/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220815.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, August 15, 2022, Vol. 25, No. 156 Headlines A U S T R A L I A AUSTUNE COMMERCIAL: First Creditors' Meeting Set for Aug. 24 CANDLEFOX HOLDINGS: Second Creditors' Meeting Set for Aug. 19 CAYDON GROUP: Prime Assets to be Put on Market CWLT LOGISTICS: Second Creditors' Meeting Set for Aug. 18 GRAZE & TIPPLE: First Creditors' Meeting Set for Aug. 23 OSANA 1: Second Creditors' Meeting Set for Aug. 19 RIZZAK CAPITAL: Australian Financial Watchdog Cancels AFS Licence THORN ABS 1: Fitch Assigns BB-sf Rating on Class E Notes C H I N A BEIJING JUDIAN: Electric Car Maker Files for Bankruptcy BRIGHT SCHOLAR: Fitch Withdraws 'B' Foreign Currency IDR HAINAN AIRLINES: Fangda Injects US$1.6BB to Keep Carrier Flying HONGHUA GROUP: Moody's Withdraws 'B2' Corporate Family Rating I N D I A AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating AGARWAL RUBBER: Ind-Ra Affirms BB+ Long-Term Issuer Rating ALP NONWOVEN: CARE Keeps D Debt Rating in Not Cooperating BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating EAST HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating FUTURE RETAIL: Fitch Cuts IDR to 'D' & Then Withdraws Rating GIRDHARILAL SUGAR: Liquidation Process Case Summary GOVARDHHAN CREATION: Voluntary Liqudiation Process Case Summary GUNTUR MULTI: Liquidation Process Case Summary H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating Category HARIOM RICE: Liquidation Process Case Summary HOSHIAR NIRVAIR: Insolvency Resolution Process Case Summary INDIA BELT: CARE Keeps C Debt Rating in Not Cooperating Category INDIAN INFRABUILT: CARE Keeps C Debt Ratings in Not Cooperating INTENSE FITNESS: Insolvency Resolution Process Case Summary JAY AGRO: CARE Keeps D Debt Rating in Not Cooperating Category JAYAVELU SPINNING: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating JUNAID ENTERPRISES: Ind-Ra Moves 'B+' Rating to Non-Cooperating KLER WINES: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable KOSHER PHARMACEUTICALS: Insolvency Resolution Process Case Summary KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating MARUTINANDAN OIL: CARE Keeps C Debt Rating in Not Cooperating MB MALLS PRIVATE: Insolvency Resolution Process Case Summary MURUGAR SPINNING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+' NEELGIRI ELECTRICALS: Ind-Ra Lowers Long-Term Issuer Rating to BB NOOR INDIA: CARE Lowers Rating on INR7.0cr LT Loan to D OMSHRI DEVPROCON: Insolvency Resolution Process Case Summary PANCHSHEEL BUILDTECH: CARE Lowers Rating on INR40.33cr NCD to C PG SILK MILLS: Insolvency Resolution Process Case Summary PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating RAJA COTTON: CARE Keeps D Debt Rating in Not Cooperating RATHI AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category RBBR INFRASTRUCTURE: CARE Cuts Rating on INR11.25cr Loan to C SAFECO HYGIENE: Insolvency Resolution Process Case Summary SAMRADDHI COT: CARE Keeps D Rating in Not Cooperating Category SANWARIYA FURNACES: Insolvency Resolution Process Case Summary SATRA PROPERTIES: NCLAT Sends Company Into Insolvency SDEV NATURAL: Insolvency Resolution Process Case Summary SEGURO FOUNDATIONS: CARE Keeps D Debt Ratings in Not Cooperating SOM RESORTS: NCLT Orders Insolvency Process Against Company SRINIVASA FASHIONS: CARE Lowers Rating on INR65cr ST Loan to D SURYA CONTAINERS: CARE Keeps D Debt Ratings in Not Cooperating TIRUPATI COLD: CARE Keeps D Debt Rating in Not Cooperating VERIA LIFESTYLE: CARE Keeps D Debt Rating in Not Cooperating VIJAYALAKSHMI HYDRO: Ind-Ra Keeps 'D' Rating in Non-Cooperating VIZAG PROFILES: CARE Keeps D Debt Ratings in Not Cooperating VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating XDOC WORKS PRIVATE: Voluntary Liqudiation Process Case Summary J A P A N GREENSILL: Credit Suisse Steps Up $440MM Dispute with SoftBank SKYLARK: To Shut 100 Outlets, Including Gusto Family Restaurants M A L A Y S I A MALAYSIA PACIFIC: Shares to be Suspended on Aug. 19 N E W Z E A L A N D BULLY BIRD: Court to Hear Wind-Up Petition on Sept. 2 CB 2013: Court to Hear Wind-Up Petition on Aug. 19 DIVINE PLUMBING: Court to Hear Wind-Up Petition on Aug. 26 J & A CONSORT: Court to Hear Wind-Up Petition on Aug. 26 ZODIAC MOTOR: Court to Hear Wind-Up Petition on Aug. 26 S I N G A P O R E FASTWORK HOLDINGS: Creditors' Proofs of Debt Due on Sept. 12 MYHEALTH SENTINEL: Commences Wind-Up Proceedings PHARMATECH RESOURCES: Court to Hear Wind-Up Petition on Aug. 26 TRIYARDS HOLDINGS: Court to Hear Wind-Up Petition on Aug. 24 YL ENGINEERING: Court to Hear Wind-Up Petition on Aug. 26 X X X X X X X X CENTERRA GOLD: S&C Leads Dispute Resolution with Kyrgyz Republic - - - - - ================= A U S T R A L I A ================= AUSTUNE COMMERCIAL: First Creditors' Meeting Set for Aug. 24 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Austune Commercial Pty. Ltd. will be held on Aug. 24, 2022, at 11:00 a.m. at the offices of Westburn Advisory at Level 5, 115 Pitt Street, in Sydney. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on Aug. 12, 2022. CANDLEFOX HOLDINGS: Second Creditors' Meeting Set for Aug. 19 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Candlefox Holdings Pty Limited, Candlefox Pty Limited, Now Hiring Pty Limited and Ulleo Pty Limited. has been set for Aug. 19, 2022, at 10:30 a.m. The meeting will be held virtually from CPA Australia, Level 20, 28 Freshwater Place in Southbank. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 18, 2022, at 4:00 p.m. David Ross and David Ingram of I & R Advisory were appointed as administrators of the company on July 15, 2022. CAYDON GROUP: Prime Assets to be Put on Market ---------------------------------------------- The Age reports that multiple properties linked to collapsed Caydon Group, including the historic Nylex site on Melbourne's Yarra River, are likely to be sold as creditors seek to claw back loans from the property developer. Caydon, a large private Melbourne-based developer founded by Joe Russo, had about AUD1 billion in projects under development when receivers and liquidators stepped in three weeks ago, The Age notes. A list of 40 companies in receivership made available to creditors points to multiple properties around the country entangled in the developer's collapse. As well as the Nylex site in Cremorne, they include more than 100 apartments in existing Caydon development projects, a site in the early planning stages in Sydney's Parramatta and another block intended for a beachside high-rise in Queensland's North Burleigh Heads. The group's largest creditor, financiers OCP Asia, called in receivers McGrathNicol Restructuring to take control of 40 companies to which they had lent money, The Age discloses. At the same time, Mr. Russo called in Jirsch Sutherland as liquidator on at least 29 overlapping Caydon companies, The Age relates. According to the Age, Caydon's collapse has embroiled Mr. Russo's ex-partner Elvia who last week put the family's four-bedroom mansion in Melbourne's north-east suburb of Eaglemont up for sale. The property with a pool, four-car basement garage, tennis court and two-storey high living room windows is on the market for between AUD8.5 to AUD9.35 million. Neither Elvia Russo or her real estate agency Marshall White would comment, the report states. The Age adds that Jirsch Sutherland and Malcolm Howell said preliminary investigations had revealed a "multitude of creditors, but the bulk are intercompany debts." "It's early days," the report quotes Mr. Howell as saying. "My role as liquidator is to look at what assets are available to each of the entities." Mr. Howell said, while there are "substantial assets valued on the balance sheet of each entity", in situations like this there is "normally a shortfall" to creditors. The developer's main company Caydon Property Group was placed in voluntary administration, rather than liquidation, to enable employees to get their entitlements, he said, The Age relays. The same entity holds leases over the group's offices. Two of Caydon's developments under construction in Alphington and Preston are not part of the liquidation process as they were funded by other lenders, the report says. They will continue through to completion and sale, with at least 70 per cent of apartments sold in both projects. CWLT LOGISTICS: Second Creditors' Meeting Set for Aug. 18 --------------------------------------------------------- A second meeting of creditors in the proceedings of CWLT Logistics Pty Ltd has been set for Aug. 18, 2022, at 11:30 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 17, 2022, at 5:00 p.m. Joshua Philip Taylor of 13U was appointed as administrator of the company on July 14, 2022. GRAZE & TIPPLE: First Creditors' Meeting Set for Aug. 23 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Graze & Tipple Pty Ltd will be held on Aug. 23, 2022, at 10:00 a.m. via virtual meeting technology. Shaun William Boyle of BRI Ferrier Western Australia was appointed as administrator of the company on Aug. 11, 2022. OSANA 1: Second Creditors' Meeting Set for Aug. 19 -------------------------------------------------- A second meeting of creditors in the proceedings of Osana 1 Pty Ltd, Osana 3 Pty Ltd, and Matilda Care Pty Ltd, has been set for Aug. 19, 2022, at 10:00 a.m., 11:00 a.m., and 12:00 p.m., respectively, via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 18, 2022, at 4:00 p.m. Peter Hillig of Smith Hancock was appointed as administrator of the company on May 17, 2022. RIZZAK CAPITAL: Australian Financial Watchdog Cancels AFS Licence ----------------------------------------------------------------- Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Rizzak Capital Pty Ltd. ASIC said the licence was cancelled because Rizzak Capital failed to comply with the key person condition of its AFS licence and failed to lodge its financial statements and audit opinions for the financial years ended June 30, 2020 and June 30, 2021. Rizzak Capital may apply to the Administrative Appeals Tribunal for a review of ASIC's decision. Rizzak Capital Pty Ltd has held AFS licence no. 429966 since Jan. 30, 2013. THORN ABS 1: Fitch Assigns BB-sf Rating on Class E Notes -------------------------------------------------------- Fitch Ratings has affirmed and withdrawn the ratings on Thorn ABS Warehouse Trust No. 1's asset-backed floating-rate notes due to a restructuring of the transaction. At the same time, Fitch has assigned new ratings to the restructured transaction. RATING ACTIONS ENTITY/DEBT RATING PRIOR ---- ------ ----- Thorn ABS Warehouse Trust No. 1 C. AU3FN0043956 LT AAAsf Affirmed AAAsf C. AU3FN0043956 LT WDsf Withdrawn AAAsf D. AU3FN0043964 LT AAAsf Affirmed AAAsf D. AU3FN0043964 LT WDsf Withdrawn AAAsf E. AU3FN0043972 LT AAAsf Affirmed AAAsf E. AU3FN0043972 LT WDsf Withdrawn AAAsf A LT AAAsf New Rating B LT A+sf New Rating C LT BBB+sf New Rating D LT BB+sf New Rating E LT BB-sf New Rating F LT NRsf New Rating G LT NRsf New Rating TRANSACTION SUMMARY Fitch has assigned new ratings to Thorn ABS Warehouse Trust No. 1's restructured asset-backed floating-rate notes. The ratings are based on the facility limits of each note. The transaction is backed by a pool of first-ranking Australian automotive and commercial-finance receivables originated by Thorn Australia Pty Limited and Thornmoney Pty Ltd. The notes were issued by Perpetual Corporate Trust Limited as trustee for Thorn ABS Warehouse Trust No. 1. Fitch is withdrawing the ratings as the transaction has been restructured, resulting in an additional note being issued and changes to the credit enhancement (CE) levels to the rated notes. Based on the information disclosed to Fitch, the restructure is not due to adverse circumstances or deterioration in performance, and therefore Fitch determines that it is not a distressed debt exchange. KEY RATING DRIVERS Forward-Looking Approach to Derive Base Case Loss: Obligor default rates are a key assumption in Fitch's quantitative analysis. Fitch analysed annual default rates associated with the underlying portfolio to derive a one-year default probability assumption for each asset group, which was incorporated into Fitch’s proprietary Portfolio Credit Model (PCM). Weighted-average base case defaults for the portfolio are 5.2%. Proxy Portfolio Used: The transaction's eligibility criteria and portfolio parameters shaped the proxy portfolio used to drive the asset analysis. The proxy portfolio reflects the assumption that the portfolio's characteristics may migrate towards the limits during the revolving period, including limits on borrower type, industry type and asset type. Fitch's proxy portfolio had receivables classified as Primary, Secondary and Tertiary that were taken to their parameters. Fitch's cashflow modelling assumed the transaction had a yield in line with the minimum yield parameter. Portfolio Concentration Risk Mitigated: The transaction documentation includes pool parameters that limit the portfolio's largest obligor and largest five obligors as well as limits on the largest industry group and aggregate exposure of the largest three industry groups. The proxy portfolio's composition was stressed close to the parameter limits for each of these characteristics and incorporated in Fitch's PCM analysis. Recovery Rates Unchanged: Fitch maintained recovery rates of 0% to reflect the low level of recoveries and volatility of the recovery data received from Thorn. Economic Growth Supports Outlook: The Stable Outlook is supported by Australia's ongoing recovery. Fitch expects the country's strong labour market and GDP growth to support transaction performance, despite Fitch’s forecast that interest rates will reach 1.85% and inflation 5.5% by year-end. Fitch expects GDP to expand by 4.0% in 2022, with an unemployment rate of 3.9%. GDP growth and inflation should normalise to 2.5% and 2.1%, respectively, in 2023, with an unemployment rate of 4.0%, while Fitch forecasts interest rates to reach 2.50%. