/raid1/www/Hosts/bankrupt/TCRAP_Public/220810.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, August 10, 2022, Vol. 25, No. 153
Headlines
A U S T R A L I A
CUNNINGHAM PROPERTY: Commences Wind-Up Proceedings
GEELONG FIRE: First Creditors' Meeting Set for Aug. 17
GTS TREE: Commences Wind-Up Proceedings
HADSEC GROUP: Commences Wind-Up Proceedings
METIGY: Freeze on AUD10M Mosman Mansion After Business Collapses
METRICON HOMES: General Manager Steps Down as Builder Restructures
NEWSTATE MEDIA: Second Creditors' Meeting Set for Aug. 15
RE:UNION OPERATIONS: Goes Bust, Liquidator Investigates
WAREMAN GROUP: First Creditors' Meeting Set for Aug. 16
C H I N A
[*] CHINA: Junk Bond Arranger Predicts More Ch. 15 Bankruptcies
I N D I A
A RAJA: CARE Keeps D Debt Rating in Not Cooperating Category
BHILAI ENGINEERING: CARE Withdraws D Rating on LT/ST Loan
GVR BEHARI: CARE Keeps D Debt Rating in Not Cooperating Category
GVR KHANDAPHOD: CARE Keeps D Debt Rating in Not Cooperating
GVR PANNA: CARE Keeps D Debt Rating in Not Cooperating
ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category
K. M. M. FOODS: CARE Keeps D Rating in Not Cooperating Category
MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category
NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating
PANCHAMI ELECTRONICS: CARE Keeps C Rating in Not Cooperating
PRERNA STRIPS: CARE Keeps C Debt Rating in Not Cooperating
PUNE SHOLAPUR: CARE Keeps D Debt Rating in Not Cooperating
ROAD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
SIYARAM COTTON: CARE Keeps C Rating in Not Cooperating Category
SRIKANTH INTERNATIONAL: CARE Keeps D Rating in Not Cooperating
SUNLIT ELEMENTS: CARE Keeps D Debt Rating in Not Cooperating
T. R. POLY: CARE Keeps D Debt Rating in Not Cooperating Category
THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating
TV VISION: CARE Keeps D Debt Rating in Not Cooperating Category
N E W Z E A L A N D
COASTLINE CONCRETE: Court to Hear Wind-Up Petition on Aug. 19
HEI JONSEY: Court to Hear Wind-Up Petition on Aug. 23
MORECROFT PROJECTS: Creditors' Proofs of Debt Due on Nov. 4
NAIDU ENTERPRISES: Creditors' Proofs of Debt Due on Oct. 4
WHITE CLOUD: Creditors' Proofs of Debt Due on Sept. 2
S I N G A P O R E
ECOSPEC MARINE: Creditors' Meetings Set for Sept. 8
HODLNAUT TRADING: Crypto Lender Suspends Withdrawals
SINGAPORE HYOREI: Commences Wind-Up Proceedings
SWISSCO ASIA: Creditors' Meetings Set for Sept. 9
VIKUDHA SINGAPORE: Creditors' Meetings Set for Aug. 19
ZIPMEX: To Start Releasing Bitcoin, Ether for Customers
- - - - -
=================
A U S T R A L I A
=================
CUNNINGHAM PROPERTY: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Cunningham Property Consultants Pty Ltd, on Aug. 9,
2022, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Scott Andersen
Worrells Solvency & Forensic Accountants
Level 15, 114 William Street
Melbourne, Victoria
GEELONG FIRE: First Creditors' Meeting Set for Aug. 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Geelong Fire
Services Pty Ltd will be held on Aug. 17, 2022, at 12:00 p.m. via
Microsoft Teams video and telephone conference.
Jeremy Joseph Nipps and Thomas Birch and Glenn Spooner of Cor
Cordis were appointed as administrators of the company on Aug. 5,
2022.
GTS TREE: Commences Wind-Up Proceedings
---------------------------------------
Members of GTS Tree Services Pty Ltd, on Aug. 9, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Stephen John Hundy
Worrells
Level 2, AMP Building 1 Hobart Place
Canberra, ACT 2601
HADSEC GROUP: Commences Wind-Up Proceedings
-------------------------------------------
Members of Hadsec Group Pty Ltd, on Aug. 8, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Liam Thomas Bailey
O'Brien Palmer
Level 9
66 Clarence Street
Sydney, NSW 2000
METIGY: Freeze on AUD10M Mosman Mansion After Business Collapses
----------------------------------------------------------------
The Sydney Morning Herald reports that a Sydney entrepreneur's
house has been caught up in the collapse of his start-up after two
separate freezes were placed on his AUD10.5 million Mosman
mansion.
Marketing technology company Metigy abruptly collapsed in July,
leaving its 75 staff stunned. Some employees had been recruited
only a month before the collapse and the company was still
advertising jobs when it went into administration at the behest of
investors. Metigy, which was co-founded by entrepreneur David
Fairfull, raised AUD20 million in 2020 and was reportedly trying to
raise capital earlier this year at a valuation of AUD1 billion, SMH
recalls.
