/raid1/www/Hosts/bankrupt/TCRAP_Public/221010.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, October 10, 2022, Vol. 25, No. 196
Headlines
A U S T R A L I A
ANTRA GROUP: Second Creditors' Meeting Set for Oct. 12
ARMOR SAFETY: Second Creditors' Meeting Set for Oct. 12
DAILY EDITED: Goes Into Liquidation After Founder Quit Business
DANIELS BRICKLAYING: Second Creditors' Meeting Set for Oct. 13
INSPIRY MANAGEMENT: Domenic Calabretta Appointed as Receiver
JMR GROUP: First Creditors' Meeting Set for Oct. 17
C H I N A
CHINA EVERGRANDE: Founder May Sell London's Most Expensive Home
E-HOUSE CHINA: Chapter 15 Case Summary
FOSUN INTERNATIONAL: Moody's Puts B1 CFR on Review for Downgrade
ROAD KING: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
I N D I A
ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating
ASHTAVINAYAK AUTO: CARE Keeps D Debt Rating in Not Cooperating
BAJPE ZAKARIYA: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI POLYCOT: CARE Keeps B Debt Rating in Not Cooperating
BINZY FAB: Insolvency Resolution Process Case Summary
CHAITANYA CORPORATION: ICRA Keeps D Rating in Not Cooperating
COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating
DARWIN PHARMA: ICRA Keeps B Debt Ratings in Not Cooperating
EVOLVE GREEN: CARE Assigns B+ Rating to INR12.0cr LT Loan
FASTLANE INFORMATION: Insolvency Resolution Process Case Summary
GLITTER METALS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
JANTA MEALS: Voluntary Liquidation Process Case Summary
K. K. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category
KAYNES TECHNOLOGY: Ind-Ra Hikes Long-Term Issuer Rating to BB+
KHATU SHYAM: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
KOHINOOR HOSPITALS: ICRA Keeps D Debt Ratings in Not Cooperating
KPG INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
KRANTI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
LAVASA HOTEL: Insolvency Resolution Process Case Summary
LOGIX INFRATECH: Insolvency Resolution Process Case Summary
META TILES: CARE Keeps D Debt Ratings in Not Cooperating Category
MONTFORT EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
MYIND MEDTECH: Insolvency Resolution Process Case Summary
PD CORPORATION: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE CAPITAL: NCLT Rejects Axis Bank's Application
RIPURAJ AGRO: Ind-Ra Keeps BB+ LT Issuer Rating in Non-Cooperating
ROYALS MARINE: ICRA Keeps B+ Debt Rating in Not Cooperating
RWL HEALTHWORLD: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
S M ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
SHRIMATI JWELLERY: Liquidation Process Case Summary
SITI NETWORK: Defaults on INR913 crore Bank Loans in Q2 of FY23
SMW ISPAT: Ind-Ra Keeps BB+ LT Issuer Rating in Non-Cooperating
SOLCEN INFRA: CARE Keeps B- Debt Rating in Not Cooperating
SOVA SOLAR: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
SPICEJET LTD: Deposits TDS of Employees for 2021-22 Fiscal
SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating
THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating
VATTIKUTI ROBOTIC: Voluntary Liquidation Process Case Summary
N E W Z E A L A N D
ARAMOANA SEAFOODS: Creditors' Proofs of Debt Due on Nov. 1
DDL HOMES: Reynolds & Associates Appointed as Liquidators
HEREFORD MEWS: Gerry Rea Partners Appointed as Administrators
KINO DAY: Creditors' Proofs of Debt Due on Oct. 31
PACIFIC EXPLORING: Calibre Partners Appointed as Receivers
S I N G A P O R E
EMCATERING ASIA: Creditors' Proofs of Debt Due on Nov. 7
EXACTECH PTE: Creditors' Meeting Set for Oct. 21
ROYAL GOALSON: Court Enters Wind-Up Order
WORLD FUEL: Members' Final Meeting Set for November 7
ZANA CAPITAL: Creditors' Proofs of Debt Due on Nov. 8
S R I L A N K A
SRI LANKA: Begins Crucial Debt Restructuring Talks with China
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A U S T R A L I A
=================
ANTRA GROUP: Second Creditors' Meeting Set for Oct. 12
------------------------------------------------------
A second meeting of creditors in the proceedings of Antra Group Pty
Ltd ATF Antray Trust has been set for Oct. 12, 2022, at 3:00 p.m.
via virtual meeting technology.
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 Oct. 11, 2022, at 4:00 p.m.
Jonathon Keenan and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on Sept. 5, 2022.
ARMOR SAFETY: Second Creditors' Meeting Set for Oct. 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Armor Safety
Pty Ltd, trading as Armour Safety Traffic Management, has been set
for Oct. 12, 2022, at 10:30 a.m. via Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 11, 2022, at 5:00 p.m.
Ivan Glavas of Worrells was appointed as administrator of the
company on Sept. 6, 2022.
DAILY EDITED: Goes Into Liquidation After Founder Quit Business
---------------------------------------------------------------
Danyal Hussain at Daily Mail Australia reports that a luxury
fashion brand beloved by Australia's wealthy and fabulous has gone
into liquidation.
According to the report, the Daily Edited, which specialised in
engraving people's initials onto bags, phone cases and other items,
was wound up after a meeting of company members on September 30.
Daily Mail says the glamorous brand goes into liquidation just over
a year after co-founder Alyce Tran quietly sold off her stake.
Despite liquidation, the company was still posting videos of its
products on its Facebook page as of Oct. 6.
Tran and Tania Liu launched The Daily Edited in 2014 after meeting
three years earlier while working at a Perth law firm, building it
into a AUD25 million fashion powerhouse with stores in Sydney and
New York, in addition to their online offering.
Daily Mail relates that the former business partners initially
started off with a clothing line in 2011 - but after the business
failed, they looked into blogging.
Eventually, the pair quit their day jobs as lawyers to start the
online leather goods business to provide a service that high-end
fashion houses have always done, but apply it in an affordable
way.
Launching with just 50 pieces, the pair listed their leather goods
up for sale on Instagram before it was all snapped up within a
week.
The TDE brand was known for its focus on individuality and
personalisation, reflecting its ethos that 'you can make it your
own'.
Its expansion saw it sell personalised leather goods in-store
through a partnership with David Jones, in Sydney, Melbourne,
Adelaide, and Brisbane, the report says.
The company opened stores at Chadstone Shopping Centre in
Melbourne, Pitt Street Mall in Sydney's CBD and on Bleecker Street
in New York.
It then opened a flagship store in the Queen Victoria Building in
Sydney's CBD in 2021.
The brand has also partnered with department stores in Singapore at
Robinsons and Tangs in the past.
DANIELS BRICKLAYING: Second Creditors' Meeting Set for Oct. 13
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Daniels
Bricklaying Pty Ltd has been set for Oct. 13, 2022, at 11:30 a.m.
via video conferencing.
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 Oct. 12, 2022, at 4:00 p.m.
Damien Mark Hodgkinson and Katherine Elizabeth Barnet of Olvera
Advisors were appointed as administrators of the company on Sept.
9, 2022.
INSPIRY MANAGEMENT: Domenic Calabretta Appointed as Receiver
------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin on Sept. 28, 2022, was
appointed as Receiver of Inspiry Management Limited.
The administrators may be reached at:
Mackay Goodwin
Level 11, 2 Queen Street
Melbourne Victoria 3000
Australia
JMR GROUP: First Creditors' Meeting Set for Oct. 17
---------------------------------------------------
A first meeting of the creditors in the proceedings of JMR Group
Holdings Pty Limited, trading as The Dart and Feather, will be held
on Oct. 17, 2022, at 1:30 p.m. at The Fountry Cowork, Suite 1, 220
The Entrance Road, in Erina, NSW.
Amanda Lott -- amanda.lott@acris.com.au -- of Australian Corporate
Rehabilitation & Insolvency Solutions was appointed as
administrator of the company on Sept. 6, 2022.
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C H I N A
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CHINA EVERGRANDE: Founder May Sell London's Most Expensive Home
---------------------------------------------------------------
The Financial Times reports that London's most expensive house is
owned by the head of embattled Chinese property group Evergrande,
according to people familiar with the secretive GBP210 million sale
that was struck just before Covid-19 hit the UK.
The FT relates that the 45-room mansion overlooking Hyde Park was
sold by the estate of the former Saudi Arabian crown prince Sultan
bin Abdulaziz for its record-breaking price in January 2020.
According to the report, the public face of the acquisition of 2-8a
Rutland Gate was Cheung Chung-kiu, a Chinese property developer
whose company CC Land owns London's "Cheesegrater" skyscraper.
However, according to five people familiar with the matter, Hui Ka
Yan, the founder and chair of Evergrande and once China's richest
man, was ultimately behind it.
Hui and Cheung are part of a well-known circle of Hong Kong tycoons
who played cards and socialised together, the report relays. The
pair have had multiple business dealings over the past decade and
CC Land has previously sold projects on the mainland to
Evergrande.
The FT says the London house sale involved a British Virgin Islands
company called Vision Perfect Global Ltd buying the property from
Curaçao-registered Yunak Property Corp, according to Land Registry
documents.
Two CC Land executives are named as directors of a related UK-based
company; a person recorded in February 2020 as holding 75 per cent
or more of the company is Ding Yumei, Hui's wife.