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The transaction's performance may be affected by changes in market conditions and economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce CE available to the notes. Downgrade Sensitivity Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. This section provides insight into the model-implied sensitivities the transaction faces when assumptions regarding weighted-average foreclosure frequency are modified, while holding others equal. The modelling process uses the modification of default assumptions to reflect asset performance in up and down environments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Fitch conducted sensitivity analysis by increasing gross default levels over the life of the transaction. There are no recovery sensitivities as Fitch gives no credit to recoveries in this transaction. Downgrade Sensitivity: Notes: A/B/C/D/E Rating: AAAsf/A+sf/BBB+sf/BB+sf/BB-sf Increase mean defaults by 25%: AAAsf/Asf/BBB+sf/BBsf/B+sf Increase mean defaults by 50%: AAsf/A-sf/BBB-sf/BB-sf/B-sf Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for the credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivity: Decrease mean defaults by 25%: AAAsf/AA-sf/A-sf/BBB-sf/BB+sf ========= C H I N A ========= BEIJING JUDIAN: Electric Car Maker Files for Bankruptcy ------------------------------------------------------- South China Morning Post reports that a joint venture between Chinese ride-hailing giant Didi Chuxing and electric vehicle (EV) maker Li Auto filed bankruptcy on Aug. 11, after the carmaker ended operations. Beijing Judian Travel Technology Co filed for bankruptcy on Aug. 11 with Beijing No 1 Intermediate People's Court, the Post discloses citing the National Enterprise Bankruptcy Information Disclosure Platform under the Supreme People's Court. Set up in 2018 with registered capital of CNY400 million (US$59.3 million), the company built EVs for Didi's ride-hailing service. The venture is 51% owned by Didi and 49% by Li Auto, according to company record platform Qichacha. The Post notes that the bankruptcy comes just weeks after Didi's year-long national security review concluded in July with a US$1.2 billion fine for violating data-handling rules. The joint venture previously ran into trouble with two cases in February and March over unpaid contracts worth a combined CNY16.3 million. The cases resulted in Judian Travel legal representative Ma Liying being added to China's blacklist of credit defaulters, barring him from taking flights or high-speed trains and preventing his children from attending expensive private schools. BRIGHT SCHOLAR: Fitch Withdraws 'B' Foreign Currency IDR -------------------------------------------------------- Fitch Ratings has maintained Bright Scholar Education Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating of 'B' on Rating Watch Negative (RWN). Fitch placed Bright Scholar on RWN in November 2021 following the company's proposal to dispose of its schools covering kindergarten to Grade 12 to a charitable organisation to comply fully with China's latest regulations. The disposal has not been completed yet, but Fitch expects the company's business profile to weaken, depending on the service-fee arrangement after completion of disposal. Fitch has also simultaneously withdrawn the ratings due to commercial reasons. The agency will no longer provide ratings or analytical coverage of this issuer. KEY RATING DRIVERS Diminished Scale, Lower Visibility: Fitch expects Bright Scholar to provide management services to affected schools after completion of disposal, which will offset some of the profit lost from discontinued operations. However, a prolonged delay or failure to complete the disposal would materially weaken the business profile as the remaining businesses are tiny and not cash generative. Fitch estimates the scale of Bright Scholar's normalised post-disposal EBITDA at CNY300 million-400 million annually, compared with consolidated EBITDA of CNY576 million in the financial year ended 31 August 2020 (FY20). Fitch also expects higher cash flow volatility from providing management services than collection of tuition fees due to low switching costs and a lack of differentiation. Adequate Liquidity: Fitch expects Bright Scholar should have sufficient liquidity for its ongoing operations in the near term, but further delays in the disposal could limit its cash generation. Bright Scholar is only entitled to collect service fees from affected schools upon completion of the disposal as collecting income from a related party for management services is not permitted under the latest rules, resulting in cash outflow at the listed company level since 1 September 2021. However, the company's debt level is significantly lower after repaying its outstanding US dollar bond on July 31, 2022. RATING SENSITIVITIES No longer relevant, as the rating has been withdrawn. RATING ACTIONS ENTITY/DEBT RATING RECOVERY PRIOR ---- ------ -------- ----- Bright Scholar LT IDR B B Education Holdings Limited Rating Watch Maintained LT IDR WD Withdrawn B senior unsecured LT B RR4 B Rating Watch Maintained senior unsecured LT WD Withdrawn B HAINAN AIRLINES: Fangda Injects US$1.6BB to Keep Carrier Flying --------------------------------------------------------------- Caixin Global reports that the new owner of Hainan Airlines Holding Co. Ltd., the onetime prize asset of failed conglomerate HNA Group, plans to inject more money into the carrier to ease its financial pain in the wake of Covid-19 lockdowns on the Chinese mainland, according to an exchange filing. A subsidiary of parent Liaoning Fangda Group Industrial Co. Ltd. will buy CNY10.9 billion (US$1.6 billion) of shares in Hainan Airlines via a private placement. The proceeds will be used as working capital, the Hainan province-based airline said in the filing on Aug. 11, the report relays. Based in Haikou, Hainan Province, the People's Republic of China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- founded in 1993, is the fourth-largest carrier in China and the largest non-government-owned airline in China. Hainan Airlines is known for its award-winning customer service, impeccable safety record and on-time performance. Hainan Airlines carries more than 14 million passengers annually. Hainan Airlines currently flies to more than 60 domestic and international cities, including the capitals of every Chinese province. Hainan Airlines' international flights include Budapest, Brussels, Osaka and St. Petersburg. HONGHUA GROUP: Moody's Withdraws 'B2' Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service has withdrawn Honghua Group Limited's B2 corporate family rating. Prior to the withdrawal, the rating outlook on Honghua was negative. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. COMPANY PROFILE Honghua Group Limited listed on the Stock Exchange of Hong Kong in 2008. The company manufactures land drilling equipment and related products. It also engages in oil and gas engineering services. As of the end of June 2022, the company was majority owned (29.98%) by Dongfang Electric International Investment Co., Ltd., a wholly-owned subsidiary of Dongfang Electric Corporation. ========= I N D I A ========= AARYAMAN RECREATION: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aaryaman Recreation Club Limited (ARCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 25, 2021, placed the rating(s) of ARCL under the 'issuer non-cooperating' category as ARCL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ARCL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 10, 2022, April 20, 2022, April 30, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Surat-based (Gujarat), Aaryaman Recreaction Club Limited (ARCL) is a closely held company, incorporated in 2014 is promoted by Mr.Vimal Kalsariya, Mr. Ishwarlal Gehi , Mr. Kanaiyalal Gehi, Mr. Vipul Kalsariya, Mr. Alpesh Ambaliya, Mr. Jayantilal Ambaliya and Mr. Jayantilal Godhadara. ARCL is setting up a project to establish a Recreational club. The club will have various amenities such as follows Theatres, Eateries, Beauty salon/Spa/Wellness centre, Guest rooms, Conference hall, Party hall. The project will be executed in two phases wherein three buildings namely Ruby, Sapphire and Emerald will be constructed. In the first phase, ARCL is constructing Ruby building for which the estimated cost is INR16.76 crore and the same is expected to completed by September 2019. The Sapphire and Emerald will be constructed in the second phase which is envisaged to start from October 2019 and expected to be completed by March 2021. Total cost of project is INR29.93 crore which will be funded through term loan of INR7.50 crore, equity capital of INR3.20 crore, unsecured loans of INR0.44 crore and the rest amount will be obtained through membership fees. AGARWAL RUBBER: Ind-Ra Affirms BB+ Long-Term Issuer Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Agarwal Rubber Limited's (ARL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR99 mil. Term loan due on April 2025 assigned with IND BB+/ Stable rating; -- INR450 mil. (reduced from INR500 mil.) Fund-based facilities affirmed with IND BB+/Stable/ IND A4+ rating; and -- INR280 mil. (reduced from INR330 mil.) Non-fund-based facilities affirmed with IND A4+ rating. Key Rating Drivers The affirmation reflects ARL's continued modest credit metrics with deterioration in the gross interest coverage (operating EBITDA/gross interest expense) to 1.49x in FY22 (FY21: 1.63x) and that in the net leverage (adjusted net debt/operating EBITDAR) to 7.27x (6.18x). The credit metrics deteriorated due to a fall in the absolute EBITDA to INR137.41 million in FY22 (FY21: INR161.41 million). Ind-Ra expects the credit metrics to marginally improve in FY23 due to scheduled debt repayments. FY22 numbers are provisional in nature. The ratings also factor in ARL's continued medium scale of operations with a decline in the revenue to INR1,661.02 million in FY22 (FY21: INR1,939.57 million) due to the Russia-Ukraine war which led to a shortage of synthetic rubber, the company's main raw material. The 1QFY23 revenue stood at INR403.5 million. Ind-Ra expects ARL's revenue to improve marginally yoy in FY23 based on its orderbook of INR800 million to be executed by end-November 2022. The ratings continue to factor in the company's modest EBITDA margins of 8.27% in FY22 (FY21: 8.32%) on account of the intense competition in the industry. The return on capital employed was 6.7% in FY22 (FY21: 8.5%). During 1QFY23, ARL reported an EBITDA margin of 9%. Ind-Ra expects the margins to improve marginally yoy in FY23 as the company has installed machinery for automation, which will bring down its labor cost. Liquidity Indicator - Stretched: The net working capital cycle elongated to 271 days in FY22 (FY21: 162 days) due to an increase in the inventory days to 266 (153). Since there was a shortage of synthetic rubber due to the Russia-Ukraine War, the company decided to keep a higher stock of rubber in inventory. The cash flow from operations turned negative at INR0.6 million in FY22 (FY21: INR129.2 million) due to unfavorable changes in working capital. The average maximum utilization of the fund-based limits was 97.61% during the 12 months ended June 2022. At FYE22, ARL had cash and cash equivalents of negative INR0.17 million (FYE21: INR0.88 million). Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The ratings are also supported by ARL's promoters' experience of more than three decades in the manufacturing of tires and tubes leading to established relationships with customers and suppliers. Rating Sensitivities Positive: An increase in the revenue and operating profitability, leading to an improvement in the liquidity profile and credit metrics, with the interest coverage exceeding 2.5x, all on a sustained basis, will lead to a positive rating action. Negative: A decline in the revenue and operating profitability, leading to deterioration in the liquidity profile and credit metrics, will lead to a negative rating action. Company Profile Incorporated in 1983, ARL manufactures and sells tires and tubes. Its manufacturing unit is in Patancheru, Medak District, near Hyderabad. The company sells its products under the brand names ARL and Maruti. ALP NONWOVEN: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Alp Nonwoven Private Limited (ANPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.41 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 28, 2021, placed the rating(s) of ANPL under the 'issuer non-cooperating' category as ANPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ANPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 13, 2022, April 23, 2022, May 3, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Modasa-based (Gujarat) ANPL was incorporated in 2012, by Mr. Hareshkumar Dahyabhai Patel and is currently managed by Mr. Mahendrakumar Hansarajbhai Patel and Mr. Jagdish Ratilal Patel. The company is engaged into the manufacturing of nonwoven technical fabrics. ANPL operates from its sole manufacturing facility located in Modasa (Gujarat). BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Backbone Projects Limited (BPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.56 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 31, 2021, placed the rating(s) of BPL under the 'issuer non-cooperating' category as BPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 17, 2022, April 26, 2022, May 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Backbone Projects Limited (BBPL) was initially constituted as a partnership firm Backbone Construction Company in 1987 by Mr. Jayantibhai M Jakasania and subsequently converted into public limited company in 1995. The company is in the business of construction of canals, dams, roads and bridges. BBPL mainly executes projects for government and semi-government authorities. EAST HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of East Hyderabad Expressway Limited (EHEL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 9, 2021, placed the rating(s) of EHEL under the 'issuer non-cooperating' category as EHEL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. EHEL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 25, 2022, May 5, 2022, May 15, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). East Hyderabad Expressway Limited (EHEL) is a special purpose vehicle incorporated on July 05, 2007 to undertake design, construction, development, finance and operation & management (O&M) of eight-lane access-controlled expressway under Phase-II A program in the city of Hyderabad for the section from Pedda Amberpet to Bongulur, on a stretch of 13 km, under Build, Operate & Transfer (BOT) Annuity basis. The annuity provider is Hyderabad Metropolitan development Authority [erstwhile Hyderabad Urban Development Authority (HUDA)]. EHEL is promoted by ITNL (Rated CARE D; Issuer Not Cooperating), KMC Infratech Limited and KMC Constructions Limited having a shareholding of 74%, 16% and 10% respectively. The project has been awarded under the Annuity scheme by HUDA, and receipt of annuities has commenced post receipt of Provisional Completion Certificate (PCC) dated March 1, 2011. CARE does not have any update on the latest developments in this regard. FUTURE RETAIL: Fitch Cuts IDR to 'D' & Then Withdraws Rating ------------------------------------------------------------ Fitch Ratings has downgraded Indian retailer Future Retail Limited's (FRL) Long-Term Issuer Default Rating (IDR) to 'D' from 'RD'. Fitch have affirmed the long-term rating for the senior secured notes at 'C' and revised the Recovery Rating to 'RR6' from 'RR5'. All ratings have subsequently been withdrawn. The 'D' IDR reflects Fitch's view that bankruptcy proceedings against FRL have started following a court order on 20 July 2022 admitting a lender's petition under India's Insolvency and Bankruptcy Code, 2016. The revision in the Recovery Rating reflects Fitch's lower assumption for FRL's going-concern EBITDA, underscoring a weaker market position following a significant number of store closures. Fitch has chosen to withdraw FRL's ratings for commercial reasons. KEY RATING DRIVERS Start of Insolvency Proceedings: The court order follows FRL's failure to meet more than INR100 billion in obligations since 31 December 2021 that were recast under the Indian central bank's August 2020 One Time Restructuring (OTR) framework. Persistent Losses; Reduced Scale: FRL's default comes after sustained operating losses since the financial year ended March 2020 (FY20) and ongoing litigation that hampered the company's ability to generate funds from alternative sources. Additional liquidity constraints following the default and store closures in 2022 have materially reduced FRL's operating scale. ESG - Management Strategy: Persistently weak profitability since the onset of the Covid-19 pandemic and litigation have curtailed management's efforts to support FRL's liquidity and financial flexibility, leading to the default. Suspension of FRL's board after the start of bankruptcy proceedings could lead to further operational challenges. This has a negative impact on the credit profile and is highly relevant to the rating. ESG - Governance: The Biyani family pursued growth investment at its operating companies, such as FRL, rather than limiting leverage and preserving balance-sheet flexibility at the holding company. This is evident from a significant reduction in the stake of FRL's main shareholder, Future Corporate Resources Pvt Ltd, after lenders invoked share pledges. Distress at its shareholders caused reputational damage, constraining FRL's access to funding and liquidity. This has a negative impact on the credit profile and is highly relevant to the rating. DERIVATION SUMMARY FRL's 'D' rating reflects the initiation of bankruptcy proceedings against the company. KEY ASSUMPTIONS Recovery Analysis Assumptions -- Fitch's recovery analysis assumes that FRL would be considered a going-concern in bankruptcy and would be reorganised rather than liquidated. Fitch assumes a 10% administrative claim. -- The going-concern value is based on a going-concern EBITDA of INR3.1 billion and a 4.0x multiple. -- The going-concern EBITDA assumption is about 70% lower than the INR10.4 billion EBITDA generated in FY19, the last financial year prior to the impact of the pandemic. Fitch lower EBITDA assumption underscores a deterioration in FRL's market position following a significant number of store closures. The going-concern estimate is higher than the actual performance since FY21, with FRL reporting persistent losses due to the impact of the pandemic and poor liquidity. This reflects Fitch’s view that FRL's business model remains redeemable after the restructuring. -- The 4.0x multiple is lower than the 5.5x median multiple for retail going-concern reorganisations to reflect FRL's mid-tier market position in India after considering store closures and intense multichannel competition. -- Fitch used FRL's post-OTR debt structure, which includes accrued liabilities. Secured working capital and secured US dollar notes account for the majority of FRL's debt. Fitch assumes that available but undrawn lines, if any, will be fully drawn. -- The recovery waterfall results in a recovery-rate estimate corresponding to a 'RR6' Recovery Rating for the USD500 million secured notes. RATING SENSITIVITIES Rating sensitivities are no longer applicable given the rating withdrawal. 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. ESG CONSIDERATIONS FRL has an ESG Relevance Score of '5' for Management Strategy, which reflects the limitations on management's ability to implement its strategy amid poor liquidity and bankruptcy proceedings. This has a negative impact on the credit profile and is highly relevant to the rating. FRL has an ESG Relevance Score of '5' for Governance Structure due to the shareholding concentration and presence of highly leveraged related parties. This has a negative impact on the credit profile and is highly relevant to the rating. FRL has an ESG Relevance Score of '4' for Social Impact, reflecting the risk to its business from a shift by consumers towards online shopping. This has a negative impact on the credit profile and is relevant in the rating in conjunction with other factors. FRL has an ESG Relevance Score of '4' for Financial Transparency, reflecting limited disclosure and delays. This has a negative impact on the credit profile and is relevant in the rating in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. RATING ACTIONS ENTITY/DEBT RATING RECOVERY PRIOR ---- ------ -------- ----- Future Retail LT IDR D Downgrade RD Limited LT IDR WD Withdrawn D senior secured LT C Affirmed RR6 C senior secured LT WD Withdrawn C GIRDHARILAL SUGAR: Liquidation Process Case Summary --------------------------------------------------- Debtor: Girdharilal Sugar and Allied Industries Limited 45/47-A, Industrial Area No. 1 A.B. Road, Dewas MP 455001 India Liquidation Commencement Date: August 5, 2022 Court: National Company Law Tribunal, Indore Bench Date of closure of insolvency resolution process: August 5, 2022 Insolvency professional: Amresh Shukla Interim Resolution Professional: Amresh Shukla F-05, Jaideep Complex 112, Zone-II, MP Nagar Bhopal 462011 MP India E-mail: insolvencyprofessionalsindia@ gmail.com cirp.girdharilal@gmail.com Last date for submission of claims: September 4, 2022 GOVARDHHAN CREATION: Voluntary Liqudiation Process Case Summary --------------------------------------------------------------- Debtor: Govardhan Creation Private Limited P. No. 8202/2/B, GIDC Sachin Village Sachin, Taluka Choryasi Surat, GJ 394230 IN Liquidation Commencement Date: August 4, 2022 Court: National Company Law Tribunal, Surat Bench Insolvency professional: Saaurabh Jhaveri Interim Resolution Professional: Saaurabh Jhaveri 6th Floor, 620 Jolly Plaza Opp. Athwagate Circle Athwagte, Surat 395001 E-mail: sjhaveri333@gmail.com Tel: 9824440137 Last date for submission of claims: September 3, 2022 GUNTUR MULTI: Liquidation Process Case Summary ---------------------------------------------- Debtor: Guntur Multi Packaging Industries Private Limited Registered office: Flat no. 1/2/33 & 34, Phase 4 Autonagar, Guntur 522001 Principal office: D.No. 2-141, Chinna Avutapalli Gannavaram Mandal, Krishna District Andhra Pradesh 521101 Liquidation Commencement Date: August 8, 2022 Court: National Company Law Tribunal, Amaravati Bench Date of closure of insolvency resolution process: July 18, 2022 Insolvency professional: Siva Sai Hari Bhaskar Neti Interim Resolution Professional: Siva Sai Hari Bhaskar Neti D.No. 43-4-4, CV Delight Subba Laxmi Nagar Near Srikanya Theatre Visakhapatnam 530016 E-mail: nsshbhaskar@rediffmail.com - and – Door No. 2-22/146, DL-40 Shriram Panorama Hills Law College Road Near Cricket Stadium Yendada, Visakhapatnam 530045 Last date for submission of claims: September 7, 2022 H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of H K Lumbers LLP (HKLL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 20, 2021, placed the rating(s) of HKLL under the 'issuer non-cooperating' category as HKLL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HKLL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 5, 2022, April 15, 2022, April 25, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gandhidham (Gujarat) based HKLL was incorporated in 2014 by Rudani and Patel Family and currently managed by Mr. Rajeshkumar Rudani and other family members. Mr. Rajeshbhai Rudani possesses 10 years of experience in wood and wood products industry. HKLL is engaged into saw milling and planning of wood. H K Timbers Private Limited is the group entities of HKLL, which is engaged in manufacturing of veneer sheets, manufacturing of plyboard, particle board and other plyboard Products. HARIOM RICE: Liquidation Process Case Summary --------------------------------------------- Debtor: Hariom Rice Mills Private Limited Vill. & Post: Darrighat Masturi Road Bilaspur 495551, Chattisgarh Liquidation Commencement Date: August 3, 2022 Court: National Company Law Tribunal, Cuttack Bench Date of closure of insolvency resolution process: August 3, 2022 Insolvency professional: Shikhar Chand Jain Interim Resolution Professional: Shikhar Chand Jain C/o ADB & Company, First Floor Mahavir Gaushala Complex K.K. Road, Moudhapara Raipur 492001 E-mail: kaijan92@gmail.com liquidation.hrmpl@gmail.com Last date for submission of claims: September 2, 2022 HOSHIAR NIRVAIR: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Hoshiar Nirvair Tractors Private Limited Khasra No. 411, 412 Village Bela Bathri Tejsil Haroli, District Una Himachal Pradesh 174301 Insolvency Commencement Date: August 5, 2022 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: February 1, 2023 Insolvency professional: Sanjay Arora Interim Resolution Professional: Sanjay Arora SCO 117-118, Second Floor Sector 17-B, Chandigarh 160017 E-mail: sanjay@sanjayaroraassociates.com iphntp@gmail.com Last date for submission of claims: August 19, 2022 INDIA BELT: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of India Belt Company (IBC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 24, 2021, placed the rating(s) of IBC under the 'issuer non-cooperating' category as IBC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. IBC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 9, 2022, April 19, 2022, April 29, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Mumbai based India Belt Company (IBC) was formed as a partnership concern in 1995 by Mr. Rajeev Dev Malik, Mr. Sanjeev Dev Malik and Mr. Ashok Kumar Agarwal. The firm procures leather mainly from Kanpur and manufactures leather belt at its manufacturing facility located in Mulund, Mumbai (Maharashtra). INDIAN INFRABUILT: CARE Keeps C Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Indian Infrabuilt Private Limited (IIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Long Term/ 0.50 CARE C; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category Short Term 6.