/raid1/www/Hosts/bankrupt/TCRAP_Public/220801.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, August 1, 2022, Vol. 25, No. 146
Headlines
A U S T R A L I A
ACE SCIENTIFIC: First Creditors' Meeting Set for Aug. 8
ENDACOTT PTY: First Creditors' Meeting Set for Aug. 8
EUCALYPTUS: To Fire 20% Staff as Investor Pull Out Loan Deal
PEPPER RESIDENTIAL 33: S&P Assigns BB-(sf) Rating on F Notes
RECRUITMENT SYSTEMS: First Creditors' Meeting Set for Aug. 10
WILD JONES: First Creditors' Meeting Set for Aug. 11
YABONZA GROUP: Officially Enters Into Liquidation
B A N G L A D E S H
SOCIAL ISLAMI: Moody's Affirms 'B2' Deposit & Issuer Ratings
C H I N A
CHINA EVERGRANDE: Creditors Seek Explanation for Seized Cash
KWG GROUP: S&P Withdraws 'CCC' LongTerm Issuer Credit Rating
I N D I A
AJEET AND COMPANY: CARE Keeps D Debt Rating in Not Cooperating
CENTRAL ACADEMY: CARE Lowers Rating on INR12.40cr Loan to B+
GOKULESH RICE: CARE Lowers Rating on INR6.56cr Loan to B-
GUPTA HAIR: CARE Lowers Rating on INR14.75cr LT/ST Loan to B+
KAPCO ELECTRIC: CARE Keeps C Debt Rating in Not Cooperating
KARTHIKEYA AGRO: CARE Keeps D Debt Rating in Not Cooperating
KGP GOLD: CARE Keeps C Debt Rating in Not Cooperating Category
KGP SILK: CARE Keeps C Debt Rating in Not Cooperating Category
KNOWLEDGE EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating
QUARTZART STONES: CARE Keeps B- Debt Rating in Not Cooperating
S. K. FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
SAHARA HOSPITALITY: Court Allows Withdrawal of Insolvency Plea
SHAKTI CONSTRUCTION: CARE Lowers Rating on INR8.50cr Loan to B-
SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
SURAJ ISPAT: CARE Lowers Rating on INR6.0cr LT Loan to B-
UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
VENKATESAN TOBACCO: CARE Keeps B- Debt Rating in Not Cooperating
WESTCOM GROUP: First Creditors' Meeting Set for Aug. 9
N E W Z E A L A N D
5STAR BUILDERS: Court to Hear Wind-Up Petition on Aug. 12
BRIGHTSIDECO INSURANCE: A.M. Best Puts 'bb+' ICR Under Review
CUBE64 LIMITED: Court to Hear Wind-Up Petition on Aug. 12
NZR ROOFING: Court to Hear Wind-Up Petition on Aug. 12
TDD CAFE: Creditors' Proofs of Debt Due on Aug. 26
TREADAWAY ROOFING: Creditors' Proofs of Debt Due on Aug. 27
P A K I S T A N
PAKISTAN: S&P Affirms 'B-' ICR & Alters Outlook to Negative
S I N G A P O R E
ANTANIUM GLOBAL: Court to Hear Wind-Up Petition on Aug. 12
CHEY LLC: Court Enters Wind-Up Order
HANNA'S FUSION: Court to Hear Wind-Up Petition on Aug. 12
KEPPEL MARINA: Creditors' Proofs of Debt Due on Aug. 29
STEPPE TREASURY: Creditors' Proofs of Debt Due on Aug. 29
ZIPMEX PTE: Files for Bankruptcy Protection in Singapore
S R I L A N K A
SRI LANKA: World Bank Refuses New Funding for Bankrupt Country
V I E T N A M
NAM A BANK: Moody's Affirms B2 LongTerm Deposit & Issuer Ratings
- - - - -
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A U S T R A L I A
=================
ACE SCIENTIFIC: First Creditors' Meeting Set for Aug. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ace
Scientific Solutions Pty Ltd, trading as Ace Scientific; Ace
Scientific Solutions; ACE Analytical, will be held on Aug. 8, 2022,
at 11:00 a.m. via virtual meeting technology.
Clifford John Sanderson of Restructuring Works was appointed as
administrator of the company on July 27, 2022.
ENDACOTT PTY: First Creditors' Meeting Set for Aug. 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Endacott Pty
Ltd, trading as Emergency & Preventative Accounting Specialists,
will be held on Aug. 8, 2022, at 11:00 a.m. via via Zoom only.
Patrick Loi and John Chand of Greengate Advisory NSW were appointed
as administrators of the company on July 26, 2022.
EUCALYPTUS: To Fire 20% Staff as Investor Pull Out Loan Deal
------------------------------------------------------------
News.com.au reports that Eucalyptus, an Australian healthcare
start-up that provides treatments for obesity, acne and erectile
dysfunction, is set to fire up to 20% of staff.
According to the report, the start-up told staff on July 26 the
company was being forced to make staff cuts, which would impact 50
to 60 roles.
It blamed an investment firm pulling an agreement to loan the
company money as the reason for the cuts, news.com.au says.
news.com.au relates that despite tech start-ups taking a battering
as finding investment becomes increasingly difficult, Benny Kleist
co-founder and chief strategy officer at Eucalyptus, said he
believed the withdrawal of money for the start-up was a "fund
specific issue".
"We aren't privy to the exposure this debt fund had across global
markets and other companies however, are confident that there are
many alternative providers," he told news.com.au.
"Unfortunately, we were disappointed with the transparency and
timing of the decision which passed short term pressure onto us,
which could have easily been avoided."
Eucalyptus had previously raised AUD60 million late last year with
a US venture capital firm as well as local investors, the report
notes.
The redundancy process would cast "a wide net", said Mr. Kleist,
with "so many roles across the organisation currently impacted in
the process," news.com.au relays.
He added it was important to make the staff cuts given the current
economic uncertainty.
"We, like many high growth companies are preparing for an economic
climate that might not be as reliable in terms of funding as it has
historically been," he explained.
"Being more conservative with growth and being more critical with
prioritisation of new initiatives is the best path forward and
ensures we are more in control of our future and less reliant on
external funding."
This would mean postponing some of Eucalyptus' more ambitious and
expensive plans such as delivering mental health support and
creating physical clinics on top of the telehealth offerings, the
report notes.
Eucalyptus runs telehealth brands called Pilot, Kin, Software and
Juniper, which cover everything from women's fertility, skincare
and dermatology, sexual wellness, menopause treatment and men's
health.
PEPPER RESIDENTIAL 33: S&P Assigns BB-(sf) Rating on F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No. 33. Pepper Residential Securities
Trust No.33 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.
The ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.
-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of notes outstanding.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a yield-enhancement reserve--to the extent it is
funded--are sufficient under our stress assumptions to ensure
timely payment of interest.
-- The condition that a minimum margin will be maintained on the
assets.
-- That S&P also have factored into our ratings the legal
structure of the trust, which has been established as a
special-purpose entity and meets our criteria for insolvency
remoteness.