After founding Evergrande in 1996, Hui built the company into
China's biggest property developer. He became known for a lavish
lifestyle that included property purchases around the world through
shell companies.
Evergrande has been stricken by China's property crisis, with Hui,
whose fortune was estimated to have peaked at $45 billion, trying
to sell personal assets, including private jets.
According to the FT, several people familiar with the situation
said the London property was also in effect for sale, although
there was no formal process.
"There's a price for everything," said one person involved in the
2020 sale who is in regular contact with the current owners.
Another person close to the owners said: "It's very hard to put a
price tag on it: it's like an artwork or a diamond. If someone
really wants it, they will pay."
The property was bought in the early 1980s by Yunak Corporation,
then run by Lebanon's late prime minister Rafiq Hariri and gifted
to the Saudi crown prince after Hariri's assassination in 2005. It
was first put on the market seven years later after the death of
bin Abdulaziz.
While properties such as Rutland Gate are only within the reach of
the super-wealthy, a new owner will have to shoulder the cost of
finishing the refurbishment of the sprawling, 5,782 sq metre home.
There is planning permission for work on the inside and outside of
the property, including demolishing and replacing the top two
floors, but it has not been completed. A website for the property
lists CC Land UK as the project's development manager.
CC Land said the company was connected to the property but does not
own it, the FT notes.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in June
2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'. Fitch has
withdrawn the ratings as Evergrande and its subsidiaries have
chosen to stop participating in the rating process. Therefore,
Fitch will no longer have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Evergrande and its subsidiaries.
E-HOUSE CHINA: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Debtor: E-House (China) Enterprise Holdings
Limited
Ugland House
PO Box 309
Grand Cayman KY1-1104
Cayman Islands
Business Description: E-House is a comprehensive service
platform for aircraft carrier-level
transactions in China's real estate
industry, serving developers,
intermediaries, asset owners and
C-end users.
Foreign Proceeding: Scheme of Arrangement under section 86 of
the Cayman Islands Companies Act
Chapter 15 Petition Date: October 3, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-11326
Judge: Hon. John P. Mastando III
Foreign Representative: Alexander Lawson
142 Seafarers Way
PO Box 2507
George Town, Grand Cayman KY1-1105
Cayman Islands
Foreign
Representative's
Counsel: Lisa Laukitis, Esq.
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
One Manhatan West
New York, NY 10001
Tel: (212) 735-3000
Email: Lisa.Laukitis@skadden.com
- and -
Justin M. Winerman, Esq.
Anthony R. Joseph, Esq.
155 North Wacker Drive
Chicago, Illinois 60606-1720
Tel: (312) 407-0700
Fax: (312) 407-0411
Peter Newman, Esq.
SKADDEN, ARPS, SLATE, MEAGHER
& FLOM (UK) LLP
40 Bank Street
Canary Wharf
London E14 5DS
Tel: +44 20 7519 7000
Fax: +44 20 7519 7070
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/ABSVAPI/E-House_China_Enterprise_Holdings__nysbke-22-11326__0001.0.pdf?mcid=tGE4TAMA
FOSUN INTERNATIONAL: Moody's Puts B1 CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family rating
of Fosun International Limited on review for downgrade.
Moody's has also placed the B1 rating of the backed senior
unsecured bonds issued by Fortune Star (BVI) Limited and
unconditionally and irrevocably guaranteed by Fosun on review for
downgrade.
At the same time, Moody's has changed the outlook to ratings under
review from negative.
"The review for downgrade reflects Fosun's elevated refinancing
risk due to the fast and significant decline of the market value of
its listed assets, which further reduces the company's funding
headroom. In addition, the company faces heightened execution risk
related to its different fundraising plans amid capital market
volatility and investors' increased risk averse sentiment," says
Lina Choi, a Moody's Senior Vice President.
Moody's also believes that Fosun's financial flexibility will
deteriorate because of the company's potential divestments or
pledge of good quality and liquid assets to meet debt maturities.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
Fosun's liquidity is weak at the holding company (holdco) level.
Its cash on hand at the holdco level is insufficient to cover its
short-term debt maturing over the next 12 months. In addition, its
recurring income, which comprises mainly dividends from underlying
investments, is inadequate to cover interest and operating
expenses.
Moody's expects Fosun to face difficulties in refinancing its
sizable short-term debt in public bond markets, both onshore and
offshore, given the current weak market sentiment. A meaningful
proportion of the company's sizable debt at the holdco level
consists of onshore and offshore public bonds. Fosun's holdco has
not issued unsecured long-term public bonds since the beginning of
2022.
Fosun will likely increase asset divestures to meet its debt
repayment obligations. However, Moody's is concerned that capital
market volatility will lead to a fast and significant decline of
the market value of the company's listed assets. A lower market
value of the portfolio will reduce Fosun's funding headroom,
constraining the company's ability to raise liquidity via sales or
pledge of assets.
Moody's estimates that the market value of Fosun's key holdings
fell around 30% between end June and September 27. This alone had
led to a contraction of around 10% of the market value of the
company's investment portfolio from the estimated portfolio value
as of the end of June 2022. The drop will translate into a
reduction of around RMB11 billion in borrowing headroom assuming a
loan-to-value ratio of 40%.
Moody's also expects divestures of non-listed assets to be less
predictable because of the potentially lengthy negotiation or
regulatory approval process.
Furthermore, a potential acceleration of divestments or pledge of
assets that are of good quality and liquidity in a down market will
worsen Fosun's portfolio size and quality, further weakening its
financial flexibility.
Fosun's portfolio is largely unencumbered so far, giving it the
flexibility to raise funds through asset pledges.
Moody's review will focus on (1) Fosun's ability to raise funds,
either through banks or asset sales to adequately meet refinancing
needs; (2) the execution of the company's asset divestment plan,
(3) Fosun's portfolio quality in terms of size, diversification,
transparency, liquidity and unencumbered asset ratio after
potential asset divestitures, and (4) any contagion risk from its
key investees.
Moody's could confirm the ratings if Fosun (1) strengthens its
liquidity position, including materially improving its cash to
short-term debt ratio and reducing its reliance on short-term
funding, (2) executes the asset divestments and other fundraising
successfully to adequately meet refinancing needs, (3) maintains
stable and good access to bank facilities, and (4) maintains a
stable business and financial profile at the holdco level, such
that the diversification and transparency of its investment
portfolio remains largely stable, its adjusted (funds from
operations [FFO]+interest)/interest ratio stays steady, its market
value-based leverage remains below 40% and unencumbered asset ratio
does not materially drop.
Moody's could downgrade Fosun's rating if (1) the company's access
to funding remains weak, as indicated by Fosun having limited
access to the bond market for a prolonged period or difficulty in
renewing or obtaining bank facilities; (2) its asset divestures
cannot proceed to meet its funding needs due to market volatility,
execution uncertainty and regulatory reasons; or (3) the company's
business and financial profiles weaken. This would be indicated by
a deterioration in its portfolio quality after asset divestures,
lower recurring income at the holdco level, and a material drop in
listed and unencumbered assets of the portfolio, with a further
weakening in its adjusted (FFO+interest)/interest, or its market
value-based leverage remaining above 45%-50% on a sustained basis.
The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.
Fosun International Limited (Fosun) has diversified businesses
spanning four broad categories: (1) integrated finance; (2)
tourism, leisure and consumer; (3) pharmaceuticals, medical
services and health products and (4) resources, environment and
technology.
The estimated market value of Fosun's investment portfolio totaled
around RMB289 billion as of the end of 2021. The consolidated
group's revenue totaled RMB161 billion in 2021.
Fosun is headquartered in Shanghai and listed on the Hong Kong
Stock Exchange in 2007.
ROAD KING: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has revised the rating outlook of Road
King Infrastructure Limited and the company's wholly-owned
financing vehicles to negative from stable.
At the same time, Moody's has affirmed Road King's Ba3 corporate
family rating and the Ba3 backed senior unsecured ratings of the
company's wholly-owned financing vehicles.
The financing vehicles are RKI Overseas Finance 2017 (A) Limited,
RKP Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A)
Limited, RKPF Overseas 2019 (E) Limited, and RKPF Overseas 2020 (A)
Limited.
"The negative outlook reflects Road King's weaker-than-expected
contracted sales amid difficult operating conditions, as well as
reduced ability to raise sizable unsecured long-term funding, which
lowers its financial flexibility," says Cedric Lai, a Moody's Vice
President and Senior Analyst.
"The affirmation of the rating reflects Moody's expectation that
Road King will maintain adequate liquidity and a disciplined
approach toward its business and financial management," adds Lai.
RATINGS RATIONALE
Road King's Ba3 CFR reflects the company's track record in property
development and its cautious approach to land acquisitions and
financial management. The rating also takes into account the
company's track record of maintaining adequate liquidity throughout
business cycles and the stable cash flow from its toll road
investments.
However, the CFR is constrained by the geographic concentration of
the company's land bank in China, the company's moderate credit
metrics and the execution risk associated with new toll road
acquisitions.
Moody's forecasts Road King's contracted sales will decline to
RMB34 billion and RMB30 billion in 2022 and 2023, respectively,
from RMB49 billion in 2021, driven by weak homebuyer confidence
amid tight funding conditions. These factors will weaken the
company's operating cash flow and liquidity. The company's
contracted sales fell 64% to RMB12.5 billion over the first half of
2022 compared with the prior year.
