/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220811.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 Thursday, August 11, 2022, Vol. 25, No. 154 Headlines A U S T R A L I A BESTIAME PTY: First Creditors' Meeting Set for Aug. 16 FUCHSIA BRANDS: First Creditors' Meeting Set for Aug. 18 HOOTSUITE: Lays Off 30% of Workforce Amid Global Tech Slump PETROVICH LAW: First Creditors' Meeting Set for Aug. 19 RWS COMMUNICATIONS: First Creditors' Meeting Set for Aug. 18 SOCIETYONE PL 2021-1: Moody's Hikes Rating on Class F Notes to B1 TUK TUK: First Creditors' Meeting Set for Aug. 17 [*] AUSTRALIA: Insolvency Rates are Returning to Pre-Covid Levels C H I N A CHINA EVERGRANDE: Unit's Stake in Shengjing Bank to be Auctioned CHINA: Orders Audit of US$3TT Trust Industry Amid Mortgage Crisis GREENLAND HOLDINGS: Gets Support From State-Owned Entities TIMES CHINA: Fitch Cuts Foreign Currency IDR to 'C' I N D I A ALFARA'A INFRAPROJECTS: Liquidation Process Case Summary ANI TECHNOLOGIES: S&P Affirms 'B-' LongTerm Issuer Credit Rating ANKIT DIAMONDS: ICRA Keeps D Debt Ratings in Not Cooperating ASHIANA LANDCRAFT: ICRA Keeps D Debt Rating in Not Cooperating B.Y. AGRO AND INFRA: Liquidation Process Case Summary BALDOVINO: ICRA Keeps D Debt Ratings in Not Cooperating BARODA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating BILPOWER LIMITED: Liquidation Process Case Summary BIOCAD INDIA: Voluntary Liquidation Process Case Summary BISUI POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating DIVINE ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating DOLPHIN MARINE: ICRA Keeps D Debt Ratings in Not Cooperating DRISHTI INDIA: Liquidation Process Case Summary EUROLIFE HEALTHCARE: Insolvency Resolution Process Case Summary FANDAN HEALTH: Insolvency Resolution Process Case Summary FRIENDS AGRO: ICRA Keeps D Debt Rating in Not Cooperating GAGAN I-LAND: Insolvency Resolution Process Case Summary GMR WARORA: ICRA Keeps D Debt Ratings in Not Cooperating Category GOTAN LIMES: Insolvency Resolution Process Case Summary HANUMAN TRUST: ICRA Keeps D Debt Rating in Not Cooperating HIGH TECH TEXOLENE: ICRA Keeps D Debt Ratings in Not Cooperating HIGH TECH WEAVES: ICRA Keeps D Debt Ratings in Not Cooperating HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category JAIPUR SCIENTIFIC: Insolvency Resolution Process Case Summary KBJ JEWEL: ICRA Keeps D Debt Ratings in Not Cooperating Category KHATOR FIBRE: Liquidation Process Case Summary KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating LEISURE WEAR: ICRA Keeps D Debt Rating in Not Cooperating MINTTR LABS: Voluntary Liquidation Process Case Summary MONO ACRIGLASS: Liquidation Process Case Summary NEW BHARAT: ICRA Keeps D Debt Rating in Not Cooperating OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category PENINSULA LAND: ICRA Keeps D Debt Rating in Not Cooperating PRAGATI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating R J BUILDCON: ICRA Keeps D Ratings in Not Cooperating Category RAJ ARCADES: Insolvency Resolution Process Case Summary ROOP TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating SAINATH ESTATES: Liquidation Process Case Summary SALASAR ENTERPRISES: Liquidation Process Case Summary SANCO INDUSTRIES: Insolvency Resolution Process Case Summary SHRAVAN MEDISALES: Insolvency Resolution Process Case Summary SHREEOM PRIME: Insolvency Resolution Process Case Summary SHRIVIDYA EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating SOM RESORTS: Insolvency Resolution Process Case Summary VIRAR FABRICS: Liquidation Process Case Summary VISTAR CONSTRUCTIONS: Insolvency Resolution Process Case Summary ZICOM ELECTRONIC: Insolvency Resolution Process Case Summary M A L A Y S I A SCOMI ENERGY: To Dispose Oilfield Services for MYR21 Million N E W Z E A L A N D AGM 2015: Creditors' Proofs of Debt Due on Sept. 15 BUILDMART NEW ZEALAND: Commences Wind-Up Proceedings DAS ACCOUNTANTS: Court to Hear Wind-Up Petition on Aug. 19 KIDS CREATE: Court to Hear Wind-Up Petition on Aug. 19 SMILING FACE: Court to Hear Wind-Up Petition on Sept. 5 S I N G A P O R E APICAL MEDIA: Commences Wind-Up Proceedings QUAN JI: Court to Hear Wind-Up Petition on Aug. 26 SIN HIN: Court to Hear Wind-Up Petition on Aug. 26 T H A I L A N D THAI AIRWAYS: $2.3 Billion Capital-Raising Plan Led by Government - - - - - ================= A U S T R A L I A ================= BESTIAME PTY: First Creditors' Meeting Set for Aug. 16 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Bestiame Pty Ltd will be held on Aug. 16, 2022, at 11:00 a.m. via Zoom. Nick Combis of Vincents Chartered Accountants was appointed as administrator of the company on Aug. 8, 2022. FUCHSIA BRANDS: First Creditors' Meeting Set for Aug. 18 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Fuchsia Brands Pty Ltd will be held on Aug. 18, 2022, at 10:00 a.m. via Microsoft Teams. David Ross -- david.ross@iandradvisory.com.au -- of I & R Advisory was appointed as administrator of the company on Aug. 8, 2022. HOOTSUITE: Lays Off 30% of Workforce Amid Global Tech Slump ----------------------------------------------------------- SmartCompany reports that Hootsuite will sack one third of its staff as the global tech slump continues to bite major companies - but Aussie success story Canva is showing no signs of cutting back, with 180 positions currently being advertised. Hootsuite has about 1,200 staff members all over the globe, meaning some 400 people will lose their jobs this week, though management is refusing to say which roles are on the chopping block, SmartCompany relates. "It is indicative of a change to our business that realigns our strategies with the positions we need to be successful," SmartCompany quotes chief executive officer Tom Keiser as saying in a statement. "We need to refocus our strategies to drive efficiency, growth and financial sustainability." Keiser added that it was a hard day at Hootsuite. ". . . These people are our colleagues and our friends. They are some of the best in their fields, and we will do whatever we can to help them land well elsewhere." Hootsuite was launched in 2008 to help users manage multiple social media profiles, with the system interface dashboard supporting integrations from Twitter, Facebook, Instagram, Linkedin, Pinterest and YouTube. It's a noticeable setback for the social media management giant, which experienced a growth spurt and made two landmark acquisitions in 2021 to diversify beyond social media management, the report says. It also opened a new office in the US and announced plans to hire more than 60 staff by the end of this year. But things began going downhill for Hootsuite in 2022 after it delayed a planned initial public offering reportedly due to a less-than-welcoming public market response, according to SmartCompany. It's not the first time the company has turned to blood-letting in tough times, the report notes. In May 2019, 100 employees (10% of the workforce) were sacked and Keiser jumped ship from COO at US-based Zendesk to pivot Hootsuite into e-commerce and customer service software in the aftermath. This latest round of axed employees will be walking jobless into a record-high labour and skills shortage in Australia, but they may, with a bit of luck, get noticed by Canva, says SmartCompany. PETROVICH LAW: First Creditors' Meeting Set for Aug. 19 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Petrovich Law Group Pty. Ltd. will be held on Aug. 19, 2022, at 2:00 p.m. via videoconference. Suelen McCallum and Antony Resnick of dVT Group were appointed as administrators of the company on Aug. 9, 2022. RWS COMMUNICATIONS: First Creditors' Meeting Set for Aug. 18 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of RWS Communications Pty Limited will be held on Aug. 18, 2022, at 9:30 a.m. via teleconference. Jeffrey Allan Shute of Shaw Gidley was appointed as administrator of the company on Aug. 8, 2022. SOCIETYONE PL 2021-1: Moody's Hikes Rating on Class F Notes to B1 ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on five classes of notes issued by SocietyOne PL 2021-1 Trust. Issuer: SocietyOne PL 2021-1 Trust Class B Notes, Upgraded to Aa1 (sf); previously on Sep 16, 2021 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Sep 16, 2021 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to Baa1 (sf); previously on Sep 16, 2021 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Sep 16, 2021 Class F Notes, Upgraded to B1 (sf); previously on Sep 16, 2021 Definitive Rating Assigned B2 (sf) RATINGS RATIONALE The upgrades were prompted by a rapid increase in note subordination available for the affected notes, and the good performance of the underlying portfolio to date. Following the July 2022 payment date, the note subordination available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 34.6%, 26.8%, 19.7%, 13.7% and 7.7% respectively, from 25.4%, 19.4%, 13.9%, 9.3% and 4.7% at closing. Principal collections were distributed sequentially across all notes from closing and changed to pro-rata (excluding the Class G notes) from March 2022, when the stepdown conditions were satisfied. As of June 30, 2.3% of the outstanding pool was 30-plus day delinquent and 0.7% was 90-plus day delinquent. The portfolio has incurred 0.8% (as a percentage of the original portfolio balance) of gross and net losses to date, all of which have been covered by excess spread. Based on the observed performance to date, loan attributes and the economic environment, Moody's has updated its default assumption to 7.6% of the original portfolio (equivalent to 11.25% of the current portfolio balance), compared with 9% of the original pool balance at closing. Moody's has maintained the Aaa portfolio credit enhancement assumption at 40%. The transaction is a cash securitisation of unsecured personal loan receivables originated by SocietyOne Australia Pty Ltd. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2022. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. TUK TUK: First Creditors' Meeting Set for Aug. 17 ------------------------------------------------- A first meeting of the creditors in the proceedings of Tuk Tuk By The Sea Pty Ltd will be held on Aug. 17, 2022, at 11:00 a.m. at Suite 1, Level 15, 9 Castlereagh Street, in Sydney, NSW. Christopher Damien Darin of Worrells Solvency & Forensic was appointed as administrator of the company on Aug. 5, 2022. [*] AUSTRALIA: Insolvency Rates are Returning to Pre-Covid Levels ----------------------------------------------------------------- SmartCompany reports that business insolvency rates are returning to their pre-COVID norms, according to new ASIC data, suggesting leniency offered by the tax office and regulators earlier in the pandemic has come to an end. Australia's corporate regulator said 1,567 companies entered external administration or controller appointments in the June quarter of 2022, the highest quarterly reading since March 2020, SmartCompany discloses. According to SmartCompany, John Winter, CEO of the Australian Restructuring Insolvency and Turnaround Association, said the watchdog's July data showed a similar curve towards pre-COVID insolvency levels. The regulator counted 674 insolvency appointments in July this year, Mr. Winter said, up from 385 in July 2021 and 341 in July 2022. Some 697 were tallied in July 2019. SmartCompany says the return to form suggests the Australian Taxation Office (ATO), which took a gentle approach to struggling businesses when COVID-19 first disrupted business operations, has well and truly changed its approach. "There's absolutely no doubt that this is being driven by the ATO finally taking appropriate recovery action against the mountain of debt and non-reporting they've built up," he said. Such changes were flagged in May, when the tax office declared it was delivering 40 director penalty notices a day to current and former company directors on the hook for outstanding GST, superannuation, and PAYG withholding, SmartCompany states. However, Winter says he was taken aback by how soon the insolvency figures bounced back to pre-COVID levels. "But how quickly we've seen a return to pre-COVID levels after they started that enforcement action has even surprised me!" he said. Beyond struggling companies which experienced tax office leniency through the early years of the pandemic, construction firms battling today's high inflation are also represented in the ASIC data, SmartCompany notes. Some 446 construction firms entered external administration or controller appointments through the June quarter of this year, up from 271 in the March quarter, the report discloses. The last time so many construction companies buckled was in the December 2019 quarter, when 444 called in the administrators, SmartCompany notes. ========= C H I N A ========= CHINA EVERGRANDE: Unit's Stake in Shengjing Bank to be Auctioned ---------------------------------------------------------------- The Standard reports that a stake in Shengjing Bank held by a unit of China Evergrande will be auctioned off with a starting price of CNY7.3 billion. The 1.28 million shares of Shengjing Bank that are held by Evergrande (Nanchang) with a valuation of CNY7.56 billion will be auctioned from September 6 to 7, The Standard discloses. According to the report, China Evergrande announced earlier that its subsidiary Evergrande (Nanchang) has received an arbitration award as a respondent. Evergrande (Nanchang) had used the shares of the bank as collateral for a mortgage loan in July 2021, but couldn't pay back the loan, the report notes. Therefore, the shares will be auctioned by the Liaoning Shenyang Municipal Intermediate People's Court. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific in June 2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China Evergrande Group and its subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the senior unsecured ratings of Evergrande and Tianji of 'C', with a Recovery Rating of 'RR6', as well as the rating on the Tianji-guaranteed senior unsecured notes issued by Scenery Journey Limited of 'C', with a Recovery Rating of 'RR6'. Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Evergrande and its subsidiaries. CHINA: Orders Audit of US$3TT Trust Industry Amid Mortgage Crisis ----------------------------------------------------------------- Bloomberg News reports that China's top auditor is conducting a review of the US$3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting. In an unscheduled move, the National Audit Office - which previously led an examination of bank exposures to Mr. Jack Ma's Ant Group - has for the past month been inspecting the books of at least 20 trust firms, including the top five, to gauge the risks they pose to financial stability, according to people familiar with the matter, Bloomberg relays. According to Bloomberg, the firms are being asked to report on their risky loans to developers and any plans to dispose of them, the people said. The audit office is expected to submit its conclusions to policymakers in Beijing, who may decide on the future reforms of the sector, the people added. While it is unclear what regulatory action the scrutiny will spur, the move illustrates how concerned the authorities are about contagion from the property sector destabilising the financial industry, Bloomberg states. Trust firms have this year defaulted on about CNY58 billion of investment products linked to property developers, which were sold to wealthy Chinese, according to industry data tracker Use Trust. These investors have joined home buyers and bond fund managers in feeling the pain of a liquidity crisis that has driven dozens of developer defaults and frozen construction of hundreds of projects across the country, Bloomberg relates. China's trust industry combines characteristics of commercial and investment banking, private equity and wealth management. Firms pool household savings to offer loans and invest in real estate, stocks, bonds, commodities, and even bottles of sorghum liquor. No other firms in the financial industry operate across all these asset classes. Trusts were once a popular avenue of funding for the property sector, Bloomberg notes. Until recently, trust products were seen by wealthy Chinese individuals and institutions as a safe place to park their money. The inspection by the audit office is still in progress and no conclusions have been made so far, the people said. According to Bloomberg, China's National Audit Office is responsible for inspecting the central government's budget implementation and reports its results to Premier Li Keqiang. The agency is also brought in for ad-hoc reviews of state-owned institutions, which pose a threat to the broader economic stability. Its inspection of more than a quarter of the trust industry shows the government is seeking an independent assessment of the risks involved, the people said. Over the past few years, the authorities have taken a series of measures, including tougher capital requirements, to cool what had been the fastest-growing corner of the shadow banking industry. The nation's 68 trust firms held a combined CNY20.2 trillion of assets at the end of March, down 5.5% over the past two years, according to the China Trustee Association. About three-quarters of that was in money trusts, of which developer trusts made up about 11%, Bloomberg discloses. Bloomberg says the inspection comes as trust firms have more recently emerged as unlikely white knights for the embattled property sector by becoming mini-developers themselves. Bloomberg adds that trust firms, including MinMetals Trust and Zhongrong Trust, have bought stakes in at least 10 real estate projects this year, betting that unfinished homes will eventually yield cash to pay off some of the US$230 billion in property-backed funds they have issued to investors. GREENLAND HOLDINGS: Gets Support From State-Owned Entities ---------------------------------------------------------- South China Morning Post reports that two Chinese developers have secured support from state-owned shareholders or financial institutions to ease their debt burden, in the latest sign that Beijing is stepping in to bail out China's embattled property sector. Greenland Holdings, the largest developer in Shanghai, said on Aug. 8 that it had obtained loans worth CNY3 billion (US$443.6 million) from Shanghai Land (Group) and Shanghai Chengtou, two shareholders backed by the city government, to "ensure its smooth operations," the Post relates. Greenland said in a statement that the new funds would help it deliver homes that are currently under construction on time. According to the Post, the developer's announcement came after China Huarong Asset Management, the state-owned bad-loan disposal giant, signed an agreement with Yango Longking Group on Aug. 5 to restructure its debt. Huarong - one of the key asset managers set up in the late 1990s to help dispose of bad loans at mainland China's four biggest banks - said the agreement was the result of Beijing seeking the stabilisation of the property market. The central government wants to put the real estate industry back on track, it added. "The central government has set the tone for rescuing some key developers and underpinning the property sector," the report quotes Wang Feng, chairman of Shanghai-based financial services company Ye Lang Capital, as saying. "But the outlook is still cloudy, because the relief measures do not appear to be enough to bail out all of the country's developers and housing projects." Across the mainland, hundreds of projects have been stuck because of a credit crunch following the introduction of curbs to cool the property market by Beijing, and the Covid-19 pandemic restrictions put in place in major cities such as Shanghai this year, the report says. Over the past few weeks, buyers at more than 320 housing projects in 95 cities have collectively refused to make mortgage payments unless construction on their homes resumes, according to real-time updates on "WeNeedHome" on GitHub, Microsoft's collaborative code-sharing platform, which is commonly used to avoid censorship in China. The Post says the homebuyers' reluctance to repay mortgage loans is seen as a threat to mainland China's social order, which has prompted governments at all levels to step in and work out solutions to tackle the debt issues facing developers. At least a fifth of rated Chinese property developers will end up becoming insolvent, putting investors holding as much as US$88 billion of bonds at risk, S&P Global Ratings said in July, the Post recalls. China Aoyuan Group, another crisis-hit developer based in Guangzhou, capital of the southern Guangdong province, said on Aug. 