Ratings Assigned
Pepper Residential Securities Trust No.33
Class A1-s, A$140.0 million: AAA (sf)
Class A1-a, A$260.0 million: AAA (sf)
Class A2, A$49.5 million: AAA (sf)
Class B, A$24.5 million: AA (sf)
Class C, A$9.5 million: A (sf)
Class D, A$6.0 million: BBB+ (sf)
Class E, A$3.75 million: BB+ (sf)
Class F, A$2.75 million: BB- (sf)
Class G, A$4.0 million: Not rated
The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publicly disclosing all relevant information
about the structured finance instruments that are subject to this
rating report or whether relevant information remains nonpublic.
RECRUITMENT SYSTEMS: First Creditors' Meeting Set for Aug. 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Recruitment
Systems Pty Limited will be held on Aug. 10, 2022, at 10:30 a.m.
via virtual meeting technology.
Stephen John Hundy of Worrells was appointed as administrator of
the company on July 29, 2022.
WILD JONES: First Creditors' Meeting Set for Aug. 11
----------------------------------------------------
A first meeting of the creditors in the proceedings of Wild Jones
Pty Ltd will be held on Aug. 11, 2022, at 11:30 a.m. via conference
telephone call.
Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of the company on July 29, 2022.
YABONZA GROUP: Officially Enters Into Liquidation
-------------------------------------------------
SmartCompany reports that the Aussie tech sector has experienced
yet another casualty, with property tech startup Yabonza collapsing
and entering liquidation.
Yabonza was founded back in 2017 by former Macquarie Group managers
Simon Kinsey and Mark Trowell, poised as a progressive model to
comprehensive property management services.
According to SmartCompany, the company's LinkedIn page said the
smart property management business operates with "cutting-edge tech
platform that drives efficiency, increases the ROI of your
investment, and focuses on your a growth asset".
Its core offering was to collect and pay rent directly to
landlords; select tenants; co-ordinate repairs and maintenance
jobs; and undertake inspections and open homes, with investors also
assigned an individual, dedicated asset manager.
Compared to the industry rental services average of a 6.8% fee,
Yabonza charged a much lower 3.9% of rental income.
SmartCompany, citing ASIC documents, discloses that the proptech
startup is now officially in liquidation after Wexted Advisors'
Andrew McCabe and Joseph Hayes were appointed as administrators
earlier this week.
SmartCompany says Yabonza had been reported as a 'rapid growth'
startup across its lifetime, growing its team to 20 staff before
dwindling that figure back down to three staff members in recent
months.
It had also closed numerous funding rounds over the years from a
series of backers, including Charlton Real Estate Group and
Sapsford Financial Services, and acquired fellow proptech disrupter
Easyshare back in 2020.
SmartCompany, citing The Australian Financial Review, relates that
Mr. McCabe said preliminary investigations "indicate the likely
cause leading to our appointment was the termination of a service
agreement by the company's financier".
"Investigations into the company's affairs are continuing," he
said, with estimations that Yabonza owes creditors AUD2.5 million.
The AFR also reported that the administrators are continuing to
trade the business in a limited capacity, while seeking EOIs for
purchase of Yabonza's remaining assets, SmartCompany adds.
These assets include a national residential rent roll which was
only acquired last September, and was expected to "[pave] the way
for Yabonza to become one of the largest residential real estate
groups in 2022", SmartCompany relays citing a PR Wire report.
===================
B A N G L A D E S H
===================
SOCIAL ISLAMI: Moody's Affirms 'B2' Deposit & Issuer Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed Social Islami Bank Limited
(SIBL)'s B2 long-term local and foreign currency deposit and issuer
ratings, and b3 Baseline Credit Assessment (BCA) and Adjusted BCA.
The outlook on SIBL's ratings remains negative, reflecting Moody's
expectation that the bank's weak capital and profitability could
lead to a downgrade of the ratings and BCA over the next 12-18
months.
RATINGS RATIONALE
The affirmation of SIBL's B2 ratings considers the bank's weak
capital and profitability, which provide thin buffers against
deterioration in asset quality.
SIBL's B2 long-term deposit and issuer ratings are one notch above
its b3 BCA, reflecting Moody's expectation of a moderate
probability of support from the Government of Bangladesh (Ba3
stable) for the bank in times of need.
SIBL's capital has declined because of weak profitability and
higher risk-weighted assets (RWA) density because of asset quality
deterioration. Further, its Common Equity Tier 1 (CET1) capital
ratio moderated to 6.4% as of March 31, 2022 from 7.8% a year
earlier. Moody's expects SIBL's capital to remain weaker than other
Moody's-rated Bangladeshi banks'.
SIBL's weak profitability is driven by its high reliance on
costlier time deposits for funding and modest non-interest income.
Return on tangible assets was 0.4% in 2021 and 2020, lower than
other Moody's-rated Bangladeshi banks' and SIBL's level of 0.5% in
2017 to 2019.
Moody's expects asset risks to remain high for SIBL over the next
12 to 18 months because the bank is exposed to high concentration
risks. The bank's provisioning for nonperforming investment was
modest at 88% as of the same date.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, SIBL's BCA and ratings are unlikely to
be upgraded over the next 12 to 18 months. However, the outlook
could return to stable if the bank's tangible common equity to RWA
improves to more than 7% and return on tangible assets increases
sustainably to above 0.5%, while its asset quality remains stable
without a significant increase in nonperforming and rescheduled
loans.
Moody's could downgrade SIBL's BCA and ratings if the bank's return
on tangible assets does not recover sustainably to above 0.5% over
the next 12 to 18 months. Weaker asset quality, a decline in
capital and tightening of liquidity conditions would also pressure
the BCA and ratings.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Social Islami Bank Limited is headquartered in Dhaka and reported
total assets of BDT408.2 billion as of December 31, 2021.
LIST OF AFFECTED RATINGS
Issuer: Social Islami Bank Limited
Outlook, Remains Negative
Affirmations:
Adjusted Baseline Credit Assessment, Affirmed b3
Baseline Credit Assessment, Affirmed b3
Long-term Counterparty Risk Assessment, Affirmed B1(cr)
Short-term Counterparty Risk Assessment, Affirmed NP(cr)
Long-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed B1
Short-term Counterparty Risk Rating (Foreign and Local Currency),
Affirmed NP
Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP
Long-term Issuer Rating (Foreign and Local Currency), Affirmed B2,
Outlook remains Negative
Short-term Deposit Rating (Foreign and Local Currency), Affirmed
NP
Long-term Deposit Rating (Foreign and Local Currency), Affirmed
B2, Outlook remains Negative
=========
C H I N A
=========
CHINA EVERGRANDE: Creditors Seek Explanation for Seized Cash
------------------------------------------------------------
The Wall Street Journal reports that a group of offshore creditors
to China Evergrande Group are demanding additional information
about the seizure of nearly $2 billion by local banks that could
explain how the troubled property developer pledged the funds
without investors' knowledge.
On July 22, Evergrande released the preliminary results of an
investigation into the missing funds pledged as security for loans
by an offshore subsidiary that manages Evergrande-built properties,
the Journal relates. Evergrande also announced last week that it
ousted its longstanding chief executive officer, Xia Haijun, and
its finance chief, Pan Darong, over their involvement in the
arrangements, as well as four executives from Evergrande and its
subsidiary.
However, some creditors don't believe that the company sufficiently
explained how the funds were guaranteed to banks without any form
of disclosure to investors, and they haven't received any
explanation beyond what the company has said publicly about the
seized cash, the Journal states.
