/raid1/www/Hosts/bankrupt/TCRAP_Public/221102.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
Wednesday, November 2, 2022, Vol. 25, No. 213
Headlines
A U S T R A L I A
4IMPACT GROUP: Second Creditors' Meeting Set for Nov. 4
AARNA ANANTA: Second Creditors' Meeting Set for Nov. 4
BETTER CLASS: Peter Hillig Appointed as Liquidator
ELITE DYNAMIC: Andrew Heard Appointed as Liquidator
LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba1
MANDRI INVESTMENTS: First Creditors' Meeting Set for Nov. 4
RIVERCITY MOTORWAY: 2014 Bank Debt Trades at 54.5% Discount
RIVERCITY MOTORWAY: 2016 Bank Debt Trades at 54.5% Discount
WISR FREEDOM 2021-1: Moody's Hikes Rating on Class F Notes to Ba2
C H I N A
CHINA EASTERN: Net Loss Widens to CNY9.38BB in Q3 Ended Sept. 30
CIFI HOLDINGS: Shares Plunge After Debt-Payment Suspension
I N D I A
AMRIT HOMES: CARE Keeps D Debt Rating in Not Cooperating
BALAJI ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating
BASUNDHARA GREEN: CARE Keeps C Debt Rating in Not Cooperating
BLUE PARK: Insolvency Resolution Process Case Summary
BNK ENERGY: CARE Keeps C Debt Rating in Not Cooperating Category
CHEEKA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
COMMERCIAL CARRIERS: CARE Keeps D Debt Rating in Not Cooperating
CONCEPT HORIZON: Insolvency Resolution Process Case Summary
DABRA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating
ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating
GUJARAT HY-SPIN: CARE Keeps C Debt Ratings in Not Cooperating
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
HEAVY METALS: CARE Keeps D Debt Ratings in Not Cooperating
HIGHBAR TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
JHARKHAND ROAD: CARE Keeps D Debt Rating in Not Cooperating
K C TIMBER: CARE Keeps C Debt Rating in Not Cooperating Category
KIMIYA ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
MAHAKALESHWAR TOLLWAYS: CARE Keeps D Rating in Not Cooperating
MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category
MP BORDER: CARE Keeps C Debt Rating in Not Cooperating Category
MTE INDUSTRIES: CARE Lowers Rating on INR13.87cr LT Loan to D
OCTOPUS PAPERS: CARE Keeps D Debt Rating in Not Cooperating
OM AASTHA: CARE Keeps D Debt Rating in Not Cooperating Category
PANAMA AGRICULTURE: CARE Keeps D Debt Rating in Not Cooperating
PATEL PHOSCHEM: CARE Keeps D Debt Rating in Not Cooperating
PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
PRAPTI FASHIONS: Insolvency Resolution Process Case Summary
QUADPRO INFOSOFT: Insolvency Resolution Process Case Summary
UBS PUBLISHERS DISTRIBUTORS: Insolvency Resolution Case Summary
M A L A Y S I A
ALAM MARITIM: Now Classified as PN17 Company
KNM GROUP: Shares Fall After Being Classified as PN17 Issuer
N E W Z E A L A N D
HINA CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 18
HONEYBUNCH PURE: Creditors' Proofs of Debt Due on Dec. 5
SMITH INTERIOR: Court to Hear Wind-Up Petition on Nov. 8
TATECH LIMITED: Court to Hear Wind-Up Petition on Nov. 25
TURNHAM AGRICULTURE: Creditors' Proofs of Debt Due on Nov. 23
S I N G A P O R E
BMG HOTEL: Court to Hear Wind-Up Petition on Nov. 11
DECENTRAL MANPOWER: Creditors' Proofs of Debt Due on Nov. 30
DPRO LOGISTICS: Court to Hear Wind-Up Petition on Nov. 25
NUTRICOMM ASIA: Creditors' Proofs of Debt Due on Nov. 30
QUANTICAL PTE: Creditors' Proofs of Debt Due on Nov. 30
THREE ARROWS: Under Probe by CFTC, SEC After Bankruptcy Filing
S R I L A N K A
SRI LANKA: Key Inflation Rate Eases to 66% in October
V I E T N A M
VIETNAM SHIPBUILDING: Bank Debt Trades at 56% Discount
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=================
A U S T R A L I A
=================
4IMPACT GROUP: Second Creditors' Meeting Set for Nov. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of 4impact Group
Pty Ltd has been set for Nov. 4, 2022, at 11:00 a.m. at Suite 38, 3
Box Road in Caringbah.
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 Nov. 3, 2022, at 5:00 p.m.
Darren John Vardy of Insolvency Options were appointed as
administrators of the company on Sept. 30, 2022.
AARNA ANANTA: Second Creditors' Meeting Set for Nov. 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Aarna Ananta
Pty Ltd has been set for Nov. 4, 2022, at 1:00 p.m. via virtual
meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2022, at 5:00 p.m.
Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of the company on Sept. 29, 2022.
BETTER CLASS: Peter Hillig Appointed as Liquidator
--------------------------------------------------
Peter Hillig of Smith Hancock on Oct. 31, 2022, was appointed as
liquidator of A Better Class Of Concreting Pty Ltd.
The liquidator can be reached at:
Peter Hillig
Smith Hancock
Level 4, 88 Phillip Street
Parramatta, NSW 2150
ELITE DYNAMIC: Andrew Heard Appointed as Liquidator
---------------------------------------------------
Andrew Heard of Heard Phillips Lieberenz on Oct. 28, 2022, was
appointed as liquidator of Elite Dynamic Pty Ltd.
The liquidator can be reached at:
Andrew Heard
Heard Phillips Lieberenz
PO Box 3432
Rundle Mall, SA 5000
LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on eight classes
of notes issued by two Liberty Series SME.
The affected ratings are as follows:
Issuer: Liberty Series 2019-1 SME
Class C Notes, Upgraded to Aaa (sf); previously on Jun 17, 2021
Upgraded to Aa1 (sf)
Class D Notes, Upgraded to Aa1 (sf); previously on Jan 12, 2022
Upgraded to Aa2 (sf)
Class E Notes, Upgraded to A1 (sf); previously on Jan 12, 2022
Upgraded to A3 (sf)
Class F Notes, Upgraded to Baa2 (sf); previously on Jan 12, 2022
Upgraded to Ba1 (sf)
Issuer: Liberty Series 2020-1 SME
Class C Notes, Upgraded to Aaa (sf); previously on Dec 13, 2021
Upgraded to Aa1 (sf)
Class D Notes, Upgraded to Aa1 (sf); previously on Dec 13, 2021
Upgraded to Aa3 (sf)
Class E Notes, Upgraded to A2 (sf); previously on Dec 13, 2021
Upgraded to Baa1 (sf)
Class F Notes, Upgraded to Ba1 (sf); previously on Dec 13, 2021
Upgraded to Ba3 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and good collateral performance to
date.
Liberty Series 2019-1 SME
Following the September 2022 payment date, note subordination
available for the Class C Notes has increased to 12.6% from 10.9%
at the time of the last rating action for these notes in June 2021.
Note subordination available for the Class D, Class E and Class F
Notes has increased to 9.1%, 5.8% and 3.2% respectively, from 8.5%,
5.2% and 2.5% at the time of the last rating action for these notes
in January 2022.
