar D-519/520, Neelkanth Business Park Nathani Road, Vidyavihar Mumbai, Maharashtra 400086 E-mail: pravin@prnco.in ip.cinemaventures@gmail.com Last date for submission of claims: July 27, 2022 COAST REALTORS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Coast Realtors Private Limited Property No. 63, Top Floor Bharat Nagar, New Friends Colony New Delhi South, Delhi 110065 Insolvency Commencement Date: July 14, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: January 10, 2023 Insolvency professional: Mr. Ajit Gyanchand Jain Interim Resolution Professional: Mr. Ajit Gyanchand Jain 204, Wall Street-1 Near Gujarat College Ellis bridge Ahmedabad 380006 E-mail: ajit@vcanca.com cirp.coastrealtors@gmail.com Last date for submission of claims: July 28, 2022 DUGAR POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Dugar Polymers 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- 33.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.59 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.94 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 5.50 [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. Dugar Polymers Limited (DPL) was incorporated in the year 2003 and is into manufacturing of plastic rods and sheets. The company is involved in the manufacturing of PVC, PP, EVA rods & sheets and it commenced operations from the year 2004. The company is the recipient of awards like Plastvision 2007 and Rasthriya Nirman Ratan Award 2008-09. The Company caters to customers throughout the country and operates through four units, three being manufacturing units and the last one being a consignment and DCA agency. FARMAX INDIA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s Farmax India Limited Survey no. 658, Bowrampet Village Qutubullapur Mandal Sub-Urban of Hyderabad Telangana 500043 India Insolvency Commencement Date: July 7, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: January 3, 2023 (180 days from commencement) Insolvency professional: Chinna Gurappa Interim Resolution Professional: Chinna Gurappa Flat No. E1, Plot No. 45 Surya Residency, Siddartha Nagar Vengalrao Nagar Post Near ICIC Bank Limited Kalyan Nagar Branch Hyderabad, Telangana 500038 E-mail: c_gurappa@rediffmail.com irpfarmax@gmail.com Mobile: 9912171234 Last date for submission of claims: July 21, 2022 ICOMM TELE: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Icomm Tele Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 347.17 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 452.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 627.44 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 963.53 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others '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. ICOMM Tele Limited is an EPC company providing infrastructure solutions in power transmission & distribution, telecom, defense, solar and water and waste water sectors. The company has one of the largest manufacturing plants for power transmission towers with a production capacity of 250,000 metric tons per annum. The plants are located at Hyderabad, Andhra Pradesh and Yanam, Pondicherry. In addition to towers, the company also manufactures products for transmission conductors & distribution products, telecommunications equipments, solar modules, defense communications equipment and defense shelters. INDO INTERNATIONAL: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Indo International Tobacco Limited Unit No. 912 & 914, 9th Floor DLF Tower-A, Jasola District Centre Delhi 110025 Insolvency Commencement Date: June 22, 2022 Court: National Company Law Tribunal, Bench-IV, New Delhi Estimated date of closure of insolvency resolution process: December 19, 2022 Insolvency professional: IP CA Harish Kumar Gupta Interim Resolution Professional: IP CA Harish Kumar Gupta SH-40/572, IInd Floor Near Milan Cinema New Moti Nagar New Delhi 110015 E-mail: hkg_asl@yahoo.co.in - and - 1413-1416, 14th Floor 6, Devika Tower Nehru Place New Delhi 110029 E-mail: cirpindoint@gmail.com Last date for submission of claims: July 6, 2022 JAGDAMBA OIL: ICRA Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Jagdamba Oil & General Mills 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 Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4; ISSUER NOT Fund Based- COOPERATING; Rating Continues Cash Credit to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1987, Jagdamba Oil & General Mills (JOGM) has been engaged in the production of Binola (cotton) seed oil and De-oiled cakes from the cotton seeds. The firm operates from Cheeka, Haryana with a production capacity of 37,500 Metric Tons Per Annum (MTPA). The firm has been operating for more than two decades now and has established relationships with distributors and suppliers. KUMAR PROPACK: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Kumar Propack Private Limited Duplex-92, VIth Phase Vijaya Heritage Uliyan Kadma, Jamshedpur Purba Singhbhum Jharkhand 831005 Insolvency Commencement Date: July 15, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 8, 2023 (180 days from commencement) Insolvency professional: Rashmi Agarwalla Interim Resolution Professional: Rashmi Agarwalla 74/10 Lala Babu Shire Road Belur Math, Howrah 711202 E-mail: rashmivika10@yahoo.co.in - and - 7th Floor, 714 Marshall House 33/1 N.S. Road Kolkata 700001 E-mail: kumarppcirp@yahoo.com Last date for submission of claims: July 30, 2022 LF FINANCIAL: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: LF Financial Services Private Limited F-2/5 Model Town-II New Delhi 110009 Liqudation Commencement Date: July 13, 2022 Court: National Company Law Tribunal, Noida Bench Insolvency professional: Anang Kumar Shandilya Interim Resolution Professional: Anang Kumar Shandilya T9 1904 Exotica Dreamville Sector 16C Greater Noida West (Noida Extension) Near Gaur City 2 Gautam Buddha Nagar Uttar Pradesh 201318 E-mail: csanang@gmail.com Tel: 9711914380 - and - 2nd Floor, Moolchand Towers Sectoe-22, I Block Noida 201301 Last date for submission of claims: August 12, 2022 LN INDUSTRIES INDIA: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s LN Industries India Limited H.No. 8-3-898/16/4 Sri Laxmi Narasmiha Niwas Nagarjuna Nagar Colony Road No. 2, Srinagar Colony Hyderabad Telangana 500073 India Insolvency Commencement Date: July 8, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: January 4, 2023 (180 days from commencement) Insolvency professional: Maligi Madhusudhana Reddy Interim Resolution Professional: Maligi Madhusudhana Reddy MMR Lion Corp, 4th floor HSR Eden, Beside Cream Stone Road No. 2, Banjara Hills Hyderabad Telangana 500034 E-mail: irplnindustries@gmail.com mmreddyandco@gmail.com Last date for submission of claims: July 22, 2022 MAEKSIN SHIPPING: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Maeksin Shipping Co. Private Limited Village-Kalikapur Post Office KaK-Kalinagar Kakdwip, 24 Parganas (South) West Bengal 743347 Insolvency Commencement Date: July 14, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 10, 2023 Insolvency professional: Soumitra Lahiri Interim Resolution Professional: Soumitra Lahiri Flat No. 14D & E, Tower-32 Genexx Valley, Joka Diamond Harbour Road Kolkata 700104 E-mail: slahiri0207@gmail.com Last date for submission of claims: July 29, 2022 MAHAMAYA CASHEW: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term rating of Mahamaya Cashew Industries in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 9.