Last week, a group of Evergrande's largest offshore creditors,
which own secured debt backed by assets at the subsidiary, wrote to
the company requesting additional information on which executives
were directly responsible for the pledges, which banks enforced
their claims on the assets and how the company specifically plans
to compensate them for the lost funds, which represent most of the
subsidiary's cash, the Journal notes.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in June
2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'.
Fitch has withdrawn the ratings as Evergrande and its subsidiaries
have chosen to stop participating in the rating process. Therefore,
Fitch will no longer have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Evergrande and its subsidiaries.
KWG GROUP: S&P Withdraws 'CCC' LongTerm Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings, on July 28, 2022, lowered its long-term issuer
credit rating on KWG Group Holdings Ltd. to 'CCC' from 'B-'. S&P
also lowered its long-term issue rating on the U.S.
dollar-denominated notes that the company guarantees to 'CCC-' from
'CCC+'.
S&P subsequently withdrew its issuer credit rating and issue rating
on KWG at the company's request.
A slowdown in sales combined with debt repayment with internal
resources have further weakened the company's liquidity. For the
first half of 2022, KWG had contracted sales of Chinese renminbi
(RMB) 26.2 billion, representing a year-on-year drop of 53%. We
estimate its cash balance has trended down in recent months from
RMB29.4 billion as of December 2021. In addition, most of the cash
is likely restricted--held in escrow accounts and unavailable for
the repayment of debt at the holding-company level--as the
government focuses on ensuring construction completion.
S&P said, "We believe KWG will not have access to offshore capital
markets in the near term.The company will need to rely on
continuous en-bloc office selling and refinancing to tackle its
substantial dollar-bond maturities. Execution delays to refinancing
plans will make the company vulnerable to its shortfalls,
particularly as maturities mount over the next one to two years. As
of December 2021, dollar bonds and offshore syndicated loans
represented around 40% of the firm's total debt.
"We also believe KWG's refinancing plans are progressing slower
than we previously expected.This is mainly due to the weak market
sentiment and lengthening negotiations with financing parties.
While KWG has completed some project refinancing, it is still in
talks with financial institutions for two of its key refinancing
plans. These include topping up the loan-to-value ratio of one of
its offshore projects in Hong Kong with attributable saleable
resources of HK$14 billion-HK$16 billion, and repacking its
investment properties for additional financings.
"Considering the company's already tight liquidity, we believe
repayment risk is on the rise as there is now less time for KWG to
finish these refinancings before its bond maturities due in August
and September 2022."
Mounting debt maturities are concentrated over the next year. KWG
has a RMB1.8 billion onshore bond puttable in August 2022 and
U.S.-dollar bonds totaling US$900 million due in September 2022.
Alongside the above bond maturities, KWG has RMB2.5 billion of
outstanding onshore bonds due or puttable in the rest of 2022. The
company also faces significant bond maturities in 2023, including
US$700 million of offshore bonds and RMB5.3 billion of onshore
bonds. These cavalcading maturities will place a persistent strain
on the company's liquidity profile.
Prior to the ratings withdrawal, the negative outlook reflected our
view that KWG's repayment risk could rise with depleting liquidity
unless it successfully completed its refinancings on time.
ESG credit indicators: E-3, S-2, G-5
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I N D I A
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AJEET AND COMPANY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ajeet and
Company (AC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 14.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 2, 2021,
placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 18, 2022, April 28, 2022, May 8, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1950 as proprietary concern & later converted into
partnership concern, Ajeet & Company (AC) is engaged in trading of
whey protein products and timber (teakwood/hardwood) products.
Further since FY15 the entity has started more concentrating
towards trading of whey protein products only (forming ~99% of the
TOI in FY17) which are imported directly from USA and timber
trading (forming remaining portion of TOI in FY17) wherein it
imports (teakwood/hardwood) from Myanmar, Southeast Asian
countries, African countries & Central & South American countries.
CENTRAL ACADEMY: CARE Lowers Rating on INR12.40cr Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Central Academy Jodhpur Education Society (CAJES), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.40 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 18, 2021,
placed the rating(s) of CAJES under the ‘issuer
non-cooperating’ category as CAJES had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. CAJES continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 4, 2022, May 14, 2022, May
24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Jodhpur (Rajasthan) based Central Academy Jodhpur Education Society
(CAJES) was established in March 2007 as a trust under the
Rajasthan Societies Registration Act, 1958 by Mr Sangam Mishra with
an objective to run educational institutes in Rajasthan,
subsequently, the society is operated by his son Mr. Ankit Mishra.
GOKULESH RICE: CARE Lowers Rating on INR6.56cr Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Gokulesh Rice Mill (SGRM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.56 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 23, 2021,
placed the rating(s) of SGRM under the 'issuer non-cooperating'
category as SGRM had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SGRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 9, 2022, May 19, 2022, May 29, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in the year 2004, Ahmedabad-based Shree Gokulesh Rice
Mill (SGRM) is a partnership firm engaged in the processing of
non-basmati rice. Key partners include Mr. Minesh H. Patel, Mr.
Raghav J. Patel, and Mr. Tejas K. Patel who manages the day to day
operations. As of March 31 2016, it had a total installed capacity
of 36,000Metric Tonne per Annum (MTPA) for paddy processing and
operates through its sole manufacturing facility at Jetalpur
(Ahmedabad). SGRM procures paddy from local traders and supplies
its products in pan India levels through brokers. SGRM has base of
150 brokers in pan India level. However, it supplies mainly to
Gujarat, Maharashtra, Karnataka and Rajasthan. SGRM sells its
products under three brands named 'Galaxy', 'Butterfly' and
'Gokulesh'.
GUPTA HAIR: CARE Lowers Rating on INR14.75cr LT/ST Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gupta Hair Products Private Limited (GHPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 14.75 CARE B+; Stable/CARE A4; ISSUER
Short Term NOT COOPERATING; Rating
Bank Facilities continues to remain under
ISSUER NOT COOPERATING category
and Revised from CARE BB-;
Stable/CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 14, 2021,
placed the rating(s) of GHPPL under the 'issuer non-cooperating'
category as GHPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GHPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2022, May 10, 2022, May 20, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of GHPPL have been
revised on account of non-availability of requisite information.
The ratings also factored in increase in debt levels during FY21
over FY20.
Analytical approach: Standalone: Combined till FY18 and Standalone
from FY19 onwards. CARE had taken combined approach for Gupta
Enterprises and Gupta Hair Products Private Limited till FY18 as
these entities are in a similar line of business, share a common
sourcing network and operate under the same management. Further,
due to lack of sufficient information of all the entities,
standalone financials have been considered from FY19 onwards.
Gupta group established in 1974 by Mr. M. M. Gupta consists of
Gupta Enterprises (GE) and Gupta Hair Products Private Limited
(GHPL) which are engaged in processing of human hair and exporting
of human hair and hair products. Gupta Enterprises is a partnership
firm primarily engaged in the business of processing and exporting
of human hair. The firm has its hair processing facility at Eluru,
Andhra Pradesh where the collected hair is processed by way of
unwinding, cleaning and drying. Another company promoted by the
same promoters, GHPL is involved in the manufacture & export of
hair wefts. GHPL has a manufacturing plant in Chennai.
