/raid1/www/Hosts/bankrupt/TCRAP_Public/221117.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 17, 2022, Vol. 25, No. 224
Headlines
A U S T R A L I A
DELIVEROO AUSTRALIA: Collapses Into Voluntary Administration
DIVAS BEVERAGES: First Creditors' Meeting Set for Nov. 22
FTX AUSTRALIA: ASIC Suspends License Until Mid-May 2023
FULTON AVENUE: Second Creditors' Meeting Set for Nov. 22
JOHN WAYLAND: Second Creditors' Meeting Set for Nov. 22
M & R FARMS: First Creditors' Meeting Set for Nov. 22
VERDIA PTY: First Creditors' Meeting Set for Nov. 22
C H I N A
MISSFRESH LTD: Faces Debt Claims in 1,400 Lawsuits
TD HOLDINGS: Posts $1.3 Million Net Income in Third Quarter
H O N G K O N G
CATHAY PACIFIC: Egan-Jones Retains 'CC' Sr. Unsecured Ratings
ORIENT OVERSEAS: Egan-Jones Ups Foreign Curr. Unsec. Rating to BB+
I N D I A
ABHIJEET HAZARIBAGH: Liquidation Process Case Summary
AMBAY FOODS: CRISIL Reaffirms B+ Rating on INR4.25cr Cash Loan
B. S. P. REFINERIS: CRISIL Lowers Rating on INR7cr Loan to B+
BD AGRO: CRISIL Reaffirms B Rating on INR3cr Cash Credit
BILCARE LIMITED Insolvency Resolution Process Case Summary
BRAHMAPUTRA IRON: Insolvency Resolution Process Case Summary
CASTALL TECHNOLOGIES: ICRA Keeps D Debt Ratings in Not Cooperating
ERODE TEXTILE: ICRA Withdraws B+ Rating on INR45cr Term Loan
HACIENDA PROJECTS: Insolvency Resolution Process Case Summary
INSTYLE EXPORTS: ICRA Keeps D Ratings in Not Cooperating Category
JANKI RICE: ICRA Withdraws B Rating on INR25cr Cash Credit
JAYAPRIYA CHIT: CRISIL Moves B+ Rating from Not Cooperating
KALAISELVI MODERN: CRISIL Lowers Rating on INR10.5cr Loan to D
KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
MAA MANASHA DEVI: Insolvency Resolution Process Case Summary
MAX UNITED: CRISIL Assigns B Rating to INR5cr Proposed LT Loan
MTC ECOM PRIVATE: Liquidation Process Case Summary
MUDRA DENIM: Insolvency Resolution Process Case Summary
NEW ASIAN: ICRA Raises Rating on INR22.80cr Term Loan to B+
ORBITOL INTELLIGENCE: Insolvency Resolution Process Case Summary
PRATHVI COAL: Insolvency Resolution Process Case Summary
PROSEED FOUNDATION: ICRA Keeps B+ Debt Ratings in Not Cooperating
RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating
RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAJHANS FERTILIZERS: CRISIL Hikes Rating on INR5cr Loan to B-
RD T.M.T STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
RELIANCE POWER: Piramal Capital Withdraws Insolvency Proceedings
SAI FERTILITY: CRISIL Reaffirms B+ Rating on INR14cr Term Loan
SALASAR PLYWOOD: ICRA Keeps B+ Debt Rating in Not Cooperating
SAV FINANCE AND INVESTMENTY: Voluntary Liquidation Case Summary
SEVEN H LOGISTICS: Insolvency Resolution Process Case Summary
SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
SHANTI GOPAL: ICRA Keeps B Debt Ratings in Not Cooperating
SHIPRA LEASING: Insolvency Resolution Process Case Summary
SHIVSAGAR SUGAR: Insolvency Resolution Process Case Summary
V.J. CONSTRUCTIONS: CRISIL Moves B+ Rating from Not Cooperating
VAG EXPORTS PRIVATE: Voluntary Liquidation Process Case Summary
VARADHARAJA FOODS: Insolvency Resolution Process Case Summary
VSRK CONSTRUCTIONS: CRISIL Lowers LT/ST Loan Ratings to D
WONDER CONSTRUCTION: ICRA Keeps B- Debt Rating in Not Cooperating
[*] State-Owned Firms Asked to Move Insolvency Court to Shut Units
J A P A N
AEON CO: Egan-Jones Retains BB Senior Unsecured Debt Ratings
TOSHIBA CORP: Rohm and Suzuki Join JIP's Takeover Proposal
N E W Z E A L A N D
CLM CARPENTERS: Court to Hear Wind-Up Petition on Nov. 25
KASHMIR NZ: Court to Hear Wind-Up Petition on Nov. 18
NZ TINY: In Liquidation; Leaves Customers with Unfinished Homes
PLANTTECH RESEARCH: Creditors' Proofs of Debt Due on Dec. 6
RAPID PROJECTS: Court to Hear Wind-Up Petition on Nov. 18
RAPID PROJECTS: Creditors' Proofs of Debt Due on Nov. 4
S I N G A P O R E
CLYDESBUILT INVESTMENT: Creditors' Meetings Set for Nov. 30
CRYPTO.COM: Withdrawals Rise After CEO Admits Transaction Problem
HAPPY BUNCH: Creditors' Meetings Set for Nov. 25
MANAS FOODS: Creditors' Meetings Set for Dec. 13
T A I W A N
GENESIS PHOTONICS: To File for Bankruptcy; 260 Staff to Lose Jobs
- - - - -
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A U S T R A L I A
=================
DELIVEROO AUSTRALIA: Collapses Into Voluntary Administration
------------------------------------------------------------
Brisbane Times reports that Deliveroo Australia's 150 employees and
14,000 drivers have been suddenly left without work after the
company announced it had entered voluntary administration and was
no longer taking orders.
In an email sent to Australian customers on Nov. 16, the
UK-headquartered company said it had decided to pull out of
Australia, the report relates.
"Deliveroo Australia has ceased operations, meaning you can no
longer place orders on Deliveroo in Australia," the email said.
"Deliveroo, like all other companies, is now doing business in
challenging economic conditions, which requires us to take
difficult decisions."
According to Brisbane Times, drivers are not considered employees
of Deliveroo and are technically contractors, meaning they do not
get employee entitlements.
Entitlements to staff directly employed by Deliveroo Australia will
receive higher priority than drivers or contractors, who are
considered "unsecured creditors" in the administration process.
Brisbane Times says Deliveroo Australia staff will receive an
initial compensation payment within the first eight days of
liquidation, with the second to be paid after the second creditors'
meeting.
A spokesperson for Deliveroo Australia said any driver who had
completed a delivery in the past three months was eligible for four
weeks of compensation pay. The compensation will be calculated
according to the driver's average weekly earnings across the past
12 months.
Brisbane Times says Deliveroo admitted it had been unable to
compete with other players in the Australian food-delivery market,
such as Uber Eats, Menulog and Doordash, and the company's total
global earnings had taken a hit from keeping the Australian
business operating.
The London Stock Exchange-listed company entered the Australian
market in 2015, but failed to retain market share against its
competitors.
According to the report, the $3.1 billion company said in a media
statement it had decided it would not be able to achieve the
"sustainable and profitable scale in Australia without considerable
financial investment", and the returns would not outweigh the
investment.
The business will permanently cease trading and has appointed
KordaMentha's Michael Korda, Andrew Knight and Craig Shepard as
voluntary administrators. "Administrators had no alternative but to
cease operations immediately in the absence of financial support,"
Michael Korda said in a statement.
The Transport Workers Union, a fierce advocate for gig economy
workers, is attempting to call a meeting with KordaMentha to
discuss workers' entitlements and data protection.
"This will be a shock to the thousands of food-delivery riders who
rely on Deliveroo for income," Brisbane Times quotes TWU national
secretary Michael Kaine as saying.
"These are workers that have been ripped off minimum wage and other
rights, and put under deadly pressure to prioritise speed over
safety when delivering food.
"Transport workers were hit first and hardest by the gig tsunami
and are now being left high and dry by Deliveroo at the first
indication that it can't rely on exploitation to make profits."
The union has previously criticised Deliveroo for forcing its
food-delivery drivers to work for below-minimum pay and denying
them superannuation.
Brisbane Times relates that Deliveroo chief operating officer Eric
French said the decision to pull out of Australia was "not one we
have taken lightly", and thanked employees, customers, drivers and
restaurant partners.
"Our focus is now on making sure our employees, riders and partners
are supported throughout this process."
"Certain restaurant partners" might also be eligible for
compensation payments as the company worked on putting together
compensation packages to creditors, the company said.
KordaMentha will hold a meeting for Deliveroo Australia's creditors
next Monday to provide them with an update. A second meeting will
be held a month later, where creditors will vote on the Deed of
Company Arrangement put forward by Deliveroo.
DIVAS BEVERAGES: First Creditors' Meeting Set for Nov. 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Divas
Beverages Holdings Ltd will be held on Nov. 22, 2022, at 10:00 a.m.
via virtual meeting technology.
Brendan Copeland and Christian Sprowles of HoganSprowles Pty Ltd
were appointed as administrators of the company on Nov. 10, 2022.
FTX AUSTRALIA: ASIC Suspends License Until Mid-May 2023
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services licence of FTX
Australia Pty Ltd (AFS licence 323193) until May 15, 2023 after it
was placed into voluntary administration on Nov. 11, 2022.
Until Dec.19, 2022, FTX Australia can continue to provide limited
financial services that relate to the termination of existing
derivatives with clients.
On Nov. 11, 2022, John Mouawad, Scott Langdon and Rahul Goyal of
KordaMentha were appointed as voluntary administrators of FTX
Australia and its subsidiary FTX Express Pty Ltd, which operates a
digital currency exchange that is not regulated by ASIC
On the same day, FTX Trading Limited, West Realm Shires Services
Inc (trading as FTX US) and certain other affiliated companies
commenced voluntary proceedings under Chapter 11 of the United
States Bankruptcy Code. FTX Trading Limited became the ultimate
holding company of FTX Australia on Sept. 23, 2021.
Prior to the suspension, FTX Australia's licence permitted it to
deal in, make a market for and provide general advice relating to
derivatives and foreign exchange contracts to retail and wholesale
clients.
"ASIC is monitoring this situation closely and speaking regularly
with international regulators and the external administrators," the
regulator said in a statement.
"ASIC encourages clients of FTX Australia to carefully monitor the
situation and look out for updates by the FTX Group, as well as
from FTX Australia's administrators on the KordaMentha website.
"FTX Australia may apply to the Administrative Appeals Tribunal for
a review of ASIC's decision."
