/raid1/www/Hosts/bankrupt/TCRAP_Public/221103.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 3, 2022, Vol. 25, No. 214
Headlines
A U S T R A L I A
ARCHIX HOLDINGS: Grant Thornton Appointed as Administrators
CROMARTY RESOURCES: First Creditors' Meeting Set for Nov. 9
FLEXICOMMERCIAL ABS 2022-1: Moody's Gives (P)B2 Rating to F Notes
JMR GROUP: Second Creditors' Meeting Set for Nov. 9
TDE PTY: First Creditors' Meeting Set for Nov. 9
TOZER CONSTRUCTION: Residential Builder Goes Into Liquidation
C H I N A
CHINA EVERGRANDE: Unit Gets Notice for US$4.48BB Loan from Bank
CHINA: Auditor Exit at Property Firms Triggers Governance Concerns
HEYING COMMERCIAL 2021-02: Moody's Affirms B2 Rating on C-1 Notes
YANGO GROUP: CNY1-Bil. Bank Debt Trades at 40% Discount
[*] CHINA: Evergrande, Sunac Top List of Builders Due in HK Court
I N D I A
AGSONS AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating
EVANA ELECTRICALS: CRISIL Moves D Debt Ratings to Not Cooperating
FENO PLAST: Insolvency Resolution Process Case Summary
GIRIN DEKA: CRISIL Keeps C Debt Rating in Not Cooperating
HARVEST HOTELS: Insolvency Resolution Process Case Summary
LAXMISREE RICEMILL: CRISIL Lowers Rating on INR5.5cr Loan to D
MANGALA ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating
NUCLEUS SATELLITE: CRISIL Lowers Rating on INR12cr Loan to C
PATWARI STEELS: CRISIL Lowers Rating on INR11.72cr Loan to D
PRIYANKA GEMS: CRISIL Moves D Debt Ratings to Not Cooperating
PROTECH FEED: CARE Keeps C Debt Rating in Not Cooperating
RANSAN PACKAGING: CRISIL Moves D Debt Ratings to Not Cooperating
RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating
S S M FOUNDATION: CRISIL Moves D Debt Ratings to Not Cooperating
SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating
SAV INDUSTRIES PRIVATE: Insolvency Resolution Process Case Summary
SCL INFRATECH LIMITED: Insolvency Resolution Process Case Summary
SELVARANI DHALL: CRISIL Keeps D Debt Rating in Not Cooperating
SHALIMAR WORKS: CRISIL Reaffirms C Rating on INR42.6cr LT Loan
SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category
SHIVALIK TRADING: CARE Moves D Debt Rating to Not Cooperating
SHRADDHA HEALTH: Insolvency Resolution Process Case Summary
SLYLANDRO POWER: CARE Lowers Rating on INR11.37cr LT Loan to C
SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category
SUZUKI TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
SWITCHGEARS AND STRUCTURALS: CRISIL Withdraws B+ Cash Debt Rating
TRUE VALUE: CARE Keeps D Debt Rating in Not Cooperating Category
VALECHA ENGINEERING: NCLT Admits Insolvency Plea Against Firm
VAYAS MULTI-TRADING: CRISIL Moves D Rating to Not Cooperating
VEESONS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
VINAYAK INTERNATIONAL: CRISIL Withdraws B+ Rating on INR5cr Loan
VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHAL RICE: CRISIL Lowers Rating on INR10cr Debt to D
M A L A Y S I A
SERBA DINAMIK: Has Until Dec. 15 to File Annual Report
N E W Z E A L A N D
ADAM CAMPBELL: Creditors' Proofs of Debt Due on Dec. 16
HEADWAY PSYCHOLOGY: Court to Hear Wind-Up Petition on Nov. 10
NND STRAIGHT: Court to Hear Wind-Up Petition on Nov. 11
PRIME CONSULTANCY: Creditors' Proofs of Debt Due on Dec. 1
SAVANN FARMS: Court to Hear Wind-Up Petition on Nov. 15
P H I L I P P I N E S
UDENNA CORP: Weighs Sale of Conti's, Wendy's Restaurants Biz
S I N G A P O R E
APOLLO MARINE: Placed in Provisional Liquidation
MINGDA HOLDING: Creditors' Meeting Set for Nov. 9
SAIS PTE: Commences Wind-Up Proceedings
SWIBER HOLDINGS: Court to Hear Wind-Up Petition on Nov. 11
WESTPAC SINGAPORE: Members' Final Meeting Set for Dec. 2
S O U T H K O R E A
KAKAO PAY: Posts KRW4.7BB Net Loss in Q3 Ended Sept. 30
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A U S T R A L I A
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ARCHIX HOLDINGS: Grant Thornton Appointed as Administrators
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Cameron Crichton and Michael McCann of Grant Thornton Australia
Limited on Oct. 31, 2022, were appointed as administrators of
Archix Holdings Pty Ltd.
The administrators may be reached at:
Grant Thornton Australia Limited
Level 18
145-147 Ann St
Brisbane, QLD 4000
CROMARTY RESOURCES: First Creditors' Meeting Set for Nov. 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Cromarty
Resources Pty Ltd will be held on Nov. 9, 2022, at 12:00 p.m. via
Zoom.
Michael Ryan, David McGrath and Kathyrn Warwick of FTI Consulting
were appointed as administrators of the company on Oct. 27, 2022.
FLEXICOMMERCIAL ABS 2022-1: Moody's Gives (P)B2 Rating to F Notes
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Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Trust 2022-1.
Issuer: flexicommercial ABS Trust 2022-1
AUD137.50 million Class A1 Notes, Assigned (P)Aaa (sf)
AUD28.75 million Class A2 Notes, Assigned (P)Aaa (sf)
AUD30.00 million Class B Notes, Assigned (P)Aa2 (sf)
AUD11.25 million Class C Notes, Assigned (P)A2 (sf)
AUD7.50 million Class D Notes, Assigned (P)Baa2 (sf)
AUD8.75 million Class E Notes, Assigned (P)Ba1 (sf)
AUD10.75 million Class F Notes, Assigned (P)B2 (sf)
The AUD3.0 million and AUD12.5 million of Class G1 and Class G2
Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited. flexicommercial Pty Ltd will act as servicer of the
transaction. This is flexicommercial's first auto and equipment
asset backed securities transaction for 2022.
Flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanner, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its focus towards commercial lending
via broker distribution predominantly via broker originated
transactions that fund larger ticket "primary" assets such as
trucks, trailers and construction equipment, which form the
majority of the portfolio.
RATINGS RATIONALE
The provisional ratings take into account, among other factors:
The historical loss data, there is a limited performance history
for flexicommercial's broker originated "primary" asset receivables
that constitute most of this portfolio. Although flexicommercial
have been originating commercial equipment loans and leases for
over 20 years they shifted focus from point-of-sale originated
"tertiary" assets to broker originated larger ticket "primary"
assets in early 2018.
The evaluation of the underlying receivables and their expected
performance;
The fact that approximately 80% of the receivables were extended
to the obligors on a no-income verification basis, referred to as
"Matrix". The Matrix product allows obligors who meet certain
stringent requirements to access the loan without providing
financial statements;
The evaluation of the capital structure;
The availability of excess spread over the life of the
transaction;
The liquidity facility in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;
The interest rate swaps provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)), Royal Bank of Canada (Sydney Branch)
(Aa1/P-1/Aa1(cr)/P-1(cr)) and Australia and New Zealand Banking
Group Limited (Aa3/P-1/Aa2(cr)/P-1(cr)) .