KAPCO ELECTRIC: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kapco
Electric Private Limited (KEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.09 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Long Term/Short 7.00 CARE C; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 7, 2021,
placed the rating(s) of KEPL under the 'issuer non-cooperating'
category as KEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2022, May 3, 2022, May 13, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi-based Kapco Electric Private limited (KEPL); a private
limited company was incorporated in 1983 and is currently being
managed by Mr Shantanu Kulkarni, Mr Sharad Damodar Kulkarni and Mrs
Shashi Kulkarni. KEPL is engaged in manufacturing of power &
distribution transformers.
KARTHIKEYA AGRO: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Karthikeya
Agro Industries (KAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.23 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 15, 2021,
placed the rating(s) of KAI under the 'issuer non-cooperating'
category as KAI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KAI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2022, May 11, 2022, May 21, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Karthikeya Agro Industries (KAI) was established in 2013 as a
partnership firm, promoted by Mr. G.Madhusudhana Rao along with his
wife Ms. G Naga Malleswari. The firm is engaged in milling and
processing of rice at Nellore District, Andhra Pradesh, with an
installed capacity to process 16,698 metric tons per annum of rice.
The firm also sells the by products such as broken rice, husk and
bran which comes out during the milling and processing of rice. The
main raw material for the firm is paddy which is directly procured
from local farmers located in and around Nellore. The firm sells
its final product (rice) in the open markets of Tamil Nadu, Andhra
Pradesh and Kerala.
KGP GOLD: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KGP Gold &
Diamond (KGD) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 16, 2021,
placed the rating(s) of KGD under the 'issuer non-cooperating'
category as KGD had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KGD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2022, May 12, 2022, May 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gangavati based K.G.P. Gold and Diamond (KGD) is a proprietorship
concern established in 2018 by Mr Ganesh D Shet and is involved in
the retail trade of gold, diamond and other precious stones
jewellery. The firm also has two associate concerns – K.G. P Gold
Palace (reaffirmed CARE B-; Stable on Feb. 24, 2020) and K.G.P.
Jewellers (reaffirmed CARE B-; Stable on Feb. 24, 2020) which are
also involved in the similar line of business. The firm intends to
procure its raw materials from local market and outsources its
manufacturing activities on job work basis to manufacturers in
local markets.
KGP SILK: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KGP Silk &
Sarees (KSS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 16, 2021,
placed the rating(s) of KSS under the 'issuer non-cooperating'
category as KSS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KSS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2022, May 12, 2022, May 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gangavati based K.G.P.silks and sarees (KSS) is a proprietorship
concern established in 2018 by Mrs Surekha Ganesh and her husband
Mr Ganesh D Shet and is involved in the retail trade of silk sarees
and other ready-made garments. The firm also has two associates
concerns – K.G.P Gold Palace and K.G.P. Jewellers which are also
involved in the retail trading of gold jewellery.
KNOWLEDGE EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Knowledge
Education Foundation (Regd.) (KEF) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 7, 2021,
placed the rating(s) of KEF under the 'issuer non-cooperating'
category as KEF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KEF continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2022, May 3, 2022, May 13, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, KEF (Regd.) established in 2009 was promoted by Mr.
Sunil Gupta (Managing Trustee and Chancellor of society) for
developing and operating education institutes. Knowledge Education
Foundation operates school under the brand name of 'Delhi Public
School (DPS)' in Bikaner, Rajasthan under an agreement with The
Delhi Public School Society (DPS Society). The school provides
primary and secondary education from Nursery to XII standard and is
affiliated with CBSE (Central Board of Secondary Education).
MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Engineering Enterprise (MEE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of ME under the 'issuer non-cooperating'
category as MEE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MEE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13, 2022, April 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Modern Engineering Enterprise was established in 1995 by Smt.
Khetoli Yepthomi with an objective to enter into undertaking
infrastructure and civil construction business. Since its
inception, the entity has been engaged in civil construction
business in the segment like roads, bridges and building works. The
entity is registered and enlisted by various Government Department
as PWD (Nagaland) class 'A', ministry of Telecom class 'A1' and
BSNL class 'A'. Class 'A' and class 'A1' contractor can bid for all
types and higher value of contracts of Public Works Department
(PWD) in Nagaland. The registered address of the entity is located
at H/ No. 129, Circular Road, Middle point, Dimapur, Nagaland-
797112.
NAVBHARAT EXPLOSIVE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navbharat
Explosive Company Limited (NECL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 19, 2021,
placed the rating(s) of NECL under the 'issuer non-cooperating'
category as NECL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NECL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2022, April 14, 2022, April 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
Incorporated in the year 1983, Navbharat Explosives Company Limited
(NECL) is a part of the Navbharat group of companies based in
Raipur, Chattisgarh. Controlled by the Singh family, the group has
interests in steel, mining, explosives and real estate sector. NECL
is a manufacturer of industrial explosives and accessories, which
encompass cartridge explosives, bulk explosives, detonating fuse
and cast booster. The company has three manufacturing facilities,
with a combined installed capacity of 28,000 tpa. Apart from NECL,
the Navbharat group carries out the explosives business through
another legal entity i.e. Navbharat Fuse Company Limited. The
Navbharat group also has interest in real estate activities which
it carries out through its group companies. The main promoters of
the group –the Singh family of Raipur –have over three decades
of track record in the industrial explosives segment.
QUARTZART STONES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quartzart
Stones LLP (QSL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 10, 2021,
placed the rating(s) of QSL under the 'issuer non-cooperating'
category as QSL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. QSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 26, 2022, May 6, 2022, May 16, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
Jaipur (Rajasthan) based Quartzart Stones LLP (QSLLP) was formed in
December 2018 by Mr. Vineet Agarwal, Mr. Subhash Kedia, Mr Harsh
Sureka and Mr Manoj Kumar. QSLLP was formed with an aim to set up a
manufacturing unit for manufacturing and export of artificial
quartz slabs.
S. K. FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. K. Foods
(SKF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 9, 2021,
placed the rating(s) of SKF under the 'issuer non-cooperating'
category as SKF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SKF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 25, 2022, May 5, 2022, May 15, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
SKF is engaged in the business of milling and processing of basmati
rice. In addition to paddy processing, the firm is also engaged in
procurement of semi-processed rice from the market which is further
processed through color sorter and grading machines to remove the
impurities. The firm has an installed manufacturing capacity at
Nissing (Karnal, Haryana).
SAHARA HOSPITALITY: Court Allows Withdrawal of Insolvency Plea
--------------------------------------------------------------
The Economic Times of India reports that the bankruptcy court on
July 28 allowed a petition to withdraw the insolvency resolution
process against Sahara Hospitality, after the company and its
operational creditor agreed to settle their dispute.
Mumbai-based Sahara Hospitality, the owner of Hotel Sahara Star and
part of Subrata Roy's Sahara India Pariwar, was admitted under the
corporate insolvency resolution process (CIRP) after operational
creditor Delta Electro Mechanical filed a petition claiming a
default of over INR50 crore by the company, ET discloses.
"This bench is of the considered view that since parties have
settled the matter as full-and-final . . . nothing survives in the
present company petition," observed the Mumbai bench of the
National Company Law Tribunal, presided by Justice PN Deshmukh, ET
relays. "Hence, the company petition is out of the rigour of the
CIRP," the bench ruled.
