/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/220915.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, September 15, 2022, Vol. 25, No. 179 Headlines A U S T R A L I A BROLTON GROUP: Second Creditors' Meeting Set for Sept. 19 BSV TYRE: Second Creditors' Meeting Set for Sept. 19 COLLECTION HOUSE: Creditors Approve AUD11MM Sale to Credit Corp CORRECT AIR: Second Creditors' Meeting Set for Sept. 19 GRIFFIN COAL: Bankers Owed AUD1BB Push Miner Into Receivership J R BLOCK: First Creditors' Meeting Set for Sept. 19 MCB RESOURCES: First Creditors' Meeting Set for Sept. 21 PROGRESS 2022-2: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes [*] AUSTRALIA: Business Insolvencies to Rise, Credit Agency Warns C H I N A FOSUN INT'L: China Tells Banks to Report Exposure to Conglomerate FOSUN INT'L: Tries to Reassure Investors After Risks Warning GUANGDONG OPPO: May Face Insolvency Proceedings MISSFRESH LIMITED: Empties Products and User Balance in App I N D I A ANANTHAKRISHNA SHETTY: CARE Keeps C Debt Rating in Not Cooperating ANKIT INTERNATIONAL: ICRA Moves B Debt Rating to Not Cooperating ARUN POLYMERS: CRISIL Lowers Rating on LT/ST Debt to D BEST BAZAR: Insolvency Resolution Process Case Summary DVS INFRASTRUCTURE: Insolvency Resolution Process Case Summary FUTURE ENTERPRISES: Lenders Appoint Forensic Auditor FUTURE LIFESTYLE: Faces 3 Insolvency Petitions Before NCLT GAYATRI SEA: CARE Keeps D Debt Ratings in Not Cooperating GHOSE MUNDAL: CRISIL Raises Debt Rating on INR5cr Loan to B+ GUPTA METAL: CRISIL Withdraws D Rating on INR75cr Demand Loan KAMBALA HOSPITALITY: Insolvency Resolution Process Case Summary KAMESHWAR INDUSTRIES: CARE Keeps D Rating in Not Cooperating LAKSHMI ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating LEELA KRISHNA: CARE Lowers Rating on INR8.0cr LT Loan to D LORD SHIVA: CARE Keeps D Debt Ratings in Not Cooperating Category MAHESH TRADERS: CARE Keeps C Debt Rating in Not Cooperating MARS REMEDIES: Insolvency Resolution Process Case Summary MOHIT INDUSTRIES: CRISIL Withdraws B Rating on INR23cr Cash Loan MONEYGEAR FINTECH: CRISIL Assigns B Rating to INR7cr LT Loan MOONLIGHT MARBLES: ICRA Keeps D Debt Ratings in Not Cooperating PANCARD CLUBS: Insolvency Resolution Process Case Summary RAVINA HEALTH: CRISIL Lowers Rating on INR16cr Term Loan to D REFRIGERATIONS PRIVATE: CRISIL Withdraws B+ INR25.5cr Loan Rating RIGA SUGAR: CARE Keeps D Debt Ratings in Not Cooperating Category SAHASTRAA EXPORTS: ICRA Moves B+ Debt Rating to Not Cooperating SALASAR AGRO: CRISIL Assigns B Rating to INR27.5cr Cash Loan SAMRAT GEMS: CRISIL Withdraws B Rating on INR2.95cr Cash Loan SARA SAE: CRISIL Hikes Rating on INR48.07cr New Loan to B+ SIGMA CHEMTRADE: ICRA Lowers Rating on INR12.5cr ST Loan to D SOLAPUR BIOENERGY: CRISIL Reaffirms B- Rating on INR3.85cr Loan SRINIVASA EDUCATIONAL: CARE Keeps D Rating in Not Cooperating UNICO LEATHER: Insolvency Resolution Process Case Summary N E W Z E A L A N D ANVILL FOUR: Court to Hear Wind-Up Petition on Sept. 23 HOULT AUCKLAND: Creditors' Proofs of Debt Due on Oct. 7 OLD BAKEHOUSE: Creditors' Proofs of Debt Due on Oct. 9 POWER COOL: Court to Hear Wind-Up Petition on Oct. 20 TRI7 ROOFASCIA: Creditors' Proofs of Debt Due on Oct. 5 P H I L I P P I N E S RURAL BANK OF GALIMUYOD: MB Closes Bank, Receivers Appointed S I N G A P O R E INTER-PACIFIC PETROLEUM: Court OKs Bid to Question Former Auditors - - - - - ================= A U S T R A L I A ================= BROLTON GROUP: Second Creditors' Meeting Set for Sept. 19 --------------------------------------------------------- A second meeting of creditors in the proceedings of Brolton Group Pty. Limited has been set for Sept. 19, 2022, at 11:00 a.m. via Zoom teleconference 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. 16, 2022, at 5:00 p.m. Domenico Alessandro Calabretta of Mackay Goodwin was appointed as administrator of the company on July 13, 2022. BSV TYRE: Second Creditors' Meeting Set for Sept. 19 ---------------------------------------------------- A second meeting of creditors in the proceedings of BSV Tyre Recycling Australia Pty Ltd has been set for Sept. 19, 2022, at 12:00 p.m. via virtual meeting only. 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. 19, 2022, at 9:00 a.m. Steve Naidenov of Aston Chace Group was appointed as administrator of the company on Aug. 15, 2022. COLLECTION HOUSE: Creditors Approve AUD11MM Sale to Credit Corp --------------------------------------------------------------- Business News Australia reports that the creditors of embattled debt collector Collection House have approved the AUD11 million sale of the business to debt buyer Credit Corp Group, ensuring the firm has a future under a new owner. As confirmed to Business News Australia by a spokesperson for the administrators of Collection House, FTI Consulting, creditors passed the deed of company arrangement (DOCA) at a meeting held on Sept. 13. As such, the deal is likely to go ahead as long as the Australian Securities and Investments Commission (ASIC) gives the takeover its blessing too. "Credit Corp are pleased to have passed this hurdle and we look forward to receiving the remaining approvals in order to complete the transaction," the report quotes a Credit Corp spokesperson as saying. Brisbane-based Collection House fell into administration on June 30, after it struggled for two years during the COVID-19 pandemic. In addition, the company's debt facility with now-collapsed Volt Bank, secured against CLH's substantial investment in the neobank, did not do the debt collector any favours. One day before CLH appointed administrators, Volt announced it was returning its banking license and asked all users to withdraw their funds. Soon after CLH fell into administration, FTI Consulting announced the company was in the hole for nearly AUD20 million to creditors, with Westpac Banking Corporation facing the biggest exposure to the firm, Business News Australia relates. The firm's appointment of administrators also led to class action law firm Bannister Law announcing it was investigating Volt Bank's collapse and the events leading up to June 30, the report notes. CORRECT AIR: Second Creditors' Meeting Set for Sept. 19 ------------------------------------------------------- A second meeting of creditors in the proceedings of Correct Air Services Pty Ltd has been set for Sept. 19, 2022, at 10:00 a.m. via teleconference only. 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. 16, 2022, at 5:00 p.m. Sule Arnautovic and John Vouris of Hall Chadwick were appointed as administrators of the company on Aug. 22, 2022. GRIFFIN COAL: Bankers Owed AUD1BB Push Miner Into Receivership -------------------------------------------------------------- Brad Thompson at Australian Financial Review reports that a syndicate of lenders owed about AUD1 billion have pushed Griffin Coal, one of two surviving coal mines in Western Australia, into receivership in a move that has ramifications for more than 600 workers, for South32, hedge-fund backed Bluewaters power station and the WA government. AFR relates that Deloitte, representing a syndicate led by India's ICICI Bank, has moved to assure stakeholders Griffin Coal will keep operating while it works on a debt restructure and other options. Based in Australia, The Griffin Coal Mining Company Pty Ltd -- http://www.griffincoal.com.au/-- is engaged in coal mining and processing. Griffin Coal operates major mines in the Collie area, approximately 220 kilometers south east of Perth. The Company is producing more than three million tons of coal per year. Griffin Coal has operations at Ewington Mine, Muja Mine and Buckingham Mine. J R BLOCK: First Creditors' Meeting Set for Sept. 19 ---------------------------------------------------- A first meeting of the creditors in the proceedings of J R Block & Brick Laying Pty Limited will be held on Sept. 19, 2022, at 10:00 a.m. via teleconference facilities. Sule Arnautovic and John Vouris of Hall Chadwick were appointed as administrators of the company on Sept. 7, 2022. MCB RESOURCES: First Creditors' Meeting Set for Sept. 21 -------------------------------------------------------- A first meeting of the creditors in the proceedings of MCB Resources Limited will be held on Sept. 21, 2022, at 11:00 a.m. via virtual meeting only. David Mark Mutton of DM Advisory & Co was appointed as administrator of the company on Sept. 9, 2022. PROGRESS 2022-2: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to seven classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2022-2 Trust. Progress 2022-2 Trust is a securitization of prime residential mortgages originated by AMP Bank Ltd. S&P said, "The preliminary ratings reflect our view of the credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread, if any. Our assessment of credit risk takes into account AMP Bank's underwriting standards and approval process, which are consistent with industrywide practices, the servicing quality of AMP Bank, and the support provided by the LMI policies on 24.6% of the portfolio. "We believe the rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the interest-rate swap, the mechanism for trapping excess spread into an excess reserve, the provision of a liquidity reserve, and the provision of an income reserve--funded by AMP Bank at closing to cover extraordinary expenses--sized at a level consistent with the ratings. All rating stresses are made on the basis that the trust does not call the notes at or beyond the first call-option date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. "Our ratings also consider the counterparty exposure to Westpac Banking Corp. and MUFG Bank Ltd. as bank account providers and to BNP Paribas as fixed-rate swap provider. The fixed-rate swap will be provided to hedge the fixed-rate mortgage loans and the floating-rate obligations on the notes. The transaction documents include downgrade remedies consistent with our counterparty criteria. The legal structure of the trust is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Progress 2022-2 Trust Class A1-S, A$75.00 million: AAA (sf) Class A1-L, A$385.00 million: AAA (sf) Class AB, A$19.90 million: AAA (sf) Class B, A$7.35 million: AA (sf) Class C, A$5.85 million: A (sf) Class D, A$3.25 million: BBB (sf) Class E, A$1.80 million: BB (sf) Class F, A$1.85 million: Not rated [*] AUSTRALIA: Business Insolvencies to Rise, Credit Agency Warns ----------------------------------------------------------------- MPA Online reports that there's heightened risk that more small businesses will fold as they grapple with rising interest rates, higher costs, and labor shortages, CreditorWatch's latest report shows. Following a significant annual increase in trade payment defaults - which are at the highest level since October 2020 - the credit agency anticipates more business insolvencies are ahead, the report says. According to MPA Online, the August 2022 CreditorWatch Business Risk Index (BRI) shows trade payment defaults increased 53% year-on-year, while court actions were up 51%. External administrations were up 58% year-on-year (up 129% since January) but dropped 9% month-on-month. More positively, average trade receivables, the amount owed to a business by its customers following the sale of goods or services on credit, were up 11% year-on-year, marking the second-highest point since mid-2021. MPA Online relates that the BRI, which ranked over 300 regions by relative insolvency risk based on data from around 1.1 million ASIC-registered credit-active businesses, shows the national probability of default remained flat at 5.8% in August. According to the report, CreditorWatch CEO Patrick Coghlan said rising payment defaults were not unexpected, the BRI having forecast a rise in business-to-business payment defaults for some time. "The