Initially, the Class A1 and Class A2 Notes will benefit from 33.5%
subordination. The Class B, Class C, Class D, Class E and Class F
Notes benefit from 21.5%, 17.0%, 14.0%, 10.5% and 6.2% of note
subordination, respectively.
The notes will initially be repaid on a sequential basis until the
credit enhancement of the Class A2 Notes exceeds 45%. Should the
Class A2 Notes credit enhancement exceeds 45% the Class A1 to Class
F Notes will be paid pro-rata and senior to the Class G Notes until
such point that the Class F Notes subordination exceeds 12.4%. At
that point Class A1 to Class G Notes will be paid pro-rata. The
notes will however be paid on a sequential basis should there be
any unreimbursed charge-offs or the payment date is on or after the
call option date. The call option date is the earlier of the date
the aggregate invested amounts of the notes is equal to or less
than 10% of the initial invested amount of the notes or the payment
date in November 2026.
Key model and portfolio assumptions:
Moody's base case assumptions are a portfolio loss rate of 7.0%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 35.00%.
To address the limited historical loss data on flexicommercial's
portfolio, Moody's have benchmarked the performance to data from
comparable Australian commercial auto and equipment ABS
originators. Moody's have also overlaid additional stresses into
Moody's default and PCE assumptions.
Key portfolio features are as follows:
The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.5%.
The portfolio has a high yield of 9.30% which provides excess
spread to cure portfolio losses.
Approximately 80% of receivables were extended to obligors on a
no-income-verification bases referred to as "Matrix" lending.
The Matrix (no-income-verification) product offering has been
originated for almost twelve years in the Australian auto and
equipment loan space. However, through-the-cycle historical data on
the performance of this product is limited. To address this risk
and the fact that the portfolio has a very high proportion of
Matrix (approximately 80.0%), Moody's have applied further
qualitative stresses in Moody's analysis.
Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. The key requirements, among others, relate to
the length of time the business has been active (generally, a
minimum of two years), limitations with respect to the maximum
exposure (AUD250,000 for primary assets and AUD150,000 for
non-primary assets) and the nature of the assets (used assets
acceptable for primary assets only), and requirements relation to
satisfactory credit reports on all applicants and guarantors.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.
JMR GROUP: Second Creditors' Meeting Set for Nov. 9
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A second meeting of creditors in the proceedings of JMR Group
Holdings Pty Limited, trading as The Dart and Feather, has been set
for Nov. 9, 2022, at 1:30 p.m. at The Foundary Cowork, Suite 1/220
The Entrance Road, in Erina, NSW.
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. 7, 2022, at 5:00 p.m.
Amanda Lott of Australian Corporate Rehabilitation & Insolvency
Solutions was appointed as administrators of the company on Oct. 5,
2022.
TDE PTY: First Creditors' Meeting Set for Nov. 9
------------------------------------------------
A first meeting of the creditors in the proceedings of TDE. Pty
Ltd, trading as The Daily Edited, will be held on Nov. 9, 2022, at
11:00 a.m. via online conference facilities.
Catherine Conneely of KordaMentha was appointed as administrator of
the company on Oct. 28, 2022.
TOZER CONSTRUCTION: Residential Builder Goes Into Liquidation
-------------------------------------------------------------
Alex Turner-Cohen at news.com.au reports that regional NSW builder
Tozer Construction Group, based in Wagga Wagga, was on Oct. 28
court-ordered to go into liquidation.
Stephen Hundy of Worrells was appointed as the liquidator but he
told news.com.au he does not yet know how much the company owes or
how many homeowners have been left in the lurch.
However, a look at the firm's credit history reveals a trail of
disgruntled contractors and homeowners.
One of those is 44-year-old Anita Kemp, a mum-of-three who paid a
AUD14,000 deposit to add an extra bedroom to her house, only for
work to stall for a year and a half, news.com.au relates.
She sent multiple legal letters to Tozer Construction Group asking
for her money back after nothing was done for over a year but never
received a response.
According to news.com.au, Ms. Kemp has since learned she is not
protected by the Home Builder's Compensation Fund (HBCF), as the
builder didn't register her build, meaning she can't get back any
money through insurance.
"It's unravelled to be a nightmare," the mum told news.com.au. "The
deposit was AUD13,200, which may not sound like a lot, but it is a
lot for our family. (They've) taken my money and run."
"We were totally ghosted, (they have) taken the money and didn't
want to have anything to do with us since," Ms. Kemp continued.
A report from private credit reporting bureau CreditorWatch shows
Tozer Construction Group has a number of trades who are owed money,
news.com.au notes.
According to news.com.au, the company was forced to go into
liquidation after a joinery business called Ronbo Contracting
started winding up proceedings over an unpaid debt.
American Express is owed AUD100,000, according to a default
judgment order in September, while timber company Dahlsens Building
Centres is owed almost AUD20,000.
Then there's Steel Supplies, owed AUD9200, and the Building Supply
Co who took the company to court over a AUD27,000 debt.
Beaumont Concreting took them to court in May over AUD21,000 of
labour costs that went unpaid. Big River Roofing is also owed the
same amount.
The liquidator, Mr. Hundy, has implored creditors to contact his
office so that they can lodge a proof of debt claim, news.com.au
notes.
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CHINA EVERGRANDE: Unit Gets Notice for US$4.48BB Loan from Bank
---------------------------------------------------------------
Reuters reports that China Evergrande Group said on Nov. 1 its unit
received a notice of enforcement for unrecoverable funds from
Shengjing Bank Co Ltd.
Reuters relates that the bank said it failed to recover funds
totalling CNY32.595 billion (US$4.48 billion), which was provided
to the unit from 2020 to 2021, according to Evergrande.
In early September, state-owned companies of the Chinese
northestern city of Shenyang bought Evergrande's shareholding in
Shengjing Bank in an auction for CNY7.3 billion, Reuters recounts.
The Evergrande unit's 30.99% stake in Xinjiang Guanghui Industry
Investment Group, which it had pledged to the bank has now been
enforced, the notice said.
Evergrande, which has about $300 billion in debt, said the pledged
equity interest has not been auctioned or sold to a third party.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
13, 2022, Moody's Investors Service has withdrawn China Evergrande
Group's (Evergrande) corporate family rating and senior unsecured
ratings, the CFRs of Hengda Real Estate Group Company Limited and
Tianji Holding Limited, and Scenery Journey Limited's backed senior
unsecured ratings.
CHINA: Auditor Exit at Property Firms Triggers Governance Concerns
------------------------------------------------------------------
Reuters reports that auditors of at least 14 Hong Kong-listed
Chinese property firms have exited this year, securities filings
showed, raising governance concerns about the debt-ridden
developers several of whom are yet to publish long-pending
financial results.
Embattled developers including Sunac China, Shimao Group and Kaisa
Group are among those whose auditors have parted ways in recent
months, Reuters discloses. In many cases, firms outside the
Big-Four accounting firms have been roped in as replacements.
Reuters says the trend, which accelerated earlier this year, has
seen auditors, including the world's top auditing firms
PricewaterhouseCoopers (PwC) and Deloitte, resigning from their
roles.
It comes as the property sector, which accounts for roughly a
quarter of China's economy, has been beset by multiple headwinds
after regulators have clamped down on excessive borrowing since
mid-2020.
A string of debt-laden developers defaulted on their offshore bond
payments starting late last year, a growing number of homebuyers
have halted mortgage payments on stalled projects and pandemic
restrictions have continued to undermine demand, according to
Reuters.
