/raid1/www/Hosts/bankrupt/TCRAP_Public/221109.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 9, 2022, Vol. 25, No. 218
Headlines
A U S T R A L I A
ADVENTIUM TECHNOLOGY: Second Creditors' Meeting Set for Nov. 15
ARCHIX PTY: Proptech Superdraft Enters Liquidation
FX TENNIS: Second Creditors' Meeting Set for Nov. 11
MMM JET: Second Creditors' Meeting Set for Nov. 14
OZ INNOVATORS: Second Creditors' Meeting Set for Nov. 16
RAILER PTY: Second Creditors' Meeting Set for Nov. 16
RESIMAC BASTILLE NO. 2: S&P Affirms BB(sf) Rating on Class E Notes
C H I N A
FOSUN INT'L: Unit Scraps $158M Acquisition of SG Cancer Clinic
I N D I A
AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
CHHATRAPATI KBK: ICRA Keeps C Debt Rating in Not Cooperating
EBIX INC: Races to Raise Cash Against Debt Deadline of February
ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
GONTERMANN-PEIPERS: Snaefell Heights Proposes to Revive Firm
IMPERIAL TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
IVRCL CHANDRAPUR: ICRA Keeps D Debt Rating in Not Cooperating
KNK NEXGEN: ICRA Keeps D Debt Ratings in Not Cooperating Category
LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating
MODULAR CONCEPTS: ICRA Lowers Rating on INR200cr LT/ST Loan to D
NARENDRA DEV: ICRA Keeps D Debt Ratings in Not Cooperating
PANNAGESHWAR SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
PASUPATI SPINNING: ICRA Withdraws D Rating on INR11.77cr Debt
POMMYS GARMENTS: ICRA Lowers Rating on INR26.0cr LT Loan to D
PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
PRANEE INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
RAJASTHAN TUBE: ICRA Keeps D Debt Ratings in Not Cooperating
RANGANATHAN RAJESWARI: ICRA Keeps D Rating in Not Cooperating
SHARADHA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating
SHRADDHA ENERGY: ICRA Moves C Debt Ratings to Not Cooperating
SHREEDHAR MILK: ICRA Keeps D Debt Rating in Not Cooperating
SHRIMAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
TOORSA PLANTATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating
UTTARAYAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
VADIM INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
VSRK CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
WOODIND: ICRA Keeps D Debt Ratings in Not Cooperating
YASHASHREE TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
M O N G O L I A
MONGOLIAN MINING: S&P Downgrades LT ICR to 'CC', Outlook Negative
N E W Z E A L A N D
ALFA FOODS: Creditors' Proofs of Debt Due on Nov. 30
FIRST SEAFOOD: Creditors' Proofs of Debt Due on Dec. 31
KIWIZ COMFORT: Creditors' Proofs of Debt Due on Dec. 26
NND STRAIGHT: Court to Hear Wind-Up Petition on Nov. 11
REGENT TRUSTEE: Creditors' Proofs of Debt Due on Nov. 14
S I N G A P O R E
AURICFOOD HOLDCO: Creditors' Proofs of Debt Due on Dec. 5
CMIDF JALANDHAR: Creditors' Proofs of Debt Due on Dec. 5
LUMIERE BUSINESS: Creditors' Proofs of Debt Due on Dec. 7
RE SINGAPORE: Commences Wind-Up Proceedings
SPORTS LINK: Creditors' Proofs of Debt Due on Nov. 21
T H A I L A N D
SYN MUN: Ordered to Prepare Rehabilitation Plan
- - - - -
=================
A U S T R A L I A
=================
ADVENTIUM TECHNOLOGY: Second Creditors' Meeting Set for Nov. 15
---------------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Adventium Technology Group Pty Ltd;
- Adventium Technology Pty Ltd;
- Adventure Tours Australia Group Pty Ltd;
- Discovery Adventure Group Holdings Pty Ltd;
- Discovery Adventure Group Pty Ltd;
- Honeylamb Pty Ltd;
- Imperium Tourism Holdings Pty Ltd; and
- Outback Tour Services Pty Ltd
has been set for Nov. 15, 2022, at 11:00 a.m. via online meeting.
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. 14, 2022, at 4:00 p.m.
Andrew Peter Fielding and Shaun McKinnon of BDO were appointed as
administrators of the company on Oct. 11, 2022.
ARCHIX PTY: Proptech Superdraft Enters Liquidation
--------------------------------------------------
Business News Australia reports that Cameron Crichton and Michael
McCann from advisory firm Grant Thornton were last week appointed
as joint and several liquidators for Archix Pty Ltd, which trades
as Superdraft.
Business News Australia relates that as the Gold Coast-based
company gathered momentum in its bid to disrupt the architecture
industry with its marketplace linking customers with professionals
for renovations and builds, in late 2021 its founder claims to have
signed a term sheet with a prospective investor to raise AUD18
million, valuing the proptech at AUD50 million.
But that investment was progressively postponed, also leaving
another co-investment up in the air, so a few months ago Superdraft
co-founders Mark Deacon and Jake Robinson made the decision to
tighten the hip pocket to adapt.
"Our company has relied on investment and high growth. We've raised
over over AUD10 million in capital to date, and then all of a
sudden that dried up. We started the process of pivoting the
business and cutting back costs significantly over the last few
months," Deacon tells Business News Australia.
"But it was just too late."
"After 10 years of hard work, blood, sweat and tears into the
business, for it to fall over in these circumstances is pretty sad,
but reflecting back I'm fortunate for the 10 years of experiences
and the people I got to meet," the report quotes Mr. Deacon as
saying.
"For Jake and myself the thing that pains us the most is the impact
on our customers, our partners and our staff," he says, clarifying
the group had 80 staff at its peak, but reduced that number to 50
recently.
Mr. Deacon said the pair "fell for the carrot" of the significant
investment that was proposed, but had to bite the bullet when the
deal was postponed for the third time in August.
"In hindsight we would have done things differently - not relied on
conversations or where some investment had landed, and we could
have had a different scenario had we stripped back our costs and
reduced our burn rate a lot sooner, but in the moment we felt
confident, and the last thing you want to do is slow down your
momentum when you're about to close significant capital."
He claims that if the planned investments got over the line, the
company would have easily been able to pay its debts, Business News
Australia relays. According to a creditor listing prepared by the
liquidators, there is an estimated AUD2.16 million owed to
creditors, while the company has estimated assets worth AUD77,909,
the report discloses.