According to SMH, The Australian Financial Review was first to
report on the company's collapse into administration, which it said
was triggered by investors eager to see a full audit of Metigy's
finances.
Last week, some investors went further, SMH relates. On Aug. 8,
entities associated with investment funds Five V Capital and Regal
Funds Management engaged lawyers at Allens to lodge a caveat over
Mr. Fairfull's Mosman property. On Aug. 9, Metigy's administrators
had their lawyers, Addisons, lodge a similar caveat.
The six-bedroom, five-bathroom trophy home with expansive harbour
views was sold in September last year to Mr. Fairfull, and a woman
who appears to be his wife, SMH discloses citing legal records.
At the time, Metigy was riding high with tens of millions banked
from investors who believed in its plans to use artificial
intelligence to improve digital marketing and its partnerships with
web giant Google and telecommunications network Optus.
On its website and in media stories, Metigy spruiked a "reseller
partnership" in which the telecommunications giant would offer
Metigy's marketing products to its more than 400,000 small business
clients, SMH says.
In response, an Optus spokesman issued a brief statement on Aug. 8
saying that it had facilitated networking opportunities for
Australian start-ups and small businesses in 2018. "Metigy
participated, but as of today there is no active contractual
arrangements," the spokesman said.
It is highly unusual for personal assets such as real estate to be
caught up in the collapse of a start-up business backed by
professional investors.
A caveat is a legal tool that anyone claiming a legal interest in a
property can lodge in Australia's land title system which restricts
how property can be bought and sold. It is not clear exactly why
the investors and Metigy have taken out the caveats, or whether
their interests could actually be enforced against Mr. Fairfull. No
other legal proceedings have been commenced.
In one document, Five V and Regal claim they have an "equitable
interest in the land". In a qualification to the restrictions they
are seeking on the land, the funds say "the registered proprietor
funded the purchase price for the land using monies held on
constructive trust for the caveator".
Metigy only said that it has an "equitable interest arising from
implied trust". It refers to an "agreement" between the company and
the Fairfulls in November to support its claim, but provides no
details beyond that.
Mr. Fairfull (not the David Fairfull who chairs accountancy Hall
Chadwick) did not respond to emails to his Metigy address, an
attempt to make contact via LinkedIn or calls and texts to a phone
number associated with a property listed as his address on
corporate documents. A spokeswoman for administrator Simon Cathro,
of Cathro & Partners, also declined to comment.
Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based
Metigy provided an all-in-one marketing platform tailored for the
needs of SMEs. The Metigy platform includes video creation and
image editing systems, a live ad creation tool, and a
‘marketing
command center' providing "recommendations tailored to your
brand".
Simon Cathro and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on July 29, 2022.
METRICON HOMES: General Manager Steps Down as Builder Restructures
------------------------------------------------------------------
News.com.au reports that the Queensland general manager of troubled
builder Metricon has resigned, days after the company announced
around 225 staff would be sacked in a national restructure.
News.com.au relates that Luke Fryer, who had been with the company
for 15 years starting as a sales estimator in 2007, was previously
NSW GM before moving back to his home state of Queensland in 2020.
Metricon director Jason Biasin announced Mr. Fryer's resignation in
an email to staff on Aug. 5, news.com.au says.
"The last two years have seen more challenges in our industry than
ever before," Mr. Biasin wrote.
"Luke's commitment to our people, to me personally and our business
has been unwavering and will not be forgotten. We wish Luke all the
best for the future and he will always remain a part of the
Metricon family."
He added, "I know this week has been very difficult for everyone
and I thank you all for your professional and compassionate
approach to the tasks at hand and looking after each other. I look
forward to sharing more positive news with you next week."
On Aug. 1, Metricon announced it would be shedding 9%, or about 225
of its 2500-strong national workforce, in a restructure "to better
accommodate and reflect the requirements of the current market".
The affected roles are largely in sales and marketing, the report
notes.
The country's largest home builder was plunged into crisis in May
amid reports it was on the verge of financial ruin and engaging in
crisis talks with the Victorian government, following the sudden
death of its founder Mario Biasin.
News.com.au says acting chief executive Peter Langfelder has
repeatedly shot down those allegations, but a question mark still
hangs over Metricon's future despite the company's directors
injecting AUD30 million into its business to allay fears about its
survival, and a rescue deal being struck with Commonwealth Bank.
Last month, Metricon listed nearly 60 display homes for sale across
NSW, Queensland, South Australia and Victoria, worth a total of
around AUD65 million, the report recalls.
Staff who were informed of the restructure during a Microsoft Teams
meeting last week said those who had remained with the company
rather than jumping ship "basically had the rug pulled out from
under them".
