/raid1/www/Hosts/bankrupt/TCRAP_Public/221208.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, December 8, 2022, Vol. 25, No. 239
Headlines
A U S T R A L I A
GRIFFIN COAL: MP Accuses ASIC of Failing to Properly Probe Firm
HOUSE OF WINE: First Creditors' Meeting Set for Dec. 8
LAURUS GROUP: First Creditors' Meeting Set for Dec. 12
MNT INVESTMENTS: First Creditors' Meeting Set for Dec. 14
TECH CREATIONS: Second Creditors' Meeting Set for Dec. 9
WONDERFUL CAPITAL: Second Creditors' Meeting Set for Dec. 12
C H I N A
BEIJING BORGWARD: Declares Bankruptcy, Operation in China Ends
I N D I A
ADARSHA AUTO: ICRA Moves B+ Debt Ratings to Not Cooperating
ADARSHA AUTOMOTIVES: ICRA Moves B+ Ratings to Not Cooperating
AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
ARIHANT DREAM: ICRA Keeps D Debt Rating in Not Cooperating
C.G. CHANDRAPPA: ICRA Keeps B+ Debt Rating in Not Cooperating
CHHATRAPATI SHAHU: ICRA Keeps B+ Debt Ratings in Not Cooperating
EVEREST SEA: CARE Keeps B+ Debt Rating in Not Cooperating
FAIRYLAND FOUNDATIONS: ICRA Keeps B+ Rating in Not Cooperating
GHOUSIA FOOD: CARE Lowers Rating on INR20cr LT Loan to B-
GLOBALITE INDUSTRIES: CARE Cuts Rating on INR12.60cr Loan to D
GOLDEN JUBILEE: CARE Keeps D Debt Ratings in Not Cooperating
HOTEL JALTARANG: CARE Keeps B- Debt Rating in Not Cooperating
IMAGICAAWORLD ENTERTAINMENT: ICRA Keeps D Rating in Not Cooperating
JET AIRWAYS: Cabin Crew Asso. Files Liquidation Plea vs. Carrier
JET AIRWAYS: Lenders Resist Court-Approved Resolution Plan
LOF CONSTRUCTIONS: ICRA Keeps B Debt Rating in Not Cooperating
M.K. TIMBER: CARE Lowers Rating on INR3.75cr LT Loan to B-
MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating
NEOTECH EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating
PADMASHRI DR: ICRA Keeps D Ratings in Not Cooperating Category
PARASRAMPURIA ENGINEERS: ICRA Keeps B+ Rating in Not Cooperating
POOJA JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
PRASAD MULTI: ICRA Keeps D Debt Ratings in Not Cooperating
QUADROS MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
R.B. RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
R.K. GROVER: ICRA Keeps D Debt Ratings in Not Cooperating
RADIUS ESTATES: NCLT Rejects Claims of Foul Play in Insolvency
RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
RELIANCE POWER: ICRA Keeps D Debt Ratings in Not Cooperating
ROYAL GARDEN: CARE Reaffirms B Rating on INR8.79cr LT Loan
S. S. CONSTRUCTION: CARE Lowers Rating on INR10cr LT Loan to B
SARAVANA BUILDWELL: ICRA Keeps D Debt Rating in Not Cooperating
SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
STEEL PRODUCTS: ICRA Keeps C- Debt Ratings in Not Cooperating
N E W Z E A L A N D
CH&J CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 13
CLM CARPENTERS: Creditors' Proofs of Debt Due on Jan. 17
KLM ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 9
PODULAR HOUSING: In Liquidation; Owes Customers More Than NZD1MM
VIVACE RESTAURANT: Court to Hear Wind-Up Petition on Dec. 9
YYS FAMILY: Court to Hear Wind-Up Petition on Dec. 9
S I N G A P O R E
ASAHI SHIMBUN: Creditors' Proofs of Debt Due on Jan. 7
ES BEAUTY: Commences Wind-Up Proceedings
REUNION MOTOR: Court to Hear Wind-Up Petition on Dec. 16
SIMI PTE: Creditors' Proofs of Debt Due on Jan. 9
THREE ARROWS: Bankruptcy Judge Approves Subpoenas for Co-Founders
T A I W A N
STARLUX AIRLINES: Posts NT$1.56BB Net Loss for Third Quarter
- - - - -
=================
A U S T R A L I A
=================
GRIFFIN COAL: MP Accuses ASIC of Failing to Properly Probe Firm
---------------------------------------------------------------
ABC News reports that Australia's corporate regulator has been
accused of failing to properly investigate a "bankrupt" coal mine
whose troubles are threatening the security of Western Australia's
biggest electricity system.