"Because we were expecting AUD18 million coming in, to clear a
couple of million dollars in those debts, it's a small portion and
we would have had AUD15 million to pour into the growth of the
business. We wouldn't have let it run that long or that far or
caused that much impact, if we knew this wasn't going to come
through," he says.
Meanwhile, Archix Holdings - which owns the intellectual property
of the group - has also entered voluntary administration, the
report notes.
"At the moment it is going through a DOCA (Deed of Company
Arrangement). We've got convertible noteholders, so some
individuals invested on a convertible note," Mr. Deacon explained.
"It's basically up to those convertible noteholders whether they
decide to force the holding company into liquidation and then sell
the IP off and then they get paid through that, or whether they
accept the DOCA for there to be a restructure and
recapitalisation.
"In the short term our focus is going to be on working with the
creditors of Archix Holdings and working through a DOCA to see if
there can potentially be a positive outcome, because we always set
out to solve the problems in this industry, and those problems
still need solving and we're still super passionate about solving
those problems."
Following their appointment on October 31, Cameron Crichton of
Grant Thornton has issued a statement noting liquidators are
currently liaising with customers and suppliers to explore options
to facilitate the continuation of projects currently underway.
"The Liquidators' assessment of Archix's financial circumstances
indicated that it was not viable to continue trading its business
operations and the business ceased trading this week," Mr. Crichton
said.
"Archix operated the "Superdraft" managed marketplace
infrastructure to connect homeowners to construction and building
industry professionals and to track and coordinate home renovation
and building projects. Development of the Superdraft infrastructure
was funded by the ultimate parent entity, Archix Holdings Pty Ltd.
Archix Holdings Pty Ltd was placed in Voluntary Administration also
on the 31 October 2022.
"The Directors are currently liaising with its funders with a view
to proposing a Deed of Company Arrangement to creditors, which
could support relaunching the Superdraft business at some time in
the future. In the meantime, the Administrators are urgently
exploring options to sell the Superdraft infrastructure and have
already engaged with a number of market participants in this
respect. Creditors are expected to vote on the future of Archix
Holdings Pty Ltd at a meeting of creditors in early December."
FX TENNIS: Second Creditors' Meeting Set for Nov. 11
----------------------------------------------------
A second meeting of creditors in the proceedings of Fx Tennis
Academy Pty Ltd has been set for Nov. 11, 2022, at 11:00 a.m. via
virtual meeting.
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. 9, 2022, at 5:00 p.m.
Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of the company on Oct. 7, 2022.
MMM JET: Second Creditors' Meeting Set for Nov. 14
--------------------------------------------------
A second meeting of creditors in the proceedings of MMM Jet
Refrigerated Transport Pty Ltd has been set for Nov. 14, 2022, at
11:00 a.m. at the offices of SMB Advisory at Level 2, 551 Little
Lonsdale Street in Melbourne.
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. 11, 2022, at 4:00 p.m.
Justin Howlett of SMB Advisory was appointed as administrator of
the company on Oct. 7, 2022.
OZ INNOVATORS: Second Creditors' Meeting Set for Nov. 16
--------------------------------------------------------
A second meeting of creditors in the proceedings of OZ Innovators
(Australia) Pty Ltd (formerly trading as Ozsecrets) has been set
for Nov. 16, 2022, at 10:00 a.m. via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 15, 2022, at 5:00 p.m.
Bill Karageozis of McLeod & Partners was appointed as administrator
of the company on Oct. 12, 2022.
RAILER PTY: Second Creditors' Meeting Set for Nov. 16
-----------------------------------------------------
A second meeting of creditors in the proceedings of Railer Pty Ltd
has been set for Nov. 16, 2022, at 10:30 a.m. via virtual meeting.
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. 15, 2022, at 5:00 p.m.
Adrian Robert Hunter and Robyn-Lee Erskine of Brooke Bird were
appointed as administrators of the company on Oct. 11, 2022.
RESIMAC BASTILLE NO. 2: S&P Affirms BB(sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Bastille Trust - Warehouse Series No.2.
The rating affirmations follow amendments to the transaction
documents to change the margins on the rated classes of notes and
subordinate a component of the note margins if a stop origination
event is subsisting, change the margins and fees payable under the
liquidity facility, and increase the minimum liquidity reserve
amount to be trapped from excess spread upon the occurrence of
amortization event. Our ratings on the class A, class B, class C,
class D, and class E notes do not address payment of the
subordinated interest.
During the transaction's 12-month revolving period, the acquisition
of assets by the trust can be funded by additional note issuance.
S&P assesses the minimum levels of credit support, liquidity, and
yield that are commensurate with its ratings on the notes before
any such sales into the trust. This is because the credit support
and liquidity requirement can change, depending on the
characteristics of the portfolio.
The rating affirmations reflect:
-- The credit risk of the underlying collateral portfolio, which
is currently A$535.27 million. The weighted-average loan-to-value
ratio of the loans now in the portfolio is 72.02% and the
weighted-average seasoning is 6.9 months.
-- That the proportion of loans in the portfolio to borrowers
whose income has not been fully verified has increased to 97.8%
from 97.6% in July 2022. While these borrowers have not provided
definitive proof of their income, RESIMAC Ltd. has carried out a
range of checks to determine the reasonableness of their declared
incomes. S&P Global Ratings has adjusted the minimum credit support
for partially verified loans to reflect the lower standard of
debt-servicing assessment on these loans.
-- That loans comprising 90.4% of the pool are to self-employed
borrowers, up from 90.3% previously. Where RESIMAC has been unable
to provide employment data, S&P has assessed a portion as being
self-employed. S&P Global Ratings expects self-employed borrowers
to experience higher cash-flow variability and, consequently,
higher loan arrears, making them more susceptible to defaults
should there be a downturn in the Australian economy. S&P assumes
higher default frequencies for these loans.
-- That loans representing 0.13% of the portfolio are insured by a
primary lenders' mortgage insurance (LMI) policy provided by a
rated mortgage insurer. The LMI policies cover the outstanding
mortgage loan principal, accrued interest, and any reasonable
enforcement expenses on the defaulted mortgage loans.
