/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220805.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, August 5, 2022, Vol. 25, No. 150 Headlines A U S T R A L I A INFINITY GROUP: Commences Wind-Up Proceedings NORRIS CONSTRUCTION: Has AUD27MM in Debt, Liquidators' Report Shows PACIFICBLUE HEALTH: Commences Wind-Up Proceedings PAINE DOLTON: Commences Wind-Up Proceedings B A N G L A D E S H BANGLADESH: IMF Says Working With Dhaka on RST Loan I N D I A AL-AYAAN FOODS: ICRA Keeps D Debt Rating in Not Cooperating AMW COMMERCIAL VEHICLE: Insolvency Resolution Process Case Summary ASHOKA FOAM: ICRA Withdraws B+ Rating on INR5cr Cash Loan BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating BL ENGINEERING: Voluntary Liquidation Process Case Summary BONY PAUL: Liquidation Process Case Summary CELESTIAL AQUA: ICRA Keeps B+ Debt Rating in Not Cooperating CHALAPATHI EDUCATION: ICRA Keeps B+ Ratings in Not Cooperating CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating DIDWANIA SPINNING: Liquidation Process Case Summary EKSHWAKA SANDS: Insolvency Resolution Process Case Summary GUPTA MARRIAGE: ICRA Keeps D Debt Ratings in Not Cooperating HARPYARI DEVI: ICRA Keeps B+ Debt Ratings in Not Cooperating HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category INNOVA PLASTIC: Insolvency Resolution Process Case Summary KEPL ENGINEERING: ICRA Keeps B/A4 Debt Rating in Not Cooperating KUMARAKOM AQUA: Insolvency Resolution Process Case Summary L.M. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating LUCKNOW MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating MARTOPEARL ALLOYS: ICRA Withdraws B Rating on INR3cr LT Loan MIR KINGS INDUSTRIES: Liquidation Process Case Summary NAMRATHA POWER: Liquidation Process Case Summary ORISSA CONCRETE: ICRA Keeps D Debt Ratings in Not Cooperating PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating PIBCO ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating PRATIBHA SKYSCRAPERS: Liquidation Process Case Summary PYTEX JEWELLERS: ICRA Lowers Rating on INR10cr LT Loan to D RIDLEY LIFE-SCIENCE: ICRA Keeps B+ Debt Rating in Not Cooperating ROLSON SYNTHETICS: Liquidation Process Case Summary SAFARI BIKES: Insolvency Resolution Process Case Summary SAMC TRUSTEE PRIVATE: Voluntary Liquidation Process Case Summary SATHISH ENGINEERING: ICRA Assigns B+ Rating to INR3.0cr LT Loan SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating SHIVAM TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating SHRINIVAS (GUJARAT): ICRA Keeps B+ Ratings in Not Cooperating SKYLA HOSPITALITY: ICRA Keeps B+ Debt Ratings in Not Cooperating SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating SSS RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating VOLTAIC POWER: ICRA Keeps B Debt Rating in Not Cooperating WARORA CHANDRAPUR: ICRA Raises Rating on INR203cr LT Loan from B WHITEFIELD SPINTEX: Insolvency Resolution Process Case Summary M A L A Y S I A IREKA CORP: On Track to Shed PN17 status IVORY PROPERTIES: Falls Under Bursa's PN17 Category N E W Z E A L A N D AUCKLAND DRAWINGS: Court to Hear Wind-Up Petition on Aug. 26 DDL HOMES: Court to Hear Wind-Up Petition on Aug. 26 LDM ROOFING: Court to Hear Wind-Up Petition on Aug. 18 PIT STOP: Creditors' Proofs of Debt Due on Sept. 13 WP2014 LIMITED: Creditors' Proofs of Debt Due on Sept. 5 S I N G A P O R E STAR FORMULA: Creditors' Meetings Set for Aug. 12 S R I L A N K A SRI LANKA: Leader Proposes 25-Year Plan for Crisis-Hit Nation - - - - - ================= A U S T R A L I A ================= INFINITY GROUP: Commences Wind-Up Proceedings --------------------------------------------- Members of Infinity Group Building & Electrials Pty Limited Pte Ltd, on July 29, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Joseph Sleiman Amos Insolvency Locked Bag 5007 Narellan, NSW 2567 NORRIS CONSTRUCTION: Has AUD27MM in Debt, Liquidators' Report Shows ------------------------------------------------------------------- News.com.au reports that a collapsed Victorian construction company has AUD27 million in debt and owes AUD3.2 million to around 140 staff that it is unlikely to be able to repay, according to the liquidator's report which revealed what went wrong. news.com.au relates that the Geelong-based company called Norris Construction Group, which included seven associated companies, went under in March with KordaMentha appointed to handle the liquidation. Its report, which was filed with the Australian Securities and Investments Commission, revealed the range of reasons for the company's failure, news.com.au says. It included the "misprising of projects" and a "crisis of confidence" experienced by the business during lockdowns in Victoria between March and October 2020 resulting in projects being tendered at "very low prices". This resulted in "heavy losses" on a very large number of projects, the report to creditor's said. It also outlined "cultural issues amongst the executive team leading to staff losses and staff turnover" as well as hiring new staff on "high remuneration packages". news.com.au says the pandemic also contributed to the company's demise, as well as "noncompliance" with lodging statements and returns with the ATO and unpaid taxes, alongside "insufficient working capital" to meet its short term obligations. The company had completed work on the Manufutures hub at Deakin University and the Marngoneet and Chisholm Road prisons and worked across Melbourne and southwest Victoria, news.com.au notes. From the overall group, 235 former employees are owed $4 million in wages and entitlements but will have to rely on the federal government's Fair Entitlements Guarantee (FEG) to get their money back. However the scheme, which is available for employees of companies that become insolvent, caps back pay and does not pay superannuation, says news.com.au. Aside from the AUD3.2 million owed to employees of Norris Construction Group, there was between AUD187,000 and AUD277,000 owed to 235 staff from the overall group including wages, redundancy payouts and superannuation, according to news.com.au. But KordaMentha partner Andrew Knight said four out of the five companies that employed staff had "insufficient" assets to pay back the money owed. "We understand that for four of the five employing entities, FEG has processed and paid over 90 per cent of the employee claims," news.com.au quotes Mr. Knight as saying. "FEG is still working on claims in the fifth entity, Norris Construction Group, which are more complex due to the quantity of claims as well as the relevant Award which applies to these employees. We estimate majority of these claims will be resolved and paid within the next month. "Unfortunately, there are some entitlements that are not covered by FEG, for example superannuation and amounts in excess of caps, and payment of those are dependent on the outcome of the liquidations." Norris Construction entered administration in March 2022. PACIFICBLUE HEALTH: Commences Wind-Up Proceedings ------------------------------------------------- Members of Pacificblue Health Pty Ltd, trading as Elementelle, on Aug. 4, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Patrick Loi Greengate Advisory NSW Pty Ltd Suite 3202, Level 32, 31 Market Street Sydney, NSW 2000 PAINE DOLTON: Commences Wind-Up Proceedings ------------------------------------------- Members of Paine Dolton Group Pty Ltd, on Aug. 2, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Nicarson Natkunarajah PO Box 272 Drummoyne, NSW 2047 =================== B A N G L A D E S H =================== BANGLADESH: IMF Says Working With Dhaka on RST Loan --------------------------------------------------- Reuters reports that the International Monetary Fund said it would work with Bangladesh to design a loan program request in coming months that meets the country's economic and social dynamics and has "safeguards" in the event of a further deterioration in economic conditions. In a revised statement of support for Bangladesh's request for a loan from the new IMF Resilience and Sustainability Trust, the Fund said that work on an RST loan will proceed as the new trust is being made operational. It also said it will work with Dhaka to design an IMF-supported reform program that would be required for the loan. As reported in the Troubled Company Reporter-Asia Pacific on April 1, 2022, Moody's Investors Service has affirmed the Government of Bangladesh's long-term issuer and senior unsecured ratings at Ba3 and maintained the stable outlook. The short-term issuer ratings are also affirmed at Not Prime. ========= I N D I A ========= AL-AYAAN FOODS: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the long-term rating of Al-Ayaan Foods Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in January 2014, the company currently operates as a supplier for Indian meat exporters, with trading of livestock and raw meat compromising the major part of the company's operations. The company has a plant for processing of buffalo meat but is yet to commence operations; as