/raid1/www/Hosts/bankrupt/TCRAP_Public/220902.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, September 2, 2022, Vol. 25, No. 170
Headlines
A U S T R A L I A
BIRESHWAR COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
EAST 9TH: First Creditors' Meeting Set for Sept. 12
ELYSIAN ENERGY: Collapses Into Voluntary Administration
EMPORIUM BUILDING: First Creditors' Meeting Set for Sept. 8
GREEN MAGIC: First Creditors' Meeting Set for Sept. 12
ISIGNTHIS LTD: Grant Thornton and Auditor Charged Over 2018 Audit
METIGY PTY: ASIC Launches Investigation Into Firm's Collapse
SODA SHADES: Second Creditors' Meeting Set for Sept. 8
I N D I A
ABHIRAJ CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
ALISHAN VENEER: CRISIL Moves B+ Debt Ratings to Not Cooperating
AMBEY ROLLER: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
APOLLO PAPERS: CRISIL Assigns B+ Rating to INR30.8cr Term Loan
AYURSUNDRA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
BANGALORE BLUES: CRISIL Keeps C Debt Ratings in Not Cooperating
BLACK ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
C. P. INDUSTRIES: CRISIL Keeps C Debt Rating to Not Cooperating
CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
DAYANANDA COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
EASTERN MATTRESSES: CRISIL Moves B Ratings to Not Cooperating
GAJANANA TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating
GALUKU PTY: Second Creditors' Meeting Set for Sept. 7
GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
GVP INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
ICONIC CASTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
MAHAVIR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
R.S. DREAMLAND: CRISIL Keeps B Debt Rating in Not Cooperating
RAYBAN FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
RELIANCE CAPITAL: Insolvency Process Gets Poor Response
SAMDARIYA BUILDERS: CRISIL Moves B Ratings to Not Cooperating
SCHOLARS ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVANG CARPETS: CRISIL Keeps D Debt Ratings in Not Cooperating
SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating
SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
SREI GROUP: Receives Two Resolution Plans for Two Units
SWAGATH MARRIAGE: CRISIL Keeps B+ Debt Rating to Not Cooperating
VARAHA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating
M A L A Y S I A
1MDB: Unit Brazen Sky Files for Bankruptcy Protection in US
KHEE SAN: Set to Regain Control of Unit from Judicial Manager
N E W Z E A L A N D
DRIVE & GO: PKF Corporate Appointed as Receivers
HEATSAVERS AUCKLAND: Creditors' Proofs of Debt Due on Oct. 21
RECRUITMENT SOLUTION: Court to Hear Wind-Up Petition on Sept. 8
SPOOKS VINTAGE: Creditors' Proofs of Debt Due on Sept. 9
SUPPLEMENT KING: Court to Hear Wind-Up Petition on Sept. 8
S I N G A P O R E
ANTANIUM HOLDINGS: Creditors' Meetings Set for Sept. 6
ARMF (SINGAPORE): Members' Final Meeting Set for Sept. 30
BLOOM CLASSIC: Creditors' Proofs of Debt Due on Sept. 30
SANCTUARY HOTEL: First Creditors' Meetings Set for Sept. 13
S R I L A N K A
SRI LANKA: Gains IMF's Provisional Agreement for US$2.9BB Loan
V I E T N A M
SHBANK FINANCE: Moody's Confirms 'B3' CFR & Alters Outlook to Pos.
- - - - -
=================
A U S T R A L I A
=================
BIRESHWAR COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Bireshwar Cold Storage Private Limited (BCSPL) to 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 2 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Working Capital 0.8 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING; Rating Migrated)
Working Capital 0.55 CRISIL B+/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
In accordance with the terms of the rating agreement with BCSPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 16, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.
On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
BCSPL to 'CRISIL B+/Stable Issuer not cooperating'.
BCSPL, incorporated in 1978, provides cold storage facilities to
potato farmers and traders at Bankura (West Bengal), and also
trades in potatoes. Mr Sourav Pal and his family members, based in
Kolkata, are the promoters.
EAST 9TH: First Creditors' Meeting Set for Sept. 12
---------------------------------------------------
A first meeting of the creditors in the proceedings of East 9th
Brewing Pty Ltd will be held on Sept. 12, 2022, at 11:30 a.m. via
virtual meeting.
Manuel Hanna and Renee Di Carlo of Romanis Cant were appointed as
administrators of the company on Aug. 31, 2022.
ELYSIAN ENERGY: Collapses Into Voluntary Administration
-------------------------------------------------------
News.com.au reports that an energy provider has been suspended from
the national electricity market and will be banned from trading
after being placed in voluntary administration.
Elysian Energy, the majority of whose customers are Victoria-based,
will be taken off the market from Sept. 2, the Australian Energy
Market Operator confirmed, news.com.au relates.
Insolvency experts Adrian Hunter and Robyn Erskine of Brooke Bird
have been appointed as administrators of the company.
Customers of the provider are expected to be transferred to a
different provider, the report says.
"Elysian Energy customers do not have to worry about their
electricity being cut off during this transition," the report
quotes Mr. Hunter as saying in a statement. "We are working
hand-in-hand with the Essential Services Commission, the Australian
Energy Regulator and AEMO to ensure this is a smooth process for
all the customers."
News.com.au relates that the closure comes three months after
Elysian urged its customers to find a new provider as rising
wholesale costs were forcing them to double prices.
Customers received a letter from the service saying it has been
absorbing massive wholesale power price hikes and that added costs
for consumers will soon increase by at least 100%, news.com.au
relays.
Elysian provides about 7,500 houses with solar energy.
EMPORIUM BUILDING: First Creditors' Meeting Set for Sept. 8
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Emporium
Building Group Pty Ltd will be held on Sept. 8, 2022, at 10:30 a.m.
via virtual meeting by Microsoft Teams.
Gavin Moss and Henry Kwok of Chifley Advisory Pty Ltd were
appointed as administrators of the company on Aug. 29, 2022.
GREEN MAGIC: First Creditors' Meeting Set for Sept. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Green Magic
Homes Australia Pty Ltd will be held on Sept. 12, 2022, at 11:00
a.m. at the offices of O'Brien Palmer, level 9,66 Clarence Street
in Sydney.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Aug. 31, 2022.