Since closing, the Guarantee Fee Reserve Account has been fully
funded to its maximum balance of AUD2.75 million and provides
additional credit support of 0.9% of the current note balance.
As of September 2022, 0.4% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The deal has
incurred no losses to date. The proportion of bullet loans, which
rely on either refinancing or sale of the underlying property to
repay the loan at maturity, has decreased to 0.5% from 1.6% at the
time of the rating action in January 2022. The proportion of the
portfolio categorised into the SME sub-pool has reduced to 25% from
26%.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 1.7% of the
outstanding pool from 2.0% of the outstanding pool at the time of
the last rating action, and the Aaa portfolio credit enhancement is
11%.
Liberty Series 2020-1 SME
Following the September 2022 payment date, note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 17.7%, 11.9%, 8.1% and 3.7% respectively, from 14.2%,
9.6%, 6.5% and 3% at the time of the last rating action for these
notes in December 2021.
Since closing, the Guarantee Fee Reserve Account has been fully
funded to its maximum balance of AUD3 million and provides
additional credit support of 0.7% of the current note balance.
As of September 2022, no loans in the pool was 30-plus day
delinquent. The deal has incurred no losses to date. The proportion
of bullet loans, which rely on either refinancing or sale of the
underlying property to repay the loan at maturity, has decreased to
0.6% from 1.7% as of the last rating action in December 2021. The
proportion of the portfolio categorised into the SME sub-pool has
remained at 42%.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 2.2% of the
outstanding pool from 2.4% of the outstanding pool at the time of
the last rating action, and the Aaa portfolio credit enhancement is
14.5%.
The transactions are a securitisation of loans to self-managed
superfunds, small-to-medium enterprises and individuals, originated
by Liberty Financial Pty Ltd, an Australian non-bank lender. The
loans are secured by residential or commercial properties, or a mix
of both. A portion of the portfolio consists of loans extended to
borrowers with impaired credit histories or made on a limited
documentation basis, or no documentation basis.
Due to the mixed nature of the pools, Moody's has categorised the
portfolios into separate residential loan and SME sub-pools in its
analysis.
The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
MANDRI INVESTMENTS: First Creditors' Meeting Set for Nov. 4
-----------------------------------------------------------
A first meeting of creditors in the proceedings of Mandri
Investments Pty Ltd has been set for Nov. 4, 2022, at 11:00 a.m.
via teleconference facilities.
Blair Pleash of Hall Chadwick was appointed as administrator of the
company on Oct. 25, 2022.
RIVERCITY MOTORWAY: 2014 Bank Debt Trades at 54.5% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Rivercity Motorway
Finance Pty Ltd is a borrower were trading in the secondary market
around 45.46 cents-on-the-dollar during the week ended Fri.,
October 28, 2022, according to Bloomberg's Evaluated Pricing
service data.
The AUD668 million facility is a term loan. The loan was scheduled
to mature in 2014. As of October 28, 2022, the amount was fully
drawn and outstanding.
Rivercity Motorway Finance Pty Limited is a New South Wales based
Australian Private Company. RiverCity Motorway Group, together
with its subsidiaries, engages in the financing, design,
construction, and operation of the Clem Jones Tunnel in Queensland,
Australia.
RIVERCITY MOTORWAY: 2016 Bank Debt Trades at 54.5% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Rivercity Motorway
Finance Pty Ltd is a borrower were trading in the secondary market
around 45.46 cents-on-the-dollar during the week ended Fri.,
October 28, 2022, according to Bloomberg's Evaluated Pricing
service data.
The AUD668 million facility is a term loan. The loan was scheduled
to mature in 2016. As of October 28, 2022, the amount was fully
drawn and outstanding.
Rivercity Motorway Finance Pty Limited is a New South Wales based
Australian Private Company. RiverCity Motorway Group, together
with its subsidiaries, engages in the financing, design,
construction, and operation of the Clem Jones Tunnel in Queensland,
Australia.
WISR FREEDOM 2021-1: Moody's Hikes Rating on Class F Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Wisr Freedom Trust 2021-1.
The affected ratings are as follows:
Issuer: Wisr Freedom Trust 2021-1
Class B Notes, Upgraded to Aaa (sf); previously on May 31, 2021
Definitive Rating Assigned Aa1 (sf)
Class C Notes, Upgraded to Aa2 (sf); previously on May 3, 2022
Upgraded to Aa3 (sf)
Class D Notes, Upgraded to A2 (sf); previously on May 3, 2022
Upgraded to A3 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on May 3, 2022
Upgraded to Ba1 (sf)
Class F Notes, Upgraded to Ba2 (sf); previously on May 3, 2022
Upgraded to Ba3 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the good performance of the
collateral pool to date.
Following the October 2022 payment, credit enhancement available
for the Class B Notes has increased to 36.2% from 29.8% at closing.
Credit enhancement available for the Class C, Class D, Class E and
Class F Notes has increased to 26.1%, 19%, 9.7%, and 6.8%
respectively, from 24.7%, 17.5%, 8.1%, and 5.1% at the time of the
last rating action for these notes in May 2022.
As of October 2022, 3.6% of the outstanding pool was 30-plus day
delinquent and 1.5% was 90-plus day delinquent. The deal has
incurred 2.2% of gross losses to date, which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 7.2% of the
outstanding pool balance from 7.7% as of the last rating action in
May 2022. Moody's has also lowered the Aaa portfolio credit
enhancement to 34% from 38% as of the last rating action.
The transaction is a cash securitization of unsecured personal
loans extended to obligors located in Australia. All receivables
were originated by Wisr Finance Pty Ltd.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
=========
C H I N A
=========
CHINA EASTERN: Net Loss Widens to CNY9.38BB in Q3 Ended Sept. 30
----------------------------------------------------------------
The Standard reports that China Eastern Airlines saw its net loss
for the third quarter widen more than two times year-on-year to
CNY9.38 billion (HK$10.16 billion), making its net loss for the
first nine months CNY28.12 billion, the worst among the three
mainland airlines.
The three state-owned airlines, including China Southern Airlines
and Air China, suffered a combined net loss of CNY24.15 billion in
the third quarter, bringing their cumulative losses in the first
nine months to CNY73.81 billion, The Standard notes.
According to The Standard, China Eastern said the poor performance
was mainly due to lower demand for air travel and reduced overall
capacity due to the pandemic, as well as high jet fuel prices,
which led to a sharp increase in costs compared with the same
period last year, and foreign exchange losses for buying planes due
to the weak yuan.
The operating revenue of the airlines in the third quarter declined
7.28 percent year-on-year to CNY16.5 billion and recorded CNY35.85
billion revenue in the first three quarters, only 40.79 percent of
the same period in 2019 before the outbreak of the pandemic, The
Standard discloses.
Air China recorded operating revenue of CNY18.16 billion and a net
loss of CNY8.67 billion. In the first three quarters, the net loss
reached CNY28.1 billion, and the daily loss exceeded CNY100
million.
Headquartered in Shanghai, China Eastern Airlines Corporation
Limited -- https://www.ceair.com/ -- together with its
subsidiaries, operates in the civil aviation industry in the
People's Republic of China, Hong Kong, Macau, Taiwan, and
internationally. The company offers passenger, cargo, mail
delivery, ground, tour operations, air catering, and other
miscellaneous services. It is also involved in flight training;
airline maintenance; the provision of import and export,
investment, leasing, and consultation services; the research and
development of technology and products in the field of aviation;
and e-commerce platform and ticket agent services. As of December
31, 2021, the company operated a fleet of 758 aircraft, including
752 passenger aircraft and 6 business aircraft.