of now, the company's operations consist solely of trading. AMW COMMERCIAL VEHICLE: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: AMW Commercial Vehicle Applications Limited Office No. 7, 2nd Floor Readymoney Terrace 167, Dr. A.B. Road Worli, Mumbai 400018 Insolvency Commencement Date: July 26, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 21, 2023 Insolvency professional: Mr. Avinash Ambikaprasad Shukla Interim Resolution Professional: Mr. Avinash Ambikaprasad Shukla Level 3, Padma Palace Plot No. 79, Sector 28 Vashi, Navi Mumbai Maharashtra 400703 E-ail: avinashshukla1708@gmail.com - and - Waterfall Insolvency Professionals Pvt. Ltd. 1221, Maker Chamber V Nariman Point, Mumbai 400021 E-mail: ip.amwvehicle@gmail.com Last date for submission of claims: August 9, 2022 ASHOKA FOAM: ICRA Withdraws B+ Rating on INR5cr Cash Loan --------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Ashoka Foam Private Limited at the request of the company and based on the No Objection certificate (NOC) received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan AFPL is a closely-held private limited company started in 2003 and promoted by the members of the Goel family. It manufactures wood plastic composite (WPC) foam boards and doors, PVC foam boards, windows and doors. AFPL commenced its operation in November 2015 at its manufacturing facility in Bareilly, Uttar Pradesh. In FY2018, the company reported a net profit of INR0.24 crore on an operating income (OI) of INR18.45 crore on a provisional basis compared with a net profit of INR0.05 crore on an OI of INR13.83 crore in the previous year. BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long-Term rating of Bajrang Ginning & Pressing Factory in the 'Issuer Not Cooperating' category. The rating is denoted as “[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in the year 2009, it is a partnership concern engaged in the business of ginning and pressing Of cotton. It is managed by six partners. Partners have long standing experience in the field of cotton industry. The factory is located at Jasdan having land area of 2 acres. It avails power load of 124 HP. It is equipped with 24 ginning machines and 1 pressing machine. It has a capacity to produce 180 bales a day (considering 24 hours of operations). Raw cotton is procured either from market yard or from farmers in the nearby vicinity. It also has two group concerns engaged in trading of raw cotton. The firm is also involved in trading of cotton bales. BL ENGINEERING: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: BL Engineering Solutions Limited B-1, Basement Geetanjali Enclave Delhi 110017 IN Liquidation Commencement Date: July 15, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Devendra Umrao Interim Resolution Professional: Devendra Umrao B-43A, First Floor Kalkaji, New Delhi 110019 Tel: +919871045874 Last date for submission of claims: August 14, 2022 BONY PAUL: Liquidation Process Case Summary ------------------------------------------- Debtor: Bony Paul Systems Private Limited Plot No. 37-P, Sector 6 Faridabad, Haryana 121006 Liquidation Commencement Date: July 13, 2022 Court: National Company Law Tribunal, Chandigarh Bench Date of closure of insolvency resolution process: July 13, 2022 Insolvency professional: Anil Arora Interim Resolution Professional: Anil Arora SCO 139, 2nd Floor Chotti Baradari Patiala 147001 Punjab E-mail: ca.anil@gmail.com - and - #944, 2nd Floor, Sector 82 JLPL, Industrial Area Mohali, Punjab 160055 E-mail: bonypaulcirp@gmail.com Last date for submission of claims: August 16, 2022 CELESTIAL AQUA: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term rating of Celestial Aqua Limitedin the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 72.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2013, CAL is a vessel-owning company located in British Virgin Islands. It owns an accommodation cum crane barge and it has entered into a chartered party agreement (CPA) with its Group company for its rent. The company is a part of the Vasuda Group, which is involved in marine-related services such as barges, deep sea diving and fabrication of ships amongst others. CHALAPATHI EDUCATION: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the long-term rating of Chalapathi Education Society in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.21 [ICRA]B+ (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 2.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based/CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 3.19 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Chalapathi Educational Society (CES) was established in 1995 as a non-profit society by its chief promoter Mr. Y.V. Anjaneyulu. The society operates five institutions including Engineering institutes, Pharmacy College, Degree college and Junior college. The establishments of CES, namely, Chalapathi Institute of Engineering & Technology (CIET), Chalapathi Institute of Technology (CIT), Chalapathi Institute of Pharmaceutical Sciences (CIPS), Chalapathi Degree College (CDC) and Chalapathi Junior College (CJC) are based in Guntur, Andhra Pradesh. The colleges are located in Guntur, Andhra Pradesh (AP) and are well connected by bus or train with Vijayawada (40 min), Hyderabad (5.00 hrs.) and Chennai (7 hrs.). CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the long-term rating of Choudhary Gum and Derivatives in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 14.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2013, CGD is a partnership firm involved in the processing of guar seeds to obtain guar gum refined splits and by-products such as churi and korma. The firm operates from its facility at Saudulsahar in Rajasthan, with an installed guargum seeds-processing capacity of 75,000 metric tonne per annum (MTPA). It is primarily a family-run concern with Mr. Om Prakash and Mr. Amandeep as partners. The firm sells its products in the domestic market with its sales fully concentrated in Rajasthan. DIDWANIA SPINNING: Liquidation Process Case Summary --------------------------------------------------- Debtor: Didwania Spinning Mills Private Limited Room No. 33, 3rd Floor New Vohra Building 59, Nakhoda Street Mumbai 400003 Liquidation Commencement Date: July 20, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: April 11, 2020 Insolvency professional: Shrikant Madanlal Zawar Interim Resolution Professional: Shrikant Madanlal Zawar C-1101, Kanaka Sevens Sag Baug, Marol Andheri East Mumbai 400059 E-mail: shrikantzawar1@yahoo.co.in didwania.inliquidation@gmail.com Last date for submission of claims: August 18, 2022 EKSHWAKA SANDS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Sri Ekshwaka Sands Private Limited 1st Floor, Park Avenue Begumpet, Hyderabad 500016 Telangana, India Insolvency Commencement Date: July 27, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: January 17, 2023 Insolvency professional: Mr. T. Adinarayana Interim Resolution Professional: Mr. T. Adinarayana #406, Raghava Ratna Towers Chirag Ali Lane Hyderabad 500001 Telangana E-mail: t.adinarayana@yahoo.com Last date for submission of claims: August 10, 2022 GUPTA MARRIAGE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term rating of Gupta Marriage Halls Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 13.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 4.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. GMHPL was incorporated in February 1996 and is engaged in the hotels and textiles businesses. The company runs Hotel Samrat Heavens (including Bar and Restaurant) which is located in Meerut, Uttar Pradesh. Further, from the last few years the company has diversified into textile trading. HARPYARI DEVI: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term ratings of Harpyari Devi Welfare Society in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 23.85 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2001 by Mr. Bhadana, HDWS currently operates three educational institutions- two schools and one college in Faridabad (Haryana). While the first school is a K-12 school and has been operational since 2004, the second school commenced operations in AY2012-13 and caters to students up to Standard X. The society has completed the capex for the senior wing of the second school, which will cater to students from Standard IV- XII. Besides schools, HDWS also operates a college- 'Aravali College of Advanced Studies in Education' in Faridabad which offers B.Ed and M. Ed. Courses. The institutes collectively catered to 4,170 students in AY15-16 vis-à-vis 3,872 students in the previous academic year. The society is managed by Mr. Bhadana who has over a decade of experience in the education sector and also manages another educational trust (Edquest Welfare Trust) which operates the 'Aravali College of Engineering and Management' in Faridabad. HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Long-Term rating of High Tech Garments Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 4.90 