Before the passing of the order, counsel Nausher Kohli, appearing
for interim resolution professional Mamta Binani, informed the
tribunal that both parties had signed a settlement agreement under
which Sahara Hospitality had agreed to pay INR8 crore in three
instalments against all its outstanding dues.
On July 15, the tribunal had allowed Delta Electro Mechanical's
plea to admit Sahara Hospitality, the flagship hotel of Sahara
India Pariwar, under the insolvency process after the company
failed to repay dues of about INR51.77 crore, according to ET.
ET notes that the case was originally filed in 2018 by the
operational creditor. It was disposed of in April 2019 after the
company agreed to settle the dispute for INR20 crore, to be paid in
14 instalments. Subsequently, in September 2019, the operational
creditor again approached the tribunal after the company failed to
meet the agreed terms.
Sahara Hospitality had awarded a work order to Delta Electro
Mechanical for the supply, installation, testing and commission of
HVAC and electrical systems at the hotel for about INR32 crore,
according to ET.
After the hospitality company defaulted on payments, Delta Electro
Mechanical demanded INR51.77 crore along with interest of over
INR19 crore, ET relates.
The Sahara Group had acquired this hotel for an undisclosed amount
in 2002, at the time of the disinvestment of Airport Centaur Hotel
in Mumbai. The hotel is situated very close to the Mumbai airport
in the northern suburb of Vile Parle and has over 350 rooms.
SHAKTI CONSTRUCTION: CARE Lowers Rating on INR8.50cr Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Shakti Construction (SSC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 11, 2021,
placed the rating(s) of SSC under the 'issuer non-cooperating'
category as SSC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2022, April 6, 2022, April 17, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SSC have been
revised on account of non-availability of requisite information.
Ahmedabad (Gujarat) based SSC is a proprietorship firm established
by Mr Merabhai Bharwad in the year 2008. Mr Merabhai Bharwad has an
experience of 22 years in the construction industry. SSC undertakes
construction work of roads for the Ahmedabad Municipal Corporation
and Road and Buildings Department (R&B), Government of Gujarat. SSC
is 'AA' class rated contractor with Road and Buildings Department,
Government of Gujarat.
SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivswati
Enterprises Private Limited (SEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 8, 2021,
placed the rating(s) of SEPL under the 'issuer non-cooperating'
category as SEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2022, May 4, 2022, May 14, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated with the name Shiv Swati Enterprises Private Limited
on August 29, 1988 which was later merged on June 30, 2016 with
Pragati Industries (Proprietorship firm) as private Limited Company
and named as Shivswati Enterprises Private Limited (SEPL). The
company is engaged in trading & manufacturing of Chandelier Lights
and Metal Components and the product find its application in
electrical and defence industry. The manufacturing facility of the
company is located at Greater Noida and Sahibabad and registered
office located at Delhi.
SURAJ ISPAT: CARE Lowers Rating on INR6.0cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Suraj Ispat (SI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 16, 2021,
placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2022, May 12, 2022, May 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SI was established by Late Mr. Vishwambhar Parsewar. In the year
2017 proprietorship of SI was transferred to Mr. Rahul R. Parsewar.
SI belongs to the Suraj group of Nanded. The group has diversified
business in the areas of steel trading, manufacturing of
fertilizers and polymers.
UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unitriveni
Overseas (UO) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 17, 2021,
placed the rating(s) of UO under the 'issuer non-cooperating'
category as UO had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 22, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Unitriveni Overseas (UO) was constituted as a partnership firm on
May 6, 2008 by Bhattacharya family of Kolkata, West Bengal. The
firm is engaged in processing and export of sea food, primarily
Vannami and black tiger prawns. UO has its processing facilities on
lease rental basis at Kolkata, West Bengal (owned by Sunshine
Packaging Industries). The facility has an aggregate processing
capacity of 28 metric tonnes per day (MTPD) of seafood. The firm
has One Star Export House status from the Government of India. The
firm exports its products mainly to USA, France, Vietnam, etc. UO
procures prawn from the open market from farmers and agents for
processing and export. The plant is appropriately located in
proximity to several aquaculture farms in West Bengal which reduces
the risk of raw material availability and also keeps the inward
freight costs under control.
VENKATESAN TOBACCO: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Venkatesan
Tobacco Traders (VTT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 17, 2021,
placed the rating(s) of VTT under the 'issuer non-cooperating'
category as VTT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VTT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a dated May 3, 2022,
May 13, 2022, May 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Andhra Pradesh based, Venkatesan Tobacco Traders (VTT) was
established in the year 2004 as a proprietorship concern by Mr.
Jayakumar. Venkatesan Tobacco Traders (VTT) is an authorized
licensed dealer in tobacco registered with Tobacco Board for
trading of Virginia tobacco. VTT is mainly engaged in trading of
Virginia tobacco. The firm also does trading of Burley and sun
cured natu tobacco. The firm purchases the raw material i.e., Wet
Virginia tobacco through the competitive bidding process conducted
by Tobacco Board (TB) at Andhra Pradesh location.
WESTCOM GROUP: First Creditors' Meeting Set for Aug. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Westcom
Group Pty Ltd (formerly trading as Westcom Rigging Services Westcom
Contracting Pty Ltd) will be held on Aug. 9, 2022, at 10:00 a.m.
and 11:30 a.m., respectively, via virtual meeting technology.
Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Westcom Group on July 28, 2022.
=====================
N E W Z E A L A N D
=====================
5STAR BUILDERS: Court to Hear Wind-Up Petition on Aug. 12
---------------------------------------------------------
A petition to wind up the operations of 5Star Builders Limited will
be heard before the High Court at Auckland on Aug. 12, 2022, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 20, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
BRIGHTSIDECO INSURANCE: A.M. Best Puts 'bb+' ICR Under Review
-------------------------------------------------------------
AM Best has placed under review with negative implications the
Financial Strength Rating of B (Fair) and the Long-Term Issuer
Credit Rating of "bb+" (Fair) of Brightsideco Insurance Limited
(Brightsideco) (New Zealand).
These Credit Rating (rating) actions follow Brightsideco's plan to
move its extended warranty portfolio distributed by Harvey Norman
Holdings Limited (Harvey Norman), a large electrical goods retailer
based in Australia, into run-off from 1 August 2022. This follows
notification from Harvey Norman that it will not renew its contract
with Brightsideco upon its expiry on July 31, 2022. The
abovementioned portfolio represents 99% of Brightsideco's total
insurance liabilities and is expected to run-off through 2029.
The ratings have been placed under review with negative
implications to reflect continued uncertainty over Brightsideco's
prospective business profile as it explores opportunities to
provide comparable underwriting services to existing and new
non-Harvey Norman customers.
The ratings will remain under review pending Brightsideco's
decision on its future business plan, and until AM Best can fully
assess the impact of these factors on the company's business
profile and balance sheet strength fundamentals.