Griffin Coal, which operates near Collie about 180 kilometres south
of Perth, was pushed into receivership in September amid mounting
losses and debts that totalled almost AUD1.5 billion.
In state parliament last week, Liberal MP Steve Thomas lashed out
at the Australian Securities and Investments Commission (ASIC) over
what he said was the watchdog's failure to probe Griffin, ABC
says.
ABC relates that the criticism was backed by Clean Energy Finance
director Tim Buckley, who said it was inexplicable that ASIC had
applied so little scrutiny to the company despite an abundance of
obvious red flags.
According to ABC, Griffin's collapse three months ago has cast a
pall over WA's energy security heading into summer, which is
forecast to be hotter than normal for much of the state's south.
The mine supplies coal to one of the state's biggest power
stations, the privately owned Bluewaters plant that typically
generates about 15% of the electricity used in WA's main grid.
Before it was placed in receivership, Griffin and its corporate
owners had repeatedly failed to lodge their financial accounts as
required by federal law, ABC says.
Griffin also failed to have at least one resident Australian
director, which is an obligation under the Corporations Act.
While the failures by both Griffin and its lender and operator
Oceania Resources were prosecuted by ASIC, Dr. Thomas and Mr.
Buckley said the actions of the regulator fell woefully short.
ABC says Mr. Buckley noted Griffin had struggled to pay its debts
as and when they fell due, including to the Australian Taxation
Office, indicating the miner was materially insolvent.
He said the company's failure to meet basic requirements of the
Corporations Act and the grave concerns about Oceania raised by its
auditor were further red flags.
Then there was what he called the bizarre deal that allowed
Griffin's biggest lender - giant Indian bank ICICI - to provide a
US$60 million loan to the miner through Oceania.
Despite being owed AUD1.1 billion by Griffin, ICICI subordinated
its own claim over the mine by channelling the money through
Oceania, the Australian subsidiary of Indian conglomerate Sindhu
Trade Links.
For Mr. Buckley, it beggared belief ASIC had not sought to hold
Griffin and its owners to account, especially given the mine's
importance to WA's energy security, ABC relays.
The structure is entirely unsustainable," ABC quotes Mr. Buckley as
saying.
"It's been unsustainable from the day it was set up. It's been
haemorrhaging cash. It's insolvent and only continues at the
forbearance of the bank.
"You would think ASIC would have slightly more understanding of
financial rigour than what they clearly are showing."
ABC relates that Dr Thomas, who represents the South West region
covering Collie in the Upper House, said failure by regulators to
provide oversight of Griffin went as far back as 2010, when Indian
interests bought the mine from former tycoon Ric Stowe's fallen
business empire.
He suggested the Foreign Investment Review Board (FIRB) - which
vets the suitability of foreign buyers of Australian assets above a
certain threshold - had not properly run the rule over the original
purchase.
An inability or unwillingness by ASIC to take a harder line on
Griffin since then had only added to the problems, he said, ABC
adds.
Based in Australia, The Griffin Coal Mining Company Pty Ltd
--http://www.griffincoal.com.au/-- is engaged in coal mining and
processing. Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth. The Company is
producing more than three million tons of coal per year. Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.
HOUSE OF WINE: First Creditors' Meeting Set for Dec. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of The House of
Wine & Food Pty Ltd will be held on Dec. 8, 2022, at 11:00 a.m. at
Level 30, 140 William Street in Melbourne and via Zoom.
Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Nov. 29, 2022.
LAURUS GROUP: First Creditors' Meeting Set for Dec. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Laurus Group
Pty Ltd will be held on Dec. 12, 2022, at 2:30 p.m. via online
video conference using Zoom Meetings.
Sam Kaso of Cor Cordis was appointed as administrator of the
company on Nov. 30, 2022.
MNT INVESTMENTS: First Creditors' Meeting Set for Dec. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of MNT
Investments Pty Ltd will be held on Dec. 14, 2022, at 3:00 p.m via
virtual meeting only.