ISIGNTHIS LTD: Grant Thornton and Auditor Charged Over 2018 Audit
-----------------------------------------------------------------
Grant Thornton Audit Pty Ltd (Grant Thornton) and former Grant
Thornton director Bradley Laurance Willot Taylor on Sept. 1
appeared in the Melbourne Magistrates Court charged with failing to
conduct the 2018 audit of iSignthis Ltd (ASX:ISX) in accordance
with the Australian Auditing Standards. iSignthis changed its name
to Southern Cross Payments Ltd (ASX:ISX) in May 2022.
Mr. Taylor has been charged with five contraventions of s307A(2) of
the Corporations Act 2001. As an authorised audit company, Grant
Thornton, has also been charged with five contraventions of
s307A(1) of the Act.
Grant Thornton was appointed as iSignthis' statutory auditors for
the 2018 financial year. Mr. Taylor was a director of Grant
Thornton at the time, and ASIC alleges that he was also responsible
for the conduct of the audit.
The maximum penalty for each s307A offence at the relevant times
was AUD10,500 for individuals and AUD52,500 for body corporates.
The charges were adjourned to Dec. 1, 2022.
The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
Southern Cross Payments Ltd (ASX:ISX), formerly known as iSignthis
Ltd, provides secure payment platform. The Company offers payments
services and regulatory processes through technology solutions.
Southern Cross Payments serves customers worldwide.
METIGY PTY: ASIC Launches Investigation Into Firm's Collapse
------------------------------------------------------------
The Sydney Morning Herald reports that the corporate regulator has
launched an investigation into the collapse of artificial
intelligence marketing start-up Metigy, whose founder went on an
AUD18 million property buying spree in the months before it went
under.
SMH relates that a spokeswoman for the Australian Securities and
Investments Commission (ASIC) issued a brief statement on Aug. 29
following the release of an administrators' report, which contained
allegations the firm traded while insolvent after sole director
David Fairfull secured a AUD7.7 million loan from it.
"ASIC has commenced an investigation into the circumstances of the
collapse of Metigy and the matters identified by the administrators
in their report," SMH quotes the spokeswoman as saying. "ASIC will
not comment further regarding its investigation."
Mr. Fairfull's private company allegedly received a AUD7.7 million
loan from Metigy in November 2021, for which he signed as both
borrower and lender, according to the administrators' report into
the company, SMH relays. The administrators were called in at the
end of July this year and 75 staff lost their jobs.
Collectively, they are owed about AUD2.5 million in wages and
entitlements, according to the administrators' report, while
unsecured creditors of one Metigy entity, including investors, have
lodged debts worth AUD23 million.
Days after the November loan, Mr. Fairfull and his wife settled on
a AUD10.5 million trophy home in Mosman with harbour views,
property records show. A month later, the pair settled on a AUD7.7
million estate near Kangaroo Valley, according to the same records
cited by SMH.
On the weekend, The Sydney Morning Herald and The Age revealed the
administrators' allegations about the company and details of Mr.
Fairfull's property buying spree.
"We have only conducted preliminary investigations but we do
believe that the monies were used to purchase both properties,"
administrator Simon Cathro previously told the mastheads. "Further
analysis and tracking of the monies are required."
Two Metigy entities were "insolvent from at least 14 November,
2021, when the director obtained the loan from Metigy," the
administrators' report alleges, according to SMH. Trading while
insolvent is unlawful, though the administrators' view is subject
to further investigation and could change. There are also defences
available to claims of insolvent trading and no legal action has
been brought.
In April, one investor valued Metigy at AUD1 billion.
Mr. Fairfull, who has co-operated with the administrators, repaid
about AUD3 million of the loan before the company went into
administration and "made representations surrounding its repayment
to the administrators", was contacted for comment.
According to the administrators' report, the Fairfulls are in
default on their mortgages on the properties, SMH reports.
About Metigy
Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based
Metigy provided an all-in-one marketing platform tailored for the
needs of SMEs. The Metigy platform includes video creation and
image editing systems, a live ad creation tool, and a 'marketing
command center' providing "recommendations tailored to your
brand".
Simon Cathro and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on July 29, 2022.
SODA SHADES: Second Creditors' Meeting Set for Sept. 8
------------------------------------------------------
A second meeting of creditors in the proceedings of Soda Shades Pty
Ltdhas been set for Sept. 8, 2022, at 9:00 a.m. via online
conference facilities.
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 Sept. 7, 2022, at 9:00 a.m.
Rahul Goyalof KordaMentha was appointed as administrators of the
company on April 12, 2022.
=========
I N D I A
=========
ABHIRAJ CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abhiraj
Corporation (AC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4.05 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AC for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2013 as a partnership firm, Ichalkaranji,
Maharashtra-based AC trades in yarn. Its operations are managed by
Mr Prathamesh Dhamane along with the partners Mr Ashok Jathar and
Mr Vijay Jadhav.
ALISHAN VENEER: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Alishan Veneer and Plywood Private Limited (Alishan) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Foreign Letter 23 CRISIL B+/Stable (ISSUER NOT
of Credit COOPERATING; Rating Migrated)
Proposed Working 13.25 CRISIL B+/Stable (ISSUER NOT
Capital Facility COOPERATING; Rating Migrated)
Working Capital 3.2 CRISIL B+/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with Alishan for
obtaining information through letters and emails dated June 29,
2022 and July 29, 2022 among others, apart from telephonic
communication.
In accordance with the terms of the rating agreement with Alishan,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 16, 2022 among others, apart from
telephonic communication.
However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Alishan. Which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Alishan is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings also failed to receive the payment due towards the
surveillance exercise in spite of repeated reminders and follow-up
by the business development team. Therefore, on account of
inadequate information, lack of management cooperation on both
information and payment of fees due, CRISIL Ratings has migrated
the rating on bank facilities of Alishan to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.
Incorporated in 1996 in Kolkata, West Bengal, Alishan commenced
manufacturing of veneer and plywood. However, the company stopped
producing veneer in fiscal 2019 and started to solely concentrate
on the plywood business; it sells plywood under the brand, Alishan.
Mr Ramesh Kumar Agarwal and Mr Santosh Kumar Saraf are the
promoters.
AMBEY ROLLER: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank facilities of Ambey Roller Flour Mills (ARFM).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the firm's moderate scale of
operation, average financial risk profile, and working capital
intensive operation. These weaknesses are partially offset by the
extensive experience of the partners.