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 5.70 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in the year 2005, High Tech Garments Private Limited is engaged in the manufacturing of grey fabric made from polyester yarns. The company is promoted by Mr. Ajay Agrawal and other family members who have been in the textile business for over a decade. The manufacturing unit of the company is located a Kim, Surat. INNOVA PLASTIC: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Innova Plastic Technologies Private Limited Plot No. 20, D-111 MIDC, Chinchwad Pune Maharashtra 411019 Insolvency Commencement Date: August 1, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 23, 2023 (180 days from commencement) Insolvency professional: Divyesh Desai Interim Resolution Professional: Divyesh Desai Moore Stephens Singhi Advisors LLP B2-402, Marathon Innova, 4th Floor Off Ganpatrao Kadam Marg Lower Parel, Mumbai Maharashtra 400013 E-mail: divyeshdesai@singhico.com Last date for submission of claims: August 15, 2022 KEPL ENGINEERING: ICRA Keeps B/A4 Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Kepl Engineering Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term/ 5.00 [ICRA]B(Stable)/[ICRA]A4; Short term ISSUER NOT COOPERATING; Unallocated Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in February 2018, KEPL is an EPC contractor for mechanical, electrical and civil work in sectors such as power, petro-chemical, oil and gas, steel and cement in southern India. The company plans to undertake private and Government projects primarily on sub-contract basis from other private players. KUMARAKOM AQUA: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Kummarakom Aqua Serene Private Limited Building No. 4/125 Vettoor House Kudavechoor P O Vaikom Kottayam KL 686144 Insolvency Commencement Date: July 26, 2022 Court: National Company Law Tribunal, Kochi Bench Estimated date of closure of insolvency resolution process: January 22, 2023 Insolvency professional: Embrammadam Padmanabhan Madhusudhanan Interim Resolution Professional: Embrammadam Padmanabhan Madhusudhanan Embram Madam, Near Siva Temple Nettoor PO, Ernakulam Kerala 682040 E-mail: epmadhusudhanan@gmail.com - and - First Floor, Building No. C.C. 56/172 K.C. Abraham Master Road Panampilly Nagar, Kochi 682036 Last date for submission of claims: August 9, 2022 L.M. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------- ICRA has retained the long-term rating of L.M. Foods in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 23.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Unallocated 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Based in Karnal, L.M. Foods was formed in 1997 as a partnership firm by Mr Madan Lal and Mr Kewal Krishnan. Mrs Krishna Devi and Mr Kewal Krishnan are equal partners in the firm. L.M. Foods is involved in milling and processing of basmati rice. The firm is also engaged in further processing of byproducts like bran and husk. From FY13, the firm has focused only on domestic sales and does not have any export sales. LUCKNOW MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term rating of Lucknow Medical Agencies in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 1999 as a partnership firm, LMA has been engaged in the wholesaling and distribution of pharmaceutical drugs in the domestic market for more than a decade in Delhi. The firm's product portfolio consists of more than 9,000 branded drugs, which are procured directly through the pharma manufacturers. Some of the key suppliers include Cipla Ltd., Sun Pharma Limited, Sanofi India Ltd., Abbott India Ltd. Etc. LMA's operating income has witnessed steady growth over the years aided by deeper penetration in the existing markets. Further, addition of new suppliers thereby resulting in enhanced product portfolio has also supported volume growth for the firm. Post FY13, LMA's revenues have witnessed significant growth in the operating income owing to increasing volume along with marginal increase in the realizations which have been transferred by the pharmaceutical companies to the distributors. Going forward, the firm's revenues are expected to derive support from the management's increasing focus on expanding its presence and adding new suppliers. MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term rating of Magma Autolinks Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in November 2013, Magma Autolinks Private Limited (MAPL) is an authorised dealer for passenger vehicles of Honda Cars India Limited (HCIL). The company is promoted by the Sharma family, with Mr. Tushar Sharma and Ms.Shveta Sharma serving as the directors. MARTOPEARL ALLOYS: ICRA Withdraws B Rating on INR3cr LT Loan ------------------------------------------------------------ ICRA has withdrawn long term and Short term ratings of Martopearl Alloys Private Limited. at the request of the company and based on the No Due certificate (NDC) received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Long Term- 2.50 [ICRA]B (Stable); ISSUER NOT Non-Fund COOPERATING; Withdrawn Based Others Long Term- 1.25 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Withdrawn Short Term- 0.25 [ICRA]A4; ISSUER NOT Non-Fund COOPERATING; Withdrawn Based Others Martopearl Alloys Private Limited (MAPL), incorporated in 1985 by Mr. M S R V Prasad, is engaged in manufacturing of iron and steel alloy castings. MAPL has manufacturing facilities at Patancheru, Andhra Pradesh with an installed capacity of 6,360 Metric Tonnes per Annum (MTPA). MAPL's castings are majorly used in metallurgical, cement, mining and mineral, and thermal power industries. In FY 2015, the company diversified its business and started manufacturing grinding media ball with a total installed capacity of 6000 MTPA. The new unit became operational from March 2015. Mr. M S R V Prasad, Chairman & Managing Director, is a qualified and experienced metallurgical engineer, has more than 30 years' experience in the steel industry. MIR KINGS INDUSTRIES: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Mir Kings Industries Pvt Ltd G.M. Complex, N.H-1 Kadlabal, Pampore Pulwama, Jammu & Kashir 192121 Liquidation Commencement Date: July 27, 2022 Court: National Company Law Tribunal, Chandigarh Bench Date of closure of insolvency resolution process: July 21, 2022 Insolvency professional: Neeraj Bhatia Interim Resolution Professional: Neeraj Bhatia P-27, 1st Floor Malviya Nagar New Delhi 110017 E-mail: nbtrace1@yahoo.com sanjeevpahwa72@gmil.com Last date for submission of claims: August 26, 2022 NAMRATHA POWER: Liquidation Process Case Summary ------------------------------------------------ Debtor: Namratha Power Private Limited Plot No. 128 (C), Prachi Enclave Chandrasekarpur Bubhaneswar Khordha 751016 IN Liquidation Commencement Date: July 27, 2022 Court: National Company Law Tribunal, Cuttack Bench Date of closure of insolvency resolution process: July 27, 2022 Insolvency professional: Varalakshmi Narala Interim Resolution Professional: Varalakshmi Narala H.No. 1-8-588/29/A, Acchai Nagar Adj to RTC Kalyanamandapam Baglingampally, Hyderabad 500044 Tel: +919000987444 E-mail: ip.varalakshmin@gmail.com - and – Sankalp Restructuring Private Limited 113, First Floor Manjeera Trinity Corporate Eseva Lane, Phase 3 KPHB Colony, Kukatpally Hyderabad 500072 E-mail: rp.namratha2021@gmail.com Last date for submission of claims: August 26, 2022 ORISSA CONCRETE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities is of Orissa Concrete & Allied Industries Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 9.00 [ICRA]D; ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under 'Issuer Not Cooperating' Category Fund based- 1.50 [ICRA]D; ISSUER NOT COOPERATING; Standby Line Rating continues to remain under of Credit the 'Issuer Not Cooperating' category Non-fund based 1.00 [ICRA]D; ISSUER NOT COOPERATING; Letter of Credit Rating continues to remain under the 'Issuer Not Cooperating' category Non-fund based 7.00 [ICRA]D; ISSUER NOT COOPERATING; Bank Guarantee Rating continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1979, OCAIL is a closely held company belonging to the Raipur-based Agarwal family. OCAIL has facilities at Raipur, Chhattisgarh for manufacturing of concrete sleepers for railways, with an annual capacity of 4.25 lakh sleepers per annum. PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the long-term rating of Paramount Wheels Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.25 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term– 18.