FULTON AVENUE: Second Creditors' Meeting Set for Nov. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of Fulton Avenue
Enterprises Pty Ltd has been set for Nov. 22, 2022, at 12:00 p.m.
via virtual meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2022, at 5:00 p.m.
Cameron Gray of DW Advisory was appointed as administrator of the
company on Oct. 19, 2022.
JOHN WAYLAND: Second Creditors' Meeting Set for Nov. 22
-------------------------------------------------------
A second meeting of creditors in the proceedings of John Wayland
Pty Ltd has been set for Nov. 22, 2022, at 10:00 a.m. via
videoconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2022, at 5:00 p.m and
via virtual meeting technology.
Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Aug. 19, 2022.
M & R FARMS: First Creditors' Meeting Set for Nov. 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of M & R Farms
Pty Ltd and RBPAC Pty Ltd will be held on Nov. 22, 2022, at 11:30
a.m and 12:00 p.m. respectively, via teleconference.
Dane Skinner and Daniel Moore of BCR Advisory were appointed as
administrators of the companies on Nov. 10, 2022.
VERDIA PTY: First Creditors' Meeting Set for Nov. 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Verdia Pty
Ltd will be held on Nov. 22, 2022, at 11:00 a.m. via virtual
meeting.
Quentin James Olde and Liam John Healey of Ankura Consulting were
appointed as administrator of the company on Nov. 10, 2022.
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C H I N A
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MISSFRESH LTD: Faces Debt Claims in 1,400 Lawsuits
--------------------------------------------------
Caixin Global reports that Missfresh Ltd., once a frontrunner in
China's booming online grocery industry, faces nearly 1,400
lawsuits by former employees and suppliers demanding nearly CNY813
million ($115 million), the company's belated 2021 financial report
showed.
Nasdaq-traded Missfresh, which shuttered its mainstay
instant-delivery retail business in July, has only 55 employees
left, according to the report. The company had 1,925 employees at
the end of 2021 and reduced the workforce to around 100 in July.
Missfresh posted 13.39% growth in 2021 revenue to CNY6.95 billion.
Net loss expanded 2.3 times to CNY3.85 billion, the financial
report showed. The company had a negative cash flow of CNY2.6
billion in 2021 with cash holding of CNY1.1 billion at the end of
the year.
Total liabilities reached CNY3.6 billion as of the end of 2021,
with a debt-to-assets ratio of 105%, according to the report cited
by Caixin.
According to Caixin, Missfresh's 2021 financial results came nearly
six months after the required deadline for U.S.-traded businesses.
The delay was due to disagreements between the company and auditor
PricewaterhouseCoopers over the company's sales figures, Caixin
learned.
Missfresh in July said a probe found that sales in the first three
quarters of 2021 were inflated by 14%, Caixin recalls. Missfresh
said employees involved in the wrongdoing resigned.
Caixin relates that the company's financial crisis has since
escalated as it failed to bring in new investment, forcing it to
downsize the business and lay off workers. Caixin learned that
Missfresh's debts to suppliers totaled 2 billion yuan.
In August, Missfresh denied that it would liquidate and said some
of its businesses continued to operate.
According to the financial report, Missfresh sold its unmanned
retail business for 18 million yuan to repay debts. The transaction
hasn't been completed, adds Caixin.
Based in Beijing, China, Missfresh Limited operates as an
online-and-offline integrated on-demand retail company in China.
It. It operates a community retail digital platform that offers
fresh produce, such as fruits, vegetables, meat, eggs, aquatic
products, and dairy products; and fast-moving consumer goods,
including snack foods, light food, cereals, oil, wine, drink, fast
food, light food through online e-commerce platform and distributed
mini warehouse networks. The company also sells its products
through vending machines.
TD HOLDINGS: Posts $1.3 Million Net Income in Third Quarter
-----------------------------------------------------------
TD Holdings, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $1.30 million on $37.89 million of total revenues for the three
months ended Sept. 30, 2022, compared to net income of $457,615 on
$54.77 million of total revenues for the three months ended Sept.
30, 2021.
For the nine months ended Sept. 30, 2022, the Company reported a
net income of $4.32 million on $139.73 million of total revenues
compared to a net loss of $722,805 on $144.19 million of total
revenues for the nine months ended Sept. 30, 2021.
As of Sept. 30, 2022, the Company had $260.98 million in total
assets, $26.51 million in total liabilities, and $234.47 million in
total equity.
Impact of COVID-19
TD Holdings said, "Since the beginning of 2022, another wave of
COVID-19 variants broke out in China, which caused surging numbers
of COVID-19 cases in certain cities, such as Shenzhen, Shanghai and
Beijing, where relevant local governments have taken certain
lock-down and other restrictive measures to prevent the further
spread of COVID-19. As a result, our operations in Shanghai at the
beginning of 2022 were temporarily affected for about two weeks
primarily attributable to the closure of our warehouse as local
authorities in Shanghai imposed strict lock-down measures since
March 2022 and have been recovered subsequently since the lock-down
restrictions in Shanghai have been gradually lifted. During the
three months ended September 30, 2022, our operations in Shanghai
were temporarily affected due to the sporadic outbreak of COVID-19,
which resulting in a decrease in revenue for the same period. To
the best knowledge of our management, our business and financial
conditions had not been materially adversely impacted by the
resurgence of COVID-19 for the nine months ended September 30,
2022.
"The economic effect of a prolonged pandemic is difficult to
predict and could result in a material financial impact on the
Company's future reporting periods. The actual impact caused by
the COVID-19 outbreak will depend on its subsequent development. We
will continue to assess the impacts of COVID-19 on the business and
financial performance of our Group and will closely monitor the
risks and uncertainties arising thereof, and may take further
actions that alter our operations, or that we determine are in the
best interests of our employees and third parties with which we do
business."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1556266/000121390022071223/f10q0922_tdholdings.htm
About TD Holdings
TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China. Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.
TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019. As of June 30, 2022, the Company had $274.62 million in
total assets, $28.26 million in total liabilities, and $246.36
million in total equity.
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H O N G K O N G
=================
CATHAY PACIFIC: Egan-Jones Retains 'CC' Sr. Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on October 18, 2022, retained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Ltd.
EJR also retained its 'C' local currency rating on commercial paper
issued by the Company.
Headquartered in Hong Kong, Cathay Pacific Airways Limited operates
scheduled airline services.
ORIENT OVERSEAS: Egan-Jones Ups Foreign Curr. Unsec. Rating to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on October 21, 2022, upgraded the
foreign currency senior unsecured rating on debt issued by Orient
Overseas International Ltd to BB+ from B+.
EJR also upgraded the local currency senior unsecured rating on
debt issued by the Company to BB+ from BB-.
Headquartered in Hong Kong, Orient Overseas International Ltd,
through its subsidiaries, owns and leases ships, operates
terminals, and provides freight forwarding and container
transportation services.
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I N D I A
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ABHIJEET HAZARIBAGH: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Abhijeet Hazaribagh Toll Road Limited
Registered office:
FE-83, Sector III
Salt Lake City, Ground Floor
Kolkata WB 700106
India
Principal office:
79/4, Prashant Nagar
Ajni, Nagpur 440015
Maharashtra, India
Liquidation Commencement Date: November 7, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: November 6, 2022
Insolvency professional: Nirmal Kumar Agarwal
Interim Resolution
Professional: Nirmal Kumar Agarwal
Shreekunj, Block-E
83, Golaghata Road
Sreebhumi, North 24 Parganas
West Bengal 700084
E-mail: nirmalagarwal123@rediffmail.com
- and -
24, Tara Chand Duttta Street
Near Moonlight Cinema
Kolkata, West Bengal 700073
E-mail: cirp.ahtrl@gmail.com
Last date for
submission of claims: December 7, 2022
AMBAY FOODS: CRISIL Reaffirms B+ Rating on INR4.25cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Ambay Foods & Rice Exporters (AFORE) at 'CRISIL B+/Stable'. The
ratings continues to reflect the exposure to competition and
susceptibility to volatile raw material prices. These weaknesses
are partially offset by extensive experience of the promoters in
agriculture industry.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 1.35 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness:
* Exposure to intense competition: High fragmentation in the
industry, due to low capital requirement, leads to intense
competition. The scale of operations determines the negotiating
power with suppliers and customers and the ability to withstand
business downturns.
* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent upon adequate and timely monsoons. Thus, the company is
exposed to the risk of limited availability of its key raw material
during a weak monsoon. Also, production may be impacted by pests or
crop infection, leading to higher unpredictability in the
production and pricing of agricultural commodities and derived
products.
Strengths:
* Promoters' extensive experience in the agriculture industry: The
three-decade-long experience of the promoters, their strong
understanding of the local market dynamics, healthy relationships
with customers and suppliers should continue to support the
business.
Liquidity: Stretched
Bank limit utilisation is moderate at around 68.58 percent for the
past twelve months ended August 2022. Cash accrual are expected to
be over INR0.42 Crore which are sufficient against term debt
obligation of INR0.23 Crore over the medium term. In addition, it
will be act as cushion to the liquidity of the company.
Current ratio are low at 0.95 times on March 31,2022.
Outlook: Stable
CRISIL Ratings believes that AFORE will benefit from the extensive
experience of its promoters.
Rating Sensitivity Factors
Upward factors:
* Ramp up in scale of operations with revenues greater than INR20
crores and operating margin above 5%
* Improvement in the financial profile
Downward factors:
* Scale of operations of less than INR10 crores leading to lower
cash accruals
* Larger-than-expected capital expenditure or stretched working
capital cycle, further weakening the capital structure
Incorporated in May 2021, company is engaged in the processing and
manufacturing of basmati rice. The company started its commercial
operations in October 2021. The factory is situated in Sangrur,
Punjab and has a manufacturing capacity of 8 tonnes/hour.
B. S. P. REFINERIS: CRISIL Lowers Rating on INR7cr Loan to B+
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
B. S. P. Refineris (BSP) to 'CRISIL B+/Stable' from CRISIL
BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade in the ratings reflect the tight liquidity and
deterioration in the financial risk profile of the firm. The net
cash accruals of the firm have been negative over the past 3
fiscals mainly driven by the capital withdrawals by the partners.
In FY22, the net cash accruals were about INR-1.84 crore. The
withdrawals have also resulted in a deterioration of the financial
risk profile of the firm as reflected by its gearing which has
deteriorated from 1.01 times as on March 31, 2021 to about 2.32
times as on March 31, 2022. CRISIL Ratings believes that BSP's
liquidity and financial profile shall continue to remain strained
over the medium term, owing to the pressure on the operating
performance and continued withdrawals by the partners.
The rating continues to reflect the extensive industry experience
of promoters and efficient working capital cycle. These strengths
are partially offset by susceptibility of operating margin to
volatile raw material prices, modest scale of operation with
exposure to intense competition and below average financial risk
profile.
