/raid1/www/Hosts/bankrupt/TCRAP_Public/221021.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, October 21, 2022, Vol. 25, No. 205
Headlines
A U S T R A L I A
AGBIOEN PTY: Second Creditors' Meeting Set for Oct. 26
BASSLINK PTY: Tasmanian Government Welcomes APA Deal
JIN RESOURCES: First Creditors' Meeting Set for Oct. 28
LA TROBE 2022-2: S&P Assigns Prelim BB- (sf) Rating to Cl. F Notes
LIVERPOOL AND KNOX: Second Creditors' Meeting Set for Oct. 27
MAXIFLO PTY: Second Creditors' Meeting Set for Oct. 27
QUALITY TRANSPORT: Second Creditors' Meeting Set for Oct. 27
C H I N A
ORIGIN AGRITECH: To Raise $2.5M From Securities Offering
REMARK HOLDINGS: Issues $2.8M Convertible Debenture to Ionic
I N D I A
ADEA POWERQUIPS: CARE Keeps D Debt Ratings in Not Cooperating
AGROHA COLOURTEC: CARE Keeps D Debt Rating in Not Cooperating
AIRTRAVEL ENTERPRISES: CARE Lowers Rating on INR60cr Loan to D
AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category
FEDDERS ELECTRIC: CARE Keeps D Ratings in Not Cooperating Category
FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating
GINGER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
GO GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
GOURMET EMPIRE: CARE Keeps D Debt Rating in Not Cooperating
GSR AND KKR: CARE Withdraws D Rating on Long Term Bank Debt
GVS INFRA & INDUSTRIES: Liquidation Process Case Summary
HYGIENE FEEDS: CARE Keeps C Debt Rating in Not Cooperating
INDIA: Home Buyers' Troubles Mounts Over Surge in Insolvency Cases
INTEGRATED THERMOPLASTICS: CARE Keeps D Ratings in Not Cooperating
ISHANI RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
LEKHYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
LOTUS POLY-PACKS: Insolvency Resolution Process Case Summary
MEENAKSHI ENERGY: NARCL Offers INR900 crore for Company's Debt
MEVADA OIL: CARE Keeps D Debt Rating in Not Cooperating Category
MONALISA CERAMICS: CARE Keeps D Debt Rating in Not Cooperating
NAVAYUGA INFOTECH: Insolvency Resolution Process Case Summary
NIAGARA METALS: CARE Keeps D Debt Ratings in Not Cooperating
PANTONE TEXTILE: CARE Keeps C Debt Rating in Not Cooperating
PRAAGNA HOSPITALS: CARE Keeps C Debt Rating in Not Cooperating
PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating
RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating
RAJARAMSEVAK MULTIPURPOSE: CARE Keeps D Ratings in Not Cooperating
RAJKISHORE SINGH: CARE Keeps D Debt Rating in Not Cooperating
RAKESH KUMAR: CARE Keeps D Debt Rating in Not Cooperating Category
RATHI HATCHERIES: CARE Keeps C Rating in Not Cooperating Category
RELIANCE CAPITAL: Insolvency Process Deadline Extended Till Jan 31
SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating
TEXTRADE INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating
VAIBHU INFRA: CARE Lowers Rating on INR3.50cr LT Loan to D
VENKATESWARA CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
YOGIRAJ EXPORT: CARE Keeps D Debt Rating in Not Cooperating
YOGIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating
N E W Z E A L A N D
B & M SECURITY: BDO Wellington Appointed as Administrator
CREATE-A-KITCHEN: Court to Hear Wind-Up Petition on Oct. 27
EDISON CHRISTCHURCH: Creditors' Proofs of Debt Due on Nov. 25
PRL CAPITAL: Creditors' Proofs of Debt Due on Nov. 18
R. MANINANG: Court to Hear Wind-Up Petition on Oct. 27
S I N G A P O R E
ATLANTA GLOBAL: Creditors' Meetings Set for Nov. 2
BEAUFORT SENTOSA: Members' Final Meeting Set for Nov. 19
KITCHEN CULTURE: Ooway Says No Conditions Tied to Loan Offered
NEXT DISTRIBUTION: Creditors' Meeting Set for Nov. 22
TECHNICOLOR ASIA: Creditors' Proofs of Debt Due on Nov. 22
THAI LOI: Commences Wind-Up Proceedings
S O U T H K O R E A
BALAAN: Luxury Shopping Platforms Face Financial Difficulties
PUMIL CO: Liquidation Blamed on CEO's Incompetence
- - - - -
=================
A U S T R A L I A
=================
AGBIOEN PTY: Second Creditors' Meeting Set for Oct. 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Agbioen Pty Ltd
has been set for Oct. 26, 2022, at 10:00 a.m. via virtual meeting
only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 25, 2022, at 4:00 p.m.
David Coyne of BRI Ferrier was appointed as administrator of the
company on Sept. 19, 2022.
BASSLINK PTY: Tasmanian Government Welcomes APA Deal
----------------------------------------------------
The Tasmanian Government welcomes announcement by APA Group on Oct.
18 that it has entered into a Deed of Company Arrangement in
relation to the acquisition of Basslink Pty Ltd (BPL) for AUD773
million.
The Receivers announced that APA was their preferred bidder on
September 7, 2022, and since then the Tasmanian Government and
Hydro Tasmania have negotiated with APA to see a sale that achieves
the State's objectives.
APA's purchase of BPL will deliver a very good result for the State
and secures the outcomes from the 2020 Arbitration, which found in
favour of the State and Hydro Tasmania. It will see:
* the State recovering all monies owed to it by BPL arising
from the Arbitration - around AUD50 million; Hydro Tasmania
recovering all monies owed to it following the arbitration;
* a settlement of all outstanding legal disputes between BPL,
BPL's lenders and the State and Hydro Tasmania, including a
financial settlement in relation to disputed amounts owed to
Hydro Tasmania following termination of the Basslink Services
Agreement earlier this year;
* technical improvements to Basslink, including implementation
of the mitigating actions arising from the 2020 Arbitration;
* Basslink ownership and operations transitioning to a well-
resourced and robust Australian infrastructure business; and
* Basslink being placed on a sustainable commercial basis that
provides confidence that it will remain a key element of
Tasmania's energy security arrangements.
"The Government took a strong stance in November last year and we
make no apologies for fighting hard to protect the interests of
Tasmanians through progressing our legal rights and we are very
pleased with the outcome announced today," the statement reads.
"The outcomes we have delivered for Tasmania through the steps
taken over the past year will see Basslink move to a sustainable
footing and continue to play an important role in energy security,
as well as providing trading opportunities for Hydro Tasmania.
"It is expected that APA's purchase of Basslink will be completed
in the coming days.
"The Tasmanian Government welcomes APA's purchase of Basslink.
Having a long-term partner of APA's standing for one of Tasmania's
key pieces of economic infrastructure is a great outcome for the
State."
About Basslink
Basslink Group owns and operates the Basslink undersea power cable
between Tasmania and Victoria.
Basslink entered into voluntary administration and receivership on
Nov. 12, 2021.
JIN RESOURCES: First Creditors' Meeting Set for Oct. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Jin
Resources (Aus) Pty Ltd will be held on Oct. 28, 2022, at 9:30 a.m.
via virtual meeting technology.
Marcus Watters, Richard Albarran and Brent Kijurina of Hall
Chadwick were appointed as administrators of the company on Oct.
18, 2022.
LA TROBE 2022-2: S&P Assigns Prelim BB- (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
10 classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe
Financial Capital Markets Trust 2022-2. La Trobe Financial Capital
Markets Trust 2022-2 is a securitization of nonconforming and prime
residential mortgages originated by La Trobe Financial Services Pty
Ltd. (La Trobe Financial).
The preliminary ratings reflect:
-- That the credit risk of the underlying collateral portfolio and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread. The assessment of credit risk
takes into account La Trobe Financial's underwriting standards and
approval process, and La Trobe Financial's servicing quality.
-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
note balance, the principal draw function, the yield reserve, the
retention amount built from excess spread before the call date, the
amortization amount built from excess spread after the call date or
upon a servicer default, and the provision of an extraordinary
expense reserve. All rating stresses are made on the basis that the
trust does not call the notes at or beyond the call date, and that
all rated notes must be fully redeemed via the principal waterfall
mechanism under the transaction documents.
-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets our criteria for insolvency remoteness.