Reuters relates that analysts and the Hong Kong audit watchdog said
that the growing list of auditors leaving the developers highlights
transparency and governance issues, especially as many of the exits
happened just ahead of result announcements.
The audit watchdog in Hong Kong, where most of the major Chinese
developers are listed, said in an open letter to members last week
that it had growing concerns that the audit quality may be
compromised as a result of the changes close to earnings period.
S&P Global Ratings director Edward Chan said many of these
developers have already come under distress, and the market is
watching what the new auditors can reveal in the upcoming financial
statements.
"Investors and creditors would like to know more if there are any
hidden debt in the financial reports," Reuters quotes Chan as
saying. It could help them to calculate the recovery rate of their
holdings, Reuters relays.
While the auditors have not given any reason for their exits, the
developers have blamed the move on factors including not being able
to reach agreements with their respective auditors for completing
the audit process.
Deloitte in Hong Kong declined to comment on the reasons for ending
their auditing mandates for some Chinese property developers. PwC
did not respond to Reuters requests for comment.
According to Reuters, Chan from S&P, which has withdrawn ratings on
many Chinese property developers this year citing insufficient
information, believes some auditors had pushed back on opaque
practices in the property sector such as the use of
off-balance-sheet debt.
Shimao announced in late March - a few days before the 2021
financial reporting deadline - that it would appoint Zhonghui Anda
CPA Ltd as its auditor, while in July Beijing-based Sunac changed
its auditor to BDO Ltd. In both cases PwC had resigned as the
auditor.
Both developers cited a failure to reach agreement with PwC on the
timetable to complete the audit procedures as the reason for the
change, since they could not provide required information to the
auditor on time due to COVID-19-induced curbs in China and other
market factors, Reuters notes.
Shimao and Sunac's Hong Kong-listed shares have been suspended from
trading since April due to the inability to publish their full-year
2021 financial results, and they face delistings if they remain
suspended for 18 months.
Reuters adds Hong Kong's audit watchdog Accounting and Financial
Reporting Council (AFRC) said in its letter last week the majority
of new appointments at companies with significant operations in
mainland China or overseas were of auditors who have
"disproportionate" relevant experience and available resources.
"We have concerns as to whether the incoming auditors possessed the
necessary competence and adequate capabilities to perform quality
audits within limited time frame," it said.
HEYING COMMERCIAL 2021-02: Moody's Affirms B2 Rating on C-1 Notes
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Moody's Investors Service has upgraded the ratings on three classes
of senior notes and affirmed the rating on one class of
subordinated notes issued by Heying Commercial Factoring 2021-02
All-Trust Receivables Private Asset-Backed Notes (Bond Connect)
Trust.
Deal Name: Heying Commercial Factoring 2021-02 All-Trust
Receivables Private Asset-Backed Notes (Bond Connect)
Class A-1 Senior Notes, Upgraded to Aaa (sf); previously on Dec
29, 2021 Definitive Rating Assigned Aa1 (sf)
Class A-2 Senior Notes, Upgraded to Aaa (sf); previously on Dec
29, 2021 Definitive Rating Assigned Aa1 (sf)
Class B Senior Notes, Upgraded to Aa3 (sf); previously on Dec 29,
2021 Definitive Rating Assigned A2 (sf)
Class C-1 Subordinated Notes, Affirmed B2 (sf); previously on Dec
29, 2021 Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
The upgrades of the Class A-1, A-2 and B notes reflect a
significant increase in the credit enhancement available to the
notes and a decrease in the financial disruption risk with the
non-amortizing cash reserve now covering seven months of senior
fees and the notes' coupon. The affirmation of the Class C-1 notes
reflects the balance between the negative impact of the higher mean
default rate assumption and the increase in credit enhancement.
Moody's has upgraded and affirmed the notes' ratings despite the
high default observed in the underlying leases. The transaction was
closed in December 2021, and as of the end of August 2022, a
cumulative gross default of 5.8% has materialized. This performance
is worse than Moody's default assumption at close and the average
performance of the originator's past vintages. Excluding defaulted
leases, 30+ and 60+ day arrears were 3.5% and 1.6%, respectively.
At the same time, the notes' credit enhancement has built up
quickly. All principal collections and excess spreads have been
used to pay down the notes in a sequential order, starting from the
most senior classes (Class A-1 and A-2). After the payment date in
September 2022 and including defaulted leases still in the
portfolio, the credit enhancement available to Class A-1, Class
A-2, Class B and Class C-1 notes increased to 52.3%, 52.3%, 39.3%
and 22.6% respectively, from 25.2%, 25.2% 17.1% and 6.7% at
closing.
The leases are backed by a mix of passenger vehicles and light
commercial vehicles (LCV). Moody's believes lessees of LCV are more
susceptible to economic volatility. Based on the observed lease
performance, the lease attributes, and the lower growth forecast
for China, Moody's assumes defaults from the outstanding portfolio
(62% of the closing pool) will occur at a similar speed to the
already amortized portion (38% of the closing pool).
As such, Moody's assumes a mean default rate of 16% to the
outstanding pool (equivalent to 14.9% of original pool) and Aaa
portfolio credit enhancement (PCE) of 38%. This is compared with a
mean default assumption of 8.25% and Aaa PCE assumption of 32% at
deal close. Moody's cash flow analyses also considered various
sensitivity scenarios, including higher mean default rates and
PCEs.
The financial disruption risk of the transaction has reduced based
on the increased coverage by the fully funded non-amortizing
reserve account. With the significant amortization of the Class A-1
and A-2 notes, the non-amortizing reserve account is now sufficient
to cover at least seven months of senior fees, expenses and notes'
interest payments in case of servicer disruption, up from three
months at closing. Combined with the appointment of a hot back-up
servicer at closing with a robust preparation for servicing
transition and pre-authorization by obligors to transfer lease
payments directly from obligors' accounts to the issuer's trust
account, the increased liquidity coverage by the reserve account
reduces the transaction's financial disruption risk.
For the Class C-1 notes, as per the transaction structure, it has
deferred a majority of the interest payments since closing. Only a
small portion of interest due on the Class C-1 notes is paid on
each note payment date. The majority of the interest due on the
Class C-1 notes is deferred until all the rated notes (including
the Class C-1 notes) are repaid in full and no interest on deferred
interest is due on the Class C-1 notes. The deferral and absence of
interest on deferred interest continue to be considered in Moody's
analysis.
The transaction is a cash securitization of auto lease receivables
originated and underwritten by All-Trust Leasing Co., Ltd.
(All-Trust) and verified by Heying Commercial Factoring (Shenzhen)
Co., Ltd. (Heying) in China. All-Trust is the servicer I and Heying
is the servicer II and back-up servicer of the transaction.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-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 of the Class B
notes and the Class C-1 notes include (1) a significant,
better-than-expected performance of the pool, and (2) an increase
in the credit enhancement of the notes.
Factors that could lead to a downgrade of the ratings include (1) a
deterioration in the credit quality of transaction counterparties,
(2) a deterioration in the pool's performance compared with Moody's
assumptions, and (3) a decrease in credit enhancement available to
the notes.
YANGO GROUP: CNY1-Bil. Bank Debt Trades at 40% Discount
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Participations in a syndicated loan under which Yango Group Co Ltd
is a borrower were trading in the secondary market around 60
cents-on-the-dollar during the week ended Fri., October 28, 2022,
according to Bloomberg's Evaluated Pricing service data.
The CNY1.0 billion facility is a term loan. The loan is scheduled
to mature in June 2023. As of October 28, 2022, the amount was
fully drawn and outstanding.