China Eastern Airlines reported net losses of CNY11.83 billion and
CNY12.21 for the years ended Dec. 31, 2020, and 2021,
respectively.
CIFI HOLDINGS: Shares Plunge After Debt-Payment Suspension
----------------------------------------------------------
Kevin Kingsbury at Bloomberg News reports that CIFI Holdings Group
Co. shares plunged to record lows after the developer said it will
suspend offshore financing payments due to being largely unable to
raise new funds overseas this year.
The stock opened down 26% at 38.5 Hong Kong cents after being
halted since Oct. 27 pending the release of inside information. Its
market value has shrunk to HK$3.64 billion ($464 million) as CIFI's
shares have plunged 91% this year, Bloomberg notes.
According to Bloomberg, China's 15th-largest developer disclosed in
a Hong Kong stock exchange filing Nov. 1 that it's been unable to
reach an agreement with creditors regarding obligations due in
October, weeks after a default on a convertible bond highlighted
deepening stress in the sector. CIFI said it has terminated
discussions with individual creditors and groups offshore while the
payment suspension is occurring "in order to ensure fair and
equitable treatment."
Last month's missed payment was particularly worrying because CIFI
was considered a barometer for the broader success of a new rescue
effort by Beijing to use state guarantees to help a select group of
builders access domestic funding, Bloomberg says.
On Oct. 31, the resignation of fellow developer Longfor Group
Holdings Ltd's chairwoman startled investors while Greenland
Holding Group Co. said it will likely default on a dollar bond,
adding to mounting distress in an industry beset by a debt crisis
that's dragged notes to record lows, Bloomberg adds.
About CIFI Holdings
CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has downgraded China-based property developer CIFI
Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'CC' from 'BB-'. Fitch has also
downgraded CIFI's senior unsecured rating and the ratings on the
outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.
The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing 8 April 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.
The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors
Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate
family rating to Ca from B3 and senior unsecured rating to C from
Caa1. The outlook remains negative.
=========
I N D I A
=========
AMRIT HOMES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amrit Homes
Private Limited (AHPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.90 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 24,
2021, placed the rating(s) of AHPL under the 'issuer
non-cooperating' category as AHPL 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. AHPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2022, July 20, 2022, July 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
Bhopal (Madhya Pradesh) based Amrit Homes Private Limited (AHPL)
was incorporated by Mr. Dalip Singh Bindra and Mr. Pritpal Singh
Bindra in 1995 with an objective to carry out real estate activity.
The company has completed various real estate projects which
include 6 residential and 2 commercial complexes.
BALAJI ENGINEERING: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Engineering (BE) 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 Sept. 9, 2021,
placed the rating(s) of BE under the 'issuer non-cooperating'
category as BE 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. BE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2022, August 5, 2022, August 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).
Established in 2003, Balaji Engineering (BE) is an Aurangabad,
Maharashtra based entity promoted by Mr. Santosh Lakhichand Runwal.
The firm is primarily engaged as an auto ancillary unit for
manufacturing of automobile components which include spare parts
and accessories for 2 wheelers, 3 wheelers and 4 wheelers.
BASUNDHARA GREEN: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Basundhara
Green Power Limited (BGPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.20 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 24,
2021, placed the rating(s) of BGPL under the 'issuer
non-cooperating' category as BGPL 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. BGPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2022, July 20, 2022, July 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
BGPL was incorporated in December, 2009 by Shri Ranjan Kumar Barai,
Shri Gobardhan Mondal and Smt. Suparna Bhattacharya of West Bengal.
The company is currently engaged in fish farming & cultivation with
its unit being located at Jalpaiguri, West Bengal. BGL is operating
with a processing capacity of 378 Metric Tonnes Per Annum (MTPA).
Further, BGL has undertaken expansion of its existing fish farming
& cultivation unit by enhancing its capacity by 18 MTPA. The total
cost of the expansion project was INR5.14crore (excluding margins
for working capital) funded at a debt equity ratio of 1.24:1. The
project was commissioned in February, 2017. BGL is in the process
of setting up a new poultry farming unit for production of broiler
meat with proposed capacity of 5.60 lakh birds. The total cost of
the project is estimated at INR7.93 crore (excluding margins for
working capital) to be funded at a debt equity ratio of 2.14:1.
BLUE PARK: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Blue Park Seafoods Private Limited
5-85 Kurumaddali Pamarru
Mandal Pamarru, Krishna
AP 521157
IN
Insolvency Commencement Date: October 26, 2022
Court: National Company Law Tribunal, Amravati Bench
Estimated date of closure of
insolvency resolution process: April 24, 2023
Insolvency professional: Mr. Mayur Rajendrakumar Popat
Interim Resolution
Professional: Mr. Mayur Rajendrakumar Popat
802, Sainath Heights
Besides Isckon Temple
Near Harinagar Crossing
Vadodara 390021
E-mail: mayurpopat2002@gmail.com
Tel: +912653570322
- and -
425, Lotus Elite
Gotri Sevasi Road
Besides OSIA Hypermarket
Vadodara 390021
Gujarat, India
E-mail: cirp.bluepark@gmail.com
Tel: +912653570322
Last date for
submission of claims: November 9, 2022
BNK ENERGY: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BNK Energy
Alternatives (BEA) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 1,
2021, placed the rating(s) of BEA under the 'issuer
non-cooperating' category as BEA 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. BEA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 17, 2022, August 27, 2022, September 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).
Ghaziabad (Uttar Pradesh) based, BNK Energy Alternatives (BNK) was
established as a partnership firm in the year 2016 and is currently
being managed by its partners namely Mr. Santosh Kumar Rajgarhia,
Mr. Shailesh Ram Rajgarhia, Ms. Neetu Kumari, Ms. Sonu Kumari, Mr.
Sanjay Kumar Rajgarhia, Mr. Raminder Singh and Mr. Raj Kumar Roy.
The firm has succeeded an erstwhile proprietorship firm M/s BNK
Energy Alternatives which was established in 2006 by Mr. Santosh
Rajgharia. The firm is engaged into installation and commissioning
of solar power plants.
CHEEKA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cheeka Rice
Mill (CRM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 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 September 24,
2021, placed the rating(s) of CRM under the 'issuer
non-cooperating' category as CRM 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. CRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 10, 2022, August 20, 2022, August 30,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Cheeka Rice Mills (CRM) was established in 1972 as a partnership
firm. The partners are Mr. Sat Pal and Ms. Darshana Devi with equal
profit sharing of 50% each. The firm is engaged in trading and
processing of rice. The firm is also engaged in processing of rice
for other rice millers on job work basis. The manufacturing unit is
located at Cheeka, Haryana.
COMMERCIAL CARRIERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Commercial
Carriers Limited (CCL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.99 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 CCL under the 'issuer
non-cooperating' category as CCL 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. CCL
continues to be non-cooperative 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).