Key Rating Drivers & Detailed Description
Weaknesses:
* Moderate scale of operation: Despite improvement, the scale
remains moderate at INR31 crore during fiscal 22. The company has
added new segment for rice flour leading to growth of 41% during
fiscal22. Revenue is expected at around INR35-40 crore in fy23
backed by INR10 crore of revenue booking done till June-22 and
company is getting good order for rice flour which will further
boost sales by 10- 15% over medium term. However, its significant
and sustained improvement will remain a key monitorable.
* Average financial risk profile: Backed by steady accretion to
reserves over the years the networth remains modest at INR2.70
crore as on March 31, 2022. Resultantly, ARFL capital structure
remain average with high gearing of 3 times and above over the past
few fiscals; 3times as of Mar 31, 2022 and with no major debt
funded capex and with expected accretion to reserves will further
aid the capital structure over the medium term. Debt protection
metrics stood average too, as reflected in interest coverage and
net cash accrual to [total/adjusted debt ratios of 1.63 times and
0.04 times, respectively, in fiscal 2022.
* Working-capital-intensive operations: Operations are working
capital intensive as reflected in high gross current assets of
160-180 days, driven by sizeable inventory of 40-60 days and debtor
cycle of 80-100 days. Inventory days are high due to cater the
order requirements of its customers in a timely manner given that
the competition has been increasing over the years and maintain the
market position. Therefore, to cater to immediate demand,
sufficient inventory must be maintained. Working capital is,
however, supported by creditors of 40-60days. CRSIL believes that
operation to remain working capital intensive over medium term.
Strength:
* Extensive experience of the partners: The promoters' experience
of two decades in flour industry, understanding of market dynamics
and healthy relationships with suppliers and customers will
continue to support the business. This has enabled the company to
achieve steady growth in revenue to INR31 crore in fiscal 2022 from
INR22 crore in fiscal 2021. Going forward, CRISIL Ratings believes
that the business performance of ARFM will continue to remain
benefitted from its promoter's extensive industry experience (of
over two decades), healthy relationship with suppliers and
customers.
Liquidity: Stretched
Bank limit utilization is high at around 95 percent for the past 12
months ended 31st April 2022. Cash accruals are expected to be over
INR0.40-0.45 crore which are sufficient against term debt
obligation of INR0.30-0.35 crore over the medium term. In addition,
it will be act as cushion to the liquidity of the company. Current
ratios are healthy at 1.41 times on March 31, 2022.
Outlook: Stable
CRISIL Ratings believes ARFM will continue to benefit from the
extensive experience of its partners.
Rating Sensitivity factors
Upward factors:
* Significant and sustained improvement in revenue alongside stable
operating profitability of 4 percent and above.
* Efficient working capital management leading to lower reliance on
bank lines.
Downward factors:
* Decline in revenue resulting in profitability margin below 3
percent.
* Stretched working capital cycle or sizeable debt-funded capex
weakening the financial risk profile, especially liquidity.
Set up in 2007, AFRM is a partnership concern manufacturing grinded
wheat product such as atta, maida, bran and suji. The facility at
Khanna (Punjab), is managed by Mr Pardeep Kumar and his family.
APOLLO PAPERS: CRISIL Assigns B+ Rating to INR30.8cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Apollo Papers LLP (APL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Assigned)
Cash Credit 10.5 CRISIL B+/Stable (Assigned)
Proposed Fund- 0.7 CRISIL B+/Stable (Assigned)
Based Bank Limits
Term Loan 30.8 CRISIL B+/Stable (Assigned)
The ratings reflect APL's exposure to risks related to ongoing
project and its expected leveraged capital structure. These
weaknesses are partially offset by its extensive industry
experience of the promoters and adoption of latest machinery in
steady industry.
Analytical Approach
CRISIL Ratings has considered the standalone business and financial
risk profiles of APL.
Key Rating Drivers & Detailed Description
Weakness:
* Exposure to risks related to ongoing project: APL is scheduled to
commence its project in September-October 2022. Demand risk is also
expected to be moderate as the industry is highly fragmented marked
by low entry barriers with small capital and technological
requirements. Also, it will remain exposed to intense competition
from other players in the segment. Timely completion and successful
stabilization of its operations at the new unit will remain a key
rating sensitivity factor.
* Expected leveraged capital structure: APL is expected to have an
average financial risk profile with high gearing and moderate debt
protection metrics. The project is funded through a debt-equity
ratio of 1.46:1.00 times.
Strengths:
* Extensive industry experience of the partners: The partners have
an experience of over a decade in diverse industries. This has
given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers.
* Adoption of latest machinery in steady industry: APL is currently
in process of setting a new unit, the unit installed is equipped
with latest equipment & technology. Therefore, the adoption of
latest machinery in steady kraft industry would support its
business profile.
Liquidity: Stretched
Cash accruals are expected to be over INR0.7-5.0 crore, which are
inadequate against term debt obligation of INR4.56 crore every year
over the medium term. The promoters are likely to extend support in
the form of equity and unsecured loans to meet its working capital
requirements and repayment obligations.
Outlook Stable
APL will benefit over the medium term from its partners extensive
industry experience.
Rating Sensitivity factors
Upward factors
* Stabilizes operations at its proposed plant in time and reports
significant revenue and profitability
* Improvement in financial risk profile
Downward factors
* Faces a considerable delay in the commencement of its operations
* Generates significantly low cash accruals during its initial
phase of operations
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile
APL was established as limited liability partnership (LLP) firm in
March 2021. It is based in Morbi, Gujarat and is currently setting
up a manufacturing unit of Kraft Paper with capacity of 200 TPD.
APL is owned and managed by Sandip Matholiya, Nirajkumar Patel,
Jaydeep Kanetiya and Dinesh Haripara and it is expected to commence
its operation from September-October 2022.
AYURSUNDRA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ayursundra
Hospitals (Guwahati) Private Limited (AHPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.21 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.99 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.06 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.14 CRISIL D (Issuer Not
Cooperating)
Term Loan 33.7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AHPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AHPL continues to be 'CRISIL D Issuer Not Cooperating'.
AHPL, incorporated in 2007, commenced commercial operations in
October 2010. It manages a diagnostic centre that provides
non-invasive diagnostic and other healthcare services in Guwahati.