Michael Gregory Jones of Jones Partners was appointed as
administrator of the company on Dec. 2, 2022.
TECH CREATIONS: Second Creditors' Meeting Set for Dec. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Tech Creations
Pty Ltd has been set for Dec. 9, 2022, at 2:30 p.m. via Zoom
conference.
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 Dec. 8, 2022, at 4:30 p.m.
Gideon Isaac Rathner of Gideon Isaac Rathner was appointed as
administrator of the company on Nov. 4, 2022.
WONDERFUL CAPITAL: Second Creditors' Meeting Set for Dec. 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Wonderful
Capital Biotechnology Group Pty Ltd has been set for Dec. 12, 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 Dec. 9, 2022, at 4:30 p.m.
Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on Nov. 7, 2022.
=========
C H I N A
=========
BEIJING BORGWARD: Declares Bankruptcy, Operation in China Ends
--------------------------------------------------------------
Pandaily reports that Beijing Borgward, once billed as a rival to
BMW, Mercedes-Benz and Audi, officially declared bankruptcy on
November 29. The announcement explained that it was drained to pay
off its outstanding debts but its current assets are not enough to
settle the outstanding balances.
Founded in 1919, Borgward was once Germany's third largest car
manufacturer, Pandaily notes. Back in the 1960s, Borgward was
declared bankrupt due to mismanagement and lay dormant for half a
century. In 2014, Foton Motor acquired Borgward for EUR5 million,
and subsequently established Beijing Borgward in 2016.
After the revival, Beijing Borgward has been promoted in the
Chinese market with emphasis placed on the German brand name,
manufacturing and craftsmanship, Pandaily relates. It once competed
with the likes of luxury automobile manufacturers such as BMW,
Mercedes-Benz and Audi.
BX7, the company's first model released in 2016, achieved sales of
30,000 units within nine months after its launch. But due to the
lack of research and development technology and frequent quality
problems, sales fell sharply, according to Pandaily. The sales
volume of the BX5 in the first month on the market was about 1500
units, and the BX6 and BXi7 failed to appeal to consumers. The
company's sales volume only reached 32,900 units in 2018.
Instead of helping Foton Motor shine in the passenger car market,
Beijing Borgward dragged it into huge losses, Pandaily notes.
According to the financial report, Foton Motor turned from a profit
of CNY1.119 billion (US$158 million) in 2017 to a loss of CNY3.575
billion in 2018, Pandaily discloses.
In order to stop losses in time, Foton Motor transferred 67% of
Beijing Borgward's shares and CNY4.271 billion loan to Changsheng
Xingye, an asset management platform, at a price of CNY3.973
billion, Pandaily relates.
Behind Changsheng Xingye is UCar, headed by Charles Lu, former
chairman of Luckin Coffee. On March 18, 2019, UCar purchased 67%
shares of Beijing Borgward for CNY4.109 billion.
After the acquisition of Beijing Borgward's equity, UCar launched a
new retail platform, transforming the original 4S store model into
a model combining brand flagship stores, authorized franchise
stores and special sales points.
Pandaily says Lu applied Luckin Coffee's retail model to Beijing
Borgward, which subsequently caused turmoil within the company. In
April 2019, more than 200 people left the marketing team and a
number of dealers launched a rights protection campaign. More
importantly, there has been no new model since Beijing Borgward was
acquired. In 2020, UCar was implicated in Luckin Coffee's financial
fraud incident and could no longer provide support for Beijing
Borgward. The sales volume of the vehicle company was only 8,740
units in 2020 but halved to 3,612 units in 2021.
In September 2021, Foton Motor said in an announcement that Beijing
Borgward's business situation had deteriorated and its production
and operations were at risk, recalls Pandaily. In January, Beijing
Borgward had been put on hold because it could no longer operate
due to a lack of funds.