Commercial Carriers Ltd. (CCL) was started as a partnership firm in
1978 by Mr. D.N. Mallick and Mrs. Supti Mallick of Guwahati. In
March 1993, the company was incorporated as a private limited
company and subsequently, in April 2012, it was reconstituted as
public limited company with its name changed to the current one.
The company is engaged in the business of surface transportation &
logistics. It offers services like transportation of various
regular consignments; containerize transportation, transportation
of various types of odd size consignment etc., for different major
industrial houses. Currently, about 80% of business is generated
through own fleet of vehicles and for balance, the company resorts
to hired vehicles. Further, it has developed strong client
relationship with many reputed private and public sector entities
over the years.
CONCEPT HORIZON: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Concept Horizon Infra Private Ltd.
8/11, First Floor Jangpura Extention
New Delhi 110014
IN
Insolvency Commencement Date: October 18, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 16, 2023
Insolvency professional: Pankaj Khetan
Interim Resolution
Professional: Pankaj Khetan
K-37/A, Basement
Kailash Colony
Near Kailash Colony Metro Station
Delhi 110048
E-mail: ippankajkhaitan@gmail.com
cirpconcepthorizoninfra@gmail.com
Classes of creditors: Real Estate Allottees
Insolvency
Professionals
Representative of
Creditors in a class: IP Pawan Kumar Goyal
IP Maya Gupta
IP Deepak Kumar Goyal
Last date for
submission of claims: November 1, 2022
DABRA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dabra Agro
Private Limited (DAPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long 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 24,
2021, placed the rating(s) of DAPL under the 'issuer
non-cooperating' category as DAPL had failed to provide information
or monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. DAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2022, July 20, 2022, July 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dabra (Madhya Pradesh) based Dabra Agro Private Limited (DAPL, CIN:
U51101MP2006PTC018589) was incorporated as a private limited
company in 1996. DAPL is mainly engaged in the processing of rice
and is also engaged in the trading of paddy. The processing plant
of the company has an installed capacity of 8 Metric Tonnes per
Hour (MTPD) for processing of rice as on March 31, 2017. The
company purchases paddy from traders as well as farmers and sells
rice (basmati, parmal, Shela etc.) to Gujarat, etc. The company
sells rice under the brand name of 'Dinner King'.
DYNAMIC (CG): CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dynamic
(CG) Equipments Private Limited (DEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 49.00 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 13,
2021, placed the rating(s) of DEPL under the 'issuer
non-cooperating' category as DEPL 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. DEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 29, 2022, July 9, 2022, July 19, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Dynamic (CG) Equipments Pvt. Ltd. (DEPL; erstwhile Dynamic JCB
Earthmovers Private limited), incorporated in 2008, is promoted by
Mr. Ashwani Mahendru (Managing Director). DEPL is an authorized
dealer and service center operator for JCB India Limited (JCBI) in
commercial vehicles and earth moving equipment since 2008 in
Chhattisgarh. The contract of JCB is renewable every three years
and was last renewed in September, 2013. Further, the company is
also in the business of leasing and providing after sales service
and deals in accessories & spare parts of Earth moving Equipments.
The company is also the authorized distributor for Castrol Brand of
Industrial Engine oil, Gear oil, Hydraulic oil and other industrial
oils which it is selling to its customers. Over the years, the
company has built a network in 27 branches and Any Time Parts
(ATP)'s in Chhattisgarh which provides spares and accessories of
JCB. Presently DEPL has four showrooms cum service centres at
Raipur, Siltara and Bilaspur and Raigarh.
ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Etco
Digital Private Limited (EDPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.00 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 EDPL under the 'issuer
non-cooperating' category as EDPL 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. EDPL
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).
Etco Digital Private Limited (EDPL), incorporated in the year 2011,
promoted by the Etco group is engaged in the business of trading of
retail automation products, bank automation products & surveillance
products and providing service of surveillance & tacking solutions.
EDPL outsources the manufacturing of retails automation products &
bank automation products to contract manufacturers based across
India to whom the company has provided design for their products.
These products are sold under the brand name ETCO. Further, with
regard to the surveillance products (DSR, CCTV) the company imports
them mainly from China. The company also undertakes annual
maintenance contracts for the products supplied by them.
GUJARAT HY-SPIN: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Hy-Spin Limited (GHSL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.77 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 2.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating moved to
Bank Facilities ISSUER NOT COOPERATING category
Detailed rationale and key rating drivers
CARE had, vide its press release dated August 30, 2021, revived the
ratings of GHSL under the 'issuer non-cooperating' category as GHSL
had failed to provide information for monitoring of the ratings for
the rating exercise as agreed to in its Rating Agreement. GHSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 7, 2022, July 16, 2022, July 26, 2022, and
August 5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on August 30, 2021, the following were
the rating weaknesses:
Key rating weakness:
* Delay in debt servicing: GHSL has been irregular in servicing of
its debt obligation due to poor liquidity position of the company.
GHSL (CIN: L17110GJ2011PLC063898) was incorporated as a private
limited company on February 01, 2011, by Mr. Maganbhai Parvadia and
Mr. Chandulal Parvadia, and converted to limited company in
February 2017. GHSL has two group concerns namely Gujarat Ginning &
Oil Industry and Paras Cotton. The former is engaged in cotton
ginning, pressing, and crushing of oil seeds while the latter
carries out trading of cotton seeds and cotton bales. GHSL has a
spinning mill with an installed capacity of 17,952 spindles or
3,582 MTPA as on March 31, 2017, for manufacturing of cotton yarn
having combed counts yarn of 30 at its Gondal plant (Gujarat). GHSL
started commercial production from December 2013.
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman Dal
Industries Private Limited (HDIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 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 30,
2021, placed the rating(s) of HDIPL under the 'issuer
non-cooperating' category as HDIPL 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. HDIPL 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 5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
HDIPL was incorporated in the year 2015 and it belongs to the Bolla
Group of Nagpur. The group is promoted by the Bolla family and is
currently managing eight entities including HDIPL. HDIPL is
promoted by Mr. Raman Bolla and Mrs. Vijayalaxmi Bolla. The company
has set up a tur-dal and gram dal processing unit at Nagpur,
Maharashtra.
HEAVY METALS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Heavy
Metals and Tubes Limited (HMTL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 192.92 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 11.50 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 18,
2021, placed the rating(s) of HMTL under the 'issuer
non-cooperating' category as HMTL 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. HMTL
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).
Incorporated in 1991, HMTL is currently engaged in the
manufacturing of Hot Finished Seamless (HFS) tubes and Oil Country
Tubular Goods (OCTG) tubes. HMTL's products find application across
industries like oil & gas refineries, steel plants, power plants
and fertilizers. Post reporting subdued operating performance in
FY14, HMTL's lenders had approved the restructuring of its debt
repayment obligations in March 2015. During FY17, HMTL demerged
Unit – I (manufacturing of stainless-steel pipes & tubes),
corporate house & one windmill and sold these assets for a
consideration of INR32.50 crore. The sales proceeds from the
demerger were utilized for pre-payment of principal obligations
till June 2018. Further, in March 2018, HMTL demerged Unit– II
and sold it for a consideration of INR17.00 crore.
HIGHBAR TECHNOLOGIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Highbar
Technologies Limited (HTL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 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 HTL under the 'issuer
non-cooperating' category as HTL 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. HTL
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).