-- That the credit support provided to each class of notes is
commensurate with the ratings assigned and the rated notes can meet
timely payment of interest and ultimate payment of principal under
the rating stresses. Key rating factors are the level of
subordination provided, the size of the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve.
Ratings Affirmed
RESIMAC Bastille Trust - Warehouse Series No.2
Class A: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
=========
C H I N A
=========
FOSUN INT'L: Unit Scraps $158M Acquisition of SG Cancer Clinic
--------------------------------------------------------------
Caixin Global reports that Fosun Pharmaceutical, the drugmaking arm
of debt-laden conglomerate Fosun International Ltd., terminated its
proposed acquisition of a 60% stake in one of Singapore's largest
operators of cancer treatment centers, the company said on Nov. 2.
Fosun Pharma agreed in June to buy the stake in OncoCare Medical
for as much as SGD218 million (US$158 million). Fosun Pharma said
the transaction wasn't closed because a welter of conditions
couldn't be met by the Oct. 30 deadline, and the parties agreed to
scuttle the deal, Caixin relates.
Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating of Fosun International Limited. At the same
time, Moody's has also downgraded to B2 from B1 the senior
unsecured bonds issued by Fortune Star (BVI) Limited and
unconditionally and irrevocably guaranteed by Fosun. Moody's has
changed the outlook on all ratings to negative from ratings under
review. This concludes the review for downgrade initiated on
September 30, 2022.
"The downgrade reflects Fosun's weak liquidity, recent fast and
significant decline of the market value of its listed assets which
erodes its funding headroom, and the execution risk related to the
company's fundraising plans amid capital market volatility and
prevalent risk averse sentiment. Moody's are also concerned that
accelerated divestments or pledge of good quality assets will lead
to a faster-than-expected weakening of Fosun's portfolio size and
quality, as well as its financial flexibility, which no longer
supports its previous B1 rating," says Lina Choi, a Moody's Senior
Vice President.
The negative outlook reflects the refinancing uncertainties and
execution risks of asset sales to repay Fosun's sizable debt
maturing over the next 12 months, and the company's ongoing
challenges in balancing liquidity needs and maintaining its
investment portfolio quality.
=========
I N D I A
=========
AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Akshar
Cotton Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.03 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term 1.39 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Continues to remain under the
Limits 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2011, Akshar Cotton Industries (ACI) is a
partnership firm. The firm is owned and managed by three partners
Mr. Ashokbhai Dudhagara, Mr. Hashmukhbhai Pansuriya and Mr.
Narendrabhai Virani. ACI is engaged in ginning and pressing of raw
cotton. ACI's manufacturing facility is located at Kalavad in
Jamnagar District of Gujarat. It is equipped with 18 double roller
ginning machines and one pressing machine to produce cotton bales
and cottonseeds.
BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Barasat Krishnagar
Expressways Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 705.60 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
BKEL has been incorporated as a special purpose vehicle promoted by
Madhucon Infra Limited (MIL) and Madhucon Projects Limited (MPL) to
undertake the implementation of four-laning of Barasat to
Krishnanagar section of NH-34 from km 31.00 to km 115.00 in the
state of West Bengal under NHDP Phase III on Design, Build,
Finance, Operate, Transfer (DBFOT) Annuity basis. The project has
been terminated in December 2015 due to land acquisition issues and
is currently under arbitration.
CHHATRAPATI KBK: ICRA Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Chhatrapati KBK Chem Engineering Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]C/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.00 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 17.35 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Limits to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
KBK is an engineering company providing turnkey solutions to
distilleries, ethanol and bio fuel plants. The company was promoted
in 1997 by well experienced technocrats who has worked in similar
field with varied experience in distillery industry. KBK is one of
the largest suppliers in India for turnkey Ethanol and Distillery
plants and offers rectified spirits, extra neutral alcohol and
Ethanol plants with water/waste water/spent wash treatment systems,
integrated evaporation plants, cogeneration power plants, Biogas
and slop fired boilers and bio composting plants. It has designed,
2 executed and commission projects in more than 15 countries
including Thailand, Ethiopia, Philippines, Vietnam, etc. KBK has a
workshop at Pirangut, Pune to provide 100% in house fabrication
facilities for critical equipment such as distillation columns,
reactors and other process equipment for ethanol plants. SRSL, an
integrated sugar industry player with turnover of more than INR22
billion, holds 80.3% stake in KBK.
EBIX INC: Races to Raise Cash Against Debt Deadline of February
---------------------------------------------------------------
Alexander Saeedy at The Wall Street Journal reports that payments
and software company Ebix Inc. is seeking to raise cash to pay back
some $600 million in debt due February next year, but time is
running short as it awaits regulatory approval for a public
offering in India while facing allegations of improper accounting
from short sellers.
The Journal says Nasdaq-listed Ebix, based in Johns Creek, Ga.,
today does the majority of its business in India. Once an
enterprise software company for the insurance industry, it rapidly
transformed into an international payments and software business
through a series of debt-funded acquisitions in India under
longtime Chief Executive Robin Raina.
But the company's rapid growth abroad is threatening to come to an
abrupt stop, as a cooling market for Indian startups and
allegations of accounting impropriety from short sellers are
putting obstacles in front of the company's ability to raise cash
and repay the debt due next year, the Journal relates.
In a statement, Ebix denied any wrongdoing in its accounting and
said the company has multiple avenues to refinance its debts coming
due next year, the Journal reports. The company hasn't been charged
with any form of wrongdoing by authorities.
As of June 30, the company reported only $68 million of cash on
hand. According to the Journal, despite its multiple acquisitions,
Ebix said it has struggled to generate cash since the pandemic
started due to a drop-off in travel-related revenue and it intends
to use around $350 million in proceeds from a listing in India of
EbixCash, one of its major payments subsidiaries, to help pay back
its debts.
Since starting the IPO process, Ebix has come under criticism from
short sellers who have raised questions about the company's rapid
growth in India, the Journal states.
According to the Journal, hedge fund Safkhet Capital said that
Ebix's accounting around its prepaid card business was
fundamentally misleading to investors, in an April letter to the
Public Company Accounting Oversight Board, which regulates the
auditors of U.S.-listed firms.
The Journal relates that the fund, which gained notoriety after
shorting German payments firm Wirecard AG some years before the
company became insolvent, asserts that Ebix has been making its
payments business appear larger than it actually is by reporting
the total amount of money booked on its prepaid cards as its
revenue even though Ebix merely intermediated the cash to endpoint
merchants and collected a roughly 1% fee. Most companies with the
same business record only the fee earned with each card as their
revenue, Safkhet founder Fahmi Quadir said in the letter.