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 14, 2021, placed the rating(s) of IIPL under the 'issuer non-cooperating' category as IIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. IIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 30, 2022, May 10, 2022, May 20, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Uttar Pradesh based, Indian Infrabuilt Private Limited (IIPL) was incorporated in August, 2008. The company is currently being managed by Mohammed Javed Khan, and his wife Mrs. Farah Khan. Mr. Avesh Kaushik joined the firm as an executive director only recently in November, 2017. The company is a Class 'A' Government contractor, engaged in civil construction works such as construction of roads, flyovers and finishing activities for buildings etc. mainly for government departments like Public Works Department (Kanpur), Kanpur Development Authority, Kanpur Nagar Nigam, Avaz Vikas Parishad etc. INTENSE FITNESS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Intense Fitness and Spa Private Limited C-2/10, Safdarjung Development Area Main Aurobindo Marg New Delhi 110016 Insolvency Commencement Date: August 3, 2022 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: January 29, 2023 (180 days from commencement) Insolvency professional: Jagdish Singh Nain Interim Resolution Professional: Jagdish Singh Nain 98 Gangotri Apartments Vikaspuri, New Delhi 110018 E-mail: jsnain@yahoo.com - and – 8/28, 3rd Floor, W.E.A. Abdul Aziz Road Karol Bagh, New Delhi 110005 E-mail: cirp.intense@gmail.com Last date for submission of claims: August 17, 2022 JAY AGRO: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jay Agro Industries (JAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.51 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 31, 2021, placed the rating(s) of JAI under the 'issuer non-cooperating' category as JAI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. JAI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 17, 2022, April 26, 2022, May 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Vadodara-based (Gujarat) JAI was promoted by Mr. Nimmagadda Prasad and Ms. Aruna Prasad for manufacturing of Pesticides in 2003. JAI's manufacturing plant is located in Vadodara, Gujarat having for production of Agrochemicals, Pesticides and Insecticides. JAI is an ISO 9001: 2008 and UKAS Quality Management certified firm. JAYAVELU SPINNING: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Jayavelu Spinning Mills Private Limited's (JSMPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR150 mil. Fund-based limit affirmed with IND BB+/Stable/IND A4+ rating; -- INR145.32 mil. (increased from INR94 mil.) Term loan due on December 2029 affirmed with IND BB+/Stable rating; and -- INR254.68 mil. Proposed term loan assigned with IND BB+/Stable rating. Key Rating Drivers In FY23, JSMPL is incurring around INR397.8 million capex (INR360 million being funded through a proposed term loan and the rest being internal accruals) for the completion of its new 12MW solar plant. In FY22, JSMPL incurred a capex of around INR254.07 million, of which INR60 million was in the form of a term loan and the remaining from internal accruals for value addition (upgradation to compact yarn from earlier spinning yarn), for the purchase of imported machinery, for 2MW solar plant, for the 12MW solar plant and the for construction of an office building. JSMPL's credit metrics improved in FY22 with an interest coverage (operating EBITDA/gross interest expense) of 6.8x (FY21: 2.9x) and a net leverage (adjusted net debt/operating EBITDAR) of 1.3x (1.9x) on account of an increase in the absolute EBITDA to INR125.7 million (INR85.8 million); however, in FY23, the credit metrics are likely to deteriorate on account of an increase in the term loan by INR360 million. FY22 numbers are provisional in nature. The ratings also factor in JSMPL's continued small scale of operations even as its revenue increased to INR1,182.1 million in FY22 (FY21: INR694.1 million) on account of an increase in the raw material (raw cotton) prices leading to an increase in the selling price of yarn (end product) and a rise in the sales volume. Over April-June 2022, JSMPL achieved a net revenue of INR259.5 million. In FY23, Ind-Ra expects JSMPL's revenue to remain largely unchanged yoy, despite an increase in sales, due to the lower end-product selling price (on account of a fall in the raw material prices). The ratings also reflect JSMPL's average EBITDA margin of 10.6% in FY22 (FY21: 12.4%) with a return on capital employed of 13.7% (7.6%). The margins deteriorated in FY22 on account of an increase in the cost of goods sold majorly due to a rise in the raw material prices. In FY23, Ind-Ra expects JSMPL's EBITDA margin to improve as compared to that in FY22 on account of some reduction in the electricity expenses due to the start of its 12MW solar plant from end-November 2022 and the upgradation to compact yarn from spinning yarn. Liquidity Indicator - Stretched: Since the term loan of INR360 million is yet to be sanctioned, the company will use internal accruals to fund the ongoing capex. In FY22, the cash and cash equivalents remained low at INR0.5 million (FY21: INR11.1 million). The net cash conversion cycles improved to 25 days in FY22 (FY21: 132 days) on account of a reduction in the inventory days to 24 (134). The fund-based limits were maximum utilized at an average of 40.6% over the 12 months ended June 2022. In FY22, the cash flow from operations improved to INR259.3 million (FY21: INR110.8 million) on account of an increase in the absolute EBITDA. The ratings continue to be constrained by the company's high customers and geographic concentration risk; in FY22, the top three customers contributed around 74% (76%) to the total sales and 96% customers are from Maharashtra. The ratings, however, continue to be supported by JSMPL's director's experience of more than two decades in the yarn manufacturing business. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the credit metrics with the net leverage above 5x on a sustained basis and/or any further stress on the liquidity position, will lead to a negative rating action. Positive: The commencement of the solar plant while maintaining the scale of operations, with an improvement in the credit metrics while maintaining the net leverage below 3.5x and an improvement in the liquidity, all on a sustained basis, will lead to positive rating action. Company Profile Incorporated in 1994, JSMPL is involved in the manufacturing of cotton yarn with an installed capacity of 39,504 spindles. Its manufacturing unit located at Mettilpatti Village, Tuticorin District, Tamil Nadu. JUNAID ENTERPRISES: Ind-Ra Moves 'B+' Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Junaid Enterprises' Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR30 mil. Fund-based working capital limit migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING) rating; -- INR20 mil. Proposed fund-based working capital limit* migrated to non-cooperating category with IND B+ (ISSUER NOT COOPERATING) rating; -- INR70 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR30 mil. Proposed non-fund-based working capital limit* migrated to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 29, 2021. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Established in 2000 as partnership firm, Junaid Enterprises is engaged in various kinds of civil construction works such as construction of school buildings, hostels, dormitories, electrification work of building, boundary wall, staff quarters, among others. MD Akbar Ali and MD Agsar Ali & MD Azad Mansur Ali are the partners. KLER WINES: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Kler Wines's Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable. The instrument-wise rating action is: -- INR162.4 mil. (increased from INR70 mil.) Fund-based working capital limits affirmed with IND B+/Stable/IND A4 rating. Key Rating Drivers The affirmation reflects Kler Wines's continued small scale of operations with its revenue increasing to INR1,708.5 million in FY22 (FY21: INR1,011.7 million; FY20: INR960.7 million), due to an increase in demand. As per management, although the firm achieved a turnover of INR600 million in 1QFY23, it expects the revenue to decline in FY23, due to the shutdown of its wholesale and retail outlets in Punjab, following the implementation of a new regulatory policy by the state government. Kler Wines has only four outlets operational in Chandigarh. For FY23, Ind-Ra expects the company's top line to decline, due to the limited revenue contribution from remaining four outlets. Its FY22 numbers are provisional in nature. Kler Wines's EBITDA margin remained healthy, on account of the distributorship nature of the business. In FY22, the margin increased to 2.2% (FY21: 1.9%), owing to a decrease in the cost of goods sold. The firm's return on capital employed increased to 42.9% in FY22 (FY21: 22.4%). Ind-Ra expects the EBITDA margin to slightly decline in FY23, due to the likelihood of an increase of administrative expenses. The rating is constrained by a deterioration in the company's credit metrics with its interest coverage (operating EBITDA/gross interest expense) declining to 2.6x in FY22 (FY21: 4.0x), due to an increase in its interest cost to INR14.7 million (INR4.8 million) and the net leverage (total adjusted net debt/operating EBITDA) increasing to 1.9x (FY21: negative 1.8x). Ind-Ra expects the credit metrics to further deteriorate in FY23, due to an increase in total debt with the likelihood of a reduction in its absolute EBITDA. Liquidity Indicator: Poor- Kler Wines has poor standing in the credit markets with reliance on a single bank. The company's average monthly utilization of its working capital facility was more than 85.5% during the 12 months ended May 2022, with three-to-four instances of over-utilization in cash credit account for a day appearing in the bank statement. Also, the firm does not seem to have adequate drawing power to avail cash credit facility from the bank. In FY22, the cash flow from operations increased to INR13 million (FY21: negative INR26.5 million), mainly due to higher absolute EBITDA. Moreover, the free cash flows increased to INR13.2 million (FY21: negative INR28 million) with the capital expenditure of INR0.3 million (FY21: INR1.6 million) towards its annual maintenances. The cash and cash equivalents reduced to INR28.2 million in FYE22 (FYE21: INR35.1 million). The net cash cycle of the company was significantly reduced to negative 32 days in FY22 (FY21: 58 days). In FY23, Ind-Ra expects the creditor days to reduce, leading to a stretch in working capital cycle. The rating, however, continues to benefit from the management's more than three-decade experience in the liquor and hotel industry. Moreover, the founders can support the firm's working capital requirements through unsecured loans. Rating Sensitivities Negative: Any decline in the operating profitability, leading to a substantial decline in the credit metrics and/or the liquidity position, on a sustained basis, will be negative for the ratings. Positive: An improvement in the revenue while maintaining or improving the operating profitability, credit metrics and liquidity position, all on a sustained basis, will be positive for the ratings. Company Profile Chandigarh-based Kler Wines was incorporated in February 2016 as a partnership firm with Darshan Singh Kler and Karamjeet Kler as partners. As per the new partnership deed, Darshan Singh Kler's (10%) share was transferred to Chitwan Singh Kler, the son of Darshan Singh Kler, in July 2021. The firm retails liquor. KOSHER PHARMACEUTICALS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: M/s Kosher Pharmaceuticals Private Limited Registered office: 1-48/3/2 Shanker Nagar Chandanagar, Hyderabad TG 502050 IN Administrative office: Flat No. 314, Neelagiri Block Aditya