Key Rating Drivers & Detailed Description
Weaknesses:
* Susceptibility to volatile raw material prices: Operating margin
remains vulnerable to adverse movements in the price of the key raw
material, crude oil. Sunflower, rice bran, and groundnut are
agricultural commodities, and their yield, price, and availability
are affected by changes in weather and epidemics.
* Modest scale of operation with exposure to intense competition:
The revenues have been moderate and declining over past three
years, ended in fiscal 2022. In fiscal 2022, the firm has reported
about INR74.48 crore as against INR92.69 crore in fiscal 2021.
BSP's business profile is constrained by its scale of operations.
The edible oil industry has a few big players, and several
unorganized players (comprising 70% of the segment) catering to
regional demand. The firm has to compete with numerous players in
the industry which is highly price sensitive leading to low
operating profitability. BSP's scale of operations will continue
limit its operating flexibility.
* Below average financial risk profile: BSP's financial risk
profile is marked by modest net worth, moderate capital structure
and adequate debt protection metrics. Net worth remains small at
around INR3.31cr as on March 31, 2022, owing to the capital
withdrawals by the partners. The capital structure is marked by
gearing of 2.32 times as on March 31, 2022. Debt protection metrics
is marked by interest coverage of around 1.93 times and net cash
accruals to adjusted debt (NCA to AD) of -0.24 time for fiscal
2022.
Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over three decades in edible oil industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish 'USHA' brand in southern Tamil Nadu
and establish relationships with suppliers and customers.
* Efficient working capital cycle: The working capital is likely to
be managed prudently over the medium term, as indicated by the
efficient inventory policy and debtor collection cycle. Gross
current assets (GCAs) have been around 41-51 days over the past 3
fiscals, ended on March 31, 2022. As on March 31, 2022, the GCA,
inventory and debtor days were about 51, 30 and 15 days,
respectively.
Liquidity: Stretched
Bank limit utilisation is moderate at around 86.65 percent for the
past 13 months ended in August 2022. The cash accruals are expected
to be over INR0.27-0.65 crore which are insufficient against term
debt obligation of INR0.32-0.35 crore over the medium term. Current
ratio is moderate at 1.57 times on March 31, 2022.
The partners have withdrawn about INR2.4 crore during last year,
ending March 31, 2022, as a result of which the net worth has
decline.
Outlook: Stable
CRISIL Ratings believes BSP will continue to benefit from
promoter's extensive industry experience.
Rating Sensitivity factors
Upward factors:
* Sustained revenue growth of 20% and improvement in the operating
margin, leading to higher cash accruals
* No major capital withdrawal over the medium term and improvement
in financial risk profile
Downward factors:
* Further decline in revenues by over 20% or profitability below
1.5% leading to losses or lower cash accruals
* Large debt-funded capital expenditure or stretch in working
capital weakening the financial profile or liquidity profile
* Further withdrawals by the partners, leading to deterioration in
the financial profile
Set up in 1983 as a partnership firm by Mr B S Perumal Chettiar, Mr
B P Purushottaman and Mr B P Udhayakumar, BSP manufactures refined
sunflower and groundnut oil under the USHA brand. It caters to
southern Tamil Nadu and Maharashtra.
BD AGRO: CRISIL Reaffirms B Rating on INR3cr Cash Credit
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of BD Agro Products Pvt Ltd (BD Agro).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (Reaffirmed)
Proposed Fund-
Based Bank Limits 3 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect the company's limited scale of
operations amidst intense competition, and vulnerability to
volatility in raw material prices, uncertain monsoon and regulatory
changes. These weaknesses are partially offset by the extensive
experience of the promoters in the rice milling business.
Key Rating Drivers & Detailed Description
Weakness:
* Limited scale of operations amidst intense competition: Intense
competition and limited value addition will continue to constrain
scalability, pricing power and profitability. Revenue was modest at
around INR14 crore in fiscal 2022.
* Vulnerability to volatility in raw material prices, uncertain
monsoon and regulatory changes: Cultivation of paddy is highly
dependent on monsoon and access to irrigation facilities. Hence,
the company remains susceptible to any paddy shortage or price
fluctuation during unfavourable climatic conditions.
* Extensive exposure to group companies: have invested INR2.61
crore in its group companies in the form of equity, loans and
advances as on March 31, 2022, which is 42 percent of its current
net worth. CRISIL Ratings believes that any further exposure in the
group companies, impinging its own cash accrual may impact
liquidity and will remain a rating sensitivity factor.
Strengths:
* Extensive experience of the promoters: The promoters have been in
the rice milling business since 2004 through a group company, BD
Corporates Pvt Ltd. The promoters' expertise, their strong
understanding of local market dynamics, and healthy relationships
with suppliers and customers should continue to support the
business.
Liquidity: Stretched
Bank limit utilization is high at around 99.86 percent for the past
twelve months ended August 2022. Cash accruals are expected to be
over INR85 lakhs which are sufficient against term debt obligation
of INR37.85-70 lakhs over the medium term. In addition, it will be
act as cushion to the liquidity of the company.
Current ratio are moderate at 1 time on March 31, 2022.
Outlook Stable
BD Agro should continue to benefit from the extensive experience of
its promoters
Rating Sensitivity factors
Upward factors
* Revenue increasing to more than INR25 crore with steady rise in
operating margin leading to increase in accruals
* Improvement in liquidity profile
Downward factors
* Revenue reducing to less than INR15 crore with steep decline in
operating margin leading to fall in accruals
* Any further investments in group companies
* Sizeable stretch in the working capital cycle
BD Agro, incorporated in June 2009, is promoted by Mr Mahendra
Agarwal and his brother, Mr Rajendra Agarwal. Based in Kolkata, the
company began commercial operations in November 2009. Until March
2011, it traded in paddy and wheat. In fiscal 2010, it set up a
rice mill with processing capacity of 104 tonne per day in Howrah,
which started commercial operations at the end of March 2011.
BILCARE LIMITED Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bilcare Limited
Registered office:
Gat no. 1208, Shiroli Village
Taluka Khed, Rajgurnagar
Pune 410505
Principal office:
601, ICC Trade Tower
Pune 411016
Insolvency Commencement Date: November 11, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 10, 2023
(180 days from commencement)
Insolvency professional: Ashutosh Agarwala
Interim Resolution
Professional: Ashutosh Agarwala
D-1005, Ashok Towers
Dr. S. S. Rao Road
Parel, Mumbai 400012
E-mail: ashutosh.agarwala@gmail.com
- and -
Excedor Resolvency Private Limited
Peninsula Business Park, Tower B
19th Floor, Lower Parel
Mumbai 400013
E-mail: ip.bilcare@gmail.com
Last date for
submission of claims: November 25, 2022
BRAHMAPUTRA IRON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Brahmaputra Iron and Steel Company Private Limited
Room No. 19, 2nd floor, Vrindavan Market
S J Road, Athgaon
Guwahati 781001
Assam
Insolvency Commencement Date: October 28, 2022
Court: National Company Law Tribunal, Guwahati Bench
Estimated date of closure of
insolvency resolution process: April 26, 2023
(180 days from commencement)
Insolvency professional: CA Purshotam Gaggar
Interim Resolution
Professional: CA Purshotam Gaggar
P Gaggar & Associates
Chartered Accountants
3rd Floor, Advika
Opp. Sukreswar Ghat Garden
M G Road, Panbazar
Guwahati, Assam 781001
E-mail: purshotamgaggar@hotmail.com
cirp.btpl2022@gmail.com
Last date for
submission of claims: November 18, 2022
CASTALL TECHNOLOGIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Castall
Technologies 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
---------- ----------- -------
Fund Based– 3.04 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based– 12.50 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund 0.40 [ICRA]D ISSUER NOT COOPERATING;
Based–Bank Rating continues to remain
under
Guarantee ‘Issuer Not Cooperating’
Category
Unallocated 18.06 [ICRA]D; ISSUER NOT COOPERATING;
Rating continue to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/ limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity. The rating action
has been taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Castall Technologies Private Limited, is promoted by Mr. N. Madhu
Venkateshwar, was incorporated in the year 1999 and is in the
business of manufacturing of aluminium die castings for auto OEMs
and tier I suppliers. The manufacturing facility is spread over 1
acre in Gandhinagar, Hyderabad. CTPL's products cover the entire
spectrum of two-wheelers, Light Commercial Vehicles, passenger cars
and heavy-duty trucks.
ERODE TEXTILE: ICRA Withdraws B+ Rating on INR45cr Term Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Erode Textile Mall Private Limited at the request of the company
and based on the No Objection Certificate received from its banker.
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
---------- ----------- -------
Long Term- 45.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Incorporated in FY2009, Erode Textile Mall Private Limited is a SPV
that was formulated to set up a textile market complex at Erode,
approved under Comprehensive Power-loom Cluster Development Scheme
(CPCDS) of the Ministry of Textiles. The textile market complex is
being developed under the name of Texvalley and is located near
Erode, Tamil Nadu. On full completion, the project envisages the
textile market complex to contain 1,600 marts, 940 weekly market
spaces, exposition hall, warehouse, communication centre, etc.
Texvalley is designed to be the one-stop destination for the entire
range of wholesale textile goods.
Mr. P. Periyaswamy of the Lotus Group is the Chairman of the
company and is involved in business activities including
transportation business, TVS auto dealership, commercial
bus-transportation service, financial services etc. Mr. C.
Devarajan (Managing Director of URC Construction Ltd.) is the Vice
Chairman of the company And Mr. P. Raajasekhar of the Lotus Group
is the Managing Director.
HACIENDA PROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Hacienda Projects Private Limted
C-23 Greater Kailash Enclave Part-I
New Delhi, DL 110048
IN
Insolvency Commencement Date: November 11, 2022
Court: National Company Law Tribunal, New Delhi Bench II
Estimated date of closure of
insolvency resolution process: May 10, 2023
Insolvency professional: Ayyagari Viswanadha Sarma
Interim Resolution
Professional: Ayyagari Viswanadha Sarma
Building 03, Flat-301
My Home Vihanga
Gopanpally Village
Serlingampally Mandal
Telangana 500107
E-mail: ayya.vish@gmail.com
- and -
Deloitte India Insolvency
Professionals LLP
7th Floor, Building 10
Tower-B, DLF Cyber City
Phase-II, Gurugram
Haryana 122002
E-mail: inhpplip@deloitte.com
Classes of creditors: Real Estate Allotee
Insolvency
Professionals
Representative of
Creditors in a class: Ms. Gunjan Mittal
Mr. Pawan Kumar Goyal
Mr. Devendra Umrao
Last date for
submission of claims: November 25, 2022
INSTYLE EXPORTS: ICRA Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Instyle Exports 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– 5.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 3.75 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long-term– 52.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/ limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity. The rating action
has been taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Instyle Exports Private Limited (IEPL) was incorporated in 1981 for
manufacturing and exports of garments. IEPL supplies women's
garments primarily blouses, skirts, jackets, trousers, etc. IEPL
has two manufacturing facilities, both located in Gurgaon, Haryana,
with a collective manufacturing capacity of 4 Lakh pieces per
month. The company primarily exports to European countries like
Germany, France, Denmark, Netherlands, and Turkey.