Ms. Quadir added that the alleged accounting overstatements "served
the purpose of Ebix's management who is eager to maximize the value
of the EbixCash Indian IPO," the Journal relays.
In its statement, Ebix denied any wrongdoing or inconsistencies in
its accounting practices and said it has been transparent in how
its low-margin payments business operates. It also noted that over
the last 22 years the company "has not restated even a dollar in
revenue" and said it can raise money through other means if it
can't complete its public listing.
The Journal adds that Hindenburg Research also has criticized Ebix
for what it called vastly overstated revenue at EbixCash in a
public June report in which the hedge fund said it had taken a
short position against the company, betting its shares would fall.
Ebix labeled Hindenburg's public allegations as "grossly misleading
and erroneous." The company filed defamation claims against
Hindenburg founder Nathan Anderson with a court in Delhi after the
report was made public and requested that its physical and virtual
dissemination be banned within India. Judges granted the motions,
the Journal notes.
The Journal relates that Mr. Anderson said in a statement that
Hindenburg, which made a name for itself identifying alleged
fraudulent business practices at Nikola Corp. and Lordstown Motors
Corp., "stands by all the findings in our report."
"Until Ebix responds substantively to the issues we raised, a
prospect that seems to be dimming by the day, we'll keep posting
our research regardless of how many times they complain to Indian
courts about it," he added.
About Ebix
Headquartered in Atlanta, Georgia, Ebix, Inc. supplies software and
electronic commerce solutions to the insurance industry.
As reported in Troubled Company Reporter in June 2022, Egan-Jones
Ratings Company on June 9, 2022, retained the
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Ebix, Inc.
ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Energo
Engineering Projects Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 22.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loans 'Issuer Not Cooperating'
Category
Long-term– 140.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1,150.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Rating Continues to remain under
Based limits the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporate as a sole proprietorship in 1987, EEPL is engaged in
providing EPC/ turnkey solutions of Balance of Plant (BOP)
requirements of Power Plants which includes coal handling, ash
handling, water systems, instrumentation, civil work etc. In BOP,
the company has focus on coal handling and ash handling. The
services include design, manufacture, fabrication, supply, site
construction, erection, commissioning and testing as well as
operations & maintenance on turnkey basis. The factory is located
at Coimbatore, Tamil Nadu on a land area of 400,000 sq. ft. with
manufacturing area enclosed in 150,000 sq. ft. EEPL also provides
consultancy services to power plants in the form of residual life
assessment studies, assessment of renovation and modernization
requirements and suggesting cost-effective method for improving the
efficiencies of the existing systems, besides energy audits and
independent performance testing. EEPL has a portfolio in EPC
contracting of more than 20,000 MW.
GONTERMANN-PEIPERS: Snaefell Heights Proposes to Revive Firm
------------------------------------------------------------
The Telegraph Online reports that Snaefell Heights LLP, the
applicant which has challenged the rebid of Gontermann-Peipers
(India) Ltd, has now proposed to revive the forge roll maker in an
attempt to allay an apprehension that the firm is only looking at
the asset for real estate.
According to the report, the claim has been made in an application
before the Supreme Court which heared the matter for admission on
Nov. 7. The LLP firm now also claims that it is an equal
partnership between city-based Srijan Realty and Shakambhari Group,
a Bengal-based secondary steel producer, which is said to have
revived many sick steel units.
The Telegraph relates that the rebid for GPIL was ordered by the
National Company Law Tribunal, Calcutta, and then reaffirmed by the
NCLAT, Delhi - favouring other aspirants, notably India's largest
steel maker JSW Steel Ltd, which has publicly made its intention
clear to retain the manufacturing unit, revive it and save jobs.
After failing to clinch an acceptable resolution plan under the
Insolvency and Bankruptcy Code (IBC), GPIL was sent to liquidation
for the sale of assets as a going concern, the report notes. The
LLP emerged the highest bidder with an offer of Rs 88 crore in an
auction that took place in September 2021.
However, multiple companies, including JSW Steel, litigated before
the company law tribunals, which ordered a fresh bid, queering the
pitch for Snaefell. The date for the fresh auction has been set on
November 11, subject to the direction of the SC, The Telegraph
notes.
According to The Telegraph, Deepak Agarwal, chairman and managing
director of Shakambhari Group, said the LLP's plea is not to allow
a rebid that will make the firm the successful bidder. If the court
allows a rebid, the entire Rs 88 crore deposited by the LLP should
be returned with interest.
"We want to revive the plant. It has a very good prospect as GPI's
product forge steel roll is in demand. There is also a skilled
workforce attached to the unit," the report quotes Agarwal as
saying.
He denied that there is any plan for real estate development on the
25.35-acre plot, The Telegraph says. Ram Naresh Agarwal, an owner
of Srijan and a designated partner of Snaefell, said the family
wants to expand their business horizons beyond real estate.
"We want to diversify into other areas to create opportunities for
the new generation of our family joining the business," R.N.
Agarwal added. He, however, did not rule out carving out a slice of
the lucrative plot on the Diamond Harbour Road in the future, after
allocating space for future expansion of the roll factory.
"But, we are not thinking about it (real estate) now," R.N. Agarwal
claimed, adding the LLP will also participate in the rebid if
directed by the SC.
About Gontermann-Peipers (India)
Gontermann-Peipers (India) Limited is engaged in the manufacturing
and exporting of cast and forged rolls.
Gontermann-Peipers commenced insolvency proceedings on Dec. 11,
2019.
IMPERIAL TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Imperial
Tubes Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 50.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1978, ITPL is currently engaged in the
manufacturing of electric resistance welded (ERW) black pipes with
an installed capacity of 120,000 metric tonnes per annum (MTPA).
The manufacturing facility of the company is located in Howrah,
West Bengal. The company is being managed by the two directors Mr.
Pratik Sharma and Mr. Manish Sharma, who had taken over the
business from the original promoters in December 2013. The pipes
manufactured by the company have varied applications like
irrigation, water supply, sewerage system, fabrication,
construction activity, idlers/ conveyors, water wells (casing
pipes) etc. and are sold under the brand name of 'Imperial'.