Yango Group Co., Ltd. operates as a real estate development
company. The Company develops and markets residential areas, office
buildings, hotels, etc.
[*] CHINA: Evergrande, Sunac Top List of Builders Due in HK Court
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Bloomberg News reports that some of China's most-indebted
developers face winding-up case court hearings in Hong Kong this
month, as the nation's property-debt crisis increasingly pushes
creditors to seek what little recovery they can get.
Heavyweights China Evergrande Group and Sunac China Holdings are on
the docket in November, Bloomberg says. Global money managers will
be closely watching after both firms defaulted on dollar bonds in
the past year.
According to Bloomberg, the looming hearings follow an order last
month that a unit of developer Yango Group be wound down, the first
such instance in Hong Kong against a major developer during the
sector's ongoing turmoil.
Six developers facing winding-up hearings up to January have more
than US$30 billion outstanding offshore bonds, according to data
compiled by Bloomberg. A winding-up order could result in
liquidation, potentially impacting the recovery of noteholders as a
liquidator takes charge of the company and manages its assets.
A winding-up petition can be filed against a company in Hong Kong
court by creditors, according to the Official Receiver's Office.
Hearings are scheduled before the court makes a decision. The
process could take some time, especially when the firm decides to
resist by applying to adjourn the hearing.
Bloomberg notes that Chinese property firms have defaulted on
dollar bonds at a record rate this year, and debt-restructuring
progress has often been slow. Offshore creditors have increasingly
gone to courts to obtain payments.
Many winding-up petitions have been used by creditors to put
pressure on a borrower, according to James Comber, a partner at
London-based law firm Ashurst.
Some cases have been dismissed or withdrawn, Bloomberg notes.
However, "the order against Yango set a precedent in terms of
creditors forcing developers or their entities into liquidation,"
said Wu Qiong, an executive director at investment bank BOC
International Holdings, Bloomberg relays. "But it remains to be
seen how the following steps will be executed. Whether this order
could become a wake-up call for other defaulters would depend on
how Yango's liquidation plays out."
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I N D I A
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AGSONS AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agsons
Agencies India Private Limited (Agsons) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 70 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Agsons for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Agsons, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Agsons is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Agsons continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Agsons imports and trades in various non-ferrous metals such as
nickel, aluminium, copper, lead, tin, and zinc. The company,
promoted by Mr. RC Agarwal, has its registered office at Delhi.
DHANYA TMT: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dhanya TMT
Private Limited (DTPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DTPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DTPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of DTPL and Dhanya Steel
Industries Pvt Ltd (DSIPL). This is because the two companies,
together referred to as the Dhanya group, are in similar lines of
business and under a common promoter group, and have significant
business and financial linkages with each other.
Established in 2012, Bengaluru-based DTPL (earlier knows as Amsteel
Industries Private Limited) manufactures thermo-mechanically
treated (TMT) bars.
EVANA ELECTRICALS: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Evana
Electricals Private Limited (EEPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Non-Fund Based Limit 4.9 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 1.1 CRISIL D (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
Term Loan 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with EEPL for
obtaining information through letters and emails dated July 30,
2022 and August 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EEPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of EEPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in February 2018, EEPL started its operations in
fiscal 2019. The company manufactures light-emitting diode (LED)
lights and street lights. Mr. Sanjoy Ghosh is the promoter.
FENO PLAST: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Feno Plast Limited
306, Chenoy Trade Centre
Secunderabad 500003
TG, IN
Insolvency Commencement Date: October 29, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: April 17, 2023
Insolvency professional: Kalpana G.
Interim Resolution
Professional: Kalpana G.
H.No. 16-11-19/4, G-1
Sri Lakshmi Nilayam
Salem Nagar Colony
Malakpet, Hyderabad 500036
E-mail: kalpanagonugunta1@gmail.com
- and -
MSKM Group, Flat No. 1209
11th Floor, Vasavi MPM Grand
Opp. Yellareddyguda Road
Ameerpet, Hyderabad 38
E-mail: ipfenoplast@gmail.com
Last date for
submission of claims: November 12, 2022
GIRIN DEKA: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Girin Deka
(GD) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 10 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 4 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GD for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GD
continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
GD was formed as a proprietorship firm of Mr. Girin Deka in 1991.
The Guwahati-based firm undertakes construction of roads and
bridges, for government departments in Assam.
HARVEST HOTELS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Harvest Hotels & Serviced Apartments Private Limited
K-52-A, S/F Kalkaji
New Delhi South Delhi
DL 110019
Insolvency Commencement Date: October 7, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 5, 2023
Insolvency professional: Shailendra Ajmera
Interim Resolution
Professional: Shailendra Ajmera
Ernst & Young LLP
3rd Floor, Worldmark 1
Aerocity Hospitality
New Delhi
National Capital Territory of Delhi
110037
E-mail: shailendra.ajmera@in.ey.com
cirp.harvest@gmail.com
Last date for
submission of claims: October 21, 2022
LAXMISREE RICEMILL: CRISIL Lowers Rating on INR5.5cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Laxmisree Ricemill
Private Limited (LRPL) to 'CRISIL D; Issuer not cooperating' from
'CRISIL B/Stable; Issuer not cooperating', as company has delayed
servicing its debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
CRISIL B/Stable ISSUER NOT
COOPERATING')
Proposed Fund- 2.5 CRISIL D (ISSUER NOT
Based Bank Limits COOPERATING; Downgraded from
CRISIL B/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with LRPL for
obtaining information through email dated June 20, 2022, August 18,
2022 and October 19, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the firm. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality.
CRISIL Ratings believes the rating action on LRPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the best
available information, CRISIL Ratings has downgraded the rating to
'CRISIL D; Issuer not cooperating' from 'CRISIL B/Stable; Issuer
not cooperating', as company has delayed servicing its debt
obligation.
Originally formed as a partnership concern in 2006, and
reconstituted as a private limited company in fiscal 2014, LRPL
mills and processes parboiled rice at its mill is in Bolpur, West
Bengal. Operations are managed by Mr. Sanjoy Ghosh.
MANGALA ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mangala
Electricals (ME) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (Issuer Not
Cooperating)
Open Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ME for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ME is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ME
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1981 as a proprietorship firm, ME, is a Mangalore
(Karnataka) based electrical contractor. The firm primarily
undertakes erection of transmission lines. The day to day
operations of the firm are managed by Mr. G. Bhaskar Bhat.
NUCLEUS SATELLITE: CRISIL Lowers Rating on INR12cr Loan to C
------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Nucleus Satellite Communications (Madras) Private Limited
(NSCPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.35 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 12 CRISIL C (ISSUER NOT
COOPERATING; Revised from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 3 CRISIL C (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with NSCPL for
obtaining information through letters and emails dated June 20,
2022, August 18, 2022 and Oct 19, 2022, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NSCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSCPL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on long term
bank facilities of NSCPL have been revised to 'CRISIL C Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' owing
to default in payment to operational creditors as per recent NCLT
(National Company Law Tribunal) order dated October 14, 2022. Also,
the short term rating continues at 'CRISIL A4 Issuer Not
Cooperating'
NSCPL, established in 1995, manufactures dish antennas for DTH
operators. Operations are managed by Mr. V Raman and his brother,
Mr. V Lakshman. The company is planning a capex of Rs.300 million,
equally funded by debt and equity. The management intends to shift
its manufacturing base from Kanchipuram, Tamil Nadu, to Sri City,
Andhra Pradesh; operations in the new location are expected to
start from March 2017.