-- The counterparty support provided by National Australia Bank
Ltd. as liquidity facility provider and Commonwealth Bank of
Australia as bank account provider. The transaction documents for
the liquidity facility and bank accounts include downgrade language
consistent with S&P's "Counterparty Risk Framework: Methodology And
Assumptions" criteria, published on March 8, 2019, that requires
the replacement of the counterparty or other remedy, should its
rating fall below the applicable rating.
Preliminary Ratings Assigned
La Trobe Financial Capital Markets Trust 2022-2
Class A1S, A$125.00 million: AAA (sf)
Class A1L, A$257.50 million: AAA (sf)
Class A2, A$45.00 million: AAA (sf)
Class B, A$34.35 million: AA (sf)
Class C, A$11.90 million: A+ (sf)
Class D, A$9.95 million: BBB+ (sf)
Class E, A$6.15 million: BB+ (sf)
Class F, A$4.15 million: BB- (sf)
Equity 1, A$4.75 million: Not rated
Equity 2, A$1.25 million: Not rated
LIVERPOOL AND KNOX: Second Creditors' Meeting Set for Oct. 27
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Liverpool and
Knox Pty Ltd has been set for Oct. 27, 2022, at 10:00 a.m. via
virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 26, 2022, at 4:00 p.m.
Christopher Damien Darin of Worrells was appointed as administrator
of the company on Sept. 27, 2022.
MAXIFLO PTY: Second Creditors' Meeting Set for Oct. 27
------------------------------------------------------
A second meeting of creditors in the proceedings of Maxiflo Pty Ltd
and Maxicosinik Pty Ltd has been set for Oct. 27, 2022, at 11:00
a.m. at the offices of Pilot Partners at Level 10, 1 Eagle Street
in Brisbane.
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. 26, 2022, at 5:00 p.m.
Bradley Vincent Hellen of Pilot Partners was appointed as
administrators of the company on Sept. 26, 2022.
QUALITY TRANSPORT: Second Creditors' Meeting Set for Oct. 27
------------------------------------------------------------
A second meeting of creditors in the proceedings Of Quality
Transport (Australia) Pty Limited has been set for
Oct. 27, 2022, at 11:00 a.m. via virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 25, 2022, at 5:00 p.m.
Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of the company on Sept. 20, 2022.
=========
C H I N A
=========
ORIGIN AGRITECH: To Raise $2.5M From Securities Offering
--------------------------------------------------------
Origin Agritech Limited has entered into a securities purchase
agreement with an investor under which the Company is selling
280,000 ordinary shares to the investor at a price of $8.80, for
aggregate proceeds of $2,464,000. The company filed a prospectus
supplement with the Securities and Exchange Commission on Oct. 13,
2022, as a supplement to the Registration Statement on Form F-3
(Registration Statement No. 333- 253866) declared effective on
March 15, 2021 for the sale of these securities.
The offering was under the prospectus supplement, made on a
"self-sell basis," without engaging any broker-dealer, selling
agent or other securities professional or intermediary. The Shares
were offered and sold through the efforts of the chief executive
officer of the Company, Dr. Gengchen Han, pursuant to a securities
purchases agreement entered into with the investor, as negotiated
by the chief executive officer and the purchasing investor. The
chief executive officer did not receive any commission or other
form of compensation from the sale of any Shares. He did not
register as a broker-dealer pursuant to Section 15 of the
Securities and Exchange Act of 1934 in reliance upon Rule 3a4-1,
which sets forth those conditions under which a person associated
with an issuer may participate in the offering of the issuer's
securities and not be deemed to be a broker-dealer.
The Company has filed to include the listing of the ordinary shares
that it sold to the investor under the securities purchase
agreement with the Nasdaq Stock Market.
The Company currently has a sale agreement with Oasis Capital LLC,
which generally restricts the Company's sale of ordinary shares in
other transactions while placing securities thereunder, except for
those that are by means of a private or public offering of the
Company's securities if the net proceeds are greater than
$2,000,000.
About Origin Agritech
Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology and
an agricultural oriented e-commerce platform, operating in the PRC.
The Company's seed research and development activities specialize
in crop seed breeding and genetic improvement. The e-commerce
activities will focus on delivering agricultural products to
farmers in China via online and mobile ordering and tracking the
source of the agricultural products via blockchain technologies.
Origin Agritech reported a net loss of RMB127.08 million for the
year ended Sept. 30, 2021, compared to a net loss of RMB102.84
million for the year ended Sept. 30, 2020. As of March 31, 2022,
the Company had RMB93.86 million in total assets, RMB280.01 million
in total liabilities, and a total deficit of RMB186.15 million.
Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 4, 2022, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
REMARK HOLDINGS: Issues $2.8M Convertible Debenture to Ionic
------------------------------------------------------------
Remark Holdings, Inc. entered into a debenture purchase agreement
with Ionic Ventures, LLC, pursuant to which the Company issued a
convertible subordinated debenture in the original principal amount
of $2,778,000 to Ionic for a purchase price of $2,500,000,
according to a Form 8-K filed with the Securities and Exchange
Commission.
The Debenture accrues interest at a rate of 8% per annum. The
interest rate on the Debenture increases to a rate of 15% per annum
if the Debenture is not fully paid or converted by Feb. 6, 2023 or
upon the occurrence of certain trigger events, including, without
limitation, the suspension from trading or the delisting of our
common stock from Nasdaq and the occurrence of any material adverse
effect. In addition, if the Debenture is not fully paid or
converted by the Trigger Date, the original principal amount of the
Debenture will be deemed to have been $3,334,000 from the issuance
date. The Debenture matures on June 6, 2023.
The Debenture automatically converts into shares of common stock at
the earlier of (i) the effectiveness of a registration statement
registering the resale of certain Registrable Securities as such
term is defined in the Registration Rights Agreement including,
without limitation, the shares issuable upon conversion of the
Debenture, and (ii) 181 days after the issuance date of the
Debenture. The number of shares of common stock issuable upon
conversion of the Debenture shall be determined by dividing the
outstanding balance under the Debenture (including all accrued and
unpaid interest and accrued and unpaid late charges, if any) by a
conversion price that is the lower of (x) 80% (or 70% if the
Company's common stock is not then trading on Nasdaq) of the
average of the 10 lowest volume-weighted average prices ("VWAPs")
over a specified measurement period following the conversion date,
and (y) $0.50, subject to full ratchet anti-dilution protection in
the event the Company issues certain equity securities at a price
below the then Fixed Conversion Price. Additionally, in the event
of a bankruptcy, the Company is required to redeem the Debenture in
cash in an amount equal to the then outstanding balance of the
Debenture multiplied by 120%, subject, however, to the provisions
of the Subordination Agreement. The Debenture further provides
that the Company will not effect the conversion of any portion of
the Debenture, and the holder thereof will not have the right to a
conversion of any portion of the Debenture, to the extent that
after giving effect to such conversion, the holder together with
its affiliates would beneficially own more than 4.99% of the
outstanding shares of the Company's common stock immediately after
giving effect to such conversion.
Also, on Oct. 6, 2022, the Company entered into a purchase
agreement with Ionic, which provides that the Company has the right
to direct Ionic to purchase up to an aggregate of $50,000,000 of
shares of the Company's common stock over the 36-month term of the
ELOC Purchase Agreement. Under the ELOC Purchase Agreement, after
the satisfaction of certain commencement conditions, including,
without limitation, the effectiveness of the Resale Registration
Statement and that the Debenture shall have been fully converted
into shares of common stock or shall otherwise have been fully
redeemed and settled in all respects in accordance with the terms
of the Debenture, the Company has the right to present Ionic with a
purchase notice directing Ionic to purchase any amount up to
$3,000,000 of the Company's common stock per trading day, at a per
share price equal to 90% (or 80% if the Company's common stock is
not then trading on Nasdaq) of the average of the five lowest VWAPs
over a specified measurement period. With each purchase under the
ELOC Purchase Agreement, the Company is required to deliver to
Ionic an additional number of shares equal to 2.5% of the number of
shares of common stock deliverable upon such purchase. The number
of shares that the Company can issue to Ionic from time to time
under the ELOC Purchase Agreement shall be subject to the
Beneficial Ownership Limitation.