5 that it too was negotiating with creditors about restructuring its debt to minimise any adverse impact on projects under construction, the report adds. About Greenland Holdings Greenland Holdings Corporation Limited focuses on the real estate business. The Company owns 23 high-rise landmark buildings both built and under construction across the world. The Company's projects are located in more than 80 cities of 29 provinces (autonomous regions and municipalities) in China. The Company also develops projects in the United States, Canada, Australia, Japan, Korea and other 3 foreign countries. Its residential projects are for sale after development, while its commercial projects are for lease and commercial and hotel operations apart from the most for sale. As reported in the Troubled Company Reporter, S&P Global Ratings, on May 23, 2022, lowered its long-term issuer credit rating on Greenland Holding Group Co. Ltd. (Greenland) to 'B-' from 'B+', and the long-term issue rating on the senior unsecured notes the company guarantees to 'CCC+' from 'B'. S&P also downgraded Greenland's strategically important subsidiary Greenland Hong Kong Holdings Ltd. (Greenland HK) to 'B-' from 'B'. All the ratings were placed on CreditWatch with negative implications. S&P aims to resolve the CreditWatch as soon as it has more visibility on the progress of Greenland's asset disposals. TIMES CHINA: Fitch Cuts Foreign Currency IDR to 'C' --------------------------------------------------- Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating of Times China Holdings Limited's to 'C' from 'CCC+'. The Recovery Rating remains at RR4. The downgrade follows Times China's failure to pay interest on its USD350 million 5.75% bond due January 2027 and USD500 million 6.75% bond due July 2023 which were payable on July 14, 2022 and July 16, 2022, respectively. KEY RATING DRIVERS Missing Bond Interest Payment: The company is in the 30-day grace period for interest non-payment before an "event of default" is triggered. Heightened Refinancing Risk: Fitch expects Times China's access to capital markets to remain limited until 1H23. Fitch believes it will rely on sales proceeds, refunds from the government on its urban redevelopment projects (URPs), and potential disposals of stakes in projects to repay its capital-market debt during this time. Times China has CNY1.6 billion in onshore bonds maturing or turning puttable in August, and CNY1.1 billion of onshore bonds maturing in September. It also has CNY11.9 billion of capital-market debt maturing in 2023, including CNY5.0 billion of offshore bonds and CNY6.4 billion of onshore bonds that turn puttable in 2023. Sales Decline: Contracted sales dropped by 40% yoy in 1H22, broadly in line with the market. Sales in June rose by 14% mom to CNY5.2 billion, indicating a mild recovery. However, Fitch believes a broader sales recovery in 2H22 remains uncertain. Apart from property sales, Times China's primary development business may generate some cash flow from the conversion of land parcels for local governments. However, the receipt of this cash flow is subject to the timing set by the local governments. DERIVATION SUMMARY Times China's ratings reflect its non-payment of the bond interest and currently within the 30-day grace period. KEY ASSUMPTIONS -- Total contracted sales of CNY55 billion-65 billion a year in 2022 and 2023; -- Unsold land bank life maintained at two to three years, and Times China will slow down land acquisitions to prioritise debt repayment, if needed. KEY RECOVERY RATING ASSUMPTIONS -- The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realised in a sale or liquidation process conducted during bankruptcy or insolvency proceedings and distributed to creditors; -- Advance rate of 80% applied to accounts receivable. This treatment is in line with our Recovery Rating criteria; -- Advance rate of 24% applied to the book value of self-owned investment properties. The portfolio has an average rental yield of about 1%, which is low. The implied rental yield on the liquidation value for the investment-property portfolio would improve to 6%, which would be considered acceptable in a secondary market transaction; -- Advance rate of 50% applied to property, plant and equipment, which consists mainly of buildings, the value of which is insignificant; -- Advance rate of 59% applied to net property inventory. The inventory consists mainly of completed properties held for sale, properties under development (PUD), prepayments for redevelopment projects, and deposits for land acquisitions. Different advance rates were applied to these different inventory categories to derive the blended advance rate for net inventory; -- Advance rate of 70% to completed properties held for sale. Completed commodity housing units are closer to readily marketable inventory. The historical gross margin for development property is around 20%-25%. Therefore, a higher advance rate of 70% (against the typical 50% mentioned in the Criteria for inventory) was applied; -- Advance rate of 50% to PUD and prepayment for development projects. Unlike completed projects, PUD are more difficult to sell. These assets are also in various stages of completion. A 50% advance rate was applied. The PUD balance - before applying the advance rate - is net of margin-adjusted customer deposits; -- Advance rate of 90% applied to deposits for land acquisitions. In a similar way to completed commodity housing units, land held for development is closer to readily marketable inventory, provided it is in satisfactory locations. The company's land in general is not located in significantly disadvantaged areas. Fitch applied a higher advance rate than the typical 50% mentioned in the Criteria; -- Advance rate of 80% applied to prepayments for URPs. Fitch views this as similar to prepayments for land, as primary development will typically go through a land auction again, and the developer that conducted the primary development will be fully compensated even if it had not secured the land in the auction. Fitch applied a higher advance rate than the typical 50% mentioned in the Criteria; -- Advance rate of 50% applied to joint-venture (JV) net assets. JV assets typically include a combination of completed units, PUD and land bank. A 50% advance rate was applied in line with the baseline advance rate for inventories. The allocation of value in the liability waterfall results in a Recovery Rating corresponding to 'RR1' for the offshore senior notes. However, the Recovery Rating for senior unsecured debt is at 'RR4', as China falls into Group D of creditor-friendliness under Fitch's Country-Specific Treatment of Recovery Ratings Criteria. The Recovery Ratings for instruments by issuers with assets in this group are subject to a cap of 'RR4'. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Resolution of the missed interest payment within the grace period. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Failure to pay interest within the grace period. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Tight Liquidity: Times China had available cash of CNY14.7 billion, excluding restricted cash of CNY5.9 billion, at end-2021, covering CNY11 billion of short-term debt. The company has not disclosed to Fitch its latest cash balance as it is conducting an interim review, while it has CNY1.6 billion of onshore bonds maturing or puttable in August, and CNY1.1 billion of onshore bonds maturing in September. It also has CNY2 billion in offshore bonds maturing in March 2023 and CNY4.8 billion in onshore bonds puttable in 1H23. ISSUER PROFILE Times China, established in 1999, focuses on residential projects in Guangdong province. Its total land bank was 19.9 million sq m at end-2021. The company has also acquired or signed preliminary agreements for about 160 URPs. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. RATING ACTIONS ENTITY/DEBT RATING RECOVERY PRIOR ---- ------ -------- ----- Times China Holdings Limited LT IDR C Downgrade CCC+ senior unsecured LT C Downgrade RR4 CCC+ ========= I N D I A ========= ALFARA'A INFRAPROJECTS: Liquidation Process Case Summary -------------------------------------------------------- Debtor: Alfara'a Infraprojects Private Limited 102, 1st Floor, Baba House Bldg. Situated at no. 86 M.V. Road Nr. Western Exp. Highway Andheri (E) Mumbai Mumbai City MH 400093 Liquidation Commencement Date: August 3, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: July 18, 2022 Insolvency professional: Mr. Praful Raghunath Renuse Interim Resolution Professional: Mr. Praful Raghunath Renuse 707-21 Gulmohar CHS Ltd CSR Complex Off Link Road Ekta Nagar, Near Ganesh Nagar Kandivali West, Mumbai Maharashtra 400067 E-mail: praful.renuse@gmail.com - and - 301-302, Poonam Pearl Opp. New India Assurance Colony Juhu Lane, Andheri West Mumbai 400058 E-mail: alfaraliq@gmail.com Last date for submission of claims: September 3, 2022 ANI TECHNOLOGIES: S&P Affirms 'B-' LongTerm Issuer Credit Rating ---------------------------------------------------------------- S&P Global Ratings, on Aug. 9, 2022, affirmed its 'B-' long-term issuer credit rating on India-based ANI Technologies Pte. Ltd. (ANI Tech) and the 'B-' issue rating on the guaranteed senior secured term loan that Ola Netherlands B.V. issued. The stable outlook over the next 12 months reflects S&P's view that ANI Tech will have an adequate liquidity buffer to withstand operating losses amid uncertain operating conditions. ANI Tech, operator of ride-hailing platform OLA Cabs, is scaling back its growth aspirations in loss-making segments to reduce capital requirements. At the same time, the company announced a liability management exercise targeting a buyback of US$250 million of its guaranteed senior secured term loan--a move S&P deems opportunistic. S&P said, "We affirmed the ratings because we expect ANI Tech will have sufficient liquidity for at least the next 24 months to bear operating losses until the company turns profitable. This is after ANI Tech's targeted buyback of US$250 million of its guaranteed senior secured term loan B, a move that will reduce the company's liquidity. "We view ANI Tech's proposed cash tender offer as opportunistic rather than distressed, despite the potential for a below-par buyback.This is because we do not anticipate material risks of a conventional