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Paramount Wheels Private Limited (PWPL) is an authorized dealer for Maruti Suzuki India Limited. The company was incorporated in 2010 and began its operations in March 2011. Currently, the company has one showroom, one workshop and one body shop in Mira Road, one showroom and a workshop in Wada, one workshop in Goregaon and one true value outlet in Dahisar, and one Nexa showroom coming up. The company has 120 employees including a sales team of 28. PIBCO ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has retained the long-term rating of Pibco Enterprises Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2003, PEPL is engaged in the business of automobile dealership for two wheelers of Hero MotoCorp Limited (HML) and commercial vehicles as well as passenger vehicles of Force Motors Limited (FML). PEPL operates through one showroom of HML and two showrooms of FML, and two workshops of HML and FML each in the state of Assam. PEPL also operates through a network of eight sub-dealers for two wheelers, spread over the surrounding areas of Guwahati. Apart from the sale of new vehicles, the company is also engaged in the sale of spare parts, accessories and servicing of vehicles. PRATIBHA SKYSCRAPERS: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Pratibha Skyscrapers Private Limited Pl No. 49-50, Ramnagar Tal Karveer Kolhapur 416005 Liquidation Commencement Date: July 13, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: July 17, 2020 Insolvency professional: Ms. Jovita Reema Mathias Interim Resolution Professional: Ms. Jovita Reema Mathias 306, A Wing Rustomjee Central Park Andheri Kurla Road Chakala, Andheri East Mumbai City Maharashtra 400069 E-mail: ip.reemajm@gmail.com cirp.pratibhaspl@gmail.com Last date for submission of claims: August 25, 2022 PYTEX JEWELLERS: ICRA Lowers Rating on INR10cr LT Loan to D ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Pytex Jewellers Pvt. Ltd., as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating downgraded from Cash Credit [ICRA]B- (Stable) and Continues to remain under 'Issuer Not Cooperating' category Rationale Material event The Corporate Insolvency of Pytex Jewellers Pvt. Ltd. was ordered by National Company Law Tribunal. The public announcement was issued by Insolvency and Bankruptcy Board of India (IBBI) on July 14, 2022. The IBBI has mentioned July 28, 2022 as the estimated date for closure of insolvency resolution process. Impact of material event The rating is based on limited information on the entity's performance since the time it was last rated on May 2021. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Pytex Jewellers Pvt. Ltd. was established in 2006 as a private limited company by Mr. Pradeep Tayaland family. The company is engaged in the manufacturing and trading of gold, silver, diamonds and precious stones. Pytex Jewellers is situated at Netaji Subhah Place, New Delhi, with a shop area close to 600 sq yards. Mr. Ankur Tayal assists Mr. Pradeep Tayal in business. RIDLEY LIFE-SCIENCE: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Ridley Life-Science Pvt Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 2.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 1995, Ridely Life Science was initially a partnership firm run by Mr. Rajesh Bansal and family. In 2009, it was converted into a private limited company and renamed Ridely Life-Science Private Limited (RLPL). Its current directors are Mr. Rajesh Bansal and Mr. Rakesh Bansal. The company manufactures pharmaceutical formulations such as antibiotics, antacids, painkillers, syrups, creams, ointments, veterinary injections and tablets and other types of medicines at its manufacturing facilities at Narela on the outskirts of Delhi. ROLSON SYNTHETICS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Rolson Synthetics Private Limited No. 343, Kewal Industrial Estate Senapati Bapat Marg Lower Parel, Mumbai 400013 Maharashtra Liquidation Commencement Date: July 25, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: May 15, 2021 Insolvency professional: Mr. Vimal Kumar Agrawal Interim Resolution Professional: Mr. Vimal Kumar Agrawal Office No. 4, Ground Floor C Wing, Shanti Jyoti Building Balaji Nagar, Near Railway Station Bhayander West, Thane 401101 E-mail: cirp.rolson@gmail.com vimal@vpagrawal.in Last date for submission of claims: August 5, 2022 SAFARI BIKES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Safari Bikes Limited E-650, Phase-V Focal Point Ludhiana 141010 Punjab Insolvency Commencement Date: July 28, 2022 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: January 23, 2023 Insolvency professional: Rajnish Gupta Interim Resolution Professional: Rajnish Gupta House No. 307, Ward No. 10 Lalluana Road Adjoining Niranjan Aara Mansa 151505 E-mail: gra_rajnish@yahoo.com - and – 642-L, 1st Floor Opp. Tikona Park Model Town Ludhiana 141002 E-mail: cirp.safaribikes@gmail.com Last date for submission of claims: August 10, 2022 SAMC TRUSTEE PRIVATE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: SAMC Trustee Private Limited (Formerly known as Principal Trustee Company Private Limited) Unit 002, GF, B (West) Wing Satellite Gazebo Andheri-Ghatkopar Link Road Chakala, Andheri (East) 400093 Maharashtra Liquidation Commencement Date: July 22, 2022 Court: National Company Law Tribunal, Kolkata, West Bengal Bench Insolvency professional: Mr. Vivek Gupta Interim Resolution Professional: Mr. Vivek Gupta Tower 7 Flat 1805 Urbana 783 Anandapur Main Road Kolkata 700107 Anandapur Main Road Ruby Hospital Kolkata 700107 West Bengal E-mail: gupta.vivekaca@gmail.com Tel: +919831808041 Last date for submission of claims: August 21, 2022 SATHISH ENGINEERING: ICRA Assigns B+ Rating to INR3.0cr LT Loan --------------------------------------------------------------- ICRA has assigned rating to the bank facilities of Sathish Engineering Works (SEW), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Term Loans 2.07 [ICRA]B+ (Stable); assigned Long-term Cash Credit 3.00 [ICRA]B+ (Stable); assigned Short-term Inland Bill Discounting 16.00 [ICRA]A4; assigned Short-term Non Fund- Based Facilities 3.00 [ICRA]A4; assigned Short-term Unallocated Limits 5.93 [ICRA]A4; assigned Rationale The ratings assigned to Sathish Engineering Works (SEW) factors in the small scale of its current operations with a top line of INR8.7 crore in FY2022 (provisional), although the same is expected to increase significantly in FY2023 on the back of healthy order book of INR37.5 crore as on April 7, 2022. The ratings are also impacted by the high working capital intensity of operations, leading to a high reliance on short-term borrowings, which has impacted the gearing and the total debt/OPBDITA of the entity. SEW is also exposed to customer and geographical concentration risks as it serves only one customer and the entire sales is derived from Tamil Nadu. SEW has limited pricing flexibility as it bids for tender-based orders, which are normally awarded to the lowest bidder. This, along with the absence of price-escalation clause in the contracts put pressure on its margins. Being a proprietorship firm, SEW remains vulnerable to the risk of capital withdrawal by the proprietor, which can impact its net worth and liquidity position. The ratings, however, favourably consider the long experience of the proprietor in the transformer structure materials manufacturing business, spanning over three decades. The ratings also consider the long relationship with its sole customer, which negates the counterparty risk to a large extent. The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that SEW will continue to maintain its business position and profitability. Key rating drivers and their description Credit strengths * Long experience of the proprietor: Mr. Rajasekaran, the proprietor, has a long experience in transformer structure materials manufacturing business. The entity was established in 1985. * Established relationship with customer: SEW has been supplying to Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO; earlier known as TNEB Limited) since 1987. Long and established relationship with its sole customer negates the counterparty risk to a large extent. Credit challenges * Small scale of current operations: SEW's scale of operations remains small with an operating income (OI) of INR8.7 crore in FY2022. The top line of the entity is expected to increase significantly in the current fiscal on the back of healthy order book of INR37.5 crore as on April 7, 2022. * High working capital intensity; leveraged capital structure and high total Debt/OPBDITA: SEW's working capital intensity of operations has remained high over the years primarily due to a stretched receivable cycle. Although the debtors decreased significantly as on March 31, 2022 (compared to March 31, 2021), a rise in the inventory levels kept the NWC/OI high at 80% in FY2022 (99.4% in FY2021). The entity has been dependent on working capital borrowings owing to its high working capital intensity of operations, which has negatively impacted its gearing. While the gearing improved to 1.4 times as on March 31, 2022 from 3.2 times as on March 31, 2021 due to a reduction in bills discounted (caused by low debtors), the same is expected to increase significantly in the current fiscal due to a likely increase in the working capital borrowings to fund the revenue growth. The total debt/OPBITDA also remained high at 4.9 times in FY2022 (8.5 times in FY2021). * High customer