In addition, Ionic will not be required to buy any shares of the
Company's common stock pursuant to a Purchase Notice on any trading
day on which the closing trade price of the Company's common stock
is below $0.25. The Company will control the timing and amount of
sales of its common stock to Ionic. Ionic has no right to require
any sales by the Company, and is obligated to make purchases from
the Company as directed solely by the Company in accordance with
the ELOC Purchase Agreement. The ELOC Purchase Agreement provides
that the Company will not be required or permitted to issue, and
Ionic will not be required to purchase, any shares under the ELOC
Purchase Agreement if such issuance would violate Nasdaq rules, and
the Company may, in its sole discretion, determine whether to
obtain stockholder approval to issue shares in excess of 19.99% of
its outstanding shares of common stock if such issuance would
require stockholder approval under Nasdaq rules. Ionic has agreed
that neither it nor any of its agents, representatives and
affiliates will engage in any direct or indirect short-selling or
hedging the Company's common stock during any time prior to the
termination of the ELOC Purchase Agreement. The ELOC Purchase
Agreement may be terminated by the Company if certain conditions to
commence have not been satisfied by Dec. 31, 2022. The ELOC
Purchase Agreement may also be terminated by the Company's at any
time after commencement, at the Company's discretion; provided,
however, that if the Company sold less than $25,000,000 to Ionic
(other than as a result of the Company's inability to sell shares
to Ionic as a result of the Beneficial Ownership Limitation, the
Company's failure to have sufficient shares authorized or its
failure to obtain stockholder approval to issue more than 19.99% of
the Company's outstanding shares), the Company will pay to Ionic a
termination fee of $500,000, which is payable, at its option, in
cash or in shares of common stock at a price equal to the closing
price on the day immediately preceding the date of receipt of the
termination notice. Further, the ELOC Purchase Agreement will
automatically terminate on the date that the Company sells, and
Ionic purchases, the full $50,000,000 amount under the agreement
or, if the full amount has not been purchased, on the expiration of
the 36-month term of the ELOC Purchase Agreement.
Concurrently with entering into the Debenture Purchase Agreement
and the ELOC Purchase Agreement, the Company also entered into a
registration rights agreement with Ionic, in which the Company
agreed to file with the Securities and Exchange Commission one or
more registration statements, as necessary, and to the extent
permissible and subject to certain exceptions, to register under
the Securities Act of 1933, as amended, the resale of the shares of
our common stock issuable upon conversion of the Debenture, the
shares of common stock that may be issued to Ionic under the ELOC
Purchase Agreement and the shares of common stock that may be
issued to Ionic if the Company fails to comply with its obligations
in the Registration Rights Agreement. The Registration Rights
Agreement requires that the Company file, within 30 days after
signing, the Resale Registration Statement and use commercially
reasonable efforts to have the Resale Registration Statement
declared effective by the SEC on or before the earlier of (i) 90
days after signing (or 120 days if such registration statement is
subject to full review by the SEC) and (ii) the 2nd business day
after the Company is notified it will not be subject to further SEC
review. If the Company fails to file or have the Resale
Registration Statement declared effective by the specified
deadlines, then in each instance, the Company will issue to Ionic
150,000 shares of its common stock within two trading days after
such failure, and with respect to the Conversion Shares, the
Company will additionally pay in cash, as liquidated damages, an
amount equal to 2% of the amount then currently outstanding under
the Debenture for failure to file and have the Resale Registration
Statement declared effective by the same deadlines set forth above
for each 30-day period after each such failure.
Mudrick Waiver and Subordination Agreement
On Oct. 6, 2022, the Company also entered into a Provisional Waiver
and Consent Agreement to the Senior Secured Loan Agreements, dated
as of Dec. 3, 2021, that the Company, together with certain of its
subsidiaries as guarantors, are party to with certain institutional
lenders affiliated with Mudrick Capital Management, LP. Pursuant
to the Mudrick Waiver, the Senior Lender agreed, among other
things, to (i) waive certain existing events of default under the
Senior Loan Agreement, (ii) defer payment of interest for the
months of July, August and September 2022 to Oct. 6, 2022, the
closing date of the Debenture Purchase Agreement, and (iii) consent
to the issuance of the Debenture and the other transactions
contemplated by the Debenture Purchase Agreement. In connection
with the Mudrick Waiver, the Company became a party to a
Subordination and Intercreditor Agreement with the Senior Lender
and Ionic, pursuant to which Ionic agreed, among other things, that
all of the Company's obligations to Ionic under the Debenture will
be fully and unconditionally junior and subordinate in right of
cash payment to the prior satisfaction in full of the Company's
obligation to the Senior Lender.
About Remark Holdings
Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- its subsidiaries, and the
variable-interest entities that the company consolidates,
constitute a diversified global technology business with leading
artificial intelligence and data-analytics, as well as a portfolio
of digital media properties. The company's easy-to-install AI
products are being rolled out in a wide range of applications
within the retail, urban life cycle and workplace and food safety
arenas. The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions. The company's corporate headquarters and U.S.
operations are based in Las Vegas, Nevada, and it also maintain
operations in London, England and Shanghai, China. The operations
of the variable interest entities the company consolidates are
headquartered in Chengdu, China with additional operations in
Hangzhou.
As of June 30, 2022, the Company had $33.36 million in total
assets, $39.68 million in total liabilities, and a total
stockholders' deficit of $6.32 million.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.
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I N D I A
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ADEA POWERQUIPS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Adea
Powerquips Private Limited (APPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.06 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 18,
2021, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL 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. APPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 4, 2022, July 14, 2022, July 24, 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).
Adea Powerquips Private Limited (APPL) was incorporated on November
18, 2010 with its registered office and manufacturing plant
situated at Hooghly, West Bengal and the company started its
commercial operations since January 2016. The company is engaged in
manufacturing of overhead transmission line hardware, fittings,
conductor accessories, bus bar clamps and connectors ranging from
11kV to 1200kV lines and substations.
AGROHA COLOURTEC: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agroha
Colourtec Private Limited (ACPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 14.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 10,
2021, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL 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. ACPL
continues to be noncooperative 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).
Agroha Colourtec Private Limited (ACPL) is promoted by Mr Devendra
Kumar Aggarwal, Mr Ravinder Kumar Aggarwal and their family
members. The company belongs to the Prayag group, which also
includes Prayag Polytech Private Limited (PPPL). ACPL is engaged in
manufacturing of black masterbatches and has one manufacturing
facility located in Bhiwadi, Rajasthan. ACPL also undertakes
job-work for PPPL incorporated in 1982, PPPL is engaged in
manufacturing and export of masterbatches. The company manufactures
colour, white and additive masterbatches and has two manufacturing
facilities located in Bhiwadi.
AIRTRAVEL ENTERPRISES: CARE Lowers Rating on INR60cr Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings for the bank facilities of
Airtravel Enterprises India Limited (AEIL) as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 60.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Long Term/ 8.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable/
CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 31,
2021, placed the rating(s) of AEIL under the 'issuer
non-cooperating' category as AEIL 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. AEIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 17, 2022, July 27, 2022, August 6, 2022.
October 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).
The ratings assigned to the bank facilities of AEIL have been
revised on account of delays in debt servicing recognized from
lender's feedback.
AEIL is a Trivandrum-based company engaged in the business of air
ticketing services, cargo (sea & air) clearing & forwarding
(customs clearance), hospitality and travel-related services like
visa processing, travel insurance, currency exchange, itinerary
planning, car rentals, and railway bookings. The company is
registered with the International Air Transport Association (IATA).
AEIL belongs to the Airtravel Enterprises Group, promoted by Mr.
E.M. Najeeb. The group has presence in tours and travels,
information technology, real estate, advertising, media, healthcare
and hospitality. AEIL was originally established in the year 1976
by Mr. E.M. Najeeb as a partnership firm. The firm was converted
into a private limited company in the year 1984 and subsequently to
a closely-held public limited company in 1995.
AVK AUTOMART: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AVK
Automart Private Limited (AAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.44 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 17,
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 July 3, 2022, July 13, 2022, July 23, 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).
AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet
Kumar and is an authorized dealer of Ford India Private Limited in
Mumbai. The company has a showroom located at Powai, Mumbai with
two workshops at Chandivali and Powai.
FEDDERS ELECTRIC: CARE Keeps D Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fedders
Electric And Engineering Limited (FEEL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 460.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 762.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed rationale and key rating drivers
CARE vide its press release dated July 13, 2021 continue to place
the ratings of FEEL under the 'issuer non-cooperating' category as
the company had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. Fedders Electric And
Engineering Limited continue to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated September 16, 2022, August 29, 2022, August 10,
2022 and June 18, 2022, etc.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings on bank facilities of Fedders Electric And Engineering
Limited (FEEL) will be denoted as CARE D; Issuer not cooperating
FEEL, a public limited company, was incorporated by the Punj group
in 1957. The company provides customized solutions on a turnkey
basis in the areas of infrastructure, involving manufacturing,
engineering, designing of Steel Structures, Engineering,
Procurement & Construction (EPC) for transmission of power,
manufacture and supply of towers for wind turbines, and environment
control systems for industrial and customized applications.