IVRCL CHANDRAPUR: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of IVRCL
Chandrapur Tollways Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 313.99 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in October 2010, IVRCL Chandrapur Tollways Limited
(ICTL) is a Special Purpose Vehicle (SPV) promoted by IVRCL Limited
for four-laning and improvement of Karanji-Wani-Ghuggus-Chandrapur
section of MSH- 6 & 7 of 85.11 km in Yavatmal and Chandrapur
District of Maharashtra. The project is developed on Design, Build,
Operate, Transfer basis. The project was earlier envisaged to have
a capital outlay of INR735.99 crore. However, owing to delay in
execution of the project the total cost has increased to INR882.48
crore, primarily on account of increase in interest during
construction. The revised cost is funded with a debt of INR414.70
crore, positive grant of INR199.50 crore and promoter's
contribution of INR268.28 crore.
KNK NEXGEN: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of KNK
Nexgen Construction Pvt Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short term– 40.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
KNK Nexgen Construction Private Limited was established in 2006,
with its registered office in Bangalore, Karnataka. The company
primarily operates as a civil contractor engaged in the
construction of diversified projects—including the construction
of multi-storeyed buildings, residential apartments, hotels,
hospitals, commercial buildings, IT parks and factories. The
company is a member of the Indian Green Building Council (IGBC) and
has been associated with many energy efficient projects. The
company has won three awards for adopting best safety practises at
its construction sites from the National Safety Council for the
years 2011, 2013 and 2014. KNK was set up in fiscal 2017 by merging
the group companies, KNK Nexgen Construction Pvt Ltd and KNK Swami
and Co. It constructs factories, industrial houses, and commercial
and residential buildings for the Government of Karnataka and
private entities outside the state.
LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Lakshya
Dairy Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.50 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating Continues to remain under
Limits 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2008, LDPL is engaged in the trading of milk. The
company has been promoted by Mr Rajbir Singh Nagar and Mr Rohit
Nagar, who have been in the milk trading business for more than two
decades. The company procures milk from farmers and milk
aggregators and preserves it in its chillers before selling it to
milk processors and local dairies.
MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Max
Properties Private Limited. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.70 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.80 [ICRA]D;ISSUER NOT COOPERATING;
Unallocated Rating continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Max Properties Private Limited is a Madurai-based real estate
developer/construction company. It was established in 2009 by Mr.
Elango Packiaraj who was earlier executing several government
contracts in his personal capacity. Such executed projects include
construction of staff quarters in Tier II and Tier III cities for
Tamil Nadu Electricity Board, BSNL Telephones, TWAD Board and Tamil
Nadu Police Housing Corporation. MPPL undertakes developing or
codeveloping on joint venture (JV) basis real estate projects for
residential or commercial-cum-residential, multi-storied projects
in Madurai and Theni. The company also undertakes civil
construction for the projects it develops and has the necessary
labor and plant & machinery for the same. The company is closely
held by the family of the company's promoter, Mr. Elango Packiaraj.
The company has not disclosed any other associate/group companies.
MODULAR CONCEPTS: ICRA Lowers Rating on INR200cr LT/ST Loan to D
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Modular
Concepts LLC, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 200.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating downgraded
Fund Based/ from [ICRA]B+ (Stable)/[ICRA]A4
Non Fund Based and continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on August 2021. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2005, Modular Concepts LLC provides turnkey medical
engineering and construction services to the healthcare industry,
primarily in the UAE. The company's offerings include providing
turnkey medical engineering solutions (medical equipment and
systems), hospital fit-outs (interiors, ceiling, flooring, hygienic
coating, radiation protection, refurbishment), mechanical,
electrical and plumbing solutions (heating, ventilation and air
conditioning, electrical, plumbing), civil (concrete and masonry,
metal and wood work) and modular offsite manufacturing services
(pre-fab modules and installation).
NARENDRA DEV: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the short term and long term ratings of Narendra
Dev Girrajji Constructions (JV) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short term– 5.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
This is a joint venture between Narendra Dev Railways (NDR) and
Girirajji Stone Crushers Pvt Ltd (GSCPL) formed on 1st March 2014.
The JV has been formed to carry out a project of construction of
eight Road Under Bridge (RUB) for the elimination of level crossing
for the North Central Railways in the Allahabad district between
Agra and Mainpuri. NDR will be responsible for
the fulfilling the technical and financial criteria while GSCPL
will be responsible for the execution of the work. The profits will
be divided in the following ratio: Narendra Dev Railways 51%
Girirajji Stone Crushers Pvt Ltd 49%.
PANNAGESHWAR SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of
Pannageshwar Sugar Mills Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 25.14 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based– 18.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1999, Pannageshwar Sugar Mills Limited (PSML) is
involved in manufacture and sale of sugar. The company promoted by
Late Shri Gopinath Munde launched its commercial operations in the
season 2001- 2002. The company is currently chaired by Mrs.
Pradnyatai Gopinath Munde – Khade, Chairman and Managing
Director. The current crushing capacity is 2000 TCD (tons crushed
per day).
PASUPATI SPINNING: ICRA Withdraws D Rating on INR11.77cr Debt
-------------------------------------------------------------
ICRA has withdrawn long term ratings of Pasupati Spinning & Weaving
Mills Limited at the request of the company and based on the No
Objection certificate (NOC) received from its banker and there is
no amount outstanding. However, ICRA does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. The Key Rating Drivers, Liquidity Position,
Rating Sensitivities, Key financial indicators have not been
captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
15% Partially 11.77 [ICRA]D; ISSUER NOT COOPERATING;
Convertible Withdrawn
Debentures
Incorporated in 1979, PSWM is promoted by Mr. Ramesh Kumar Jain and
manufactures cotton yarn, polyester grey and dyed sewing thread, as
well as knitted fabric. The company has two manufacturing units,
one sewing thread manufacturing facility in Kala Amb and one
polyester viscose and cotton yarn manufacturing unit in Dharuhera
(Haryana).