concentration risk; tender-based orders limit pricing flexibility: SEW remains exposed to customer concentration risk as it caters to just one client. It is also vulnerable to geographical concentration risk as its entire sales is derived from Tamil Nadu. ICRA notes that SEW bids for tenders floated by TANGEDCO, which is awarded to the lowest bidder, thereby limiting its pricing flexibility. Also, the absence of price-escalation clause in the orders forces SEW to absorb the increased costs during periods of elevated raw material prices. These factors exert pressure on the entity's margins. * Risks emanating from the legal status of the entity – ICRA notes that SEW is a proprietorship firm and any significant withdrawal of capital may adversely impact its net worth and liquidity position. Liquidity position: Stretched SEW's liquidity is likely to remain stretched. The entity's cash flow from operations (CFO) stood at INR2.4 crore in FY2022. However, with the revenues expected to increase significantly in the current fiscal, the CFO is likely to become negative due to higher working capital requirements. The average working capital limits utilisation was more than 90% in the 12 months ended June 2022. Nonetheless, the entity recently obtained a INR11-crore enhancement in its fund-based working capital limits, which is expected to support the liquidity position to an extent. The repayment obligations stand at INR0.12 crore, INR0.37 crore and INR0.64 crore in FY2023, FY2024 and FY2025, respectively. Rating sensitivities Positive factors – ICRA could upgrade SEW's ratings if there is a substantial improvement in the top line while maintaining profitability and/or a substantial decline in working capital intensity leads to an improvement in the liquidity. Specific metrics that could lead to an upgrade include an interest coverage of more than 2.2 times on a sustained basis. Negative factors – ICRA may downgrade SEW's ratings if a further increase in working capital intensity or a decline in cash accruals worsens liquidity. Sathish Engineering Works (SEW) was established in 1985 as a proprietorship concern by Mr. Rajasekaran in Paramakudi, Tamil Nadu. During the initial years, the entity used to perform job works such as welding for private entities. Since 1987, the entity has been supplying various distribution transformer structure materials such as AB switch, angles, channels, bolts, nuts, cross arm, composite insulators etc. to TANGEDCO (known as TNEB earlier), which is the sole customer of SEW. Some of the materials such as composite and disc insulators, lightning arresters are procured from third parties, while the other materials are manufactured and assembled as complete sets of transformer structure materials before being delivered to TANGEDCO. SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the Long-Term rating of Shivam Pipe Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 3.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 2.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund based Rating Continues to remain under Others 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SPI is a partnership firm, promoted by Guwahati-based Mr. Ratan Lal Bhati and commenced operations in 2012. Its plant is located at Kamalpur in Guwahati, wherein initially it had a manufacturing capacity of 12,000 mtpa of mild steel pipes and steel tubular poles. In April 2017, the firm commissioned additional MS pipe and Galvanisation capacity of 12,000 mtpa each. However, the operations of the expended capacity was discontinued subsequently. SHIVAM TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the long-term rating of Shivam Transport Company in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Based out of Veraval, Gujarat, Shivam Transport Company (STC) was established in 1993 as a proprietorship firm by Mr. Jagmal Vala. STC is a logistics player who transports goods by road mainly for chemical industries. The company has presence in Gujarat and operates through a fleet of about 35 owned vehicles. Hired vehicles vary according to the orders to be executed. SHRINIVAS (GUJARAT): ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term rating of Shrinivas (Gujarat) Laboratories Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 1990, SGLPL is involved in the manufacturing and marketing of branded formulations in the domestic market. The company has two manufacturing units, located at Baddi, Himachal Pradesh and Dibrugarh, Assam. The manufacturing facilities of the company are Good Manufacturing Practices (GMP) approved. The company has capacities to manufacture tablets, dry syrup, liquid orals, capsules, ointments and dry injectables. The produced formulations mainly belong to the therapeutic segments namely anti-filarial, anti-tuberculosis, haematinic, analgesic & anti-pyretic, eye care products, cardiovascular, anti-bacterials, anti-infective and multivitamins/enzymes among others. The major portion of formulations of SGLPL is produced in-house, while the remaining products are outsourced to the contract manufacturers. SGLPL also markets a few ayurvedic/herbal medicines manufactured by its sister concern (LGS Formulation). The company has 14 branch offices located in various states. The company markets its products under the brand name of 'SHRINIVAS'. SKYLA HOSPITALITY: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Skyla Hospitality Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.39 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 2.11 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Skyla Hospitality Private Limited (SHPL) was established in the year 2008 as a partnership firm M/s. Skyla Homes. It is subsequently converted on 10th May 2010 to private limited company in the name of M/s. Skyla Hospitality Private Limited. SHPL is a provider of serviced apartments in the city of Hyderabad with 100+ corporate clients such as Tata Capital Financial Services Ltd, Bharti AXA Life Insurance Limited, KPMG, ADP India Private Limited, ACT Limited, ITC Limited, PWC, NSE Limited, Honda cars India Limited, Thought works Technologies India Private Limited etc. SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the ratingsfor the bank facilities and Fixed Deposit Programme of SRS Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 350.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term 238.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain under the 'Issuer Not Cooperating' category Long-term/ 237.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based/ remain under 'Issuer Not Non Fund Based Cooperating' Category Fixed Deposit 225.00 [ICRA]D; ISSUER NOT Programme COOPERATING; Rating continues To remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SRS Limited was incorporated as SRS Commercial Company Limited in August 2000. It was renamed to SRS Limited in July 2009. The company has been involved in the retail/wholesale sale of jewellery, besides operating a chain of modern format retail stores and a chain of cinemas. SRS Limited is presently undergoing liquidation vide order of Hon'ble National Company Law Tribunal (NCLT) Chandigarh dated 15.10.2019 under the provisions of Insolvency and Bankruptcy Code, 2016. SSS RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Long-Term rating of SSS Rice Mill Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.17 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.15 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 1.68 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2007, SSSRMPL is involved in milling of parboiled rice. The plant is located at Raidighi in the South 24 Parganas district of West Bengal, with an annual milling capacity of 75,000 metric tonnes (MT). The company is promoted by Kolkata-based Purkait family, who has a long experience in the rice-milling industry. SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-Term rating of Sunstar Overseas Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 568.45 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 211.44 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 45.11 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Sunstar Overseas Limited was initially started as a partnership firm in 1989, by the founder promoters Mr. Man Mohan Sarup Aggarwal, Navita Aggarwal, Rama Rani and Sadhna Aggarwal. It was converted into Public limited company in theyear 1995 with initial promoters and three new promoter being Mr. Naresh Aggarwal, Mr. Rakesh Aggarwal and Mr.Kapil Aggarwal. Sunstar Overseas Limited is an integrated rice milling company. The company is primarily into the milling of basmati rice,with non basmati rice forming a very negligible portion. The company is not engaged in further processing of the by products like husk and the bran. They are all sold in the market except for husk of which 35-40% is used for steaming process (par boiling activity and to reduce moisture content in paddy). SOL was operating three plants (Bahalgarh, Moradabad and Amritsar) with