default in the absence of the transaction, given the company's adequate liquidity and limited debt maturities over the next 24 months. We believe the proposed cash tender offer will be a one-off transaction. That said, the buyback of the term loan in about nine months post issuance is unusual and could hit ANI Tech's capital market standing, in our view. This is notwithstanding the economic benefits of the transaction, mainly from reduced interest payments. "ANI Tech's cash burn will reduce following a tempering of growth aspirations in the international mobility and non-mobility segments in India.In our base case, we expect ANI Tech to turn profitable at the EBITDA level in fiscal 2024 (ending March 31, 2024). Our base case does not assume any buyback of the term loan B and the potential benefits from the company's recent strategic initiatives. We project the company's total negative operating cash flow at Indian rupee (INR) 8 billion-INR10 billion for fiscals 2023 and 2024. This is 40%-50% lower than our previous expectation and follows ANI Tech's plans to prioritize capital for the India mobility segment. On a segmental basis before corporate expenses, ANI Tech's India mobility segment has been profitable since fiscal 2020." The company's strategic initiatives include entail slowing the pace of expansion in its international mobility segment and discontinuation of its newer businesses, mainly food delivery and vehicle commerce. Lower investment and working capital requirements for these segments will also reduce cash burn and could quicken the company's path to profitability. S&P said, "We expect ANI Tech will retain an adequate buffer against expected cash losses until it turns profitable, even after the buyback.A cash balance that we estimate at about US$750 million as of March 31, 2022, will provide sufficient buffer against our expectation of cash losses until the company turns profitable in fiscal 2024, and its INR4.8 billion of debt maturities over the same period. The proposed buyback, if fully accepted by investors, will reduce ANI Tech's negative carry by about INR2 billion annually. We also expect no impact on the company's operations or liquidity if the timeline for its IPO gets extended. This is because we do not assume any proceeds from an IPO under our base case. We also do not expect holders of compulsorily convertible preference shares (CCPS) to exit in the absence of an IPO, as we expect a continued alignment of economic interests between the founder and the shareholders. ANI Tech has previously communicated plans for an IPO in the first half of fiscal 2023. "ANI Tech's pivot in strategy less than 12 months since its term loan B issuance raises risks related to its strategic planning. We believe the company's capital structure will continue to face unhedged currency risk. This is because operations will remain concentrated in India, with a slower growth trajectory in its international mobility segments. At the same time, such changes in strategy within a short time frame could raise questions over ANI Tech's strategic planning and could weigh on our view of the consistency of the company's strategy. ANI Tech's current intent to use its vehicle commerce business to market Ola Electric's two-wheelers rather than used cars also differs from our previous expectation that the two entities would be run independently. "The stable outlook reflects our expectation that ANI Tech will have sufficient liquidity over the next 24 months to support its business improvement and growth strategies to achieve profitability by fiscal 2024. The outlook also incorporates our view that a potential failure to go public will not result in holders of CCPS exiting. "We may lower the rating if ANI Tech's cash balance falls below its expected cash burn without a plan to raise more capital, or if the path toward profitability by fiscal 2024 is delayed, which could raise risks around the sustainability of its capital structure over the next 24 months. This could happen if the company is unable to improve its operational performance and its cash burn is faster and more protracted than we expect. "We are unlikely to upgrade ANI Tech over the next 12-24 months because of challenging operating conditions and the company's weak credit measures. However, we would consider raising the rating if ANI Tech's operating performance is significantly better than we expect. Increased recurring active users, higher average transaction values, and lower merchant and driver incentives that result in stronger competitive positioning and earnings could trigger such an assessment." A higher rating would be reliant on a permanent improvement in ANI Tech's capital structure, improved currency risk management, and ample liquidity, with EBITDA interest coverage well above 2x. ESG credit indicators: To E-2, S-3, G-4; From E-2, S-3, G-3 S&P said, "We have revised our governance credit indicator for ANI Tech to negative (G-4) from moderately negative (G-3). Governance factors are now a negative consideration in our credit rating analysis, reflecting the company's change in strategy within a short period of time, which reflects some weakness in the planning and execution of the strategy." ANI Tech's high level of ownership by private equity firms could influence the composition of the board, and result in decisions which may prioritize the interest of shareholders over creditors. Social factors are a moderately negative consideration. The company is exposed to evolving regulatory issues across its countries of operations, which could constrain its profitability. S&P expects the regulatory oversight of the ride-hailing industry to continue to evolve and strengthen, potentially affecting ANI Tech. ANKIT DIAMONDS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the Short-Term rating of Ankit Diamonds in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short term– 50.00 [ICRA]D; ISSUER NOT COOPERATING; fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term (25.50) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable 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. 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. Ankit Diamonds was established as a partnership firm in 1983 by Mr. Kirit Shah and his four brothers. They split up their business in 2002. The firm is currently run by Mr. Kirit Shah and his son Mr. Rikin Shah. The firm manufactures and trades in cut and polished diamonds (CPD). The firm has its registered office in Mumbai, marketing office at Hong Kong and manufacturing facility in Surat. ASHIANA LANDCRAFT: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the Non-convertible Debentures of Ashiana Landcraft Realty Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 79.95 [ICRA]D; ISSUER NOT COOPERATING; Debentures 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. 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 2012, ALRPL is a joint development between Ashiana Homes Pvt Ltd (AHPL) and Landcraft Projects Private Limited (LPPL) formed solely for a premium real estate residential project development named 'The Center Court' located at Sector 88A, Gurgaon with a saleable area of 1.72 msf (million square feet). LPPL was incorporated in 2007 and is the real estate vertical of Garg group with the presence in Ghaziabad. B.Y. AGRO AND INFRA: Liquidation Process Case Summary ----------------------------------------------------- Debtor: B.Y. Agro and Infra Limited Khasra No. 275 at Village Sindhivihiri Tehsil Karanja (G) Sindhivihiri Wardha Maharashtra 442203 Liquidation Commencement Date: August 4, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: July 25, 2022 Insolvency professional: Mr. Jagdish Kumar Parulkar Interim Resolution Professional: Mr. Jagdish Kumar Parulkar B56, Wallfort City Bhatagaon, Ring Road No.1 Raipur, Chhattisgarh 492001 E-mail: jkparulkar.ip@gmail.com rp.byagro@gmail.com Last date for submission of claims: September 3, 2022 BALDOVINO: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------- ICRA has retained the Short-Term rating of Baldovino in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term (6.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable 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. 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. Baldovino was established as a proprietorship firm in 2010 by Mr. Rikin Shah. The firm deals in manufacture and trading of cut and polished diamonds (CPDs). It has its registered office in Mumbai. It operates in the manufacturing facility of its group concern (Ankit Diamonds) located in Surat. Apart from manufacture and trading of CPD, the firm is also involved in trading of watches imported from Hong Kong. BARODA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the ratings of Baroda Agro Chemicals 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– 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 10.30 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term (5.75) [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Interchangeable '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. 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. Baroda Agro Chemicals Limited (BACL) was incorporated in 1996 by Mr. K.V Rao. BACL is engaged in the manufacture of insecticide, pesticide and fungicide formulations. The company operates from its manufacturing facility located at Halol near Vadodara city with an installed capacity of ~265 KL/per day. BACL enters into contract manufacturing as well as job work with respect to generic pesticide formulation and can produce formulations in varying forms like Emulsifiable Concentrates (EC), Dusting Powders (DP), Granules (G), Wettable Powders (WP), Soluble Powders (SP), Suspension Concentrates (SC), Flowables Slurries (FS), Water Disbursable Granules (WDG), Dry Flowables (DF) and Soluble Granules (SG). BILPOWER LIMITED: Liquidation Process Case Summary -------------------------------------------------- Debtor: Bilpower Limited B-11, Viral Shopping Centre Mantriwadi Sainath Road Malad-West, Mumbai 400064 Liquidation Commencement Date: August 5, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: July 14, 2022 Insolvency professional: Anuj Bajpai Interim Resolution Professional: Anuj Bajpai Headway Resolution and Insolvency Services Pvt. Ltd. 708, 7th Floor, Raheja Centre Nariman Point, Mumbai 400021 Maharashtra E-mail: anuj19603@yahoo.co.in cirpbpl@gmail.com Last date for submission of claims: September 4, 2022 BIOCAD INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Biocad India Private Limited No. 79, 24th Main 2nd Cross JP Nagar 2nd Phase Bangalore KA 560078 IN Liquidation Commencement Date: February 23, 2022 Court: National Company Law Tribunal, Pune Bench Insolvency professional: Dinesh Gopal Mundada Interim Resolution Professional: Dinesh Gopal Mundada 403, Fortune House Baner-Pashan Link Road Baner, Pune Maharashtra 411045 E-mail: mundada2007@gmail.com Mobile: 9833866332 Last date for submission of claims: March 25, 2022 BISUI POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the Long-term rating of Bisui Poultry 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– 0.59 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 4.16 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 5.11 [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. 