PATWARI STEELS: CRISIL Lowers Rating on INR11.72cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Patwari Steels Private
Limited (PSPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating', as company has delayed servicing
its debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.72 CRISIL D CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with PSPL for
obtaining information through email dated Jun 20, 2022, Aug 18,
2022 and October 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the firm. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality.
CRISIL Ratings believes the rating action on PSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the best
available information, CRISIL Ratings has downgraded the rating to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating', as company has delayed servicing its debt
obligation.
PSPL, incorporated in 1981, commenced commercial operations in
1993. The company manufactures mild-steel ingots and
thermo-mechanically treated (TMT) bars, with capacity of 33,000
tonne per annum (tpa) for ingots and 16,000 tpa (estimated to
increase to 40,000 tpa in fiscal 2021) for TMT bars; the
manufacturing facility is in Fatuha Industrial Area near Patna. Mr.
Subhash Kumar Patwari, Mr. Sudhir Kumar Patwari, Mr. Yash Patwari
and Mr. Namit Patwari are the directors.
PRIYANKA GEMS: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Priyanka Gems - Surat (PG) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund-
Based Bank Limits 2 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with PG for
obtaining information through letters and emails dated July 30,
2022 and August 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PG is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of PG to 'CRISIL D Issuer not cooperating'.
Established in 1991 in Surat, Gujarat, PG polishes rough diamond.
PG is promoted by Mr. Amit Mangukiya, Mr. Tulsibhai Mangukiya and
family. The firm has two processing unit in Surat.
PROTECH FEED: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Protech
Feed Private Limited (PFPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.95 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 25,
2021, placed the rating(s) of PFPL under the 'issuer
non-cooperating' category as PFPL 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. PFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 11, 2022, July 21, 2022, July 31, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
PFPL was initially incorporated in July 17, 2007 in the name of
Protech Biosciences Pvt Ltd. Subsequently in June 2010, the name of
the company was changed to the current one. The company was
promoted to set up an integrated chicks farming and poultry feed
processing unit at industrial area Hajipur, Bihar with processing
capacity of 60,000 MTPA. Currently the company is managed by Mr
Sanjay Kumar Choudhury (Managing Director), Mr Santosh Kumar Ishwar
(Director), Mr Sanjay Kumar Pandey (Director) and Mr Sujeet Singh
(Director). PFPL has commenced operation of chicks farming unit
from February 2012 and poultry feed unit from January 2013.
RANSAN PACKAGING: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Ransan
Packaging Private Limited (RPPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 1.6 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 4.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Working Capital
Term Loan 0.4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letters and emails dated July 30,
2022 and August 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RPPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in 2013 and promoted by Mr. V A Prabhakaran and Mr. A
Srenivasan, Chennai-based RPPL manufactures and prints mono-cartons
and corrugated boxed used in the packaging industry.
RIDDHI SIDDHI: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Riddhi
Siddhi Cold Storage Private Limited (RSCSPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.21 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 19,
2021, placed the rating(s) of RSCSPL under the 'issuer
non-cooperating' category as RSCSPL 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. RSCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 5, 2022, July 15, 2022,
July 25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Riddhi Siddhi Cold Storage Pvt Ltd (RSCSPL) was incorporated in
August 2015 by one Mr Raja Chakraborty and Ms. K Chakraborty from
Kolkata to set-up a cold storage and potato trading business.
Afterwards the company started to install the cold storage service
at Shamuktala in Alipourduar district of West Bengal. During March
2016 the company started weighbridge service at the site and during
June 2016 the commercial operation of cold storage service and
trading activities of potato has been started with an installed
capacity of 27,500 MTPA. The day-to-day affairs of the company are
looked after by Mr. Raja Chakraborty (Director) with adequate
support from other director- Ms. K Chakraborty (wife of Mr Raja
Chakraborty) and a team of experienced personnel.
S S M FOUNDATION: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of S S M
Foundation Trust for Educational and Social Development (SSM) to
'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 4.4 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Overdraft Facility 1.6 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SSM for
obtaining information through letters and emails dated July 30,
2022 and August 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSM
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSM to 'CRISIL D Issuer not cooperating'.
SSM Foundation Trust for Educational and Social Development, set up
in 1998, operates SSM College of Engineering, which offers
engineering under-graduation and post-graduation courses, at
Komarapalayam in Tamil Nadu. The trust is recognised by the All
India Council for Technical Education and is affiliated to Anna
University, Tamil Nadu.
SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sarvottam
Atta Private Limited (SAPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.00 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 31,
2021, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL 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. SAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 17, 2022, July 27, 2022, August 6, 2022.
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).
SAPL was established as a proprietorship firm by Mr. Jilubhai
Chauhan in 2005 and was reconstituted as a private limited company
in June 2014. SAPL is engaged in the business of grain processing
(wheat) and produces flour and semolina (rava) and sells it under
the brand name 'Vanraj'. Its manufacturing facility is located at
Sihor in Gujarat and operates with an installed capacity of 200
metric tonnes per day.
SAV INDUSTRIES PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: SAV Industries Private Limited
Room No. 02, 1st Floor
Khalsa Niwas ITI chowk
Near Tarini Temple
Rourkela OR 769004
IN
Insolvency Commencement Date: October 25, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 23, 2023
(180 days from commencement)
Insolvency professional: Mr. Uday Narayan Mitra
Interim Resolution
Professional: Mr. Uday Narayan Mitra
72/1, Dawnagazi Road
Bally, Howrah
West Bengal 711201
E-mail: udaynarayanmitra@yahoo.co.uk
cirp.savindustries@gmail.com
Mobile: 94335-32994/8240850244
Last date for
submission of claims: November 8, 2022
SCL INFRATECH LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Sri SCL Infratech Limited
H.No. 8-2-502/1/A, 1st Floor
Jivi Towers, Road No. 7
Banjara Hills
Hyderabad 500034
Insolvency Commencement Date: October 28, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: April 15, 2023
(180 days from commencement)
Insolvency professional: Mr. Bojja Hemanth Reddy
Interim Resolution
Professional: Mr. Bojja Hemanth Reddy
Flat No. 202, Plot No. 27 & 28
Venkata Ramana Colony
Road No. 1, Mamatha Nagar
Nagole, Hyderabad 500068
E-mail: ip.sriscl@gmail.com
Last date for
submission of claims: November 11, 2022
SELVARANI DHALL: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Selvarani
Dhall Industries (SDI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SDI for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SDI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDI continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in June 2015, SDI is engaged in trading and processing of
pulses. The company is promoted by Mr. Surulivel and has started
operations from Oct 2015.
SHALIMAR WORKS: CRISIL Reaffirms C Rating on INR42.6cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL C/CRISIL A4' ratings on
the bank facilities of The Shalimar Works (1980) Limited (Shalimar
Works).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 11.4 CRISIL A4 (Reaffirmed)
Cash Credit/
Overdraft facility 1 CRISIL C (Reaffirmed)
Proposed Long Term
Bank Loan Facility 42.6 CRISIL C (Reaffirmed)
The ratings continue to reflect insufficient cash accrual to meet
debt obligation and weak financial risk profile of Shalimar Works.
These weaknesses are partially offset by medium-term revenue
visibility due to moderate orders in hand.
Key Rating Drivers & Detailed Description
Weaknesses:
* Insufficient cash accrual to meet debt obligation: The company
continues to delay in servicing the term debt contracted from West
Bengal Industrial Development Corporation (WBIDCO) due to
inadequate cash accrual. Total overdue on the loan was around
INR16.72 crore as on March 31, 2022.