=========
I N D I A
=========
ADARSHA AUTO: ICRA Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Adarsha
Auto World Private Limited (AAWPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 46.75 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB+ (Stable)and
moved to the 'Issuer Not
Cooperating' category
Long Term- 11.61 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Term loans from [ICRA]BB+ (Stable)and
moved to the 'Issuer Not
Cooperating' category
Long Term– 1.64 [ICRA]B+(Stable); ISSUER NOT
Unallocated COOPERATING; Rating downgraded
From [ICRA]BB- (Stable) and
moved to the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding AAWPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Adarsha Auto World Private Limited, ICRA has been trying to
seek Non Default Statements for the months of September 2022 and
October 2022 from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
AAWPL, incorporated in 2012 by Mr. B. Satyanarayana Goud and
family, started commercial operations from October 2016. AAWPL is
the sole authorised dealer for Maruti Suzuki-NEXA passenger
vehicles and spares for Karimnagar and Warangal districts in
Telangana, and an authorised dealer for the Hyderabad district.
AAWPL is part of the Adarsha Group, which has authorised
dealerships of various OEMs, including MSIL, TVS Motors Limited,
Mahindra & Mahindra Limited (tractor division) etc.
ADARSHA AUTOMOTIVES: ICRA Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Adarsha
Automotives Private Limited (AAPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 107.20 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
moved to the 'Issuer Not
Cooperating' category
Long Term- 17.32 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Term loans from [ICRA]BB+ (Stable)and
moved to the 'Issuer Not
Cooperating' category
Long Term/ 5.48 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating downgraded from
[ICRA]BB+ (Stable)/[ICRA]A4+
and moved to the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding AAPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Adarsha Automotives Private Limited, ICRA has been trying to
seek "Non default statement" from the entity for the month of
September 2022 and October 2022 so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Incorporated in January 2006 by Mr. Satyanarayana Goud and family,
AAPL is the sole authorised dealer of MSIL in nine districts of
Telangana as well as an authorised dealer of MSIL in Hyderabad. The
company operates 23 showrooms and 17 workshops in these districts.
AAPL is a part of the Adarsha Group, which comprises Adarsha Auto
Private Limited (authorised dealer of MSIL's NEXA), Adarsha Motor
Sales, Susheel Motors, Adarsha Automobiles, and Thirumal Motors
(authorised distributor of TVS Motors Limited) who operate across
Telangana.
AMUL FEED: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amul Feed
Private Limited (AFPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.40 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 17,
2021, placed the rating(s) of AFPL under the 'issuer
non-cooperating' category as AFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 3, 2022, August 13, 2022, August 23,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Amul Feed Private Limited. (AFPL) incorporated in September 1997 as
Ahmad Vyapar Pvt Ltd, (AVPL) to setup a trading business near Patna
and remained dormant thereafter. During December 2003, present
promoters took over the business of AVPL and rechristened as AFPL
and initiated a hatchery business. In recent past, the company has
completed a poultry feed production unit at Ranipur Chak- Patna
with an installed capacity of 43200 MTPA. The unit has started
operation from January 2015. This apart the hatchery has a
production capacity of 2,60,000 unit of eggs per month. The
day-to-day affairs of the company are looked after by Mr. Ashok
Kumar Singh (Director) with adequate support from other three
directors and a team of experienced personnel.
ARIHANT DREAM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Arihant Dream Infra
Projects Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.90 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Arihant Dream Infra Projects Ltd (ADIPL) is the flagship
development company of the group and was incorporated on
27.05.2011. It is a closely held company and promoted by Mr. Rakesh
Goel and Mrs. Reena Goel with entire equity held by them. Apart
from having real estate as his business, Mr. Rakesh Goel also has
an established name as the leading trader of the TMT steel coke and
pig iron in the entire Jaipur region. Mr. Goel has set up a
business house in the name of Arihant Group of Companies, which has
20 years of track record in the real estate business and has
established itself firmly in commercial development, hospitality,
food and property management in the Jaipur region.
C.G. CHANDRAPPA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of C.G.
Chandrappa 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- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 6.40 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
C.G.Chandrappa., based in Bangalore, Karnataka is a proprietorship
firm incorporated in 1980 and is involved in civil contractor work
majorly in construction of roads, bridges and asphalting works. The
firm's clientele comprises of government entities like PWD. The
firm is registered as "Class 1 PWD Contractor", Karnataka. The
areas of operations mainly limited in and around Karnataka. The
firm over the years has executed many projects as a prime
contractor as well as sub-contractor. The plant is located at
Hennur, Bangalore with 60/90ton per hour manufacturing capacity.