JANKI RICE: ICRA Withdraws B Rating on INR25cr Cash Credit
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Janki Rice & Solvent Industries Private Limited at the request of
the company and based on the No Objection Certificate/Closure
Certificate received from the banker. 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
---------- ----------- -------
Long Term- 0.60 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Withdrawn
Short Term- 0.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Withdrawn
Others
Long Term- 25.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 0.05 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Janki Rice & Solvent Industries Pvt Ltd (JRSIPL) was incorporated
in 2008 by Ramwani and Vaghela families and is engaged in the
business of milling par boiled rice. The company commenced its
operations from FY2010 at its manufacturing facility located at
Sanand (near Ahmedabad, Gujarat) having an installed capacity of
192 TPD (Tonnes per day). The promoters of the company have two
decades of experience in the rice milling industry through their
other associate concerns engaged in similar business.
JAYAPRIYA CHIT: CRISIL Moves B+ Rating from Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the ratings on the bank facilities of
Jayapriya Chit Funds Private Limited (Jayapriya) to 'CRISIL
B+/Negative/CRISIL A4 Issuer Not Cooperating' while removed its
ratings from 'Rating Watch with Negative Implications'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 12 CRISIL B+/Negative (ISSUER NOT
COOPERATING; Rating Migrated;
Removed from 'Rating Watch
with Negative Implications')
Proposed Long Term 5 CRISIL B+/Negative (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated;
Removed from 'Rating Watch
with Negative Implications')
Short Term Loan 5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated;
Removed from 'Rating Watch
with Negative Implications')
CRISIL Ratings has been consistently following up with Jayapriya
for getting information. CRISIL Ratings requested cooperation and
information from the issuer through letters dated October 10, 2022,
and October 15, 2022, apart from telephonic communication. However,
the issuer has continued to be non-cooperative.
Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating' as the rating is arrived
at without any management interaction and is based on
best-available or limited or dated information on the firm. Such
non-co-operations by a rated entity may be a result of
deterioration in its credit risk profile. The rating with 'issuer
not cooperating' suffix lacks a forward-looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Jayapriya, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that the rating
action on Jayapriya is consistent with 'Assessing Information
Adequacy Risk'. Based on the last-available information, the rating
on the bank facilities of Jayapriya has been migrated to 'CRISIL
B+/Negative/CRISIL A4 Issuer Not Cooperating' while removed its
ratings from 'Rating Watch with Negative Implications'.
Mr C R Jayasankar, the current managing director, has expanded the
company's operations, by opening branches in other locations in
Tamil Nadu and Pudduchery and has network of 51 branches and
average monthly business of INR75 crore. As of September 30, 2021,
Company has around 1500 group and more than 50000 customer base.
KALAISELVI MODERN: CRISIL Lowers Rating on INR10.5cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Kalaiselvi Modern Rice Mill (KMRM) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
delays in servicing debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.5 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Proposed Cash 1.5 CRISIL D (ISSUER NOT
Credit Limit COOPERATING; Downgraded from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with KMRM for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KMRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMRM
is consistent with 'Assessing Information Adequacy Risk'.
Based on the best available information, CRISIL Ratings has
downgraded its rating on the bank facilities of KMRM to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' due to delays in servicing debt obligation.
Set up in 2007, as a proprietorship firm by Mr. Jayaraman, KMRM is
engaged in the processing of paddy into rice. The firm has a
milling unit in located at Dindugal (Tamil Nadu) with an installed
capacity of 5 tonnes per hour (TPH).
Status of non cooperation with previous CRA:
KMRM has not cooperated with Brickwork Ratings India Private
Limited which has classified it as non-cooperative vide release
dated 28-Mar-2018. The reason provided by Brickwork Ratings India
Private Limited was absence of adequate information from the issuer
and unable to assess the issuer's financial performance and its
ability to service its debt and maintain a valid rating.
KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term rating for the Issuer rating of
Kalwakurthy Municipality in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues
to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/ limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity. The rating action
has been taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
The KKM, being an ULB, provides civic services to the Kalwakurthy
town. The town is located in Nagarkurnool district of Telangana and
is at a distance of around 80 km from the state capital, Hyderabad.
The major economic activity in the region is agriculture, which
primarily includes rice, fruits and vegetables. According to Census
2011, Kalwakurthy covers an area of 9.00 sq. km. and has a
population base of 28,060 of which 65% is accounted by slum
dwellers. The ULB is governed by the provisions of the Telangana
State Municipalities Act, (TSM Act) 1965. The major functions of
the KKM involve water supply, solid waste management, repair and
maintenance of roads, street lighting and amenities such as
shopping stalls, community hall, playgrounds, parks/gardens, among
other civic amenities. The council of the KKM, comprising 20 Ward
Councillors, is headed by a Chairperson. The executive wing is
headed by a Municipal Commissioner, who is appointed by the GoTS
and is supported by the head of various departments
MAA MANASHA DEVI: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Maa Manasha Devi Alloys Private Ltd.
Plot No. 783 D
Bhubaneswar 751015
Odisha
Insolvency Commencement Date: October 31, 2022
Court: National Company Law Tribunal, Bhubaneswar Bench
Estimated date of closure of
insolvency resolution process: April 26, 2023
Insolvency professional: CMA Dr Suresh Chandra Mohanty
Interim Resolution
Professional: CMA Dr Suresh Chandra Mohanty
Plot No. 370/1861/2157
Shakti Bhavan Vision Care Eye Hospital
At-PATIA, Po-KIIT
Bhubaneswar 751024
Tel: 064-2745605
Mobile: 09437205605
E-mail: mohantysc@gmail.com
Classes of creditors: Operational Creditors
Last date for
submission of claims: November 14, 2022
MAX UNITED: CRISIL Assigns B Rating to INR5cr Proposed LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Max United Foundation (MUF). The
rating reflects the trust's moderate capitalisation, small scale of
operations with geographical concentration, and inherent
susceptibility of the microfinance business to socio-political
issues and the modest credit risk profiles of borrowers. These
weaknesses are partially offset by sound asset quality.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable (Assigned)
As on March 31, 2022, Assets under management (AUM) of MUF stood at
INR1.49 crore, as against INR0.92 crore on March 31, 2021. For Q1
fiscal 23, AUM stood at 1.37 crore. Unlike MFI industry, there has
been minimal impact of Covid 19 on the performance of the trust;
the collection efficiency stood in the range of 95%-120%, barring
few months of fiscal 2021 and fiscal 2022, when the collection was
impacted mainly on account of Phase I and Phase II of covid.
On the liability side, MUF did not avail of the one-time debt
restructuring scheme under the Covid-19 relief measures announced
by the Reserve Bank of India (RBI). However, on the asset side, as
a part of one-time restructuring, the trust restructured only 10-15
loans i.e., less than 0.5% of the overall portfolio. Asset quality
has remained strong for the trust, with the 90+ days past due (dpd)
remaining nil since inception. The trust's ability to sustain asset
quality and collection efficiency will be a key monitorable.
CRISIL Ratings believes that MUF has stretched liquidity to manage
liability-side outflows. Trust's liquidity buffer to cover total
debt and loan repayments and operating expenses till October 2022
is 0.67 times.
Analytical Approach
CRISIL Ratings has evaluated the standalone business and financial
risk profiles of MUF
Key Rating Drivers & Detailed Description
Strengths:
* Sound asset quality: The trust has maintained sound asset quality
with 90+ dpd at nil as of June 2022. 90+ dpd for trust has remained
at nil since inception. The collection efficiency stood in the
range of 95%-120%, barring few months of fiscal 2021 and fiscal
2022, when the collection was impacted mainly on account of Phase I
and Phase II of covid. Established systems and robust credit
assessment process has enabled the trust to maintain healthy asset
quality over the years. However, given the operations are only
concentrated at 3 branches in 2 districts of Kerala, therefore
portfolio is highly susceptible to concentration risk. Furthermore,
asset quality remains susceptible to local political and social
issues given the concentrated nature of operations.
Weakness:
* Moderate capitalisation for current scale of operations: The
trust has moderate capitalization with a net worth of INR 0.30
crore and a high gearing at 3.85 times as on June 30, 2022. Given
the company has been operating as trust, raising capital from
external sources becomes challenging. As a result, the trust must
depend on internal accruals and external borrowings. With inherent
limitations in raising capital, modest growth plans and sound asset
quality, capital position is expected to remain stable for the
trust.
* Small scale of operations with geographic concentration: MUF's
operations have grown at a conservative pace since inception and
will maintain to grow at a steady pace provided it receives more
funds from its lenders. As on June 30, 2022, AUM stood at INR1.37
crores. The operations of the trust have been only concentrated at
3 branches in 2 districts of Kerala, out of which 1 district
accounts for 97% of the total portfolio. The ability of the company
to scale up its loan book in the current environment across
geographies while maintaining sound asset quality will remain a key
monitorable.
* Susceptibility to local socio-political issues in the
microfinance sector and inherent weakness in the borrower credit
risk profile: The microfinance sector has witnessed three major
disruptive events in the past decade. The first was the crisis
promulgated by the ordinance passed by the Government of Andhra
Pradesh in 2010, second was demonetisation in 2016 and the third is
Covid-19 in March 2020. In addition, the sector has faced issues of
varying intensity in several geographies. Promulgation of the
ordinance on MFIs by the Government of Andhra Pradesh in 2010
demonstrated their vulnerability to regulatory and legislative
risks. The ordinance triggered a chain of events that adversely
affected the business models of MFIs by impairing their growth,
asset quality, profitability, and solvency. Similarly, the sector
witnessed high level of delinquencies post-demonetisation and the
subsequent socio-political events.
Liquidity: Stretched
As on August 27, 2022, MUF had cash and cash equivalents of INR
0.12 crores against which it has outflows of INR 0.18 crores
(Principal & Interest and operating expenditure) till October 2022.
Trust's liquidity buffer to cover total debt and loan repayments
and operating expenses till October 2022 is 0.67 times.