Enclave, Ameerpet Hyderabad 500038 Insolvency Commencement Date: August 4, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: January 31, 2023 Insolvency professional: Papaiah Sastry Chundury Interim Resolution Professional: Papaiah Sastry Chundury Flat No. 50107, Pine Block Indu Gardenia Apartments KPHB, Phase 13 Kukatpally, Hyderabad Telangana 500072 E-mail: cpsastry@hotmail.com - and - Flat No. 104, Kavuri Supreme Enclave Kavuri Hills, Madhapur Hyderabad 500033 Telangana E-mail: cirp.kosherpharma@gmail.com Last date for submission of claims: August 18, 2022 KRISHNANAND INFRA: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Krishnanand Infrastructure and Developers Private Limited (SKIDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 27, 2021, placed the rating(s) of SKIDPL under the 'issuer non-cooperating' category as SKIDPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SKIDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 12, 2022, April 22, 2022, May 2, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which, however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Vapi-based (Gujarat) SKIDPL was incorporated in 2011, by Mr. Anand Tripathi and Mr. Kapil Tiwari. SKIDPL belongs to Shree Krishnanand Group which comprises of various other entities. SKIDPL is engaged into the business of undertaking turnkey projects involving civil works, erection, commissioning and electrical works of industrial buildings. SKIDPL also undertake projects from Government of Gujarat. SKIDPL is executing the contract works for public and private companies. MARUTINANDAN OIL: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Marutinandan Oil Industries (SMOI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.41 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 28, 2021, placed the rating(s) of SMOI under the 'issuer non-cooperating' category as SMOI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SMOI continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 13, 2022, April 23, 2022, May 3, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SMOI, a Kadi-based (Gujarat) partnership firm, was established in 2015 by four partners, namely, Mr. Govindbhai Patel, Ms Chandrikaben Patel, Ms Nishaben Patel and Ms Jayshriben Patel. Mr. Govindbhai possesses vast experience in the industry and looks after overall management of the firm. The firm is engaged into cotton seed crushing business. SMOI commenced its operation from November 2015 and operates from its manufacturing unit located in Kadi (Gujarat) with an installed crushing capacity of 25,920 MTPA as on March 31, 2016. SMOI procures material from local ginners and sells cotton seed oil to local refineries and oilcake to local traders. MB MALLS PRIVATE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: M B Malls Private Limited G-54, Ground Floor Vardhman Fortune Mall G T Karnal Road Near Gujranwala Town Delhi 110033 Insolvency Commencement Date: August 5, 2022 Court: National Company Law Tribunal, New Delhi Bench VI Estimated date of closure of insolvency resolution process: February 1, 2023 Insolvency professional: Mr. Vikram Bajaj Interim Resolution Professional: Mr. Vikram Bajaj 308, 3rd Floor Pearl Business Park Netaji Subhash Place Pitampura, Delhi 110034 E-mail: bajaj.vikram@gmail.com ip.mbmalls@gmail.com Classes of creditors: Real Estate Buyers Insolvency Professionals Representative of Creditors in a class: Mr. Rakesh Kumar Jindal Mr. Anish Kumar Sanghi Mr. Ashok Kumar Gupta Last date for submission of claims: August 19, 2022 MURUGAR SPINNING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+' --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Sri Murugar Spinning Mill's Long-Term Issuer Rating to 'IND BB+' from 'IND BB-(ISSUER NOT COOPERATING).' The Outlook is Stable. The instrument-wise rating actions are: -- INR294.7 mil. (increased from INR224.7 mil.) Fund-based facilities Long-term rating upgraded; Short-term rating affirmed with IND BB+/Stable/IND A4+ rating; -- INR24.7 mil. (increased from INR24 mil.) Non-fund-based facilities affirmed with IND A4+ rating; and -- INR102.25 mil. (increased from INR21.3 mil.) Term loan due on November 2026 upgraded with IND BB+/Stable rating. The upgrade reflects the improvement in SMSM's revenue and EBITDA margins, leading to an improvement in the credit metrics in FY22. Key Rating Drivers As per FY22 provisional financials, SMSM's revenue grew to INR2,329.4 million in FY22 (FY21: INR1,511.3 million) due to increase in sales realization of polyester and cotton resulting from increased demand. During 1QFY23, the firm booked revenue of INR795 million. The scale of operations remains medium despite the increase in revenue. As of July 2022, SMSM had a healthy order book of INR500 million, to be executed in the next two-to-three months. Ind-Ra expects the revenue to remain at similar levels in FY23 as the fall in polyester prices will be compensated with the execution of higher orders. The EBITDA margins improved to 6.51% in FY22 (FY21: 5.21%) due to a decrease in the power costs, led by the firm's windmill capex. The margins were average with a return on capital employed of 13.6% in FY22 (FY21: 9.6%). Ind-Ra expects the margins to remain at similar levels in FY23 as the electricity generated from the windmills provides for majority of the power requirement, ensuring lower input costs. The gross interest coverage (operating EBITDA/gross interest expense) improved to 4.58x in FY22 (FY21: 2.24x) and the net leverage (adjusted net debt/operating EBITDAR) to 2.5x (4.88x) due to an increase in the absolute EBITDA to INR151.53 million (INR78.76 million) and a decrease in the total debt to INR381.82 million (INR390.72 million). The credit metrics were comfortable. Liquidity Indicator - Stretched: The average maximum utilization of the fund-based limits was 93.09% during the 12 months ended May 2022. At FYE21, SMSM had cash and cash equivalents of INR6.22 million. Furthermore, the firm does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The net working capital cycle shortened to 54 days in FY22 (FY21: 78 days), due to a decrease in the inventory holding period to 38 days (60 days). The cash flow from operations increased to INR124.73 million in FY22 (FY21: 48.68 million) due to an increase in the fund flow from operations to INR146.81 million (INR 44.32 million). The ratings are no longer constrained by the partnership nature of the firm. There has been no substantial withdrawal of capital by the partners since FY18 and Ind-Ra expects this to continue in the foreseeable future. SMSM's disclosure standards are in line with the agency's corporate governance criteria for its rating level; this is likely to continue. The ratings also remain supported by the promoters' over two decades of experience in the yarn manufacturing business, leading to established relationships with its customers and suppliers. Rating Sensitivities Positive: An improvement in the liquidity while maintaining the scale of operations, profitability and credit metrics with the net leverage remaining below 3.5x, on a sustained basis, will be positive for the ratings. Negative: A decline in the scale of operations, liquidity and profitability, leading to deterioration in the credit metrics on a sustained basis will be negative for the ratings. Company Profile Established in 1997, SMSM is a partnership firm involved in manufacturing cotton, polyester and blended yarn with a capacity of 33,500 spindles. NEELGIRI ELECTRICALS: Ind-Ra Lowers Long-Term Issuer Rating to BB ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Neelgiri Electricals's Long-Term Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. The instrument-wise rating actions are: -- INR85.59 mil. Term loan due on May 2027 downgraded with IND BB (ISSUER NOT COOPERATING) rating; and -- INR150 mil. Fund-based working capital limits downgraded with IND BB (ISSUER NOT COO(PERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the best available information Key Rating Drivers The downgrade is pursuant to the Securities Exchange Board of India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the circular, any issuer having an investment-grade rating remaining non-cooperative with a rating agency for over six months should be downgraded to a sub-investment grade rating. The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)' may not reflect NE's credit strength as the issuer has been non-cooperative with the agency since January 24, 2022. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Company Profile Established in 1996, NE manufactures switches (modular and non-modular), wires and other allied products at its facility in Haridwar. Suresh Pahwa (49.75%), Sunil Pahwa (49.75%) and Sukhdev Bhardwaj (0.5%) are the partners. The firm sells products under the brand Girish, which has been licensed from Himgiri Electricals Private Limited; it pays royalty to Himgiri Electricals for using the brand name. NOOR INDIA: CARE Lowers Rating on INR7.0cr LT Loan to D ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Noor India Buildcon Private Limited (NIBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 21, 2021, placed the rating(s) of NIBPL under the 'issuer non-cooperating' category as NIBPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NIBPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 6, 2022, April 16, 2022, April 26, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Vapi-based NIBPL, was incorporated by Mr. Amin Yasid Saiyed in the year 2006. NIBPL is registered as a 'Class AA' contractor (highest on a scale of AA to E2), certified by Public Work Department of Gujarat. The company is in the business of undertaking turnkey projects involving civil works, erection, commissioning and electrical works of industrial buildings. OMSHRI DEVPROCON: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Omshri Devprocon Limited Dev House Opp. Sankalp Restaurant Nr. Rajpath Club S.G. Highway Ahmedabad 380058 Gujarat, India Insolvency Commencement Date: August 5, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: Feruary 1, 2023 (180 days from commencement) Insolvency professional: Arpan Maheshkumar Shah Interim Resolution Professional: Arpan Maheshkumar Shah 301, Shoppers Plaza-4 Opp. BSNL, C.G. Road Ahmedabad 380006 E-mail: arpan@caarpanshsh.com cirpdevprocon@gmail.com Last date for submission of claims: August 19, 2022 PANCHSHEEL BUILDTECH: CARE Lowers Rating on INR40.33cr NCD to C --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Panchsheel Buildtech Private Limited (PBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.47 CARE C; Stable; Revised from Facilities CARE B; Stable Non Convertible Debentures 40.33 CARE C; Stable Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers The revision in the rating assigned to the bank facilities and instruments of PBPL takes into consideration ongoing delays in debt servicing on debt not rated by CARE, on account of poor liquidity position. Rating Sensitivities Positive Factors- Factors that could lead to positive rating action/upgrade * Timely repayment of its debt on timely basis * Completion of the project within the envisaged timelines and without any significant cost overrun * Improvement in sales realisation and collection efficiency than estimates Negative Factors- Factors that could lead to negative rating action/downgrade * Slowdown in the sales momentum or major delay in realization of customer advances of the on-going projects Detailed description of the key rating drivers Key Rating Weaknesses * Ongoing delays in debt servicing: As per the NDS received from the company dated July 25, 2022, there has been ongoing delays in debt servicing for the term loan taken from Asset Care Reconstruction Enterprise Limited (ACREL) [not rated by CARE] by Panchsheel Buildtech Private Limited. * Risk associated with real estate industry being subject to regulations and competition from other players: Real estate sector demand is linked to the overall economic prospect of the country. Change in the economic outlook affects the expected cash inflows to a household, thereby also influencing their buying decision. Besides, as leverage forms an important part of funding for the buyer, availability of loan and interest rates also affects the demand of real estate properties. On the other hand, land, labour, cement and metal prices being some of major cost centres for the sector, availability of these factors plays important role in pricing and supply of new units. Hence, cyclicality associated with economic outlook, interest rates, metal prices, etc., also renders the real estate sector towards cyclicality. Moreover, the companies in the sector are also exposed to regulatory changes, especially in the countries such as India with evolving regulations. Also, there exists competition from up-coming and completed projects of other well-known developers in the region. Key Rating Strengths * Experienced promoters and track record in real estate business: Panchsheel