"It has not been received well by some of them," one NSW staff
member told news.com.au. "I'm a little bit burnt by the whole
situation."
In a statement on Aug. 2, Metricon confirmed it was in the "process
of an internal restructure of the business, with an increased focus
on delivering homes to more than 6000 Australians whose houses will
be constructed this year".
"To better accommodate and reflect the requirements of the current
market and ensure the most appropriate deployment of resources,
Metricon is working to appropriately reduce its sales and marketing
capability while it focuses on the construction and delivery of
more than 6,000 homes," a spokeswoman said.
Metricon Homes is a home builder headquartered in Melbourne,
Australia. The company builds homes, develops land, sells house and
land packages and constructs commercial buildings.
NEWSTATE MEDIA: Second Creditors' Meeting Set for Aug. 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of Newstate Media
Pty Ltd, trading as Canberra Daily, Zoobee, Sydney Weekly,
Wollongong Daily, Newcastle Weekly, Newcastle Daily, Illawarra
Daily, Canberra Weekly, Canberra Weekly Magazine, Canberra News
Weekly, Canberra Daily, Canberra Insight, Wollongong Weekly and
Illawarra Weekly, has been set for Aug. 15, 2022, at 10:00 a.m. via
Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 12, 2022, at 5:00 p.m.
Ezio Senatore of Eddie Senatore Advisory was appointed as
administrator of the company on July 11, 2022.
RE:UNION OPERATIONS: Goes Bust, Liquidator Investigates
-------------------------------------------------------
The Sydney Morning Herald reports that liquidators are
investigating after F45 co-founder and celebrity trainer Luke
Istomin's gym company went bust owing more than $2.6 million,
including an estimated AUD363,000 to employees.
SMH relates that Liam Bailey, a partner at O'Brien Palmer
insolvency and business advisory firm, is examining the
circumstances that led to the downfall of Re:Union Operations,
including whether there is any evidence of insolvent trading and
breaches of director's duties.
WAREMAN GROUP: First Creditors' Meeting Set for Aug. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Wareman
Group Pty Ltd will be held on Aug. 16, 2022, at 12:00 p.m. via
virtual meeting technology.
Adam Shepard of Setter Shepard was appointed as administrator of
the company on Aug. 4, 2022.
=========
C H I N A
=========
[*] CHINA: Junk Bond Arranger Predicts More Ch. 15 Bankruptcies
---------------------------------------------------------------
Bloomberg News reports that a top arranger for Chinese junk dollar
bonds said that a type of filing under the US bankruptcy code will
play an important role for China's distressed developers to
restructure debt, buying them time to pay back creditors until
markets recover.
About 10 Chinese real estate companies could use so-called schemes
of arrangement to restructure debt in a holistic fashion this year,
Chen Yi, head of global capital markets at Haitong International
Securities Group Ltd., said in an interview, Bloomberg relays. As
part of the process they could use Chapter 15 filings to bind the
terms in the US, preventing creditors from suing them there.
According to Bloomberg, Mr. Chen sees more companies turning to the
procedure as distressed debt piles up amid a broader crisis in
China's property sector. At least $736 billion owed to creditors
may be at risk of restructuring or a haircut, Bloomberg
Intelligence calculates. For banks and brokerages in Hong Kong,
debt restructuring revenue has become increasingly important, as
they grapple with a slump in underwriting businesses amid a bond
issuance drought.
An arcane concept in the world of credit overhauls, a scheme of
arrangement is a compromise on debt restructuring between a company
and its lenders that can be approved by courts, including in
jurisdictions such as the Cayman Islands where some developers have
corporate entities, Bloomberg relays. If a foreign court approves
the scheme, the debtor may seek orders under Chapter 15 in the US
to have it enforced there.
"Schemes of arrangement are painful and frustrating, but it's
necessary as it helps property developers cope with short-term
liquidity crunches and lets creditors recover their money longer
term," Bloomberg quotes Mr. Chen as saying. The property sector
could recover late this year after the government issues clearer
policies to support it, he added.
Schemes of arrangement have traditionally had a negative
connotation in the Chinese language. In order to make companies
more open to accepting the concept, bank advisers have tweaked the
description, conferring the process with a more neutral name that
avoids mentioning bankruptcy, Mr. Chen said.
Already Haitong has used the process to restructure $780 million of
debt at Chinese developer RiseSun Real Estate Development Co.,
creating a template for similar overhauls to come. RiseSun filed a
Chapter 15 petition in February to "recognize the BVI scheme
arrangements for its offshore debt exchange." It was followed by
Modern Land China Co. in June.
"Under Chapter 15 everyone could benefit because it provides
certainty," said New York-based Francisco Vazquez, senior counsel
focusing on bankruptcy and restructuring at Norton Rose Fulbright.
"Creditors would have more certainty knowing that the debt will be
restructured in a holistic fashion under a Chinese procedure,
without having to worry that other creditors might chip away assets
by individual lawsuits in the US."