CHHATRAPATI SHAHU: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term rating of Shree Chhatrapati Shahu
Milk and Agro Producer Company 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- 2.12 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Working Capital to remain under 'Issuer Not
Facilities Cooperating' category
Long Term- 4.72 [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 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.
Incorporated in September 2009, Shree Chhatrapati Shahu Milk & Agro
Producer Company Limited (Shahu Milk/the company) is a co-operative
unit engaged in milk procurement, milk processing and selling of
milk and milk products. The installed milk processing capacity of
the plant is 1, 00,000 litres per day. The company procures milk
from cooperative societies located largely in Kagal and Karveer
talukas in Kolhapur district. The company has also set up two
chilling centres in Kolhapur district which helps the company to
improve shelf life of the collected milk.
EVEREST SEA: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Everest Sea
Foods Exports Private Limited (ESFEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.33 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.15 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of ESFEPL under the 'issuer
non-cooperating' category as ESFEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ESFEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 6, 2022, August 16,
2022, August 26, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Everest Sea Foods Exports Private Limited (ESFEPL) was incorporated
in February 2013. The company is promoted by Mr Sanjay K Jaokar, Mr
Haneef Machiwala and Mr Anand Putran who has more than three
decades of experience in the sea food industry. The company is
engaged in processing, packing and exporting of marine products
with an installed capacity of 40MT per day located at Mangalore.
The Product profile of the company includes varieties of 'whole
fish' including Ribbon fish, Indian Mackeral, Seer fish/King fish,
Tuna, Snappers, Reef cod, Croaker, Cat fish, Sardine, Pomfret fish,
Lizard fish, Cuttle fish, Squids and Shrimps among other varieties
of fish. The company sales its products under the brand name of
"Everest".
FAIRYLAND FOUNDATIONS: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Fairyland
Foundations 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- 10.00 [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 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.
Fairyland Foundation Private Limited is a real estate company
operating in Tamil Nadu. Fairyland was started as a
partnership concern by Mr. T.N. Vijaykumar and Mr. S. Saravanan in
2000 and later in 2005 it was converted into a private limited
company. The company has till date completed 21 residential
projects with a total saleable area of ~5.8 Lakh sq ft. All the
projects are located in Chennai and Coimbatore in Tamil Nadu. The
construction for the projects is completed in house and Mr. T. N.
Vijayakumar who is a civil engineer with more than 15 years in the
construction industry heads the execution team. Mr. S. Saravanan
has been in the real estate industry for more than 12 years and he
leads the marketing team and is also in charge of identification of
new projects for development.
GHOUSIA FOOD: CARE Lowers Rating on INR20cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ghousia Food Products Private Limited (GFPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 12.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the rating(s) of GFPPL under the 'issuer
non-cooperating' category as GFPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GFPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 10, 2022, August 20,
2022, August 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of GFPPL have been
revised on account of non-availability of requisite information.
Ghousia Food Products Private Limited (GFPPL) is a Karnataka based
company, which was incorporated in 2015 and promoted by Mr. Syed
Salauddin Aga, Mr. Syed Misbauddin Aga and Mr. Syed Talha Aga as a
Private Limited Company. The operations of the company were started
partly in December 2015 however the entire operations of the
company started in April 2016. The company is engaged in processing
of various fruit pulp concentrates mainly mango, guava, pineapple,
papaya etc.
GLOBALITE INDUSTRIES: CARE Cuts Rating on INR12.60cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Globalite Industries Private Limited (GIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Long Term/ 0.60 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Revised from CARE C; Stable/
CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of GIPL under the 'issuer
non-cooperating' category as GIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 26, 2022
and November 28, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The revision also considers the ongoing
delays in debt servicing as recognized from publicly available
information i.e. CIBIL filings.
GIPL erstwhile LKA Creations Private Limited was incorporated in
2005 and commenced its commercial operation in March 2011. The
company is currently being managed by Mr Lalit Kishore and Ms.
Vanita Gupta. The company is engaged in the business of
manufacturing and selling of footwear (both sports and casual). The
company is also engaged in trading of accessories and apparels
(T-shirts, sweat shirts, track suits, bag, watches, etc.).