Further, the Company has concluded the transaction with respect to
the sale of the brand name, logo, trademark or any other
intellectual property rights associated with "LLOYD" and/or "Lloyd"
to Havells India Limited for a consideration of Rs 50.00 Crores on
8th May, 2017. Subsequently, after approval from the Registrar of
Companies, the name of the Company has been changed from Fedders
Lloyd Corporation Limited to Fedders Electric and Engineering
Limited.
FIREFLY BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Firefly
Batteries Private Limited (FBPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 23.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 8.70 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 August 5, 2021,
placed the rating(s) of FBPL under the 'issuer non-cooperating'
category as FBPL 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. FBPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 21, 2022, July 1, 2022, July 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).
Ahmedabad (Gujarat) based, FBPL was established in the year 2011 as
a private limited company. FBPL (erstwhile known as Epsilon
Batteries Private Limited) is engaged in the manufacturing of
conventional lead-acid battery & carbon-foam battery with an
installed capacity of 300,000 KWH storage batteries per annum.
These batteries find application in automobile industry, renewable
energy and industrial sector such as telecom and hospitality. FBPL
is managed by experienced directors Mr. Jinal Shah & Mr. B.K.
Vaishya.
GINGER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Ginger Enterprises Limited (SGEL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 34.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 27.00 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 17,
2021, placed the rating(s) of SGEL under the 'issuer
non-cooperating' category as SGEL 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. SGEL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 3, 2022, July 13, 2022, July 23, 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).
Shree Ginger Enterprises Limited (SGEL) formerly known as Ginger
Enterprises Limited was incorporated in 2002 and promoted by Mr
Sanjay Kumar Tayal, presently managed by Mr Keshav Tayal. The
company is engaged in the manufacturing of Partially Oriented Yarn
(POY), Polyester Texturized Yarn (PTY), knitted fabric and
readymade garments. The company has manufacturing capacities of POY
(50 TPD), FDY (15 TPD), DTY (70 TPD) and knitting (1600 TPA)
located at Silvassa. The two garment manufacturing units of the
company are located at Dombivali.
GO GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Go
Green Build Tech Private Limited (TGGBTPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.56 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 6, 2021,
placed the rating(s) of TGGBTPL under the 'issuer non-cooperating'
category as TGGBTPL 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. TGGBTPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 22, 2022, July 2, 2022, July 12, 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 Go Green Build Tech Private Limited (GBP) was incorporated in
December 26, 2012. The company is promoted by Mr. Umesh Chand Jain,
Mr. Rishabh Jain and Mr. Nikhil Jain. GBP is a part of the
"Velveleen Group" which has interests in the manufacturing of
velvet and fabric, real estate infrastructure development,
manufacturing of concrete bricks and education. GBP is engaged in
manufacturing of civil construction materials such as fly ash
bricks at its manufacturing unit at Dadri, UttarPradesh.
GOURMET EMPIRE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gourmet
Empire Private Limited (GEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.76 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 25,
2021, placed the rating(s) of GEPL under the 'issuer
non-cooperating' category as GEPL 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. GEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 11, 2022, July 21, 2022, July 31, 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).
Gourmet Empire Private Limited (GEPL) was incorporated in August
2013 and currently being managed by Mrs Manjeet Kaur, Mrs Harvinder
Kaur and Mr Surinder Singh. The company started its business
operations in August 2013 and FY15 (refers to the period April 1 to
March 31) was the first full year of operations. GEPL is currently
running two restaurants under the name of 'Garlic and Green' in
Chandigarh and nearby area as well as two coffee kiosks in
Ludhiana. The company is also engaged in manufacturing of various
bakery products such as breads, pastries and cakes at its
manufacturing unit located in Mohali, Punjab.
GSR AND KKR: CARE Withdraws D Rating on Long Term Bank Debt
-----------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D; Issuer Not Cooperating and withdrawn' assigned to the bank
facilities of GSR and KKR Educational Society with immediate
effect. The above action has been taken at the request of GSR and
KKR Educational Society and 'No Objection Certificate' received
from the bank that has extended the facilities rated by CARE.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank - Rating continues to remain
Facilities under ISSUER NOT COOPERATING
category; Reaffirmed at CARE D;
ISSUER NOT COOPERATING and
Withdrawn
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s)
Detailed description of the key rating drivers
At the time of last rating on December 23, 2021, the following were
the rating weaknesses:
Key rating weaknesses
* Stretched liquidity position with delays in debt servicing: The
liquidity profile of the society is strained on account of delay in
the admission process for the academic year FY20-21 because of
COVID19 along with delay in fee reimbursement from the Andhra
Pradesh State Government resulting in elongated collection period
which had led to delay in debt servicing on time.
* Delay in the admissions process for AY20-21 due to COVID19: The
Covid-19 has impacted very sector of the country including the
educational sector. The Government also announced closure of all
educational institutions in an attempt to contaminate the spread of
the Virus. Due to aforementioned reason, exams at different levels
were cancelled and postponed.
Nevertheless, Engineering and Medical Common Entrance Test (EAMCET)
which is conducted in Andhra Pradesh and Telangana in the month of
April and May every year for admission into engineering colleges
was also postponed to September and October month for AY20-21 and
subsequently the admission process for KITS for the AY20-21 has
slowed down and expected to be completed by December 2020. However,
KITS has maintained gross enrollment ratio of above 70% for the
AY18-20 which is considered to be moderate.
* Higher collection period: The average collection period of the
society has remained stretched at about 217 days in FY20 (Prov.)
(140 days in FY19) owing to delay in realization of fee from state
government which in turn has resulted in the elongation of the
total operating cycle to 106 days in FY20 (Prov.) (42 days in
FY19).
GSR & KKR Educational Society (GKES) was established in the year
2007 at Guntur, Andhra Pradesh by Mr. Koyi Subba Rao, founder &
chairman of the society; to provide education for aspirant
engineering and management students. The institution is affiliated
to Jawaharlal Nehru Technological University (JNTU), Kakinada and
approved by All India Council for Technical Education (AICTE).
GVS INFRA & INDUSTRIES: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: GVS Infra & Industries Private Limited
(formerly known as SSVG Engineering Projects
Private Limited)
89, Shanthi Nagar
Masab Tank
Hyderabad 500082
TS
Liquidation Commencement Date: October 14, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Date of closure of
insolvency resolution process: April 3, 2022
Insolvency professional: S. Kasthuri Rangan
Interim Resolution
Professional: S. Kasthuri Rangan
909A, Raghava Ratna Towers
Chirag Ali Lane
Hyderabad 500001
E-mail: askrco@gmail.com
Last date for
submission of claims: November 14, 2022
HYGIENE FEEDS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hygiene
Feeds & Farms Private Limited (HFFPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 60.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 10,
2021, placed the rating(s) of HFFPL under the 'issuer
non-cooperating' category as HFFPL 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. HFFPL 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).
Hygiene Feeds & Farms Pvt Ltd (HFFPL), incorporated in May, 2010,
is promoted by Mr. Robin Dahiya and his family members. The company
is engaged in the manufacturing of poultry feeds (pre-starter,
starter and finished grades). The manufacturing facility of the
company is located in Panipat (Haryana).
INDIA: Home Buyers' Troubles Mounts Over Surge in Insolvency Cases
-------------------------------------------------------------------
The Statesman reports that the increasing insolvency proceedings
against big builders at the National Company Law Tribunal (NCLT)
have only mounted the troubles for home buyers.
The hope of buyers, for whom everything is already at stake, is
shattered as they know they will be the ultimate sufferers if the
matter lingers on, the report says.
Amrapali, Jaypee Infratech, and Supertech have already been
declared bankrupt by NCLT, according to The Statesman.
After the NCLT order, the people are registering their complaints
with the Interim Resolution Professional (IRP) appointed to the
project.
Currently, cases linked to more than 70 builders of western Uttar
Pradesh - affecting over 50,000 flat buyers, are at NCLT, in which
the tribunal has also appointed the IRP. Out of these 70 builders,
over a dozen are from Greater Noida West, the report notes.
There is an atmosphere of fear among these 50,000 buyers since the
suit was filed in the NCLT.
The Statesman says another big trouble for the buyers is that once
the case of a builder is taken up at the NCLT, the Uttar Pradesh
Real Estate Regulatory Authority (UP RERA) puts the hearing of
buyers' grievances on hold (until NCLT gives its judgment).