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2014, Mahamaya Cashew Industries is a partnership firm engaged in the processing of raw cashew nuts (RCN) to cashew kernels. MCI started operations from June 2015 onwards at its manufacturing unit in Hosanagara, Karnataka with an installed capacity of 6 MT per day. The promoters have close to four decades of experience in cashew industry and have served as partners in the sister concerns Mangalore Cashew Industries, Mangala Cashew Industries and Mahalaxmi Cashew Industries, prior to the establishment of Mahamaya Cashew Industries. At present, majority of the sales are to its sister concern- Mangalore Cashew Industries. MINERVA ENTERPRISES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Minerva Enterprises Pvt. Ltd. 3-9-199, Himayat Nagar Hyderabad, Telangana 500029 Insolvency Commencement Date: July 15, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: January 10, 2023 Insolvency professional: Mr. Chanchal Dua Interim Resolution Professional: Mr. Chanchal Dua 5/36, First Floor Ramesh Nagar New Delhi 110015 E-mail: chanchalduaco@gmail.com - and - ARCK Resolution Professionals LLP 409, 4th Floor, Ansal Bhawan 16 K G Marg, Connaught Place New Delhi 110001 E-mail: insolvency@arck.in Tel: 011-45101111 Last date for submission of claims: July 28, 2022 MITTAL CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-Term rating of Mittal Construction Unit in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 9.00 [ICRA]B+(Stable); ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others 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. Mittal Construction Unit (MCU) started operations as a partnership between Mr. S K Mittal and Mr. R K Mittal in 1996. With its head office in Muzzafarnagar, Uttar Pradesh the firm started as a contractor for civil construction projects in state government sponsored projects. Over the years, the firm gained capability to bid for work tendered by central government related works mainly by National Building Construction Corporation (NBCC). NBCC tenders contracts for civil and industrial construction for central government entities. Being present in Uttar Pradesh and having a track record of executed work in public sector, the firm forayed into private sector wherein it executed factory buildings and offices for sugar mills and other industries. Over the years, the firm developed relationships with many private players in the sugar industry and executed works for many sugar mills. NEW WORLD: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Long-Term ratings of New World Landmark LLP in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 150.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. NWL is a limited liability partnership firm belonging to the Mittal Brothers Group. The firm is currently developing a project named High Mont, with a saleable area of 7,49,967 sq. ft. in Hinjewadi, Pune in Maharashtra. The project is being developed in two phases and caters to middle income group segment. The first phase is nearing handover, whereas the second phase is expected to be completed by December 2023. NWL holds 80% share in New Unicon Infraventures LLP (NUI), which is promoted by Mr. Sunil Mittal and Mr. Dilip Mittal. The firm is currently developing a project named One Place, in Baner, Pune in Maharashtra. The project entails the construction of a single commercial building, with a saleable area of 1,63,660 sq. ft. The project is expected to be completed by December 2023. OPULENT INFRADEVELOPERS: Insolvency Resolution Case Summary ----------------------------------------------------------- Debtor: Opulent Infradevelopers Private Limited 101 Pratap Nagar, Mayur Vihar Phase-1, New Delhi Insolvency Commencement Date: July 14, 2022 Court: National Company Law Tribunal, New Delhi Bench-IV Estimated date of closure of insolvency resolution process: January 7, 2023 Insolvency professional: Devendra Umrao Interim Resolution Professional: Devendra Umrao B-43A, First Floor Kalkaji, New Delhi National Capital Territory of Delhi 110019 E-mail: devumraoibc@gmail.com cirp.opulentinfra@gmail.com Classes of creditors: Home Buyers (Real Estate Allottees) Insolvency Professionals Representative of Creditors in a class: Prabhat Kumar Arvind Mittal Mukesh Gupta Last date for submission of claims: July 26, 2022 PRANI AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the long-term rating of Prani Auto Plaza Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 4.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.35 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under Limits '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. Prani Auto Plaza Private Limited was started as a partnership firm in 2003 and was subsequently converted to a private limited company in 2009. The company is the authorized dealer of passenger vehicles of Tata motors limited (TML) in Anantapur and Kurnool districts in Andhra Pradesh. The company opened its first showroom in Ananthapur in 2003, followed by showrooms in Kurnool in 2007 and Nandyal in 2009. These three showrooms are in the company's own buildings. Additionally, the company opened showrooms in Hindupur (2011) and Tadipatri (2012) on a lease basis. In January 2013, it opened one more showroom in Tirupati as the existing dealer in the district withdrew from the dealership. PRATHISTA INDUSTRIES: ICRA Withdraws B+ Rating on INR15cr Loan -------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Prathista Industries Limited at the request of the company and based on the No Objection certificate (NOC) received from its 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- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 14.69 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term/ 14.31 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Withdrawn Short Term- 8.00 [ICRA]A4; ISSUER NOT Non-Fund Based COOPERATING; Withdrawn Others Incorporated in 1995, Prathista Industries Limited (PIL) manufactures eco-friendly products catering to the agricultural, veterinary/poultry and pharmaceuticals sectors. The company has a diversified product portfolio consisting of nutritional fertilizers, bio-nutrients, bio-pesticides and other value added products. The company's manufacturing facility is located at Choutuppal, Nalgonda, Telangana. PYTEX JEWELLERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Pytex Jewellers Private Limited Unit No. 200, A-9 GDITL Northex Tower Ring Road Netaji Subhash Place Pitam Pura, Delhi 110034 Insolvency Commencement Date: July 14, 2022 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: January 10, 2023 Insolvency professional: Mr. Pankaj Khetan Interim Resolution Professional: Mr. Pankaj Khetan K-37/A, Basement Kailash Colony Near Kailash Colony Metro Station Delhi 110048 E-mail: ippankajkhaitan@gmail.com cirppytexjewellers@gmail.com Last date for submission of claims: July 28, 2022 QUALITY WOVEN: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term and short-term ratings of Quality Woven Sacks 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- 14.