Highbar Technologies Limited (HTL), a 100% subsidiary of Hindustan
Construction Company Ltd (HCC; rated CARE D for its bank facilities
and instruments), was formed in 2009 by spinning off the IT
department of HCC-one of the largest infrastructure development
companies which has implemented Enterprise Resource Planning (ERP)
as well as other Information Technology (IT) solutions to connect
all its project locations on SAP platform. Information technology
is very crucial for the infrastructure sector, considering multiple
locations and projects that the companies operate in. Thus, HCC
leveraged its technical expertise in the infrastructure sector to
provide end to end IT services to infrastructure clients. HTL's
business mainly involves developing, designing, marketing of
supporting services, products and accessories used in field of IT.
JHARKHAND ROAD: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jharkhand
Road Projects Implementation Company Limited (JRPICL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 1,232.44 CARE D; ISSUER NOT
Debentures COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 4, 2019,
placed the rating of JRPICL under the 'issuer non-cooperating'
category as JRPICL 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.
JRPICL has not paid the surveillance fees for the rating exercise
agreed in its Rating Agreement. It continues to be under "Issuer
non-cooperating" category in line with CARE's extant policy in
respect of non-cooperation by Issuer.
CARE has reviewed the rating on the basis of the information as
submitted by the Company.
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 rating factors in stretched liquidity profile due to delay in
receipt of annuities resulting in cashflow mismatch and thereby
adversely impacting the debt servicing capability of the company.
Detailed description of the key rating drivers
At the time of last rating on October 25, 2021 the following were
the rating strengths and weaknesses (updated for the information
available from the Company):
Key Rating Weaknesses
* Stretched liquidity profile: The company witnessed stretched
liquidity due to non-receipt of annuities from The Govt. of
Jharkhand. During the months of January 22 and March 2022, JRPICL
received annuities amounting to INR440 crore with which annuity
backlog for the period FY22 have been cleared whereas annuities for
the period CY2021 and H1FY23 are pending receipt. The annuities
have been utilized for meeting the debt servicing obligation due in
H1FY23 and funding the maintenance expenses. However, the balance
liquidity available with the company is inadequate to meet the
ensuing debt servicing obligation.
* Delay in Major Maintenance (MM) and exposure to O&M/MM risk:
JRPICL has completed MM work on three stretches; while work on the
remaining two stretches has been delayed on account of
non-availability of funds. With receipt of annuity in January/March
2022, JRPICL has commenced major maintenance for one
stretch and the successful completion of the entire MM due is
dependent on receipt of annuities from the authority. Delay in MM
activity may lead to levying of any damages in the form of reduced
annuity from the Authority.
Analytical approach: Standalone
About Jharkhand Road
The Government of Jharkhand (GoJ) has conceptualized a
comprehensive programme titled the Jharkhand Accelerated Road
Development Programme (JARDP) to improve road infrastructure in the
state through Public Private Partnership framework. IL&FS won the
bid and a Programme Development Agreement (PDA) was signed between
GoJ and IL&FS Group for the improvement of 1500 km lane of selected
project road corridors. Certain road stretches had been selected
for development under this programme. The programme was being
implemented under an SPV named Jharkhand Accelerated Road
Development Company Limited (JARDCL), a JV between IL&FS group and
GoJ with shareholding pattern in ratio of 74:26 respectively. In
terms of the PDA, the GoJ and IL&FS group may take up the
financing, construction, operation and maintenance of the roads
either through JARDCL or through separate SPV's incorporated by GoJ
and/or IL&FS. Accordingly, IL&FS group incorporated JRPICL for
undertaking the design, engineering, financing, procurement,
construction, operation and maintenance of the programme, on Build,
Operate & Transfer (BOT) Annuity Basis. The promoters of JRPICL are
ITNL (93.43%) and IL&FS (6.57%).
Separate Concession Agreements (CAs) have been signed between the
GoJ (annuity provider), JARDCL (JV partner of GoJ for road
development) and JRPICL (as concessionaire) for implementation of
the projects in phases. JRPICL has implemented five different
stretches of roads under JARDP. All the projects are implemented in
one balance-sheet though they have separate escrow arrangement and
concession agreement for individual project lenders.
K C TIMBER: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K C Timber
Traders (KCTT) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 8.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 30,
2021, placed the rating(s) of KCTT under the 'issuer
non-cooperating' category as KCTT 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. KCTT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 16, 2022, August 26, 2022, September 5,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
New Delhi based K C Timber Traders (KCTT) is a partnership firm
established in April, 1997. The firm is managed by partners, Mr.
Manish Bansal and Mr. Romesh Bansal sharing profit and loss
equally. The firm is engaged in trading of timber logs.
KIMIYA ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kimiya
Engineers private Limited (KEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 25.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 30,
2021, placed the rating(s) of KEPL under the 'issuer
non-cooperating' category as KEPL 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. KEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2022, July 26, 2022, August 5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kimiya Associates (KA) was established as a proprietorship firm by
Mr. Anurag Verma in 2004, wherein it was engaged in project
management, design, fabrication and construction for architectural
space frames and pre-engineered buildings viz. construction of toll
plaza across Maharashtra, Rajasthan, Madhya Pradesh and Uttar
Pradesh. KA was acquired by Kimiya Engineers Private Limited (KEPL)
on October 15, 2010 along with all the assets and liabilities by
issuing equity shares to Mr. Anurag Verma. Currently, KEPL is
involved in providing turnkey civil construction services such as
construction of buildings viz. hospitals and administration
offices. KEPL participates in tenders floated by the government
authorities mentioned above and procures raw materials i.e. steel
pipes, steel plates, Ready Mix Concrete (RMC), sand, etc. from
local suppliers based in and out of Maharashtra. KEPL operates
through its registered office in Mumbai, Maharashtra.
MAHAKALESHWAR TOLLWAYS: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Mahakaleshwar Tollways Private Limited (MTPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 164.84 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 13,
2021, placed the rating(s) of MTPL under the 'issuer
non-cooperating' category as MTPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MTPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 29, 2022, July 9, 2022, July 19, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mahakaleshwar Tollways Private Limited (MTPL), promoted by a
consortium of SREI Infrastructure Finance Ltd (SREI; 12.74%)
through Bharat Road Network Ltd (48%)), Galfar Engineering &
Contracting SAOG, Oman (GEC; 26%) and Varaha Infra Limited (VIL;
13.07%), is a Special Purpose Vehicle (SPV) to undertake the
four-laning, strengthening and up-gradation of the IndoreUjjain
Section of SH-27 (49 km), in the State of Madhya Pradesh (MP), on
Build, Operate and Transfer (BOT) – Toll basis. The project,
awarded by Madhya Pradesh Road Development Corporation Limited
(MPRDC), was completed in Oct. 2010 and the commercial date of
operation (COD) was announced on Feb. 17, 2011. The Concession
Agreement (CA) was executed between MTPL (Concessionaire) and MPRDC
on Sept. 17, 2008, for a concession period of 25 years.
MOHAN MOTOR: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 60.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 13,
2021, placed the rating(s) of MMUPL under the 'issuer
non-cooperating' category as MMUPL 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. MMUPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 29, 2022, July 9, 2022,
July 19, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Mohan Motor Udyog Pvt. Ltd. (MMUPL), incorporated in 1986, is
promoted by Mr. Sandip Kumar Bajaj (Managing Director) and Mr.