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 2012, BPPL is engaged in the business of commercial layer poultry farming and is involved in sale of table eggs. The poultry farm has a total capacity of 70,000 layer birds with facilities located at Bankura, West Bengal. BPPL is also setting up another unit in the same premise, wherein the company plans to operate poultry farm with a total capacity of 80,000 layer birds. BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Buildmet Private 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- 4.72 [ICRA]D; ISSUER NOT COOPERATING; Term Loan Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 8.78 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Continues to remain under the 'Issuer Not Cooperating' Category Short-term 24.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. 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. BPL was established in 1974 as a private limited company by a group of civil engineers. The company is a civil constructor and is also a registered Class-I contractor for PWD, Karnataka. The company was taken over by Ayoki Fabricon Private Limited, a Pune-based company in May 2015. The company does civil construction work for cement-manufacturing units, power production units, sugarcane-manufacturing units, roads etc. DIVINE ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the Long-term rating and short term rating of Divine Alloys & Power Company Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 99.74 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 361.34 [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. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2004, DAPCL is engaged in the manufacturing of mild steel billet and pig iron. The manufacturing facilities of the company are located at Kaushalgarh, Jharkhand. The company has commissioned an integrated steel plant with a capacity of 350,000 metric tonne per annum (MTPA) of mild steel structural items in June, 2013. However, the company has not started commercial operations of all the facilities except mild steel billet and pig iron. DOLPHIN MARINE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long-term and short-term rating for the bank facilities of Dolphin Marine Foods & Processors (India) Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 2.00 [ICRA]D; ISSUER NOT COOPERATING; Limit–Cash Rating continues to remain under Credit ‘Issuer Not Cooperating’ category Fund Based 9.00 [ICRA]D; ISSUER NOT COOPERATING; Limit–DBP/ Rating continues to remain under FUDBP ‘Issuer Not Cooperating’ category Fund based (9.00) [ICRA]D ISSUER NOT COOPERATING; Limits-Packing rating continues to remain under 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. 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 1996 by Mr. Rosario D'Souza, Dolphin Marine Foods & Processors (India) Pvt. Ltd. (DMPL) is engaged in processing of sea food products which are mainly exported to Asia and Africa. It commenced operations in 1999 from its 5000 square meters plot in Taloja, MIDC. From 1999 to 2009, DMPL was only involved in pre-processing activities like cleaning, washing and peeling. It started exporting in 2009 as a merchant exporter from the rented facility of Sumraj Sea Foods. It set up its own freezing and cold storage unit in 2011. After receiving licenses from The Marine Products & Export Development Authority (MPEDA) and Export Incentive Agency (EIA), it commenced operation in October 2011. DRISHTI INDIA: Liquidation Process Case Summary ----------------------------------------------- Debtor: Drishti India Limited C-161, East of Kailash New Delhi 110065 Liquidation Commencement Date: August 4, 2022 Court: National Company Law Tribunal, Principal Bench Date of closure of insolvency resolution process: August 4, 2022 Insolvency professional: Priyanka Chouhan Interim Resolution Professional: Priyanka Chouhan 5, Commanders Colony Panchyawala, Sirsi Road Near Annpuma Dharam Kanta Jaipur, Rajasthan 302034 E-mail: pc18lawyer@gmail.com - and - Resurgent Resolution Professionals LLP Unitech Business Zone 905, 9th Floor Tower C, The Close South Sector 50, Gurugram Haryana 122018 E-mail: liq.drishti@resurgentrp.com Last date for submission of claims: September 3, 2022 EUROLIFE HEALTHCARE: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Eurolife Healthcare Private Limtied Plot 21, Flat 105, Sector-16 Koparkairane 400709 Navi Mumbai Thane MH 400709 IN Insolvency Commencement Date: August 1, 2022 Court: National Company Law Tribunal Estimated date of closure of insolvency resolution process: January 16, 2023 Insolvency professional: Vishal Ghisulal Jain Interim Resolution Professional: Vishal Ghisulal Jain D-1902, Palm Beach Residency Amey CHS Ltd. Plot No. 24-29, Sector-4 Nerul West, Navi Mumbai 400706 E-mail: vishal@cavishaljain.com - and - C/o Resolve-IPE Private Limited 1003, Satra Plaza Sector 19-D, Vashi Navi Mumbai 400703 E-mail: eurolife@resolvegroup.co.in Last date for submission of claims: August 15, 2022 FANDAN HEALTH: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Fandan Health and Beauty Private Limited TF-1, Tamanna Tower Amrapali Marg Opp. Kataria Motors Nand Vihar, Jaipur 302021 Insolvency Commencement Date: August 3, 2022 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 25, 2023 (180 days from commencement) Insolvency professional: CA Sudhir Bhansali Interim Resolution Professional: CA Sudhir Bhansali 52, Sangram Colony C-Scheme, Jaipur 302001 E-mail: sbhansalico@gmail.com Last date for submission of claims: August 17, 2022 FRIENDS AGRO: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has retained the rating of Friends Agro Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 9.60 [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. 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. Friends Agro Industries is a partnership firm established in January 2010 by Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin Kumar and Mr. Vikram Kumar as partners. The firm is involved in the milling and processing of basmati and nonbasmati rice. It is based out of Jalalabad, Punjab. GAGAN I-LAND: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Gagan I-Land Township Private Limited Wellesley Court, CTS No. 15B M.G. Road, Pune Maharashtra 411001 India Insolvency Commencement Date: August 2, 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: Manish Motilal Jaju Interim Resolution Professional: Manish Motilal Jaju C/o M. M. Jaju & Co. D-502, Neelkanth Business Park Vidyavihar (West) Mumbai, MH 400086 E-mail: mmjaju76@gmail.com cirp.gagan@gmail.com Classes of creditors: Real Estate Project Insolvency Professionals Representative of Creditors in a class: Vithal M. Dahake Hemant Mehta Atul Mehta Last date for submission of claims: August 16, 2022 GMR WARORA: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Non-convertible Debentures Programme of GMR Warora Energy Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 75.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating continues to remain under Programme '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. 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. GMR Warora Energy Limited (Formerly EMCO Energy Limited) is a special purpose vehicle (SPV) promoted by the GMR Group for the development of a 600-MW (2X 300 MW) domestic coal-based thermal power plant at Warora in Maharashtra. The Unit I of the power plant was initially scheduled to be commissioned by August 2012 but was eventually commissioned in March 2013. The Unit 2 was commissioned in September 2013. The project cost has been revised to Rs.4,250 crore with debt of Rs.3,188 crore as against initial estimates of Rs.3,480 crore, which was funded through debt of Rs.2,610 crore. The coal for the plant has been tied-up under FSA) for the entire capacity of the plant with South Eastern Coal Fields Ltd (SECL), a subsidiary of CIL. GOTAN LIMES: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Gotan Limes Pvt. Ltd. Plot No. 3 C 2 Saboo Sadan Manji Ka Hatha Paota C Road, Jodhpur RJ 342001 IN Insolvency Commencement Date: August 2, 2022 Court: National Company Law Tribunal, Jodhpur Bench Estimated date of closure of insolvency resolution process: January 29, 2023 Insolvency professional: Mr. Chand Prakash Bhatia Interim Resolution Professional: Mr. Chand Prakash Bhatia 245, Shailendra Nagar Near Navkar Hospital Shailendra Nagar Raipur 492001 E-mail: prachicpb@gmail.com Mobile: 9827146853 Last date for submission of claims: August 16, 2022 HANUMAN TRUST: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has retained the rating for the bank facilities of Shree Hanuman Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 59.50 [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. 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 1982, Shree Hanuman Trust (SHT) is engaged in leasing of the 3rd floor of Mittal Court developed by the Mittal Group with an area of 22,111 sq. ft. at 244, Nariman Point, Mumbai to The Income Tax Department, Government of India. The trust is a part of the Mittal Group, which is engaged in real estate development since 1952. HIGH TECH TEXOLENE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the rating of High Tech Texolene Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.84 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 3.50 [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. 