CUBE64 LIMITED: Court to Hear Wind-Up Petition on Aug. 12
---------------------------------------------------------
A petition to wind up the operations of Cube64 Limited will be
heard before the High Court at Auckland on Aug. 12, 2022, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 22, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
NZR ROOFING: Court to Hear Wind-Up Petition on Aug. 12
------------------------------------------------------
A petition to wind up the operations of NZR Roofing Limited will be
heard before the High Court at Auckland on Aug. 12, 2022, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 16, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
TDD CAFE: Creditors' Proofs of Debt Due on Aug. 26
--------------------------------------------------
Creditors of TDD Cafe Management Limited are required to file their
proofs of debt by Aug. 26, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 26, 2022.
The company's liquidator is:
Digby John Noyce
RES Corporate Services Limited
PO Box 301890
Albany, Auckland 0752
TREADAWAY ROOFING: Creditors' Proofs of Debt Due on Aug. 27
-----------------------------------------------------------
Creditors of Treadaway Roofing Limited are required to file their
proofs of debt by Aug. 27, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 22, 2022.
The company's liquidators are:
Greg Sherriff
Adam Botterill
Waterstone Insolvency
PO Box 352
Auckland 1140
===============
P A K I S T A N
===============
PAKISTAN: S&P Affirms 'B-' ICR & Alters Outlook to Negative
-----------------------------------------------------------
On July 28, 2022, S&P Global Ratings revised the outlook on
Pakistan's long-term ratings to negative from stable. S&P also
affirmed its 'B-' long-term and 'B' short-term sovereign credit
ratings on Pakistan, as well as its 'B-' long-term issue rating on
Pakistan's senior unsecured notes and sukuk trust certificates.
Outlook
The negative outlook reflects growing risks to Pakistan's external
liquidity position over the next 12 months amid an increasingly
difficult economic landscape.
Downside scenario
S&P may lower its ratings if Pakistan's external indicators
continue to deteriorate to the extent that the government's
commitments appear to be unsustainable in the long term. Downward
pressure on the ratings would emerge if financial support from
bilateral and multilateral partners quickly erodes, or usable
foreign exchange reserves fall further to levels indicating
distress in servicing Pakistan's external debt obligations.
Upside scenario
Conversely, S&P may revise the outlook to stable if Pakistan's
external position stabilizes and improves from current levels.
Evidence of improvement could include a sustained rise in usable
foreign exchange reserves.
Rationale
S&P said, "We revised the outlook to negative to reflect Pakistan's
weakening external metrics against a backdrop of higher commodity
prices, tighter global financial conditions, and a weakening rupee.
The Pakistan government has considerable external indebtedness and
liquidity needs, and an elevated general government fiscal deficit
and debt stock. Although the impact of these more difficult
macroeconomic conditions has been partially mitigated by various
reform initiatives undertaken by the government over the past few
years, the risk of continued deterioration in key metrics,
including external liquidity, is rising."
Institutional and economic profile: Near-term reform prospects
dependent upon political stability and macroeconomic conditions
-- The global economic slowdown poses fresh risks to Pakistan's
post-pandemic recovery.
-- S&P expects Pakistan to achieve moderate growth over the next
few years, but tighter domestic monetary conditions and elevated
inflation are likely to weigh on activity.
-- Pakistan's government has indicated a greater willingness to
implement difficult fiscal reforms, but these policies will be
challenged by inflation and political risk over the next 12
months.
Pakistan's economy continues to rebound from a pandemic-driven
slowdown. Domestic demand continues to recover, but is now facing a
new challenge in the form of rising prices, particularly for staple
goods. Prevailing price dynamics, including costlier edible oils,
fuel, electricity, and grains, are likely to hurt the pace of
private consumption growth in the current fiscal year ending June
2023.
Pakistan has made progress toward implementing economic and fiscal
reforms under its Extended Fund Facility (EFF) with the IMF, marked
most recently by the staff-level agreement reached on the seventh
and eighth reviews of the program. Disbursements under the EFF,
which began in July 2019, amount to approximately US$3 billion so
far, with an expected US$1.2 billion likely to be allocated soon.
The latest staff-level agreement, which is subject to approval by
the IMF's executive board, was reached following an extended period
of discussions between the government and IMF officials. The
agreement reflects the government's increasing commitments made
over recent weeks to fiscal consolidation in its fiscal 2023
budget.
Pakistan's current government, which took office in April 2022
following a successful no-confidence vote against former Prime
Minister Imran Khan, has adopted a variety of measures in order to
stabilize its fiscal position and to more closely align with IMF
program objectives. However, the current inflationary environment
complicates the implementation of such policies. Achieving a
primary fiscal balance surplus, and boosting its stock of foreign
exchange reserves, will also be more difficult for the government
to achieve against the current external backdrop.
With parliamentary elections due by August 2023, the current
government has limited time in which to implement meaningful
economic reforms, especially those that may imperil electoral
support for coalition members. Political uncertainty will remain
elevated over the coming quarters, in our view.
The ratings on Pakistan remain constrained by a narrow tax base and
domestic and external security risks, which are elevated. Although
the country's security situation has gradually improved over recent
years, ongoing vulnerabilities weaken the government's
effectiveness and weigh on the business climate. Humanitarian and
security conditions in neighboring Afghanistan could pose
additional risks to Pakistan's domestic security in the years
ahead.
Pakistan's economy achieved a solid expansion in fiscal 2022, with
real GDP growth hitting an estimated 5.5% on favorable base effect
and a recovery in economic activity in line with the relaxation of
pandemic-related restrictions. Nevertheless, growth momentum will
be countered by an expected slowdown in the global economy, high
inflation, and rapidly tightening financial conditions.
The Pakistani rupee's recent depreciation against the U.S. dollar
has also contributed to a continued stagnation in Pakistan's
nominal GDP per capita. S&P's forecast GDP per capita to stabilize
just above US$1,400 by fiscal 2025.
Pakistan's security situation has improved moderately over the past
10 years. However, enduring domestic security risks, in combination
with occasional tensions with India, and Pakistan's extended land
border with Afghanistan, pose challenges to Pakistan's long-term
economic outlook. These conditions, along with a shortfall in
physical infrastructure, are hindrances against attracting foreign
direct investment.
Flexibility and performance profile: Fiscal and external accounts
face mounting pressure from steep inflation and rates environment
-- Pakistan is experiencing a significantly higher current account
deficit, owing primarily to higher import prices and strong
domestic demand.
-- These dynamics are exerting pressure on Pakistan's foreign
exchange reserves, eroding nascent external buffers that had been
accumulated over recent years.
-- Higher debt service costs are also exerting pressure on the
government's fiscal position.
Pakistan's fiscal and external positions are under pressure from
rising inflation and interest rates. S&P forecasts the general
government's fiscal deficit will fall to 5.5% of GDP in the current
fiscal year, versus an estimated 7.3% of GDP in fiscal 2022.
Although revenue has grown quickly since fiscal 2020, expenditure
has also risen quickly as a result of rising debt service costs and
intermittent efforts at mitigating the impact of rising commodity
prices via subsidy schemes. Policymakers' willingness and ability
to scale back on these expenditure items will be critical to
meeting ambitious targets set out in the IMF's EFF agreement.
The Pakistan government introduced a series of fiscal measures in
its latest budget, alongside the removal of fuel subsidies, in
order to better align its fiscal program with program objectives.
The latest IMF staff-level agreement, announced on July 13, entails
a primary fiscal surplus equivalent to 0.4% of GDP in fiscal 2023.