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 10.85 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. QWSPL was incorporated in Reba (MP) in 2007 by the Ganga Group, primarily to cater the needs of Maihar Cements Satna (MP) plant. The company manufactures polypropylene (PP) bags for the MP-based cement industry. QWSPL has manufacturing capacity of 8000 metric tonnes per annum (MTPA). Ganga Group is a collaboration of the Chaudhary and Tulsyan families. The group is engaged in various businesses: polywoven sacks through the entities RPPL, Ganga Bag Udyog Private Limited, Neel Kamal Polytex Industries Private Limited and Quality Woven Sacks Private Limited, paper through the entities Ganga Papers India Limited and Ganga Pulp & Papers Private Limited, and sponge iron and billet manufacturing through Shanti Gopal Concast Limited. RAAJA MAGNETICS: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Raaja Magnetics 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- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 16.83 [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. RML manufactures electrical stampings and die-cast rotors for motors used in pumps for agricultural and general industrial applications. The castings find applications in various kinds of motors such as hermetic motors, pump motors, appliances motors and general purposes motors. RML has its two manufacturing units in Coimbatore (Tamil Nadu) and Bangalore (Karnataka) to cater to the South India market. RAS POLYTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the long-term and short-term ratings of RAS Polytex 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- 6.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 5.97 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. RPPL is a private limited company and was incorporated in 1999. The company is a part of the Ganga Group of companies and is promoted by Mr. R.K. Chaudhary. RPPL manufactures polypropylene (PP) bags primarily for the UP based cement industry. The company was established in Varanasi (U.P.) to cater to the demand of the cement industries in that region. REGEN INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Regen Infrastructure and Services 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 ---------- ----------- ------- Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 20.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Non Fund Based remain under 'Issuer Not Others 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. RISPL, incorporated in January 2008, is a wholly owned subsidiary of Regen Powertech Private Limited (RPPL). This company primarily handles the infrastructure requirements in commissioning a wind turbine generator (WTG), including facilitation of land acquisition, and the civil works w.r.t. erection and commissioning of WTGs supplied by RPPL. The company also provides O&M services to WTGs installed by RPPL. ROYAL CROWN: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Royal Crown Projects Private Limited H.No. 136-A, Pocket-H Near Paltani Jwellery Dilshad Garden, New Delhi North East DL 110095 IN Insolvency Commencement Date: July 4, 2022 Court: National Company Law Tribunal, Vaishali Bench Estimated date of closure of insolvency resolution process: December 31, 2022 (180 days from commencement) Insolvency professional: Debashis Nanda Interim Resolution Professional: Debashis Nanda CS-14, C Floor Ansal Plaza, Vaishali Ghaziabad 201010 E-mail: dnanda.cma@gmail.com cirp.royalcrown@gmail.com Last date for submission of claims: July 18, 2022 RPL PROJECTS: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-Term and Short-term ratings of Rpl Projects 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- 25.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 11.05 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 10.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others 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. RPL was established in 2009 by Mr. Naveen Rungta, Mr. Praveen Rungta and Mr. R.S. Agarwal. The company is engaged in coal overburden removal and logistics of the fine coal in the regions of Northern and Central India. RPL caters to some subsidiaries of Coal India Limited, Prism Cement Limited and other private players. ICRA notes that Mr. R. S. Rungta, who was also one of the directors of RPL has been terminated post his alleged involvement in the coal block allocation scam. RS INGOT AND BILLET: Liquidation Process Case Summary ----------------------------------------------------- Debtor: RS Ingot and Billet Private Limited 401 Mahavir Ji Complex, LSC Rishabh Vihar, New Delhi DL 110092 IN Liqudation Commencement Date: May 5, 2022 Court: National Company Law Tribunal, New Delhi Bench Date of closure of insolvency resolution process: May 5, 2022 Insolvency professional: Debashis Nanda Interim Resolution Professional: Debashis Nanda Flat No. CS-14 C-Floor, Ansal Plaza Vaishali, Ghaziabad Uttar Pradesh 201010 E-mail: dnanda.cma@gmail.com liquidatorrsingot@gmail.com Last date for submission of claims: June 4, 2022 RUDRAKSH DEALCOM: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Rudraksh Dealcom Private Limited 1D, Canal Road 2nd Floor Kolkata 700053 Insolvency Commencement Date: July 11, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 7, 2023 Insolvency professional: Neeraj Jain Interim Resolution Professional: Neeraj Jain 4 Synagogue Street Suite # 205, 2nd Floor Facing Brabourne Road Kolkata 700001 E-mail: reachneerajjain@gmail.com - and – Unit 1, Floor 14 Chatterjee International Centre 33A, Jawaharlal Nehru Road Kolkata 700071 E-mail: cirp.rudraksh@gmail.com Last date for submission of claims: July 25, 2022 SAHARA HOSPITALITY: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sahara Hospitality Limited Hotel Sahara Star Opposite Domestic Airport Vile Parle East Mumbai 400099 Maharashtra Insolvency Commencement Date: July 15, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 11, 2023 Insolvency professional: Mamta Binani Interim Resolution Professional: Mamta Binani Second Floor, Nicco House 2 Hare Street Kolkata 700001 West Bengal E-mail: mamtabinani@gmail.com - and - Room no. 3108, 3rd Floor Hotel Sahara Star Opposite Domestic Airport Vile Parle East Mumbai 400099 Maharashtra E-mail: cirpshl@gmail.com Last date for submission of claims: July 29, 2022 SAI INTERNATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the Long-term rating of Sai International in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 8.