* Weak financial risk profile: Networth was negative at around
INR462 crore as on March 31, 2022, and gearing was negative at 0.38
time, leading to leveraged capital structure. Operating loss and
negative cash accrual resulted in weak debt protection metrics,
with interest coverage ratio of a negative 0.38 time and net cash
accrual by term debt ratio of a negative 0.18 time in fiscal 2022.
Strength:
* Moderate orders in hand: The company has orders worth around
INR57 crore as of August 2022, from the Indian Navy and the
Government of West Bengal, providing steady revenue visibility for
the medium term.
Liquidity: Poor
Cash accrual is inadequate to meet repayment obligation on the loan
availed from WBIDCO; total overdue on the loan was around INR16.72
crore as on March 31, 2022. Furthermore, the company has not been
able to service repayment obligation towards unsecured loan (Rs
164.56 crore as on March 31, 2022) from the Government of West
Bengal owing to weak liquidity.
Rating Sensitivity factors
Upward factors
* Regularisation of delays in repayment obligation
* Improvement in profitability, leading to positive cash accrual
* Revenue rising above INR30 crore
Downward factors
* Overdrawal in the cash credit limit for more than 30 days
* Lower-than-expected topline and profitability, resulting in
significantly low cash accrual
In 1980, the Turner Morrison group was liquidated and its assets
were acquired by the Government of West Bengal through
incorporation of Shalimar Works. The company builds and repairs
ships and is also engaged in engineering and fabrication of heavy
structures.
SHANKAR SAHAKARI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Shankar
Sahakari Sakhar Karkhana Limited (SSSSKL) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Short Term Loan 25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SSSSKL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSSSKL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSSSKL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSSSKL continues to be 'CRISIL D Issuer Not
Cooperating'.
SSSSKL was established in 1968 as a co-operative society by the
late Mr. Shankarrao Mohite-Patil. Its manufacturing facility is at
Sadashivnagar in Solapur, Maharashtra. It has installed sugar cane
crushing capacity of 2500 tonne per day, a 30-kilolitre-per-day
distillery, and a 20-megawatt cogeneration plant.
SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Rice
Mill (SRM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.28 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.47 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 7,
2021, placed the rating(s) of SRM under the 'issuer
non-cooperating' category as SRM 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. SRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2022, September 2, 2022, September
12, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 2005, Shiv Rice Mill (SRM) has been engaged in the
business of rice milling & processing. Presently the firm owns a
unit in Murshidabad through which it carries out its operations and
it serves as their administration office as well. The day to day
affairs of the firm are looked after by Mr Niranjan Bhakat with
adequate support from the other partners and a team of experienced
personnel.
SHIVALIK TRADING: CARE Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shivalik
Trading Company (STC) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from STC to monitor
the rating(s) vide e-mail communications dated August 2, 2022,
September 2, 2022, September 21, 2022, October 11, 2022, October
17, 2022 and numerous phone calls. However, despite repeated
requests, the firm has not provided the requisite information for
monitoring the ratings.
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. The ratings on STC's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on August 1, 2022 the following were the
rating weaknesses:
Key rating weaknesses
* On-going delay in debt servicing: Debt servicing of STC is
irregular as reflected by on-going delays in servicing of its term
loan principal and interest owing to stretched liquidity position
of the Firm. The account is classified as NPA as on date.
Mul- Chandrapur (Maharashtra) based Shivalik Trading Company (STC)
was formed in 2004 as a proprietorship concern by Mr. Deepesh Patel
for carrying out the business of trading rice. STC procures paddy
from local market and send the same to its associate concern- Datta
Rice Mill for milling work to produce rice. The firm sells rice
under its own brand name 'Aishwarya'.
SHRADDHA HEALTH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shraddha Health and Fitness Private Limited
Registered office:
H/O Mrs. Vidyawati Sinha Road
6 Rajendra Nagar Patna
BR 800016
India
Principal office:
Plot No. 749, 750, 751, 752
Kadru, P.S. Doranda
Thana 208, Doranda
Municipal Holding 55
Ward 26, District Ranchi
Jharkhand
Insolvency Commencement Date: October 28, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: April 26, 2023
Insolvency professional: Mr. Yogesh Gupta
Interim Resolution
Professional: Mr. Yogesh Gupta
S Jaykishan, Chartered Accountants
Suit No. 2D, 2E, 2nd floor
12, Ho Chi Minh Sarani
Kolkata 700071
West Bengal, India
E-mail: yogeshgupta31@rediffmail.com
cirp.shraddha@gmail.com
Last date for
submission of claims: November 11, 2022
SLYLANDRO POWER: CARE Lowers Rating on INR11.37cr LT Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Slylandro Power Private Limited (SPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.37 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 14,
2021, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL 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. SPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 31, 2022, August 10, 2022, August 20, 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 SPPL have been
revised on non-availability of requisite information. Further, the
ratings factored in lender's feedback with regards to no delays/
defaults in past one year, however, auditor has qualified the audit
report of FY21 stating that sometimes the company has made delayed
payments due to COVID circumstances but not defaulted. The ratings
also factored in decline in scale of operations, operating
profitability, deteriorated debt coverage indicators and increase
in total debt level during FY21.
Slylandro Power Private Limited (SPPL) was incorporated on October
28, 2014 promoted by Mr. K Prasad Rao and Veera Raghava. The
company has commissioned 2.42MW solar power project at Kakarla(V),
Marripudi(M), Prakasam District, Andhra Pradesh. The commercial
operations of the company has been started in June 2018. Initially,
SPPL has entered into power purchase agreement with Mangal
Industries Limited (MIL) and Chida Spinning Mills Private Limited
in November 2018. Subsequently agreement with Chida Spinning Mills
Private Limited got cancelled in October 2019. The company has
Agreement-in-Principle with Hindustan Coca-Cola Beverages Private
Limited.
SUKH SAGAR: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Motors Private Limited (SSMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.48 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 SSMPL under the 'issuer
non-cooperating' category as SSMPL 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. SSMPL 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).
Sukh Sagar Motors Private Limited (SSMPL, CIN:
U34100MP2008PTC020216), incorporated in the year 2008, is promoted
by Mr Amandeep Singh Khanna and family members. The company has
entered into an authorized dealership agreement with Tata Motors
Limited (TML) for sales and service of passenger cars along with
sale of spare parts in Jabalpur, Madhya Pradesh. SSMPL's revenue
sources include sale of vehicles and their spare parts, service
income, target incentive from TML and commission from financers.
SUZUKI TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Suzuki
Textiles Limited (STL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 143.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 20.23 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 STL under the 'issuer
non-cooperating' category as STL 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. STL
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).
STL is a Bhilwara based closely held public limited company
incorporated in 1986 and has an operational track record of more
than two decades. STL operates in three basic segments – suiting
& shirting, yarn (polyester cotton & cotton) and readymade
garments. As a part of restructuring process, STL disposed-off the
Spinning and weaving unit at Bhilwara after receipt of NOC from its
bankers. Moreover, sale of the readymade garment unit at Tonk is
not executed as few members bank have not agreed to grant NOC/
release the documents.
SWITCHGEARS AND STRUCTURALS: CRISIL Withdraws B+ Cash Debt Rating
-----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Switchgears and Structurals (India) Private Limited (SSIPL),
as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Bank Guarantee 4.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Bill Discounting 3 CRISIL A4 (ISSUER NOT
under Letter COOPERATING; Rating Withdrawn)
of Credit
Cash Credit 10.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Letter of Credit 2.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL Ratings has been consistently following up with SSIPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SSIPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
SSIPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on the bank facilities of
SSIPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.