Despite the challenging funding conditions, Moody's expects Road
King to maintain adequate liquidity over the next 12-18 months.
However, the company's liquidity buffer will likely decrease over
the same period as it will repay some of its maturing debt using
its internal cash source, given its weakened ability to raise new
funds. Its unrestricted cash balance reduced to RMB10.4 billion as
of the end of June 2022 from RMB12.6 billion as of the end of 2021,
due to repayment of some maturing debt using internal cash as well
as lower contracted sales.
Moody's projects Road King's credit metrics will remain modest over
the next 12-18 months. Specifically, its revenue/adjusted debt will
stay at around 50%, compared with 51% for the 12 months ended June
2022, and its EBIT/interest coverage will remain at around 2.4x
over the next 12-18 months. These forecasts incorporate Moody's
expectation that the company's revenue booking and debt will
decline amid slowing land acquisitions and a tight credit
environment.
Moody's has considered that the company's toll road business will
help mitigate the volatility in its property development business.
Specifically, Road King's recurring income interest coverage will
improve slightly to around 33%-35% over the next 12-18 months from
30% for the 12 months ended June 2022, supported by expected steady
growth in toll traffic and toll revenue from its expressways in
Indonesia during the period.
Road King's senior unsecured rating is unaffected by subordination
to claims at the operating company level, because the company's
creditors benefit from its diversified business profile, including
in particular, the cash flow generated from the company's toll road
business.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentration of Road King's ownership
in its controlling shareholder, Wai Kee Holdings Limited, which
held a 45% stake in the company as of June 30, 2022. Moody's has
also considered the presence of other internal governance
structures and standards as required by the Hong Kong Stock
Exchange.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the ratings is unlikely in the near term, given the
negative outlook.
However, Moody's could revise Road King's rating outlook to stable
if the company improves its sales and financial metrics,
strengthens its access to long-term funding, and maintains
sufficient liquidity.
Credit metrics that could indicate a stable rating outlook include
EBIT/interest coverage above 2.8x on a sustained basis.
Moody's could downgrade Road King's ratings if the company's
contracted sales, credit metrics or liquidity weakens, or if the
company pursues aggressive expansion.
Credit metrics indicating a downgrade include EBIT/interest
coverage falling below 2.3x or unrestricted cash/short-term debt
declining below 1.0x, both on a sustained basis.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Listed in Hong Kong SAR, China, Road King Infrastructure Limited
invests in toll road projects on seven expressways across four
provinces in China -- Anhui, Hebei, Hunan and Shanxi -- and
Indonesia. As of June 30, 2022, the company had a property
development portfolio with a land bank of 6.5 million square meters
across the Bohai Rim, Yangtze River Delta, Greater Bay Area
(including Hong Kong), Henan and Hubei Province.
Wai Kee Holdings Limited and Shenzhen Investment Limited are the
largest shareholders of the company, with 45% and 27% stakes,
respectively, as of June 30, 2022.
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I N D I A
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ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term rating of Advaith Bio Remedies in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 3.00 [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.
Advaith Bio Remedies is a partnership firm based out of Bangalore
manufacturing herbal based products for pharmaceutical and cosmetic
industry. The company sells products for hair care, face care, baby
care in cosmetic segment and for diabetes, neurological, heart
diseases etc in pharmaceutical segment under the brand name BIO
CARE. It has its own research and development center and is closely
associated with laboratories in India like Bangalore Test House for
research and analysis to ensure high quality products. This ensures
sterilized raw material for highly sensitive Pharmaceutical and
Ayurveda formulations.
ASHTAVINAYAK AUTO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Ashtavinayak Auto Private Limited (AAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.75 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 20, 2021,
placed the rating(s) of AAPL under the 'issuer non-cooperating'
category as AAPL 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. AAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2022, June 15, 2022, June 25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ashtavinayak Auto Private Limited (AAPL) was set-up in 2007 by Mr.
Lalit Kumar and his son, Mr. Puneet Kumar. The company is an
authorized dealer of Chevrolet cars in Mumbai having a showroom
located at Andheri and a service center at Oshiwara. CARE does not
have any update on the latest developments in this regard.
BAJPE ZAKARIYA: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bajpe
Zakariya (BZ) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.85 CARE B-; 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 August 10,
2021, placed the rating(s) of BZ under the 'issuer non-cooperating'
category as BZ 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. BZ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2022, July 6, 2022, July 16, 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).
Mr. Bajpe Zakariya is a successful business man who proposes to
establish a Community hall with a seating capacity of 1000 people
in Mangalore. The establishment will be containing a main hall,
mini hall and the open air with dining. According to requirement of
the customers both A/C and non-A/C facility will be provided. The
registered office and the proposed property are also located in
Mangalore, Karnataka.
BALAJI POLYCOT: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Polycot Private Limited (BPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.55 CARE B; 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 BPPL under the 'issuer non-cooperating'
category as BPPL 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. BPPL 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).
Ahmedabad-based (Gujarat) BPPL was incorporated in February, 2012
by Mr Anuj Mittal and Mr Gaurav Mittal. BPPL is engaged in the
business of weaving of denim fabric. BPPL operates from its sole
manufacturing facility located in Ahmedabad (Gujarat) which has an
installed capacity of 96 lakh Meters Per Annum (MTPA) for weaving
of denim fabric. BPPL commenced commercial operations from April
2013. BPPL sells its entire finished products to its associate
concern namely Mahak Synthetic Mills Private Limited (MSMPL,
engaged into manufacturing of finished fabrics such as shirting,
dress material and bed sheets from grey fabric and processes denim
fabric).
BINZY FAB: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Binzy Fab Erect Private Limited
CG-36 Pushp Complex Delhi Road
Hissar, Haryana 125001
Insolvency Commencement Date: September 29, 2022
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: March 28, 2023
(180 days from commencement)
Insolvency professional: Mr. Ashok Kumar Jain
Interim Resolution
Professional: Mr. Ashok Kumar Jain
HIG 47A Housing Board
Colony PO Kalka
Distt Panchkula
Other, Haryana 133302
E-mail: akjbaddi@gmail.com
- and -
SCO-818, 1st Floor
Above Yes Bank
NAC, Manimajra
Chandigarh 160101
E-mail: cirp.binxyfab@ducturus.com
Mobile: 8168170469
7719402001
Last date for
submission of claims: October 13, 2022
CHAITANYA CORPORATION: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long- term rating of Sree Chaitanya
Corporation Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.00 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Setup in 2011 as a proprietorship concern, M/s. Chaitanya
Industries was later converted to private limited company during FY
15. SCCPL was promoted by Mr. R.Kanaka Rao for trading of iron ore
fines. Subsequently, several other commodities like coal, rice,
maize, granite blocks were added to the portfolio. SCCPL purchases
coal from local importers and supplies to traders who deal with end
customers across pharma and sponge iron units based out of
Visakhapatnam.
COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long term and Short term ratings of Coastal
Energy Private Limited in the 'Issuer Not Cooperating' category.
The rating are denoted as "[ICRA]D/[ICRA]D ; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 645.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long-term– 113.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 335.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Coastal Energy Private Limited (CEPL) engages in non-coking coal
trading and coal handling services. The company was
promoted by Mr. Ahmed Abdul Rahman Buhari along with Mr. Ameer
Faizal with an objective of undertaking coal handling
services for exports made by its Dubai based associate company
"Coal & Oil Company" in India and later the company began importing
of coal on stock and sale basis. Later, the company has been
securing orders through tenders and around 70% of the sales are
made through this process. The promoters have long experience in
trading business and the company has well qualified professionals
in the senior management, with considerable experience in the
concerned industries.
CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Creative Chain Stores Private Limited (CCSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 45.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 14, 2021,
placed the rating(s) of CCSPL under the 'issuer non-cooperating'
category as CCSPL 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. CCSPL continues to
be noncooperative 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 and September 22, 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 bank facilities of CCSPL have been revised
on the basis of non-availability of requisite information. The
revision also considers the delays in debt servicing as recognized
from publicly available information i.e. Auditor's comments in FY21
audit report available from ROC filings.
Incorporated in June 1987, Creative Chain Stores Private Limited
(CCSPL) is engaged in the manufacturing and exports of readymade
garments. Its product profile comprises of Ladies wear primarily
woven fabrics. It exports mainly to US and Europe and sells the
balance in the domestic market. CSPL has four manufacturing
facilities (in Delhi and Faridabad).
DARWIN PHARMA: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Darwin Pharma Pvt.Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
The company was incorporated in the year 2009 by Mr. Devenini
Venkata Kiran, Mr. China Venkata Ratnam and Mr.
Rajashekhara Reddy for setting up an oral therapeutic manufacturing
unit at Nuziveed, Krishna district of Andhra Pradesh. The project
cost for establishing the unit is INR19.80 crore which will be part
funded by the term loan of Rs.12.90 crore (not yet sanctioned) and
remaining through equity. The manufacturing plant would have 2
lines and the combined capacity of 30,000 liters per day.
EVOLVE GREEN: CARE Assigns B+ Rating to INR12.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Evolve
Green Power Private Limited (EGPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B+; Stable; Assigned
Facilities
Detailed Rationale & Key Rating Drivers
The ratings assigned the bank facilities of EGPPL are constrained
by small scale of operations with only one operating solar plant,
exposure to counter-party risk, uncertainties related to climate
and regulatory aspects and technology risk.