multiple challenges confronting many businesses, whether they be rising inflation and interest rates, labour shortages or the ongoing impacts of the COVID-19 pandemic, are all conspiring to make it that much tougher to pay invoices," MPA Online quotes Mr. Coghlan as saying. MPA Online relates that CreditorWatch chief economist Anneke Thompson said the official cash rate increases over May to September were yet to be fully felt by borrowers, many of whom were ahead on their repayments or on fixed rate loans. CreditorWatch expects pressure to mount by October and November, Ms. Thompson said. While the trade payment defaults index had been rising for some time, other economic data was more inconsistent, she said. Consumer sentiment has been declining, yet retail sales have held up, Ms. Thompson said. NAB's latest business sentiment survey showed an increase in their index, following a period of worsening. Capacity utilisation (a leading indicator of changes in unemployment) rose to 86.7%, spurring a 4.6% increase in labour costs, and purchase costs grew by 5.4%. "Businesses are able to pass these cost increases on to consumers at this stage, with overall product prices increasing by 2.7% and retail prices by 3.3%," the report quotes Ms. Thompson as saying. While the mixed data indicated the country was still in the early stages of adjustment to new economic conditions, CreditorWatch data, which was mostly sourced from SMEs, indicated many were feeling the pinch. "We feel that the increasing signs of distress in the form of higher B2B trade payment defaults is a portent of things to come for the wider economy," Ms. Thompson said. Of regions with over 5,000 businesses, Merrylands-Guildford and Canterbury (both in NSW) were the most at risk of default, due to above average personal insolvency rates and below average personal incomes, MPA Online discloses. Regions representing the lowest risk of default, of which the two lowest were Cottesloe-Claremont (Western Australia) and Adelaide City (South Australia) were mostly low-density locations with above average personal incomes, CreditorWatch said. According to CreditorWatch, industries with the highest probability of default over the next year include food and beverage services, arts and recreation services, and education and training, MPA Online relays. The industries considered to pose the lowest probability of default include health care and social assistance, agriculture, forestry and fishing, and manufacturing. MPA Online adds that CreditorWatch said data continued to provide strong leading indicators that more small businesses were falling into distress, and that one of the first signs was a business defaulting against another due to non-payment. "The rise in these number is much faster than the increase in trade receivables, therefore cannot be attributed to increased turnover. We expect that external administrations and court actions with see trend growth going forward," it said. ========= C H I N A ========= FOSUN INT'L: China Tells Banks to Report Exposure to Conglomerate ----------------------------------------------------------------- Bloomberg News reports that Chinese authorities have told the nation's biggest banks and state-owned firms to start a round of checks on their financial exposure to Fosun, one of the country's largest non-state conglomerates, according to people familiar with the matter. Multiple regulators including China's banking watchdog and the local commission that oversees state investments in Beijing recently told institutions under their oversight to closely examine their Fosun exposure, said the people, asking not to be identified as the matter is private, Bloomberg relates. Fosun -- whose businesses span everything from Club Med to French fashion house Lanvin and the exclusive distributor of BioNTech SE's Covid vaccine in Greater China -- didn't receive any notice from authorities about the requests, a representative for the group said in a statement to Bloomberg. A subsequent query to the Beijing state asset regulator found the practice is part of its normal research and previously involved other companies, the representative said, adding that the group's operations remain healthy and resilient to challenges. Dollar bonds guaranteed by Fosun International Ltd., the group's flagship, were on pace for their biggest declines since June as they dropped as much as 9 cents, according to prices compiled by Bloomberg. Shares closed down 4.1% in Hong Kong, near their lowest level since 2013. While the regulators' moves may not lead to any action, they underscore recent concerns among investors about Fosun's financial strength, according to Bloomberg. The group, co-founded by tycoon Guo Guangchang in 1992, was once among the nation's most-prolific overseas acquirers but has seen its shares and dollar bonds tumble in recent months amid a record wave in defaults by Chinese borrowers. Fosun entities disclosed plans earlier in September to pare their stakes in the group's publicly listed tourism and pharmaceutical units. Bloomberg relates that one person said Fosun is taking steps to dispose of assets for debt repayment. Cash holdings for Fosun International were CNY117.7 billion ($17 billion) as of June 30 and total liabilities were CNY651 billion, 40% of which was interest-bearing borrowings, according to its first-half report. A Fosun onshore entity said Sept. 13 that all holders of a CNY2 billion bond have requested early redemption of the note, with payment due on Sept. 16. Meanwhile, Guo said in a social-media post following visits to more than 20 countries that many of Fosun's overseas units are now doing better than before the pandemic, Bloomberg reports. According to Bloomberg, the China Banking and Insurance Regulatory Commission recently requested that commercial banks check their exposures to Fosun debt and understand potential liquidity risks, said two of the people familiar with the matter. Such action by the regulator doesn't mean it wants lenders to change their financing toward Fosun, including outstanding loans, the people added. The Beijing branch of the State-owned Assets Supervision and Administration Commission asked local state-owned enterprises for details about their links to the Fosun group that include stock holdings, debt lending and guarantees, according to the people. They said the SASAC makes such information requests regularly to check on and understand firms' risks, and that there's no current plan to restrict SOE dealings with Fosun, Bloomberg relays. Moody's Investors Service last month downgraded Fosun International, saying that asset sales would likely cut the size, diversification and transparency of the firm's investment portfolio. Dollar bonds guaranteed by the company have been among China's worst-performing high-yield notes the past three months according to a Bloomberg index. Longer-dated bonds are below 60 cents on the dollar, prices which typically signal distress. Fosun in 2017 was among firms scrutinized by China's banking regulator about overseas loans. The People's Bank of China identified Fosun International -- along with China Evergrande Group and HNA Group Co. -- in 2018 as de facto "financial holding companies" that formed cross-border and cross-business alliances with accumulating risks. About Fosun International Fosun International Limited provides diversified services. The Company offers products and services for families in health, happiness, and wealth businesses. Fosun International serves clients worldwide. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 26, 2022, Moody's Investors Service has downgraded to B1 from Ba3 the corporate family rating of Fosun International Limited. At the same time, Moody's has downgraded to B1 from Ba3 the senior unsecured rating on the bonds issued by Fortune Star (BVI) Limited and unconditionally and irrevocably guaranteed by Fosun. Moody's has changed the outlook on all ratings to negative from ratings under review. This concludes the review for downgrade initiated on June 14, 2022. FOSUN INT'L: Tries to Reassure Investors After Risks Warning ------------------------------------------------------------ Caixin Global reports that Fosun International Ltd. has been trying to soothe worried investors and the public after the Beijing municipal government cautioned state-owned enterprises (SOE) about the potential risks of doing business with the private conglomerate. Fosun's attempt came in response to a notice that Beijing's state assets administrator issued to local SOEs on Sept. 8, asking them to review their agreements with Fosun and determine what risks they face as the company's stock has nosedived this year, people with knowledge of the matter told Caixin. Responding to questions from the media, Fosun said the notice was a routine request for information, pointing to similar notices that the administrator has issued about other companies in the past, Caixin relates. About Fosun International Fosun International Limited provides diversified services. The Company offers products and services for families in health, happiness, and wealth businesses. Fosun International serves clients worldwide. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 26, 2022, Moody's Investors Service has downgraded to B1 from Ba3 the corporate family rating of Fosun International Limited. At the same time, Moody's has downgraded to B1 from Ba3 the senior unsecured rating on the bonds issued by Fortune Star (BVI) Limited and unconditionally and irrevocably guaranteed by Fosun. Moody's has changed the outlook on all ratings to negative from ratings under review. This concludes the review for downgrade initiated on June 14, 2022. GUANGDONG OPPO: May Face Insolvency Proceedings ----------------------------------------------- Outlook India reports that acting on an application that accused smartphone brand OPPO of non-payment of dues, the Chandigarh bench of the National Company Law Tribunal (NCLT) recently issued a notice to the Chinese smartphone maker, hinting that it could face the company insolvency resolution proceedings (CIRP) under the Insolvency and Bankruptcy Code, 2016. Outlook says the petition was filed by Hipad Technology India Private Limited, a Chinese phone manufacturing company and also one of OPPO's suppliers. It has accused OPPO of not paying its outstanding debt of INR17 crore. As per the NCLT's September 9 notice, if OPPO fails to give confidence to the tribunal that it is capable of paying back its debt to Hipad, the NCLT, in all probability, will appoint an insolvency resolution professional to replace the present promoters of the company, Outlook relates. Hipad, which manufactured mobile phones in India until 2019, itself faced insolvency proceedings in December 2020 when one of its financial creditors, the Industrial and Commercial Bank of China (ICBC), approached the NCLT over non-payment of loans, according to Outlook. A close source at Hipad informs Outlook that the NCLT has appointed a liquidator who is currently taking stock of the financial strength of the company. "While doing so, the liquidator realised that OPPO has to pay INR17 crore dues to the company against the services and supplies that it made," he says, requesting anonymity. In June 2022, Hipad decided to file an application under Section 9 of the IBC, which deals with the initiation of CIRP by the operational creditor, Hipad in this case, after OPPO failed to fulfil its financial obligations even with the liquidator raising a demand in April 2022, Outlook recalls. Outlook contacted the office of Ajit Kumar, Hipad's liquidator, but he was not available for a comment. Outlook also reached out to Rishabh Maheshwari, OPPO India's in-house legal counsel, but did not get a response till the time of the story's