Outlook: Stable
CRISIL Ratings believes MUF will continue to benefit from its
strong asset quality, sustainable collection efficiency and stable
operations
Rating Sensitivity Factors
Upward factors
* Ability to significantly scale-up its loan book while maintaining
operational cost and improving earnings
* Improvement in gearing by maintaining it below 3 times
Downward factors
* Deterioration in asset quality, with gross net performing assets
increasing to above 5% and its impact on profitability
* Changes in regulatory environment
MUF was founded in 2017 by Mr. Jose A. Kuriakose (Diploma in
Electronics Engineering) and Mr. Anish K John (MBA in Marketing).
It is an NGO- MFI that operates on JLG model (7-10 members). The
trust operates with 3 branches with total portfolio size of INR1.37
crore as on June 30, 2022. The trust sanctions loan to women
borrowers with ticket size of each loan below INR25,000 and maximum
up to INR50,000 (borrowers in fourth cycle). The Trust charges a
flat interest rate of 15% p.a. Repayment is done on a weekly basis.
The Trust has a workforce of 9 employees (including MD and
chairman).
MTC ECOM PRIVATE: Liquidation Process Case Summary
--------------------------------------------------
Debtor: MTC ECOM Private Limited
201 A, 2nd Floor
Pinnacle Corporate Park
Building No. 19, A Wing
BKC, Bandra East
Mumbai, Mumbai City
MH 400051
Liquidation Commencement Date: November 10, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: July 26, 2022
Insolvency professional: Balaji Shrirang Sagar
Interim Resolution
Professional: Balaji Shrirang Sagar
Sr. No. 21/5, Opp. Creative Camio
Near PCMC-D Ward Office
Rahatani, Pune 411027
E-mail: balajisagar381973@gmail.com
mtccirp@gmail.com
Last date for
submission of claims: December 9, 2022
MUDRA DENIM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Mudra Denim Pvt. Ltd.
Wellington Business Park
Building no. 2, Gala No. 305
Andheri Kurla Road
Andheri East, Mumbai City
MH 400099
Insolvency Commencement Date: October 25, 2022
Court: National Company Law Tribunal, Dombivali Bench
Estimated date of closure of
insolvency resolution process: April 12, 2023
Insolvency professional: Paresh Chandulal Mehta
Interim Resolution
Professional: Paresh Chandulal Mehta
13B, Nirmal Society
Pandurang Wadi
Dombivali East 421201
E-mail: pareshmehta5959@gmail.com
ip.mudradenim@gmail.com
Last date for
submission of claims: November 16, 2022
NEW ASIAN: ICRA Raises Rating on INR22.80cr Term Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of New
Asian Infrastructure Development Private Limited (NAIDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 22.80 [ICRA]B+ (Stable); upgraded from
[ICRA]B (Stable)
Unallocated
Limits 6.70 [ICRA]B+ (Stable); upgraded from
[ICRA]B (Stable)
Rationale
The ratings upgrade factors in the improvement in the financial
performance of NAIDPL in FY2022, driven by a substantial increase
in construction (EPC) revenue, decent power generation and timely
bill payments from Maharashtra State Electricity Distribution
Company Limited (MSEDCL). This enabled the company to make
accelerated debt repayments towards its bank term loan in the
fiscal. The rating also derives comfort from the power
purchase agreement (PPA) for the 7-MW hydropower generation unit
with Maharashtra State Electricity Distribution Company
Limited (MSEDCL), which provides revenue visibility with high
margins.
The rating, however, is constrained by the company's average
financial risk profile, reflected in the leveraged capital
structure and moderate debt-coverage indicators. The rating also
factors in the risks of counterparty credit and variable cash flows
associated with the variability of the plant load factor (PLF). The
Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that
the company will continue to benefit from the PPA with MSEDCL,
which would ensure revenue and cash flow visibility.
Key rating drivers and their description
Credit strengths
* PPA for entire generation capacity provides revenue and cash flow
visibility: The company has a PPA with MSEDCL for 13 years from the
date of commencement of commercial operations, i.e.,
November-December 2015, at a tariff of INR4.35 per unit. The
agreement covers 100% offtake of the project, mitigating the market
risks for the company. The plant's performance has been decent,
reflected in PLF levels of ~40-52% over FY2021-FY2023.
* Significant revenue growth in last two fiscals driven by higher
contract receipts: The company's revenue significantly grew YoY by
1.7 times in FY2022 to INR53.7 crore from INR19.9 crore in FY2021.
The YoY revenue growth in FY2021 was also healthy at ~60%. The
increased revenue in the last two fiscals has been driven by higher
contract receipts (INR42.8 crore in FY2022 and ~INR6.2 crore in
FY2021) from civil construction work pertaining to irrigation work
orders from Godavari Marathwada Irrigation Development Corporation
(GMIDC), Maharashtra. The irrigation orders have been allocated to
the company by its Group concern, New Asian Construction Company
(NACC), which undertakes irrigation projects such as the
construction of dams, power houses, pump houses, canals and
bridges. The value of such order book stood at ~INR52.0 crore as of
October 2022.
Credit challenges
* Average financial risk profile: Despite an improvement in the
financial risk profile, the company's capital structure remains
leveraged with a gearing of 1.24 times as on March 31, 2022;
however, it significantly improved from 2.14 times as on March 31,
2021. Its debt coverage indicators remain moderate with total
debt/OPBDITA of 1.74 times, interest coverage of 3.93 times and
DSCR of 2.06 times in FY2022. The company might also incur a capex
of ~INR30.0 crore over the next two-three years to build a 4.6-MW
hydropower plant at Nilwande, Maharashtra. The term debt, if
availed, for the project, will moderate the company's coverage
indicators from the current levels till the project starts
generating sufficient cash accruals. However, the execution
timeline and the funding mix of the project have not yet been
finalised.
* Exposure to counterparty credit risk: The company's operations
remain exposed to the counterparty credit risk as MSEDCL is the
sole offtaker. The company's cash flows remain susceptible to the
delays in bill payments by MSEDCL, as witnessed in the past.
* Debt metrics for hydropower projects remain sensitive to PLF
levels and are exposed to hydrological risk: Given the fixed single
part nature of the tariff, the company's revenues and cash flows
remain a function of the PLF levels. The PLF levels remain
vulnerable to the availability of water in the stream, which
further depends on the rainfall in that region. The generation is
further exposed to hydrological risk, as the project is not covered
under any deemed generation clause in case of loss of generation
due to shortage of water.
Liquidity position: Stretched
NAIDPL remains exposed to regular delays by MSEDCL in clearing the
bills submitted by the company, with MSEDCL being the sole offtaker
for the power generated by NAIDPL. The risk is further exacerbated
due to annual repayments of ~INR6.02-6.32 crore towards bank term
loans over FY2023-FY2024.
Rating sensitivities
Positive factors - ICRA may upgrade NAIDPL's rating if it witnesses
a steady revenue growth, led by improvement in power
generation and execution of pending civil construction orders,
while maintaining healthy profitability levels. The rating will
also be positively impacted if the company's liquidity position
improves on a sustained basis led by MSEDCL's timely bill
payments.
Negative factors - The rating could be downgraded in case of
lower-than-expected scale or profitability, leading to
deterioration in the key credit metrics. A stretch in the
receivables or a large debt-funded capex, which weakens the
liquidity position, will also affect the rating. A specific credit
metric that could lead to a rating downgrade is DSCR of less than 1
times on a sustained basis.
NAIDPL is a closely held company established in 2005 by Mr. Syed
Abdur Rasheed and his sons, Mr. Syed Abdur Umair and Mr. Syed Abdur
Zubair. NAID has developed a 7-MW hydropower project at Nilwande
village in the Ahmednagar district of Maharashtra, on a
built-operate-transfer (BOT) basis. The unit commenced operations
from November-December 2015. The company has entered into a PPA
with MSEDCL for 13 years from the commercial operations date
(COD).
The group company, New Asian Construction Company (NACC),
undertakes the construction of dams, power houses, pump houses,
canals and bridges. NACC is rated at [ICRA]BB- (Stable)/A4. NAIDPL
also executes some of the work orders of NACC; however, the
proportion of the same remains low.
ORBITOL INTELLIGENCE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Orbitol Intelligence Private Limited
(Earlier known as JS Medimax Private Limited)
Garage No. 73, Gulabi Bagh
Truck Market, Delhi 110007
Insolvency Commencement Date: November 10, 2022
Court: National Company Law Tribunal, New Delhi Bench-VI
Estimated date of closure of
insolvency resolution process: May 8, 2023
(180 days from commencement)
Insolvency professional: Madan Mohan Dhupar
Interim Resolution
Professional: Madan Mohan Dhupar
Flat no 301, Gracious Tower
SPR Imperial Estate, Sector 82
Faridabad 121004, Haryana
E-mail: dhuparmm@gmail.com
- and -
8/28, 3rd Floor, W.E.A.
Abdul Aziz Road, Karol Bagh
New Delhi 110005
E-mail: cirp.orbitol@gmail.com
Last date for
submission of claims: November 24, 2022
PRATHVI COAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Prathvi Coal Private Limited
102, 1st Floor, Ajnara Tower
LSC Savita Vihar
Delhi, East Delhi
DL 110092
IN
Insolvency Commencement Date: November 4, 2022
Court: National Company Law Tribunal, Delhi Bench
Estimated date of closure of
insolvency resolution process: May 3, 2023
Insolvency professional: Ranjan Chakraborti
Interim Resolution
Professional: Ranjan Chakraborti
1/22, Second Floor
Asaf Ali Road
New Delhi 110002
E-mail: ranjanns@gmail.com
- and -
C Ranjan and Associates
17D/522, Konark Enclave
Vasundhara, Ghaziabad
UP 201012
E-mail: prathvicoal@gmail.com
Last date for
submission of claims: November 19, 2022
PROSEED FOUNDATION: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of Proseed Foundation in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.86 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.14 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 2009, Proseed Foundation is a charitable trust
which has been promoted by the Career Point Group which has
presence in informal education (tutorial services) and formal
education (K-12 and higher education) segments. Till AY2014-15,
Proseed Foundation runs and operates Career Point Technical Campus
in Mohali (Punjab) which offers courses in engineering (B.Tech
course in 6 disciplines) and management (MBA in 3 disciplines).
However, since AY2015- 16 there is change in scope of operations
for the trust with closing of this technical institute and start of
residential school campus. The concept was borrowed from the group
company Career Point Limited, which already runs similarkind of
residential cum school campus in Kota since FY2000. The course is
divided into two parts Foundation Years (Grade 6th to 10th) and
Target Years (Grade 11th, 12th and 12th pass). The trust is headed
by Mr. Om Prakash Maheshwari, who is also the executive director
and CFO of Career Point Limited (Flagship Company of the Career
Point group).