The ratings, however, derives strength from the presence of a
long-term PPA, experienced promoters and benefits due to
operational linkages with group companies, engaged in related
business.
Rating sensitivities
Negative factors – Factors that could lead to negative rating
action/downgrade:
* Lower than expected generation for the projects on a sustained
basis
* Deterioration in financial risk profile affecting the debt
coverage indicators
Positive factors – Factors that could lead to positive rating
action/upgrade:
* Overall gearing ratio lower than 0.5x.
* Timely receipts of payments against sale of power from the off
takers on a sustained basis
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations with lower generation level in FY22:
Currently EGPPL has only one solar power plant which is
operational, in the premises of M/s Saraswati Professional and
Higher Education Society, Mohali, Punjab (SPHE), with the power
capacity of 180 kW. This was operational since November 2020. In
FY22, the generation levels were much lower than expected due to
issues in alignment of the solar panels. However, this has since
been corrected and the generation level is at expected levels since
FY23. Further, the company has other projects in pipeline in Punjab
and Chennai at various levels of discussion. These projects are
likely to be debt funded and hence timely execution and generation
of envisaged power would be crucial for the prospects of the
company.
* Exposure to counter-party risk: Currently the company's only
client is M/s Saraswati Professional and higher educational society
(SPHE). The entire capacity is tied up through a long-term PPA.
SPHE is non-profit governmental organization situated in Mohali,
Punjab. However, it is to be noted that the track record of
collections has been established. The collections have been regular
within 6-30 days in the past 9 months. Timely collections will be
crucial for the cash-flow of the company.
* Increase in O&M expenses emerging out of deterioration of
performance & damages to the assets of the solar
power plant: During the tenure of the PPA, the company is
responsible for operations and maintenance of the power plants,
which includes cleaning the solar panels monthly. Deterioration of
the performance or damages to the assets of the solar power plant
might lead to unforeseen expenses. However, these risks are partly
mitigated by insuring the power plant against natural calamities,
burglary and theft.
* Seasonality & Uncertainty of the climatic conditions and
technology risk over the long term: The company uses
mono-crystalline modules which usually has higher efficiency.
However, the generation still be affected by degradation of modules
as well as other technological risk. Further, the change in
climatic conditions also affects the performance of the solar power
plant leading to lower power generation and decreased revenue.
Uncertainty of the climatic conditions over the long term might
affect the performance of the power plant.
Key Rating Strengths
* Long-term offtake arrangement at competitive tariff: The company
has tied up the entire capacity at a long-term PPA of 20 years with
a fixed tariff of INR 4.50/kWh. This provides a visibility on the
long-term revenue for the company. The PPA also covers the clauses
related to ownership, non-usage of power generated and termination
risks.
* Parent group with good forward and backward integration: EGPPL
holds the assets of solar power plant. The installation of solar
power plants in sites is outsourced to Shimato Enterprises, a group
company which is into distribution and EPC business.
Shimato Enterprises sources all its systems, required for solar
power plant from Evolve Green Projects Private Limited (Group
Company). Evolve Green Projects owns a small assembly line where
the assembly of AC/DC converters, PV combiner boxes and systems
connecting to grid are assembled. The operations and maintenance of
the solar power plants, once installed, are outsourced to 101 Clean
Energy Services LLP (Group entity). The group has supplied more
than 500MW of solar modules and inverters globally and installed
more than 50MW of solar power plant capacity in India.
Liquidity: Stretched
The company expects to receive bill payments in or around 7 days of
bill generation. However, while there has been track record in
collections from the client, the actual collection period varies
from 6-30 days. There is no external long-term debt for the
company. However, the accruals are low in the range of INR
0.02-INR0.03 crore and has a low cash and bank balances of INR0.04
crore as on March 31, 2022.
Evolve Green Power Private Limited (EGPPL), incorporated on June
26, 2016, is a renewable energy service company (RESCO) promoted by
Rajesh Vasant Shah and Kavita Rajesh Shah. EGPPL is in the business
of installing and operating ground mounted and roof top solar power
plants. It successfully completed installation of its first solar
power plant with the capacity of 180 kW in Novemeber 2020 in Mohali
for M/s. Saraswati Professional & Higher Education Society.
FASTLANE INFORMATION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Fastlane Information Technologies Private Limited
H.No. 5-87-60, ATR Complex
1st Floor, Main Road
Opp. Chaitanya Techno School
Lakshmi Puram, Guntur
Andhra Pradesh 522007
India
Insolvency Commencement Date: September 26, 2022
Court: National Company Law Tribunal, Amaravati Bench
Estimated date of closure of
insolvency resolution process: March 19, 2023
(180 days from commencement)
Insolvency professional: Mannava Divakara Sarma
Interim Resolution
Professional: Mannava Divakara Sarma
5-4-11, 2/3, Brodiepet
Guntur, Andhra Pradesh 522002
E-mail: mdsarma2003@yahoo.com
fastlanecirp@gmail.com
Last date for
submission of claims: October 10, 2022
GLITTER METALS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short Term ratings of Glitter
Metals Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Incorporated in 2016, Glitter Metals Pvt Ltd (GMPL) is engaged in
trading, manufacturing and sale of copper wire rods, busbars and
other copper products and components as well as ferrous and
non-ferrous metals. The company started its trading operations from
October 2016, while manufacturing began from its facility at
Nardana MIDC in Dhule district of Maharashtra in January 2017. The
registered office of the company is in Nashik, Maharashtra. GMPL
registered a net profit of INR0.70 crore on an OI of INR248.53
crore in FY2019, against a net profit of INR0.18 crore on an OI of
INR171.08 crore in FY2018.
GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Green
Farm Agri Exports in the 'Issuer Not Cooperating' category. The
rating are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 1.58 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Long-term– 7.60 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.69 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Short-term (14.50) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Established in September 2012, Green Farm Agri Exports is involved
in the trading of various agro-commodities. The firm is located in
Rajkot (Gujarat), and is promoted by two partners—Mr. Dinesh
Tanna and Mrs. Rita Tanna. Tirupati Agri Brokers is a group concern
of GFAE, where Mr. Dinesh Tanna is associated as a partner. It is
involved in the dealing of various agrocommodities as broker. iends
Agro Industries is a partnership firm established in January 2010
by Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin Kumar and Mr.
Vikram Kumar as partners. The firm is involved in the milling and
processing of basmati and nonbasmati rice. It is based out of
Jalalabad, Punjab.
JANTA MEALS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Janta Meals Private Limited
Sohna Road
Islampur, Gurgaon
HR 122001
Liquidation Commencement Date: September 29, 2022
Court: National Company Law Tribunal, Delhi Bench
Insolvency professional: Mr. Pawan Kumar Agrawal
Interim Resolution
Professional: Mr. Pawan Kumar Agrawal
Ground Floor, L-2/37A
Ekta Sqaure, DDA
Kalkaji South Delhi
New Delhi
National Capital Territory of Delhi
110019
E-mail: irp@ppglegal.com
Tel: +919971761073
- and -
40/55, First Floor
Chittaranjan Park
New Delhi 110019
Last date for
submission of claims: October 29, 2022
K. K. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
ICRA has retained the Long-Term ratings of K. K. Cotex in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 22.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.58 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.12 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
K. K. Cotex (KKC) was established as a partnership firm in 2007
with its manufacturing facility at Rajkot (Gujarat). The firm is
engaged in cotton ginning and pressing to produce cotton bales and
cotton seeds. Additionally, it also crushes cotton seeds to produce
cotton seed oil and cake. The firm is equipped with 24 ginning
machines, one pressing machine and 15 expellers, having an
installed capacity to produce 500 bales per day. The operations of
the firm are managed by Mr. Kishore Patel and Mrs. Bhavita Patel,
who have extensive experience in the cotton industry. Shree Ganesh
Cotton Industries (SGCI) is an associate concern of K. K. Cotex and
has been engaged in ginning, pressing and crushing operations since
2016.
KAYNES TECHNOLOGY: Ind-Ra Hikes Long-Term Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kaynes Technology
India Limited's (KITL; formerly Kaynes Technology India Private
Limited) Long-Term Issuer Rating to 'IND BB+' from 'IND BB' and has
simultaneously placed it on Rating Watch Positive (RWP).
The instrument-wise rating actions are:
-- INR1.210 bil. (increased from INR1.10 bil.) Fund-based limits
Long-term rating upgraded and placed on RWP; Short-term
rating placed on RWP with IND BB+/RWP/IND A4+/RWP;
-- INR100 mil. (reduced from INR150 mil.) Non-fund-based limits
placed on RWP with IND A4+/RWP;
-- INR103.09 mil. (reduced from INR109.7 mil.) Term loan due on
February 2026 upgraded; placed on RWP with IND BB+/RWP; and
-- INR22.31 mil. (reduced from INR76.5 mil.) Non-convertible
debentures (NCDs) INE918Z07019 issued on July 2018 coupon
rate 15% due on March 31, 2023n with IND BB+/RWP upgraded;
placed on RWP.