publication. Headquartered in Dongguan, Guangdong, Guangdong OPPO Mobile Telecommunications Corp., Ltd, doing business as OPPO, is a consumer electronics manufacturer. Its major product lines include smartphones, smart devices, audio devices, power banks, and other electronic products. MISSFRESH LIMITED: Empties Products and User Balance in App ----------------------------------------------------------- Pandaily reports that Missfresh Limited seems to be on the verge of bankruptcy. On September 13, Chinese media outlet Sina Tech reported that all product information on the Missfresh app has been emptied out by the firm, and many user balances now display '0', Pandaily says. Regarding this issue, the company responded that there have been some failures in the system servers, and staff are making every effort to recover the data. According to Pandaily, since July 27 of this year, the on-demand Distributed Mini Warehouse (DMW) business of Missfresh has been shut down across China. Since then, many products labelled "next-day delivery" for several large cities are now being shown as "out of stock." According to a report by Jiemian News, at present, the several "next-day delivery" products found on the Missfresh APP have disappeared, and all categories are out of stock, Pandaily relays. As the app does not currently support placing orders, the balances of many users could not be used for purchases, the report states. Since July 28, consumer complaints related to "Missfresh Refund" have appeared on Black Cat Complaint, a service for customers to file complaints in China. As of September 13, all complaints related to refunds on Missfresh launched after July 28 are in the state of "processing", and none of them have been completed. Pandaily relates that in view of the difficulty for consumers to refund their fees, the Beijing Consumers Association scheduled a meeting with the Beijing-based grocery delivery platform on August 4, asking the company to handle consumer complaints properly. The firm responded that it had fed back the rectification plan to the organization. Missfresh said that consumers can feedback questions through its customer service hotline and the app. After dialing the customer service hotline, the firm's staff said that the balance recharged by the user can be registered for refund, but the balance generated by gift cards does not support refund for the time being. At the same time, because the system is being updated, the time needed for a refund to be processed cannot be guaranteed after registration. In addition to consumers, former employees of the company have also had the problem of safeguarding their rights, Pandaily adds. On July 28, through an online meeting, the firm announced the end of working hours for many employees and a delay of some employees' wages. At that time, according to the laid-off employees, the company still owed wages for the months of June and July, and the social insurance of the employees in May, June and July had also been cut off. Suppliers payments are not looking too rosy either, says Pandaily. A Missfresh aquatic product supplier has entrusted a local law firm to sue Missfresh in April this year. After mediation by the court, Missfresh promised to pay in three phases within nine months. The latest payment date is July 29, but up to now, the supplier has not received any payment, the report relates. As for the remaining business lines of Missfresh, the Bianligou, a vending machine business, has been sold to Shenzhen Daily Convenience Technology at a price of CNY30 million (US$4.38 million), while the smart food market and retail cloud businesses have not seen profits and still need more investment. Users can not place next-day delivery orders or 30-minute-delivery orders. Many former employees of Missfresh said that the emptying of products in the app and user balance may be caused by the fact that no one is operating the firm internally, the report relays. Based in Beijing, China, Missfresh Limited operates as an online-and-offline integrated on-demand retail company in China. It. It operates a community retail digital platform that offers fresh produce, such as fruits, vegetables, meat, eggs, aquatic products, and dairy products; and fast-moving consumer goods, including snack foods, light food, cereals, oil, wine, drink, fast food, light food through online e-commerce platform and distributed mini warehouse networks. The company also sells its products through vending machines. ========= I N D I A ========= ANANTHAKRISHNA SHETTY: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of AnanthaKrishna Shetty K (AS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 15, 2021, placed the rating(s) of AS under the 'issuer non-cooperating' category as AS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 31, 2022, June 10, 2022, June 20, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Karnataka Based AnanthaKrishna Shetty.K (AS) was established in the year 1995 as a sole proprietorship firm. The firm is promoted by Mr K.Ananthakrishna Shetty. Apart, the firm is qualified class-I contractor. AS is engaged in the civil construction works like laying of roads, bridges and canal works in the state of Karnataka. ANKIT INTERNATIONAL: ICRA Moves B Debt Rating to Not Cooperating ---------------------------------------------------------------- ICRA has moved the ratings for the bank facilities of Ankit International in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (45.0) [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating Moved to Cash Credit the 'Issuer Not Cooperating' Category Short-term 45.0 [ICRA]A4 ISSUER NOT Non Fund based COOPERATING; Rating Moved to Letter of Credit the 'Issuer Not Cooperating' category Unallocated 0.5 [ICRA]B(Stable)/[ICRA]A4; Limits ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category The rating is based on limited cooperation from the entity since the time it was last rated in April 2022. As part of its process and in accordance with its rating agreement with Ankit International. ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. However, despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite cooperation and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating has been moved to the "Issuer Not Cooperating" category. Established in 2010, AI is a proprietorship concern, owned and managed by Mr. Pranav Jain. Its primary business was ship breaking. However, due to weak market conditions, the concern shifted its focus to the trading of steel pipes, ferrous, nonferrous metals, and scrap. AI has also started trading in duty credit scrips from FY2020. The firm purchases from local markets as well as imports from the US, Hong Kong, China, Belgium, Estonia, among others, before selling them in the domestic market. The firm's registered office is in Mumbai, while its warehouse is in Navi Mumbai. ARUN POLYMERS: CRISIL Lowers Rating on LT/ST Debt to D ------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Arun Polymers (AP), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with Arun Polymers (AP) for obtaining information through letters and emails dated January 22, 2022, March 12, 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 AP, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that the rating action on AP is consistent with 'Assessing Information Adequacy Risk'. Based on best-available information, CRISIL Ratings has downgraded its rating on the bank facilities of AP to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' due to delays in servicing debt obligation. AP is a partnership firm set up in 2000 by Mr. P. Thiyagarajan. The firm manufactures PVC pipes. BEST BAZAR: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Best Bazar Retail LLP 99, Foreshore Road Police Station-Shibpur Howrah West Bengal 711102 Insolvency Commencement Date: September 6, 2022 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: March 5, 2023 Insolvency professional: Ms. Sarika Jain Interim Resolution Professional: Ms. Sarika Jain A5/2, Kalindi Housing Estate Gound Floor Near Kalindi Taxi Stand North Twenty Four Parganas West Bengal 700089 E-mail: jsarika2750@gmail.com - and - AAA Insolvency Professionals LLP Mousumi Co.Op. Housing Society 15B, Ballygunge Circular Road Kolkata 700019 E-mail: ip.bestbazar@gmail.com Last date for submission of claims: September 20, 2022 DVS INFRASTRUCTURE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: DVS Infrastrucuture Private Limited House No. 117, Village Sadauljab P.O. Mehrauli New Delhi 110030 Insolvency Commencement Date: Septmember 7, 2022 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: March 6, 2023 Insolvency professional: Sumit Sharma Interim Resolution Professional: Sumit Sharma C-3/69 A, Keshav Puram North West, Delhi 110035 E-mail: sumit@vptp.in - and – Osrik Resolution Private Limited 908, D-Mall Netaji Subhash Place, Pitampura Delhi 110034 E-mail: cirp.dvsinfra@gmail.com Last date for submission of claims: September 21, 2022 FUTURE ENTERPRISES: Lenders Appoint Forensic Auditor ---------------------------------------------------- The Economic Times of India reports that lenders of Future Enterprises have appointed forensic auditor J C Kabra & Associates, in line with a finance ministry mandate to audit non-performing loan accounts with over INR50 crore exposure. Central Bank of India, the lead bank for Kishore Biyani-promoted Future Enterprises, appointed the forensic auditor on Sept. 12, according to a stock exchange filing by the company on Sept. 12. The troubled retailer, which defaulted on its loans, has outstanding loans of INR6,700 crore, said a lender, ET relays. The development comes amidst an out-of-court debt restructuring proposal given by the company to lenders, as reported by ET on July 9. However, two trade creditors have filed a petition at the bankruptcy court to admit the company for insolvency proceedings. National Company Law Tribunal (NCLT) has not yet given its verdict on admitting the company for insolvency, ET notes. According to ET, the forensic audit will evaluate if there is an element of fraud that led to the default in payment to banks. The audit report findings will be critical for the lenders to decide on the resolution of the account. Lenders could consider an out-of-court debt restructuring only if the report gives a clean chit to the promoters. Several Future Group companies defaulted to lenders after a deal to sell 19 companies to Reliance Industries collapsed in April this year. One of the group firms, Future Retail is undergoing insolvency proceedings, the report notes. Lenders have appointed BDO India to conduct a forensic audit of Future Retail, while stock market regulator Securities and Exchange Board of India (Sebi) has mandated Chokshi & Chokshi to audit Future Retail and related entities for the past three financial years ended March 2020 to March 2022, ET says. Future Group, already over-leveraged, suffered a setback due to the nationwide lockdown announced in 2020 to curb the spread of Covid-19. Most of its hypermarket stores located in malls remained shut for several months. In August 2020, it signed an agreement to sell its entire business to Reliance Industries' subsidiaries in a multi-stage transaction, but a series of litigations by ecommerce giant Amazon, claiming violation of shareholder agreement it had with Future Group entities, delayed the deal, the report notes. In March, Reliance Industries took possession of the premises housing some 900 Future Retail stores due to non-payment of rentals. In April this year, a majority of secured lenders rejected Future Group's deal with Reliance Industries. Future Enterprises Limited owns and operates retail stores. The Company offers a variety of household, consumer and fashion products and also engaged