RADHA KRISHNA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sri Radha
Krishna Rice Industry in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.75 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 Radha Krishna Rice Industry was established as a partnership
firm in 2003 by Mr. K. Brahmaiah and other family members, who have
more than 20 years of experience in rice milling business. The rice
mill is located in the Nellore District of Andhra Pradesh and is
engaged in milling of paddy to produce boiled rice, broken rice and
bran. It has an installed capacity of 57,600 per annum.
RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term rating of Radheshyam Cottex in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.27 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan 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.
Radheshyam Cottex was acquired from M/s Shah Govardhandas
Bhikharidas. It was subsequently established as a partnership firm
in November 2010 by Mr. Mahavirsinh Vala and four other partners,
who collectively have an experience of over a decade in the cotton
industry. RC is engaged in the ginning and pressing of cotton. The
manufacturing facility of the firm is located at Jasdan, in Rajkot
district of Gujarat. The facility is equipped with 20 ginning
machines and a pressing machine with a production capacity of
around 15,780 cotton bales per annum.
RAJHANS FERTILIZERS: CRISIL Hikes Rating on INR5cr Loan to B-
-------------------------------------------------------------
Due to inadequate information and in line with the guidelines of
the Securities and Exchange Board of India, CRISIL Ratings had
migrated the rating on the long-term bank facility of Rajhans
Fertilizers Limited (RFL) to 'CRISIL D; Issuer not cooperating'.
However, the management has subsequently started sharing the
requisite information necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL Ratings is migrating the
rating to 'CRISIL B-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 5 CRISIL B-/Stable (Migrated
Bank Loan Facility from 'CRISIL D ISSUER NOT
COOPERATING')
The rating action reflects the company's track record of not
overdrawing on its working capital limit beyond 30 days, for more
than a quarter.
The rating also reflects RFL's modest, though increasing, scale of
operations and exposure to project implementation risk. These
weaknesses are partially offset by the extensive experience of its
promoter.
Key Rating Drivers & Detailed Description
Weakness:
* Modest, though growing, scale of operations: Despite increasing,
revenue has remained subdued at INR8.92 crore in fiscal 2022. This
will continue to limit operating flexibility over the medium term.
Strength:
* Extensive experience of the promoter: The qualification and
expertise of the company's promoter in the agriculture sector are
expected to provide significant business support. The promoter's
experience has enabled RFL to forge healthy ties with reputed
clients such as Pepsico India Holdings Pvt Ltd and McDonald's India
Pvt Ltd.
Liquidity: Poor
Cash accrual is expected to remain below INR1 crore per annum over
the medium term. Bank limit utilisation was nil over the 12 months
through March 2022. Liquidity is partially supported by unsecured
loans from the promoter.
Outlook: Stable
CRISIL Ratings believes RFL will benefit from the extensive
experience of its promoter in the chemical fertilizers industry.
Rating Sensitivity factors
Upward factors:
* Sustained increase in revenue by 20% and improvement in the
financial risk profile
* Improvement in the working capital cycle
Downward factors:
* Decline in profitability by 200 basis points leading to lower
cash accrual
* Stretch in receivables or pile-up of inventory, weakening the
liquidity.
Set up in 2007 and promoted by Mr Brijesh Shukla, RFL manufactures
agrochemicals. Its main product, Nogerma, is an anti-sprouting
agent. Its manufacturing facility is based in Pithampur.
RD T.M.T STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
RD T.M.T Steels (India) Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
RDTMT Steels India Pvt Ltd (Erstwhile Laxmi Rocks and Stones India
Pvt Ltd) is promoted by Mr. Sanjay Agarwal, Mr. Rajesh Kumar
Agarwal and Mr. Pradeep Agarwal, who have experience in granite
business mainly in Bangalore, Karnataka since 2003. Since October
2014, RDTMT has been engaged in the manufacturing of mild steel
billets with its manufacturing facility located at Hindupur, Andhra
Pradesh. The company has capacity to produce 72,000 tonne per annum
and 29,000 tonne per annum of TMT bars and billets respectively.
RELIANCE POWER: Piramal Capital Withdraws Insolvency Proceedings
----------------------------------------------------------------
The Economic Times reports that Piramal Capital and Housing Finance
Ltd has withdrawn the insolvency proceedings against Reliance Power
Ltd. Piramal Capital has withdrawn the application made against
Reliance Power under section 7 of the Insolvency and Bankruptcy
Code 2016, a BSE filing stated.
This follows an out-of-court settlement between both the companies
over a INR526 crore loan default by Reliance Power and its
subsidiary Reliance Natural Resources Ltd (RNRL), ET relates.
In 2010, RNRL merged with Reliance Power.
RNRL had defaulted on a loan of INR526 crore obtained from the
erstwhile Dewan Housing Finance Corporation Ltd (DHFL), ET notes.
The Piramal Group had acquired DHFL in 2021 and merged it with
Piramal Capital and Housing Finance.
In March this year, Piramal Capital initiated bankruptcy
proceedings against Reliance Power under section 7 of the IBC, 2016
in the NCLT Mumbai to recover dues.
In July, during a hearing on Piramal Capital's application, both
the companies had informed the NCLT (National Company Law Tribunal)
that they were engaged in talks to settle the matter through mutual
consent, ET recounts.
Based in Mumbai, India, Reliance Power Limited, together with its
subsidiaries, engages in the generation of power in India. Its
portfolio of power projects is based on coal, gas, hydro, wind, and
solar energy. The company has an operational power generation
capacity of 5,945 megawatts (MW). It owns and operates 1,200 MW
Rosa power plant in Uttar Pradesh; Sasan ultra mega power plant
with capacity of 3,960 MW in Madhya Pradesh; Vashpet power plant
with capacity of 45 MW in Maharashtra; Dhursar solar power plant
with capacity of 40 MW in Rajasthan; Solar CSP power plant 100 MW
in Rajasthan; and Butibori power plant with capacity of 600 MW in
Maharashtra. The company also develops and constructs coal mines in
India and Indonesia. In addition, it has an interest in four coal
bed methane blocks.
SAI FERTILITY: CRISIL Reaffirms B+ Rating on INR14cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on its
long term bank facilities of Sai Fertility Centre and Hospital
(SFCH).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2.5 CRISIL B+/Stable (Reaffirmed)
Bank Loan Facility
Secured Overdraft 2 CRISIL B+/Stable (Reaffirmed)
Facility
Term Loan 14 CRISIL B+/Stable (Reaffirmed)
Term Loan 0.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the hospital's modest scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the hospital industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operation: Limited track record of operations
have resulted in revenues of about INR22.65 crore in fiscal 2022.
Although revenues are expected to improve over the medium term,
scalability in operations will remain constrained by geographic
concentration and intense competitive pressure. SFCH is also
susceptible to the entry of other big players in its area of
operations.
* Weak financial risk profile: Financial risk profile is weak, with
networth and gearing at INR5.56 crore and 3.42 times, respectively,
as on March 31, 2022. Interest coverage stood at 3.12 times in
fiscal 2022. Net cash accrual to total debt is at 0.15 times on
account of huge withdrawals made by the partners during fiscal
2022. Any significant withdrawals by the partners will remain a key
monitorable.
Strength:
* Extensive experience of the promoters: The promoters, Dr. M.C.
Arumugam and Dr. A.M. Indira have over 2 decades of experience in
the healthcare industry. This has given them a strong understanding
of the market dynamics and will enable the hospital to establish
themselves in the region.
Liquidity: Stretched
Bank limit utilisation is high at around 90 percent over the past
twelve months ended September 2022. Cash accruals are expected to
be over INR3-4 crores which are sufficient against term debt
obligation of INR3 crores over the medium term.
Outlook: Stable
CRISIL Ratings believes that SFCH will continue to benefit from the
extensive experience of its promoters.
Rating Sensitivity factors
Upward factors
* Sustained improvement in scale of operation leading to cash
accruals of over INR5 crores
* Improvement in gearing supported by steady accretions in reserve
Downward factors
* Decline in revenue or operating margins to below 15% leading to
lower than expected accruals
* Significant withdrawals by promoters, large debt-funded capital
expenditure weakens financial risk profile especially liquidity
Set up in 2017, SFCH is operating a specialty hospital in
Chengalpattu (Tamil Nadu). It is owned and managed by Dr A M
Indira, Dr M C Arumugam, and Ms. A Kiruthika.
SALASAR PLYWOOD: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Salasar
Plywood Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 0.50 [ICRA]B+(Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues to
remain under the 'Issuer Not
Cooperating' category
Non-fund based– 8.00 [ICRA]A4; ISSUER NOT
Letter of Credit COOPERATING; 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.
Salasar Plywood Private Limited (SPPL) was incorporated in 2011 and
is promoted by Mr. Rakesh Agarwal and Mr. Mukesh Agarwal, who have
vast experience in the timber business. The company is currently
engaged in the trading of imported timber, while it proposes to
commence sawing of imported timber in the near to medium term. The
company's manufacturing facility is located at Gandhidham, in Kutch
District (Gujarat). SPPL forms part of the Purbanchal Group. The
Purbanchal Group (PG) is promoted by Mr. Rakesh Agarwal, Mr. Mukesh
Agarwal and Mr. Omprakash Agarwal and is engaged across the value
chain of timber processing i.e. trading to further manufacturing of
plywood, baggase board, laminates. The facilities are located in
Gandhidham, Gujarat and it has extensive experience in the
industry. The group companies operating under PG are Amul Boards
Pvt Ltd., Purbanchal Laminates Pvt Ltd., Landmark Veneers Pvt Ltd.,
Purbanchal Veneers, Purbanchal Lumbers Pvt Ltd. and Salasar Plywood
Pvt Ltd., which are all headed by the same management and have
common control.
SAV FINANCE AND INVESTMENTY: Voluntary Liquidation Case Summary
---------------------------------------------------------------
Debtor: SAV Finance and Investment Company Private Limited
2E/207, 2nd Floor, Caxton House
Jhandewalan Extension
New Delhi 110055
Liquidation Commencement Date: November 10, 2022
Court: National Company Law Tribunal, New Delhi Bench
Insolvency professional: Suman Pandey
Interim Resolution
Professional: Suman Pandey
2E/207, 2nd Floor, Caxton House
Jhandewalan Extension
New Delhi 110055
E-mail: ip.sumanpandey@gmail.com
Mobile: 9654772642
Last date for
submission of claims: December 9, 2022
SEVEN H LOGISTICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Seven H Logistics Private Limited
150, I Floor, Malleswaram Arcade
7th Cross, Margosaroad
Malleswaram, Bangalore 560003
Insolvency Commencement Date: October 17, 2022
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: April 15, 2023
Insolvency professional: Konduru Prasanth Raju
Interim Resolution
Professional: Konduru Prasanth Raju
B-804, Shriram Suhaana Apartments
Harohalli, Nagenahalli Gate
Yelanhanka, Bangalore
Karnataka 560064
E-mail: ipkpraju@gmail.com
- and -
No. 12, Raheja Chambers
Museum Road, Bangalore 560001
Karnataka
Email: claims7hlogistics@gmail.com
Last date for
submission of claims: November 24, 2022
SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term rating for the Issuer rating of
Shadnagar Municipality in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
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.