Incorporated in 1983, SSIPL is engaged in the design, manufacture,
and testing of isolators and disconnectors. The company's day to
day operations are managed by Mr. Surendra Babu. It has its
manufacturing facility at Hyderabad.
TRUE VALUE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of True Value
Homes (India) Private Limited (TVHPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 20.00 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 TVHPL under the 'issuer
non-cooperating' category as TVHPL 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. TVHPL 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).
Chennai-based True Value Homes (India) Private Limited (TVHPL),
established in 1997, is engaged in the development and sale of
residential and commercial real estate properties.
VALECHA ENGINEERING: NCLT Admits Insolvency Plea Against Firm
-------------------------------------------------------------
The Economic Times reports that a bankruptcy court in Mumbai has
admitted listed infrastructure firm Valecha Engineering under the
Corporate Insolvency Resolution Process (CIRP) and has appointed
Anurag Kumar Sinha as the interim resolution professional of the
company.
The State Bank of India (SBI) had filed an application in the
Mumbai bench of the National Company Law Tribunal (NCLT) after the
company failed to repay its dues exceeding INR347 crore, ET
discloses.
Valecha Engineering Ltd. constructs infrastructure. The Company
constructs highways, airports, flyovers, bridges, tunnels, canals,
water supply schemes, sewerage projects, irrigation dams, storage
reservoirs, buildings, and pile drilling hydraulic rigs.
VAYAS MULTI-TRADING: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Vayas
Multi-trading Private Limited (VMTPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.22 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with VMTPL for
obtaining information through letters and emails dated August 30,
2022 and September 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VMTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMTPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of VMTPL to 'CRISIL D Issuer not cooperating'.
VMTPL was incorporated as Kanhai Diamond Manufacturing Pvt Ltd in
January 2003, by the promoter, Mr. Umesh Garg. The Delhi-based
company was renamed as Lotus Bullions Pvt Ltd in March 2005. The
company got its present name in 2017. The promoter family has been
trading in gold jewellery since the past 50 years. VMTPL is mainly
a wholesale trader of gold and diamond jewellery and cut and
polished diamonds.
VEESONS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Veesons
Energy Systems Private Limited (Veesons) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 14 CRISIL D (Issuer Not
Cooperating)
Cash Credit 24 CRISIL D (Issuer Not
Cooperating)
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.83 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 17.57 CRISIL D (Issuer Not
Cooperating)
Term Loan 12.66 CRISIL D (Issuer Not
Cooperating)
Working Capital 8 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with Veesons for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Veesons, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Veesons is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Veesons continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Veesons commenced operations as a partnership firm in 1981 and was
reconstituted as a private limited company in 1994. The company
manufactures boilers and boiler components, besides undertaking
erection, procurement, and commissioning contracts to set up
boilers. Other services include conversion, modification, and
renovation of existing boilers.
VINAYAK INTERNATIONAL: CRISIL Withdraws B+ Rating on INR5cr Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Vinayak International Housewares Private Limited (VIHPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Letter 1 CRISIL A4 (ISSUER NOT
of Credit COOPERATING; Migrated from
'CRISIL A4'; Rating Withdrawn)
Overdraft Facility 5.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Migrated from
'CRISIL B+/Stable'; Rating
Withdrawn)
Packing Credit 5 CRISIL A4 (ISSUER NOT
COOPERATING; Migrated from
'CRISIL A4'; Rating Withdrawn)
Proposed Long Term 7.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Migrated from
'CRISIL B+/Stable'; Rating
Withdrawn)
CRISIL Ratings has been consistently following up with VIHPL for
obtaining information through letters and emails dated August 30,
2022, and September 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VIHPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on VIHPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has migrated the ratings on the bank facilities of
VIHPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on the bank facilities of
VIHPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.
Set up in 2000 by Mr. Rajindra Prasad Gupta (proprietor of Vinayak
International) and his son, Mr. Deepak Gupta, VIHPL manufactures
stainless steel utensils at its unit in Delhi.
VIRAJ ALCHOHOL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viraj
Alchohol and Allied Industries Limited (VAAIL) continues to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 11.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VAAIL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VAAIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VAAIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAAIL continues to be 'CRISIL D Issuer Not Cooperating'.
Set up at Sangli (Maharashtra) in 2002 as a private limited
company, VAAIL was reconstituted as a closely held public limited
company in 2005. VAAIL is a grain-based alcohol producer, and
manufactures extra neutral alcohol, rectified spirit, distillery
dry grain soluble, distillery wet grain soluble, and country
liquor. Its ENA production facility at Sangli has a capacity of 60
kilo litres per day (klpd).
VISHAL RICE: CRISIL Lowers Rating on INR10cr Debt to D
------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Vishal Rice Exports Private Limited (VREPL) to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating', as VREPL is under liquidation process and has not met
its debt obligation on time.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Proposed Term Loan 0.31 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 1.19 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Warehouse Receipts 10 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with VREPL,
through letters and emails, dated March 14, 2022, and May 9, 2022,
among others, apart from telephonic communication, for obtaining
information. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed rationale
Despite repeated attempts to engage with the company's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of VREPL, thereby restricting
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. The rating action on VREPL is consistent
with Assessing Information Adequacy Risk.
Based on the last-available information, CRISIL Ratings is
downgrading its rating on the long-term bank facilities of VREPL to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating', as VREPL is under liquidation process and has not met
its debt obligation on time.
VREPL has defaulted on debt repayment because of weak liquidity and
has been marked as non-performing asset.
Incorporated in 2012, VREPL is engaged in milling and sorting of
1121 PUSA basmati rice at its facility in Tulewal, Punjab. The
facility has installed capacity of 4 tonne per hour and is utilised
75%.
===============
M A L A Y S I A
===============
SERBA DINAMIK: Has Until Dec. 15 to File Annual Report
------------------------------------------------------
Shazni Ong at theedgemarkets.com reportst that Serba Dinamik
Holdings Bhd said on Nov. 1 it has been granted an extension of
time to issue its annual report for the financial year ended June
30, 2022 (FY22).
However, the extension of time given by Bursa Malaysia Securities
to the financially troubled oil and gas services provider is only
until Dec. 15, instead of Jan. 31, 2023, as sought by Serba Dinamik
on Oct. 31, the report says.
The group was required to issue the report to Bursa Malaysia and
shareholders within four months from the close of the financial
year, which fell on on Oct. 31.
theedgemarkets.com relates that Serba Dinamik in a filing on Oct.
31 said it could not issue the report in time due to a delay in the
completion of audit by the external auditors for the FY22 financial
statements.
For FY22, the Practice Note 17 (PN17) company recorded a net loss
of RM1.09 billion, on revenue of RM1.35 billion. There are no
comparison figures due to the group's change in financial year end
to June 30, from Dec 31.
In a separate filing on Nov. 1, Serba Dinamik said it is looking
into formulating a plan to regularise its financial condition,
noting that it has approximately two months to submit its
regularisation plan to the relevant authorities for approval,
theedgemarkets.com reports.
"The company will make the necessary announcement on the
regularisation plan, in accordance with the requirements under
PN17," it said.
About Serba Dinamik
Serba Dinamik Holdings Berhad provides engineering solutions. The
Company offers operation and maintenance, system integration,
training, civil works, planning, procurement, construction, and
commissioning services. Serba Dinamik Holdings operates facilities
in Malaysia, Indonesia, UAE, Bahrain, and the United Kingdom.