total milling capacity of 73 TPH. The Moradabad plant has been shifted to company's factory in Bahalgarh as the lease has expired, however the total capacity remains same. VOLTAIC POWER: ICRA Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has moved the Issuer ratings of Voltaic Power Private Limited to the Issuer Not Cooperating category. The rating is denoted as [ICRA]B (Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B (Stable) ISSUER NOT COOPERATING; rating moved to Issuer Not Cooperating Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Voltaic Power Private Limited (VPPL) was established in 2014 as a partnership firm and later converted to a private limited company in 2016. The company manufactures a wide range of AC street lights, flood lights, solar inverters, heavy duty tubular batteries, LED high bay lights, high mast poles, solar lanterns, etc. The company also undertakes tender-based solar and electric lighting projects across India. The tenders are floated through the e-procurement system of the Government. The product profile of the company comprises various products like solar and AC street lights, solar panels, solar water heaters, solar water pumping systems and installation and maintenance projects of the lights. It procures solar panels, batteries, solar tubular poles and other raw materials from various vendors. The company has undertaken projects for entities like Uttarakhand Renewable Energy Development Authority, NKG Infrastructure, Patanjali Renewable Energy Ltd, USHA Shriram, etc. in FY2020. WARORA CHANDRAPUR: ICRA Raises Rating on INR203cr LT Loan from B ---------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 203.00 [ICRA]BBB- (Stable); Upgraded Fund based from [ICRA]B(Stable) and Term Loan removed from ISSUER NOT COOPERATING category Rationale Warora Chandrapur Ballarpur Toll Road Limited's (WCBTRL) rating have been removed from the 'Issuer Not Cooperating' category and the long-term rating has been upgraded after the company provided the necessary information required for the review of the assigned rating. The assigned rating favourably factors in the long toll collection track record of over seven years, with established traffic density and low alternate route risk. The rating draws support from the presence of structural features such as a funded debt service reserve account (DSRA, equivalent to three months of interest and principal obligation, maintained in the form of a fixed deposit of INR16 crore as on March 31, 2022), and a well-defined escrow mechanism. The rating considers the expectation of timely support from its parent group (Vishvaraj Group), which has a track record of extending timely financial support. The 16-year long tail period for the project also provides financial flexibility for debt refinancing. This apart, WCBTRL is expecting sizeable inflows from the claims/compensation awarded, which will support its liquidity position over the medium term. The rating, however, is constrained by the inadequacy of the project's toll collections to meet the debt servicing obligations in the current debt structure, which makes WCBTRL dependent on timely financial support from its parent group. The special purpose vehicle (SPV) is in the process of refinancing its debt repayment obligations with a longer tenure, which if materialises, should improve the coverage indicators and liquidity position. Notwithstanding the importance of the project stretch, low alternative route risk and willingness of the users to pay toll, it remains exposed to risks inherent in build-operate-transfer (BOT) toll road projects, including risks of development/improvement of alternative routes. Going forward, any significant moderation in the traffic growth rates from the anticipated levels could weaken the project metrics and increase the quantum of support requirement. Like any toll road project, the company has to undertake routine and periodic maintenance as per the Concession Agreement (CA). Its ability to manage the routine and periodic maintenance expenses, within the budgeted levels, remains critical from the credit perspective. WCBTRL is a single-asset SPV and remains exposed to high asset concentration risk, as it derives its revenues from a single stretch in Maharashtra. Its cash flows are also vulnerable to interest rate risk, considering the floating nature of interest rates for the project loan. The Stable outlook on [ICRA]BBB- rating reflects ICRA's opinion that the company will continue to benefit from its strong and reputed sponsor group – Vishvaraj Group, and its continued financial support to the project. Key rating drivers and their description Credit strengths * Long operational track record: The project stretch has a toll collection track record of over seven years with established traffic density. It links Maharashtra via Nagpur city to Chhattisgarh and connects via Ballarpur to Telangana. WCBTRL witnessed a compounded annual growth rate of 0.34% in traffic in passenger car unit (PCU) terms (including LMV) from FY2016 to FY2020, with 24% reduction in FY2021 on account of the pandemic-induced lockdown. However, with easing of restrictions and improvement in the commercial activity in the region, the stretch has witnessed robust traffic growth of 30% in FY2022, albeit on a lower base. * Presence of structural features: The presence of structural features such as benefit of DSRA (equivalent to three months of interest and principal obligation, maintained in the form of fixed deposit of INR16 crore as on March 31, 2022), and a welldefined escrow mechanism provide credit support to the term loan. * Track record of support from sponsor group and financial flexibility from presence of long tail period: There sponsor group has extended timely financial support to WCBTRL in the past. This along with the long residual concession life of the project is expected to result in the promoter group providing financial support to the company. Premier Financial Services Limited (PFSL), a part of Vishvaraj Group, has provided an undertaking to infuse funds on time (whenever required), to support the cash flow mismatch. The Vishvaraj Group has a healthy financial profile with sizeable, unencumbered cash and liquid investments in PFSL, which provides comfort in terms of its ability to support the cash flow mismatches. Further, the project has financial flexibility arising out of its 16-year long tail period, which can be used for debt refinancing. Credit challenges * Inadequate toll collection: The toll collection has been inadequate to meet the debt servicing requirement of the SPV in its current debt structure. In the past, the Government of Maharashtra (GoM) exempted car, jeep, LMV, school buses and buses of MSRTC from paying toll effective from June 1, 2015. This coupled with the pandemic-induced lockdown, and other external factors disrupting toll collection led to modest toll revenues since FY2016. As per the notification dated December 11, 2020, the GoM has agreed to provide INR33 crore compensation as one-time settlement for future toll losses on account of toll exemptions to certain vehicle category and introduced an additional category, viz. multi axle vehicle four-axle and above, to cover the losses for LMV exemption in future. The management expects to receive this compensation in FY2023 and utilize it to prepay the debt. The company has filed a total claim of INR77.9 crore for loss of toll revenue owing to the pandemic-induced lockdown, toll loss for the period April 01, 2020 – December 31, 2020, due to no change in the vehicle category, and delay in issue of toll notification during the commencement of operation. The DSCR for the project excluding the realization of these claims is projected to be marginally less than 1 times. Hence, till the receipt of claims filled by the company, the toll collection is expected to be insufficient and thus would necessitate timely financial support from the parent group over the medium term. * Project cash flows sensitive to traffic growth and interest rate risk: Notwithstanding the importance of the project stretch, low alternative route risk and willingness of the users to pay toll, the project remains exposed to risks inherent in BOT (toll) road projects, including risks of development/improvement of alternative routes. Going forward, any moderation in traffic growth rates from the anticipated levels could weaken the project metrics. The company derives its revenues from a single stretch in Maharashtra and faces high asset concentration risk as a single-asset SPV. Its cash flows are also exposed to interest rate risk, considering the floating nature of interest rates on the project loan. * Ensuring O&M expense and major maintenance expense within budgeted levels: Like any toll road project, WCBTRL has to undertake routine and periodic maintenance as per the CA. The company's ability to manage the routine and periodic maintenance expenses, within the budgeted levels, remains critical from the credit perspective. Liquidity position: Stretched The company's liquidity position remains stretched with inadequate cash flow from operations (excluding claims) to meet the debt repayment obligation of INR34.1 crore in FY2023. Timely support in the form of fund infusion by the sponsor group for meeting the shortfall is crucial for its liquidity position. The company has a DSRA, equivalent to three months of interest and principal obligation, in the form of fixed deposit of INR16 crore, along with unencumbered cash balances and cash equivalents worth INR1 crore as on March 31, 2022. Rating sensitivities Positive factors – ICRA could upgrade the rating if the company demonstrates healthy traffic growth on a sustained basis and prepayment of debt through proceeds from claims, thus improving the liquidity profile. The rating could also be upgraded in case of refinancing of debt while utilising the tail period such that there is an improvement in LLCR to 1.15 times. Negative factors – Negative pressure on the rating could arise if the traffic growth is lower than expected on a sustained basis or the company incurs higher-than-anticipated O&M expense on a consistent basis, or there is delay in timely financial support from the parent company impacting the liquidity. Additionally, the rating might be downgraded if WCBTRL takes on additional debt while refinancing, which weakens its coverage metrics. Parent/Group Company: Vishvaraj Group The rating assigned to WCBTRL factors in the likelihood of its ultimate parent group, Vishvaraj Group, extending financial support because of close business linkages between them. ICRA expects the Vishvaraj Group to be willing to extend financial support out of its need to protect its reputation from the consequences of a Group entity's distress. Consolidation/Standalone Standalone WCBTRL is an SPV incorporated for undertaking four-laning of the 63.6 km stretch between Warora and Ballarpur in Maharashtra for the Public Works Department (PWD), GoM on Design-Build-Finance-Operate-Transfer (DBFOT) basis. The CA between WCBTRL and PWD, GoM was signed in March 2010. As per the CA, the company is entitled to collect toll from users of the project road. The concession is valid for a period of 30 years from the appointed date (January 3, 2011). The scheduled commercial operation date (SCOD) for the project was January 2, 2014. However, due to delay in handover of the project and grant of right of way (RoW), the company achieved PCOD on August 18, 2014. The toll collection started from December 26, 2014, post toll notification by PWD, GoM. Till January 2022, the company was promoted by Vishvaraj Infrastructure Limited (VIL - 55%), IL&FS Transportation Networks Limited (ITNL - 35%) and by Diva Media Private Limited (10%). However, in February 2022, VIL bought entire stake of ITNL in the project. WHITEFIELD SPINTEX: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Whitefield Spintex (India) Private Limited Block No. 661 2 Takshashila Society Rajkot 360001 Insolvency Commencement Date: July 28, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: July 22, 2023 Insolvency professional: Mr. Chetan B. Patel Interim Resolution Professional: Mr. Chetan B. Patel 301, Akshar Stadia Opp. Symphony House Behind Armieda Cosmetic Center Bodakdev, Ahmedabad 380059 Gujarat E-mail: chetanpatelcs@gmail.com Last date for submission of claims: August 11, 2022 =============== M A L A Y S I A =============== IREKA CORP: On Track to Shed PN17 status ---------------------------------------- New Straits Times reports that Ireka Corp Bhd expects a gradual improvement in its financial performance given by a stronger orderbook and a new leadership line-up. According to the report, group managing director Mohd Hasnul Ismar Mohd Ismail said the company remains focused on sustaining its turnaround plan amidst the fluctuations in the cost of building and raw materials. NST relates that Mohd Hasnul said the turnaround plan is on track, which is currently at 40 per cent of what was planned by the company. "In terms of contract size, it has tripled to MYR1.2 billion compared to MYR270 million previously. "We have also strengthened our human resources with an experienced workforce that has the necessary expertise to power up the company's businesses," he told New Straits Times and Berita Harian in an interview. According to Mohd Hasnol, Ireka is raising MYR95 million via a private placement, NST relays. He said the exercise allowed the company to raise funds to support operating expenditures, improve human resources management, repay bank borrowings, and fund upcoming projects. "Our focus now is to rebuild our balance sheet. Some notable things have been done, such as reducing our debt to MYR20 million from MYR60 million previously. This has resulted in better financial strength for the company," he said. According to the report, Mohd Hasnol said Ireka is now formulating a plan to regularise its financial condition. "We are restoring the company. In addition, Ireka is finalizing our restructuring plan to shed the PN17 status. The plan is expected to be presented in September this year. "All efforts are going smoothly, and we hope to shed PN17 status in the middle of next year," he said. Going forward, Mohd Hasnol said Ireka would keep it focused on construction and real estate segments as the company has seen positive growth in those segments backed by the reopening of economic activities, the report relays. He said that in addition to securing new projects and exploring opportunities in construction and real estate, Ireka would diversify its presence in other business segments such as technology and renewable energy (RE). "We are looking at new opportunities. We see options that are easy to grab in construction and real estate development, such as affordable housing development, which is now our priority. "As for the construction segment, Ireka has expressed our interest in a tender request for proposal (RFP) for the MRT 3 project, road construction in Sabah and Sarawak, and bridge construction. "Last but not least, we expect returns from our overseas asset, Aseana Properties Ltd investment for this year. We aim to bring Aseana to a higher level. As for now, a committee has been formed internally to further leverage investments in this company," he added. About Ireka Corp. Malaysia-based Ireka Corporation Berhad is an investment holding company which provides civil, structural, and building construction. The Company, through its subsidiaries, also provides earthworks and leases construction plant and machinery. Ireka also operates online international auction trade and provides venture capital fund to internet, e-commerce, and related technology based companies. Ireka Corp Bhd has been classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements. In a filing with Bursa Malaysia on March 1, the construction and property developer said it had triggered the prescribed criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia Securities Bhd had rejected its application to extend the relief period, which ended on Feb. 26. IVORY PROPERTIES: Falls Under Bursa's PN17 Category --------------------------------------------------- Hailey Chung at theedgemarkets.com reports that Ivory Properties Group Bhd, whose external auditors have expressed a disclaimer of opinion on the company's audited financial statements for the financial year ended March 31, 2022 (FY22), is now an affected listed issuer under Practice Note 17 (PN17). theedgemarkets.com relates that the property developer, in announcing its admission into PN17 in a bourse filing on Aug. 1, said it triggered the prescribed criteria of PN17 on July 29 after Messrs KPMG PLT flagged material uncertainties about Ivory Properties's ability to continue as going concerns. According to the report, KPMG said Ivory Properties reported a net loss of MYR79.51 million during FY22, while the group's liabilities exceeded their current assets by MYR60.22 million. The auditors also noted that the group's cash and bank balances as at March 31, 2022 stood at MYR1.67 million, while the group recorded negative operating cash flows of MYR8.9 million for FY22. theedgemarkets.com relates that KPMG said that during the current financial year, Ivory had experienced difficulties in obtaining financing for its project developments and property acquisitions, termination of certain agreements and forfeiture of deposits. Subsequently, KPMG said the group missed the repayment of interest and principal payments that amounted to MYR1.98 million for certain loans and borrowings, of which the outstanding amount totalled MYR49.73 million, the report relays. "The above events and conditions indicate the existence of material uncertainties, which cast significant doubt on the ability of the group to continue as going concerns," KPMG said in the independent auditor's report filed to Bursa by Ivory Properties. The group is taking the necessary steps to formulate a regularisation plan to regularise its financial condition and it endeavours to submit to the