in manufacturing of garments. FUTURE LIFESTYLE: Faces 3 Insolvency Petitions Before NCLT ---------------------------------------------------------- Financial Express reports that debt-ridden Future Lifestyle Fashions Ltd (FLFL) is facing three petitions before the National Company Law Tribunal (NCLT) from its creditors to initiate insolvency proceedings and one of them has been reserved for orders, the Future Group firm said on Sept. 13. FE relates that three creditors - two financial and one operational - have filed claims totaling around INR1,100 crore before the NCLT, said an update on other matters under the Insolvency and Bankruptcy Code by FLFL. Public sector lender Bank of India has filed a petition claiming default of INR495.91 crore under section 7 of IBC. Another financial creditor Catalyst Trusteeship Ltd has approached NCLT for claims of INR451.98 crore. While an operational creditor of FLFL - Lotus Lifespaces LLP - has also approached under section 9, claiming a default of INR150.37 crore, FE discloses. "Matter is yet to be heard and the next date of hearing on September 26, 2022," informed FLFL. Bank of India petition was listed on Sept. 12, 2022, and the next date of hearing is on Oct. 11, 2022. However, NCLT has reserved its order over the petition filed by Catalyst Trusteeship, it added, FE relays. Under section 7 of the IBC, a financial creditor of the company, which includes banks and financial institutions, can file a plea before the NCLT to initiate a corporate insolvency resolution process (CIRP) claiming a default. While section 9 of the IBC empowers an operational creditor to file an insolvency plea in case of a default. Operational creditors are those whose debt is owed on account of dues arising out of business transactions. FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs of nearly a dozen apparel labels, including Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and Urbana in its portfolio. FLFL is now seeking the consent of its members for the sale of its in-store retail infra-assets, which will be used for repayment of debt and other operational liabilities, FE says. The Future group firm is conducting an e-voting, which commences on Sept. 14, 2022, and ends on Oct. 13, 2022, said the postal ballot notice submitted by FLFL before the stock exchanges. It has sought authorisation for its board to "sale, lease, rent, transfer or otherwise alienate/dispose of fixed assets (in-store retail infra assets) which are lying at non-operational stores of the Company" or in any other manner as the Board may deem fit, according to FE. Last week, FLFL said it received a three-month extension from the Registrar of Companies for holding its Annual General Meeting. On August 27, while declaring its result for the first quarter of FY23, FLFL had said under the One Time Restructuring (OTR) plan with the lenders, it has debt servicing obligations aggregating to INR422.11 crore within the next 12 months, FE discloses. FLFL further said its "current liabilities exceeded its current assets (including assets held for sale) by INR1,180.66 crore as on March 31, 2022, FE relays. Also, it has already defaulted on repayment of INR335.08 crore of principal amount on loans from banks as on June 30, 2022. About Future Lifestyle Future Lifestyle Fashions Ltd (FLFL) is the apparel retail venture of the Future group. It was established by combining apparel retail formats and fashion brands that were demerged from Pantaloon Retail India Ltd and Future Ventures India Ltd, respectively. The company has a portfolio of brands that cover a range of fashion categories, including apparel and footwear. It has Central and Brand Factory stores, along with exclusive Brand Factory outlets. Central operates primarily in the premium apparel, footwear, watches and fashion accessories segment, while Brand Factory operates mainly in the off-price apparel retailing (discount-based) segment. GAYATRI SEA: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gayatri Sea Foods And Feeds Private Limited (GSFFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 16, 2021, placed the rating(s) of GSFFPL under the 'issuer non-cooperating' category as GSFFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. GSFFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 1, 2022, June 11, 2022, June 21, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Gayatri Sea Foods & Feeds Private Limited (GSFFPL) was incorporated on January 16, 2008 and has been promoted by Mr. Nerella Venkata Mohan Rao based at. Akiveedu, West Godavari district. The company is engaged in trading of aqua feed and other aqua culture related products. It is a dealer of Vietnam based company; Uni-President Vietnam Co. Limited, for their aqua feed products in India. The company supplies the feeds and other aquaculture products through a sub-dealer network spread across West Godavari district as well as directly to cultivators. GHOSE MUNDAL: CRISIL Raises Debt Rating on INR5cr Loan to B+ ------------------------------------------------------------ Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, CRISIL Ratings had migrated its ratings of Ghose Mundal And Co (GMC) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. However, the management has subsequently started sharing information, necessary for carrying out a comprehensive review. Consequently, CRISIL Ratings is migrating the ratings on the bank facilities of GMC to 'CRISIL B+/Stable' from 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.2 CRISIL B+/Stable (Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING') Proposed Long Term 2.8 CRISIL B+/Stable (Migrated Bank Loan Facility from 'CRISIL B/Stable ISSUER NOT COOPERATING') The ratings reflect GMC's modest scale of operation, exposure to intense competition, and large working capital requirement. These weaknesses are partially offset by established relationships with key suppliers, the firm's diverse product portfolio and the extensive experience of its partners. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operation amidst intense competition: Intense competition may continue to restrict scalability, pricing power and profitability. Contract renewals with the principals exposes the firm to risk of change in distributors or addition of a new distributor in the same region. * Large working capital requirement: Gross current assets were sizeable at 300 days as on March 31, 2022, driven by large receivables and inventory of around 130 days each. The firm offers open credit of 100-130 days to its customers, and maintains large inventory, given the wide variety and range of fasteners. Strengths: * Established relationships with key suppliers, and diversified product profile: Business risk profile is stable, marked by established relationships with key suppliers, and the diverse product profile, comprising over 1,500 types of high-tension fasteners. The firm has longstanding relationships with its principals, and is an exclusive distributor for one of them, in West Bengal. * Extensive experience of the partners: The partners have been trading in high-tension fasteners for over four decades. Over the years, they have maintained healthy relationships with retailers and large corporates such as Tractors India Ltd and Tega Industries Ltd (rated 'CRISIL A+/Stable/CRISIL A1') operating in the region that GMC caters to. Liquidity: Stretched Liquidity is likely to remain adequate, marked by cash accrual of INR37 Lakhs in FY 22, against no major maturing debt, and low bank limit utilisation, averaging 57% over the 12 months through April 2022. Current ratio was healthy at 1.99 times as on March 31, 2022. Outlook: Stable CRISIL Ratings believes GMC will continue to benefit from the extensive experience of its partners, and their strong customer relationships. Rating Sensitivity factors Upward factors * Growth in revenue and operating margin, to over INR20 crore, and 10%, respectively leading to cash accruals of over INR50 lakh * No substantial capital withdrawal Downward factors * Drop in revenue (below INR7 crore) and operating margin resulting in decline in cash accruals * Large capital withdrawal GMC was set up in 1904, by the late Mr Pulin Behari Mundal and his associate, the late Mr Dhiresh Chandra Ghosh; the firm, at that time, traded in sheet glass and plate glass. After the business was taken over by the late Mr Rash Behari Mundal and his family in 1935, the firm started trading in high-tensile fasteners. In addition to the branch in Kolkata, the firm set up another branch at Jamshedpur in 1998. Mr Samir Kumar Mundal, Mr Prashanta Kumar Mundal, Mr Sujit Kumar Mundal and Mr Abhishek Mundal are the current promoters. GUPTA METAL: CRISIL Withdraws D Rating on INR75cr Demand Loan ------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Gupta Metal Sheets Limited (GMSL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 57.75 CRISIL D/Issuer Not Cooperating (Withdrawn) Cash Credit & 75 CRISIL D/Issuer Not Working Capital Cooperating (Withdrawn) Demand Loan CRISIL Ratings has been consistently following up with GMSL for obtaining information through letters and emails dated March 26, 2021 and September 14, 2021 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 GMSL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on GMSL is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has Continues the ratings on the bank facilities of GMSL to 'CRISIL D/CRISIL D Issuer not cooperating'. CRISIL Ratings has withdrawn its rating on the bank facilities of GMSL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. GMSL manufactures non-ferrous rolled semis, mainly copper-based alloys, strips and sheets. Its manufacturing plant is in Rewari, Haryana. The company started operations in 1988 and is promoted by Mr Radhey Shyam Gupta and his brothers. KAMBALA HOSPITALITY: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Kambala Hospitality Private Limited 4th Floor, Raghuleela Megamall Behind Poisar Bus Depot Off Swamy Vivekanand Road Kandivali (West) Mumbai 400067 Insolvency Commencement Date: September 9, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: March 4, 2023 Insolvency professional: Mr. S. Gopalakrishnan Interim Resolution Professional: Mr. S. Gopalakrishnan 203, The Ghatkoper Nilkanth CHS Jethabhai Lane, Ghatkoper (East) Mumbai 400077 E-mail: gopi63.ip@gmail.com sparkresolutions.gopal@gmail.com khpl.cirp@gmail.com Last date for submission of claims: September 25, 2022 KAMESHWAR INDUSTRIES: CARE Keeps D Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Kameshwar Industries (KI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 14, 2021, placed the rating(s) of KI under the 'issuer non-cooperating' category as KI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 30, 2022, June 9, 2022, June 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kadi based (Gujarat) KI was established in June, 2013 as a partnership firm to carry on the business of cotton ginning and pressing. It is currently managed by 6 partners and operates from its sole manufacturing plant situated in Kadi, Gujarat with an annual installed capacity of 66,00,000 Kg. of cotton bales and 1,25,00,000 Kg. of cotton seeds as on March 31, 2017. Partners purchase raw material in bulk quantity from farmers locally. LAKSHMI ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Lakshmi Enterprise (SLE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 8, 2021, placed the rating(s) of SLE under the 'issuer non-cooperating' category as SLE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SLE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 24, 2022, June 3, 2022, June 13, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ongole based, Sri Lakshmi Enterprises (SLE) was established in the year 2010 as a proprietorship