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Sai International is a partnership firm and was incorporated in 2005 by two brothers Mr Nishant Jaggaand Mr. Vishal Jagga. The firm manufactures footwear at its plant at Bahadurgarh in Haryana. The product profile of the firm includes sports shoes, sandals and slippers. The sports shoes of the firm are sold under the brand name 'Tavera' whereas the sandals and slippers are sold under the brand name 'PU-Lite'. The firm's major raw material is Polyurethane, which is mostly imported and Rexine which is procured from suppliers in Haryana, Delhi and Uttar Pradesh. SAMDARIYA BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the Long-Term ratings of Samdariya Builders Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 29.57 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 20.19 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Term loan from [ICRA]BB+ (Stable)and continues to remain in the 'Issuer Not Cooperating' Category Long Term- 0.24 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB+ (Stable)and continues to remain in the 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Samdariya Builders Private Limited (SBPL) is a group company of Samdariya Group, Jabalpur, and the group was incorporated in 1947 to carry on the business as builders, contractors, developers, colonizers and real estate agents. The company also operates a mall "Samdariya Mall" at civic centre Jabalpur, in the central hub of Jabalpur city, which was the first Mall of Jabalpur. Samdariya Mall is a shopping and entertainment destination for Jabalpur. It's a mix of Multiplex Cinema, Hyper Market, Retail Area, Entertainment Area and Restaurant and Food Court. Apart from this, the company also has interest in developing real estate projects. This apart, the company is also engaged in the business of Cement trading, construction, Jewelery wholesaling and mall operations. SHIMA EDIBLES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Shima Edibles Private Limited Ramnagar, P.O. Bhuniaraychak P.S. Durgachak Dist. Purba Medinipur Haldia Midnapore WB 721635 IN Insolvency Commencement Date: July 14, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 10, 2023 (180 days from commencement) Insolvency professional: Mr. Srigopal Choudhary Interim Resolution Professional: Mr. Srigopal Choudhary Flat 7J Tower-3 South City 375 P.A.S. Road Kolkata 700068 E-mail: sgchoudhary@yahoo.com irp.shima@gmail.com Last date for submission of claims: July 28, 2022 SHRISTI PLYWOOD: Liquidation Process Case Summary ------------------------------------------------- Debtor: Shristi Plywood Private Limited Vijay Vihar, Lokhra Road Gurgaon, Haryana 122001 India Liqudation Commencement Date: July 8, 2022 Court: National Company Law Tribunal, Chandigarh Bench Date of closure of insolvency resolution process: July 8, 2022 Insolvency professional: Dr. Naresh Kumar Goel Interim Resolution Professional: Dr. Naresh Kumar Goel 203, Vardhman Star Mall Sector-19 Near Badkhal Mor Metro Station Faridabad, Haryana 121002 E-mail: nkg1964@rediffmail.com shristiplywoodliquidator@ gmail.com Last date for submission of claims: August 7, 2022 SIDDHARTH EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Siddharth Exports 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- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.65 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 2.65 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Short Term- 2.70 [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. SE was established as a proprietorship concern in 1993 by Sunil Harjai and is engaged in the business of manufacturing and export of leather shoes for both men and women. The manufacturing facility of the firm is located in Noida, Uttar Pradesh and is well equipped with the requisite equipments. SINTRA LIMITED: Liquidation Process Case Summary ------------------------------------------------ Debtor: Sintra Limited Maurya Centre 1 Fraser Road Patna 800001 Bihar Liqudation Commencement Date: July 15, 2022 Court: National Company Law Tribunal, Kolkata Bench Date of closure of insolvency resolution process: July 15, 2022 Insolvency professional: Anang Kumar Shandilya Interim Resolution Professional: Anang Kumar Shandilya T9, 1904, Exotica Dreamville Sector 16-C Greater Noida West Gautam Buddha Nagar 201318 Uttar Pradesh E-mail: csanang@gmail.com liq.sintra@gmail.com Last date for submission of claims: August 14, 2022 SOMESHWARA FERTILIZERS: ICRA Keeps B+ Rating in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Sri Someshwara Fertilizers & Chemicals 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- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 10.07 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others 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. Sri Someshwara Fertilizers & Chemicals was incorporated as a sole proprietorship concern in 1990 and commenced commercial operations in 1991. The firm is engaged in the wholesale and retail trading of chemicals and chemical fertilizers such as Nitrogen Phosphorous-Potassium (NPK), Single Super Phosphate, Urea, Monoammonium Phosphate, Borax, Zinc Sulphate and Gypsum. The firm is based in Mandya district of Karnataka. SUBHANG CAPSAS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-term rating of Subhang Capsas Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 1.46 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 0.54 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in December 2011, SCPL is in the business of manufacturing moulded products for packaging solutions. It manufactures blow molded containers with capacity ranging from 1 litre to 120 litres. The firm caters to customers across various business segments such as chemicals, pesticides, food and processing and lube oil. TANEJA IRON: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Taneja Iron & Steel Co. Limited 315, Transport Nagar Indore MP 452017 IN Insolvency Commencement Date: July 12, 2022 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: January 8, 2023 Insolvency professional: FCS & IP Ketan S Dand Interim Resolution Professional: FCS & IP Ketan S Dand 202, Shilpin Centre G. D. Ambekar Marg Dadar (E) / Wadala (W) Mumbai 400031 E-mail: ketan@sldco.in cirp.taneja@gmail.com Last date for submission of claims: July 26, 2022 TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-Term rating of Tulsiani Constructions & Developers Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Tulsiani Constructions & Developers Limited (TCDL) is a flagship company of the Tulsiani Group which has several companies undertaking real estate project in Lucknow, Allahabad and other regions of Uttar Pradesh. TCDL is promoted by Allahabad based Tulsiani family and is engaged in the business of construction of residential and commercial building in Allahabad for last 14 years. TCDL is currently undertaking three residential projects in Lucknow and Aallahabad region. UNIQUE ENGINEERS: ICRA Withdraws B+ Rating on INR10cr LT Loan ------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Unique Engineers Pvt Ltd at the request of the company and based on the No Objection certificate (NOC) received from its 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- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Short Term- 40.