relevant authorities by the end of July 2023, said Ivory Properties, theedgemarkets.com relays. The group will also continue its austerity measures focusing on cost saving to reduce monthly cash burn rate, as well as engage with financial institutions and secured lenders to discuss loan restructuring to avoid default in payment, it said. In the mean time, it plans to engage with unsecured creditors to discuss debt restructuring. "Barring any unforeseen circumstances, the group expects to resolve the issues relating to the disclaimer of opinion within the next financial year," it added. Ivory Properties Group Bhd. is a property development company. The Company's project portfolio includes medium to high-end apartments, luxury condominiums, semi-detached and bungalow homes, boutique gated communities, and retail and commercial lots. ===================== N E W Z E A L A N D ===================== AUCKLAND DRAWINGS: Court to Hear Wind-Up Petition on Aug. 26 ------------------------------------------------------------ A petition to wind up the operations of Auckland Drawings Limited will be heard before the High Court at Auckland on Aug. 26, 2022, at 10:00 a.m. Tanui Group Limited filed the petition against the company on July 5, 2022. The Petitioner's solicitor is: Jeffrey Gray Ussher United Legal Limited 300 Richmond Road Grey Lynn, Auckland 1021 DDL HOMES: Court to Hear Wind-Up Petition on Aug. 26 ---------------------------------------------------- A petition to wind up the operations of DDL Homes Central Limited will be heard before the High Court at Auckland on Aug. 26, 2022, at 10:00 a.m. Advance Scaffold (Auckland) Limited filed the petition against the company on July 4, 2022. The Petitioner's solicitor is: Kevin Patrick McDonald Kevin McDonald & Associates 11th Floor, 19-21 Como Street Takapuna, Auckland LDM ROOFING: Court to Hear Wind-Up Petition on Aug. 18 ------------------------------------------------------ A petition to wind up the operations of LDM Roofing Limited will be heard before the High Court at Christchurch on Aug. 18, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 21, 2022. The Petitioner's solicitor is: Jess Thomson Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 PIT STOP: Creditors' Proofs of Debt Due on Sept. 13 --------------------------------------------------- Creditors of Pit Stop Couriers 2018 Limited are required to file their proofs of debt by Sept. 13, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 2, 2022. The company's liquidators are: Lynda Smart Geoff Brown Rodgers Reidy PO Box 39090 Harewood, Christchurch 8545 WP2014 LIMITED: Creditors' Proofs of Debt Due on Sept. 5 -------------------------------------------------------- Creditors of WP2014 Limited are required to file their proofs of debt by Sept. 5, 2022, to be included in the company's dividend distribution. The High Court at Palmerston North appointed Richard Nacey and Wendy Somerville of PwC as liquidators on July 28, 2022. ================= S I N G A P O R E ================= STAR FORMULA: Creditors' Meetings Set for Aug. 12 ------------------------------------------------- Star Formula Marine Services Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on Aug. 12, 2022, at 10:00 a.m., via Zoom. Agenda of the meeting includes: a. to provide an update on the status of the liquidation; b. to appoint a Committee of Inspection for the purpose of such winding up; and c. consider any other matters which may be brought before the meeting. The company's liquidator: Farooq Ahmad Mann M/s Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore ================= S R I L A N K A ================= SRI LANKA: Leader Proposes 25-Year Plan for Crisis-Hit Nation ------------------------------------------------------------- Associated Press reports that Sri Lanka's new president said on Aug. 3 that his government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy as it seeks a way out of its worst economic disaster. According to the AP, President Ranil Wickremesinghe in his speech to Parliament said Sri Lanka needs long-term solutions and a strong foundation to stop a recurrence of economic crises. Massive public protests have blamed Wickremesinghe's ousted predecessor, Gotabaya Rajapakasa, and his powerful family for years of mismanagement and corruption that have bankrupt the nation and led to unprecedented shortages of essential imports like fuel, medicine and cooking gas. But many are still skeptical of Wickremesinghe and accuse him of trying to protect the former leader and his relatives, the report says. Sri Lanka announced in April that it is suspending repayment of foreign loans. Its total foreign debt is $51 billion, of which it must pay $28 billion by 2027, the AP discloses. The AP relates that Wickremesinghe said his government had initiated negotiations with the International Monetary Fund on a four-year rescue plan and had commenced the finalization of a debt restructuring plan. "We would submit this plan to the International Monetary Fund in the near future, and negotiate with the countries who provided loan assistance. Subsequently negotiations with private creditors would also begin to arrive at a consensus," he said. Wickremesinghe had said earlier that negotiations with the IMF have been difficult because of Sri Lanka's bankruptcy and that an expected early August target for an agreement with the agency was not possible and is now expected in September because of social unrest in the country, the AP relays. He said the hardships had eased somewhat with reduced power cuts, fertilizers being brought in for cultivation and cooking gas distribution improving. "Safety measures have been taken to avoid food shortages. Bringing essential drugs and medical equipment to the hospitals has been initiated. Schools have been reopened. Measures are being taken to overcome the impediments faced by the industries and export sectors," the report quotes Wickremesinghe as saying. Instead of relying on foreign loans for fuel imports, Sri Lanka should initiate a system where export income and foreign workers' remittances are used for purchases, Wickremesinghe, as cited by the AP, said. "We also have to limit selected imports in order to balance the payments for fuel. On the other hand, fuel supply has to be curtailed. These hardships would need to be borne until the end of this year." He thanked neighboring India's Prime Minister Narendra Modi for giving Sri Lanka a breath of life by providing timely assistance through credit lines and loans to buy food, medicine and fuel. The AP relates that Wickremesinghe said the government's aim is to create a surplus in the primary budget by the year 2025 and to bring down public debt, currently at 140% of GDP, to less than 100% by 2032. "The economy should be modernized. Economic stability should be established and transformed into a competitive export economy. In this context, we are now preparing the necessary reports, plans, rules and regulations, laws and programs," he said. "If we build the country, the nation and the economy through the national economic policy, we would be able to become a fully developed country by the year 2048, when we celebrate the 100th anniversary of independence," Wickremesinghe said. Wickremesinghe was elected president last month to complete the rest of Rajapaksa's five-year term, which ends in 2024, the recalls. Rajapaksa fled the country after protesters, furious over the economic hardships, stormed his official residence and occupied several key government buildings. The AP says Wickremesinghe cracked down on protests and many leaders of demonstrations have been arrested on charges of trespassing and damaging public property. Protest camps set up in front of the president's office were dismantled by armed soldiers who beat up protesters. However, Wickremesinghe on Aug. 3 denied that he was "hunting down" protesters. He said he will protect peaceful protesters and opened an office to handle complaints of any wrongful action. People who violated the law unknowingly or at the instigation of others will be dealt with "sympathetically" while those who were involved in violence intentionally will be prosecuted, he said. The AP adds that Wickremesinghe said that since young people had taken the lead in protests and wanted a change in the political system, he will make way for more youth to attend Parliament in the next election. "The next election should be the term of the youth. I consider that the creation of a new constitution with new attitudes in order to provide space for youth is one of the main priority tasks." He sought amity among political parties, saying only an all-party government can solve the country's problems. "The expectation of all the citizens of the country at this juncture is for all their representatives in Parliament to work together in order to build the country," he said. 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. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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