GOLDEN JUBILEE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Golden
Jubilee Hotels Private Limited (GJHPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 495.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 50.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 8,
2021, placed the rating(s) of GJHPL under the 'issuer
non-cooperating' category as GJHPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GJHPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 25, 2022, August 4, 2022,
August 14, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Golden Jubilee Hotels Ltd. (GJHL) was incorporated as Golden
Jubilee Estates Ltd. in December, 1996 and remained dormant till
2004. The name of the company was changed to current nomenclature
in December, 2006. GJHPL is a special purpose vehicle (SPV) formed
for development of two five Star hotel properties under the name of
Trident and Oberoi at Hyderabad. The project work of Trident
(branded as Five Star Deluxe) has been completed and the hotel
commenced operation from September 1, 2013. However, there has been
change in plan with regard to construction of The Oberoi and the
same is being replaced with a five-star business hotel cum service
apartment.
HOTEL JALTARANG: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hotel
Jaltarang Private Limited (HJPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of HJPL under the 'issuer
non-cooperating' category as HJPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HJPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 26,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hotel Jaltarang Private Limited (HJPL) was incorporated in 1987 as
a private limited company by Mr. Manek Harchandrai Vasandani, Mrs.
Bindu Bijlani, Shri. Jayashri Bansi and the management was taken
over in 2002 by Shetty family. Currently Mr. Madhukar Sanjeeva
Shetty, Mr. Chandrakant Sanjeeva Shetty and Mr. Sharad Sanjeeva
Shetty are the directors of the company. HJPL is engaged in
providing hospitality services viz. restaurant in the name of
Gajalee located at Juhu in Vile Parle West, Mumbai.
IMAGICAAWORLD ENTERTAINMENT: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------------
ICRA has retained the Long-Term rating of Imagicaaworld
Entertainment Limited (erstwhile Adlabs Entertainment Limited) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1100.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Promoted by Mr. Manmohan Shetty and his family, Adlabs
Entertainment Limited, has set up an amusement park which is a
combination of a theme park, a water park, a snow park and Novotel,
a 4-star hotel – all under the Imagica umbrella- at Khopoli,
spread over an area of 140 acres, with another surplus area of 170
acres. The project was started in April 2011. The theme park
commenced partial operations and after a soft launch on April 18,
2013, it commenced full scale operations from November 1, 2013. The
water park was commissioned from October 1, 2014, and the first
phase of the hotel, comprising 116 rooms, commenced in September-,
2015. The snow park started operating from April 2016. Presently,
Novotel has 287 rooms.
JET AIRWAYS: Cabin Crew Asso. Files Liquidation Plea vs. Carrier
----------------------------------------------------------------
Livemint.com reports that the Jet Airways Cabin Crew Association
(JACCA) filed a liquidation application before the Mumbai bench of
the National Company Law Tribunal (NCLT) on Dec. 6 seeking
liquidation of Jet Airways' assets on the grounds that there has
been a contravention of the resolution plan.
Any further delay in the liquidation process, the association said,
will further reduce the value of the assets of the debt-laden
airline, Livemint.com relates.
Rahul Kamerkar, the counsel representing JACCA, said that the terms
of the resolution plan have not been met by the successful bidder
Jalan Kalrock Consortium. "There has been a clear contravention of
the resolution plan by the successful resolution applicant,"
Kamerkar said.
According to the resolution plan, the successful resolution
applicant had to pay INR52 crore in 175 days after the effective
date of May 20, Livemint.com notes. They also had to pay an
additional INR61 crore. As of Dec. 6, 200 days have already been
completed, and the successful bidder is still to pay the total
amount of INR113 crore as per the resolution plan, contravening the
resolution plan, Kamerkar said, Livemint.com relays.
Section 33(3) of the Insolvency and Bankruptcy Code, 2016 states
that on contravention of a resolution plan approved by the
adjudicating authority, any person other than the corporate debtor
whose interests are prejudicially affected by the contravention may
make an application before the adjudicating authority seeking a
liquidation order, Livemint.com notes.
Livemint.com says the counsel for the Jalan Kalrock consortium,
however, denied getting any application from the crew association.
A bench led by Shyam Babu Gautam adjourned the matter to Dec. 12 as
the parties sought some more time from the tribunal to file their
responses.
Last week, an interim application was filed by the Jalan-Kalrock
consortium before the NCLT seeking implementation of the resolution
plan submitted by them, the report recalls.