The upgrade reflects a significant improvement in KTIL's revenue
and EBITDA in FY22 backed by an increase in orders from the
automotive and industrial segments, as well as improved
realizations. Ind-Ra expects the growth momentum to continue over
the medium term backed by the strong orders in hand. The upgrade
also reflects an improvement in KTIL's credit metrics in FY22 and
Ind-Ra's expectations of the credit metrics to remain comfortable
over the medium term backed by the increase in EBITDA and absence
of debt-funded capex.
Ind-Ra has placed the ratings on RWP on expectation of a
significant improvement in KTIL's financials and liquidity
position, following the successful completion of the initial public
offering (IPO) in November 2022, for which it had filed a draft red
herring prospectus in April 2022.
Key Rating Drivers
KTIL's revenue surged 70.9% yoy to INR6,714 million in FY22,
primarily on account of increased contribution from the automotive
and industrial segments with an increased demand for two-wheelers,
smart meters, traffic lights, among others. The revenue
contribution from the automotive segment increased to 31% in FY22
(FY21: 25.5%) and that from the industrial segment to 35.1%
(29.1%). Ind-Ra expects the growth momentum to continue over the
medium term backed by increased orders from all segments, addition
of new customers as well as its strong order book of INR16,104
million as of May 2022. According to management, KTIL achieved
revenue of INR2,500 million in 1QFY23. The scale of operations is
medium.
The EBITDA margins expanded to 13.4% in FY22 (FY21: 9.6%) on
account of increased realization and better absorption of fixed
overheads. The return on capital employed was 23% in FY22 (FY21:
11%). The agency expects the margins to remain healthy over the
medium term on account of improved realization as the company plans
to focus on value-added services.
The company's credit metrics improved and remained comfortable in
FY22, despite an increase in the total debt to INR1,802 million at
FYE22 (FYE21: INR1,433 million), mainly on account of an increase
in short-term borrowings. The interest coverage (operating
EBITDA/gross interest expense) improved to 3.6x in FY22 (FY21:
1.6x) and the net leverage (total adjusted net debt/operating
EBITDAR) to 1.9x (3.7x), primarily on account of an increase in the
EBITDA to INR902 million (INR378 million).
Liquidity Indicator - Stretched: KTIL's average maximum utilization
of the fund-based facilities was almost 92% over the 12 months
ended July 2022 with instance of overutilization for 1-2 days in
certain months. As a result, in June 2022, KTIL enhanced its
working capital limits to INR2,330 million from INR1,100 million to
meet its increased working capital requirements. The net cash
conversion cycle remained stretched, despite improving to 160 days
in FY22 (FY21: 219 days) on account of a reduction in the inventory
holding period to 168 days (208 days) and receivable period to 103
days (113 days). The cash flow from operations remained negative at
INR84.7 million in FY22 (FY21: negative INR76.5 million) on account
of increased working capital requirements. The infusion of
preference shares in FY22 of about INR227.5 million has been
utilized for business expansion and working capital requirements.
The company has repayment obligations of INR115.2 million and
INR62.5 million for FY23 and FY24, respectively, which will be met
from internal accruals. Ind-Ra expects the company's overall
liquidity to improve post the successful completion of the IPO; the
same is a key monitorable.
The ratings remain constrained by customer concentration risk as
the top 10 customers accounted for 62.1% of the total revenue in
FY22 (FY21: 57.8%).
The ratings, however, remain supported by KTIL's 10-15 years of
relations with reputed customers namely Siemens Ltd, Larsen &
Toubro Ltd and India Japan Lighting Private Ltd. among others.
Rating Sensitivities
The RWP indicates that the ratings may be either upgraded or
affirmed upon resolution. Ind-Ra will resolve the RWP on successful
completion of the IPO.
Company Profile
Established in 1988, KTIPL started operations in 2008. It
manufactures printed circuit boards, and other electronic
assemblies, having application in aerospace, defense, railways,
automotive, information technology, peripheral, industrial and
medical electronics.
KHATU SHYAM: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Khatu Shyam
Alloys Private Limited's (SKSAPL) Long-Term Issuer Rating to 'IND
BB (ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT
COOPERATING).'
The instrument-wise rating actions are:
-- INR250 mil. Fund-based limits downgraded with IND BB (ISSUER
NOT COOPERATING) rating; and
-- INR50 mil. Non-fund-based limits downgraded with IND A4+
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Key Rating Drivers
The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment-grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.
The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect SKSAPL's credit strength, as the company has been
non-cooperative with the agency since March 8, 2022. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
Company Profile
SKSAPL manufactures thermo-mechanically treated bars at its
facility in Silvassa, Union Territory of Dadra and Nagar Haveli
(near Gujarat) under its own brand named Khatu Thermex.
KOHINOOR HOSPITALS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long term rating of Kohinoor Hospitals
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– 35.61 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 21.80 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Incorporated in May 2007, Kohinoor Hospitals Private Limited (KHPL)
was promoted by the Mumbai-based Kohinoor Group, as part of the
Group's endeavour to venture into the healthcare sector. KHPL has
set up a 147-bed multi-specialty hospital at the Kurla suburb of
Mumbai, which became operational in FY2011. The project is a part
of an integrated township project being undertaken by the Group.
KHPL's board of members comprises Mr. Unmesh Manohar Joshi, Ms.
Anagha Manohar Joshi and Ms. Madhavi Unmesh Joshi. The hospital
inaugurated its outpatient department (OPD) and pharmacy facilities
in December 2009 and the inpatient department became fully
operational by July 2010 as against the initial plan of March 2010.
The hospital commenced its operations with 71 beds as opposed to
the initial plan of 147 beds. The number of beds increased to 81 as
on March 2012. The number of operational beds increased to 91 as of
June 2012 and subsequently to 109 as of March 31, 2013. During
FY2016, the number of operational beds increased to 123. At present
there are 223 doctors in various departments of which ~45 doctors
are in-house.
KPG INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KPG
International Private Limited (KIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.00 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 August 4, 2021,
placed the rating(s) of KIPL under the 'issuer non-cooperating'
category as KIPL 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. KIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2022, June 30, 2022, July 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).
Delhi based, KPG International Private Limited (KIPL) was
incorporated in October, 2016 and commenced its commercial
operations in December, 2016. The company is currently being
managed by Mr. Gaurav Mahendru and Mr. RC Mahendru. KIPL is engaged
in manufacturing and trading of garments.
KRANTI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Kranti Cotton And Oil
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.77 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Morbi-based Kranti Cotton and Oil Industries (KCOI) was established
in August 2013, by Mr. Shaileshbhai Kavar and four other partners.
KCOI is involved in ginning and pressing of raw cotton and crushing
of cotton seeds. It started commercial production from March 2014.
At present, the plant has 17010 MTPA for ginning and 10159 MTPA of
crushing operation capacity. The partners of the firm are
associated with other concerns namely Patel Oil Industries and
Kranti Oil Industries, which are engaged in similar line of
business.
LAVASA HOTEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Lavasa Hotel Limited
Hincon House Lal Bahadur
Shastri Marg Vikhroli
West Mumbai City
MH 400083
IN
Insolvency Commencement Date: September 30, 2022
Court: National Company Law Tribunal, Pune Bench
Estimated date of closure of
insolvency resolution process: March 5, 2023
(180 days from commencement)
Insolvency professional: Pramod Kumar Dokania
Interim Resolution
Professional: Pramod Kumar Dokania
Tower 54, Flat 1101
Future Towers
Amanora Park Town
Hadapsar Pune 411028
E-mail: ippramod.dokania@gmail.com
- and -
Office No. 513, 5th Floor
Gandharva Galaxia
Amanora Pipeline Road
Above Naturals Ice Cream Shop
Amanora Park Town
Hadapsar/Mundhwa Pune 411028
Last date for
submission of claims: October 16, 2022
LOGIX INFRATECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Logix Infratech Private Limited
301-A, World Trade Tower
Barakhamba Lane
Connaught Place
New Delhi 110001
Insolvency Commencement Date: September 29, 2022
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: March 27, 2023
Insolvency professional: Atul Mittal
Interim Resolution
Professional: Atul Mittal
174, BALCO Apartments
Plot No. 58, IP Extn.
Patparganj, Delhi 110092
E-mail: a.mittalmc@gmail.com
- and -
163, BALCO Apartments
Plot No. 58, IP Extn.
Patparganj, Delhi 110092
E-mail: cirp.logixinfratechpvtltd@
gmail.com
Classes of creditors: Home Buyers (Financial Creditors)
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Dharmendra Kumar
Mr. S. Prabhakar
Mr. Sandeep Goel
Last date for
submission of claims: October 13, 2022
META TILES: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meta Tiles
Private Limited (MTPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 13.70 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 20, 2021,
placed the rating(s) of MTPL under the 'issuer non-cooperating'
category as MTPL 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. MTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2022, June 15, 2022, June 25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 1996, the Meta Tiles Private Limited (MTPL) was
promoted by Mrs. Kuntiben Shah, Mr. Kapil Vira and Mr. K.V
Vaidyalingan, engaged in the business of trading of imported tiles,
sanitary-ware, chemical & plastic products. Such product includes
tiles, sanitary ware, bathroom fittings & accessories, PVC and
other plastic & metallic products. MTPL's, being into trading
business, has its warehouse facility located at Nawalgaria
Industrial Estate, Vasai (E), Maharashtra; and controlling office
located at Nariman Point, Mumbai.