Buildtech Private Limited incorporated in 2006 is the flagship company of Panchsheel Group. The Company derives strength from extensive experience of its promoter Mr. Ashok Chaudhary who has over two decades of experience in undertaking commercial & residential projects in Delhi & NCR region. The group has to its credit the successful completion of residential and commercial complexes admeasuring 38 lsf primarily in Ghaziabad, Indirapuram and Sahibabad. The projects successfully delivered by group includes Greenaria, Panchsheel Well Bazaar, Panchsheel Square, Panchsheel Primrose and Panchsheel Wellington. Liquidity: Poor The liquidity profile of Panchsheel Buildtech Private Limited remains poor. Due to mismatch between project receipts vis-a-vis the debt repayment obligations the liquidity of Panchsheel Buildtech Private Limited remains constrained. Panchsheel Buildtech Private Limited (PBPL), incorporated in December 2006 and is the flagship company of Panchsheel group. The group is engaged in the residential and commercial real estate development in the Delhi NCR region, majorly catering to Noida and Ghaziabad regions. The group promoted by Mr. Rahul Kumar Singhwal, Mr. Anuj Kumar and family members have successfully delivered projects of approximately 38 lsf in Ghaziabad, Indirapuram and Sahibabad area (Delhi NCR Region) and have an extensive experience of over two decades in the real estate industry. PG SILK MILLS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: P.G. Silk Mills Private Limited Shop No. C-1004, Gopal Chamber Salabatpura, Ring Road Surat, Gujarat 395006 India Insolvency Commencement Date: April 30, 2022 Court: National Company Law Tribunal, Surat Bench Estimated date of closure of insolvency resolution process: October 24, 2022 Insolvency professional: Mr. Pankaj Prabhudayal Goenka Interim Resolution Professional: Mr. Pankaj Prabhudayal Goenka 204 Austmangal Complex Near Rajasthan Hospital Shahibaugh, Ahmedabad 380004 E-mail: goenkap@gmail.com cirp.pgsmpl@gmail.com Last date for submission of claims: May 12, 2022 PRAKASH PLASTIC: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prakash Plastic Industries (PPI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 6.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 25, 2021, placed the rating(s) of PPI under the 'issuer non-cooperating' category as PPI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PPI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 10, 2022, April 20, 2022, April 30, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Dadra, Silvassa (Union Territory) based PPI was formed in March 2003 in the name of Prakash Plastic Industries by Bhimrajka family. PPI is into the business of manufacturing of HDPE/PP Woven Fabric/Bags. PPI is operating from its sole manufacturing plant located in Dadra. RAJA COTTON: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raja Cotton Industries (RCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 30, 2021, placed the rating(s) of RCI under the 'issuer non-cooperating' category as RCI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. RCI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 16, 2022, May 26, 2022, June 5, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). RCI is a partnership firm established by five partners led by Mr. Harunbhai Bilakhiya and Mr. Sajidbhai Bilakhiya in the year 2009. Mr. Harunbhai Bilakhiya and Mr. Sajidbhai Bilakhiya has 33 years and 13 years of industry experience respectively. RCI is engaged into the business of cotton ginning & pressing and seed crushing. Its plant located at Amreli (Gujarat) with an installed capacity of 200 bales per day as on March 31, 2016 and is spread across 3,500 sq. yard of area. RATHI AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Rathi Agro Industries (SRAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.01 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term 0.29 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 28, 2021, placed the rating(s) of SRAI under the 'issuer non-cooperating' category as SRAI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SRAI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 13, 2022, April 23, 2022, May 3, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Shri Rathi Agro Industries (SRAI) is a partnership firm established on May 16, 2010 by Mr. Hemraj Rathi and his son Mr. Vinesh Rathi being the active partner. SRAI is engaged in the business of processing of rice and wheat. Its plant is situated at SanandBavla highway having installed capacity of 30,000 MTPA for rice processing and 40,500 for wheat processing as on March 31, 2017. Mr. Hemraj Rathi and Smt. Bhagvatiben Rathi have been associated as partners for almost 20 years with other partnership firms namely Rathi Rice Mill (RRM) and Annapurna Pulse Mill (APM) from which promoters have separated on the event of family separation. SRAI has a warehouse in Ahmedabad. The firm caters to the customers of Gujarat, Maharashtra and Tamil Nadu. RBBR INFRASTRUCTURE: CARE Cuts Rating on INR11.25cr Loan to C ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of RBBR Infrastructure Private Limited (RIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Short Term 1.75 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 27, 2021, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 12, 2022, April 22, 2022, May 02, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of RIPL have been revised on account of non-availability of requisite information. The ratings also factored in qualification mentioned in the annual report of FY21 (available from registrar of companies) regarding delays in debt servicing with the lenders. However, facilities sanctioned by the mentioned lenders were not rated by CARE. RBBR Infrastructure Private Limited (RIPL) was incorporated on March 28, 1996, by the promoters of Daga Group- a group with interests in mining, mineral processing, dental products and real estate. RIPL is engaged in the manufacturing of concrete products such as RCC (Reinforced Cement Concrete) pipes, pre-cast manholes, chambers, box culverts, slabs, tanks, staircases, etc. under the brand name of READYCRETETM. Its manufacturing facility is located at Hosur, Tamil Nadu. The Company procures its raw materials from across Southern India and has a reputed clientele located across Andhra Pradesh, Karnataka, Kerala and Tamil Nadu. SAFECO HYGIENE: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Safeco Hygiene Films Pvt. Ltd. 708, GIDC Industrial Estate Post Manjusar, Vadodara GJ 391775 IN Insolvency Commencement Date: August 1, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: January 28, 2023 (180 days from commencement) Insolvency professional: Charudutt Pandhrinath Marathe Interim Resolution Professional: Charudutt Pandhrinath Marathe Gomed, 915, Khare Town Dharampeth, Nagpur 440010 E-mail: charuduttm@yahoo.co.in Last date for submission of claims: August 15, 2022 SAMRADDHI COT: CARE Keeps D Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Samraddhi Cot Fibers Private Limited (SCFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 28, 2021, placed the rating(s) of SCFPL under the 'issuer non-cooperating' category as SCFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SCFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 13, 2022, April 23, 2022, May 3, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). SCFPL was incorporated in 2011 and commenced its operation from December 2012. SCFPL is promoted by Mr. Prakash Mittal, and the company is engaged into the business of cotton ginning and pressing. SANWARIYA FURNACES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sanwariya Furnaces Private Limited F-642-643, Industrial Area Khuskhera Bhiwadi Rajasthan 301707 Insolvency Commencement Date: August 7, 2022 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 23, 2022 (180 days from commencement) Insolvency professional: Jayprakash Bansilal Somani Interim Resolution Professional: Jayprakash Bansilal Somani 1st Floor, 297, Lane no. 3 Chuna Mandi, Pahargunj New Delhi 110055 E-mail: jaysomani64@gmail.com - and - 1101 Dalamal Towers Nariman Point Mumbai 400021 E-mail: cirp.sfpl@decoderesolvency.com Last date for submission of claims: August 21, 2022 SATRA PROPERTIES: NCLAT Sends Company Into Insolvency ----------------------------------------------------- The Economic Times reports that rejecting a plea filed by the promoter of realty developer Satra Properties (India), the National Company Law Appellate Tribunal (NCLAT) has upheld the ruling of the National Company Law Tribunal's Mumbai bench to admit the company under corporate insolvency resolution process (CIRP). Praful Nanji Satra, promoter of the listed company, had challenged a plea filed by VISTRA ITCL India with regards to the company's default on secured redeemable non-convertible debentures (NCDs) worth INR56 crore, ET says. According to ET, the debenture holders were to be secured with first equitable mortgage charge of corporate debtor's leasehold rights in a commercial plot in Jodhpur and a personal guarantee of Praful Nanji Satra. As per the funding agreement entered into in March 2014, all the monies to be received through the development of the Jodhpur land parcel were to be deposited in an escrow account. These NCDs were to be redeemed after a year of issuance, but the company could not repay the funds and hence the date of redemption of debentures was revised in February 2015. Meanwhile, in November 2017, the escrow account was frozen by Maharashtra VAT authorities and the developer started depositing the monies due to be deposited in the escrow account, in the current bank account of Satra Properties (India). In October 2017, the Satra Group including Satra Properties (India) entered into negotiations with MJS Group and IIFL Group for settlement of liabilities and the same was arrived at in January 2018, ET recalls. The developer had opposed the insolvency application on grounds that both the documents were not sufficiently stamped, and as per the Maharashtra Stamps Act could not be admitted as evidence of debt and default. ET says the company's resolution professional has received a claim of over INR718 crore so far including financial creditors' claim worth over INR621 crore. Nishit Dhruva, managing partner of law firm MDP & Partners, who appeared for Vistra ITCL (India), confirmed the development. While dismissing this argument, the tribunal had admitted the application stating the insufficiency of stamp duty is irrelevant in determining admissibility of an insolvency application. The judicial and technical members, however, had different views as to the necessity of stamp duty payment, ET relates. According to the respondent, the insufficiency in the payment of stamp duty is attributable only to the corporate debtor and the company cannot take advantage of its own wrong by setting up the defence of insufficient stamping of the documents, which is basically its own failing. "We note that the issue of debt being due and payable in the present case is not interdicted by any law but only a technical deficiency of insufficiency of their stamping has been raised which can be cured," the appellate tribunal, as cited by ET, said. ET adds that the appellate tribunal, while dismissing the developer's application, concluded that an unstamped NCD subscription agreement is sufficient and relevant in proving debt obligation. SDEV NATURAL: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Sri SDev Natural Resources India Private Limited EW-100, Scheme No. 94 Behind Medi Nova Centre Bangali Square Indore MP 452016 Insolvency Commencement Date: August 5, 2022 Court: National Company Law Tribunal, Indore Bench Estimated date of closure of insolvency resolution process: February 1, 2023 Insolvency professional: Mr. Nishant Agrawal Interim Resolution Professional: Mr. Nishant Agrawal 405, Amar Residency Survey no. 1264/1/2 Near Mayur Hospital Eastern Ring Road Indore 452016 E-mail: nishantagrawalca@gmail.com - and - AS-2, P-Plaza 345, Alok Nagar Opp. Maruti Nexa Service Near Green Vally Apartments Kanadiya Road, Indore 452016 E-mail: nishatagrawalca@gmail.com Last date for submission of claims: August 22, 2022 SEGURO FOUNDATIONS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Seguro Foundations and Structures Private Limited (SFSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 30.