According to The Statesman, there are about 5,000 cases in which UP
RERA has ordered refunds and even issued recovery certificates (RC)
after the completion of the hearing, but the action against
builders comes to halt once they file a lawsuit in NCLT.
The NCLT is holding proceedings against these projects:
Golf Green Avenue, Ridge Residency, Gardenia Gateway, Apex Misty
Heights, AVS, Alstonia Apartments, Lord's, Unnati Fortune World
Phase-2, Phase-1, Iridia, Dwarka Heights, Victory Ace, Lotus Arena,
Ryan, KVDW Park, Earth Town, Earth Techno, Earth Sphere Court,
Lotus Zing Tower 3 to 14 Club & Commercial Build, Earth Titanium,
Kings Park, Lotus Arena II, Green Avenue, Towers K&L (RG Luxury
Homes), RG Square Phase-2 and Phase-1, Lotus City, Silver Homes,
Pebble Court, Jaypee Greens, Red Apple Homes, Jaypee Greens Cube,
Rohtas Platina and Casa Royale and Sanskriti, The Statesman
discloses.
INTEGRATED THERMOPLASTICS: CARE Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Integrated
Thermoplastics Limited (ITL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed rationale and key rating drivers
CARE had, vide its press release dated July 21, 2021, placed the
rating(s) of ITL under the 'issuer non-cooperating' category as ITL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ITL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated June 21,
2022, June 26, 2022, July 8, 2022, July 6, 2022, August 8, 2022 and
October 3, 2022.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings continue to factor delays in debt servicing by the
company.
Detailed description of the key rating drivers
At the time of last rating on July 2021, the following were the
rating strengths and weaknesses: (Updated information taken from
Bombay Stock Exchange (BSE) as it's a listed company).
Key rating weakness:
* Delays in debt servicing: As per the audit report for FY22, there
are continued delays in debt servicing and the company has
approached lenders for OTS for the settlement of dues.
* Continuing losses in FY22: The total operating income of the
company has reduced from INR71.58 crore in FY21 to INR55.26 crore
in FY22, and the company has incurred losses in PBILTD and PAT
margins. The company has reported losses of INR-0.19 crore in FY21
and INR-16.75 crore in FY22.
Key Rating strengths:
* Experienced promoter group with established industry presence:
ITL belongs to Nandi group, a South India based industrial house,
promoted by Mr. S.P.Y Reddy. The company was originally promoted by
Mr. Simon Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was
acquired by Nandi Group. Nandi Group of Industries has presence in
diversified businesses such as cement, dairy, TMT bars,
construction etc. in Andhra Pradesh/Telangana.
Integrated Thermoplastics Ltd (ITL), erstwhile Torrent
Thermo-Plastics Limited, was originally promoted by Mr. Simon
Joseph and Mr. S.V. Raghu. Later, during FY06, ITL was acquired by
the Nandi Group of companies. ITL is engaged in the manufacturing
of fabricate Polyvinyl Chloride (PVC) pipes and fittings, tubes,
bends etc. (installed capacity of 15,000 MTPA) at its facilities
located at Medak District (Telangana). Nandi group, promoted by
Shri S.P.Y Reddy, is a South India based industrial house having
diversified business interest such as cement, dairy, PVC pipes,
construction etc.
ISHANI RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ishani
Rice Mills Private Limited (IRMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.65 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.35 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 3, 2021,
placed the rating(s) of IRMPL under the 'issuer non-cooperating'
category as IRMPL 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. IRMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2022, June 29, 2022, July 9, 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).
Agnibina Rice Mills Private Limited (ARMPL) was incorporated as a
Private Limited Company on May 10, 2013. However, after remaining
dormant for almost five years, the company started commercial
operation from April, 2018. The company has set up a rice milling
and processing unit at Burdwan, West Bengal with an installed
capacity of 24,000 MTPA. Mr. Nazrul Islam Miya looks after the day
to day activities of the company and has around two decades of
experience in the same line of business through other similar
companies and they are equally supported by other directors and a
team of experienced professionals who are having adequate
experience in the similar line of business. The company as changed
its name from Agnibina Rice Mills Private Limited to Ishani Rice
Mills Private Limited as on May 24, 2022.
KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kaytx
Industries Private Limited (KIPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 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 17,
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 July 3, 2022, July 13, 2022, July 23, 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).
KIPL was incorporated in 2005 by Mr Satish Dutt to undertake
manufacturing and trading of steel structures including channels,
angles, joists, etc. Subsequently, the company was acquired by the
current promoters on April 01, 2011. KIPL is promoted by Mr.
Parshotam Lal Aggarwal and Mr. Salil Aggarwal. The company has an
integrated manufacturing facility and offers manufacturing,
fabrication and galvanization of structured steel products.
LEKHYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lekhya
Motors Private Limited (LMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.50 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 6, 2021,
placed the rating(s) of LMPL under the 'issuer non-cooperating'
category as LMPL 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. LMPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2022, July 2, 2022, July 12, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated on May 02, 2016, Lekhya Motors Private Limited (LMPL)
is promoted by Mr. Goluguri Srirama Reddy Lekhya and Ms. Jwalitha
Goluguri Lekhya. LMPL is a part of Reddy and Reddy Group which has
7 other associate companies engaged in trading of sea food and
dealers of automobiles. LMPL is an authorized dealer of Maruthi
Suzuki India Limited. The company is engaged in sale of new cars,
servicing of vehicles and sale of spare parts (3S) and operates
through its NEXA showroom situated in Hubballi, Karnataka.
LOTUS POLY-PACKS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Lotus Poly-Packs (India) Private Limited
H.No. 9-271, Plot No. 5, Rajiv Gandhi Nagar
Near S.S. Rubbers Pvt. Ltd.
IDA, Kutatpally
Hyderabad 500037
Telangana, India
Insolvency Commencement Date: October 13, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: April 8, 2023
(180 days from commencement)
Insolvency professional: Dendukuri Zitendra Rao
Interim Resolution
Professional: Dendukuri Zitendra Rao
304, Millenium Residency
H.No. 2-2-18/48
Durgabai Deshmukh Colony
Hyderabad 500013
Telangana
E-mail: dzr.irp@gmail.com
- and -
H.No. 2-2-647/A/11 & 14, First Floor
Sri Saibaba Nagar Colony
Sivam Road, Hyderabad 500013
Telangana
E-mail: cirp.lotuspolypacks@gmail.com
Last date for
submission of claims: October 27, 2022
MEENAKSHI ENERGY: NARCL Offers INR900 crore for Company's Debt
--------------------------------------------------------------
The Economic Times reports that National Asset Reconstruction
Company of India (NARCL), the government-promoted bad bank, has
given lenders of Meenakshi Energy a INR900 crore binding offer to
acquire its debt, said two people aware of the development.
NARCL gave a binding offer to the lenders two weeks ago. The loan
auction process starts only after all the lenders get approval from
their respective credit committees, the report relates.
The thermal power company promoted by Hemant Kanoria and his family
entered corporate insolvency in November 2019. Resolution
professional Ravi Sankar Devarakonda, backed by EY Restructuring
LLP, has received resolution plans from Vedanta, Naveen
Jindal-promoted Jindal Power and Prudent Asset Reconstruction
Company, one of the people said, ET relays. All of the three offers
are under INR900 crore, with the payment staggered over 7-10 years,
the same person said.
Meenakshi Energy Limited owns and operates renewable energy
generation projects. The Company builds, develops, and manages coal
based thermal power project. Meenakshi Energy serves clients in
India.
MEVADA OIL: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mevada Oil
Mill Private Limited (MOMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.60 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 6, 2021,
placed the rating(s) of MOMPL under the 'issuer non-cooperating'
category as MOMPL 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. MOMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 22, 2022, July 2, 2022, July 12, 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).
Surendranagar (Gujarat) based Mevada oil Mill Private Limited
(MOMPL) was established in April, 2000 as a proprietorship firm by
Mr. Ramesh Mevada. The firm was engaged in the business of
production of refined groundnut oil and trading in all types of
Edible Oil and Oil Cakes. During October 2016, the Proprietorship
firm was reconstituted as "Mevada Oil Mill Private Limited" and is
now engaged into manufacturing of cotton wash oil, crude corn oil
and oil cakes as well as trading in all kinds of edible oil,
non-edible oil and oil cakes.