The SNM, being an ULB, provides civic services to the Shadnagar
town, which is located in Rangareddy district of Telangana, around
55 km from the state capital, Hyderabad. The major economic
activity in the region is agriculture. According to Census 2011,
Shadnagar covers an area of 40 sq km and has a population of
54,432, of which 53% are slum dwellers. The ULB is governed by the
provisions of the Telangana State Municipalities Act, (TSM Act)
1965. The major functions of the SNM include water supply, solid
waste management, repair and maintenance of roads, street lighting
and amenities like shopping stalls, community hall, playgrounds,
parks/gardens. The council of the municipality comprises 23 Ward
Councillors headed by a chairperson. The executive wing is headed
by a Municipal Commissioner, who is appointed by the GoT and is
supported by the heads of various departments.
SHANTI GOPAL: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Shanti Gopal Concast Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 2.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Other to remain under 'Issuer Not
Cooperating' category
Long Term- 25.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit 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.
Shanti Gopal Concast Limited (SGCL) established in 2005, is
promoted by Agarwal family and is engaged in the manufacturing of
sponge iron and steel billets. The company was initially promoted
by Agarwal family members; and inOctober-2011 Chaudhary family took
the management control and bought the entire stake in the company
through direct holding and group companies. The company has
manufacturing unit located at Mirzapur – Uttar Pradesh with the
installed capacity of 90,000 TPA (tonnes per annum) for
manufacturing sponge iron and 28,800 TPA of steel billets.
SHIPRA LEASING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shipra Leasing Private Limited
Registered office:
Flat No. 502, 502-A, 5th Floor
23 Barakhamba Road
Narain Manzil
New Delhi 110001
Corporate office:
Plot No. 9, Shipra Mall
Vaibhav Khand, Indirapuram
Ghaziabad 201014
UP
Insolvency Commencement Date: November 10, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: May 9, 2023
(180 days from commencement)
Insolvency professional: Roshal Lal Jain
Interim Resolution
Professional: Roshal Lal Jain
AN-46B Shalimar Bagh
North West
National Capital Territory of Delhi
110088
E-mail: roshanljain@yahoo.co.uk
cirp.shipraleasing@gmail.com
Last date for
submission of claims: November 24, 2022
SHIVSAGAR SUGAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shri Shivsagar Sugar and Agro Products Limited
Flat no. 1, Shivsavali Apartments
Vishwas Housing Society
100 ft Road Sangli
Maharashtra 416416
Factory Site:
A/P Udapudi 591130
Tq. Ramdurg, District Belgavi
Karnataka
Insolvency Commencement Date: November 2, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: May 1, 2023
Insolvency professional: Devika Sathyanarayana
Interim Resolution
Professional: Devika Sathyanarayana
B-106, Sai Siri Heritage Apartments
B Block Kodipalya
Uttarahalli Road
Bengaluru 560060
India
E-mail: devika@sreedharancs.com
- and -
No. 291, 1st Floor
10th Main, 3rd Block
Jayanagar, Bengaluru 560011
E-mail: sssap.cirp@gmail.com
Last date for
submission of claims: November 16, 2022
V.J. CONSTRUCTIONS: CRISIL Moves B+ Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of V.J. Constructions (VJC) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating the rating on bank
facilities of VJC to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Overdraft Facility 2.5 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
The ratings reflect VJC's large working capital requirement and
modest scale of operations amid intense competition. These
weaknesses are partially offset by the extensive experience of the
partners in the construction business.
Key Rating Drivers & Detailed Description
Weaknesses:
* Large working capital requirement: The working capital cycle may
remain stretched over the medium term and hence will be closely
monitored. Gross current assets (GCAs) were sizeable at 254 days as
on March 31, 2022, primarily driven by moderate debtors of 20 days
and huge inventory of 161 days with creditors of 60 days.
* Modest scale of operations: The construction industry is highly
fragmented and the consequent intense competition may continue to
constrain scalability, pricing power and profitability. Revenue is
estimated at INR16.9 crore in fiscal 2022 with outstanding orders
worth INR35 crore to be executed over next 12-18 months.
Strength:
* Extensive experience of the partners: The partners' experience of
over two decades, their strong understanding of local market
dynamics, and healthy relationships with suppliers and customers
should continue to support the business.
Liquidity: Stretched
Liquidity is likely to remain stretched. Cash accrual is expected
at around INR1 - 1.6 crores over the medium term, sufficient to
meet the yearly debt obligation of around INR0.40 crores. Bank
limit have been fully utilized over the past 12 months through
August 2022 owing to the incremental working capital requirements.
Outlook: Stable
VJC should continue to benefit from the extensive experience of the
partners and its moderate outstanding orders providing revenue
visibility.
Rating Sensitivity factors
Upward factors
* Healthy revenue growth of 40-50% per annum while maintaining the
operating margin
* Significant improvement in working capital cycle, with GCAs
moderating to less than 200 days
Downward factors
* Steep decline in revenue or profits, leading to cash accrual of
less than INR0.20 crores
* Large, debt-funded capital expenditure or further stretch in
working capital cycle weakening the financial risk profile
VJC was set up in 2008 as a partnership firm by Mr J Mohan Reddy
and Mr V Ramana Reddy. The firm undertakes civil contracts to
construct highways, roads and bridges for the Telangana
government.
VAG EXPORTS PRIVATE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: VAG Exports Private Limited
No. 222/14, Gokaldas Chambers
3rd Floor, 5th Main Road
Sadashivanagar, Bellary Road
Bangalore 560080
Liquidation Commencement Date: November 10, 2022
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Vinod Sunder Raman
Interim Resolution
Professional: Vinod Sunder Raman
B-703, Arvind Skylands Apartments
Shivanahalli, Jakkur Main Road
Yelahanka, Bengaluru 560064
E-mail: vinod@vrconsulting.biz
Tel: +91-9845884410
Last date for
submission of claims: December 10, 2022
VARADHARAJA FOODS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Varadharaja Foods Private Limited
Plot No. 74, Ground Floor
Akhshaya Apartments, 4th Street
New Fairlands, Salem
Tamilnadu 636016
Insolvency Commencement Date: November 11, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: May 10, 2023
Insolvency professional: Mutharasapuram Ganesan Chandrasekaran
Interim Resolution
Professional: Mutharasapuram Ganesan Chandrasekaran
Flat no. 104, Tiana
House of Hiranandani
Near Marina Mall, 5/63 OMR
Egattur, Chegalpattu
Chennai, Tamil Nadu 600130
E-mail: sekaranirp@gmail.com
- and -
BKC Centre, 31-E
Laxmi Indl. Estate
New Link Road, Andheri (W)
Mumbai 400053
E-mail: varadharajafoods.ibc@gmail.com
Last date for
submission of claims: November 25, 2022
VSRK CONSTRUCTIONS: CRISIL Lowers LT/ST Loan Ratings to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
VSRK Constructions (VSRK) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' based on account of delays in debt servicing due to
weak liquidity.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with VSRK for
obtaining information through letters and emails dated May 20, 2022
and May 25, 2022 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSRK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSRK
is consistent with 'Assessing Information Adequacy Risk'.
Established in 2002 by Mr N T Venkateswara Rao and Mr Ch.
Venkateswara Rao, VSRK constructs roads and bridges in Andhra
Pradesh and Telangana. The firm is recognized as a special class
contractor by Roads and Buildings department of Andhra Pradesh and
Telangana.
Status of non cooperation with previous CRA:
VSRK has not cooperated with ICRA which has classified it as
non-cooperative vide release dated October 28, 2022. The reason
provided by ICRA is non-furnishing of information for monitoring of
ratings.
WONDER CONSTRUCTION: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Wonder
Construction in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- (1.00) [ICRA]A4 ISSUER NOT
Interchangeable 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.
Incorporated in 2001, Wonder construction (Wonder) is a partnership
concern based of Aurangabad, Maharashtra. The firm primarily
operates as a civil contractor engaged in the construction
buildings and roads. The firm's clientele includes government
entities like the primarily Public Works Department (PWD) and
Municipal Corporations / Councils of various cities/towns. The firm
is a class A+ registered contractor. Wonder Construction was
promoted and is managed by the Anwa Family having an experience of
over three decades in construction industry.
[*] State-Owned Firms Asked to Move Insolvency Court to Shut Units
------------------------------------------------------------------
Reuters reports that India has asked state-owned firms to consider
moving the country's insolvency court to shut loss-making units,
hoping for speedier resolutions as the government looks to slim
down its public sector holdings.
Public sector companies will have to file an insolvency application
under the Insolvency and Bankruptcy Code (IBC) for the resolution
of a loss-making unit within three months of approval from a
committee comprising top cabinet ministers, according to guidelines
released by the government on Nov. 14, Reuters relates.
According to Reuters, the government is looking to close
loss-making units in nearly nine months from the day a firm seeks
approval to do so.
State-run firms can also opt to close their units by approaching
the Ministry of Corporate Affairs, as is currently the norm, the
government added.
Reuters notes that the move is a renewed push by the Narendra Modi
administration to slim down the public sector, an effort often
hampered by land-related delays and disputes.
The board of parent companies have been asked to demerge land
assets of their subsidiary companies to ensure that land disputes
do not hamper shutting down units from now onwards, Reuters says.
Reuters adds that the firms have been also been asked to write off
any compensation due from state governments for the land granted to
them on a lease.
=========
J A P A N
=========
AEON CO: Egan-Jones Retains BB Senior Unsecured Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on October 18, 2022, retained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Aeon Co Ltd.
Headquartered in Chiba, Chiba, Japan, AEON CO., LTD. operates
general merchandise stores, supermarkets, and convenience stores
throughout Japan.
TOSHIBA CORP: Rohm and Suzuki Join JIP's Takeover Proposal
----------------------------------------------------------
Nikkei Asia reports that Japanese chipmaker Rohm Co Ltd and
automaker Suzuki have joined a proposal to take over Toshiba Corp,
Nikkei learned on Nov. 16.
Nikkei relates that the proposal, submitted by investment fund
Japan Industrial Partners, is now being reviewed by Toshiba's
special committee that was established in April.
According to multiple sources familiar with the matter, Rohm will
invest up to JPY300 billion (US$2.1 billion) in the proposal.