AHPL has also been operating a 12-bed cardiac unit with an
intensive care facility since April 2012. The company is setting up
a multi-specialty hospital and rejuvenation centre, which is
expected to become operational by January 2016. It is promoted by
Mr. Simanta Das and Dr. Abhijit Hazarika.
BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bala Balajee
Textiles Limited (BBTL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.39 CRISIL D (Issuer Not
Cooperating)
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 6.64 CRISIL D (Issuer Not
Credit Limit Cooperating)
Term Loan 21.47 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BBTL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BBTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBTL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
BBTL was set up in 2004 by Mr. Subba Rao Chitturi and his family
members. The company manufactures combed cotton yarn. Its spinning
unit is in West Godavari district in Andhra Pradesh.
BANGALORE BLUES: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bangalore
Blues Entertainment India Private Limited (BBEIPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Loan 0.75 CRISIL C (Issuer Not
Cooperating)
Corporate Loan 0.5 CRISIL C (Issuer Not
Cooperating)
Corporate Loan 2.5 CRISIL C (Issuer Not
Cooperating)
Long Term Loan 0.5 CRISIL C (Issuer Not
Cooperating)
Long Term Loan 2.5 CRISIL C (Issuer Not
Cooperating)
Long Term Loan 0.4 CRISIL C (Issuer Not
Cooperating)
Long Term Loan 13 CRISIL C (Issuer Not
Cooperating)
Overdraft Facility 1 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 18.85 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BBEIPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BBEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BBEIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BBEIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Incorporated in 2012, BBEIPL, operates restaurants and pubs in
Bangalore and Chennai. The company is promoted by Mr.Srikanth
Upadhyay and Mrs.Vandana Upadhyay.
BLACK ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Black Energy
India Private Limited (BEIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BEIPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BEIPL continues to be 'CRISIL D Issuer Not Cooperating'.
BEIPL, incorporated in 2012, trades in coal. The company also owns
a washery in Bilaspur, Chhattisgarh. Mr. Sanjay Singh and Mr. Rohit
Singh are the directors. The operations are primarily managed by
Mr. Sanjay Singh.
C. P. INDUSTRIES: CRISIL Keeps C Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C. P.
Industries (CPI) continues to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPI for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPI continues to be 'CRISIL C Issuer Not Cooperating'.
CPI, established in 1992 by Mr. Chironjilal Shivhare, manufactures
and trades in mustard seeds, mustard oil, and mustard oil cake. The
firm is based in Gwalior, Madhya Pradesh.
CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Creative Looms
and Crafts Private Limited (CLCPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CLCPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CLCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CLCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CLCPL continues to be 'CRISIL D Issuer Not Cooperating'.
Creative Looms and Craft Private Limited (CLCPL) was incorporated
in 1983 by Mr. Rishabh Singh and Mrs. Gaeta Singh. The company is
engaged in trading of handicrafts products and furniture. Company
operates through two retail outlets in New Delhi (one each at
Dwarka and Connaught Place).
DAYANANDA COLD: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Dayananda Cold Storage Private Limited (DCSPL) to 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 2.65 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 3.05 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Working Capital 0.3 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING; Rating Migrated)
In accordance with the terms of the rating agreement with DCSPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 16, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.
On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
DCSPL to 'CRISIL B+/Stable Issuer not cooperating'.
DCSPL, incorporated in 2016, provides cold storage services to
potato farmers and traders. The unit in Paschim Medinipur (West
Bengal) has potato storage capacity of 140,000 quintals. Mr Uday
Chandra Ghosh, Mr Tarun Kumar Ghosh, and Ms Shraboni Ghosh are the
promoters.
EASTERN MATTRESSES: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Eastern Mattresses Private Limited (EMPL) to 'CRISIL B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 10 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 4 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 4.5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with EMPL for
obtaining information through letters and emails dated August 22,
2022 and August 27, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EMPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of EMPL to 'CRISIL B/Stable Issuer not
cooperating'.
Incorporated in 1999, EMPL manufactures and sells rubberised coir
mattresses, spring mattresses and polyurethane foam mattresses
under its own brand, Sunidra. EMPL is based in Thodupuzha, Kerala
and its operations are managed by Mr Firoz Meeran and Mr Nawas
Meeran.
GAJANANA TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gajanana
Traders (GT) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Open Cash Credit 8.77 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GT for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GT
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2012, GT is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located in East Godavari, Andhra Pradesh. The day to day operations
are managed by Mr. Srinivas Maroju.
GALUKU PTY: Second Creditors' Meeting Set for Sept. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings ofGaluku Pty.
Limited has been set for Sept. 7, 2022, at 11:00 a.m. virtually via
Microsoft Teams teleconference.
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 Sept. 6, 2022, at 4:00 p.m.
Bradley John Tonks and Simon Thorn of PKF were appointed as
administrators of the company on Aug. 3, 2022.
GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goldenline
Infrastructures Private Limited (GIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GIPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIPL continues to be 'CRISIL D Issuer Not Cooperating'.
GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along
with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The
company is setting up a residential project, Aerens Golden Tulip,
at Ajmer, Rajasthan.
GVP INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVP Infra
Projects Private Limited (GIPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 27.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 22.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GIPPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GIPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIPPL continues to be 'CRISIL D Issuer Not Cooperating'.
GIPPL operates a 15 megawatt hydro power project in Udupi district
in Karnataka. The operations of the company are managed by the
promoter, Mr. G Venkateswara Rao.
ICONIC CASTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Iconic
Castings Private Limited (ICPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Funded Interest 1.51 CRISIL D (Issuer Not
Term Loan Cooperating)
Term Loan 11.07 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ICPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ICPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ICPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ICPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, ICPL is promoted by Mr Sandeep Pore and Mr
Sachin Pore. It manufactures graded cast iron and spheroidal
graphite iron castings and machined components, which are used in
automobile and engineering industries. The factory unit is located
at Village Tardal, Maharashtra.
KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krushna
Enterprises (SKE; part of Maa Kalika group) continues to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SKE for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKE continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SKE, Kohenoor Industries
(KI), Maa Kalika Bhandar (MKB), and Dwarikamayee Bhandar (DB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base. Moreover,
the promoters treat the four entities as one single group for
funding and support.
The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia.