Strong budgeted revenue growth will be supported by enhanced
marginal income tax rates for high-earning individuals, a
calibrated industrial "super tax," and a higher effective tax rate
for the banking sector, among various other schemes.
S&P forecasts the average annual change in net general government
debt at 7% of GDP from fiscal 2023 through to fiscal 2025,
reflecting our expectations for gradually smaller shortfalls, in
combination with a continued depreciation of the Pakistani rupee.
These trends will keep Pakistan's net debt stock high at about 75%
of GDP.
Pakistan's unusually high interest expense relative to fiscal
revenue is an additional constraint on our assessment of the
government's debt burden. Rising interest rates and a weaker rupee
will likely push this ratio higher, toward 45% of revenues, over
the next few years. While Pakistan's revenue reform measures and
its economic recovery have helped to prevent a more aggressive
deterioration in its interest burden dynamics, S&P's forecast
reflects heightened risk to the sustainability of the government's
debt stock.
Following the IMF staff-level agreement, important bilateral
partners, including China, the United Arab Emirates, and Saudi
Arabia, may also take the stabilization of the reform program into
consideration in their provision of funding to the government.
However, fundamental pressure on Pakistan's fiscal and external
position is likely to persist over the next 12 months, owing in
large part to global economic factors that are outside of the
control of domestic policymakers.
Financial support from a contingent of multilateral and bilateral
creditors, including the United Arab Emirates, the People's Bank of
China (PBoC), and Saudi Arabia, remains critical to Pakistan's
ability to meet high external financing needs. S&P estimates total
support from these three partners at US$13.6 billion, and add this
sum to the government's total stock of debt. Additional support
from bilateral partners could be increasingly contingent upon
Pakistan's ability to revitalize its EFF program with the IMF.
Combined support from Pakistan's international partners remains
crucial in meeting its external financing needs over the coming
years. The country's worsening current account dynamics will place
additional pressure on its external financing conditions. S&P
estimates that Pakistan's current account deficit rose beyond 4.5%
of GDP in fiscal 2022, far beyond its 0.8% shortfall in fiscal
2021, as a result of higher commodity prices, stronger import
demand, and a weaker rupee. The higher current account deficit is
placing additional downward pressure on Pakistan's gross foreign
exchange reserves, which fell to US$15.6 billion in April, compared
with US$21.1 billion at the end of fiscal 2021.
Gross external financing needs, as well as net external
indebtedness, are set to rise against the backdrop of a more
challenging external landscape, with narrow net external debt
jumping above 150% of current account receipts from fiscal 2022
onward. S&P said, "To calculate Pakistan's usable reserves, we
deduct approximately US$9.5 billion from gross reserves owing to
the central bank's borrowing position from the domestic commercial
banking sector and bilateral partners. As gross reserves fall and
borrowings remain elevated, we estimate that Pakistan's usable
foreign exchange reserves will fall to about US$2.8 billion in
fiscal 2023, from approximately US$14.2 billion in fiscal 2021."
S&P expects Pakistan's foreign exchange reserves to remain heavily
dependent upon the renewal of existing bilateral credit and
commercial loan facilities, as well as the potential extension of
new ones, in order to offset its elevated current account deficit
over the coming quarters. Pakistan's external indebtedness remains
high, with narrow net external debt forecast to average more than
180% of current account receipts over the next few years. Although
external aid is helping to meet immediate external financing
requirements, it will also add to the debt stock.
Pakistan's banking system is relatively small by international
standards, with total bank assets comprising approximately 60% of
GDP. S&P said, "We do not have a Banking Industry Country Risk
Assessment on Pakistan. However, its banking system appears stable,
reflecting adequate liquidity and strong capitalization. Combining
our view of Pakistan's government-related entities and its
financial system, we assess the country's contingent fiscal risks
as limited." That said, at more than 20% of total system assets,
Pakistan's banking system bears an outsized exposure to the
sovereign.
S&P believes the State Bank of Pakistan's (SBP) autonomy and
performance have strengthened since the establishment of a monetary
policy committee for rate-setting in January 2016. The SBP's
interest rate corridor helps the monetary transmission mechanism by
providing directions for short-term market interest rates.
Earlier this year, Pakistan passed into law amendments to the SBP
Act which afford additional independence to the central bank, in
line with IMF program objectives. The central bank has also allowed
the currency to float more freely with market forces over the past
two years, which should mitigate the risk of currency-driven
structural imbalances over the long term.
Pakistan is experiencing elevated CPI inflation, which stood at
more than 20% year on year in June 2022, as a result of rising food
and energy prices. The central bank has assumed an active stance in
tightening monetary policy, including a cumulative 525 bps worth of
hikes to its policy rate since December 2021, in order to tamp down
inflationary pressure and lean against continued depreciation of
the rupee. S&P expects inflation to remain elevated for the
remainder of this year, driven also in part by the weaker currency,
before gradually moderating from 2023 onward. Nevertheless,
Pakistan's higher interest rate environment will place additional
upward pressure on the government's debt servicing costs over the
next two to three years, given its large stock of
local-currency-denominated debt.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED; OUTLOOK ACTION
TO FROM
PAKISTAN
Sovereign Credit Rating B-/Negative/B B-/Stable/B
RATINGS AFFIRMED
PAKISTAN
Transfer & Convertibility Assessment
Local Currency B-
PAKISTAN
Senior Unsecured B-
Short-Term Debt B
THIRD PAKISTAN INTERNATIONAL SUKUK CO. LTD. (THE)
Senior Unsecured B-
=================
S I N G A P O R E
=================
ANTANIUM GLOBAL: Court to Hear Wind-Up Petition on Aug. 12
----------------------------------------------------------
A petition to wind up the operations of Antanium Global Pte Ltd
will be heard before the High Court of Singapore on Aug. 12, 2022,
at 10:00 a.m.
Industrial Bank Of Korea (as trustee of Lime Insured Trade Finance
Private Investment Trust 1) filed the petition against the company
on July 20, 2022.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
CHEY LLC: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 15, 2022, to
wind up the operations of Chey LLC.
The company's liquidators are:
Ellyn Tan Huixian
Luke Anthony Furler
Quantuma (Singapore)
8 Eu Tong Sen Street
#18-81 The Central
Singapore 059818
HANNA'S FUSION: Court to Hear Wind-Up Petition on Aug. 12
---------------------------------------------------------
A petition to wind up the operations of Hanna's Fusion Pte Ltd will
be heard before the High Court of Singapore on Aug. 12, 2022, at
10:00 a.m.
DBS Bank Ltd filed the petition against the company on July 22,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
KEPPEL MARINA: Creditors' Proofs of Debt Due on Aug. 29
-------------------------------------------------------
Creditors of Keppel Marina Holdings Pte Ltd are required to file
their proofs of debt by Aug. 29, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 25, 2022.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
STEPPE TREASURY: Creditors' Proofs of Debt Due on Aug. 29
---------------------------------------------------------
Creditors of Steppe Treasury Services Pte Ltd are required to file
their proofs of debt by Aug. 29, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 20, 2022.
The company's liquidator is:
Mr. Balasubramaniam Janamanchi
JBS Practice PAC.