MONTFORT EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of The Montfort Educational
Society in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.07 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.93 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
The Montfort Educational society (Montfort or MES) was established
by Dr. John K V in 2006. The Montfort Educational society was
registered after the catholic saint, St. Louise Mary Gregone de
Montfort. The society started its first educational institution
under the banner K John Public School in 2007 in Eastern Nagpur.
The second institution under the same name was established in 2008
at Saoner, Nagpur. In April 2016, the society has also established
a nursery school at Besa in Nagpur.
MYIND MEDTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Myind Medtech Innovations Private Limited
H.No. 1-2-28/100/5, St. No. 4, Fourth Floor
Kakatiya Nagar Colony, Habsiguda
Hyderabad TG 500007
Insolvency Commencement Date: October 1, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: March 20, 2023
Insolvency professional: Anjaneyulu Sadhu
Interim Resolution
Professional: Anjaneyulu Sadhu
EzResolve LLP
1st Floor, Golden Heights
Plot No. 9
Opp. Raheja IT Mindspace
Huda Techno Enclave
Madhapur, Hyderabad
Telangana 500081
India
E-mail: myindiamedtech@ezresolve.in
Landmark: Near Raidurg Metro Station
Last date for
submission of claims: October 15, 2022
PD CORPORATION: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short ratings of PD Corporation
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 12.12 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.60 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
PD Corporation Private Limited (PDCPL), incorporated in August,
2011, commenced commercial from January 2013. It is engaged in job
work for embroidery, sale of embroidered saris and trading of
fabric. The company has installed 87 embroidery machines having a
total capacity of 32 crore stiches per annum. The processing site
is located at Surat, Gujarat.
RELIANCE CAPITAL: NCLT Rejects Axis Bank's Application
------------------------------------------------------
BQ Prime reports that National Company Law Tribunal on Oct. 7
rejected Axis Bank Ltd.'s claim to be recognised as a financial
creditor of Reliance Capital Ltd.
An indemnity wouldn't constitute financial debt, the order said.
The bank has failed to prove any disbursement of money to the
corporate debtor and, therefore, the question of default on their
part does not arise, the order said, BQ Prime relays.
Reliance Capital, on its failure to repay its lenders, went into
insolvency in 2021. These include 1,670 financial creditors and 18
operational creditors with major names such as Reliance Home
Finance Ltd., and IndusInd Bank Ltd. The superseded the proceedings
and Nageswar Rao Y was appointed as the administrator.
According to the report, Axis Bank approached the administrator for
recognition of their claim as financial debt in December 2021 and
again in February 2022, which was rejected by the administrator.
The bank approached the National Company Law Tribunal, Mumbai
seeking recognition as a financial creditor for its claim of INR145
crore.
BQ Prime relates that the claim arose from a tripartite obligor
undertaking between the bank, Reliance Capital and Reliance Housing
Finance Ltd. Reliance Capital had agreed to utilise its stake in
Nippon Life Asset Management Ltd. for the repayment of commercial
paper issued by RHFL. The bank was a subscriber to a part of the
commercial paper worth INR124 crore. Reliance Housing Finance had
failed to meet the redemption schedule despite several extensions.
The insolvent company, despite diluting its stake in Nippon Life
Management, failed to redeem it, the report notes. Then, Reliance
Capital was admitted to insolvency and Axis Bank filed an
application seeking recognition of the claim, which the
administrator rejected calling it a mere "undertaking".
The court order said the insolvent company had no commercial
interest in the commercial paper and Axis Bank's claim that the
undertaking constitutes a financial debt does not hold, the report
relays. As the indemnity guaranteed under the undertaking relates
to a breach of agreement and not the issue of commercial paper,
such an indemnity can't be recognised as financial debt, the order
said.
BQ Prime adds that the court also pointed out that the insolvent
company has not acknowledged the "undertaking" as a liability in
any of its books and, therefore, it cannot be construed as
financial debt as per the code.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February this year, RBI appointed administrator invited EoIs for
sale of Reliance Capital assets and subsidiaries.
RIPURAJ AGRO: Ind-Ra Keeps BB+ LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ripuraj Agro
Private Limited's Long-Term Issuer Rating of 'IND BB+' in the
non-cooperating category and has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR130 mil. Fund-based working capital limit* maintained in
non-cooperating category and withdrawn; and
-- INR117.4 mil. Term loan* DUYE ON March 31, 2027 maintained in
non-cooperating category and withdrawn.
*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn
Key Rating Drivers
Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY19, FY20, FY21
and FY22, sanctioned bank facilities and utilization levels,
business plan and projections for next three years, information on
corporate governance, and management certificate.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.
Company Profile
Ripuraj Agro is engaged in the processing, milling, trading and
export of a wide assortment of basmati and non-basmati rice. The
company's manufacturing facility, located in East Champaran, Bihar,
has an annual installed paddy processing capacity of 67,200 metric
tons and paddy storage capacity 113,750 metric tons.
ROYALS MARINE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of Royals Marine Food Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Royals Marine Food Private Limited was incorporated in Dec 2015
under the name of M/s. R.K. Builders & Developers India Pvt. Ltd
and had not undertaken any commercial operations. In FY2018, the
company changed its name to "M/s. Royals Marine Food Private
Limited". The company is setting up a shrimp feed manufacturing
unit with an initial capacity of 5T/ hr and subsequently double its
capacity by FY2020. The total project cost is estimated at INR33.0
crore which is proposed to be financed by term loan of INR10.0
crore (30.0%) and equity contribution of INR23.0 crore (70.0%) and
expected to begin commercial operations from February 2019. As on
November 30, 2018, the company has incurred INR16.54 crore (50.2%
financial progress) and is in line with the schedule.
RWL HEALTHWORLD: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RWL Healthworld
Limited's bank facilities' ratings in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating actions are:
-- INR1,287.5 bil. Long-term loans due on June 2021 maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR250 mil. Working capital demand loans (Long-term)
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: The ratings were last reviewed on March 31, 2017. Ind-Ra is
unable to provide an update as the agency does not have adequate
information to review the ratings.
Company Profile
RWL Healthworld is engaged in retailing of pharmaceutical and
wellness products.
S M ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S M
Enterprises (SME) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.98 CARE B-; 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 August 13,
2021, placed the rating(s) of S M Enterprises (SME) under the
'issuer non-cooperating' category as SME 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. SME continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 29, 2022, July 9, 2022,
July 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).
Indore (Madhya Pradesh) based, S. M. Enterprises (SME) was formed
in 1991 with an objective to carry out real estate business.
Subsequently, it undertook a project for construction of commercial
mall under the name of Maloo -01 in Indore. It has completed its
project and started operations June 2015 It incurred total cost of
INR25 crore towards construction of the mall which was funded
through term loan of INR15 crore and balance by way of capital and
unsecured loans from partners. The commercial mall of SME has total
saleable area of 1.20 lakh square feet having total units of 57.
Out of total 57 units, it has sold out 22 units and has given 2
units on lease. The mall consists of ground floor and eight floors
for corporate office purposes.
SHRIMATI JWELLERY: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Shrimati Jwellery House Pvt. Ltd.
E-5/17, Bitten Market
Arera Colony
Bhopal 462016
India
Liquidation Commencement Date: September 27, 2022
Court: National Company Law Tribunal, Indore Bench
Date of closure of
insolvency resolution process: September 23, 2022
Insolvency professional: Amresh Shukla
Interim Resolution
Professional: Amresh Shukla
F-05, Jaideep Complex
112, Zone-II
M.P. Nagar, Bhopal 462011
E-mail: insolvencyprofessionalsindia@
gmail.com
cirp.shrimati@gmail.com
Last date for
submission of claims: October 23, 2022
SITI NETWORK: Defaults on INR913 crore Bank Loans in Q2 of FY23
---------------------------------------------------------------
The Economic Times of India reports that multi-system operators
SITI Network has reported a total default of INR913 crore on
payments of interest and repayment of principal amount on loans
taken from banks for the quarter ended in September. This includes
a principal amount of INR655 crore and interest of INR258 crore,
the Essel group firm informed in a regulatory update.
SITI Networks, previously known as SITI Cable Network, is a part of
the Essel Group.
". . . the company is in discussions with its bankers for
restructuring of its debt obligations," SITI Network said, notes
the report.
SITI Network's total financial indebtedness, including short-term
and long-term debt, is INR898 crore, ET discloses.
Earlier in April, Housing Development Finance Corporation Ltd
(HDFC) had moved the insolvency tribunal NCLT against SITI Networks
Ltd for alleged default of INR296 crore.
SITI Network provides cable services at 580 locations and adjoining
areas, reaching out to over 11.3 million digital customers.
SMW ISPAT: Ind-Ra Keeps BB+ LT Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SMW Ispat
Private Limited's (SMW) Long-Term Issuer Rating of 'IND BB+' on
Rating Watch Negative (RWN)' and simultaneously withdrawn the
ratings.
The instrument-wise rating actions are:
-- INR1.450 bil. Non-convertible debentures (NCDs) INE842U07012
issued on February 10, 2020 coupon rate 16.67% due on May 15,
2023 is withdrawn;
-- INR500 mil. NCDs INE842U07020 issued on December 16, 2020
16.67% coupon rate due on April 21, 2024 is withdrawn;
-- INR60.5 mil. Fund-based limits* is withdrawn; and
-- INR150 mil. Non-fund-based limits* is withdrawn.