Gaurav Bajaj (Executive Director & son of Mr. Sandip Kumar Bajaj.
MMUPL was an authorised dealer of Sale & Service of Maruti Suzuki
India Ltd (MSIL) till March 2014. After MSIL'S exit, MMUPL has
entered into an agreement with Hyundai Motor India Limited (HMIL)
as its authorised dealer. The group has an integrated mode of
operations, functioning in various verticals of auto dealership
business to provide one stop shop solution to its customers. It has
service stations, spare parts distribution and vehicle finance
which provide the customer with complete solution at single point.
MP BORDER: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MP Border
Checkpost Development Company Limited (MBCDCL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 552.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 25,
2021, placed the rating(s) of MBCDCL under the 'issuer
non-cooperating' category as MBCDCL 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. MBCDCL continues to be non-cooperative 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).
MP Border is a Special Purpose Vehicle, sponsored by IL&FS
Transportation Networks Ltd. (ITNL, rated CARE D; Issuer Not
Cooperating) and Spanco in the ratio of 74:26, to perform
up-gradation, modernization, construction, operation and
maintenance of 24 Border Check Posts (BCPs) and two Central Control
Facilities (CCFs) on Build, Operate and Transfer (BOT) basis for a
period of 12.5 years starting from appointed date i.e. May 5, 2011.
CARE does not have any update on the latest developments in this
regard.
MTE INDUSTRIES: CARE Lowers Rating on INR13.87cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MTE
Industries Private Limited (MIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 1.00 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 September 03,
2021, placed the rating(s) of MTE Industries Private Limited (MIPL)
under the 'issuer non-cooperating' category as MIPL 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. MIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 20, 2022, July 30, 2022,
August 10, 2022 and October 20, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MTEIPL have been
revised on account of delays in debt servicing recognized from
audit reports of FY20 and FY21 available from registrar of the
companies.
Hyderabad based, MTE Forming Machines Private Limited (MFMPL) was
incorporated on June 07, 1996 and promoted by Mr. Ch. Sathi Reddy,
Ch. Jayasimha Reddy and Ch. Gayathri. Later on October 24, 2002,
the name of the company changed to current nomenclature i.e. MTE
Industries Private Limited (MIPL). Currently, the company is mainly
engaged in manufacturing of Thread Rolling machines, CNC Spline and
Rack Rolling machines and their spare parts.
OCTOPUS PAPERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Octopus
Papers Limited (OPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.88 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 24,
2021, placed the rating(s) of OPL under the 'issuer
non-cooperating' category as OPL 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. OPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2022, July 20, 2022, July 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
OPL was initially incorporated as Octopus Paper Private Limited on
March 19, 2007 by Mr. Bharat Khara, Mr. Vishal Khara and Mrs. Jyoti
Khara. Subsequently, during August 2015, it rechristened itself to
OPL. OPL is engaged into manufacturing and trading of notebooks;
copier papers and paper related office stationery and also does
Offset Printing. OPL sells its products in four different
categories i.e. school stationery products (includes long book,
note book, jumbo book A4 long book, drawing book and graph book),
office stationery products (registers, cash memo, copier papers and
pocket memo), other paper products and offset printing. The
manufacturing plant of the company is located at Vapi G.I.D.C. All
the business activities are done under the brand name
“Octopus”. OPL markets its products into three different
categories i.e. Industrial (all industries), Domestic (schools and
offices) and Customers Base (wholesalers and retailers). OPL has
diversified product portfolio as it supplies its products to
various clients such as banking sectors, government and semi
government bodies, corporate sectors, education sector and retail.
OPL has a group entity namely Octopus Printers Private Limited
which is also into similar line of business, however from March
2015, Octopus Printers Private Limited was merged with OPL through
slump sale and all the assets and liabilities of Octopus Printers
Private Limited were merged into Octopus Papers Private Limited.
OM AASTHA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Aastha
Indo Energy Private Limited (OAIEPL) continues 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
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated August 23,
2021, placed the rating(s) of OAIEPL under the 'issuer
non-cooperating' category as OAIEPL 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. OAIEPL 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).
Om Aastha Indo Energy Private Limited (OAIEPL) was constituted as a
private limited company in October 2011 by Mr. Shailesh Pratap, Mr.
Bishwambar Singh and Mrs. Sudha Pratap for setting up a rice
milling unit. The company has started its commercial operations
from January 2014. The company has been engaged in rice milling
activities at its plant located at Bhabhua, Bihar with aggregate
installed capacity of 17400 MTPA. The company procures its raw
material from local market and sells its finished products across
Bihar.
PANAMA AGRICULTURE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Panama
Agriculture Private Limited (PAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.25 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 23,
2021, placed the rating(s) of PAPL under the 'issuer
non-cooperating' category as PAPL 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. PAPL
continues to be noncooperative 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).
Pune based, Panama Agritech Private Limited was promoted by Ladkat
brothers with Mr. Sameer Ladkat as Chairman and Mr. GautamLadkat as
Director. Further, since Feb. 8, 2016, the name of the company was
changed to PAPL.The company is engaged in providing services for
scientific and safe storage of grains in silo bags. The company
primarily provides its services to Madhya Pradesh Warehousing and
Logistic Corporation (MPWLC) on rental basis at a pre-agreed price
per quintal.
PATEL PHOSCHEM: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patel
Phoschem Limited (PPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated Sept. 1, 2021,
placed the rating(s) of PPL under the 'issuer non-cooperating'
category as PPL 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. PPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 18, 2022, July 28, 2022, August 7, 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).
Udaipur (Rajasthan) based Patel Phoschem Private Limited (PPL) was
incorporated in 2006 by Mr. Roop Lal Patel along with his family
members. In April, 2014, the company changed its constitution from
private limited to public limited. Initially, PPL was engaged in
the business of executing turnkey projects related to installation
of fertiliser plants which includes construction of plant to supply
of machineries. Later, from September, 2012, PPL started production
of SSP, GSSP and PA.
PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pragat
Akshay Urja Limited (PAUL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 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 30,
2021, placed the rating(s) of PAUL under the 'issuer
non-cooperating' category as PAUL 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. PAUL
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 5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL,
CIN: U29190MP2009PLC021620) was incorporated in 2009 by Mr Satish
Jain, Mr Rakesh Jain, Mr Prakash Chandra Jain and Mr Anjesh Jain.
PAUL is engaged in manufacturing of photovoltaic solar Modules,
solar cooker, solar lights and home light system. PAUL is also
engaged in complete System Integration (SI) Business for government
departments.