Serba Dinamik slipped into PN17 status in January 2022, after its
external auditor Nexia SSY PLT expressed a disclaimer of opinion
over its audited financial statements for the 18-month financial
period ended June 30, 2021.
Nexia had said that a number of factors had constrained its
completion of the group's audit, including the non-availability of
a report on an independent review conducted by Ernst & Young
Consulting Sdn Bhd.
=====================
N E W Z E A L A N D
=====================
ADAM CAMPBELL: Creditors' Proofs of Debt Due on Dec. 16
-------------------------------------------------------
Creditors of Adam Campbell Building Limited and You Break We Fix
Limited are required to file their proofs of debt by Dec. 16, 2022,
to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2022.
The company's liquidators are:
Elizabeth Helen Keene
Luke Norman
KPMG Christchurch
Level 5, 79 Cashel Street
Christchurch 8140
HEADWAY PSYCHOLOGY: Court to Hear Wind-Up Petition on Nov. 10
-------------------------------------------------------------
A petition to wind up the operations of Headway Psychology Services
Limited will be heard before the High Court at Christchurch on Nov.
10, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 1, 2022.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
NND STRAIGHT: Court to Hear Wind-Up Petition on Nov. 11
-------------------------------------------------------
A petition to wind up the operations of NND Straight Up Limited
will be heard before the High Court at Auckland on Nov. 11, 2022,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 19, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City, Auckland 2104
PRIME CONSULTANCY: Creditors' Proofs of Debt Due on Dec. 1
----------------------------------------------------------
Creditors of Prime Consultancy Limited are required to file their
proofs of debt by Dec. 1, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2022.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
SAVANN FARMS: Court to Hear Wind-Up Petition on Nov. 15
-------------------------------------------------------
A petition to wind up the operations of Savann Farms Transport
Limited will be heard before the High Court at Rotorua on Nov. 15,
2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 18, 2022.
The Petitioner's solicitor is:
T. Saunders
Inland Revenue, Legal Services
21 Home Straight (PO Box 432)
Hamilton
=====================
P H I L I P P I N E S
=====================
UDENNA CORP: Weighs Sale of Conti's, Wendy's Restaurants Biz
------------------------------------------------------------
Reuters reports that Udenna Corp, controlled by a close associate
of former Philippine president Rodrigo Duterte, is exploring the
sale of its Conti's Bakeshop and Restaurant and Wendy's fast-food
chain businesses in the country, five sources told Reuters.
Reuters relates that the Philippine petroleum-to-education
conglomerate is in talks with at least one financial adviser on
potentially selling both businesses together, three of the sources
with direct knowledge of the matter said.
The deal could fetch as much as $200 million for the two assets
combined, two of the sources added.
The sources declined to be identified as they were not authorized
to speak to the media, Reuters notes. Udenna owns Wendy's and
Conti's through its food subsidiary Eight-8-Ate Holdings, according
to its website.
"We are always exploring opportunities available that would be
beneficial for the group," a Udenna spokesperson told Reuters on
Nov. 2.
The Philippines' economy grew 7.4% in the second quarter from a
year ago, the second fastest in Southeast Asia for the period
trailing only Vietnam, following the easing of lengthy COVID-19
restrictions, Reuters notes.
Tycoon Dennis Uy, a close associate and the top campaign donor of
Mr. Duterte, founded Udenna in 2002.
It bought a 70% stake in Conti's in 2018 for an undisclosed sum,
according to its website, Reuters recounts.
A year later, it acquired all of Wendy's restaurants in the
Philippines, becoming the master franchisee of the fast-food chain
in the country. It did not provide financial details on the
purchase.
Conti's owns 70 stores in the Philippines. Its founding owners hold
a minority stake in the company.
Wendy's has 52 stores in the Philippines, mainly in the capital.
Mr. Uy's rapid, debt-fueled business expansion started when Mr.
Duterte took office in 2016, but revenues declined significantly
during the pandemic. The company has long insisted it received no
preferential treatment under Mr. Duterte.
Amid deep losses, Mr. Uy had to resort to selling his assets,
including a stake in the Philippines' major gas field in the South
China Sea, adds Reuters.
Udenna Corporation operates as a holding company. The Company
distributes and retails petroleum products and lubricants, as well
as engages in shipping and logistics services. Udenna serves
property development, education, food, gaming, tourism,
infrastructure, and telecommunications sectors in Philippines.
=================
S I N G A P O R E
=================
APOLLO MARINE: Placed in Provisional Liquidation
------------------------------------------------
Tan Wei Cheong and Christina Khoo of Deloitte Singapore on Oct. 26,
2022, were appointed as Provisional Liquidators of Apollo Marine
Seafood Pte Ltd and S M A R T Hatchery Pte Ltd.
The Provisional Liquidators may be reached at:
Tan Wei Cheong
Christina Khoo
6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809
MINGDA HOLDING: Creditors' Meeting Set for Nov. 9
-------------------------------------------------
Mingda Holding Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on Nov. 9, 2022, at 10:00 a.m., via video
conference.
Agenda of the meeting includes:
a. to provide an update on the status of the liquidation
administration;
b. to appoint a committee of inspection, if thought fit; and;
c. discuss other business.
The company's liquidators are:
Jason Kardachi
Patrick Bance
c/o Kroll Pte. Limited
1 Raffles Place #10-62, Tower 2
Singapore 048616
SAIS PTE: Commences Wind-Up Proceedings
---------------------------------------
Members of SAIS Pte Ltd and Kaddra Pte Ltd on Oct. 26, 2022, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Luke Anthony Furler
Hubert Jen Wei Chang
c/o Quantuma (Singapore) Pte Limited
137 Amoy Street
#02-03 Far East Square
Singapore 049965
SWIBER HOLDINGS: Court to Hear Wind-Up Petition on Nov. 11
----------------------------------------------------------
A petition to wind up the operations of Swiber Holdings Limited and
Swiber Offshore Construction Pte Ltd will be heard before the High
Court of Singapore on Nov. 11, 2022, at 10:00 a.m.
Bob Yap Cheng Ghee, Ong Pang Thye and Tay Puay Cheng of KPMG
Services filed the application for the winding up of the company on
Oct. 25, 2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
WESTPAC SINGAPORE: Members' Final Meeting Set for Dec. 2
--------------------------------------------------------
Members of Westpac Singapore Limited will hold their final meeting
on Dec. 2, 2022, at 10:00 a.m., at 80 Robinson Road, #02-00, in
Singapore.
At the meeting, Lee Wei Hsiung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=====================
S O U T H K O R E A
=====================
KAKAO PAY: Posts KRW4.7BB Net Loss in Q3 Ended Sept. 30
-------------------------------------------------------
Yonhap News Agency reports that Kakao Pay on Nov. 1 reported its
third-quarter net loss of KRW4.7 billion (US$3.3 million),
remaining in the red compared with a year ago.
Yonhap relates that the company said in a regulatory filing that it
continued to post an operating loss of KRW9.7 billion for the
July-September period, compared with a loss of KRW1 billion a year
earlier. Sales rose 23 percent to KRW141.4 billion.
The operating loss was 6.8 percent lower than the average estimate,
according to a survey by Yonhap Infomax, the financial data firm of
Yonhap News Agency.
Kakao Pay Corp. (KRX:377300) -- https://www.kakaopay.com/ --
operates a mobile payment system in South Korea. It offers
financial services, such as payment, money transfer, bill payment,
authentication, and investment services. Kakao Pay Corp. is a
subsidiary of Kakao Corporation.
*********
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.
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