concern by Mrs. Jayasree. The firm is engaged in distribution of FMCG goods, in Prakasam District. It has been recognized as an authorized distributor for the Prakasam District by Nestle India Limited. Further, the firm also engages in trading of edible oil procured from local companies and traded to retailers across Andhra Pradesh. LEELA KRISHNA: CARE Lowers Rating on INR8.0cr LT Loan to D ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Leela Krishna Dairy Private Limited (LKDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 28, 2021, placed the rating(s) of LKDPL under the 'issuer non-cooperating' category as LKDPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LKDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated Sept. 2, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of LKDPL have been revised on account of on-going delays in debt servicing recognized from lender's feedback. Andhra Pradesh based, Leela Krishna Dairy Private Limited (LKDPL) was incorporated in 2013. LKDPL is promoted by Mr. K Buchi Babu and Ms. K Leela Naga Ratnam (Spouse of Mr. K Buchi Babu). The company is engaged in the processing and selling of milk and it's by products such as, Curd, Butter Milk, Ghee, Curd, Lassi etc. The company purchases milk from local farmers and traders located in Andhra Pradesh circle. The company sells its final products to the customers located in Andhra Pradesh. The company has an installed capacity for processing of milk is 2000 liters per day. LORD SHIVA: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lord Shiva Construction Co Private Limited (LSCCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.38 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 5, 2021, placed the rating(s) of LSCCPL under the 'issuer non-cooperating' category as LSCCPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LSCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 21, 2022, May 31, 2022, June 10, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Haryana-based Lord Shiva Construction Co. Pvt. Ltd. (LSC) was incorporated in July 1992 and is currently being managed by Mr Anil Jain and his wife Mrs Sunita Jain. The company is engaged in construction works which involve construction of roads and civil construction (buildings). In road segment, LSC executes contracts mainly for PWD (Public Work Department), Haryana, and in civil construction the company had constructed buildings for government colleges based out of Haryana. MAHESH TRADERS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahesh Traders (MT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.20 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 22, 2021, placed the rating(s) of MT under the 'issuer non-cooperating' category as MT had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 7, 2022, June 17, 2022, June 27, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Pipariya-based (M.P.) MTS was formed in 1990 as a proprietorship firm by Mr Mahesh Dudani and later on in 2009 it converted into partnership by adding Mr Manohar Dudani as a partner in MTS. MTS is engaged in the trading of food grains, oil seeds, bardana etc & commission agent. The unit of the firm is located at Pipariya, M.P. The firm sells its products in the brand name of 'Mahesh Traders, Pipariya' and caters to the domestic market. MTS sells its products majorly in Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh and Tamil Nadu. MARS REMEDIES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Mars Remedies Private Limited 635, G.I.D.C. Estate Waghodia, Dist. Vadodara Gujarat 391760 Insolvency Commencement Date: September 9, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: March 6, 2023 Insolvency professional: Mr. Ashish Vyas Interim Resolution Professional: Mr. Ashish Vyas B-1A Viceroy Court CHS Thakur Village Kandivali (East) Mumbai Suburban Maharashtra 400101 E-mail: ashishvyas2006@gmail.com - and - A-402 Suashish IT Park Dattapada Road Borivali (East) Mumbai 400066 E-mail: cirp.marsremedies@gmail.com Last date for submission of claims: September 21, 2022 MOHIT INDUSTRIES: CRISIL Withdraws B Rating on INR23cr Cash Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Mohit Industries Limited (MIL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Cash Credit 23 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 7.6 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term 20 CRISIL B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Proposed Short Term 3.02 CRISIL A4/Issuer Not Bank Loan Facility Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with Mohit Industries Limited (MIL) for obtaining information through letters and emails dated December 21, 2021 and January 20, 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 MIL. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on MIL is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has Continues the ratings on the bank facilities of MIL to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. CRISIL Ratings has withdrawn its rating on the bank facilities of MIL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. MIL was established in 1991 as Mohit Fibers Pvt Ltd by Mr Sitaram Saboo. It was reconstituted as a public limited company in 1994, and got its current name in 1997. The company manufactures texturised yarn and grey fabrics at its unit in Kim village, Surat (Gujarat). MONEYGEAR FINTECH: CRISIL Assigns B Rating to INR7cr LT Loan ------------------------------------------------------------ CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the proposed long-term bank facility of Moneygear Fintech Private Limited (MFPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 7 CRISIL B/Stable (Assigned) The rating reflects modest scale of operations, with short track record, and modest resource profile. These weaknesses are partially offset by adequate capital position of MFPL. MFPL received its NBFC license from Reserve Bank of India (RBI) in October 2020 and started operations in January 2021. Given the initial stage of operations, loan portfolio for MFPL was modest at INR3.92 crore as on March 31, 2022. The company offers online gold loan financing to individual borrowers in Bangalore. The company is operating with single branch as on date. The company has maintained its asset quality with nil 90+ days past due (dpd) since the start of its operations. Even though the company has maintained sound asset quality so far, the track record of repayment is limited. The ability of the company to sustain its asset quality metrics as it scales up will be key monitorable. Analytical Approach CRISIL Ratings has evaluated the business and financial risk profiles of MFPL on standalone basis. Key Rating Drivers & Detailed Description Strengths: * Adequate capital position: Given the small scale of operations, the capital position is adequate for the current and planned scale of operations. The networth and gearing of the company stood at INR2.16 crore and 1.0 times as on March 31, 2022. The company has nil external borrowings as on date. The ability of the company to infuse capital to support the growth of the company will be key monitorable. Weakness: * Modest scale of operations with short track record: Given the low vintage of operations, loan portfolio was modest at INR3.92 crore as on March 31, 2022. The company currently operates in single district in Bangalore. MFPL was incorporated on March 22, 2021. First disbursement was done in January 2021; hence, asset quality needs to be monitored. During Q3 and Q4 of fiscal 2022, the company disbursed INR1.33 crore and INR2.40 crore respectively. Nevertheless, with less than two year of operations, the portfolio lacks seasoning and the ability of the company to manage its asset quality as the portfolio scales up remains to be seen and would continue to be a key monitorable. * Modest resource profile: The company has modest resource profile with nil borrowings from banks or FIs. The company borrows only from directors and shareholders. There is no interest payment charged on these loans, furthermore, given the directors are the shareholders of the company the loan is converted into capital. The management is currently in discussion with couple of banks to raise funds, the company's ability to achieve the same will remain monitorable. Liquidity: Stretched Cash and cash equivalent were INR0.34 crore as on June 30 , 2022, while repayment obligation of the company is nil , the operating expenses for the company stood at INR0.09 crore for over three months through September 2022. Liquidity cover considering three months operating expense stood at 3.8 times. Outlook: Stable MFPL will continue to benefit from its adequate capitalisation metrics. Rating Sensitivity Factors Upward Factors * Improvement in scale of operations and enhance geographic diversity * Asset quality in terms of 90+ dpd maintained below 2% * Ability to raise funds in order to support growth Downward Factors * Deterioration in asset quality, with gross net performing assets (90+ dpd) increasing to above 2% * Negative impact on earnings profile due to deterioration in asset quality Moneygear Fintech Private Limited, is a Bangalore based NBFC. The company started its operations by January 2021. The company received its NBFC license in October 2020. As on March 31, 2022, the company operates in single district of Bangalore and has been able to disburse loans to around 200 borrowers. MOONLIGHT MARBLES: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-Term rating of Moonlight Marbles Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 0.54 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. MMPL was established in 1990 and is involved in processing of marbles. The manufacturing facility of the company is located at Rajasamand, Rajasthan. It mainly sells its products in India, with some exports to countries in Europe and the Middle East. PANCARD CLUBS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Pancard Clubs Limited 111-113 Kalyandas Udyogbhavan Near Century Bhavan Prabhadevi Mumbai 400025 Insolvency Commencement Date: September 9, 2022 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: March 8, 2023 (180 days from commencement) Insolvency professional: Rajesh Sureshchandra Sheth Interim Resolution Professional: Rajesh Sureshchandra Sheth B-55, Shatdal Society, 7th Floor Azad Lane, Off S. V. Road Andheri (W), Near Shoppers Stop Mumbai 400058, Maharashtra E-mail: rajeshshethsbi@gmail.com - and – Deloitte India Insolvency Professionals LLP 27th Floor, Tower 3 One International Center Senapati Bapat Marg Elphinstone (W) Mumbai 400013 E-mail: inpclip@deloitte.com Classes of creditors: Financial Creditors Insolvency Professionals Representative of Creditors in a class: Mr. Devang Subodh Thakar Mr. Vithal Madhukar Dahake Mr. Prakash V. Kukreja Last date for submission of claims: September 23, 2022 RAVINA HEALTH: CRISIL Lowers Rating on INR16cr Term Loan to D ------------------------------------------------------------- CRISIL Ratings has downgraded its rating on the long term bank facilities of Ravina Health Care Private Limited (RHCPL) to 'CRISIL D' from 'CRISIL B-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Downgraded from 'CRISIL B-/Stable') Proposed Long Term 6 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B-/Stable') Term Loan 16 CRISIL D (Downgraded from 'CRISIL B-/Stable') The downgrade reflects delay in term debt obligation because of weak liquidity. The rating continues to reflect a modest scale of operations with geographic concentration in revenues and weak financial risk profile. These weaknesses have been partially offset by the extensive experience of the promoters. Key Rating Drivers & Detailed Description * Delays in debt servicing: RHCPL has delayed servicing of its