PRAPTI FASHIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Prapti Fashions Private Limited
Paridhan Garments, Park SDF-4
4th floor, 19 Canal South Road
Kolkata, West Bengal 700015
Insolvency Commencement Date: October 18, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 16, 2023
Insolvency professional: Ms. Meera Prasad
Interim Resolution
Professional: Ms. Meera Prasad
Flat No. 103, First Floor
Anurag Apartment, Ashok Asthali
Near Dibadih Flyover
Ranchi, Jharkhand 834002
E-mail: pdmeera@gmail.com
- and -
AAA Indolvency Professionals LLP
Mousumi Co. Op. Housing Society
15B, Ballygunge Circular Road
Kolkata 700019
E-mail: praptifashions.ibc@gmail.com
Last date for
submission of claims: November 1, 2022
QUADPRO INFOSOFT: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Quadpro Infosoft Private Limited
893/1, Kalikapur Road
Kolkata, West Bengal 700099
India
Insolvency Commencement Date: October 29, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 26, 2023
Insolvency professional: Virendra Maurya
Interim Resolution
Professional: Virendra Maurya
A-205, Shyam Villa
Opp. Silver Star Complex
Chandlodiya, Ahmedabad
Gujarat 382481
E-mail: virendramaurya.ip@gmail.com
- and -
B-1002, Mondeal Square
Nr Prahladnagar Garden
S.G. Highway
Ahmedabad 380015
Gujarat
E-mail: cirp.quadpro@gmail.com
Last date for
submission of claims: November 11, 2022
UBS PUBLISHERS DISTRIBUTORS: Insolvency Resolution Case Summary
---------------------------------------------------------------
Debtor: UBS Publishers Distributors Private Limited
Registered office:
4378/4B, Ansari Road
Darya Ganj, New Delhi
Central Delhi 110002
Works:
B-38, Sector-63
Noida, U.P. 201307
Insolvency Commencement Date: October 23, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 19, 2023
Insolvency professional: Ajay Gupta
Interim Resolution
Professional: Ajay Gupta
7-A, Siddhartha Extension
Pocket-B, New Delhi 110014
E-mail: ajaygupta1969@gmail.com
- and -
C-618, 6th Floor, Tower-C
Noida One, B-8
Sector-62, Noida
Gautambuddh Nagar
U.P. 201309
E-mail: cirp.ubs@gmail.com
Last date for
submission of claims: November 6, 2022
===============
M A L A Y S I A
===============
ALAM MARITIM: Now Classified as PN17 Company
--------------------------------------------
Justin Lim at theedgemarkets.com reports that Alam Maritim
Resources Bhd said it is deemed a Practice Note 17 (PN17) issuer
after its external auditor expressed a disclaimer of opinion in the
group's audited accounts announced on Oct. 31.
Baker Tilly Monteiro Heng PLT expressed the disclaimer of opinion
in the audited financial statements for the financial period from
Jan 1, 2021 to June 30, 2022, said Alam Maritim in a Bursa Malaysia
filing, theedgemarkets.com relays.
According to theedgemarkets.com, the group said it is taking the
necessary steps to address the PN17 status, and has worked on its
proposed debt restructuring with creditor banks under the auspices
of Bank Negara Malaysia's Corporate Debt Restructuring Committee
(CDRC).
"A comprehensive regularisation plan is being progressed to address
the PN17 status as set out in the proposed restructuring scheme
that has been presented to creditor banks," it added.
On July 1 last year, Alam Maritim received approval from CDRC for
its application for assistance to mediate between the group and its
financiers and lenders, theedgemarkets.com recounts.
Alam Maritim has been loss-making since the financial year 2016
(FY16) ended Dec. 31, 2016. It made a profit after tax of MYR45.81
million in FY15, before slipping into the red with a loss after tax
of MYR142.66 million in FY16.
It continued to incur losses over the subsequent years, with a loss
after tax of MYR145.38 million in FY17 that further widened to
MYR167.61 million in FY18, theedgemarkets.com notes.
Its loss after tax narrowed to MYR80.28 million in FY19, before
swelling to MYR226.73 million in FY20 and MYR209.61 million in
FY22.
For the three months ended June 30, 2022, it posted a net loss of
MYR6.21 million on a back of a revenue of MYR77.59 million,
theedgemarkets.com discloses. There are no year-on-year comparison
figures due to the change in the group's financial year end, to
June 30 from Dec. 31.
In the immediate preceding quarter (January to March), the group
reported a quarterly net loss of MYR10.36 million and a revenue of
MYR56.82 million.
According to the report, Alam Maritim said the change in financial
year end is to allow more time to finalise its restructuring
scheme. The change is also to facilitate better audit planning and
allocation of resources.
For the cumulative 18-month period ended June 30, 2022, Alam
Maritim booked a net loss of MYR190.73 million on revenue of
MYR277.89 million, the report relays.
Alam Maritim's share price closed half a sen or 14.29% lower at
three sen on Oct. 31, giving the group a market capitalisation of
MYR46 million, theedgemarkets.com adds.
Malaysia-based Alam Maritim Resources Berhad (KLSE:ALAM) --
https://www.alam-maritim.com.my/ -- is an investment holding
company with subsidiaries mainly involved in the provision of
marine transportation support services, marine construction-related
services, sub-sea engineering & offshore pipeline installation;
designing, manufacturing and operating of Remotely Operated Vehicle
(ROV) services, ship repair and maintenance services to the
upstream in oil and gas industry.
KNM GROUP: Shares Fall After Being Classified as PN17 Issuer
------------------------------------------------------------
Surin Murugiah at theedgemarkets.com reports that shares in KNM
Group Bhd slumped 17.65% in the mid-morning on Nov. 1, after the
company became an affected listed issuer under the Practice Note 17
(PN17).
On Oct. 31, the company said it had become an affected listed
issuer under the PN17 on the basis that Paragraph 2.1(e) of the
note was triggered in its audited consolidated financial statements
for the period ended June 30, 2022, which were published on Oct.
31.
In a bourse filing, the company said its auditor had highlighted a
material uncertainty over its ability to continue as a going
concern, theedgemarkets.com relates.
Upon triggering PN17 status, an affected listed issuer must
announce the status of its regularisation plan or the status of its
endeavour to formulate such a plan, whichever is applicable, or
where neither a plan nor any endeavour to formulate such a plan has
been undertaken, an appropriate negative statement to such effect,
according to theedgemarkets.com.
theedgemarkets.com says the company must also within three months
announce as to whether the regularisation plan will result in a
significant change in the business direction or policy of the
company.
The affected issuer must within 12 months submit the regularisation
plan to the Securities Commission Malaysia (SC) to determine if the
plan will result in a significant change in the business direction
or policy of the company.
It also has to submit the regularisation plan to Bursa Securities
if the plan will not result in a significant change in the business
direction or policy of the company, and obtain Bursa's approval to
implement the plan, and implement it within the time frame
stipulated by the SC or Bursa, says theedgemarkets.com.
KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is
engaged in the investment holding and the provision of management
services. It operates through three geographical segments: Asia and
Oceania, Europe and America. The Asia and Oceania segment includes
Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius.
The Europe segment includes Germany, Italy, United Arab Emirates,
United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia,
and Isle of Man. The America segment includes the United States of
America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is
engaged in the design, manufacture, assembly and commissioning of
process equipment, pressure vessels, heat exchangers, skid mounted
assemblies, process pipe systems, storage tanks, specialized
structural assemblies and module assemblies for the oil, gas and
petrochemical industries. Its other subsidiaries include KNM
International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable
Energy Sdn. Bhd.
=====================
N E W Z E A L A N D
=====================
HINA CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 18
------------------------------------------------------------
A petition to wind up the operations of Hina Construction Limited
will be heard before the High Court at Auckland on Nov. 18, 2022,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 4, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
HONEYBUNCH PURE: Creditors' Proofs of Debt Due on Dec. 5
--------------------------------------------------------
Creditors of Honeybunch Pure Naturals NZ Limited are required to
file their proofs of debt by Dec. 5, 2022, to be included in the
company's dividend distribution.