On June 22, 2021, the tribunal approved the resolution plan
submitted by the Jalan-Kalrock consortium subject to necessary
approvals. The consortium consists of UAE-based non-resident Indian
Murari Lal Jalan, who will hold shares in Jet Airways in his
personal capacity and Florian Fritsch, who will hold shares through
his investment holding company Kalrock Capital Partners Ltd,
Cayman. However, the lenders and resolution applicants have been at
loggerheads in terms of the implementation of the resolution plan.
Currently, some lenders from the committee of creditors said that
the consortium was not complying with all the conditions precedent
in the resolution plan, said a counsel privy to the matter.
However, the resolution applicant said that it has complied with
all the conditions laid in the plan, he said.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In July last year, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June last year, the NCLT
approved the consortium's resolution plan for the troubled
carrier.
Jet Airways got its air operator certificate revalidated in May
this year. The Mumbai-based company had plans to resume operations
in October but has not provided any official comments on the same,
according to Financial Express.
JET AIRWAYS: Lenders Resist Court-Approved Resolution Plan
----------------------------------------------------------
Lenders to bankrupt Jet Airways India Ltd. are resisting a
court-approved resolution plan, further delaying the former No. 1
private airline's return to the skies, according to people familiar
with the matter and email communications seen by Bloomberg News.
Bloomberg relates that the primary dispute is about whether the new
owners of Jet Airways need to pay more money into the pension funds
of ex-employees, the people said, asking not to be identified
because they're not authorized to speak publicly about the matter.
Banks, led by State Bank of India, said Jet Airways' new buyers -
Dubai-based businessman Murari Lal Jalan and Florian Fritsch,
chairman of London-based Kalrock Capital Management Ltd. - should
pay an additional INR2.5 billion ($30.1 million) into the
retirement kitty, the people said, an ask supported by the email
exchanges reviewed by Bloomberg.
The new owners meanwhile have indicated that extra money wasn't
part of the already agreed upon resolution plan and instead must be
taken out of the banks' dues, the people said. All parties are now
awaiting fresh guidance from the bankruptcy court due Tuesday [Dec.
13], the people said.
For Jet Airways, a second coming could exemplify how new bankruptcy
rules can allow beleaguered carriers to spring back in the South
Asian nation, known for its cut-throat aviation market and fare
wars that have killed off several high profile players over the
years.
Jet Airways collapsed in 2019 under a lot of debt after years as
India's top private airline. It had promised to start flying again
in March this year but has struggled to order new aircraft because
lenders have been reluctant to take on fresh liabilities. Its new
owners also still haven't reached an agreement about formally
taking over the airline, the people familiar with the matter said,
limiting the ability of Jalan and Fritsch to infuse more funds and
order planes, Bloomberg relays.
According to Bloomberg, the issue of paying more money into the
pension funds of former employees came about after a fresh case was
filed at the tribunal after the court-approved resolution had been
finalized.
The snag also threatens to set back a process of about three years
that was to see banks recover about 5% of the some INR78.1 billion
they were owed.
Bloomberg News reported in late August that Jet Airways was in
advanced talks to order about 50 Airbus SE A220 aircraft. The
carrier was also in discussions with Boeing Co. and Airbus to
potentially place a "sizable" order for the 737 Max or A320neo
families of jets. All those discussions are now stuck due to this
latest dispute, one of the people said.
Another point of contention is whether ownership should be
transfered to the new owners before a court rules on the current
pending matters, Bloomberg states. Banks aren't willing to let that
happen and Jalan and Fritsch aren't willing to put in any more
funds until they know when they'll actually be in control of the
airline, the emails showed.
Still another wrinkle centers around a dispute over Jet Airways'
landing and parking slots at airports in India and overseas,
according to Bloomberg,. Banks want Jalan and Fritsch to confirm
the slots but Indian regulators aren't making that possible until
there is more clarity on Jet Airways' fleet, according to the
emails obtained by Bloomberg.
To date, Jalan and Fritsch have spent about INR7.6 billion in their
attempts to get Jet Airways flying again, the emails showed.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In July last year, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June last year, the NCLT
approved the consortium's resolution plan for the troubled
carrier.
Jet Airways got its air operator certificate revalidated in May
this year. The Mumbai-based company had plans to resume operations
in October but has not provided any official comments on the same,
according to Financial Express.