term loan interest and principal repayment in August 2022 due to poor liquidity. Weakness: * Modest scale of operation and geographic concentration in revenue: The company has a modest scale of operation in a competitive segment which constrain scalability. Revenues are at about INR12.42 crore in fiscal 2022. This, in turn, limits operating flexibility. Furthermore, operations are localised, compared with other corporate hospitals which renders the company susceptible to the dynamics of a single market. * Weak financial risk profile: Financial risk profile is weak. Networth is modest at INR11.34 crore as on 31st march 2022. Capital structure is leveraged as reflected in gearing and Total outside liabilities to Tangible networth (TOL/TNW) of 2.92 times and 3.09 times respectively, as on 31st march 2022 and is expected to improve with the repayment of loans and in the absence of any major debt-funded capital expenditure over the medium term. Debt protection metrics is moderate marked by interest coverage ratio of 2.92 times and Net cash accruals to adjusted debt ratio of 0.09 time in fiscal 2022. Strengths: * Extensive experience of the promoters: Benefits from the promoters' experience of over 2 decades, and their sound understanding of market dynamics should continue to support business risk profile. Liquidity: Poor RHCPL has delayed servicing of term loan interest for the month of August 2022 owing to weak liquidity. Rating Sensitivity Factors Upward Factors * Track record of timely debt servicing for at least 90 days * Sustained improvement in financial risk profile and liquidity Incorporated in 2011, RHCPL operates a 150-bed hospital in Chennai. REFRIGERATIONS PRIVATE: CRISIL Withdraws B+ INR25.5cr Loan Rating ----------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' rating on the bank facilities of Shree Refrigerations Private Limited (SRPL) and subsequently withdrawn the rating at the company's request and on receipt of a no-objection certificates from company's lenders. The withdrawal is in line with CRISIL Ratings' policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.5 CRISIL A4 (Rating Reaffirmed and Withdrawn) Cash Credit 25.5 CRISIL B+/Stable (Rating Reaffirmed and Withdrawn) Letter of Credit 2.5 CRISIL A4 (Rating Reaffirmed and Withdrawn) The ratings reflect the company's modest scale of operation, large working capital requirement and average financial risk profile. These weaknesses are partially offset by extensive experience of the promoters in the engineering and capital goods industry and established customer relationships. Analytical Approach: Optionally Convertible Preference Share capital has been treated as 75% equity and 25% debt as the capital is to remain in the business over medium term. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operation: The scale of operations of the company continues to remain modest with revenues of INR45 crores being booked in fiscal 2022. The revenues have recovered in fiscal 2022 after being impacted in fiscal 2020 and fiscal 2021 due to delay in tendering and awarding and pandemic led challenges. The revenues are expected to increase over medium term aided by healthy orderbook of over INR140 crores in hand. Though company has healthy order book currently, timely execution of orders and track record of higher revenue booking remain critical and shall be monitored. * Working capital-intensive operations: Gross current assets were high at 494 days as on March 31, 2022, primarily driven by large work-in-process inventory. Further working capital requirements will remains large in medium term due to higher execution of orders. The funding requirement is partly supported by project linked working capital bank lines sanctioned. * Average financial risk profile: The gearing was high at over 7 times on March 31, 2022 due to eroded networth. Debt protection metrics were adequate reflected in interest coverage ratio of around 2.32 times for fiscal 2022. However, with significant inflow of equity funds and improving operating performance will aid the recovery in financial risk profile. Strengths * Extensive industry experience of the promoters and established relationships with reputed customers: The promoters, Mr. R. G. Shende and Mrs. Rajashri Shende have an experience of over two decades in the engineering industry. The company has specialised itself in manufacturing condensing units, chillers etc under the guidance of promoters. This has led to a healthy relationship with clients like PSU Shipyard units and Indian Navy etc. * Healthy order book: Company currently has outstanding order book of more than INR140 crores to be executed in next 30-36 months. This provides strong revenue visibility over medium term. Liquidity: Stretched Bank limit utilization was moderately high at around 88% percent for the past six months ended July 2022. Cash accruals are expected to be over INR5.5 – 7 crores over next two fiscals which shall be sufficient against term debt repayment obligation of INR0.30 crore. Current ratio was quite adequate at 1.37 times on March 31, 2022. The company has received funding of INR19.8 crore from Maharashtra Defence and Aerospace Venture Fund (MDAVF) in fiscal 2021 in the form of optionally convertible preference shares. The funding has also aided company's liquidity amid its larger order book execution. Outlook: Stable CRISIL believes SRPL will continue to benefit from the extensive industry experience of the promoters. Rating Sensitivity factors Upward factor: * Sustained improvement in revenue by 30% along with sustenance of moderate operating margin * Improvement in working capital cycle and key financial metrics Downward factor * Decline in operating profitability or lower than anticipated revenues leading to cash accruals of less than INR1.5 crore * Sustained elongation in working capital cycle or large debt-funded capital expenditure further weakens capital structure and liquidity SRPL was established in year 1990 by Mr. R. G. Shende and Mrs. Rajashri Shende. The company is based out of Satara, Maharashtra. The company is involved in manufacturing of condensers, chillers, compressors, marine condensing units, etc and mainly serves defense PSUs. RIGA SUGAR: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Riga Sugar Company Limited (RSCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 104.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed rationale and key rating drivers CARE had, vide its press release dated April 2, 2020, placed the rating(s) of RSCL under the 'issuer non-cooperating' category as RSCL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RSCL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and emails May 17, 2022 and June 6, 2022. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). RSCL, incorporated in Sept. 2, 1980, the flagship company of DHANUKA GROUP, currently has Sugar (5000 TCD), Distillery (50 KLPD), Ethanol (45 KLPD), Power plant (8 MW) & DAP/ Organic Fertilizer facilties in Riga, North Bihar. The sugar factory is one of the oldest sugar factories in India which was set-up in 1933 by The Belsund Sugar & Industries limited under British Management before being taken over by Dhanukas in 1950 and was subsequently transferred w.e.f.1.10.1981 to Riga Sugar Company Limited. The company has been admitted into Corporate Insolvency Resolution Process. Mr. Neeraj Jain is appointed as IRP via order dated Oct. 8, 2022, by The National Company Law Tribunal Kolkata Bench. SAHASTRAA EXPORTS: ICRA Moves B+ Debt Rating to Not Cooperating --------------------------------------------------------------- ICRA has moved the ratings for the bank facilities of Sahastraa Exports Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.5 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating Moved to Cash Credit the 'Issuer Not Cooperating' Category Short-term 15.0 [ICRA]A4 ISSUER NOT Non Fund based COOPERATING; Rating Moved to the 'Issuer Not Cooperating' category Short Term- (3.0) [ICRA]A4 ISSUER NOT Interchangeable COOPERATING; Rating Moved to the 'Issuer Not Cooperating' category The rating is based on limited cooperation from the entity since the time it was last rated in September 30, 2021. As part of its process and in accordance with its rating agreement with Sahastraa Export Private Limited, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. However, despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite cooperation and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the company's rating has been moved to the "Issuer Not Cooperating" category. Incorporated on July 21, 2000, SEPL trades in imported chemicals and caters to both domestic and export markets and is ISO 9001:2015 certified. The company trades in more than 40 types of chemicals, which find applications in diverse industries such as chemical manufacturing, cosmetics, pharmaceutical, dyes and dyestuffs, plywood, paints, and resins. SEPL has its registered office in Mumbai (Maharashtra) and a warehousing facility in Bhiwandi (Thane district, Maharashtra) on a rental basis. The company routes its pan-India sales through its seven branch offices in Bhiwadi (Rajasthan), Delhi, Ghaziabad (Uttar Pradesh), Hyderabad (Telangana), Kandla (Gujarat), Ludhiana (Punjab) and Yamuna Nagar (Haryana). SALASAR AGRO: CRISIL Assigns B Rating to INR27.5cr Cash Loan ------------------------------------------------------------ CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Shri Salasar Agro Processors (SSAP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 27.5 CRISIL B/Stable (Assigned) Term Loan 12.5 CRISIL B/Stable (Assigned) The rating reflects the susceptibility of the firm to intense competition in the edible oil industry, below-average financial risk profile and large working capital requirement. These weaknesses are partially offset by the extensive experience and funding support of the partners. Analytical Approach Unsecured loans from the partners, and their friends and relatives have been treated as neither debt nor equity. Key Rating Drivers & Detailed Description Weaknesses: * Below-average financial risk profile: Gearing and total outside liabilities to adjusted networth ratio remained weak at 2.2 times and 2.8 times, respectively, as on March 31, 2022. This, along with low accrual from operations, led to muted debt protection metrics: interest coverage and net cash accrual to total debt ratios were 1.66 times and 0.04 time, respectively, for fiscal 2022. The metrics are expected to remain at similar levels over the medium term because of large debt. * Large working capital requirement: Operations are working capital intensive due to seasonal nature of business and limited credit on procurement. Gross current assets have been 108-109 days over the three fiscals ended March 31, 2022, because of moderate receivables and inventory. Since the firm does not get any credit from the suppliers, the firm relies heavily on working capital debt. * Susceptibility to intense competition in the edible oil industry: The edible oil industry has a few big players and many small unorganised players (accounts for about 60% of the overall segment). These players primarily cater to regional demand in order to save on transportation cost. Intense market competition has resulted in low operating margin and volatile revenue. Strengths: * Extensive experience of the partners and their funding support: Presence of over 20 years in the edible oil industry has enabled the partners to develop a strong understanding of market dynamics and establish healthy relationships with suppliers and customers. The partners have also supported the business by extending unsecured loans. Liquidity: Stretched Bank limit was fully utilised in the 12 months through June 2022. Cash accrual are expected to be