The High Court at Auckland appointed Simon Dalton of Gerry Rea
Partners as the company's liquidator on Oct. 26, 2022.
SMITH INTERIOR: Court to Hear Wind-Up Petition on Nov. 8
--------------------------------------------------------
A petition to wind up the operations of Smith interior limited will
be heard before the High Court at Wellington on Nov. 8, 2022, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 17, 2022.
The Petitioner's solicitor is:
Caroline Lucy Russell
Legal Services, 11 Jepsen Grove
Wallaceville
Upper Hutt 5018
TATECH LIMITED: Court to Hear Wind-Up Petition on Nov. 25
---------------------------------------------------------
A petition to wind up the operations of Tatech Limited and Ultimate
Transport Limited will be heard before the High Court at Auckland
on Nov. 25, 2022, at 10:00 a.m and 10:45 a.m, respectively.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 4, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
TURNHAM AGRICULTURE: Creditors' Proofs of Debt Due on Nov. 23
-------------------------------------------------------------
Creditors of Turnham Agriculture Limited are required to file their
proofs of debt by Nov. 23, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 27, 2022.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
=================
S I N G A P O R E
=================
BMG HOTEL: Court to Hear Wind-Up Petition on Nov. 11
----------------------------------------------------
A petition to wind up the operations of BMG Hotel 1887 Private Ltd
will be heard before the High Court of Singapore on Nov. 11, 2022,
at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Oct. 20,
2022.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
DECENTRAL MANPOWER: Creditors' Proofs of Debt Due on Nov. 30
------------------------------------------------------------
Creditors of Decentral Manpower Pte. Ltd. are required to file
their proofs of debt by Nov. 30, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 27, 2022.
The company's liquidator is:
Farooq Ahmad Mann
M/s Mann & Associates PAC
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
DPRO LOGISTICS: Court to Hear Wind-Up Petition on Nov. 25
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A petition to wind up the operations of DPRO Logistics Pte Ltd will
be heard before the High Court of Singapore on Nov. 25, 2022, at
10:00 a.m.
Goldbell Financial Services Pte Ltd. filed the petition against the
company on Oct. 27, 2022.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
NUTRICOMM ASIA: Creditors' Proofs of Debt Due on Nov. 30
--------------------------------------------------------
Creditors of Nutricomm Asia Pte. Ltd. are required to file their
proofs of debt by Nov. 30, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 27, 2022.
The company's liquidator is:
Farooq Ahmad Mann
M/s Mann & Associates PAC
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
QUANTICAL PTE: Creditors' Proofs of Debt Due on Nov. 30
-------------------------------------------------------
Creditors of Quantical Pte. Ltd. are required to file their proofs
of debt by Nov. 30, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 27, 2022.
The company's liquidator is:
Farooq Ahmad Mann
M/s Mann & Associates PAC
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
THREE ARROWS: Under Probe by CFTC, SEC After Bankruptcy Filing
--------------------------------------------------------------
Jaroslaw Adamowski of CryptoNews reports that American regulators
have launched investigations into the activities of bankrupt
Singaporean hedge fund Three Arrows Capital (3AC), with the
Securities and Exchange Commission (SEC) and the Commodity Futures
Trading Commission (CFTC), seeking to identify the reasons and
responsible persons behind the crypto-focused firm's collapse.
As part of their activities, the two U.S. agencies are now working
to determine whether Three Arrows Capital violated rules by
misleading its investors about the contents of its balance sheet
and not registering with the regulators, two persons familiar with
the matter told Bloomberg.
The two agencies are yet to release official confirmations of their
respective investigations into the hedge fund and its financial
woes.
As part of the company's bankruptcy proceedings, earlier this
month, a number of non-fungible tokens (NFTs) collected by Starry
Night Capital, an NFT fund set up by 3AC, were moved to a new
wallet by Teneo, the consultancy leading the hedge fund's
bankruptcy proceedings.
In June 2022, the Monetary Authority of Singapore (MAS) reprimanded
the hedge fund for providing false information to the regulator,
and exceeding the assets under management (AUM) threshold that is
allowed for a registered fund management company (RFMC) under the
nation's law. The agency said it has been investigating the
business since last 2021.
"The reprimand relates to contraventions by TAC which occurred
prior to its notification to MAS in April 2022. MAS has been
investigating these contraventions since June 2021," the
Singaporean regulator said in a statement. "In light of recent
developments which call into question the solvency of the fund
managed by TAC, MAS is assessing if there were further breaches by
TAC of MAS' regulations."
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.
As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
=================
S R I L A N K A
=================
SRI LANKA: Key Inflation Rate Eases to 66% in October
-----------------------------------------------------
Reuters reports that Sri Lanka's key inflation rate eased to 66% in
October after hitting 69.8% in September, the crisis-struck
country's statistics department said on Monday.
The still extremely elevated Colombo Consumer Price Index (CCPI)
reflected a 85.6% jump in food prices in October and a 56.3% climb
in the non-food group, the Census and Statistics Department said in
a statement.
However, the pace of food inflation slowed from a all-time high of
94.9% in September, Reuters relates.
According to Reuters, Sri Lanka has been struggling with soaring
inflation for nearly a year, partly triggered by its worst
financial crisis in seven decades and a ill-thought out ban on
chemical fertiliser implemented last year, which has since been
reversed.
"We are finally seeing a drop in inflation and expect this to
continue over the next few months. However, inflation is only
likely to hit single digits after the second quarter of next year,"
Reuters quotes Dimantha Mathew, head of research at First Capital
Holdings, as saying.
Reuters says the CCPI, released at the end of each month and
closely watched by central bank policymakers, acts as a lead
indicator for broader national prices and shows how inflation is
evolving in Colombo, Sri Lanka's biggest city.
Sri Lanka's other main inflation measure, the National Consumer
Price Index (NCPI), which captures broader retail price inflation,
also touched a record 73.7% in September, Reuters states.
In an effort to tame prices and stabilise markets, the Central Bank
of Sri Lanka (CBSL) has raised interest rates by 900 basis points
so far this year. Its final policy announcement for the year will
be in the last week of November.
Sustained high inflation would make it tricky for the government to
introduce fresh indirect taxes in its upcoming budget for next year
that will be presented to parliament on Nov. 14, analysts said,
Reuters relays.
Reuters say higher taxes are essential to boost public revenue to
anchor fiscal consolidation and lock down a $2.9 billion bailout
programme with the International Monetary Fund (IMF).
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its NZD12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
=============
V I E T N A M
=============
VIETNAM SHIPBUILDING: Bank Debt Trades at 56% Discount
------------------------------------------------------
Participations in a syndicated loan under which Vietnam
Shipbuilding Industry Group is a borrower were trading in the
secondary market around 43.66 cents-on-the-dollar during the week
ended Fri., October 28, 2022, according to Bloomberg's Evaluated
Pricing service data.
The USD600 million facility is a term loan. About USD300 million
of the loan remains outstanding. The loan was scheduled to mature
in June 2015.
Vietnam Shipbuilding Industry Group (Vinashin) was a state-owned
shipbuilding firm in Vietnam. It went bankrupt in 2010 amid $4.5
billion in debt. Shipbuilding Industry Corporation was later
established from the restructured Vinashin.
*********
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 ***