MONALISA CERAMICS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Monalisa
Ceramics India Private Limited (MCIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 17,
2021, placed the rating(s) of MCIPL under the 'issuer
non-cooperating' category as MCIPL 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. MCIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 3, 2022, July 13, 2022,
July 23, 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 September 2010, as a private limited company, by
Mr. Shaikh Mashooq Safi and Mr. Suraj Parekh, Monalisa Ceramics
India Private Limited (MCIPL) is engaged in trading of ceramic
tiles, mainly porcelain flooring tiles under the brand name of
"Monalisa".
NAVAYUGA INFOTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Navayuga Infotech Private Limited
H.No. 8-2-293/82/A/379 & 379/A
Ground Floor Plot No. 379
Road No. 10 Jubilee Hills
Hyderabad TG 500033
IN
Insolvency Commencement Date: October 12, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: March 15, 2023
Insolvency professional: Kotoju Vasudeva Rao
Interim Resolution
Professional: Kotoju Vasudeva Rao
Plot No. 725, Road No. 20
Vasanthanagar, Kukatpally
Hyderabad 500085
E-mail: vasurkotoju@gmail.com
- and -
Flat No. 104, Kavuri Supreme Enclave
Kavuri Hills, Madhapur
Hyderabad 500033
Telangana
E-mail: cirp.navayugainfotech@gmail.com
Last date for
submission of claims: October 26, 2022
NIAGARA METALS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Niagara
Metals India Limited (NMIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 4, 2021,
placed the rating(s) of NMIL under the 'issuer non-cooperating'
category as NMIL 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. NMIL 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).
Niagara Metals India Limited (NMI) was incorporated in December,
2004 as a 100% export-oriented unit for railway components. The
company is currently being managed by Mr. Vinod Kumar Soni, Mr.
Vikram Soni (son of Mr. Vinod Kumar Soni) and Mr. Charanjit Singh.
NMI's manufacturing facility is situated at Ludhiana, Punjab. The
company was initially engaged in the manufacturing of railway
components and exported the same to the USA markets. However, in
2009, the company diversified its business and started
manufacturing auto components also, apart from manufacturing
railway components. Later on, in 2011, NMI ventured into
construction and installation of pre-engineered steel structural
buildings (PEBs) also, providing turnkey solutions in
infrastructure space and shifted its selling arrangements from
exports to domestic sales.
PANTONE TEXTILE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pantone
Textile Mills Private Limited (PTMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.25 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 0.25 CARE C; Stable/CARE A4; ISSUER
Short Term NOT COOPERATING; Rating
Bank Facilities continues to remain under
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 09,
2021, placed the rating(s) of PTMPL under the 'issuer
non-cooperating' category as PTMPL 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. PTMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 25, 2022, July 5, 2022,
July 15, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
Faridabad (Haryana) based, Pantone Textiles Mills Private Limited
(PTMPL) was incorporated in January, 2017 as a private limited
company and is currently being managed by Mr. Pushpender Kumar, Mr.
Jai Prakash Singh, Mr. Sanjay Sharma and Mr. Vinay Kataria sharing
profit and loss equally. PTMPL is setting up a unit for processing
and dyeing of fabric and garments.
PRAAGNA HOSPITALS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Praagna Hospitals Private Limited (SPHPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 9, 2021,
placed the rating(s) of SPHPL under the 'issuer non-cooperating'
category as SPHPL 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. SPHPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 25, 2022, July 5, 2022, July 15, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sree Praagna Hospitals Private Limited (SPHPL) was incorporated in
2015 with trade name as 'S V American Hospitals', promoted by Dr
B.J Prasad (Managing Director), an ENT specialist and Dr Syamala
Sridevi (Director) is specialised in Oncology. SPHPL has got
approvals from DM&HO (District Medical & Health Officers) in the
year 2016 for setting up the hospitals and also planning to empanel
for 'Aarogyasri Scheme', sponsored by government of Andhra Pradesh.
SPHPL is planning to be managed by a team of experts from all
related fields like Oncology, ENT and Cancer treatment with all
types of Surgeries.
PRADEEP UDYOG: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pradeep
Udyog (PU) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 9, 2021,
placed the rating(s) of PU under the 'issuer non-cooperating'
category as PU 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. PU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 25, 2022, July 5, 2022, July 15, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
PU, based in Nagpur (Maharashtra), is promoted by Mr. Pradeep
Agarwal and commenced operation in January 2016. PU is engaged in
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
etc, which find application in various industries like
construction, infrastructure and engineering, amongst others. The
entity has its registered office and servicing facility based in
Nagpur, Maharashtra.
RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raghu Rama
Renewable Energy Limited (RRREL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 31,
2021, placed the rating(s) of RRREL under the 'issuer
non-cooperating' category as RRREL 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. RRREL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 17, 2022, July 27, 2022,
August 6, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Raghu Rama Renewable Energy Limited (RRREL) was incorporated in
2001 and is a subsidiary of Ind-Barath Power Infra Limited (IBPIL)
of the Ind-Barath Group. The company operates 18-MW Biomass-based
power plant in Ramnad district of Tamil Nadu with the plant
commencing operation from October 2004. The primary source of fuel
is biomass such as Prosopis Juliflora shrubs combined with wood
powder and matchbox waste.
RAJARAMSEVAK MULTIPURPOSE: CARE Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Rajaramsevak Multipurpose Cold Storage Private Limited (RMCSPL)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.94 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 5, 2021,
placed the rating(s) of RMCSPL under the 'issuer non-cooperating'
category as RMCSPL 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.
RMCSPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated June 21, 2022, July 1, 2022, July 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).
RMCSPL was incorporated in February 2012 and presently managed by
Mr Raja Chakraborty, Mr Shyamal Kumar Dutta, Mrs Koyanta
Chakraborty and Mrs Rita Chakraborty. After remaining dormant for
around two years, it has commenced operations of cold storage
services and trading of potatoes from February 2014. The cold
storage facility of RMCSPL is located at Kamarhati, Barasat (West
Bengal) with aggregate storage capacity of 18300 metric ton.
RAJKISHORE SINGH: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajkishore
Singh (RS) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 2.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 23,
2021, placed the rating(s) of RS under the 'issuer non-cooperating'
category as RS 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. RS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 9, 2022, July 19, 2022, July 29, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
M/s Rajkishor Singh (RS) was established in 1999 as a
proprietorship entity by one Mr. Rajkishor Singh of Bihar. The
entity is registered as Class-A contractor with the Government of
Bihar. RS participates in the tender process of various government
department of Bihar for their civil construction projects like
road, building construction and related ancillary works. Mr.
Rajkishor Singh looks after the day to day operations of the
entity.
RAKESH KUMAR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rakesh
Kumar Gupta Rice Mills Private Limited (RKGRMPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 12,
2021, placed the rating(s) of RKGRMPL under the 'issuer
non-cooperating' category as RKGRMPL 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.
RKGRMPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated June 28, 2022, July 8, 2022, July 18, 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).
Rakesh Kumar Gupta Rice Mill Pvt. Ltd. (RKGPL) was incorporated in
November, 2005 by Gupta family of Patna, Bihar. The company is
engaged in the processing and milling of rice. The milling unit of
the company is located at Patna, Bihar with processing capacity of
57,600 Metric Tonne Per Annum (MTPA). RKGPL procures paddy from
farmers & local agents and sells its products through the
wholesalers and distributors across 9 states in India and Nepal.
RATHI HATCHERIES: CARE Keeps C Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rathi
Hatcheries Private Limited (RHPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.14 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term 1.60 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 5, 2021,
placed the rating(s) of RHPL under the 'issuer non-cooperating'
category as RHPL 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. RHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 21, 2022, July 1, 2022, July 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).
Rathi Hatcheries Private Limited was incorporated in June, 2002 and
is currently being managed by Mr. Ramesh Kumar, Mr. Krishan Kumar
and Mr. Vinod Kumar collectively. RHPL is engaged in poultry
farming business at its poultry farm located in Jind, Haryana.
RELIANCE CAPITAL: Insolvency Process Deadline Extended Till Jan 31
------------------------------------------------------------------
Sahyaja S at BQ Prime reports that the insolvency court on Oct. 18
granted another extension of 90 days for Reliance Capital Ltd.'s
resolution process.
The deadline for the insolvency process is set to end on Nov. 1.
This is the third extension by the Mumbai bench of the National
Company Law Tribunal, basis the administrator's request, BQ Prime
notes.
Jan. 31 has been set as the new deadline as the Anil
Ambani-promoted Reliance Capital is facing multiple litigations
before the NCLT and the Supreme Court, according to BQ Prime.