modest at around INR1.75-2.50 crore which will be sufficient against term debt obligation of around INR1 crore, over the medium term. Current ratio was 1.11 times as on March 31, 2022. The partners are likely to extend unsecured loans to meet working capital requirement and debt obligation. Though the firm has delayed meeting term loan obligation by 1-2 days in the past, repayments have been timely in the last three consecutive months. Management has indicated that it will maintain adequate liquidity cushion for debt repayment over the medium term. Outlook: Stable SSAP will continue to benefit from the extensive experience of its partners and established relationships with clients. Rating sensitivity Factors Upward factors * Sustained improvement in scale of operations by 25% and sustenance of operating margin, leading to higher cash accrual * Improvement in financial risk profile, particularly liquidity Downward factors * Decline in scale of operations leading to net cash accrual lower than INR1 crore * Large, debt-funded capital expenditure or substantial increase in working capital requirement further weakening financial risk profile, including liquidity and debt servicing capability SSAP was established as a partnership firm in 2013 by Mr Tulsi Ram Aswani and Mr Vinay Vyas. The firm manufactures soybean oil and deoiled cake at its facilities in Nagpur, Maharashtra. SAMRAT GEMS: CRISIL Withdraws B Rating on INR2.95cr Cash Loan ------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Samrat Gems Impex Private Limited (SGIPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.95 CRISIL B/Stable/Issuer Not Cooperating (Withdrawn) Export Packing 27 CRISIL A4/Issuer Not Credit & Export Cooperating (Withdrawn) Bills Negotiation/ Foreign Bill discounting Letter of Credit 7 CRISIL A4/Issuer Not Cooperating (Withdrawn) Proposed Cash 0.05 CRISIL B/Stable/Issuer Not Credit Limit Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with SGIPL for obtaining information through letters and emails dated April 20, 2022 and June 9, 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 SGIPL. This restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SGIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGIPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. CRISIL Ratings has Withdrawn its ratings on the bank facilities of SGIPL on the request of the company and receipt of a no objection certificate from its bank. The rating action is in line with CRISIL Ratings' policy on withdrawal of its ratings on bank loans. Incorporated in 1984 and promoted by Mr Shyamlal Sharma and his son, Mr Rajiv Sharma, SGIPL manufactures and exports ready-made garments. The company has two facilities, one each in Bengaluru and Bhiwandi (Maharashtra). SARA SAE: CRISIL Hikes Rating on INR48.07cr New Loan to B+ ---------------------------------------------------------- CRISIL Ratings has upgraded its long term ratings on the bank facilities of Sara Sae Private Limited (SSPL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable' while reaffirming its short term ratings at 'CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase- 4 CRISIL B+/Stable (Upgraded Discounting from 'CRISIL B/Stable') Facility Cash Credit 7 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Letter of credit 12 CRISIL A4 (Reaffirmed) & Bank Guarantee Packing Credit 13 CRISIL A4 (Reaffirmed) Proposed Working 48.07 CRISIL B+/Stable (Upgraded Capital Facility from 'CRISIL B/Stable') Working Capital 19.43 CRISIL B+/Stable (Upgraded Term Loan from 'CRISIL B/Stable') The upgrade in the ratings reflects the improvement in business risk profile of the company driven by improvement in its revenue and operating profitability. The company has reported the revenue of INR84.75crore in FY2022, the growth is driven by improvement in the prices of crude oil supported by healthy demand. Further, the revenue is expected to grow by 12-15% over the medium term, supported by unexecuted healthy orderbook of INR105crore as on July 2022 to be executed in next 10-12 months and established clientele like ONGC, L&T, etc. Further, company has reported operating profitability of around 15% in fiscal 2022, backed by closure of its loss-making over shore entities due to cost savings in employee and rental cost. The rating continues to reflect SSPL's modest scale of operations with exposure to cyclicality in the global energy markets and working capital intensive operations. These weaknesses are partially offset by established market presence of the company and supported by extensive experience of promoters. Analytical Approach For this rating action, CRISIL Ratings has combined the business and financial risk profiles of SSPL, its subsidiary, STS Product Inc (STS), and their step-down subsidiaries, STS Products S Pte Ltd (SPL), STS Products FZE (FZE), Blue Forgings Pvt Ltd (BFPL), and Consolidated Pressure Control (CPC). That is because these entities, collectively referred to as the Sara group, are in the same business, have common management and significant inter-company transactions, and derive considerable business synergies from each other. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations with exposure to cyclicality in the global energy markets: Company has booked operating income of INR84.75 crore in FY 2022, which reflects the average scale of operations. SSPL generates entire revenue from oil and gas equipment industry, which is inherently cyclical, with performance strongly linked to the overall economic scenario and trends in crude oil and gas prices. Further, the SSPL growth prospects have a direct correlation with the global energy market. The group offers fast-moving and capital goods to oil rig operators. The number of oil rigs and amount of investment in drilling are key factors that could weaken the business, which should thus remain susceptible to any volatility in global energy markets. * Working capital intensive operations: Group's gross current asset has remained high at 516 days mainly due high debtor period and high inventory requirements due to capital nature of goods manufactured. Debtor days have remained at 275 days, while inventory levels remained at 287 days in fiscal 2022. The working capital operations of the company are supported by creditors of around 258 days in fiscal 2022. Commensurate with increase in scale of operations, working capital requirements are expected to remain highly intensive in the medium term. Strengths: * Established market presence, supported by extensive experience of promoter: Benefits from the three-decade-long experience of the key promoter, Mr V K Dhawan, his healthy relationship with clients and ability to identify market trends should continue to support the business. Over the years, the group has diversified its product profile to meet most requirement of the oil and gas exploration industry. Furthermore, the group operates in almost all major countries and has recently opened service centres in many regions to become a full-fledged equipment and service provider. The promoter's expertise and the group's strong global presence should continue to support the business. Liquidity: Stretched Liquidity is likely to remain Stretched. The fund-based limit was utilised at an average of 88.8% during the 13 months through July 2022. Cash accruals are expected to remain at around INR6.0 crores against debt obligation of INR3.6 crores. The promoter is likely to continue extending timely, need-based funds to aid liquidity. Current ratio was 1.51 times as on December 31, 2022. Outlook - Stable The Sara group should continue to benefit from the extensive experience of the promoter. Rating Sensitivity factors Upward factors: * Revenue growth of more than 20% per annum, with sustained operating margin leading to improved cash accruals. * Adequate cushion in bank lines and improvement in working capital cycle leading to improved liquidity and financial risk profile. Downward factors: * Overutilisation in working capital limit by over 30 days. * Any large, debt-funded capital expenditure or sizeable stretch in the working capital cycle impacting liquidity and financial risk profile. * Decline in operating income by more than 15% or decline in operating profitability leading to lower cash accruals. About the Group The Sara group manufactures machinery and equipment that are used in oil well-drilling and production activities. The machinery and equipment are covered under API licences and the quality system accredited under ISO-9001. SSPL is a portfolio company of JAM. Its subsidiaries include STS, CPC, and BFPL. Mr V K Dhawan is the promoter. SIGMA CHEMTRADE: ICRA Lowers Rating on INR12.5cr ST Loan to D ------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Sigma Chemtrade Private Limited (SCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 1.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating downgraded from Cash Credit [ICRA]B+(Stable) and Continues to remain under 'Issuer Not Cooperating' category Short Term- 12.50 [ICRA]D ISSUER NOT COOPERATING; Nonfund Based Rating downgraded from [ICRA]A4 and Continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downgrade reflects Public Announcement for Corporate Insolvency as mentioned in publicly available sources. The rating is based on limited information on the entity's performance since the time it was last rated on May 20, 2022. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SCPL is engaged in the trading of polymers and plastic raw materials like High Density Poly Ethylene (HDPE), Low density Poly ethylene (LDPE), Polypropylene (PP) and chemicals. In addition to direct imports and distribution, SCPL also acts as an indenting agent for imported polymers and chemicals, wherein the company provides services like coordination with suppliers for direct imports by customers without getting financially involved in the transactions. SOLAPUR BIOENERGY: CRISIL Reaffirms B- Rating on INR3.85cr Loan --------------------------------------------------------------- CRISIL Ratings has reaffirmed its CRISIL B-/Stable/CRISIL A4 ratings on the bank facilities of Solapur Bioenergy Systems Private Limited (SBSPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.9 CRISIL A4 (Reaffirmed) Cash Credit 0.75 CRISIL B-/Stable (Reaffirmed) Long Term Loan 1.21 CRISIL B-/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 1.79 CRISIL B-/Stable (Reaffirmed) Term Loan 3.85 CRISIL B-/Stable (Reaffirmed) The ratings reflect a small scale of operations, continued operating losses leading to weak debt protection, and stretched working capital cycle. These weaknesses are partially offset by the extensive experience of the promoters in the waste processing industry. Analytical Approach Unsecured loans from promoters have been treated as debt. Key Rating Drivers & Detailed Description Weaknesses: * Small scale of operations: Revenue remained modest at INR5.41 crores in fiscal 2022 with a net loss due to limited supply of raw material (municipal waste) and modest capacity utilization. The small scale should continue to constrain pricing power and profitability. * Continued Operating Losses: The company has been facing losses in past six years ended 31st March 2022. The company was running at lower capacity, which led to lower absorption of fixed cost, which resulted in operating losses. A higher absorption of capacity in current year is expected, which will support the business and will improve the profitability. * Stretched working capital cycle: Gross current assets were sizeable at 417 days as on March 31, 2022, driven high inventory and receivables which stood at 78 days and 220 days, respectively as on March 31, 2022. The inventory was high as it was maintained at those levels to cater to the business requirements. The debtors were high