Even companies once considered safe are buckling under China's
stringent Covid control measures that have dampened economic growth
and home buyer interest, Bloomberg relays.
Defaults hit a record last year that 2022 is expected to surpass.
High-profile failures at some of the biggest builders have driven
more than $25 billion of delinquencies since January.
Not all creditors might be willing to agree to the procedure,
though, as a restructuring package could take years before they can
reclaim their money. But for schemes of arrangement in Cayman and
BVI, only 75% of creditors in value need to vote in favor to move
forward with the arrangement, according to PricewaterhouseCoopers
LLP.
If there are a significant number of bondholders who haven't backed
the restructuring proposal, it guards the companies against the
risk of creditors pursing litigation in the US, said Andrew Payne,
restructuring parter at law firm Linklaters LLP.
For Haitong International itself, the firm is trying to diversify
revenue income, hedging the blow from a rout in debt issuance which
accounted for about 90% of revenue for the debt capital markets
team last year.
Financial firms in Hong Kong have been laying off bankers amid a
slowdown in deal flow. But when asked, Chen says that he doesn't
foresee layoffs later this year on the debt capital markets team,
which currently has about 30 people.
Debt restructuring revenue now accounts for about half of the
team's revenue, while the rest mostly comes from credit issuance
for local government vehicles and state-owned enterprise, Chen
said.
Green bond issuance is another revenue contributor. Haitong
International completed 14 green and sustainable bond issuances in
the first half of this year, with the total fundraising amount
exceeding $6 billion, adds Bloomberg.
=========
I N D I A
=========
A RAJA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A Raja
Cottex (ARC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.13 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 31, 2021,
placed the rating(s) of ARC under the 'issuer non-cooperating'
category as ARC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ARC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 26, 2022, May 6, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ARC is a partnership firm established by six partners led by Mr
Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya in the year 2013. Mr
Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya have 33 years and 13
years of industry experience, respectively. ARC is engaged into the
business of cotton ginning and pressing. Its plant is located at
Amreli (Gujarat).
BHILAI ENGINEERING: CARE Withdraws D Rating on LT/ST Loan
---------------------------------------------------------
CARE has reaffirmed and simultaneously withdrawn outstanding rating
of 'CARE D; Issuer Not Cooperating/CARE D; Issuer Not Cooperating'
assigned to the bank facilities of Bhilai Engineering Corporation
Limited (BECL) with immediate effect. The rating withdrawal is at
the request of BECL and 'No Objection Certificate' received from
the banks that have extended the facilities rated by CARE.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ - CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category;
Reaffirmed and withdrawn
Long Term Bank - CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category; Reaffirmed and
withdrawn
Detailed description of the key rating drivers
At the time of last rating on June 20, 2022 the following was the
rating weaknesses updated based on feedback received from the
bankers as well as publicly available information i.e. ROC
filings.
Key Rating Weaknesses
* Ongoing delays in debt servicing: Based on an interaction the
banker there are ongoing delays in debt servicing on account of
stressed liquidity.
Bhilai Engineering Corporation Limited (BECL) is a public limited
company which was setup in 1960. Mr. A.K. Jain is the Chairman and
Mr. Veenu Jain is the Managing Director of BECL. The company is
into the manufacturing of specialized equipment's and products for
heavy engineering industries. It is also into manufacturing of
fertilisers and food products. The company has its shares listed on
BSE however, they stand suspended due to penal reason since 01
October, 2002. The company has issued a notice dated October 15,
2020 seeking approval from public shareholders through a postal
ballot for voluntary delisting from the BSE platform.
GVR BEHARI: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVR Behari
Hanumana Tollway Private Limited (GBHTPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 11, 2021,
placed the rating(s) of GBHTPL under the 'issuer non-cooperating'
category as GBHTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GBHTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2022, April 6, 2022, April 17, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GVR Behari Hanumana Tollway Private Limited (GBHTPL) was
incorporated on November, 2011. GBHTPL is a special-purpose vehicle
promoted by GVR Infra Projects Limited for strengthening, widening,
maintaining Behari-Hanumana road (Madhya Pradesh) on build operate
transfer basis.
GVR KHANDAPHOD: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVR
Khandaphod Bijwad Road Project Private Limited (GKBRPPL) continues
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 150 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 11, 2021,
placed the rating(s) of GKBRPPL under the 'issuer non-cooperating'
category as GKBRPPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. GKBRPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 27, 2022, April 6, 2022, April 17, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 2011, GVR Khandaphod Bijwad Road Project Private
Limited is a special purpose vehicle promoted by GVR Infra Projects
Ltd to design, develop construct, operate, and maintain the
136–kilometer stretch of road between Khandaphod – Nachalbor
and Bijwad – Kushmaniyan- Haran – Deepgaon. The project has
been awarded by Madhya Pradesh Road Development Corporation Limited
(MPRDC) on a semi-annual annuity of INR19.53 crore.