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 2010, High Tech Texolene 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. HIGH TECH WEAVES: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the rating of High Tech Weaves (India) 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– 1.47 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 7.50 [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. 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 1991, High Tech Weaves (India) Private Limited (HTWPL) is engaged in the manufacturing of sizing and warping yarns. The company is promoted by Mr. Ajay Agrawal and other family members who have been in the textile business for over a decade. HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the rating of High Tech Filatex 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– 3.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 6.18 [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. 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 2010, High Tech Filatex 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. IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Non-convertible Debentures Programme of IL&FS Wind Energy Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 200.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating continues to remain Programme 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. 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. IWEL is a 100% subsidiary of IL&FS Energy Development Company Limited (IEDCL). It owned 51% controlling stake in seven operating wind SPVs namely Khandke Wind Energy Private Limited, Ratedi Wind Power Pvt. Ltd., Tadas Wind Energy Pvt. Ltd., Lalpur Wind Energy Pvt. Ltd., Wind Urja India Private Limited, Etesian Urja Limited and Kaze Energy Limited. The remaining 49% stake in operating wind SPVs was held by Orix Corporation, Japan. On October 15,2020, Orix Corporation, acquired the entire 100% stake in these 7 entities. JAIPUR SCIENTIFIC: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Jaipur Scientific Agriculture Solutions Private Limited 2 Durga Vihar, Ram Mandir Sita Bari, Tonk Road Jaipur 302029 Insolvency Commencement Date: May 4, 2022 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: October 25, 2022 (180 days from commencement) Insolvency professional: CA Sudhir Bhansali Interim Resolution Professional: CA Sudhir Bhansali 52, Sangram Colony C-Scheme, Jaipur 302001 E-mail: sbhansalico@gmail.com Last date for submission of claims: May 18, 2022 KBJ JEWEL: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Long-term and Short-term ratings of KBJ Jewel Industry India Private 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– 110.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term (20.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable 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. 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 May 2006, KBJ Jewel Industry India Private Limited (KBJJPL) was promoted by Mr. Mohit D. Kamboj and his father Deepak K. Kamboj with the aim to manufacture and market gold jewellery. The Kamboj family has been in the jewellery business for more than five decades with Mr. Mohit Kamboj representing the third generation of the family in this business. The company's head office is located in Mumbai and it has a branch office in Varanasi, UP, where the family first commenced its jewellery business five decades ago. KHATOR FIBRE: Liquidation Process Case Summary ---------------------------------------------- Debtor: Khator Fibre and Fabrics Limited G-67, Modi Nagar Ajmer Road Jaipur RJ 302019 Liquidation Commencement Date: August 3, 2022 Court: National Company Law Tribunal, Jaipur Bench Date of closure of insolvency resolution process: July 27, 2022 Insolvency professional: Megha Agrawal Interim Resolution Professional: Megha Agrawal 1, Shivranjini Apartments in Circle of Congress Nagar Garden Congress Nagar, Nagpur 400012 E-mail: ip.meghaagrawal@gmail.com - and - Plot No. 72, C/o Dr. Prakashe Opp. Dew Trinity Hospital Hindustan Colony Near Sai Mandir Wardha Road Nagpur 440015 E-mail: liquidation.kffl@gmail.com Last date for submission of claims: September 2, 2022 KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has retained the rating of Khosla International in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 29.00 [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. 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 2002, KI is a partnership firm engaged in milling and processing and basmati and non-basmati rice. The firm is mainly engaged into production and export of parboiled rice. KI has its plant located in Batala, Punjab with a milling capacity of 6tons/hour. LEISURE WEAR: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has retained the rating of Leisure Wear Exports Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 6.00 [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. 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. LWEL is an integrated player in the garment manufacturing industry and has in house facilities for knitting, stitching, dyeing and embellishment work, having manufacturing facility located at Ludhiana. The product profile of the primarily includes collared and polo-neck T-shirts for export to the USA. The company has a unit manufacturing capacity of 8000 TShirts per day and same is utilized to the extent of 50%. The company buys yarn locally from mills and undertakes the knitting and dying process in house. The company is also engaged in the business of trading of fabrics. Both manufacturing and trading business have almost equal share in the total sales component. It also enjoys incentives from the government in the form of duty drawbacks on exports. MINTTR LABS: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Minttr Labs Private Limited Flat No. 414, 4th Floor Mahaveer Cedar, Chikkasandra Hesarghatta Main Road Bengaluru Bangalore KA 560090 Liquidation Commencement Date: July 28, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Gunjan Mittal Interim Resolution Professional: Gunjan Mittal A-25A, LGF Lajpat Nagar-II New Delhi 110024 Tel: 011-45552681 Mobile: 9868476717 E-mail: ip.gunjanmittal@gmail.com minttrliquidator@gmail.com Last date for submission of claims: August 27, 2022 MONO ACRIGLASS: Liquidation Process Case Summary ------------------------------------------------ Debtor: Mono Acriglass Industries Private Limited Unit No. 13, Bhilad Laghu Udyog Sahakari Mandali, Taluka-Umbergon Dist-Valsad, Gujarat 396155 Liquidation Commencement Date: August 2, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Date of closure of insolvency resolution process: August 1, 2022 Insolvency professional: Ashish Shah Interim Resolution Professional: Ashish Shah 402, Shaival Plaza Near Gujarat College Ellisbridge Ahmedabad 380006 Tel: 07926420336 E-mail: ashish@ravics.com Last date for submission of claims: August 31, 2022 NEW BHARAT: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------- ICRA has retained the Long-Term rating of New Bharat Rice Mills in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 34.00 [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. 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 1958, NRBM is a partnership firm engaged in milling, processing and sorting of rice. The firm has its plant at Batala (Punjab) with a milling capacity of 8 tonnes per hour. As per the management, the average utilization remains around 80-90%. OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the Long-Term rating of Om Cotton & Oil Industries in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 0.01 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 1.24 [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. 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 2012, Om Cotton & Oil Industries (OCOI) is involved in cotton ginning and pressing business. The manufacturing facility of the firm is located in Hirapar District Morbi, Gujarat and is currently equipped with 24 ginning machines and one fully automatic pressing machine, with a capacity to manufacture 230 bales per day (24 hours operations). The firm is owned and managed by Mr. Harjivan Jivani and Mr. Sanjay Jivani along with two other partners. PENINSULA LAND: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the rating for the NCD of Peninsula Land Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 530.53 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating continues to remain under Programme 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. 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 on August 10, 1871 as a public limited company, Peninsula Land Limited (PLL) is a part of the Ashok Piramal Group. The company is in to real estate development with a portfolio comprising commercial, residential and retail developments. The projects include PLL's 'Ashok' product line in the residential sector and 'Peninsula' in the commercial sector. Since 1997, PLL has developed over 7.8 million square feet of real estate projects in Mumbai. Most of the development by PLL in the past has been either on the former textile mill lands owned by the group, or in joint development with the land owners. PLL has initiated the diversification of its operations outside of Mumbai by undertaking projects in cities such as Pune, Nashik, Lonavala, Bangalore and Goa. PLL also manages a Real Estate fund through a subsidiary, having co-invested in five projects with the fund. PRAGATI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the rating of Pragati Cotton Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 1.55 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 5.00 [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. 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 2011, Pragati Cotton Industries, as partnership firm, is engaged in the business of ginning and pressing of raw cotton and crushing of cottonseeds. The manufacturing facility of the firm is located at Hirapar, Gujarat. The entire plant is equipped with 24 ginning machines, 1 pressing machine and 4 expellers. The installed capacity of the plant is 220 cotton bales and 2.5 MT of cottonseeds oil per day (24 hours operation). R J BUILDCON: ICRA Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of R J Buildcon Private 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– 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 6.