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 11, 2021, placed the rating(s) of SFSPL under the 'issuer non-cooperating' category as SFSPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SFSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated March 27, 2022, April 6, 2022, April 17, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Seguro Foundations Private Limited (SFSPL) was established in the year 2007 by Mr. C. V Rajeev and four others in Kochi, Kerala. The company initially started with pile foundation works and over the years developed its expertise in bridge construction and bridge maintenance works. SFSPL started executing the super structure works for the bridges and elevated Highways since 2012 around regions of Kerala by undertaking government contracts from Public Works Department, Irrigation Department and Harbour Engineering Department etc. As on October 31, 2018, the company has order book of INR94.26 crore to be executed. During FY18, Inkel has acquired the entire stake from Mr. PJ Jacob who had 50% of the total shares of the company as on March 31, 2017. This apart, Inkel has also subscribed to 90.91 lakh shares amounting to INR9.09 crore freshly issued by SFPL during FY18. As on March 31, 2018, around 65% of the total shares of SFPL is held by Inkel and remaining 34.99% of the total shares is held by Ms. Seena Rajeev. SOM RESORTS: NCLT Orders Insolvency Process Against Company ----------------------------------------------------------- Livemint.com reports that the Delhi bench of the National Company Law Tribunal (NCLT) has ordered initiation of the corporate insolvency resolution process against Som Resorts Pvt Ltd after the company defaulted on payment of INR15 crore. The tribunal has appointed Sumit Shukla as the interim resolution professional (IRP) for handling the day-to-day affairs of the company. "In the present case it is observed that Som Resorts has used Cosmic Structures to enter into builder-buyer agreement and collect the money from home buyers with an ulterior motive to conceal the real transaction," observed the bench led by Justice Dharminder Singh, Livemint.com relays. In December 2012, Som Resorts launched a commercial cum residential project, Casa Italia, in Ghaziabad, Uttar Pradesh. Home buyers, who are classified as financial creditors according to the Insolvency and Bankruptcy code, had booked space in the project during 2012-15 on the assurance that they would have possession of the units within 36 months from the project commencement date. Livemint.com says the company, however, defaulted in handing over possession of the units and also failed to refund the deposit to the home buyers. SRINIVASA FASHIONS: CARE Lowers Rating on INR65cr ST Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Srinivasa Fashions Private Limited (SFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B- Short Term Bank 65.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 13, 2022, placed the rating(s) of SFPL under the 'issuer non-cooperating' category as SFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 26, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SFPL have been revised on account of on-going delays in debt servicing recognized from publicly available information. Srinivasa Fashions Private Limited (SFPL) is a closely-held family business incorporated in the year 2005 by Mr. C.V Ravindran, a first-generation entrepreneur along with his wife Mrs Vijaylakshmi Ravindran. The company is engaged in the manufacture and export of readymade garments (RMG) (mainly men's wear) to Europe and USA. One of the lenders of the company has confirmed that the entity has not availed moratorium on COVID-19 for its sanctioned facilities. SURYA CONTAINERS: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Surya Containers Private Limited (SCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.82 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 28, 2021, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SCPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 13, 2022, April 23, 2022, May 3, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in the year 1993, SCPL was promoted by Mr. Banwarilal Chaudhary and family members. It is engaged in manufacturing and supplying of Industrial Drums and Barrels (Mild steel) with an installed capacity of 3,00,000 units of drums and 2,50,000 units of barrels per annum as on March 31, 2016 at its plant located at Gandhinagar, Gujarat. SCPL manufactures drums and with storage capacity of 10 Liters to 235 Liters which are used in storing chemicals, pesticide, food, oils, bulk drugs, pharmaceuticals and other high value products. TIRUPATI COLD: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tirupati Cold Storage (TCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.54 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 27, 2021, placed the rating(s) of TCS under the 'issuer non-cooperating' category as TCS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TCS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 12, 2022, April 22, 2022, May 2, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Established in the year 2006, TCS is providing cold storage facility for storing potatoes on a rental basis. TCS was established by three partners and is managed by Mr. Hasmukhbhai Padhiyar. TCS has an installed capacity of 8500 metric ton at its facilities located at Mansa- Gujarat as on March 31, 2016. VERIA LIFESTYLE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Veria Lifestyle, INC (VLI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 825.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated June 11, 2021, placed the rating(s) of VLI under the 'issuer non-cooperating' category as VLI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VLI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 27, 2022, May 7, 2022, May 17, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Veria Lifestyle Inc (VLI), incorporated on March 27, 2013, is promoted by Dr. Subhash Chandra and is a part of the Essel group. It is a wholly owned subsidiary of Veria Lifestyle Capital, LLC which in turn is a wholly owned subsidiary of Natural Wellness UK which is ultimately held by Dr Subhash Chandra and family. The company has acquired the Kutsher's Country Club, at Kutsher Road in Monticello, New York for a collective price of USD 10 mn (approx. INR59 crore) in 2013. Currently, the company is developing the site and facilities of the former resort into 'Veria Lifestyle Management Center', which will be a unique luxury wellness destination resort focused on natural health and wellness. The development encompasses the reconstruction and renovation of the existing property to include a hotel, organic and biodynamic food and beverage outlets, various state-of-theart exercise facilities, golf course, indoor and outdoor swimming pools and a Nature Cure Wellness Center along with a museum honoring the science of nature cure and Ayurveda practices. The project commenced operations partially in July 2018. The project has been completed around 90% as of September 30, 2018. The company has constructed around 253 rooms & 24 bungalows as part of project. Rest (furnishings and fixtures for a certain part of the centre) of the project will be completed as soon as lenders disburse balance USD32.5 million (Rs.214.50 crore) of the projected USD125 million (Rs. 825 crore) of debt. As on September 30, 2018, total project cost incurred was USD166.61 million (Rs. 1099.63 crore) out of the total projected cost of USD 184.10 million (Rs. 1215.06 crore)]. VIJAYALAKSHMI HYDRO: Ind-Ra Keeps 'D' Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Vijayalakshmi Hydro Power Private Limited's Long-Term Issuer Rating of 'IND D (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating action is: -- INR86.78 mil. Term loan due on March 2024 maintained in non- cooperating category and withdrawn; *Maintained at 'IND D (ISSUER NOT COOPERATING)' before being withdrawn. Key Rating Drivers Ind-Ra has maintained the ratings in the non-cooperating category because the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to full-year financial performance for FY21, sanctioned bank facilities and utilization, business plan and projections for the next three years, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017 for credit rating agencies. Ind-Ra will no longer provide analytical and rating coverage. Company Profile Vijayalakshmi Hydro Power established two mini hydel canal-based power projects in Malavalli taluk in Hebbakavadi village. The company successfully implemented the project and is supplying power to the power-starved Chamundeswari Electricity Supply Company. VHPPL is contributing to minimize the power shortage of Chamundeswari Electricity Supply Company. VIZAG PROFILES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Vizag Profiles Private Limited (VPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 76.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 26, 2021, placed the rating(s) of VPPL under the 'issuer non-cooperating' category as VPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 11, 2022, April 21, 2022, May 1, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated on November 20, 1997, Vizag Profiles Pvt Ltd (VPPL) is primarily engaged in the trading of steel and steel products (like TMT Bars, billets, steel wires etc) at Vijayawada, Andhra Pradesh. However, the company is also engaged in cargo handling and trading in oil and lubricants. The company is promoted by Mr. Bandi Suresh Kumar who has more than two decades of experience in the trading and manufacturing of steel and steel products. The promoter being in the line of activity for more than two decades has established long term relationships with both suppliers and clients. VIZAG RE-BARS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vizag RE-Bars Private Limited (VRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 95.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated May 26, 2021, placed the rating(s) of VRPL under the 'issuer non-cooperating' category as VRPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated April 11, 2022, April 21, 2022, May 1, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated on November 28, 1995, Vizag Rebars Pvt Ltd (VRPL) is primarily engaged in the trading of steel and steel products at Vijayawada, Andhra Pradesh. The company is promoted by Mr. T Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao. During November 2012, the company has forayed into manufacturing activity by taking a re-rolling mill (with an installed capacity of 45,000 TPA) from Steel Exchange India Limited. XDOC WORKS PRIVATE: Voluntary Liqudiation Process Case Summary -------------------------------------------------------------- Debtor: XDOC Works Private Limited L-401, ICB City Nr. Vandemataram Township New S G Road Gota, Ahmedabad Gujarat 382481 IN Liquidation Commencement Date: August 1, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency professional: Mr. Chirag Shah Interim Resolution Professional: Mr. Chirag Shah 208, Ratnaraj Spring Besides Navnirman Co.Op. Bank Opp. HDFC Bank House Navrangpura, Ahmedabad 380009 E-mail: chirag.irp@gmail.com Last date for submission of claims: August 31, 2022 ========= J A P A N ========= GREENSILL: Credit Suisse Steps Up $440MM Dispute with SoftBank -------------------------------------------------------------- Reuters reports that Credit Suisse has applied to the English High Court to initiate formal legal proceedings against Japan's SoftBank Group Corp. in a $440 million dispute over Greensill-linked funds, two sources familiar with the matter said on Aug. 11. According to Reuters, Switzerland's second-largest bank is trying to recover client funds that Greensill Capital, a defunct finance firm, had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy last year. Reuters relates that the move is part of the bank's attempt to salvage outstanding money from the collapse of about $10 billion in client funds linked to Greensill Capital, financier Lex Greensill's supply chain finance firm that imploded last year. The bank alleges that SoftBank was aware of a Katerra restructuring in 2020 that effectively placed Credit Suisse's investor assets out of reach, Reuters relays citing court documents filed in the United States in 2021. SoftBank, however, on Aug. 11 dismissed the move to start legal action in England as a "desperate attempt to blame SoftBank for its own poor investment decisions". "We strongly reject any misguided suggestion that any SoftBank entity ever intended to, or did in fact, harm the interests of Credit Suisse or its funds and we will vigorously defend any claim relating to this matter should a claim actually be brought," a SoftBank representative said in a statement. Late last year, the bank filed a petition in the United States seeking information it said would support a lawsuit that it planned to file against SoftBank and other affiliates in England over the money it said was owed by Katerra, Reuters recalls. Reuters adds that the Swiss bank is seeking to establish what SoftBank executives, including chair and Chief Executive Masayoshi Son, knew about Katerra's restructuring plans. About Greensill Capital Greensill Capital is an independent financial services firm and principal investor group based in the United Kingdom and Australia. The Company offers structures trade finance, working capital optimization, specialty financing and contract monetization. Greensill Capital Pty is the parent company for the Greensill Group. Greensill began to unravel in March 2021 when its main insurer stopped providing credit insurance on US$4.1 billion of debt in portfolios it had created for clients including Swiss bank Credit Suisse. Greensill Capital (UK) Limited and Greensill Capital Management Company (UK) Limited filed for insolvency in Britain on March 8, 2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael McCann of Grant Thornton were appointed as administrators. Greensill Capital Pty Ltd. filed insolvency proceedings in Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of Grant Thornton Australia Ltd, as voluntary administrators in Australia. Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 21-10561) on March 25, 2021. The petition was signed by Jill M. Frizzley, director. It listed assets of between $10 million and $50 million and liabilities of between $50 million and $100 million. The case is handled by Honorable Judge Michael E. Wiles. Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the Debtor's counsel. About Greensill Bank Bremen-based Greensill Bank, formerly known as NordFinanz Bank AG, is a German subsidiary of Greensill Capital UK. It was acquired in 2014 by Greensill Capital, which itself filed for insolvency on March 8, 2021. Greensill Bank filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 21-10757) on April 20, 2021, to seek U.S. recognition of its insolvency proceeding in Germany. Michael C. Frege is the administrator. Greensill Bank's U.S. counsel: David Farrington Yates Kobre & Kim LLP Tel: (212) 488-1211 E-mail: farrington.yates@kobrekim.com SKYLARK: To Shut 100 Outlets, Including Gusto Family Restaurants ---------------------------------------------------------------- The Japan Times reports that Skylark Holdings has said that it will shut about 100 Gusto and other restaurants around the start of 2023. Skylark decided to close some of its outlets as its profitability deteriorated due to higher prices and a decrease in customers due to COVID-19, according to the company's announcement Aug. 12, The Japan Times relates. Skylark shut 200 restaurants between 2020 and 2021. As of the end of June this year, the company had 3,088 restaurants in Japan and abroad. Also on Aug. 12, Skylark said it expects to incur a consolidated net loss of JPY2 billion for 2022, against a previous projection of JPY4 billion in profit, the report discloses. Skylark Co., Ltd. operates restaurants. The Company offers Japanese foods, western foods, and more. Skylark serves customers throughout Japan. =============== M A L A Y S I A =============== MALAYSIA PACIFIC: Shares to be Suspended on Aug. 19 --------------------------------------------------- theedgemarkets.com reports that Malaysia Pacific Corp Bhd (MPCorp) has said trading of its shares will be suspended with effect from Aug. 19, following Bursa Securities' rejection of its request for a further extension of time to submit its regularisation plan. In a filing with Bursa, the property group added that it faces the risk of being delisted on Aug. 23 unless it files an appeal against the delisting by Aug. 18, theedgemarkets.com relays. The Practice Note 17 (PN17) group had up to June 30 to submit its regularisation plan to Bursa. It slipped into the PN17 status in December 2014, after its external auditor expressed a disclaimer opinion on its audited accounts for the financial year ended June 30, 2014. The auditor was not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. For the cumulative nine months ended March 31, 2022, MPCorp registered a net loss of MYR1.17 million, versus a net profit of MYR227,000 a year earlier, as revenue dropped 60.06% to MYR3.47 million from MYR8.68 million due to slow construction progress and low revenue recognition from its joint venture project, theedgemarkets.com discloses. MPCorp shares were last traded at six sen, giving the group a market capitalisation of MYR17.26 million, the report notes. About Malaysia Pacific Malaysia Pacific Corporation Berhad is a Malaysia-based company engaged in the business of letting of investment properties and investment holding. The Company's segments are Property development, Investment property and Construction. The Property development segment is engaged in development of residential and commercial properties. The Investment property segment is engaged in letting of investment properties. The Construction segment is engaged in construction of buildings. The Company's projects include LakeHill Resort City, which include the LakeHill Medical & Rejuvenation Center, the Heritage and Cultural Village, the Entertainment City of Nusa Paradis, Factory Premium Outlets and Real Rock Cafe; Asia Pacific Trade & Expo City-APTEC, which include trade and Expo Center, Office Towers, Hotels; and a Residential, Halal Center and Retail Mall. The Company's subsidiaries include MPC Properties Sdn. Bhd. and MPC Management Services Sdn. Bhd. MP Corp fell into Practice Note 17 (PN17) status after its external auditors expressed a disclaimer opinion on its latest audited accounts in December 2014. Among the concerns raised by its independent auditor include the group and company's current liabilities having exceeded its current assets by MYR142.44 million and MYR9.22 million, respectively. Since June 25, 2018, MPC shares have been suspended from trade following a winding-up petition by RHB Bank Bhd, according to theedgemarkets.com. ===================== N E W Z E A L A N D ===================== BULLY BIRD: Court to Hear Wind-Up Petition on Sept. 2 ----------------------------------------------------- A petition to wind up the operations of Bully Bird Limited will be heard before the High Court at Auckland on Sept. 2, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 8, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CB 2013: Court to Hear Wind-Up Petition on Aug. 19 -------------------------------------------------- A petition to wind up the operations of CB 2013 Limited will be heard before the High Court at Auckland on Aug. 19, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 23, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 DIVINE PLUMBING: Court to Hear Wind-Up Petition on Aug. 26 ---------------------------------------------------------- A petition to wind up the operations of Divine Plumbing Limited will be heard before the High Court at Auckland on Aug. 26, 2022, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 5, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 J & A CONSORT: Court to Hear Wind-Up Petition on Aug. 26 -------------------------------------------------------- A petition to wind up the operations of J & A Consort Limited will be heard before the High Court at Auckland on Aug. 26, 2022, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 8, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ZODIAC MOTOR: Court to Hear Wind-Up Petition on Aug. 26 ------------------------------------------------------- A petition to wind up the operations of Zodiac Motor Company Limited will be heard before the High Court at Auckland on Aug. 26, 2022, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 8, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= FASTWORK HOLDINGS: Creditors' Proofs of Debt Due on Sept. 12 ------------------------------------------------------------ Creditors of Fastwork Holdings Pte Ltd are required to file their proofs of debt by Sept. 12, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 8, 2022. The company's liquidators are: Thio Khiaw Ping Kelvin Chan Li Shan Agile 8 Solutions 133 Cecil Street #14-01 Keck Seng Tower Singapore 069535 MYHEALTH SENTINEL: Commences Wind-Up Proceedings ------------------------------------------------ Members of Myhealth Sentinel Pte Ltd, on Aug. 4, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lai Seng Kwoon 10 Anson Road #31-01 International Plaza Singapore 079903 PHARMATECH RESOURCES: Court to Hear Wind-Up Petition on Aug. 26 --------------------------------------------------------------- A petition to wind up the operations of Pharmatech Resources (FE) Pte Ltd will be heard before the High Court of Singapore on Aug. 26, 2022, at 10:00 a.m. GC Lease Singapore Pte Ltd filed the petition against the company on Aug. 4, 2022. The Petitioner's solicitor is: I.N.C. Law LLC 4 Battery Road #26-01, Bank of China Building Singapore 049908 TRIYARDS HOLDINGS: Court to Hear Wind-Up Petition on Aug. 24 ------------------------------------------------------------ A petition to wind up the operations of Triyards Holdings Limited Pte Ltd will be heard before the High Court of Singapore on Aug. 24, 2022, at 2:30 p.m. Goh Thien Phong and Chan Kheng Tek filed the petition against the company on July 29, 2022. The Petitioner's solicitor is: Drew & Napier LLC 10 Collyer Quay #10-01 Ocean Financial Centre Singapore 049315 YL ENGINEERING: Court to Hear Wind-Up Petition on Aug. 26 --------------------------------------------------------- A petition to wind up the operations of YL Engineering Pte Ltd will be heard before the High Court of Singapore on Aug. 26, 2022, at 10:00 a.m. GC Lease Singapore Pte Ltd filed the petition against the company on Aug. 4, 2022. The Petitioner's solicitor is: I.N.C. Law LLC 4 Battery Road #26-01, Bank of China Building Singapore 049908 =============== X X X X X X X X =============== CENTERRA GOLD: S&C Leads Dispute Resolution with Kyrgyz Republic ---------------------------------------------------------------- Sullivan & Cromwell LLP (S&C) guided Canadian gold mining company Centerra Gold in a significant transaction with the Kyrgyz Republic and its state-owned gold refining company, Kyrgyzaltyn OJSC, among others, resolving a dispute over the government's seizure last year of the company's Kumtor mine. The S&C team helped bring the Kyrgyzstan government to the bargaining table through a multi-jurisdictional approach in Canadian court, U.S. bankruptcy court and international arbitration, coordinating with counsel from six countries. The transaction, which was finalized on July 29, is a remarkably swift resolution of this conflict—reached just over a year after the government's seizure. This is rare in the world of investor-state disputes, which can drag on for years, if not decades, and where arbitral awards, if obtained, can be hard to enforce and monetize. After Kyrgyzstan took control of the mine in May 2021, an S&C bankruptcy team filed Chapter 11 petitions that placed Centerra's Kyrgyz subsidiaries under U.S. bankruptcy protection in New York. The S&C arbitration team had previously responded quickly to the government's actions by initiating an UNCITRAL arbitration in Sweden the day before the mine was seized. S&C sought urgent interim measures to preserve the value of the property. On the eve of a hearing on the interim measures application, the Kyrgyz government and Centerra reached an agreement to resolve the dispute in April 2022. Before the transaction was approved, legacy creditors of the Kyrgyz Republic unsuccessfully challenged the closing in the Chapter 11 proceedings and the Ontario court proceedings. U.S. Bankruptcy Judge Lisa Beckerman dismissed these attempts. The next day, an Ontario court approved the transaction. Under the transaction, Centerra received and cancelled all of its common shares held by Kyrgyzaltyn, which represented 26 percent of Centerra's outstanding shares worth several hundreds of millions of dollars. In exchange, Kyrgyzaltyn received from Centerra a 100 percent equity interest in Centerra's Kyrgyz subsidiaries and a cash payment, with Kyrgyzaltyn and the Kyrgyz Republic assuming all responsibility for the Kumtor mine. As part of the transaction, all legal proceedings involving the parties will be terminated with no admissions of liability. These include civil and criminal proceedings in the Kyrgyz Republic, the UNCITRAL arbitration, the Chapter 11 bankruptcy proceedings in the Southern District of New York and the Ontario court proceedings. S&C has represented Centerra and its predecessor in matters connected to the Kumtor mine since the original project financing in 1994. The London-based S&C team leading the negotiation and closing of the agreement consisted of Stewart Robertson, Sam Saunders and Gabriel Opris. The New York-based arbitration team included Joe Neuhaus, John Hardiman, Andrew Finn, Mevelyn Ong, Leanna Katz and Qingyang Song. The New York-based Chapter 11 team advising Kumtor Gold Company included Jim Bromley, Alexa Kranzley, Christian Jensen, Lauren Goldsmith, Julie Petiford, Michael Basse, Angela Zhu, Meng Yu, David Whalen and Andrew Kaufman. Presley Warner and Craig Jones in London provided English law assistance. Sharon Cohen Levin advised on related criminal matters. Headquartered in Toronto, Canada, Centerra Gold Inc. -- https://www.centerragold.com/ -- a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects include the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt Gold Mine located in Turkey. ********* 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 ***