GVR PANNA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVR Panna
Amanganj Tollway Private Limited (GPATPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 11, 2021,
placed the rating(s) of GPATPL under the 'issuer non-cooperating'
category as GPATPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GPATPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2022, April 6, 2022, April 17, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in October 2011, GVR Panna Amanganj Tollway Private
Limited is a special purpose vehicle (SPV) set up to Undertake0 the
strengthening, widening, operating, and maintaining of a
58.18-kilometre stretch of the state highway 47 in Madhya Pradesh.
The SPV is floated by GVR Infra Projects Ltd. The project is being
executed on a hybrid toll-plus-annuity model.
ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ITNL Road
Infrastructure Development Company Limited (IRIDCL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.24 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 01, 2021,
placed the rating(s) of IRIDCL under the 'issuer non-cooperating'
category as IRIDCL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IRIDCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 27, 2022, May 7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ITNL Road Infrastructure Development Company Ltd. (IRIDCL) is a
Special Purpose Vehicle (SPV) floated by IL&FS Transportation
Networks Ltd. (ITNL, rated CARE D; Issuer Not Cooperating) for
two-laning of National Highway (NH-8) from 58.245 km to 177.05 km
(approximately 116 km) on Gomti – Beawar section in the State of
Rajasthan (traversing two districts viz. Ajmer and Rajsamand) on a
Design, Build, Finance, Operate and Transfer (DBFOT) basis. CARE
does not have any update on the latest developments in this
regard.
K. M. M. FOODS: CARE Keeps D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. M. M.
Foods Private Limited (KMMFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.66 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of KMMFPL under the 'issuer non-cooperating'
category as KMMFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KMMFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13, 2022, April 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
KFPL was incorporated in 2007 by Mr Prem Manglani and Mr. Ghanshyam
S Manglani. It is a contract-based manufacturer of Parle 20-20
biscuits for Parle Products Limited (PPPL). The company has its
manufacturing unit in Ahmedabad, Gujarat.
MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa Ganga
Rice Mill (MGRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.80 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.32 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 20, 2021,
placed the rating(s) of MGRM under the 'issuer non-cooperating'
category as MGRM had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MGRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2022, April 15, 2022, April 25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Maa Ganga Rice Mill (MGRM) was set up as a partnership firm in the
year 1996 by Shri Rajendra Prosad Agarwala and his brother Shri
Tarak Nath Agarwala of Burdwan, West Bengal. Later on, in 2000, it
has been converted into proprietorship entity in the name of
Rajendra Prasad Agarwala. The entity is engaged in the processing
and milling of rice. The milling unit of the entity is located at
Burdwan, West Bengal with processing capacity of 18,000 Metric
Tonne Per Annum (MTPA). MGRM procures paddy from farmers & local
agents and sells its products through the wholesalers and
distributors in the state of West Bengal.
NAVBHARAT FUSE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navbharat
Fuse Company Limited (NFCL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 23.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 19, 2021,
placed the rating(s) of NFCL under the ‘issuer non-cooperating’
category as NFCL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NFCL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2022, April 14, 2022, April 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Navbharat Fuse Company Ltd (NFCL) was incorporated in 1988 for
manufacturing of industrial explosives at Raipur, Chhattisgarh. The
company produces bulk and cartridge explosives with an aggregate
installed capacity of 50,000 tons per annum (TPA). The company
supplies explosives majorly to Coal India Ltd (CIL) and its
subsidiaries including South Eastern Coalfields Ltd, Northern
Coalfields Ltd, Eastern Coalfields Limited, etc. Apart from NFCL,
the Navbharat group carries out the explosives business through
another legal entity i.e. Navbharat Explosives Company Limited
(NECL). This apart, the company is also engaged into manufacturing
of sponge iron with a 60,000 TPA plant at Jagdalpur, Chhattisgarh.
The Navbharat group also has interest in real estate activities
which it carries out through its group companies. The main
promoters of the group – the Singh family of Raipur –have over
three decades of track record in the industrial explosives segment.
PANCHAMI ELECTRONICS: CARE Keeps C Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Panchami
Electronics Private Limited (PEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.60 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 7, 2021,
placed the rating(s) of PEPL under the ‘issuer non-cooperating’
category as PEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 23, 2022, April 2, 2022, April 12, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Panchami Electronics Private Limited (PEPL) was promoted by Mr
Jwalaprasad in February 2007. Initially, PEPL started with one Sony
Exclusive showroom at Chilimbi, Mangaluru. Later, the company added
three more Sony brand stores located at Kodialbail, Kankanady, and
Udupi. PEPL also started one exclusive retail outlet of Panasonic
at Balmatta, Mangaluru. PEPL has one sister concern company
Panchami Distributors Private Limited (PDPL) which started
operations during the year 2009. The Board of Directors is the same
as of PEPL. Through PDPL, the company started wholesaling and
became the distributors for Panasonic and Onida. Later, it also
added Sony, Whirlpool, Haier, Bosch and Intex in their
distribution.