Suzuki will also invest tens of billions of yen, Nikkei relays.
Nikkei says Japanese engineering group Taisei also plans to join
the proposal.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
=====================
N E W Z E A L A N D
=====================
CLM CARPENTERS: Court to Hear Wind-Up Petition on Nov. 25
---------------------------------------------------------
A petition to wind up the operations of CLM Carpenters Limited will
be heard before the High Court at Auckland on Nov. 25, 2022, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 5, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
KASHMIR NZ: Court to Hear Wind-Up Petition on Nov. 18
-----------------------------------------------------
A petition to wind up the operations of Kashmir NZ Limited will be
heard before the High Court at Auckland on Nov. 18, 2022, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 28, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
NZ TINY: In Liquidation; Leaves Customers with Unfinished Homes
---------------------------------------------------------------
Stuff.co.nz reports that after "constantly battling" rising
building costs and supply chain issues, a tiny home company that
had hoped to help provide relief to New Zealand's housing crisis
has gone into liquidation.
NZ Tiny Homes was founded by Jamie Cameron and his then-wife Kylie
Thomson in 2018, as a way to help people trying to get on to the
property ladder.
But constant supply chain issues and the rising cost of building
materials, which Mr. Cameron said had easily gone up 50% since the
pandemic, meant it was no longer feasible to continue to operate.
"When you get constant delays and constant disruptions over the
last two years you are constantly battling."
"I can't believe the number of obstacles that have been thrown at
us."
Tony Maginness, of Baker Tilly Staples Rodway Auckland, has been
appointed liquidator and his report will be available next week,
Stuff discloses.
According to Stuff, Mr. Maginness said it was "too early to tell"
how much debt the company had but he would have a more accurate
picture when the report was published next week.
Ms. Thomson has since left the business.
Stuff says the head office and manufacturing plant is based in New
Plymouth, and finished homes were trucked to buyers throughout the
North Island.
The company initially had sales agents throughout the North Island,
before expanding to the South Island. It had an agreement with NZ
Tiny Homes Mainland to market, build and sell NZ Tiny Homes designs
in the South Island but the two are separate companies.
Stuff relates that the business grew by 500% in 2019, building 50
homes in 10 months, thanks to the skyrocketing demand for
downsizing as a way to beat the soaring property prices.
"It is so disappointing we are turning people away who want to buy
homes from us because of this," Stuff quotes Mr. Cameron as saying.
"But it got to a point where we could not deliver because we kept
getting delays and it was incredibly hard."
Mr. Cameron said he was focusing on delivering finished homes for
current clients and making sure his team of 11 builders were looked
after.
He understood there were some "interested parties" who were looking
to finish off six builds that were almost complete and then take
over the business, Stuff relays.
There were three builds that were about to be started.
"We are working through how to carry on and finish those," he
said.
Mr. Cameron had laid off most staff but he said things could change
and they might be needed to come in to help finish of the
incomplete homes, Stuff adds.
PLANTTECH RESEARCH: Creditors' Proofs of Debt Due on Dec. 6
-----------------------------------------------------------
Creditors of Planttech Research Institute Limited are required to
file their proofs of debt by Dec. 6, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 8, 2022.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
RAPID PROJECTS: Court to Hear Wind-Up Petition on Nov. 18
---------------------------------------------------------
A petition to wind up the operations of Rapid Projects Limited will
be heard before the High Court at Auckland on Nov. 18, 2022, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 1, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
RAPID PROJECTS: Creditors' Proofs of Debt Due on Nov. 4
-------------------------------------------------------
Creditors of Rapid Projects Limited are required to file their
proofs of debt by Dec. 16, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 4, 2022.
The company's liquidators are:
Paul Vlasic
Rodgers Reidy (NZ) Limited
Licensed Insolvency Practitioners
PO Box 45220
Te Atatu
Peninsula
Auckland 0651
=================
S I N G A P O R E
=================
CLYDESBUILT INVESTMENT: Creditors' Meetings Set for Nov. 30
-----------------------------------------------------------
Clydesbuilt Investment Pte Ltd, which is in provisional
liquidation, will hold a meeting for its creditors on Nov. 30,
2022, at 2:00 p.m., via Zoom.
Agenda of the meeting includes:
a. to receive statement of the Company’s affairs together with
a list of creditors and the estimated amounts of their
claims;
b. to appoint liquidator;
c. to appoint a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
CRYPTO.COM: Withdrawals Rise After CEO Admits Transaction Problem
-----------------------------------------------------------------
The Wall Street Journal reports that customers pulled funds from
Crypto.com over the weekend after the company's chief executive
said the cryptocurrency exchange mishandled a roughly $400 million
transaction.
According to the Journal, Crypto.com Chief Executive Kris Marszalek
said on Twitter that the transfer was sent to the wrong type of
account on another exchange. The transfer of a large chunk of
ether, a popular cryptocurrency, took place on Oct. 21, but came to
light after Twitter users flagged the transfer as unusual, based on
publicly available blockchain transaction records.
Concerns about Singapore-based Crypto.com spread across the
internet over the weekend, with prominent digital-currency figures
taking aim at the company, the Journal says. Cryptocurrency traders
are on edge following the quick collapse of FTX, which went from
one of the most trusted exchanges to bankrupt in the course of a
week.
Changpeng Zhao, chief executive at Crypto.com's larger peer
Binance, appeared to question the nature of the transfers without
naming the company, which may have fueled withdrawals on Nov. 13,
according to crypto industry players. "If an exchange [has] to move
large amounts of crypto before or after they demonstrate their
wallet addresses, it is a clear sign of problems," Mr. Zhao tweeted
on Nov. 13, the Journal relays.
The value of Crypto.com's own cryptocurrency sank roughly 20% on
Nov. 13 from the prior 24 hours. It traded near 6 cents apiece.
Mr. Marszalek dismissed the concerns about Crypto.com, tweeting
later on Nov. 13 that the October transfers had "generated so much
[fear, uncertainty and doubt] & speculation on Twitter" weeks
later.
The Journal relates that a spokesman for Crypto.com said that the
platform was seeing higher levels of activity, noting that it had
assets fully matching customer deposits. "Fluctuations in deposit
and withdrawal activity does not affect our levels of service," he
added.
According to the Journal, an outside analysis of Crypto.com's
public blockchain from Argus Inc., a blockchain analysis firm,
showed that between 7:00 p.m. EST Nov. 12 and 5:30 a.m. EST Nov.
13, users withdrew a net $14 million worth of the cryptocurrency
ether and $39 million worth of other tokens tied to the Ethereum
network from Crypto.com. Over that same time, Crypto.com moved $33
million from other wallets to meet customer demands, according to
Argus.
It appeared that Crypto.com had enough funds to meet user
withdrawals, said Owen Rapaport, co-founder of Argus.
The Journal says the transaction that sparked concerns about
Crypto.com involved the transfer of 320,000 ether - or roughly $400
million worth of the token at the time - to a wallet linked to
crypto exchange Gate.io on Oct. 21.
Over the weekend, Mr. Marszalek said on Twitter that the transfer
was supposed to be a "move to a new cold storage address," but was
sent to an external exchange address.
"We have since strengthened our process and systems to better
manage these internal transfers," he said on Twitter.
A cold storage address is a type of wallet that is unplugged from
the internet. It is considered the safest way to prevent digital
currencies from being stolen or hacked.
The Journal relates that Mr. Marszalek said the company had worked
with Gate.io to return the funds back to its cold storage.
"It's not looking good for these guys in general," tweeted Adam
Cochran, founder of venture-capital firm Cinneamhain Ventures,
which invests in blockchain-related companies.
After FTX's troubles began last week, a number of cryptocurrency
exchanges, including Crypto.com, promised to publish proof of their
reserves in the spirit of transparency. The audited proofs allow
users to check that their own assets are covered by an exchange's
reserves, the Journal notes.
Crypto.com is a cryptocurrency exchange company based in
Singapore.
HAPPY BUNCH: Creditors' Meetings Set for Nov. 25
------------------------------------------------
Happy Bunch (SG) Pte Ltd will hold a meeting for its creditors on
Nov. 25, 2022, at 2:30 p.m., via electronic means.
Agenda of the meeting includes:
a. to a statement of the company’s affairs together with a
list
of creditors and the estimated amount of their claims;
b. to nominate a liquidator or considering the nomination of a
liquidator by the company and if thought fit, to ratify the
company’s nomination;
c. to appoint a committee of inspection of not more than five
members, if thought fit;
d. to resolve that the books, accounts and documents of the
company and those of the liquidator may be destroyed 5 years
after the company is dissolved pursuant to section 195(2) of
the Insolvency, Restructuring and Dissolution Act 2018;
e. to resolve that the liquidator shall be released from his
office after the final meeting to conclude the liquidation
of the company; and
f. any other business.
MANAS FOODS: Creditors' Meetings Set for Dec. 13
------------------------------------------------
Manas Foods Pte Ltd, which is in compulsory liquidation, will hold
a meeting for its creditors on Dec. 13, 2022, at 2:30 p.m., via
electronic means.
Agenda of the meeting includes:
a. to provide an update on the status of the liquidation of the
Company;
b. to seek approval for the utilisation of all the remaining
funds held in the Companies Liquidation Account maintained
by the Official Receiver to meet the costs of liquidation
incurred and estimated costs to be incurred up to the
conclusion of the liquidation which include the
Liquidators’
fees and disbursements; and
c. Any other matters.
The company's liquidators are:
Oon Su Sun
Ng Kian Kiat
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
===========
T A I W A N
===========
GENESIS PHOTONICS: To File for Bankruptcy; 260 Staff to Lose Jobs
-----------------------------------------------------------------
Focus Taiwan reports that Genesis Photonics Inc. (GPI) announced
Nov. 15 that it will file for bankruptcy with the Tainan District
Court and shutter the company Nov. 16 due to operating difficulties
and poor financial conditions.
As part of the full-scale shutdown, the company's roughly 260
employees and managers will be dismissed, according to an
announcement on the website of the Taiwan Stock Exchange Corp.
GPI shares were delisted Sept. 26 after the company posted a
negative net asset value per share, meaning liabilities exceeded
assets, according to Focus Taiwan.
Focus Taiwan relates that the company has sustained operating
losses over the past 10 years due to a price war with competitors
in the Chinese LED sector, GPI said in a statement.
In the first half of this year, COVID-19 restrictions in China
forced many factories to suspend operations, which strained global
supply chains. In addition, global inflation and the slowdown in
end market demand also greatly impacted the company.
In such a precarious business environment, GPI's board of directors
decided to end operations, according to the company.
Genesis Photonics develops, produces and sells light emitting diode
chips and wafers.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***