POMMYS GARMENTS: ICRA Lowers Rating on INR26.0cr LT Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pommys
Garments (India) Limited ("PGIL"), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 26.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 3.38 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on August 2021. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Pommys Garments (India) Limited ("PGIL") was set up in 1998 as a
partnership firm with the present directors as the partners. The
company was converted from a private limited company to a public
limited company in November 2017 and the name changed from Pommys
Garments (India) Private Limited to Pommys Garments (India)
Limited. Initially, PGIL was involved in the manufacturing of
women's night wear had diversified during the recent years to also
manufacture women's tops and leggings. The Company procures raw
material (cloth) in bale form from suppliers in Gujarat, Mumbai,
Tirupur and Rajasthan. The Company has an in house capacity to
produce 5000 pieces per day. The Company has also recently entered
into newer segments like women's innerwear, salwars and men's
shirts. The Company also has retail presence through 19 showrooms
across Tamil Nadu and Pondicherry and also plans to open 5 more
showrooms in during 2016-17. Currently PGIL sells its products
through ~300 retail showrooms across Tamil Nadu, Kerala, Karnataka
and Andhra Pradesh under the brand "Pommys".
PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Pragati
Glass Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 17.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Pragati Glass Private Limited (Pragati Glass) was incorporated in
1982 by Mr Dinesh Gupta to manufacture glass tableware and bottles.
The company primarily caters to the cosmetics and perfumes
industries, with a small presence in food and beverages (F&B).
Almost 60% of the company's sales are made to exports markets,
while around 15-20% of these are deemed exports to SEZs. The
company's manufacturing facility is located at Kosamba, Gujarat.
PRANEE INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the short term and long-term ratings of Pranee
Infrastructure Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as “[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under issuer not
Non-Fund Based cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2013, Pranee Infrastructure Private Limited (PIPL)
is a private limited company based out of Bangalore. The company
primarily operates as a civil contractor engaged in the
construction of residential complex and commercial buildings. The
company is mainly engaged in building construction, internal
electrical works, road works etc. The company has undertaken
various projects for Renaissance Holdings & Developers Private
Limited. Within the building construction segment, the company is
executing residential and commercial pr ojects. The orders for
civil construction are procured majorly through networking of the
director and also through tenders awarded. Mr. Venkateswarlu, the
overall in-chargedirector has around 3 decades of experience in
construction industry. The commercial operations of the company
started in the month of September 2013.
RAJASTHAN TUBE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rajasthan
Tube Manufacturing Company Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 20.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 12.25 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
RTL was incorporated in 1985 and became a public limited company in
1995. The main products of the company include ERW (Electric
resistance welding) steel pipes, with size ranging from 15 mm to
250 mm. The company's manufacturing facility is located at Jaipur
(Rajasthan) and has an annual capacity of 45,000 Metric Tonnes Per
Annum (MTPA). The pipes manufactured by the company have varied
applications in water, gas and sewage pipes, structural purposes,
idlers/conveyors, water wells (casing pipes) etc.
RANGANATHAN RAJESWARI: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Ranganathan Rajeswari
Charitable Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Ranganathan Rajeswari Charitable Trust ("RRCT") was established in
2006 to impart professional education to students in Tamil Nadu.
The trust owns and manages 'Ranganathan Engineering College'
("REC"), 'Ranganathan Architecture College' ("RAC") and
'Ranganathan Polytechnic College' ("RPC") situated in Coimbatore,
Tamil Nadu. The promoters of the trust are Dr. R. Murugesan, Dr. P.
Tamilarasi Murugesan, Mr. R. Karuna Boopathy, Mrs. K. Tamilarasi,
Mr. R. Subramanian, Mrs. B. Ezhilarasi and Mrs. M. Praveena. The
promoters have more than 30 years of professional experience in the
education sector.
SHARADHA TIMBERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sri
Sharadha Timbers in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Facility 'Issuer Not Cooperating'
Category
Short-term– 16.75 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating Continues to remain under
Facility 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sri Sharadha Timbers is a proprietorship firm owned by Mr. Narashia
Manji Patel. It was established in 2002 and is involved in the
business of sawing and trading of timber, mainly imported wood. The
customers of SST include dealers, wholesalers and retailers.
SHRADDHA ENERGY: ICRA Moves C Debt Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Shraddha
Energy and Infraprojects Pvt. Ltd (SEIPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 169.80 [ICRA]C; ISSUER NOT COOPERATING;
Fund-based Rating moved to 'Issuer Not
Working Capital Cooperating' category
Facilities
Long-term- 185.40 [ICRA]C; ISSUER NOT COOPERATING;
Fund-based Rating moved to 'Issuer Not
Term Loans Cooperating' category
Long-term– 54.80 [ICRA]C; ISSUER NOT
COOPERATING;
Unallocated Rating moved to 'Issuer Not
Limits Cooperating' category
As part of its process and in accordance with its rating agreement
with SEIPL, ICRA has been sending repeated reminders to the entity
for information and payment of surveillance fee that became due.
However, despite multiple requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the firm's
rating has been moved to the "Issuer Not Cooperating" category. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.
Based out of Maharashtra, Shraddha Energy and Infraprojects Private
Limited (SEIPL) is involved in diverse activities viz construction
of infrastructure projects (mainly irrigation), operating of sugar
mill and windmill projects. The company has class1 registration
with multiple state public works departments and state irrigation
departments/ corporations. It has a sugar factory in Partur,
Maharashtra with a capacity of 2500 TCD. Apart from this, SEIPL has
installed wind turbine generators across Maharashtra and Karnataka,
with a total capacity of 52 MW.
SHREEDHAR MILK: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Shreedhar Milk Foods
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Debentures (NCD) Rating Continues to remain under
issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2005, Shreedhar Milk Foods Limited is a
medium-sized dairy processing company engaged in processing liquid
milk and manufacturing various milk-based products such as skimmed
milk powder (SMP), pure clarified butter (ghee), white butter,
cottage cheese, curd and sweets. The company's processing facility
is located at Joya in Uttar Pradesh, with a processing capacity of
14.30 lakh litres per day (LLPD). With a product mix concentrated
in favour of SMP, pure ghee and related derivatives, SMFL largely
caters to the bulk/institutional segment under its brand,
'Shreedhar', through its network of C&F agent s. A small proportion
of the company's business is also generated from contract
manufacturing operations for players like Mother Dairy and COMFED.
While a majority of SMFL's businesscomes from the bulk segment, it
is currently in the midst of expanding its direct marketing
business, especially for polypack milk. To achieve this, it has
recently started procuring milk directly from villages by setting
up Village Level Collection Centres (VLCCs) and Milk Chilling
Centres (MCCs). SMFL is promoted by the Delhi-based Goel family.