In a pending matter before the NCLT, the court is yet to determine
whether IDBI Trusteeship Services Ltd. should surrender the shares
of Reliance General Insurance Ltd. to the common pool of assets
available for resolution. These shares were pledged by Reliance
Capital for the redemption of non-convertible debentures issued by
Reliance Home Finance Ltd.
RHFL had issued non-convertible debentures, which it failed to
redeem, BQ Prime says. As part of the restructuring terms of these
NCDs in 2019, RHFL's promoter—Reliance Capital—had pledged its
entire shareholding in Reliance General Insurance in favour of IDBI
Trusteeship—the debenture trustee.
When Reliance Capital failed to redeem the NCDs, IDBI Trusteeship
invoked the pledge, BQ Prime states.
A connected dispute over the shares also lies before the apex
court, BQ Prime relates. Here, the dispute pertains to alleged
violation of the Insurance Act in the assignment of pledge towards
IDBI Trusteeship. The law says that transfer of over 5% shares of
an insurance company can only be done with the permission of the
insurance regulator.
BQ Prime adds that the apex court will also decide on the
competency of Reliance Capital to manage the affairs of Reliance
General Insurance.
The question of whether Reliance Capital is a "fit and proper
person" or whether it is within the solvency margin to oversee the
management and affairs of Reliance General Insurance is yet to be
determined.
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.
SAI SWADHIN: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.64 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 17,
2021, placed the rating(s) of SSCPL under the 'issuer
non-cooperating' category as SSCPL 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. SSCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 3, 2022, July 13, 2022,
July 23, 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).
Sai Swadhin Commercials Private Limited (SSCPL) was incorporated in
August, 2008, however after remaining dormant for seven years the
company started commercial operation from April 2015. The company
was promoted by Mr. Jami Ramesh, Mr. Jami Sivasai, Mrs. Jami Kavita
and Mrs. Jami Nirmala based out of Koraput, Odisha. The company has
been engaged in extraction of cashew nut shell liquid and cashew
de-oiled cake at its plant located at Ganjam, Odisha. The plant has
a processing capacity of 252,000 quintals for cashew de-oiled cake
and 108,000 quintals for cashew nut shell liquid. The company
procures its raw materials from domestic markets and sales through
dealers across all over India. Presently, the company has around
25 dealers.
TEXTRADE INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Textrade
International Limited (TIL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 120.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 55.00 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 18,
2021, placed the rating(s) of TIL under the 'issuer
non-cooperating' category as TIL 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. TIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 4, 2022, July 14, 2022, July 24, 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).
Textrade International Ltd (TIL) involved in business of
manufacturing of home textile products. The company's home textiles
product range includes bedroom textiles, bathroom textiles, lounge
textiles and kitchen and table linen.
VAIBHU INFRA: CARE Lowers Rating on INR3.50cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vaibhu Infra Tech India Private Limited (VITIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 3.00 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 August 30,
2021, placed the rating(s) of VITIPL under the 'issuer
non-cooperating' category as VITIPL 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. VITIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 16, 2022, July 26, 2022,
August 05, 2022, October 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).
The ratings assigned to the bank facilities of VITIPL have been
revised on account of delays in debt servicing recognized from
Annual report of FY21 available from register of companies.
Vaibhu Infratech India Private Limited (VITIPL), an ISO 9001:2008
certified company, was incorporated in the year 2010 and currently
managed by Mr. K Babji (Managing Director) and Mrs. K Lakshmi
(Director). The company is engaged in the business of providing IT
support for government utility services (e-Governance),
maintenance, and technology support, facility management services
for computer systems & peripherals and computer hardware in
different department under central and state government.
VENKATESWARA CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Venkateswara Constructions Private Limited (SVCPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 24.00 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 2, 2021,
placed the rating(s) of SVCPL under the 'issuer non-cooperating'
category as SVCPL 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. SVCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2022, June 28, 2022, July 8, 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).
Andhra Based, Sri Venkateswara Constructions (SVCPL) was
established in the year 2006 as partnership firm. Later on, in the
year 2012, SVCPL change its constitution to current nomenclature
Sri Venkateswara Construction Private Limited (SVCPL). The company
is engaged in Civil construction works includes construction of
bridges for railway track, fabrication work, earth work,
construction of buildings to government organization, transmission
lines and canal works among others. The company purchase the raw
material like cement, steel, sand and concrete etc. within Andhra
Pradesh.
YOGIRAJ EXPORT: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yogiraj
Export Private Limited (YEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 12,
2021, placed the rating(s) of YEPL under the 'issuer
non-cooperating' category as YEPL 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. YEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 28, 2022, July 8, 2022, July 18, 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).
Rajkot, Gujarat based, YEPL is a private limited company
incorporated in September 2012, promoted by Mr. Kuldeepsinh
Chudasama and Mr. Pusparajsinh Chudasama. The promoters of the
company are involved into cotton ginning, oil and spinning business
since last one decade. YEPL is engaged in trading of
agro-commodities with main focus on cotton and cotton yarn.
YOGIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yogiraj
Ginning and Oil Industries Private Limited (YGOIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.50 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 August 12,
2021, placed the rating(s) of YGOIPL under the 'issuer
non-cooperating' category as YGOIPL 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.
YGOIPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated June 28, 2022, July 8, 2022, July 18, 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).
Rajkot, Gujarat based, YGOIPL is a private limited company
incorporated in November 2014, promoted by Mr. Kuldeepsinh
Chudasama and Mr. Pusparajsinh Chudasama. The promoters of company
are involved into cotton ginning, oil and spinning business since
last one decade. YGOIPL is engaged in business of ginning of raw
cotton to produce cotton bales.
=====================
N E W Z E A L A N D
=====================
B & M SECURITY: BDO Wellington Appointed as Administrator
---------------------------------------------------------
Paul Thomas Manning and Jessica Jane Kellow of BDO Wellington on
Oct. 19, 2022, were appointed as administrators of B & M Security
Limited and Digital Cloud 2017 Limited.
The administrators may be reached at:
BDO Wellington Limited
Level 1, Chartered Accountants House
50 Customhouse Qua
PO Box 10340
Wellington 6143
CREATE-A-KITCHEN: Court to Hear Wind-Up Petition on Oct. 27
-----------------------------------------------------------
A petition to wind up the operations of Create-A-Kitchen Limited
will be heard before the High Court at Auckland on Oct. 27, 2022,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 17, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
EDISON CHRISTCHURCH: Creditors' Proofs of Debt Due on Nov. 25
-------------------------------------------------------------
Creditors of:
- Edison Christchurch Limited;
- Edison Fanshawe Limited;
- Edison Inc Limited;
- Edison NZ Limited;
- Edison Parnell Limited; and
- Innove Wellness Limited
are required to file their proofs of debt by Nov. 25, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 14, 2022.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
PRL CAPITAL: Creditors' Proofs of Debt Due on Nov. 18
-----------------------------------------------------
Creditors of PRL Capital Limited are required to file their proofs
of debt by Nov. 18, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 18, 2022.
The company's liquidators are:
Gareth Russel Hoole
Clive Robert Bish
Ecovis KGA Limited
Chartered Accountants
PO Box 37223
Parnell, Auckland
R. MANINANG: Court to Hear Wind-Up Petition on Oct. 27
------------------------------------------------------
A petition to wind up the operations of R. Maninang Painting
Limited will be heard before the High Court at Christchurch on Oct.
27, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 31, 2022.
The Petitioner's solicitor is:
Courtney Waddell
Inland Revenue
Legal Services
PO Box 1782
Christchurch 8140
=================
S I N G A P O R E
=================
ATLANTA GLOBAL: Creditors' Meetings Set for Nov. 2
--------------------------------------------------
Atlanta Global Trade Pte. Ltd., Atlanta Global Group Pte. Ltd., and
Azure Dragon Capital Investment Pte. Ltd., will hold a meeting for
its creditors on Nov. 2, 2022, at 11:15 a.m., 12:15 p.m. and 1:00
p.m., respectively, via Zoom Platform.
Agenda of the meeting includes:
a. to lay before the creditors a full statement of the affairs
of the Companies, showing the assets and liabilities of the
Companies;
b. to appoint Liquidators;
c. to appoint a Committee of Inspection if deemed necessary;
d. Any other business.
BEAUFORT SENTOSA: Members' Final Meeting Set for Nov. 19
--------------------------------------------------------
Members of Beaufort Sentosa Development Pte Ltd will hold their
final meeting on Nov. 19, 2022, at 10:00 a.m., at 6 Shenton Way,
OUE Downtown 2, #33-00, in Singapore.