MAHAVIR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahavir
Enterprises (ME; part of Mahavir group) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ME for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ME is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ME
continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of ME and Ali Agency. This is
because both the firms, together referred to as the Mahavir group,
have a common management and significant operational synergies.
Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.
PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pee Aar
International Private Limited (PALPB) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 11 CRISIL D (Issuer Not
Purchase Cooperating)
Overdraft Facility 1 CRISIL D (Issuer Not
Cooperating)
Packing Credit 11 CRISIL D (Issuer Not
Cooperating)
Proposed Short 0.1 CRISIL D (Issuer Not
Term Bank Cooperating)
Loan Facility
Standby Line 4.4 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with PALPB for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PALPB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PALPB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PALPB continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2003 by Mr. Rakesh Kumar Miglani and family as a
partnership firm and reconstituted as a private limited company in
2008, PAIL manufactures ready-made garments for men and children
and trousers for women. It exports these products mainly to the
Middle-East and Latin American countries. The company has its
manufacturing unit in Ludhiana (Punjab) with a capacity of 10,000
pieces per day.
R.S. DREAMLAND: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.S. Dreamland
Private Limited (RSDLPL) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 12 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RSDLPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RSDLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RSDLPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RSDLPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
RSDLPL was established in 2006 by the Mr Kushi Ram Kundnani and is
engaged in development of residential property in Raipur,
Chhattisgarh. The company is currently engaged in development of a
residential project of about 175000 sq ft in the Raipur,
Chhatisgarh.
RAYBAN FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rayban Feeds
and Hatcheries Private Limited (RFHPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 11 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RFHPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RFHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFHPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2011, RFHPL is engaged in poultry farming. The
company was incorporated as a joint venture between the Elahi and
Vadivel families, based in Hapur, Uttar Pradesh,-and Coimbatore,
Tamil Nadu, respectively. It has a registered office in Coimbatore
while its poultry farming unit is in Hapur; the unit commenced
operations in fiscal 2014.
RELIANCE CAPITAL: Insolvency Process Gets Poor Response
-------------------------------------------------------
Financial Express reports that Reliance Capital's (RCap) insolvency
proceedings received a tepid response, with just four firms
evincing interest in the entire assets of the former Anil Ambani
group firm. However, there were no takers for Reliance Nippon Life
Insurance.
Under option-1, wherein bids were called for the total assets of
the company, the administrator received bids from IndusInd Bank,
Torrent Group, Oaktree Capital and B Right Real Estate. These bids
were in the range of INR4,000 crore, sources close to the
development said, FE relays.
FE says nearly five companies were in the fray under option-2,
where they could bid for eight different businesses or clusters of
RCap that included general insurance, life insurance and securities
business among others.
Advent International, Zurich Insurance, and a consortium led by
Piramal Enterprises have placed bids for Reliance General
Insurance, while Jindal Steel & Power and New Delhi-based UV Asset
Reconstruction Company (UVARC) submitted bids for Reliance
Capital's Asset Reconstruction Company business. However, there
were no bidders for Reliance Nippon Life Insurance.
RCap's clusters that were put under option 2 included Reliance
General Insurance, Reliance Nippon Life Insurance, Reliance Asset
Reconstruction Company, Reliance Securities, Reliance Commercial
Finance and Reliance Home Finance, FE discloses.
There were three bidders for the assorted assets - Choice Equity,
Global Fincap and Grand Bhawan - of RCap, they said, adding the
deadline to submit the bids ended on Aug. 29, according to the
report.
The interest under both options was poor, considering that 54
companies had earlier submitted Expressions of Interests (EoIs)
during the initial stages of the bankruptcy process, the report
says.
A couple of the bidders have also sought a further extension of the
final date of submission, which had been deferred five times now.
The final deadline to complete the entire bankruptcy process ends
on November 1, 2022, FE notes.
RCap is currently undergoing insolvency proceedings, with the
creditors of the company seeking INR23,666 crore in dues.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February this year, RBI appointed administrator invited EoIs for
sale of Reliance Capital assets and subsidiaries.
SAMDARIYA BUILDERS: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Samdariya Builders Private Limited (SBPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Lease Rental
Discounting Loan 25 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 7.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
In accordance with the terms of the rating agreement with SBPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 10, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.
On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
SBPL to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.
SBPL was incorporated in October 1947 by the Samdariya family of
Jabalpur (Madhya Pradesh). Currently, Mr Kishore Samdariya and Mr
Ajit Samdariya manage the operations. The company is into real
estate development of commercial and residential projects. The
company also operates a commercial shopping mall 'Samdariya Mall'
in Jabalpur, 2 multiplexes and 3 hotels.
SCHOLARS ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scholars
Academy Education Trust (SAET) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 14 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAET for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAET continues to be 'CRISIL D Issuer Not Cooperating'.
SAET was founded on May 8, 2008, under the Indian Trust Act, 1882.
It promotes Scholar's Institute of Technology and Management, an
engineering college spread over a 10-acre campus in greater
Guwahati. The promoter, Mr Sudip Lodh, is also the proprietor of
Scholar's Academy, which is a coaching institute for engineering
and medical exams since 1994.
SHIVANG CARPETS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivang
Carpets Private Limited (SCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Corporate Loan 3.5 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 5.5 CRISIL D (Issuer Not
Cooperating)
Foreign Bill 7 CRISIL D (Issuer Not
Purchase Cooperating)
Packing Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line of 0.9 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SCPL was originally established in 2001 as a proprietorship firm by
Mr. Ranjeet Singh, and was reconstituted as a private limited
company in 2005, with Mr. Abhishek Singh, the founder's nephew,
joining as director. SCPL manufactures and exports floor coverings,
mainly hand-made woollen rugs and carpets, at its facilities in
Bhadohi, Uttar Pradesh. In 2007-08 (refers to financial year, April
1 to March 31), it started manufacturing polyester carpets, which
now account for 60 percent of its revenue.
SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Smt. Vishnu
Devi Educational Trust (SVDET) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SVDET for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SVDET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVDET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVDET continues to be 'CRISIL D Issuer Not Cooperating'.
SVDET was formed in 2011, by Mr. Anil Kumar Agrawal and family. The
trust has been set up to run educational institutions. Presently,
the trust is running a school under the name of K N International
School near Mathura (Uttar Pradesh), which was established in
2011.