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based 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. 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 2008, R J Buildcon Private Limited (RJBPL) is involved in executing contracts for roads, irrigation systems and buildings for state government and civil bodies. The company is a class I(A) contractor with Public Works Department (PWD) of Government of Maharashtra and an approved contractor for various government and civil bodies. RAJ ARCADES: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Raj Arcades & Enclaves Private Limited C-101, 1st Floor, Ratnakar Opp. Ekta Bhoomi Classic Mahavir Nagar, Kandivali (W) Mumbai 400067 Insolvency Commencement Date: July 12, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 8, 2023 Insolvency professional: Anshul Pathania Interim Resolution Professional: Anshul Pathania 901, Sunset Heights Hatsikar Marg, Prabhadevi Mumbai 400025 E-mail: anshul.pathania@gmail.com cirpraepl@gmail.com Classes of creditors: Real Estate Allottees Insolvency Professionals Representative of Creditors in a class: Kumud Shekhar E-mail: kumud.shekhar@gmail.com Ashish Vyas E-mail: ashishvyas2006@gmail.com Tasneem Khatri E-mail: tfkhatriassociates@gmail.com Last date for submission of claims: August 8, 2022 ROOP TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-term and short-term ratings of Roop Technology Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 14.37 [ICRA]D; ISSUER NOT COOPERATING; Based/Non-Fund Rating Continues to remain under Based-Others issuer not cooperating category Long Term (14.37) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under Others issuer not cooperating category Long Term/ 0.63 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating Continues to Unallocated remain under issuer not cooperating category Short Term (7.57) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable 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. 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 1998, RTPL is a distributor of several IT and security-related products, LCDs and projectors. It is an authorized distributor of View Sonic for its LCD monitors, ZICOM and Dahua for security products, TP-Link for networking products, Godrej and Boyce for security safes and Optoma for projectors. RTPL has 10 branches across southern and western India. SAINATH ESTATES: Liquidation Process Case Summary ------------------------------------------------- Debtor: M/s. Sainath Estates Pvt Limited 1-8-333, 334, A-Wane Opp. Policelines Begumpet, Hyderabad TG 500016 Liquidation Commencement Date: July 8, 2022 Court: National Company Law Tribunal, Hyderabad Bench I Date of closure of insolvency resolution process: July 7, 2022 Insolvency professional: Krishna Mohan Gollamudi Interim Resolution Professional: Krishna Mohan Gollamudi Flat No. 107, Maurya Towers No. 1-9-648/107 Adikmet Road, Vidyanagar Hyderabad 500044 E-mail: krishnamohangollamudi@gmail.com - and - F26, RR Towers Chirag Ali Lane Abids, Hyderabad 500001 E-mail: ip.sainathestates@gmail.com Last date for submission of claims: August 7, 2022 SALASAR ENTERPRISES: Liquidation Process Case Summary ----------------------------------------------------- Debtor: Salasar Enterprises Private Limited A/607, 6th Floor, Express Zone Western Express Highway Near Patel Aluminium Malad East, Mumbai 400097 Liquidation Commencement Date: July 29, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: April 12, 2021 Insolvency professional: Ms. Nishi Jain Interim Resolution Professional: Ms. Nishi Jain A102, Krishna Tower Ashok Nagar, Kandivali East Mumbai 400101 E-mail: csnishijain@gmail.com - and - 11 Friends Union Premises CSL, 2nd Floor 227, P.D. Mello Road Fort, Mumbai 400001 E-mail: csnishijain@gmail.com Last date for submission of claims: September 2, 2022 SANCO INDUSTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Sanco Industries Limited D-161 Surajmal Vihar Delhi 110092 Insolvency Commencement Date: August 5, 2022 Court: National Company Law Tribunal, Delhi Bench Estimated date of closure of insolvency resolution process: January 24, 2023 Insolvency professional: Deepak Arora Interim Resolution Professional: Deepak Arora 17 Basement, Defence Enclave Near Preet Vihar Delhi 110092 E-mail: ipdeepakarora@gmail.com cirpsanco@gmail.com Last date for submission of claims: August 19, 2022 SHRAVAN MEDISALES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Shravan Medisales Private Limited 1002 Sadashiv Peth Store 1 Brahman Karyalaya Pune 411030 Maharashtra, India Insolvency Commencement Date: August 4, 2022 Court: National Company Law Tribunal, Pune Bench Estimated date of closure of insolvency resolution process: January 31, 2023 (180 days from commencement) Insolvency professional: Udaykumar Bhaskar Bhat Interim Resolution Professional: Udaykumar Bhaskar Bhat B-304, Goldville Dange Chowk Aundth Ravet Road Theragon, Pune 4110033 E-mail: udaybhat2805@gmail.com irp.shravanmedisales@gmail.com Last date for submission of claims: August 18, 2022 SHREEOM PRIME: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Shreeom Prime Foods Private Limited F-243 Industrial Growth Center Khara Bikaner Rajasthan 334601 India Insolvency Commencement Date: August 3, 2022 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 30, 2023 (180 days from commencement) Insolvency professional: Ms. Parul Goyal Interim Resolution Professional: Ms. Parul Goyal B-5/24, Sector 4, Rohini Near Vishram Chowk New Delhi 110085 E-mail: parul.aquarius@gmail.com - and - 308, 3rd Floor, Pearl Business Park Netaji Subhash Place, Pitampura Delhi 110034 E-mail: ip.shreeom@gmail.com Last date for submission of claims: August 17, 2022 SHRIVIDYA EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has retained the Long-term rating of Shrividya Education Foundation in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 52.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 88.00 [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. 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. Shrividya Education Foundation (SEF) is an education trust established in 2008 in Mangalore, Karnataka. The trust was initially formed as Vidya Education Trust and was later renamed as Shrividya Education Foundation in April 2013. SEF's first education institute "Brilliant Pre-University College" was set up in 2010 at Mangalore. However, the trust was reconstituted in July 2016 and the activities were separated into two different trusts. Subsequently, "Brilliant PreUniversity College" was transferred under a new trust. Currently SEF manages a new institution "Pana P.U. College" which became operational from AY2016. Going forward the trust also plans to start Graduate courses, Pre-school, International school and Design school. SOM RESORTS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Som Resorts Private Limited 9/124, Subhash Gali Vishwash Nagar Shahdara Delhi East Delhi DL 110032 IN Insolvency Commencement Date: August 2, 2022 Court: National Company Law Tribunal, Noida Bench Estimated date of closure of insolvency resolution process: January 29, 2023 Insolvency professional: Sumit Shukla Interim Resolution Professional: Sumit Shukla B-4/702, Krishna Apra Gardens Plot No. 7, Vaibhav Khand Indirapuram, Ghaziabad E-mail: sumit_shukla@rediffmail.com - and - 401, Tower-C Ithum, Sector-62 Noida E-mail: cirpsomresorts@gmail.com Classes of creditors: Real Estate Allottees (Home buyers) Insolvency Professionals Representative of Creditors in a class: Mr. Abhay Kumar Mr. Ankush Munjal Mr. Vikky Dang Last date for submission of claims: August 16, 2022 VIRAR FABRICS: Liquidation Process Case Summary ----------------------------------------------- Debtor: M/s. Virar Fabrics Private Limited Ratna Jyoti Apartment-C Floor-04, 4, Ravidham Sankul Panjara Pole, Ghod Dod Road Surat 395007, Gujarat Liquidation Commencement Date: August 4, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Date of closure of insolvency resolution process: August 2, 2022 Insolvency professional: CA Kailash Thanmal Shah Interim Resolution Professional: CA Kailash Thanmal Shah 505, 21st Century Business Centre Near World Trade Centre Ring Road, Surat 395002 E-mail: ipktshah@gmail.com cirp.virar@gmail.com Last date for submission of claims: September 2, 2022 VISTAR CONSTRUCTIONS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: M/s. Vistar Constructions Private Limited C-23, Greater Kailash Enclave, Part-I New Delhi 110048 Insolvency Commencement Date: August 5, 2022 Court: National Company Law Tribunal, New Delhi Bench (Court II) Estimated date of closure of insolvency resolution process: February 1, 2023 Insolvency professional: Ankit Agrawal Interim Resolution Professional: Ankit Agrawal F-53 Second Floor, Butler Plaza Civil Lines, Near Chowki Chauraha Bareilly, Uttar Pradesh 243001 E-mail: ankitagarwalcs@gmail.com - and - 62A, Near Swamvar Wedding Hall KK Hospital Road Rajendra Nagar Bareilly 243122 Uttar Pradesh E-mail: cirp.vcp@gmail.com Last date for submission of claims: August 19, 2022 ZICOM ELECTRONIC: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Zicom Electronic Security Systems Limited Registered office: Zicom House, 45 Chimbai Road Off Hill Road, Bandra (West) Mumbai 400050 Maharashtra, India Erstwhile Registered office: 501, Silver Metropolis Western Express Highway Goregaon (East) Mumbai 400063 Maharashra, India Insolvency Commencement Date: August 3, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 25, 2023 (180 days from commencement) Insolvency professional: Mr. Huzefa Fakhri Sitabkhan Interim Resolution Professional: Mr. Huzefa Fakhri Sitabkhan 1011-1012, Dalamal Tower Free Press Journal Road 211, Nariman Point Mumbai 400021 Maharashtra, India E-mail: huzefa.sitabkhan@gmail.com zicom.cirp@gmail.com Last date for submission of claims: August 17, 2022 =============== M A L A Y S I A =============== SCOMI ENERGY: To Dispose Oilfield Services for MYR21 Million ------------------------------------------------------------ The Malaysian Reserve reports that Scomi Energy Services Bhd (SESB) said that its