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Withdrawn Others UEPL was incorporated in 1992 by Mr. Manmohan Jindal, Mr. Rajiv Gupta and Mr. Pradeep Sharma. The company undertakes turnkey projects in HVAC systems. It provides HVAC solutions to a variety of clients across different sectors. The client portfolio of the company includes high-rise buildings, research and development centers, laboratories, heavy industries, hospitals, educational institutions, commercial spaces, residential apartments, auditoriums, hotels, malls, etc. It provides solutions for applications relating to comfort air conditioning, industrial air conditioning, precision air conditioning, close control systems for data centres and laboratories, clean rooms, process cooling, pressurization and ventilation. The company has an in-house manufacturing facility of HVAC parts like air handling unit (AHU), air washers, air scrubbers, fan coil unit, fan sections, cooling coil, etc. at IMT Manesar, Gurgaon (Haryana). URVI PLASTIC: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Urvi Plastic Industries 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- (0.90) [ICRA]B (Stable) ISSUER NOT Interchangeable COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ 4.60 [ICRA]B(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Short Term- 5.40 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 1984, UPI is engaged in trading of engineering plastic products. UPI is proprietorship firm of Mr. Sameer Mehta, who has an extensive experience of close to 35 years in the trading business. The firm trades engineering plastic products like Poly Methyl Methacrylate (PMMA), Polyacetal (POM), Polycarbonate (PC), Styrene Acrylonitrile Resin (SAN), Acrylonitrile Butadiene Styrene (ABS), Ethylene Vinyl Acetate (EVA), Polyamide resin (PA6/PA66), and transparent ABS (Toray), etc. These products find applications in automobiles, costume jewellery, LED bulbs, electrical modular switches, and plastic goggle frames, etc. VINDHYA INDUSTRIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Vindhya Industries Private Limited P-32, Kasba Industrial Estate Phase-I, Kolkata 700107 West Bengal, India Insolvency Commencement Date: July 15, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 10, 2023 (180 days from commencement) Insolvency professional: Mr. Bimal Kanti Choudhury Interim Resolution Professional: Mr. Bimal Kanti Choudhury 77A/50 Raja S.C. Mallick Road 8 S.P.B. Block Kolkata 700092 E-mail: bimalkantichoudhury@gmail.com ipvindhya@gmail.com Last date for submission of claims: July 28, 2022 WHITE OWL: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: White Owl Brewery Private Limited Shop no. 1, Ronak Apartment Sai Krupa Complex Kashigaon, Mira Road East Thane 401107 Maharashtra Liqudation Commencement Date: July 8, 2022 Court: National Company Law Tribunal, Kolkata, West Bengal Bench Insolvency professional: Mr. Vivek Gupta Interim Resolution Professional: Mr. Vivek Gupta Tower 7 Flat 1805, Urbana 783 Anandapur Main Road Ruby Hospital Kolkata 700107 E-mail: gupta.vivekaca@gmail.com Mobile: +919831808041 Last date for submission of claims: August 7, 2022 WOODHILL INFRASTRUCTURE: ICRA Keeps B+ Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the Long-Term and short-term ratings of Woodhill Infrastructure 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- 63.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term (5.00) [ICRA]B+(Stable); ISSUER NOT Interchangeable COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ 122.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Non-Fund Based Rating Continues to remain Others under issuer not cooperating category Long Term/ 2.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Woodhill Infrastructure Limited (WIL), incorporated in 1990, is an EPC contractor mainly engaged in construction of roads (earthwork, widening, strengthening and resurfacing of state and national highways), bridges and flyovers. The customer profile of the company is largely clients from the central and state governments, largely spread across Uttarakhand, Odisha and Uttar Pradesh. ================= I N D O N E S I A ================= PAN BROTHERS: Moody's Withdraws 'Ca' Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service has withdrawn Pan Brothers Tbk (P.T.)'s Ca corporate family rating. Moody's has also withdrawn the Ca backed senior unsecured rating on the bond issued by PB International B.V., a wholly owned subsidiary of Pan Brothers, and guaranteed by Pan Brothers and all of its subsidiaries. Prior to the withdrawal, the rating outlook was negative. RATINGS RATIONALE Moody's has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. COMPANY PROFILE Pan Brothers Tbk (P.T.) is the largest listed manufacturer of garment products in Indonesia, with a total production capacity of 117 million pieces of garments per year as at March 31, 2022. The company employs around 38,000 people across 25 factories and in 10 manufacturing locations in Banten, West and Central Java. Pan Brothers generated approximately $690 million in revenue for the 12 months ended March 31, 2022. PERUSAHAAN PENGELOLA: S&P Alters Outlook on 'BB/B' ICRs to Stable ----------------------------------------------------------------- S&P Global Ratings revised the outlook on PT Perusahaan Pengelola Aset (Persero) (PPA) to stable from negative, revised its stand-alone credit profile (SACP) to 'b+' from 'b', and affirmed its 'BB/B' issuer credit ratings. S&P revised its outlook to stable on account of the company's strengthened capital base and more circumspect approach to asset growth, despite economic headwinds from external challenges. The macro environment turned challenging with high inflation, second-order impact from the Russia-Ukraine conflict, and China supply chain disruptions. However, capital is now well-positioned with a significant improvement in PPA's leverage ratio following the government's capital injection, which reduces the need for debt funding amid a rising interest rate environment. Management has also turned its focus on managing recent volatility well, even as it embarks on the expansionary phase of its transformation plan. S&P believes the company will temper its growth ambitions and proceed cautiously in the current environment. Government capital injection bolstered PPA's capitalization. The company received a significant capital injection from the government in mid-2021. This came via transfers of shareholdings in five companies to PPA, which more than doubled adjusted total equity (ATE) for the company. The enlarged capital base reduced the need for the company to raise debt, and accorded it the flexibility to repay some of its more expensive interbank borrowings to lower overall funding costs. S&P said, "This has, in turn, drove an improvement in our projected leverage ratio (debt to ATE ratio) for the company to 1.5x-1.8x over the next 12-18 months, compared with our initial forecast of 3x. We note that capital injection in the form of shares is subject to some degree of market volatility." Improved financial flexibility from recent domestic bond raising. PPA successfully tapped the domestic debt capital markets to raise about Indonesian rupiah (IDR) 1.68 trillion (equivalent to about US$110 million), or 20% of its liability base) in June 2022. The financing comprises three-year and