SREEVALSAM EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sreevalsam
Educational Trust (SET) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 6.48 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 53.52 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SET for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SET continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1990, SET undertakes engineering, procurement, and
construction of fire protection systems such SET, based in Thrissur
(Kerala), was set up in 2010, and is setting up a medical college,
SIMS, in Edappal (Kerala). The institute will offer a five-year
undergraduate course in medicine, and is likely to commence
operations in 2017-18 (refers to financial year, April 1 to March
31).
SREI GROUP: Receives Two Resolution Plans for Two Units
-------------------------------------------------------
Financial Express reports that two bids have been received for two
debt-ridden Srei group companies under the insolvency resolution
process and one of the bids is estimated to be worth around
INR15,000 crore, according to sources. Srei Infrastructure Finance
Limited and Srei Equipment Finance Limited are undergoing a
resolution process under the Insolvency and Bankruptcy Code.
"This is to inform you that the 13th (Thirteenth) meeting of the
Consolidated Committee of Creditors of Srei Infrastructure Finance
Limited and Srei Equipment Finance Limited was duly convened and
conducted on Monday, August 29, 2022, from 5:15 P.M. onwards. The
meeting was conducted virtually.
"It is further informed that the Administrator of the Corporate
debtor has received two (2) 'Resolution Plans' pursuant to the
Request for Resolution Plan dated April 1, 2022, (as modified on
June 30, 2022) issued by the Administrator within the deadline for
submission as given to the Prospective Resolution Applicants
(PRAs)," a regulatory filing said on Aug. 30, FE relays.
FE relates that the cash component will play a vital role for the
Committee of Creditors (CoC) to decide upon selecting the
resolution plan beside other factors, the sources involved in the
process said. The Srei group under the RBI-appointed administrator
Rajneesh Sharma since last October has been able to recover about
INR2,100 crore and the money is lying on the balance sheets. FE
says Varde Partners and Arena Investors LP have jointly submitted a
bid, while another bid is from the investors' consortium - Shon
Randhawa and Rajesh Viren Shah.
Varde-Arena's joint bid for the twin Srei Infrastructure Finance
Limited and Srei Equipment Finance Limited is more serious as they
have paid around INR150 crore as the earnest deposit money, while
the Shon Randhawa consortium has put conditions on the EMD. They
suggested the inclusion of two clauses in the terms of the
resolution plan, according to the sources. As per broad resolution
plans submitted, both bids are competing for the neck to neck, the
sources directly involved in the resolution process told PTI. They
said that the resolution plan by the Shon Randhawa consortium has
to be improved considerably by at least INR400-500 crore (including
all components) to encourage the CoC to incorporate the
amendments.
According to the report, the CoC is expected to meet on September 2
to discuss and based on their commercial wisdom, they will decide
whether to retain the Shon Randhawa consortium in the fray or
reject their resolution plan on technical grounds.
While, detailed review by all stakeholders, resolution applicant
(the bidder), Srei administrator and the CoC is expected on
September 5, where valuations may get raised after the discussions,
the sources said. After that, the resolution applicant will be
selected to pass on the management of the Srei twins to new owners
from the Kolkata-based Kanorias.
FE notes that the RBI-appointed administrator has admitted claims
worth INR32,749 crore from financial creditors of the company. So
far, transaction auditor BDO India has classified multiple
transactions totalling about INR5,000 crore as fraudulent, as per
the sources.
About SREI
SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.
On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times. The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.
The insolvency resolution process against the company started on
Oct. 8, 2021.
The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.
SWAGATH MARRIAGE: CRISIL Keeps B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swagath
Marriage and Function Hall (SMFH) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 14.8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMFH for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMFH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMFH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMFH continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SMFH, and Dhanturi Group of
Hotels Pvt Ltd. (DGHPL). This is because both the entities,
together referred to as the Dhanturi group, have common promoters,
are in the same line of business, and have significant operational
linkages and fungible cash flow.
The Dhanturi group operates a chain of hotels and restaurants in
Hyderabad and Secunderabad in Telangana. The group is promoted by
Mr. D Ravinder, Mr. D Hari Shankar, and their family members. DGHPL
operates six hotels and two restaurants, and SMFH operates eight
hotels in Hyderabad and Secunderabad.
VARAHA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Varaha
Lakshmi Narasimha Swamy Educational Trust (VLN) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VLN for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VLN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VLN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VLN continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2007 by Mr. K V Satyanarayana, VLN runs two
educational institutions in Visakhapatnam (Andhra Pradesh),
offering graduate and post-graduate courses in engineering and
management.
===============
M A L A Y S I A
===============
1MDB: Unit Brazen Sky Files for Bankruptcy Protection in US
-----------------------------------------------------------
Bloomberg News reports that a unit of Malaysia's state-owned
investment fund 1Malaysia Development Bhd (1MDB) - which has
spurred investigations around the world into deal-making and
political patronage under former prime minister Datuk Seri Najib
Razak - is seeking bankruptcy protection in the US.
Brazen Sky Ltd, which is fully owned by 1MDB, filed for Chapter 15
in Southern District of Florida court, according to a filing.
Bloomberg says the document listed voluntary liquidation pending in
the British Virgin Islands, where Brazen Sky is incorporated.
Debtors may seek orders under Chapter 15 in the US to have foreign
proceedings enforced there.
According to Bloomberg, the development comes just days after Najib
was imprisoned for 12 years, following Malaysia's top court
upholding a 2020 conviction for corruption in relation to 1MDB,
from which billions were siphoned. According to a US indictment, a
small coterie of Malaysians, led by businessman Low Taek Jho (known
as Jho Low), diverted money from 1MDB into personal accounts
disguised to look like legitimate businesses, and kicked back some
of those funds to officials.
Officials at 1MDB and others were alleged to have engaged in
fraudulent conduct to conceal an overvaluation of Brazen Sky
assets, which itself was used to conceal the diversion of more than
US$1 billion from a 1MDB investment, Bloomberg relates citing a US
court filing in 2020.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
KHEE SAN: Set to Regain Control of Unit from Judicial Manager
-------------------------------------------------------------
theedgemarkets.com reports that Practice Note 17 (PN17) company
Khee San Bhd is set to regain the management and operations of its
wholly owned subsidiary Khee San Food Industries Sdn Bhd (KSFI) on
Sept. 1.