*maintained on 'IND BB+/RWN/IND A4+/RWN' before being withdrawn
Ind-Ra is no longer required to maintain the ratings for NCDs, as
the agency has received a no-dues certificate from the
subscriber/trustee. Furthermore, Ind-Ra is no longer required to
maintain the ratings for bank loans, as the agency has received a
no-objection certificate from the lender.
Before being withdrawn, the ratings were maintained on RWN on
account of a deterioration in SMW's operating performance due to
reduced capacity utilizations during FY22 and limited visibility on
its operational performance in 5MFY23. Furthermore, while the
change in shareholdings concluded on 9 June 2022, SMW's capex plans
remain uncertain. Considering that the capex is critical for SMW's
subsidy income, the rating watch could not be resolved due to
limited clarity/visibility on the ramp-up of its operations and
capex plans after the acquisition by the new investor.
OFB Tech Pvt. Ltd. (OFB), incorporated in 2015, has acquired a
majority stake (87.9% as on 30.09.2022) in SMW. OFB is a
professionally managed bulk aggregator-cum-trader of multiple
industrial raw material categories for SMEs. The group is also
engaged in offering secured and unsecured purchase finance loans to
SMEs supported by all major banks/NBFCs. OFB is backed by marquee
private equity players with regular capital infusion worth around
INR53.7 billion of equity from its inception to end-March 2022.
Key Rating Drivers
Decline in Volumes over FY22: SMW's capacity utilization of
thermo-mechanically-treated (TMT) bar manufacturing facilities (an
installed capacity of 500,000 tons per annum (TPA)) declined to 41%
in 4QFY22 (3QFY22: 55%; 2QFY22: 52%; 1QFY22: 84%; FY21: 69%),
despite the industry witnessing one of the best years in terms of
demand. The utilization declined as the company was unable to
pass-on the increase in raw material prices (sponge iron and
imported melting scrap) to its customers in FY22, leading to
reduced spreads and thus, tapered volumes. Being a non-integrated
player, SMW has limited control on the input costs.
However, the impact of a volume decline would have been more if not
partially countered by increased realizations on the strong
industry demand, leading to its revenue remaining at INR15,367
million in FY22 (FY21: INR14,031 million; FY20: INR13,307 million)
and EBITDA at INR1,437 million (INR1,566 million; INR884 million).
The organic EBITDA/tons (excluding subsidy income) improved to
INR2,170/tons (t) in FY22 (FY21: INR1,543/t; FY20: INR340/t).
Change in Management Control: Considering the trade network for
steel sector raw materials is already established by the group, the
acquisition shall aid the group in backward integration thus,
enhancing value addition. However, OFB group has limited experience
in steel manufacturing (SMW being its third acquisition since
September 2021) and its ability to turn around SMW's operations is
yet to be seen.
OFB's net worth stood at INR65.7 billion at FYE22 (FYE21: INR8.8
billion). The consolidated revenue stood at INR71.4 billion in FY22
(FY21: INR17.5 billion) with consolidated EBITDA margin of 4.47%
(9.91%). FY22 numbers are provisional in nature.
Liquidity Indicator – Stretched: SMW's fund-based working capital
facilities (reduced to INR60.5 million from INR100 million since
December 2021) was utilized 77% at end-August 2022. The company
relies primarily on internal accruals and promoter sources for
meeting its working-capital needs. The free cash balances stood
marginal at INR0.58 million at FYE22 (FYE21: INR32 million; FYE20:
INR49 million). The net cash cycle stood at 27 days in FY22 (FY21:
41 days; FY20: 13 days). SMW had witnessed delays in term loan
repayments until 22 December 2020, post which they were refinanced
through the NCDs raised. Until May 2022, the repayments on NCDs and
working capital had been regular. Furthermore, in June 2022, the
NCDs have also been refinanced by secured loans from OFB repayable
over eight years. Hence, majority debt repayment obligations have
been deferred post refinancing. Furthermore, OFB's free cash
balances of around INR40 billion at FYE22 (FYE21: INR5.5 billion)
and widespread banking relations would likely support SMW's
liquidity.
Credit Metrics Dependent on Subsidy Realizations: SMW's organic
EBITDA is inadequate to service its debt obligations; furthermore,
considering the high-cost debt, the interest obligations are also
on the higher side. However, including the subsidy flow, which has
been sporadic (4MFY23: INR400 million; FY22: INR590 million; FY21:
INR516 million; FY20: INR1,969 million), the fund flows from
operations (FFO) interest coverage (FFO/gross interest) remained
comfortable at 4.36x in FY22 (FY21: 4.34x; FY20: 3.72x) and the FFO
adjusted net leverage (debt-cash/FFO) stood at 1.57x (2.75x;
2.76x). The agency believes SMW's credit metrices, cash flows,
liquidity and future capex will remain dependent on the timeliness
of the subsidy realizations.
Ind-Ra has treated the company's non-convertible, cumulative and
redeemable preference shares (FY22: INR196 million; FY21: INR1,565
million) as debt and the FFO interest coverage includes the
dividends thereon.
Uncertain Capital Investment Plans: SMW's business model depends
upon incurring additional capex to remain eligible for availing
subsidy benefits by way of 100% goods and services tax refund for
sales within Maharashtra and for improving the company's organic
EBITDA margins. Such subsidies aid the company in sustaining
positive EBITDA as they comprise majority of the EBITDA earned
every year (FY22: 54%; FY21: 65%; FY20: 164%). Post the change in
shareholding, Ind-Ra has limited information on the capex plans
which are critical for SMW's subsidy income. The company's capex
assumptions for FY23-FY24 are subject to plan finalization and the
availability of funds, but that could also restrict SMW's subsidy
eligibility, leading to a lower subsidy income.
Multiple Restructuring and Refinancing: During FY11-FY18, SMW was
in a financial stress, owing to its inefficient operations, low
capacity utilizations along with an unsuccessful attempt to set up
an imported sponge iron manufacturing plant in FY11, due to
technical difficulties and subsequent losses. Post this, the
company's debt was restructured thrice over FY13-FY19. In February
2020 and in December 2020, SMW refinanced 100% of its outstanding
term loans through NCDs (INR2,150 million). While over FY10-FY22,
the promoter group extended financial support worth around INR3,300
million as equity or unsecured loans, the same was insufficient to
prevent any of the previous restructuring processes. Furthermore,
in June 2022, the shareholding was changed and the NCDs were again
replaced by secured loans from the new investor.
Price Volatility Risk: Maharashtra-based SMW is a mid-sized
low-integrated long product player. The company has limited
presence across the value chain of rolled long products – billets
and TMT bars. The commoditized nature of products exposes SMW to
volatility in the prices finished products. It procures raw
materials – sponge iron and mild steel scrap – at spot rates,
exposing its EBITDA margins to raw material price fluctuation risk.
Furthermore, as SMW does not have a captive power plant to support
operations and depends on the state grid to meet its entire power
requirement. Low integration leads to a lower cost control,
increasing the company's vulnerability to industry cycles.
Company Profile
Incorporated in 2004, SMW (formerly known as Mahalaxmi TMT Pvt.
Ltd.) commenced operations in 2010 as a steel venture of Sangam
group (textile major based in Rajasthan). It manufactures mild
steel billets (5,60,000TPA) and TMT bars (5,00,000TPA) in Wardha
(Maharashtra). It also has an installed capacity for manufacturing
sponge iron (87,000TPA), but it is not operational since July 2015
due to technical issues.
In June 2022, the management was changed with OFB Tech Pvt. Ltd.
taking up the majority stake in the company.
SOLCEN INFRA: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Solcen
Infra Private Limited (SIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.35 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.90 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated July 6, 2021,
placed the rating(s) of SIPL under the 'issuer non-cooperating'
category as SIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2022, June 1, 2022, June 11, 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).
Solcen Infra Private Limited (SIP) was incorporated in April 1991
as a private limited company by the name of Nidhi Pipes Private
Limited and got renamed to Solcen Infra Private Limited (SIP) in
2016 and is currently managed by Mr Vijay Mittal (Chairman) and Mr
Rohit Mittal (Managing Director). The company is engaged in
manufacturing of solar mounting structures and galvanized pipes/
tubes & fittings at its manufacturing facility located in
Derabassi, Punjab.
SOVA SOLAR: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sova Solar
Limited's Long-Term Issuer Rating of 'IND BB' in the
non-cooperating category and has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR115 mil. Fund-based working capital limits* maintained in
non-cooperating category and withdrawn;
-- INR150 mil. Non-fund-based working capital limits# maintained
in non-cooperating category and withdrawn; and
-- INR46 mil. Working capital term loan* issued on March 31, 2022
maintained in non-cooperating category and withdrawn.
*Maintained at 'IND BB' (ISSUER NOT COOPERATING)' before being
withdrawn
# Maintained at 'IND A4+' (ISSUER NOT COOPERATING)' before being
withdrawn
Key Rating Drivers
Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to the latest full-year financial performance,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, and information on corporate
governance.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.
Company Profile
Sova Solar manufactures crystalline solar photovoltaic modules at
its facility in Durgapur, West Bengal. It also provides complete
engineering, procurement and construction solutions.