PRERNA STRIPS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prerna
Strips (PS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.65 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 25, 2021,
placed the rating(s) of PS under the 'issuer non-cooperating'
category as PS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2022, May 21, 2022, May 31, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
PS was established as a proprietorship firm in 2011. PS is engaged
in the manufacturing of steel products at its manufacturing
facility located in Derabassi, Punjab.
PUNE SHOLAPUR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pune
Sholapur Road Development Company Limited (PSRDCL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 736.46 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 01, 2021,
placed the rating(s) of PSRDCL under the 'issuer non-cooperating'
category as PSRDCL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PSRDCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 27, 2022, May 7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2009, Pune-Sholapur Road Development Company
Limited (PSRDCL) is a Special Purpose Vehicle (SPV) floated by
IL&FS Transportation Networks Ltd. (ITNL, rated CARE D/ Issuer Not
Cooperating). PSRDCL was awarded project by National Highways
Authority of India (NHAI, rated CARE AAA; stable) to undertake
design, engineering, construction, development, finance and
operation & maintenance of four laning of Pune-Sholapur section of
NH-9 from km 144.400 to km 249.000 in the State of Maharashtra
under National Highways Development Project Phase III on design,
build, finance, operate and transfer (DBFOT) basis. CARE does not
have any update on the latest developments in this regard.
ROAD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Road
Infrastructure Development Company of Rajasthan Limited (RIDCOR)
(RIDCORL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,056.51 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 1, 2021,
placed the rating(s) of RIDCORL under the ‘issuer
non-cooperating’ category as RIDCORL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RIDCORL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 17, 2022, April 27,
2022, May 7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Road Infrastructure Development Company of Rajasthan Limited
(RIDCOR) is promoted by IL&FS Transport Networks, rated CARE D,
holds 50%) and Government of Rajasthan (GoR, entities guaranteed by
GoR together hold another 50%). IL&FS and RIDCOR entered into
Partnership & Development Agreement (DA) for 32 years with GoR in
2005 towards development of mega highways.
SIYARAM COTTON: CARE Keeps C Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Siyaram
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.90 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of SCI under the 'issuer non-cooperating'
category as SCI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ratlam (Madhya Pradesh) based Siyaram Cotton Industries (SCI) was
established in October 2017 by Mr. Manoj Agrawal, Mr. DL Agrawal,
Ms. Rekha Agrawal and Ms. Aarti Agrawal as a partnership concern.
The firm was formed with an objective to set up green field project
for cotton ginning and pressing at Ratlam, Madhya Pradesh. SCI
envisaged total project cost of INR6 crore towards the project
which envisaged to be funded through term loan of INR4.00 crore and
remaining of INR2.00 crore through unsecured loans and share
capital. The plant of the company will have installed capacity to
manufacture cotton bales of 400 Bales per Day (BPD).
SRIKANTH INTERNATIONAL: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srikanth
International Private Limited (SIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 36.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 26, 2021,
placed the rating(s) of SIPL under the 'issuer non-cooperating'
category as SIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 11, 2022, April 21, 2022, May 1, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient
to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Srikanth International Private Limited was established in 2008 as a
partnership firm which was later on incorporated as private limited
company on March 15, 2018. The company is promoted by Mr. Suresh
Kumar Voleti and Ms. Jaya Voleti. The company is engaged in the
business of processing and exporting of cultured shrimps to USA, EU
and Middle East, etc. The company's own processing facility is
located at Someswaram, Andhra Pradesh with plate freezers of 15
MT/day, blast Freezer of 5 MT/day, Individual Quick Freezing (IQF)
of 20 MT/day, grading machine of 1000 Kg/hr, flack ice machine of
50 MT/day and Cold storage capacity of 1800 MT.
SUNLIT ELEMENTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sunlit
Elements Private Limited (SEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 24, 2021,
placed the rating(s) of SEPL under the 'issuer non-cooperating'
category as SEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2022, April 19, 2022, April 29, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sunlit Elements Private Limited (SEPL) was incorporated in the year
2016, by Mr. Mohsin Khan, Mrs. Shazia Parveen Khan, Mr. Machiraju
Madhava Vasu and Mrs. V. Pranitha. The company is engaged in
manufacturing of High-density polyethylene (HDPE) drums. The
manufacturing unit is located at Ranga Reddy district, Telangana.
T. R. POLY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of T. R. Poly
Pet Industries (TRPPI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.86 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 14, 2021,
placed the rating(s) of TRPPI under the 'issuer non-cooperating'
category as TRPPI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TRPPI continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2022, May 10, 2022, May 20, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Lucknow (Uttar Pradesh) based TRPPI was established in 2009 by Mr
Chandra Shekhar Verma as a proprietorship concern. The firm is
engaged in manufacturing of pet preform and jar at its anufacturing
facility located in Barabanki (Uttar Pradesh).
THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Thiruvananthpuram Road Development Company Limited (TRDCL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 42.02 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated June 01, 2021,
placed the rating(s) of TRDCL under the 'issuer non-cooperating'
category as TRDCL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TRDCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 27, 2022, May 7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which, however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Thiruvananthpuram Road Development Company Limited (TRDCL) is an
SPV formed and equally owned by IL&FS Transportation Networks
Limited (ITNL, rated CARE D; Issuer Not Cooperating) and Punj Lloyd
Limited (PLL, rated CARE D; Issuer Not Cooperating). The company
was incorporated on March 1, 2004 to design, finance, construct,
operate and maintain the road network of 42.07 km within the
capital city of Thiruvananthpuram, Kerala. CARE does not have any
update on the latest developments in this regard.
TV VISION: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of TV Vision
Ltd. (TVVL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 24.39 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed rationale and key rating drivers
CARE had, vide its press release dated January 3, 2018, placed the
rating of TVVL under the 'issuer non cooperating' category as TVVL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. TVVL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 10,
2021 and May 30, 2021 among others.
In line with the extant SEBI guidelines, CARE has reviewed the
rating based on the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings consider the ongoing delay in servicing debt
obligations primarily on account of slowdown in business
performance and stretched working capital cycle resulting in
deterioration of liquidity position of the company.
Detailed description of the key rating drivers
Key Rating Weakness
* Ongoing Delay in debt servicing: As per the recent audit report
for FY22 and Audit Report available with the company's stock
exchange disclosure for 22 results available with the company's
stock exchange disclosure for FY22 results, there are ongoing
delays in debt servicing. Further, the financial report mentions
that the account has been classified as Non-Performing Asset (NPA)
by the banks due to delay in repayment of loans taken from the
banks.
TV Vision Ltd (TVVL) is engaged in the business of broadcasting.
The company has channels like Mastiii, Dabangg, Maiboli, Dhamaal
and Dillagi. Mastiii is music channel for pan India. Dabangg and
Dhamaal are R-GECs catering to the Hindi-speaking belt of Bihar,
Uttar Pradesh and Jharkhand and Gujarat respectively. Maiboli is a
regional Marathi channel for Maharashtra while Dillagi is a
dedicated TV channel for small towns and villages of India. At
present, the group operates in two major segments i.e. (i) content
production and distribution/syndication and (ii) broadcasting.
=====================
N E W Z E A L A N D
=====================
COASTLINE CONCRETE: Court to Hear Wind-Up Petition on Aug. 19
-------------------------------------------------------------
A petition to wind up the operations of Coastline Concrete &
Landscaping Limited will be heard before the High Court at Gisborne
on Aug. 19, 2022, at 9:30 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 31, 2022.
The Petitioner's solicitor is:
C. D. Walmsley
Inland Revenue, Legal Services
21 Home Straight (PO Box 432)
Hamilton
HEI JONSEY: Court to Hear Wind-Up Petition on Aug. 23
-----------------------------------------------------
A petition to wind up the operations of Hei Jonsey Limited will be
heard before the High Court at Rotorua on Aug. 23, 2022, at 10:00
a.m.
Multispares N.Z. Limited filed the petition against the company on
May 20, 2022.
The Petitioner's solicitor is:
Helen Brown
Gibson Sheat Lawyers, L5
50 Customhouse Quay
Wellington 6011
MORECROFT PROJECTS: Creditors' Proofs of Debt Due on Nov. 4
-----------------------------------------------------------
Creditors of Morecroft Projects Limited are required to file their
proofs of debt by Nov. 4, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 5, 2022.
The company's liquidators are:
Larissa Logan
Rhys Cain
EY
PO Box 2146
Auckland 1140
NAIDU ENTERPRISES: Creditors' Proofs of Debt Due on Oct. 4
----------------------------------------------------------
Creditors of Naidu Enterprises Limited and Build Republic Limited
are required to file their proofs of debt by Oct. 4, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 4, 2022.
The company's liquidators are:
Elizabeth Helen Keene
Luke Norman
KPMG Christchurch
Level 5
79 Cashel Street
Christchurch 8140
WHITE CLOUD: Creditors' Proofs of Debt Due on Sept. 2
-----------------------------------------------------
Creditors of White Cloud Restaurant Limited are required to file
their proofs of debt by Sept. 2, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 2, 2022.
The company's liquidator is David Thomas.
=================
S I N G A P O R E
=================
ECOSPEC MARINE: Creditors' Meetings Set for Sept. 8
---------------------------------------------------
Ecospec Marine Technology Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Sept. 8,
2022, at 10:00 a.m., via video-conference and/or tele-conference..
Agenda of the meeting includes:
a. to update on the liquidation administration;
b. to update on the liquidation administration;
c. to approve the Liquidators’ application to Court for
release
and discharge, and for dissolution of the company; and
d. any other matters.