At the meeting, Lim Loo Khoon, the company's liquidators, will give
a report on the company's wind-up proceedings and property
disposal.
KITCHEN CULTURE: Ooway Says No Conditions Tied to Loan Offered
--------------------------------------------------------------
The Business Times reports that Ooway Group on Oct. 20 said its
SGD1.5 million interest-free loan offered to Kitchen did not come
with any pre-conditions, contrary to what the latter has said.
Its clarification comes nearly a week after the board of
Catalist-listed Kitchen Culture claimed Ooway Group had made
statements with various "factual inaccuracies and
mischaracterisation of events," BT relates.
According to BT, Kitchen Culture alleged in its Oct. 14 statement
that the SGD1.5 million interest-free loan offered by Ooway Group
to help the company meet its general working capital requirements
came with a pre-condition that a specific candidate had to be
appointed as the company's chief financial officer.
Kitchen Culture said it could not accept the condition after its
board's nominating committee found the candidate unsuitable.
The company subsequently sought urgent funding from other sources
after balance proceeds from past fundraising activities started to
fall to a "precariously low level of SGD26,559," BT relates. At the
same time, liabilities accumulated under the management of former
executive director and interim chief executive Lincoln Teo swelled
to about SGD935,000.
This led to Kitchen Culture entering into an agreement with lender
Tan Gin Tat for a SGD1 million loan, so that it can meet its
anticipated general working capital requirements until the end of
2022. The loan came with a term of one year and an interest rate of
10 per cent per annum.
In its latest statement on Oct. 20, Ooway Group noted that the
terms for its SGD1.5 million loan included a loan tenor of one year
from the first drawdown date, no interest being payable, and Ooway
having the option to extend its loan tenor or convert the loan to
equity shares of Kitchen Culture after the initial term expires, BT
relays.
"This proposed unconditional interest-free loan was not accepted by
the board of Kitchen Culture for reasons unknown to us," BT quotes
Ooway Group representative Liu Yanlong as saying.
The company has invited Kitchen Culture's board to further clarify
and circulate the final version of its term sheet dated June 8,
2022, to shareholders.
Ooway Group is a corporate entity with a stake in Big Data credit
management firm Ooway Technology, in which Kitchen Culture has a
30% stake.
Kitchen Culture's board on Sept. 30 received a notice from Ooway
Group and seven individuals who own an aggregate of 21.71% of the
company's shares asking for five of its directors to resign, BT
recounts. Among these shareholders, Ooway Group holds the largest
stake in Kitchen Culture at 21.19 per cent.
Trading in the shares of Kitchen Culture has been suspended since
July 12, 2021, BT notes.
About Kitchen Culture
Based in Singapore, Kitchen Culture Holdings Ltd. --
https://www.khlmktg.com/ -- sells and distributes imported kitchen
systems, kitchen appliances, wardrobe systems, and household
furniture and accessories under the Kitchen Culture brand name. It
operates through Residential Projects, and Distribution and Retail
segments.
Kitchen Culture reported three consecutive net losses of SGD3.87
million, SGD4.77 million and SGD11.51 million for years ended June
30, 2019, 2020, and 2021, respectively.
NEXT DISTRIBUTION: Creditors' Meeting Set for Nov. 22
-----------------------------------------------------
Next Distribution Pte. Ltd. will hold a meeting for its creditors
on Nov. 22, 2022, at 2:00 p.m., via video conference.
Agenda of the meeting includes:
a. to receive, from the liquidators and/or their duly
authorised representative(s), a brief update on matters
attended to in the Company's winding up;
b. to approve the liquidators' fees and disbursements; and
c. discuss other business.
The company's liquidator is Joshua James Taylor.
TECHNICOLOR ASIA: Creditors' Proofs of Debt Due on Nov. 22
----------------------------------------------------------
Creditors of Technicolor Asia Pacific Holdings Pte. Ltd. are
required to file their proofs of debt by Nov. 22, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2022.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
THAI LOI: Commences Wind-Up Proceedings
---------------------------------------
Members of Thai Loi Construction Company (Private) Limited, on Oct.
13, 2022, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Chua Kaw Kia
Chua Soo Chiew
101 Upper Cross Street
#06-11 People's Park Centre
Singapore 058357
=====================
S O U T H K O R E A
=====================
BALAAN: Luxury Shopping Platforms Face Financial Difficulties
-------------------------------------------------------------
Kim Jae-heun at The Korea Times reports that Balaan, Trenbe, Must
It and other online luxury shopping malls had flourished over the
past two years during the raging COVID-19 pandemic on the back of
so-called "revenge spending" by consumers who spent money on luxury
goods since they were unable to travel abroad. However, as soon as
the country showed significant signs of recovery from the pandemic
and the government lifted travel bans, local luxury shopping firms
saw their sales plunge.
The Korea Times relates that the platforms spent a tremendous
amount of money on marketing in 2020 and 2021 to stay ahead of
their rivals amid intensifying competition. They hired top actors
like Joo Ji-hoon, Kim Hye-soo and Kim Hee-ae for their commercials
to raise brand awareness and attract new customers. This led
spending at all three luxury shopping firms to surpass KRW300
billion (US$214.5 million) last year. In particular, Balaan's gross
merchandise volume in 2021 surged 51% year-on-year to KRW315
billion.
However, controversies like selling fake luxury goods, leaking
customers' personal data and requesting excessive refund fees have
turned many customers off, the report says. In addition, the U.S.
Federal Reserve raising its target interest rate by 75 basis points
three times in a row affected local venture capital and private
equity funds to withdraw their plans to invest in local luxury
platforms.
Balaan is said to have been hit the hardest by such changes,
according to industry analysts. The company has been trying to
attract "Series C" funding since January. Balaan planned to raise
about KRW100 billion through investments.
However, after it deceived customers about the prices of its
products, while some of the items sold were reportedly revealed to
have been imitations, Balaan saw 120,000 users close their
accounts, The Korea Times discloses.
Its corporate value also decreased from around KRW800 billion to
KRW500 billion.
"We planned to go public after successfully attracting Series C
investments, but it did not work out well. We are also currently
facing continuous operating losses and we have decided to decrease
marketing expenses as well," The Korea Times quote a Balaan
official as saying.
"A number of unfavorable factors have tarnished the brand images of
luxury shopping firms and many users have left their platforms," a
source at a local luxury firm said, notes the report. "The number
of users is connected directly to their business performance and
this makes investors hesitant to spend money on luxury shopping
platforms here."
PUMIL CO: Liquidation Blamed on CEO's Incompetence
--------------------------------------------------
Kim Jae-heun at The Korea Times reports that Purmil CEO Shin
Dong-hwan has taken the blame for the dairy product maker's recent
liquidation, 15 years after its separation from Lotte Group.
The Korea Times relates that Shin, second son of company founder
and Chairman Shin Jun-ho, took office in 2018, which is when Purmil
started to see its business performance decline.
The dairy firm showed KRW257.5 billion (US$180.5 million) in sales
for 2017, but sales decreased every year to reach KRW180 billion as
of last year, The Korea Times discloses.
The company's operating profit also went into a deficit of KRW1.5
billion in 2018 and its losses widened to KRW12.4 billion as of
last year.
According to the report, an industry source from a local retailer
points out that the younger Shin was too complacent, while local
competitors such as Maeil Dairy, Seoul Milk and Yonsei Milk have
been expanding their new milk products and seeking new growth
engines in the health functional foods sector since early 2010.
"At some point, Purmil's greatest selling point became its prices,
not quality. The dairy firm is said to use the oldest production
facility in the local market. Many dairy companies here invest in
their equipment to introduce new products, but Purmil turned its
back on that. It only made slight changes to its existing products
and the company was left behind by trends in the rapidly changing
market," a local dairy firm official said.
Purmil's union also shared the same opinion, the report notes.
"CEO Shin was only interested in collecting toy figurines. He was
not aware of the changing market trends and he neither pursued
business diversification nor invested in new production facilities.
He was too complacent," the union said in a statement released on
Oct. 18.
Purmil was founded by the elder Shin in April 2007, after the
company was spun off from Lotte Group. Shin Jun-ho is the younger
brother of the late Lotte Group Honorary Chairman Shin Kyuk-ho.
Purmil Company Ltd. manufactures dairy and related food products.
The Company offers yoghurt, chocolate, black bean, and banana juice
milk, vitamin water, orange juice, and desserts. Purmil serves
customers throughout Korea.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***