Maybank Islamic Bhd told the Kuala Lumpur High Court on Sept. 1 it
withdrew its originating summons to place the candy manufacturer's
unit under judicial management.
According to theedgemarkets.com, High Court Commercial division
judge Nadzarin Wok Nordin ordered interim judicial manager Datuk
Adam Primus Varghese Abdullah to hand over the management and
operations of KSFI to Khee San on Sept. 1, as well as Maybank
Islamic to pay secured creditor Tunai Impian Enterprise Sdn Bhd
RM20,000 in costs.
This was confirmed by Tunai Impian's counsels Datuk K Kirubakaran
and Daljit Singh, as well as Khee San's counsel Datuk Seri Krishna
Kumar when contacted by The Edge on Sept. 1.
Subsequent to this development, Khee San will file a scheme of
arrangement next week to resolve the funds KSFI owes its creditors,
according to Krishna, theedgemarkets.com relays.
He said the company owes a cumulative RM139 million to a series of
creditors including Tunai Impian, Bank of China (Malaysia), HSBC
Bank Malaysia, United Overseas Bank (Malaysia), OCBC Bank, OCBC
Al-Amin Bank, Alliance Bank Malaysia, Maybank Islamic, Standard
Chartered Bank Malaysia, and CIMB.
However, Khee San is not out of the woods yet, as before exiting
the PN17 status, the group still has to have its scheme of
arrangement approved by the creditors, as well as submit a
regularisation plan to the bourse regulator - which is also
dependent upon its shareholders' approval, according to the
report.
theedgemarkets.com relates that Bursa Securities has to approve the
plan, and Khee San must implement it within a stipulated time
frame.
If it fails to regularise its conditions within the time frame
permitted by Bursa Securities, it risks a trading suspension or
delisting from the local bourse.
About Khee San
Khee San Berhad is a Malaysia-based investment holding company. The
Company, through its subsidiaries, manufactures sweets and
confectionery products.
As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17)
company after its wholly-owned subsidiary was placed under judicial
management.
In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd,
via its solicitor Messrs Shook Lin & Bok, had filed an application
to place its unit Khee San Food Industries Sdn Bhd under the
court-supervised restructuring, theedgemarkets.com said.
=====================
N E W Z E A L A N D
=====================
DRIVE & GO: PKF Corporate Appointed as Receivers
------------------------------------------------
Christopher Carey McCullagh and Stephen Mark Lawrence of PKF
Corporate Recovery on Sept. 1, 2022, were appointed as Receivers
and Managers of Drive & Go Limited.
The Receivers may be reached at:
PKF Corporate Recovery
Level 15, Swanson House
12–26 Swanson Street
Auckland 1010
HEATSAVERS AUCKLAND: Creditors' Proofs of Debt Due on Oct. 21
-------------------------------------------------------------
Creditors of Heatsavers Auckland Limited, Shinemoore Limited and No
Limit Painting Limited are required to file their proofs of debt by
Oct. 21, 2022, to be included in the company's dividend
distribution.
Heatsavers Auckland Limited commenced wind-up proceedings on Aug.
26, 2022.
Shinemoore Limited commenced wind-up proceedings on Aug. 29, 2022.
No Limit Painting Limited commenced wind-up proceedings on Aug. 31,
2022.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ)
PO Box 45220
Te Atatu
Auckland 0651
RECRUITMENT SOLUTION: Court to Hear Wind-Up Petition on Sept. 8
---------------------------------------------------------------
A petition to wind up the operations of Recruitment Solution
Limited will be heard before the High Court at Napier on Sept. 8,
2022, at 2:15 p.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 10, 2022.
The Petitioner's solicitor is:
Deepika Belinda Padmanabhan
Legal Services
11 Jepsen Grove
Wallaceville
Upper Hutt 5018
SPOOKS VINTAGE: Creditors' Proofs of Debt Due on Sept. 9
--------------------------------------------------------
Creditors of Spooks Vintage and Art Limited (trading as Peeps
Vintage & Art) are required to file their proofs of debt by Sept.
9, 2022, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 15, 2022.
The company's liquidators are:
Trevor Edwin Laing
Emma Margaret Laing
Trevor Laing & Associates Limited
PO Box 246
Dunedin 9044
SUPPLEMENT KING: Court to Hear Wind-Up Petition on Sept. 8
----------------------------------------------------------
A petition to wind up the operations of Supplement King Limited
will be heard before the High Court at Palmerstone on Sept. 8,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 28, 2022.
The Petitioner's solicitor is:
Utita Jennifer Alofatele
Legal Services
11 Jepsen Grove
Wallaceville
Upper Hutt 5018
=================
S I N G A P O R E
=================
ANTANIUM HOLDINGS: Creditors' Meetings Set for Sept. 6
------------------------------------------------------
Antanium Holdings Pte Ltd will hold a meeting for its creditors on
Sept. 6, 2022, at 3:30 p.m., via video conference.
Agenda of the meeting includes:
a. to receive a full statement of the company's affairs
together with a list of creditors and the estimated amount
of their claims;
b. to nominate Liquidator(s) or confirm members' nomination of
Liquidator; and
c. to fix the remuneration of the Liquidator(s) based on
his/their nominal scale of fees in carrying out the
assignment plus disbursements; and
d. to consider and if thought fit, appoint a Committee of
Inspection ("COI") for the purpose of winding up the
Company.
Wong Joo Wan and Tina Phan Mei Ting of Alternative Advisors were
appointed as Provisional Liquidators of the company on Aug. 25,
2022.
ARMF (SINGAPORE): Members' Final Meeting Set for Sept. 30
---------------------------------------------------------
Members of ARMF (Singapore) Private Limited will hold their final
meeting on Sept. 30, 2022, at 10:00 a.m., at One Raffles Quay North
Tower 18th Floor, in Singapore.
At the meeting, Aaron Loh Cheng Lee, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
BLOOM CLASSIC: Creditors' Proofs of Debt Due on Sept. 30
--------------------------------------------------------
Creditors of Bloom Classic Singapore Pte Ltd are required to file
their proofs of debt by Sept. 30, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 24, 2022.
The company's liquidators are:
Mitani Masatoshi
c/o 10 Anson Road
#14-06 International Plaza
Singapore 079903
SANCTUARY HOTEL: First Creditors' Meetings Set for Sept. 13
-----------------------------------------------------------
The Sanctuary Hotel Pte Ltd, which is in compulsory liquidation,
will hold a first meeting for its creditors on Sept. 13, 2022, at
2:30 p.m., via electronics means.