The company's liquidator is Tan Wei Cheong.
HODLNAUT TRADING: Crypto Lender Suspends Withdrawals
----------------------------------------------------
Reuters reports that Hodlnaut, a Singapore-based crypto currency
lender and borrower, has suspended withdrawals, swaps and deposits,
the company said on Aug. 8, the latest sign of stress in the
cryptocurrency industry.
Reuters relates that the crypto lender also said it would withdraw
its application for a licence from the Monetary Authority of
Singapore (MAS) to provide digital token payment services, for
which it received in principle approval in March.
According to the report, Hodlnaut said the move was "due to recent
market conditions" and was "to focus on stabilising our liquidity
and preserving assets".
The company is the latest in a string of crypto players globally to
run into difficulties following a sharp sell off in markets that
started in May with the collapse of two paired tokens, Luna and
TerraUSD.
Other high profile failures include U.S. crypto lender Celsius, and
Singapore-based fund Three Arrows Capital, both of which filed for
bankruptcy last month.
Hodlnaut was named as one of Celsius' institutional clients,
according to court filings cited by Reuters.
Singapore, a major centre for crypto and blockchain in Asia, has
seen several crypto companies run into difficulties in recent
months.
Vauld, a Singapore-based crypto lending and trading platform,
suspended withdrawals in early July, and later that month, Zipmex,
a Southeast Asia-focused crypto exchange, suspended withdrawals,
though has since resumed them for some products, Reuters relays.
Hodlnaut Trading Limited -- https://www.hodlnaut.com/ -- is a
Singapore-based platform that provides innovative financial
services for individual investors who can earn interest on their
cryptocurrencies.
SINGAPORE HYOREI: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Singapore Hyorei Private Limited, on Aug. 3, 2022,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Mr. Chua Kaw Kia @ Chua Soo Chiew
101 Upper Cross Street
#06-11 People's Park Centre
Singapore 058357
SWISSCO ASIA: Creditors' Meetings Set for Sept. 9
-------------------------------------------------
Swissco Asia Pte Ltd, which is in compulsory liquidation, will hold
a meeting for its members and creditors on Sept. 9, 2021, at 10:00
a.m. and 10:30 a.m., respectively, at One Raffles Quay, North Tower
Level 18, in Singapore.
Agenda of the meeting includes:
a. to receive the Liquidator’s report on the progress of the
liquidation of the Company pursuant to Section 307(1) of the
Companies Act; and
b. any other matters.
The company's liquidator is:
Aaron Loh Cheng Lee
Swissco Asia Pte. Ltd.
c/o One Raffles Quay
North Tower, Level 18
Singapore 048583
VIKUDHA SINGAPORE: Creditors' Meetings Set for Aug. 19
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Vikudha Singapore Pte Ltd, which is in compulsory liquidation, will
hold a meeting for its creditors on Aug. 19, 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 consider and if thought fit, appoint a Committee of
Inspection for the purpose of such winding up; and
c. to consider any other matters which may be brought before
the meeting.
The company's liquidator is:
Farooq Ahmad Mann
M/s Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
ZIPMEX: To Start Releasing Bitcoin, Ether for Customers
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Reuters reports that Crypto exchange Zipmex will release Ethereum
and Bitcoin tokens from this week, a spokesperson said on Monday,
allowing 60% of its customers to retrieve their digital assets
after a suspension of withdrawals from its Z Wallet product.
According to Reuters, the Singapore-based Zipmex, which also
operates in Thailand, Australia and Indonesia, in July halted
withdrawals from Z Wallet, which it said had $53 million worth of
cryptocurrencies exposed to Babel Finance and Celsius.
Ethereum will be released on Aug. 10 and Bitcoin on Aug. 16, the
company said. Last week, it allowed digital coins XRP, ADA and SOL
to be withdrawn, the report says.
Zipmex late last month said it was in talks with investors for
potential funding.
Reuters adds that the Thai Securities Exchange Commission on Aug. 6
said it was collecting further information on affected customers
and was working with customer representatives on the issue.
Singapore-based Zipmex Pte Ltd -- https://zipmex.com/ -- is a
digital asset exchange that provides digital access to wealth
generating assets for the mass market. Zipmex offers services for
users in Thailand, Indonesia, Singapore and Australia.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
1, 2022, Southeast Asia-focused cryptocurrency exchange Zipmex said
it had filed for bankruptcy protection in Singapore, becoming the
latest victim of the global downturn in digital currencies.
Zipmex resumed withdrawals last week, a day after suspending them
on July 20, and said it was working to address its exposure of
US$53 million to crypto lenders Babel Finance and Celsius, Reuters
said.
Zipmex's solicitors submitted five applications on July 22 seeking
moratoriums to prohibit legal proceedings against Zipmex for up to
six months, the cryptocurrency exchange said on July 27.
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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,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***