SPICEJET LTD: Deposits TDS of Employees for 2021-22 Fiscal
----------------------------------------------------------
The Economic Times reports that SpiceJet, which has been facing
turbulent times, has deposited the Tax Deducted at Source (TDS) of
all employees for the financial year 2021-22, according to an
internal communication. As per the communication, a significant
portion of provident fund contributions of all employees is also
being credited.
In September, the loss-making airline hiked salaries of its
captains and senior first officers by around 20 per cent with
effect from October, the report says.
The government's Emergency Credit Line Guarantee Scheme (ECLGS) is
providing some sort of financial relief for the carrier.
On Oct. 6, an airline source said it was expected to receive an
additional INR1,000 crore as part of the modified ECLGS, ET
reports.
ET says SpiceJet posted a net loss of INR789 crore for the June
quarter as well as INR458 crore for the quarter that ended in March
2022.
The carrier, whose flights have been restricted to 50 per cent till
October 29 by aviation regulator DGCA, last month sent 80 of its
cockpit crew on leave without pay for three months, recalls ET.
At that time, the airline said the measure, "which is in line with
SpiceJet's policy of not retrenching any employee which the airline
steadfastly followed even during the peak of the Covid pandemic,
will help rationalise the pilot strength vis-a-vis the aircraft
fleet".
About SpiceJet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
4, 2022, auditors have cast a doubt on the ability of debt-laden
SpiceJet, to remain a going concern as its net worth has eroded.
In the annual report for FY21, the independent auditors pointed out
that SpiceJet has defaulted on tax payments, GST payments and
employee provident fund dues in FY21 totalling INR90 crore,
according to The Hindu BusinessLine.
SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Sunworld Residency
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– 90.00 [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.
SRPL, incorporated in June 2010, had leased a 10 acre land parcel
from NOIDA to develop a residential housing in Sector 168, Noida.
The company is currently developing a residential housing project
on the ~10 acre land parcel in sector 168, Noida named Sunworld
Arista and launched in December, 2011. Sunworld Arista consists of
10 towers and some commercial area.
THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thermo
Products Private Limited (TPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.33 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.50 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 9, 2021,
placed the rating(s) of TPPL under the 'issuer non-cooperating'
category as TPPL 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. TPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 25, 2022, June 4, 2022, June 14, 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).
Pune (Maharashtra) based TPPL, incorporated in 2004 is promoted by
Mr. Mukesh Agarwal and Mr. Omprakash Agarwal. The company is
engaged in the manufacturing of packaging material viz. EPS
(Expanded Polystyrene or Styrofoam popularly known as thermocol)
buffers at its manufacturing facility located at Sanaswadi, Pune.
VATTIKUTI ROBOTIC: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Vattikuti Robotic Technologies Private Limited
Sy No. 7(P) & 93P, Electronic City
Phase II, Industrial Area
Begur Hobli, Bangalore 560100
Karnataka
Liquidation Commencement Date: September 21, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency professional: B Mahesh Shenoy
Interim Resolution
Professional: B Mahesh Shenoy
Flat No. 102, 1st Floor
Gangothri Parshwa Krupa
16th Main Road
4th T Block
Next to Ample Mart
Jayanagar Bangalore South
Bengaluru, Karnataka 560041
E-mail: bmaheshshenoy@gmail.com
Mobile: 9341256531
Last date for
submission of claims: October 21, 2022
=====================
N E W Z E A L A N D
=====================
ARAMOANA SEAFOODS: Creditors' Proofs of Debt Due on Nov. 1
----------------------------------------------------------
Creditors of Aramoana Seafoods Limited are required to file their
proofs of debt by Nov. 1, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2022.
The company's liquidators are:
Gareth Russel Hoole
Clive Robert Bish
Ecovis KGA Limited
PO Box 37223
Parnell, Auckland
DDL HOMES: Reynolds & Associates Appointed as Liquidators
---------------------------------------------------------
Grant Bruce Reynolds and Pritesh Patel of Reynolds & Associates
Limited on Sept. 30, 2022, were appointed as liquidators of DDL
Homes Central Limited.
The liquidators may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
HEREFORD MEWS: Gerry Rea Partners Appointed as Administrators
-------------------------------------------------------------
Simon Dalton and Benjamin Francis of Gerry Rea Partners on Oct. 5,
2022, were appointed as administrators of Hereford Mews Limited.
The administrators may be reached at:
Gerry Rea Partners
PO Box 3015
Auckland
KINO DAY: Creditors' Proofs of Debt Due on Oct. 31
--------------------------------------------------
Creditors of Kino Day Spa Limited are required to file their proofs
of debt by Oct. 31, 2022, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Larissa Logan and Rhys Cain of
EY as liquidators of the company on Sept. 30, 2022.
PACIFIC EXPLORING: Calibre Partners Appointed as Receivers
----------------------------------------------------------
Neale Jackson and Natalie Gytha Burrett of Calibre Partners on Oct.
3, 2022, were appointed as Receivers and Managers of Pacific
Exploring Limited.
The Receivers may be reached at:
Neale Jackson
Natalie Burrett
Calibre Partners
Level 21, 88 Shortland Street
Auckland
=================
S I N G A P O R E
=================
EMCATERING ASIA: Creditors' Proofs of Debt Due on Nov. 7
--------------------------------------------------------
Creditors of Emcatering (Asia) Pte Ltd are required to file their
proofs of debt by Nov. 7, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 28, 2022.
The company's liquidator is:
Ng Choon Heng
C/o 600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
EXACTECH PTE: Creditors' Meeting Set for Oct. 21
------------------------------------------------
Exactech Pte Ltd, which is in compulsory liquidation, will hold a
meeting for its creditors on Oct. 21, 2022, at 3:00 p.m., via
Zoom.
Agenda of the meeting includes:
a. to a statement of the Company’s affairs together with a
list
of creditors and the estimated amounts of their claims;
b. to appoint liquidator; and
c. to appoint a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
ROYAL GOALSON: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 23, 2022, to
wind up the operations of Royal Goalson Plastic Pte. Ltd.
Cheng, Su-Chuan filed the petition against the company.
The company's liquidators are:
Mr. Lau Chin Huat and
Mr. Yeo Boon Keong
50 Havelock Road
#02-767
Singapore 160050
WORLD FUEL: Members' Final Meeting Set for November 7
-----------------------------------------------------
Members of World Fuel Singapore Holding Company II Pte. Ltd. will
hold their final meeting on Nov. 7, 2022, at 10:00 a.m., at One
Raffles Quay North Tower 18th Floor, in Singapore.
At the meeting, Aaron Loh Cheng Lee, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
ZANA CAPITAL: Creditors' Proofs of Debt Due on Nov. 8
-----------------------------------------------------
Creditors of Zana Capital Pte. Ltd. are required to file their
proofs of debt by Nov. 8, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2022.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=================
S R I L A N K A
=================
SRI LANKA: Begins Crucial Debt Restructuring Talks with China
-------------------------------------------------------------
The Associated Press reports that Sri Lanka's president said Oct. 6
his government has started debt restructuring discussions with
China, an important step toward finalizing an International
Monetary Fund rescue of the island nation from a severe economic
crisis.
According to the AP, President Ranil Wickremesinghe told Parliament
on Oct. 6 that initial talks will continue after China's Communist
Party congress, which begins October 16.
Wickremesinghe, who recently returned from a trip to Tokyo, said
the Japanese government had agreed to mediate the talks with China,
the report relays.
"China has been supporting us from ancient times and we believe
they will do the same in these difficult times," the report quotes
Wickremesinghe as saying.
Sri Lanka is nearly bankrupt and has suspended repaying its $51
billion foreign debt, of which it must repay $28 billion by 2027,
notes the report.
The AP relates that Sri Lanka has reached a preliminary agreement
with the IMF for a $2.9 billion rescue package over four years. Its
completion hinges on assurances from Sri Lanka's creditors on debt
restructuring. Separately on Oct. 6, Nandalal Weerasinghe, the
governor of Sri Lanka's Central Bank, told reporters that steps
have been taken towards debt restructuring.
Sri Lanka has made a presentation to global creditors and held
meetings with financial advisors, donor countries and commercial
creditors.
The discussions were "going forward," Weerasinghe said, notes the
report. But he declined to discuss the progress of the discussions,
saying he prefers to maintain "a radio silence" to avoid affecting
markets. An announcement will be made once an agreement is reached,
he said.
Sri Lanka borrowed heavily from China over the past decade for
infrastructure projects that include a seaport, an airport and a
city being built on reclaimed land. The projects failed to earn
enough revenue to pay for the loans, a factor in Sri Lanka's
economic woes.
China is not Sri Lanka's biggest creditor, adds the report. It
accounts for about 10 percent of Sri Lanka's loans after Japan and
the Asian Development Bank. However, Beijing's assent to
restructuring its loans is crucial. It has not committed to any
restructuring, though it offered an additional loan.
Meanwhile, on Oct. 6, Sri Lanka's Central Bank announced that the
country's economy is estimated to have contracted by 4.8 percent in
the first half of 2022, the AP reports.
It also said the economy is expected to contract in the second half
of 2022 as well due to tighter monetary and fiscal conditions,
widespread shortages of various necessities including fuel, food
and medicines, and uncertainties for businesses given the lack of
accessible financing and foreign exchange.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its NZD12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
*********
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,
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Copyright 2022. All rights reserved. ISSN: 1520-9482.
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