Agenda of the meeting includes:
a. to receive an update from the Liquidator on the conduct of
the liquidation;
b. to approve the Liquidator's fees of SGD250,000 (excluding
GST);
c. to approve the payment of a first and final dividend to
preferential and unsecured creditors; and
d. to consent to the discharge of the Liquidator and
dissolution of the Company after the payment of the
dividend.
The company's liquidator is:
Aw Eng Hai
Liquidator's Office
Foo Kon Tan LLP
24 Raffles Place
Clifford Centre #07-03
Singapore 048621
=================
S R I L A N K A
=================
SRI LANKA: Gains IMF's Provisional Agreement for US$2.9BB Loan
--------------------------------------------------------------
Reuters reports that Sri Lanka has reached a preliminary agreement
with the International Monetary Fund (IMF) for a loan of about $2.9
billion, the global lender said on Sept. 1, as the country seeks a
way out its worst economic crisis in decades.
The agreement, which Reuters first reported on Aug. 31, is subject
to approval by IMF management and its executive board, and is
contingent on Sri Lankan authorities following through with
previously agreed measures.
"This staff-level agreement is only the beginning of a long road
ahead for Sri Lanka to emerge from the crisis," senior IMF official
Peter Breuer told reporters in Colombo.
"The authorities have already begun the reform process and it will
be important to continue on this path with determination."
According to Reuters, IMF conditions for the loan also include
receiving financing assurances from Sri Lanka's official creditors
and efforts by the country to reach an agreement with private
creditors.
Its programme, spread over four years, will aim to boost government
revenue, encourage fiscal consolidation, introduce new pricing for
fuel and electricity, hike social spending, bolster central bank
autonomy and rebuild depleted foreign reserves, Reuters relates.
The country's reserves stood at $1.82 billion as of July, according
to central bank data.
"Starting from one of the lowest revenue levels in the world, the
programme will implement major tax reforms. These reforms include
making personal income tax more progressive and broadening the tax
base for corporate income tax and VAT," the statement said.
"The programme aims to reach a primary surplus of 2.3 percent of
GDP by 2024," it added.
Once the IMF package is approved, Sri Lanka is also likely to
receive further financial support from other multilateral
creditors, Reuters says.
Sri Lanka's current financial turmoil, its worst since the
country's independence from Britain in 1948, stems from economic
mismanagement as well as the COVID-19 pandemic that has wiped out
the country's key tourism industry.
Sri Lankans have faced acute shortages of fuel and other basic
goods for months, stoking unprecedented protests that forced a
change in government.
Ranil Wickremesinghe, a veteran lawmaker who took over as president
in July, has faced an uphill battle to stabilise the economy, which
has been buffeted by runaway inflation that is now at almost 65%
year-on-year.
Udeeshan Jonas, chief strategist at Sri Lankan investment bank CAL
Group, said the IMF's comments were largely positive, Reuters
relays.
"They said the revenue measures that we've taken have been
substantial (and) they're happy with what we've done from a fiscal
perspective," Reuters quotes Mr. Jonas as saying.
Although welfare budgets for Sri Lanka's poorest would be
protected, Mr. Jonas expects significant austerity measures and job
cuts at loss-making state-owned enterprises.
"Privatisation is on the cards," he said, "and I think it will
happen probably by next year."
Reuters says Wickremesinghe, who also serves as the country's
finance minister, on Aug. 30 presented an interim budget aimed at
clinching the deal with the IMF.
The budget revised Sri Lanka's deficit projection for 2022 to 9.8%
of the gross domestic product from 8.8% earlier, while outlining
fiscal reforms, including a hike in value-added taxes.
According to Reuters, IMF's Breuer said the preliminary agreement
highlighted the commitment of Wickremesinghe's government to
comprehensive and significant reforms.
"This is a credible device to show to creditors that Sri Lanka is
serious about engaging in reforms," he said.
Sri Lanka needs to restructure nearly $30 billion of debt, and
Japan has offered to lead talks with its other main creditors,
including regional rivals India and China, the report notes.
"If creditors are not willing to provide these assurances, that
would indeed deepen the crisis here in Sri Lanka and would
undermine its repayment capacity," Reuters quotes Mr. Breuer as
saying.
Reuters adds Sri Lanka will also need to strike a deal with
international banks and asset managers that hold the majority of
its $19 billion worth of sovereign bonds, which are now classified
as in default.
Sri Lanka's debt had soared to unsustainable levels in the run up
to the crisis. Years of populist tax cuts had depleted finances,
which were further hammered by the pandemic.
The damage was compounded by a ban on chemical fertilisers that hit
the farming industry, followed by soaring oil and food prices
driven by the conflict in Ukraine.
"From our perspective, it is important to move expeditiously," Mr.
Breuer said, referring to the need for creditors to work together.
"That really is the key here. Because we want to avoid the crisis
becoming worse."
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its $12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
=============
V I E T N A M
=============
SHBANK FINANCE: Moody's Confirms 'B3' CFR & Alters Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service has confirmed SHBANK Finance Company
Limited (SHB Finance)'s B3 issuer and corporate family ratings. The
outlook is changed to positive from ratings under review. This
concludes the ratings review for upgrade initiated on September 1,
2021 following the Saigon - Hanoi Commercial Joint Stock Bank's
(SHB, B1 positive, b2) to sell equity stake in SHB Finance to Bank
of Ayudhya (BAY, Baa1 stable, baa3).
Subsequently, Moody's will withdraw all ratings of SHB Finance.
RATINGS RATIONALE
The confirmation of SHB Finance's ratings and change in outlook to
positive reflects Moody's expectations that the company will
benefit from funding, technology, and risk management support from
BAY after the acquisition. Hence SHB Finance's ratings could be
upgraded considering affiliate support that the company will
receive from BAY.
The acquisition will take place in two phases with SHB transferring
50% of the charter capital initially and the remaining 50% in the
next three years. The transaction is currently pending external
approvals and the execution timing remains uncertain.
Moody's has decided to withdraw the ratings for its own business
reasons.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
Headquartered in Vietnam, SHBANK Finance Company Limited reported
total assets of VND6.3 trillion as of December 31, 2021.
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
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