shareholders have approved the disposal of its oilfield services business division for MYR21 million. According to the report, the company told the local bourse on Aug. 8 that the approved disposal consists of 100% equity interest in Scomi Oilfield Ltd together with nine of its subsidiaries and 48% equity interest in Scomi KMC Sdn Bhd (SKSB) to Cahya Mata Oiltools Sdn Bhd; and the disposal by Scomi Oiltools Sdn Bhd, a subsidiary of SESB, of its equity interest in SKSB, Scomi Oiltools Gulf WLL, its property in Dataran Prima, Petaling Jaya, Selangor, and its inventories and equipment to Oiltools International Sdn Bhd (Approved Disposal). The Approved Disposal was approved by SESB's shareholders at an extraordinary general meeting held on Aug. 8, 2022. "SESB has been classified as a PN17 company by Bursa Malaysia Securities Bhd since Oct 31, 2019, and the company is required to submit a regularisation plan to uplift its PN17 status by Nov 30, 2022," the report quotes SESB CEO Amirul Baharom as saying in the exchange filing. "This disposal of the oilfield services business is part of the rehabilitation of SESB in line with developing its regularisation plan." The Malaysian Reserve says SESB has undertaken several initiatives towards the rehabilitation of the company including judicial management, which is a corporate recovery mechanism accorded to companies in financial distress since triggering the PN17 status. It further said in view of the complexity of the financial liabilities, SESB decided to review the option of disposing of its assets in the marine and oil and gas industry to allow for a revamp of its business, The Malaysian Reserve relays. In November last year, SESB completed the disposal of its marine business, PT Rig Tenders Indonesia, as a precursor to its PN17 regularisation plan and on March 17, 2022, announced the proposed disposal of its oilfield services business. "Rather than face the risk of a groupwide appointment of receivers and managers by its lenders, which would be vastly detrimental to the company, we made the decision to monetise the potential of our marine and oilfield services businesses," Amirul explained further, the report relays. The Malaysian Reserve relates that Amirul said the Approved Disposal will result in a new lean group structure without the contingent liabilities and risks of liquidation and de-listing, which will allow the company to explore opportunities to undertake a comprehensive regularisation plan. "Whichever path is chosen, we will ensure that the plan is viable, sustainable and has growth prospects warranting the continued listing of SESB. "However, it is premature to speculate on the specifics and we will announce details as the plan is finalised," re-iterated the CEO. The Approved Disposal is anticipated to be completed in August 2022, the report notes. About Scomi Energy Based in Malaysia, Scomi Energy Services Berhad -- https://scomienergy.com.my/ -- provides marine vessel transportation services. The Company offers marine logistical services to the coal industry and offshore marine support services to oil and gas operators and contractors. Scomi Energy Services serves the coal, oil and gas industries in South East Asia. Scomi Energy Services Bhd slipped into Bursa Malaysia's Practice Note 17 status in January 2020. Bursa said Scomi Energy had met the criteria subject to Paragraph 2.1 (e) of Practice Note No. 17 (PN17) of its Main Market listing requirements. Bursa said it would continue to monitor the company's progress in compliance with the listing requirements. On Oct. 31, 2019, Scomi Energy triggered the PN17 criteria after its shareholders' equity on a consolidated basis fell below 50 per cent of its issued share capital as at June 30, 2019. ===================== N E W Z E A L A N D ===================== AGM 2015: Creditors' Proofs of Debt Due on Sept. 15 --------------------------------------------------- Creditors of AGM 2015 Limited (trading as About Granite and Marble), AGM Cromwell Limited (trading as About Granite and Marble), Bully Bird Limited and Alpine Joinery & Furniture (2015) Limited are required to file their proofs of debt by Sept. 15, 2022, to be included in the company's dividend distribution. The company's liquidators are: Paul Vlasic Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu, Auckland 0651 BUILDMART NEW ZEALAND: Commences Wind-Up Proceedings ---------------------------------------------------- Members of Buildmart New Zealand Limited on Aug. 8, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany, Auckland 2163 DAS ACCOUNTANTS: Court to Hear Wind-Up Petition on Aug. 19 ---------------------------------------------------------- A petition to wind up the operations of DAS Accountants & Tax Advisors Limited will be heard before the High Court at Nelson on Aug. 19, 2022, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 27, 2022. The Petitioner's solicitor is: Julia Snelson Legal Services 11 Jepsen Grove Wallaceville Upper Hutt 5018 KIDS CREATE: Court to Hear Wind-Up Petition on Aug. 19 ------------------------------------------------------ A petition to wind up the operations of Kids Create Limited will be heard before the High Court at Nelson on Aug. 19, 2022, at 11:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 28, 2022. The Petitioner's solicitor is: Caroline Lucy Russell Legal Services 11 Jepsen Grove Wallaceville Upper Hutt 5018 SMILING FACE: Court to Hear Wind-Up Petition on Sept. 5 ------------------------------------------------------- A petition to wind up the operations of Smiling Face Limited will be heard before the High Court at Hamilton on Sept. 5, 2022, at 10:45 a.m. Zespri Group Limited filed the petition against the company on May 30, 2022. The Petitioner's solicitor is: Scott Andrew Barker Buddle Findlay Level 18, HSBC Tower 188 Quay Street Auckland 1010 ================= S I N G A P O R E ================= APICAL MEDIA: Commences Wind-Up Proceedings ------------------------------------------- Members of Apical Media Pte Ltd, on Aug. 5, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Wong Joo Wan Alternative Advisors Pte Ltd 1 Commonwealth Lane #06-21 One Commonwealth Singapore 149544 QUAN JI: Court to Hear Wind-Up Petition on Aug. 26 -------------------------------------------------- A petition to wind up the operations of Quan Ji Construction Pte Ltd will be heard before the High Court of Singapore on Aug. 26, 2022, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Aug. 3, 2022. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SIN HIN: Court to Hear Wind-Up Petition on Aug. 26 -------------------------------------------------- A petition to wind up the operations of Sin Hin Huat Food Industry Pte Ltd will be heard before the High Court of Singapore on Aug. 26, 2022, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Aug. 3, 2022. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 =============== T H A I L A N D =============== THAI AIRWAYS: $2.3 Billion Capital-Raising Plan Led by Government ----------------------------------------------------------------- Bloomberg News reports that Thai Airways International Pcl will receive key financial support from the government for its THB80 billion (US$2.3 billion) capital raising and debt-to-equity swap plan aimed at helping the state-controlled carrier come out of its pandemic-induced bankruptcy. State-owned banks will lead in funding new loans, converting debt and injecting equity capital into Thai Air as part of a revised revamp plan the airline gave the court for approval last month, Finance Minister Arkhom Termpittayapaisith said in an interview with Bloomberg News on Monday (Aug. 8). The ministry and other agencies will continue to maintain a combined stake of at least 40%, but the proportion won't exceed 50% to induce the carrier to stay competitive, he added. According to Bloomberg, the carrier expects to emerge from its court-monitored debt-restructuring plan by 2024. It filed for bankruptcy protection in 2020, having posted losses every year from 2013. But a rebound in global air travel has boosted its cash flow and reduced the amount of loans that was specified by in the court's original plan. "The situation in Thai Airways is much better", and that has boosted creditors' and shareholders' confidence in its survival and future, said Arkhom. State-owned banks will be able to offer the entire 13 billion baht in new loans the airline is now seeking - which is about half the 25 billion baht requested earlier. The revised amount can be fully funded by state banks, he said. Bloomberg says the reopening of Thailand's borders and those of other countries will also support cash flow. The airline's most-profitable flights are those with connections in Europe. The improving finances and capital-raising plan will accelerate the resumption of trading in the airline's shares, which were suspended in May, he said. The previous timeline for trading to begin again was in 2025. About Thai Airways Thai Airways International PCL (BAK:THAI) -- http://www.thaiairways.co.th/-- is the national carrier of Thailand. The company provides air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific. The Company is a state enterprise which is controlled by the government and partly owned by the public. As reported in Troubled Company Reporter-Asia Pacific on May 21, 2020, Thailand's cabinet approved a plan to restructure troubled Thai Airways International Pcl's finances through a bankruptcy court, the Southeast Asian country's prime minister said on May 19, 2020. The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-backed rescue package that was heavily criticised in the country. Thai Airways on May 27, 2020 said it appointed board members as rehabilitation planners in a bankruptcy court submission. On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved Thai Airways debt restructuring. Thai Airways posted losses every year after 2012, except in 2016. In 2019, it reported losses of THB12.04 billion. The company's shareholders' equity turned negative at minus THB18.1 billion ($580 million) as of June. While its total liabilities ballooned to THB332.1 billion, a 36.7% increase from the end of 2019, its cash and cash equivalents fell by 35.5% to THB13.9 billion, according to the Nikkei Asia. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***