The promoters have significant experience in the dairy industry,
with their roots in the milk trading business for the last four
generations. With its plans of expanding its retail presence, the
company has inducted professional management with significant
experience in the dairy industry. SMFL also raised equity funding
from a Mauritius-based private equity fund, 'The Great Indian
Tusker Fund', and another entity, Omrudra International Trading
LLC. Following the equity infusion, the promoter's stake in the
company stood at 93.3% as of June 2016.
SHRIMAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Shriman
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 36.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Constituted in 2015, SE is a partnership firm that is setting up a
150-bedded multi-speciality hospital in Jalandhar (Punjab). All the
four partners of the firm are qualified doctors having relevant
experience across different medical fields.
SONAPUR HERBAL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term ratings of Sonapur Herbal Centre
Private Limited in the ‘Issuer Not Cooperating’ category. The
ratings are denoted as [ICRA]D; ISSUER NONCOOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.18 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Unallocated 1.82 [ICRA]D; ISSUER NOT COOPERATING;
Limits Rating Continues to remain under
Issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2000, SHCPL currently owns and operates a 20-room
resort, "Spring Valley Resort" at Sonapur, Assam. The company is in
the process of converting the existing resort into a four-star
hotelcum-resort with 60 rooms/cottages (including the existing 20
cottages). Currently, the resort also operates a multi-cuisine
dining-cum-restobar, coffee shop, spa-cum-saloon, conference room,
banquet hall and swimming pool, all within the same premises.
TOORSA PLANTATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Sri
Toorsa Plantations Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 7.12 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short Term (0.15) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sri Toorsa Plantations Private Limited (STPPL) is a special purpose
vehicle, incorporated in February 2015, by Malnady Tea Estate
Private Limited (owning ~51% of the shares) and Tirupati Assets
Private Limited (owning ~49% of the shares) for procuring two of
the tea estates auctioned by the West Bengal Tea Development
Corporation Limited under the policy to rejuvenate the tea gardens
and protect the interest of tea workers. The company has two tea
estates – Mohua Tea Estate and Hilla Tea Estate – located in
Dooars region of West Bengal, with a total cultivable area of 413
hectares.
TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Trimurthi
Hitech Company Private Limited. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+/[ICRA]A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.75 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 2.75 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.50 [ICRA]C+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Trimurthi Hitech Company Pvt Ltd ("Trimurthi") was incorporated in
the year 1989 by Mr B.L Kabra and Mr Sundeep Kabra who have close
to two decades of experience as EPC contractors for various
government projects. The company predominantly takes up
electrification works for railway projects in southern India. By
virtue of the long standing experience of the promoters in
execution of such projects, the company is prequalified to take up
overhead electrification works, high voltage substation contracts
and civil tenders for government projects.
UTTARAYAN STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Uttarayan
Steel Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.50 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating Continues to remain under
Limits 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
USPL manufactures mild steel ingots, which are subsequently rolled
into long steel products such as thermo mechanically treated (TMT)
bars, channels and angles. The company was acquired by members of
the Goel and the Singhal family in 2006. Its manufacturing facility
is located in Roorkee (Uttrakhand) and has an installed capacity of
22,000 Metric Tonnes Per Annum (MTPA).
VADIM INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vadim
Infrastructure Private Limited. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.30 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Facility 'Issuer Not Cooperating'
Category
Short term– 4.05 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating Continues to remain under
Facility 'Issuer Not Cooperating'
Category
Long-term/ 1.65 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Facility Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Vadim Infrastructure Private Limited was incorporated in Chennai in
2004 and has a diversified presence across four states with branch
offices in Coimbatore, Hyderabad, Bhubaneswar, and Nagpur. VIPL is
an EPC contractor and undertakes design, engineering, procurement
and execution of turnkey projects. The company has more than 14
years of experience in power, industrial, and infrastructure
sectors. VIPL also provides design and detail engineering in the
areas of piping, civil and structural work.
VSRK CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term rating of VSRK Constructions in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Rating continues to remain under
Based-Others 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
VSRK Constructions (VSRKC) is a partnership firm established in
2002 by Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao. The
firm is recognized as a special class contractor by Roads and
Buildings department of Andhra Pradesh and Telangana. It is engaged
in the business of constructing roads, bridges, etc. primarily in
Telangana and Andhra Pradesh.
WOODIND: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------
ICRA has retained the ratings for the bank facilities of The
Woodind in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- (6.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
The Woodind, initially established as proprietorship concern in
2006 by Mr. Russal M Easa, was later converted in to a partnership
firm in December 2013. The firm is engaged in trading of timber.
The firm imports timber mainly from Latin American countries and
also from African countries. The timber imported belongs to two
main categories – Teak and Pincoda. The firm is located in Kochi
(Kerala) and caters to the needs of the wholesalers as well as the
retailers in North Kerala.
YASHASHREE TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Yashashree
Tubes Private Limited in the 'Issuer Not Cooperating' category. The
rating are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 3.20 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2011, Yashashree Tubes Private Limited (YTPL/The
Company) is engaged in manufacturing of cold drawn seamless tubes
ranging from outside diameter of 16 mm to 110mm. The company has
its manufacturing facility at Ahmednagar (Maharashtra) which
commenced commercial operations from February 2013 with an annual
installed capacity of 8400 MT.
===============
M O N G O L I A
===============
MONGOLIAN MINING: S&P Downgrades LT ICR to 'CC', Outlook Negative
-----------------------------------------------------------------
On Nov. 7, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on the Mongolia-based coking coal miner Mongolian
Mining Corp. to 'CC' from 'B-'. S&P also lowered its long-term
issue rating on the company's U.S. dollar-denominated senior
unsecured notes to 'CC' from 'B-'.
S&P said, "The negative outlook reflects the likelihood we will
lower our issuer rating on MMC to 'SD' (selective default) and our
issue rating on the notes to 'D' (default) upon completion of the
tender offer."
"We view the proposed cash tender offer as a distressed exchange.
This is because investors will receive significantly less than what
they were promised for the original securities on the maturity
date."
On Nov. 7, 2022, MMC offered to spend up to US$100 million to
repurchase its outstanding US$440 million senior notes due in April
2024. The company will buy back at a price range of $570-$630 for
each US$1,000 principal amount.