due to the high credit period offered and delay in receiving collections. The working capital cycle is expected to continue to remain stretched over the medium term. Strengths: * Extensive experience of the promoters: Benefits derived from the promoters' industry experience of over a decade, their strong understanding of local market dynamics, and healthy relationship with suppliers and customers should continue to support the business. Liquidity: Poor Bank limit utilization was high at averaging 81% for 12 months through June 2022. Cash accrual is expected negative, against term debt obligation of INR80- 175 lakhs, per fiscal over the medium term. The promoters are likely to extend support in the form of equity and unsecured loans to meet working capital requirement and repayment obligation. Outlook Stable SBSPL should continue to benefit from the extensive experience of the promoters and established relationship with clients. Rating Sensitivity factors Upward factors: * Substantial and sustainable increase in revenue and profitability, leading to cash accrual of more than INR1 crore per fiscal * Improvement in working capital management, improving financial profile Downward factors: * Large, debt-funded capital expenditure, resulting in the gearing rising to over 2.5 time * Delays in receipts, leading to cash flow mismatches and delay in repayments Incorporated in 2005, SBSPL is a special-purpose vehicle of Organic Recycling Systems Pvt Ltd. The company processes municipal solid waste (MSW) into compost and energy. It has a capacity of 4 megawatt for producing energy through processing of MSW procured from Solapur Municipal Corporation. Sales are backed by a power purchase agreement with Maharashtra State Electricity Distribution Company Ltd. SRINIVASA EDUCATIONAL: CARE Keeps D Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Srinivasa Educational Academy (SEA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 37.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated July 26, 2021, placed the rating(s) of SEA under the 'issuer non-cooperating' category as SEA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SEA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 11, 2022, June 21, 2022, July 1, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The trust was incorporated in 1998 by Dr R Venkataswamy, a philanthropist and an educationist, to render educational and development facilities in the rural areas of Chittoor District in Andhra Pradesh (A.P.). The oldest educational institute of the trust is Sri. R.K.M Law College started in 1991-1992 which was taken over from Swami Vivekananda Society. His family members are the trustees for SEA. SEA currently manages eleven educational institutions, which include engineering, law, computer science, pharmacy, business management, nursing, medicine, etc. SEA also provides hostel facilities to its students, teachers and other staffs. The trust had set-up a 362 bedded hospital in 2013. Out of the eleven institutes, two institutes are located in Hyderabad, Telangana while the rest are in Chittoor district, A.P. UNICO LEATHER: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Unico Leather Product Private Limited Phase-1, Lane-4 SIDCO Industrial Area Bari Brahmana Jammu & Kashmir 181133 Insolvency Commencement Date: September 6, 2022 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: March 5, 2023 (180 days from commencement) Insolvency professional: Krishan Vrind Jain Interim Resolution Professional: Krishan Vrind Jain SCO 345-346, 2nd Floor Sector 35-B Chandigarh 160022 E-mail: jainkv@gmail.com unicocirp@gmail.com Mobile: 9770737031 Last date for submission of claims: September 21, 2022 ===================== N E W Z E A L A N D ===================== ANVILL FOUR: Court to Hear Wind-Up Petition on Sept. 23 ------------------------------------------------------- A petition to wind up the operations of Anvill Four Limited will be heard before the High Court at Auckland on Sept. 23, 2022, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 4, 2022. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 HOULT AUCKLAND: Creditors' Proofs of Debt Due on Oct. 7 ------------------------------------------------------- Creditors of Hoult Auckland Limited are required to file their proofs of debt by Oct. 7, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 7, 2022. The company's liquidator is Kelera Nayacakalou. OLD BAKEHOUSE: Creditors' Proofs of Debt Due on Oct. 9 ------------------------------------------------------ Creditors of Old Bakehouse Limited are required to file their proofs of debt by Oct. 9, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 8, 2022. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 POWER COOL: Court to Hear Wind-Up Petition on Oct. 20 ----------------------------------------------------- A petition to wind up the operations of Power Cool Electrical Limited will be heard before the High Court at Invercargill on Oct. 20, 2022, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 3, 2022. The Petitioner's solicitor is: Gabrielle McGillivray Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 TRI7 ROOFASCIA: Creditors' Proofs of Debt Due on Oct. 5 ------------------------------------------------------- Creditors of Tri7 Roofascia Limited are required to file their proofs of debt by Oct. 5, 2022, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 5, 2022. The company's liquidator is Kelera Nayacakalou. ===================== P H I L I P P I N E S ===================== RURAL BANK OF GALIMUYOD: MB Closes Bank, Receivers Appointed ------------------------------------------------------------ The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Galimuyod (Ilocos Sur), Inc. from doing business in the Philippines through MB Resolution No. 1312.B dated September 8, 2022 which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank. The PDIC took over the bank on Sept. 9, 2022. Rural Bank of Galimuyod (Ilocos Sur), Inc. is a single-unit rural bank with Head Office located in Brgy. Poblacion, Galimuyod, Ilocos Sur. Latest available records show that as of Dec.31, 2021, Rural Bank of Galimuyod (Ilocos Sur), Inc. has 388 deposit accounts with total deposit liabilities of PHP21.7 million, of which 95.9% or PHP20.8 million are insured deposits. The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of PHP500,000.00 per depositor. Individual account holders of valid deposits with balances of PHP100,000.00 and below, who have no outstanding obligations or have not acted as co-makers of obligations with Rural Bank of Galimuyod (Ilocos Sur), Inc. are not required to file deposit insurance claims. These individual depositors must ensure that they have complete and updated addresses with the bank. Depositors may update their addresses by submitting a Mailing Address Update Form (MAUF) until September 15, 2022 either through the drop box available at the bank premises, or by sending a scanned copy of said Form and valid ID to email address, galimuyod-pad@pdic.gov.ph. MAUF will be made available at the bank premises or may be downloaded from the PDIC website at www.pdic.gov.ph. Insurance payments for valid deposits with balances of PHP100,000.00 and below will be made through postal money order and targeted to be sent via mail starting on Sept. 23, 2022. For business entities and all other depositors, filing of claims for insured deposit is targeted to start by Sept. 29, 2022. Borrowers are likewise reminded to continue paying their loan obligations with the closed Rural Bank of Galimuyod (Ilocos Sur), Inc. and to transact only with designated PDIC representatives. For more information on the requirements and procedures for filing deposit insurance claims and settlement of loan obligations, depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers' Forum scheduled on Sept. 22, 2022, 9:00A.M., G/F Farmer's Market, Sapang, Galimuyod, Ilocos Sur. As provided for by the PDIC Charter, the PDIC shall likewise accept Letters of Intent from interested banks and non-bank institutions for possible purchase of assets and assumption of liabilities (P&A) as a mode of liquidating Rural Bank of Galimuyod (Ilocos Sur), Inc. Letters of intent should be submitted within 60 days from takeover date subject to compliance with the requirements prescribed under the Guidelines in Pre-qualifying Proponents and Evaluating the Proposals for Purchase of Assets and Assumption of Liabilities Mode of Liquidating Closed Banks which can be accessed in the PDIC website. To ensure the safety of all concerned and observance of health protocols, all clients of the bank may communicate with PDIC through any of the following modes: Public Assistance Hotline during office hours at (02) 8841-4141, Toll-Free Hotline at 1-800-1-888-PDIC (7342) during office hours for those outside Metro Manila, e-mail to galimuyod-pad@pdic.gov.ph or Facebook private message. For visits to the PDIC Public Assistance Center, clients are highly encouraged to request for an appointment, observe health protocols and present their vaccination cards. Appointment schedule may be secured through telephone, email or Facebook private message. ================= S I N G A P O R E ================= INTER-PACIFIC PETROLEUM: Court OKs Bid to Question Former Auditors ------------------------------------------------------------------ Manifold Times reports that the High Court of the Republic of Singapore on August 25 approved an application filed by Deloitte Singapore, the Judicial Managers (JMs) of defunct Singapore bunker supplier Inter-Pacific Petroleum (IPP), to seek further information from two of the company's former auditors. In short, the JMs wanted to confirm if both of IPP's former auditors "were reasonably assured that its assessment that the receivables owed by Mercuria Energy were not in any way doubtful", according to court documents obtained by Singapore bunkering publication Manifold Times. They wanted to know if both of IPP's former auditors knew if any receivables owed by Mercuria Energy Trading Pte Ltd would have been outstanding for more than 60 and 180 days when audit procedures, including alternative testing procedures, and issuance of IPP's final audit report for FY 2017 were conducted, the report relays. This was because there remained at least 32 earlier invoices dated between Sept. 9, 2017 to Dec. 20, 2017 amounting to US$90 million which remained unpaid to IPP before a Mercuria Energy payment issued on Jan. 11, 2018, Manifold Times relates. The JMs wanted to confirm if both IPP's former auditors took any further steps to verify the discrepancy with IPP's former management and Mercuria Energy, the report says. The response from IPP's former auditors are expected to be heard at a court hearing scheduled in November 2022, adds Manifold Times. About Inter-Pacific Petroleum Inter-Pacific Petroleum (IPP) is principally engaged in wholesale trade of a variety of goods with ship bunkering as the secondary activity. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 6, 2019, Deloitte & Touche said on Sept. 5, 2019, it has been appointed by Singapore's high court to act as interim judicial manager for Inter-Pacific Group Pte (IPG) in an application for a court-led debt restructuring process. The appointment, following a nomination by IPG, comes more than two months after IPG unit Inter-Pacific Petroleum Pte (IPP) had a licence to operate bunker fuel tankers suspended by Singapore's Maritime Port Authority (MPA). The MPA detected operational irregularities during an inspection. On March 25, 2021, the High Court of Singapore entered an order on to wind up the operations of IPP. Mr. Lim Loo Khoon and Mr. Tan Wei Cheong of Deloitte & Touche LLP were appointed liquidators of the company. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***