five-year bonds with a funding cost of 7% and 7.8% per annum, respectively, lower than PPA's budgeted overall funding costs of 8.5%. These bonds provide diversification and an alternative source of funding to PPA's traditional reliance on interbank funding and government capital injections. Economic risks facing Indonesian financial institutions remain elevated in the aftermath of the pandemic. S&P said, "Our economic risk trend on the Indonesia banking sector remains negative. As a response to COVID, the regulator has allowed banks to restructure loans to affected borrowers, and banks do not need to classify these loans as nonperforming, in order to ease asset quality strains. This policy was initially intended to last for a year but has since been extended twice and will be effective until March 2023. This highlights lingering asset quality pressure from the pandemic. "We expect credit risks to remain elevated in the aftermath of the latest COVID wave in the country, considering still high levels of restructured loans at about 11% of total loans as of end-December 2021. The banking sector's nonperforming loan (NPL) ratio remained relatively flat at 3.1% as of end-January 2022, relatively unchanged from 3.06% as of Dec. 31, 2020. NPLs should remain broadly stable in 2022 thanks to the restructuring scheme, which would delay the recognition of stressed assets to 2023. In S&P's opinion, one-tenth to one-eighth of the restructured loans are at risk and vulnerable to slippage into NPLs. Such loans are mainly exposed to the tourism or hospitality industries. When the moratorium expires, it could drive up the banking sector's NPL ratio by up to 1.5 percentage points in 2023, suggesting that NPLs could peak at 5% in 2023. The stable outlook reflects S&P's view that PPA will maintain its strong capitalization and adequate funding and liquidity profile over the next 12-18 months. S&P said, "We may lower our assessment on PPA's SACP by a notch if: (1) we lower our economic risk assessment on the banking sector, which could happen if the challenges to economic conditions were to intensify, thereby leading to a disorderly unwinding of restructured loans and higher credit losses than we anticipate for the financial sector; or (2) PPA's leverage ratio deteriorates to more than 2.75x on a sustained basis; or (3) strategic or execution missteps during PPA's growth phase lead to lapses in risk management or unexpected losses. "However, based on government support for PPA, we see a downgrade as unlikely over the next 12-18 because the SACP needs to decline by at least two notches for that to occur, provided the sovereign rating on Indonesia is unchanged. "We could raise the ratings on PPA if there is significant strengthening of PPA's risk management or financial profile leading to an upward adjustment to its SACP. This could happen if PPA meaningfully grows its loans or exposures to healthy SOEs or companies, leading to sustainable strengthening of asset quality, vis-à-vis its historical focus on distressed SOEs. We believe this scenario is unlikely in the next 12-18 months." ========= J A P A N ========= H.I.S. CO: Mulls Selling Nagasaki's Huis Ten Bosch Theme Park ------------------------------------------------------------- The Japan Times reports that travel agency H.I.S. is considering selling Huis Ten Bosch, a Dutch theme park in the city of Sasebo, Nagasaki Prefecture, sources said on July 21. The company is negotiating the sale with entities including a Hong Kong investment firm, the sources said, the report relays. The sale price would likely reach tens of billions of yen. Through the move, H.I.S. aims to improve its financial standing, which has been hurt due to falling travel demand amid the coronavirus pandemic, the report says. The travel agency owns a roughly 67% stake in the operator of the theme park, with the rest held by firms including Kyushu Electric Power Co. and Kyushu Railway. The Japan Times say Huis Ten Bosch is expected to continue operating after the sale. According to The Japan Times, H.I.S. logged a record consolidated net loss for the year through last October. The company also posted a record half-year loss in the first half of its current business year, due to sluggish overseas travel and electric retail operations. But Huis Ten Bosch itself turned a profit in the first half to April as the number of visitors rebounded. The park, which opened in 1992, recreates the townscape of a Dutch city and is known as one of the most popular large-scale theme parks in the Kyushu region. Its original operator applied for bankruptcy procedures in 2003 after struggling with low attendance. The theme park underwent rehabilitation under an investment firm linked to Nomura Holdings and was then bought by H.I.S. in 2010. H.I.S. Co., Ltd. is primarily engaged in travel business. It is involved in insurance agency such as overseas travel insurance, as well as development and operation of guest room reservation system. TOSHIBA CORP: Selects Four Bidders for Second Round --------------------------------------------------- Reuters reports that Toshiba Corp has selected four bidders including private equity firms Bain Capital, CVC Capital Partners and Brookfield Asset Management to proceed to a second bidding round, people briefed on the matter said. Reuters says the race for what could be the country's biggest buyout deal this year gathers pace as the four bidders are now invited to conduct due diligence for several months. In addition to the three, a consortium involving state-backed Japan Investment Corp (JIC) and domestic private equity firm Japan Industrial Partners (JIP) has been selected, said the sources, who declined to be identified as the matter is private, Reuters relays. One of the sources said Brookfield's proposal is for a capital alliance that would see the Japanese conglomerate remain listed, while the other three propose taking it private. The bidders are likely to tie-up with others, potentially those who did not make the second round, separate sources said. KKR & Co, Apollo Global Management, Blackstone Inc, Baring Private Equity Asia, and MBK Partners had all expressed initial interest in Toshiba, the report says. KKR decided not to lead a bid at this point, sources have told Reuters, as it was awaiting more clarity from the government and Toshiba's management on whether a deal could realistically materialise. One of the bidders in the first round was considering offering up to JPY7,000 ($50.67) per share, valuing the deal at about $22 billion. But that bidder failed to go into the second round, one of the sources said, Reuters relates. Reuters adds that Toshiba said on July 19 it had selected multiple bidders to proceed to due diligence without naming them. The company last month received eight initial buyout proposals as well as two offers for capital alliances. 