In S&P's view, MMC is vulnerable to default on its U.S.
dollar-denominated notes upon maturity in the absence of the
proposed transaction. The company has weak liquidity because its
sales were hit by restrictions on truck throughput at the
Chinese-Mongolian border since the outbreak of the pandemic.
MMC is still subject to high refinancing risk on this U.S. dollar
notes because the financing environment for high yield issuers
remains challenging. This is despite a recent stabilization of
operating conditions with higher border throughput and sales
volume.
S&P will review MMC's credit profile in terms of capital structure
and liquidity position after the tender offer is completed. The
tender offer has an early tender date of Nov. 21, 2022, and an
expiry of Dec. 6, 2022.
The negative outlook reflects that S&P would lower its issuer
credit rating on MMC to 'SD' and its issue rating on the company's
senior unsecured notes to 'D' when it completes its proposed cash
tender offer.
Following completion of the transaction, S&P will revise the
ratings by reassessing MMC's financial and liquidity position,
based on the amount of notes tendered.
ESG credit indicators: E-4; S-3; G-4
=====================
N E W Z E A L A N D
=====================
ALFA FOODS: Creditors' Proofs of Debt Due on Nov. 30
----------------------------------------------------
Creditors of Alfa Foods Limited and Afree Limited are required to
file their proofs of debt by Nov. 30, 2022, to be included in the
company's dividend distribution.
The companies commenced wind-up proceedings on Oct. 31, 2022.
The companies' liquidator is:
Pritesh Patel
Patel & Co
344 Great South Road
Papatoetoe
Auckland 2215
FIRST SEAFOOD: Creditors' Proofs of Debt Due on Dec. 31
-------------------------------------------------------
Creditors of First Seafood Cuisine Limited are required to file
their proofs of debt by Dec. 31, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2022.
The company's liquidator is:
Christopher Carey Mccullagh
PKF Corporate Recovery
PO Box 3678
Auckland 1140
KIWIZ COMFORT: Creditors' Proofs of Debt Due on Dec. 26
-------------------------------------------------------
Creditors of Kiwiz Comfort Energy Solutions Limited are required to
file their proofs of debt by Dec. 26, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 26, 2022.
The company's liquidator is:
Thomas Lee Rodewald
Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
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
REGENT TRUSTEE: Creditors' Proofs of Debt Due on Nov. 14
--------------------------------------------------------
Creditors of Regent Trustee Limited and Working Health Limited are
required to file their proofs of debt by Nov. 14, 2022, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 31, 2022.
The company's liquidator is:
Richard Anthony Johnston
14 St Mary's Road
PO Box 91842
Victoria Street West
Auckland 1142
=================
S I N G A P O R E
=================
AURICFOOD HOLDCO: Creditors' Proofs of Debt Due on Dec. 5
---------------------------------------------------------
Creditors of Auricfood Holdco Limited (Formally known as Food
Junction Holdings Limited) are required to file their proofs of
debt by Dec. 5, 2022, to be included in the company's dividend
distribution.
The company's liquidator is:
Saw Meng Tee
c/o EA Consulting Pte Ltd
1 North Bridge Road
#23-05 High Street Centre
Singapore 179094
CMIDF JALANDHAR: Creditors' Proofs of Debt Due on Dec. 5
--------------------------------------------------------
Creditors of CMIDF Jalandhar Mall (Singapore) Pte. Ltd. and CMIDF
Nagpur Mall (Singapore) Pte Ltd are required to file their proofs
of debt by Dec. 5, 2022, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 1, 2022.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
LUMIERE BUSINESS: Creditors' Proofs of Debt Due on Dec. 7
---------------------------------------------------------
Creditors of Lumiere Business Solutions Pte. Ltd. are required to
file their proofs of debt by Dec. 7, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 3, 2022.
The company's liquidator is:
Farooq Ahmad Mann
M/s Mann & Associates PAC
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
RE SINGAPORE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Re Singapore Consulting Pte Ltd, on Oct. 28, 2022,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Tan Eng Soon
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
SPORTS LINK: Creditors' Proofs of Debt Due on Nov. 21
-----------------------------------------------------
Creditors of Sports Link Holdings Pte Ltd are required to file
their proofs of debt by Nov. 21, 2022, to be included in the
company's dividend distribution.
The company's liquidator is:
Farooq Ahmad Mann
M/s Mann & Associates PAC
c/o 3 Shenton Way
#03-06C Shenton House
Singapore 068805
===============
T H A I L A N D
===============
SYN MUN: Ordered to Prepare Rehabilitation Plan
-----------------------------------------------
Bangkok Post reports that the Office of Insurance Commission (OIC)
has ordered SET-listed Syn Mun Kong Insurance (SMK) to rectify its
financial position and prepare a rehabilitation plan after the
Central Bankruptcy Court ordered the company to undertake
rehabilitation and also appointed SMK as a rehabilitation planner.
OIC secretary-general Suttipol Taweechaikarn said the commission is
responsible for overseeing SMK's execution of the court order in
order to fully protect the rights of the company's policyholders,
Bangkok Post relates.
The OIL also requires the company to report the progress of the
rehabilitation process to the OIC every seven days, he added.
According to the report, Mr. Suttipol said the OIC has also
coordinated with the Legal Execution Department regarding
guidelines for taking care of insured persons. It expects the
rehabilitation process to become clearer once the company has
submitted the rehabilitation plan to the official receiver within
the legal timeframe.
He added that the company is currently under the supervision of
three parties: the Bankruptcy Court, the Legal Execution Department
and the OIC.
SMK file the rehabilitation petition to the court on May 17 and the
court accepted the petition for consideration on May 18, Bangkok
Post recalls.
On Oct. 20, the court ordered the company to undertake the
rehabilitation process and appointed SMK the planner.
The company reported its financial statement in the first quarter
of 2021 with a loss of up to THB29.4 billion as the amount of
compensation required for its Covid slump sum payment policy had
increased significantly compared to the first quarter of 2021, the
report discloses.
The loss resulted in a higher debt that total assets and prompted
SMK to file a business rehabilitation petition with the court.
According to SMK's filing to the SET in August, in 2021 it earned
total premium of THB661 million from the Covid-19 infection in
lump-sum payout policy and the 2-in-1 policy.
The infection rate had subsequently increased drastically. The
company still has pending insurance claims from the Covid-19 policy
of 350,000 policies worth THB30 billion, according to the filing
cited by Bangkok Post.
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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