137 Telok Ayer Street #05-03
Singapore 068602
ZIPMEX PTE: Files for Bankruptcy Protection in Singapore
--------------------------------------------------------
Reuters reports that Southeast Asia-focused cryptocurrency exchange
Zipmex said it had filed for bankruptcy protection in Singapore,
becoming the latest victim of the global downturn in digital
currencies.
Zipmex resumed withdrawals last week, a day after suspending them
on July 20, and said it was working to address its exposure of
US$53 million to crypto lenders Babel Finance and Celsius, the
report notes.
Zipmex's solicitors submitted five applications on July 22 seeking
moratoriums to prohibit legal proceedings against Zipmex for up to
six months, the cryptocurrency exchange said on July 27.
Under Singapore law, such a filing grants companies an automatic
moratorium for 30 days, or until a Singapore Court makes a decision
on the application, whichever is earlier.
Zipmex is the latest in a string of crypto players globally to run
into difficulties following a sharp sell off in markets that
started in May with the collapse of two paired tokens, Luna and
TerraUSD, Reuters states.
Singapore-based Zipmex Pte Ltd -- https://zipmex.com/ -- is a
digital asset exchange that provides digital access to wealth
generating assets for the mass market. Zipmex offers services for
users in Thailand, Indonesia, Singapore and Australia.
=================
S R I L A N K A
=================
SRI LANKA: World Bank Refuses New Funding for Bankrupt Country
--------------------------------------------------------------
Agence France-Presse reports that The World Bank said on July 30 it
would not offer new funding to Sri Lanka unless the bankrupt island
nation carried out "deep structural reforms" to stabilise its
crashing economy.
Sri Lanka has suffered an unprecedented downturn with its 22
million people enduring months of food and fuel shortages, rolling
blackouts and rampant inflation.
The South Asian nation defaulted on its $51-billion foreign debt in
April and huge protests earlier this month forced then president
Gotabaya Rajapaksa to flee the country and resign.
According to AFP, the World Bank said it was concerned about the
impact of the crisis on Sri Lanka's people but was not ready to
give funds until the government had bedded down necessary reforms.
"Until an adequate macroeconomic policy framework is in place, the
World Bank does not plan to offer new financing to Sri Lanka," the
lender said in a statement.
"This requires deep structural reforms that focus on economic
stabilisation, and also on addressing the root structural causes
that created this crisis."
The World Bank said it had already diverted $160 million from
existing loans to finance urgently needed medicines, cooking gas
and school meals, AFP relays.
Sri Lanka is currently in bailout talks with the International
Monetary Fund but officials said the process could take months, the
report notes.
AFP says the island nation has run out of foreign exchange to
finance even the most essential imports, and chronic shortages have
inflamed public anger.
Motorists stay in long queues for days to get rationed petrol and
government officials have been told to work from home to reduce
commuting and save fuel.
Inflation rose to 60.8 percent in July for a tenth consecutive
monthly record, according to data from the Colombo Consumer Price
Index (CCPI) released on July 29, while the Sri Lankan rupee has
lost more than half its value against the US dollar this year, AFP
discloses.
The UN World Food Programme estimates five out of every six Sri
Lankan families have been forced to buy lower-quality food, eat
less or in some cases skip meals altogether, the report adds.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its $12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
=============
V I E T N A M
=============
NAM A BANK: Moody's Affirms B2 LongTerm Deposit & Issuer Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 long-term bank
deposit and issuer ratings of Nam A Commercial Joint Stock Bank
(Nam A Bank), and the bank's b3 Baseline Credit Assessment (BCA)
and Adjusted BCA.
The outlook on Nam A Bank's ratings remains stable, reflecting
Moody's expectation that the bank's credit fundamentals, though
moderately improving, will remain weak compared with other rated
peers in Vietnam.
RATINGS RATIONALE
The affirmation of the bank's B2 rating and b3 BCA reflects its
moderately improving, yet weak standalone credit profile. Asset
risks remain while its capital is weak, a result of rapid loan
growth and modest internal capital generation. The b3 BCA also
considers the bank's weak profitability, which is constrained by
high funding costs due to its small deposit franchise in Vietnam.
Nam A Bank's B2 long-term deposit and issuer ratings are one notch
above its b3 BCA, reflecting Moody's expectation of a moderate
probability of support from the Government of Vietnam (Ba3
positive) for the bank in times of need.
The bank's asset quality will moderately improve over the next
12-18 months if it resolves the outstanding Vietnam Asset
Management Company (VAMC) securities. The bank's problem loan ratio
improved to 2.9% as of March 31, 2022 from 3.3% as of the end of
2020. Despite these improvements, Moody's expects asset risks to
remain high given the bank's rapid 29.6% compound annual growth
rate in loans over 2017-21, much higher than the banking system
average.
Further, credit costs will remain elevated because the bank's
provisioning coverage of 52% as of March 31, 2022 provides a thin
buffer against loan losses.
Nam A Bank's capital has risen following recent capital injections.
Tangible common equity to risk-weighted assets increased to 6.9% as
of March 31, 2022 from 5.2% as of the end of 2021. While Moody's
expects Nam A Bank's profitability to be stable, the bank's rapid
loan growth will outweigh internal capital generation and offset
improvements to its capital over the next 12-18 months.
Nam A Bank's funding profile is constrained by its small deposit
franchise. This is balanced by the bank's adequate liquidity, with
liquid banking assets accounting for 29% of tangible banking assets
as of March 31, 2022.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Nam A Bank's ratings if the bank's standalone
credit metrics improve to support a higher BCA. The BCA could be
upgraded if the bank reduces its problem loan ratio to 2.0% or
below, and improves the adjusted tangible common equity
(TCE)/risk-weighted assets (RWA), or TCE ratio to above 7.2% on a
sustained basis.
Moody's could downgrade the bank's ratings if its financial
fundamentals deteriorate significantly such that it leads to a
lower BCA. The BCA could be downgraded if its problem loan ratio
increases to more than 4%, or its adjusted TCE ratio falls below 5%
without a corresponding sustained improvement in asset quality and
profitability.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Nam A Commercial Joint Stock Bank (Nam A Bank) is headquartered in
Ho Chi Minh City, Vietnam, and reported total assets of VND163
trillion ($6.95 billion) as of March 31, 2022.
LIST OF AFFECTED RATINGS
Issuer: Nam A Commercial Joint Stock Bank
Adjusted Baseline Credit Assessment, Affirmed b3
Baseline Credit Assessment, Affirmed b3
Long-Term Counterparty Risk Assessment, Affirmed B1(cr)
Short-Term Counterparty Risk Assessment, Affirmed NP(cr)
Long-Term Counterparty Risk Rating (Local and Foreign Currency),
Affirmed B1
Short-Term Counterparty Risk Rating (Local and Foreign Currency),
Affirmed NP
Short-Term Issuer Rating (Local and Foreign Currency), Affirmed
NP
Long-Term Issuer Rating (Local and Foreign Currency), Affirmed B2,
Outlook remains stable
Short-Term Bank Deposit Rating (Local and Foreign Currency),
Affirmed NP
Long-Term Bank Deposit Rating (Local and Foreign Currency),
Affirmed B2, Outlook remains stable
Outlook, Remains Stable
*********
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.
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*** End of Transmission ***