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. ===================== N E W Z E A L A N D ===================== N.Z. FUTURE: Court to Hear Wind-Up Petition on July 25 ------------------------------------------------------ A petition to wind up the operations of N.Z. Future Forest Products Limited will be heard before the High Court of New Zealand at Auckland on July 25, 2022, at 10:00 a.m. Russell McVeagh filed the petition against the company on December 9, 2021. The Petitioner's solicitor is: Kirsten M. Massey Level 30, Vero Centre 48 Shortland Street Auckland 1010 NG CONSULTANTS: Court to Hear Wind-Up Petition on Aug. 19 --------------------------------------------------------- A petition to wind up the operations of NG Consultants Limited will be heard before the High Court of New Zealand at Auckland on Aug. 19, 2022, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 16, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SEROJA CAFE: Creditors' Proofs of Debt Due on Aug. 15 ----------------------------------------------------- Creditors of Seroja Cafe Limited are required to file their proofs of debt by Aug. 15, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 18, 2022. The company's liquidators are: Steven Khov Kieran Jones Khov Jones PO Box 302261 North Harbour Auckland SHAMGAR LIMITED: Creditors' Proofs of Debt Due on Aug. 12 --------------------------------------------------------- Creditors of Shamgar Limited and Jireh Products Limited are required to file their proofs of debt by Aug. 12, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 17, 2022. The company's liquidators are: Steven Khov Kieran Jones Khov Jones PO Box 302261 North Harbour Auckland WILSON SHEARING: Court to Hear Wind-Up Petition on July 28 ---------------------------------------------------------- A petition to wind up the operations of Wilson Shearing Limited will be heard before the High Court of New Zealand at Invercargill on July 28, 2022, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 26, 2022. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 ===================== P H I L I P P I N E S ===================== RURAL BANK OF POLOMOLOK: PDIC to Take Over and Liquidate Bank ------------------------------------------------------------- The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Polomolok (South Cotabato), Inc. from doing business in the Philippines through MB Resolution No. 985.A dated July 14, 2022 which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank. The PDIC took over the bank on July 18, 2022. Rural Bank of Polomolok (South Cotabato), Inc. is a four-unit rural bank with Head Office located at National Highway, Brgy. Magsaysay, Polomolok, South Cotabato. Its branches are in General Santos City, South Cotabato; and in Alabel and Maasim in Sarangani. Latest available records show that as of December 31, 2021, Rural Bank of Polomolok (South Cotabato), Inc. has 3,326 deposit accounts with total deposit liabilities of PHP61.9 million, of which 96.3% or PHP59.6 million are insured deposits. The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of PHP500,000.00 per depositor. Individual account holders of valid deposits with balances of PHP100,000.00 and below, who have no outstanding obligations or have not acted as co-makers of obligations with Rural Bank of Polomolok (South Cotabato), Inc. are not required to file deposit insurance claims. These individual depositors must ensure that they have complete and updated addresses with the bank. Depositors may update their addresses by submitting a Mailing Address Update Form (MAUF) until July 29, 2022, either through the drop box available at the bank premises, or by sending a scanned copy of said Form and valid ID to email address, polomolok-pad@pdic.gov.ph. MAUF will be made available at the bank premises or may be downloaded from the PDIC website at www.pdic.gov.ph. Insurance payments for valid deposits with balances of PHP100,000.00 and below will be made through postal money order and targeted to be sent via mail starting on August 11, 2022. For business entities and all other depositors, filing of claims for insured deposit is targeted to start by August 22, 2022. Borrowers are likewise reminded to continue paying their loan obligations with the closed Rural Bank of Polomolok (South Cotabato), Inc. and to transact only with designated PDIC representatives. For more information on the requirements and procedures for filing deposit insurance claims and settlement of loan obligations, depositors and borrowers of the bank are enjoined to attend the virtual Depositors-Borrowers' Forum scheduled on August 8-11, 2022. Further details on the DBF, filing of claims, and procedures on loan settlement, will be announced through the PDIC website, www.pdic.gov.ph, and PDIC's official Facebook page, www.facebook.com/OfficialPDIC. As provided for by the PDIC Charter, the PDIC shall likewise accept Letters of Intent from interested banks and non-bank institutions for possible purchase of assets and assumption of liabilities (P&A) as a mode of liquidating Rural Bank of Polomolok (South Cotabato), Inc. Letters of intent should be submitted within 60 days from takeover date subject to compliance with the requirements prescribed under the Guidelines in Pre-qualifying Proponents and Evaluating the Proposals for Purchase of Assets and Assumption of Liabilities Mode of Liquidating Closed Banks which can be accessed in the PDIC website. To ensure the safety of all concerned and observance of health protocols, all clients of the bank may communicate with PDIC through any of the following modes: Public Assistance Hotline during office hours at (02) 8841-4141, Toll-Free Hotline at 1-800-1-888-PDIC (7342) during office hours for those outside Metro Manila, e-mail to polomolok-pad@pdic.gov.ph or Facebook private message. For visits to the PDIC Public Assistance Center, clients are highly encouraged to request for an appointment, observe health protocols and present their vaccination cards. Appointment schedule may be secured through telephone, email or Facebook private message. ================= S I N G A P O R E ================= GOBLIN GROUP: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on July 15, 2022, to wind up the operations of Goblin Group Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NAN CHIAU: Creditors' Meetings Set for July 27 ---------------------------------------------- Nan Chiau Maritime (Pte.) Ltd. will hold a meeting for its creditors on July 27, 2022, at 10:00 a.m. Agenda of the meeting includes: a. to receive a full statement of the company’s affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to consider the judicial managers’ remuneration and expenses as an expense of the winding-up; and c. to be authorised to exercise any or all of the powers given by Section 144(1)(b), (c), (d), (e), (f) and (g) of the Insolvency, Restructuring and Dissolution Act 2018. Seshadri Rajagopalan, Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton were appointed as provisional liquidators of the company on July 4, 2022. PRISM DYNAMICS: Court to Hear Wind-Up Petition on Aug. 5 -------------------------------------------------------- A petition to wind up the operations of Prism Dynamics Pte. Ltd. will be heard before the High Court of Singapore on Aug. 5, 2022, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 13, 2022. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 THREE ARROWS: Liquidators Ask Court to Force Founders to Cooperate ------------------------------------------------------------------ Dietrich Knauth of Reuters reports that representatives for Three Arrows Capital (3AC) have asked a U.S. bankruptcy court in Manhattan to force the cryptocurrency hedge fund's founders to participate in the liquidation proceedings, saying they can't be located and have blown off requests for necessary information. The court scheduled an emergency hearing on July 19 to address concerns raised by the company's liquidators. Singapore-based 3AC, which was reported to have $10 billion in cryptocurrency earlier in 2022, held $3 billion in assets as of April 2022, according to the liquidators' court filing. The company filed for bankruptcy in the British Virgin Islands in late June 2022 after being hammered by a sharp sell-off in digital currencies. 3AC's insolvency has destabilized other crypto lenders like Voyager Digital, which filed for bankruptcy after 3AC failed to repay a loan of approximately $650 million in cryptocurrency, and Blockchain.com, which loaned $270 million to 3AC. 3AC's liquidators Russell Crumpler and Christopher Farmer, said in a Friday court filing that they cannot locate 3AC's founders, Zhu Su and Kyle Livingstone Davies. Crumpler and Farmer were appointed by a British Virgin Islands court to represent the company, wind down its operations and repay creditors. They filed a parallel bankruptcy case in New York in order to shield 3AC's U.S. assets and gain international recognition of the liquidation proceedings. The liquidators said Su and Davies have not yet begun to cooperate in the liquidation effort, and that they are not only concerned about delays to their work, but the "actual and imminent risk" that the founders or other parties will whisk away 3AC's cryptocurrency assets. They are demanding immediate access to 3AC's Singapore offices and information about 3AC's bank accounts and digital wallets. The liquidators said they have had Zoom and email communications with a Singapore law firm purporting to represent Zhu and Davies, but they could not be sure they were actually reaching the founders. On a recent Zoom call, Su and Davies' names appeared, but their video was turned off and they were on mute at all times. Neither answered direct questions on the call, according to the liquidators. They also said they had stopped by 3AC's Singapore office, but could not enter because the door was locked. Mail had piled up unanswered by the door, and neighbors said no one had been in the offices since late May or early June, according to the court filing. Zhu is attempting to sell a Singapore mansion that could be worth tens of millions of dollars, according to the court filing. About Three Arrows Capital 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. THREE ARROWS: NY Judge Freezes Founders' Remaining Assets --------------------------------------------------------- MacKenzie Sigalos of CNBC Cryptoworld reports that a federal judge in a New York bankruptcy court has frozen the remaining assets of crypto hedge fund Three Arrows Capital following the firm's rapid fall from prominence. The fund, founded nearly a decade ago, managed $10 billion in assets just a few months ago. Now, its two co-founders are in hiding from angry creditors, who are trying to recoup some of their losses. Prior to the bankruptcy filing, a court in the British Virgin Islands ordered the beleaguered fund to liquidate in order to pay back its debts. Judge Martin Glenn of the Southern District of New York granted the emergency motion on Tuesday, July 12, 2022, to freeze Three Arrows' assets. Judge Glenn noted in the written decision that only the assigned bankruptcy liquidators have the authority to "transfer, encumber or otherwise dispose of any assets of the Debtor located within the territorial jurisdiction of the United States." As part of Judge Glenn's ruling, global advisory firm Teneo, which was assigned to manage the liquidation, was also granted permission to subpoena Three Arrows co-founders Zhu Su and Kyle Davies, as well as banks, crypto exchanges and other institutions and firms that have done business with the firm. The chief concern is that Three Arrows, also known as 3AC, and its leadership team might be siphoning funds ahead of the formal liquidation. Coindesk reported that Zhu is looking to sell his $35 million Singapore property, and there are reports of at least one other digital asset transfer of a non-fungible token held by the fund. "A key part of this motion is to put the world on notice that it is the liquidators that are controlling the debtor's assets at this stage," Adam Goldberg, an attorney representing Teneo, said in Tuesday's, July 12, 2022, hearing. Zhu and Davies didn't respond to requests for comment. Their lawyer, Christopher Anand Daniel of Singapore-based Advocatus Law, also didn't respond to CNBC's request for comment. Goldberg, of law firm Latham & Watkins, said liquidators are looking for documents such as account statements and digital wallet information. A main reason for the aggressive action is that the physical whereabouts of Zhu and Davies are "currently unknown," according to lawyers representing the creditors. The creditors also allege that liquidators in Singapore found that 3AC's offices were vacant, save for a few inactive computer screens. But after a nearly month-long hiatus from Twitter, Zhu broke his silence on Twitter early Tuesday, July 12, 2022, writing that the firm's efforts to cooperate with creditors had been met with "baiting." From his verified account, Zhu shared screengrabs of emails sent by his lawyer to counsel representing liquidators. In those messages, the attorney wrote that the families of the co-founders "have received threats of physical violence." He also said Zhu and Davies have been "working under a lot of time pressure," noting that they "had to field queries from the Monetary Authority of Singapore." In the email, Daniel, their attorney, said he attached a spreadsheet with details of the company's assets and said they would be providing additional information about the firm's assets "on a rolling basis." CNBC asked Daniel for the spreadsheet, but didn't hear back. Goldberg said during the hearing that the information provided to his team is "by no means a sufficient form of cooperation." Nic Carter of Castle Island Ventures, which invests in blockchain-based companies, said the process could ultimately take years. "I wouldn't hold my breath to see the situation resolved," said Carter. "I"d be extremely concerned about dispositions of assets and trying to extricate them or maybe expropriate assets that are owed to creditors, and siphon those out of the process for the personal usage of the principles here." Carter said the case is particularly complex because it involves entities in Dubai, Singapore and other offshore locations. "The level of coordination that's required in order to unify the legal process here is very significant," Carter said. About Three Arrows Capital 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 to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***