LOF CONSTRUCTIONS: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of LOF
Constructions 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- 3.50 [ICRA]B (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 2.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
LOF Constructions was started as a proprietorship concern by Mr. P.
M. Mohammed Kunhi and later converted into a partnership firm by
including his family members. In the past, the firm has executed
civil construction contracts for roads, culverts and bridges for
Public Works Department (PWD) of Kerala and Karnataka, Public
Health Engineering Department (PHED) and other private players. The
operations of the entity are concentrated in North Kerala and South
Canara and Shimoga districts of Karnataka.
M.K. TIMBER: CARE Lowers Rating on INR3.75cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M.K.
Timber and Company (MTC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.75 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 15.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of MTC under the 'issuer
non-cooperating' category as MTC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MTC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 9, 2022, October 19, 2022, October 29,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of MTC have been
revised on account of non-availability of requisite information.
Delhi based, M.K. Timber and Company (MTC) was established in June
2015 by Mr. Amit Aggarwal as a proprietorship firm with its
registered office located in Delhi and a branch office in
Gandhidham, Gujarat. The firm is engaged in processing and trading
of timber wood products at its facility located in Delhi and
Gandhidham.
MAHADEO DALL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahadeo
Dall Mill (MDM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.90 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 1,
2021, placed the rating(s) of MDM under the 'issuer
non-cooperating' category as MDM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MDM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 17, 2022, September 27, 2022,
October 7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bhopal-based (Madhya Pradesh) MDM was established in 2002 as a
proprietorship firm, which was then reconstituted as a partnership
firm in 2010. MDM is managed by Mr. Narayan Sahu, Mr. Vinod Sahu,
Mr Bhanu Sanhu and Mr. Tanish Sahu. The firm is into the business
of processing of pulses like moong dal, chana dal, tuar dal etc.
MDM procures the materials from the local anaj mandi and merchants,
post which it processes them and sells them to wholesalers in
states like Madhya Pradesh, Karnataka, Tamil Nadu etc. MDM has an
installed capacity of processing of 45,20,000 quintals per year
(including tuar dal, chana dal, moong dar and urad dal) as on March
31, 2018. Also, in February, 2018, MDM concluded a project for
processing moong dal.
NEOTECH EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Neotech Education
Foundation in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.90 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. The
college offers civil, electrical and mechanical engineering courses
at undergraduate level. Additionally, the college also started
offering Diploma courses in civil, computer, electrical and
mechanical streams with the total intake of 300 students per batch
from academic year 2014-15.
PADMASHRI DR: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Padmashri
Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 135.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 413.00 [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.
Padmashri Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana
Limited was set up in 1950 under the Maharashtra Cooperative
Societies Act, 1960, as a role model for the development of a newly
independent India through the cooperative movement. PSSK, the first
sugar factory set up in the cooperative sector in Asia, is located
in the Pravaranagar village in Ahmednagar (Maharashtra). The
company has over 12,500 cane grower members and over 18,000
non-producer members. It undertook its first SS in 1950-1951 with a
crushing capacity of 500 tonnes crushed per day (TCD). The crushing
capacity was subsequently enhanced in stages, with the present
installed capacity as on March 31, 2018 of 5,000 TCD. The company
also has a multipressure distillery unit with a capacity of 120
KLPD. In FY2015, the company took over a sugar mill (with 1,750 TCD
capacity) located in Ganeshnagar, Ahmednagar from the Government of
Maharashtra to operate for eight years. Thus, PSSK's combined
capacity from both the units stands at 6,750 TCD as on date.
PARASRAMPURIA ENGINEERS: ICRA Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of
Parasrampuria Engineers 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
---------- ----------- -------
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
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 19.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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 company Parasrampuria Engineering Private Limited (PEPL) is
engaged in manufacturing of hygiene films which find application
inmanufacturing of hygiene products like baby/adult diapers,
sanitary napkins etc to restrict fluids. Plain and printed
Polyethylene Backsheet films, Pouch films and Perforated films are
the key products of the company. The company manufactures Backsheet
films and Pouch films of 16-25 GSM and Perforated cover films of
22-27 GSM. At present, the company has hygiene films manufacturing
capacity of ~750 tons per month. The company has two manufacturing
units located in Dombivali spread across an area of1840 Sq mts and
2700 sq mts respectively.
POOJA JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Pooja Jewellers in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [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.
Incorporated in 1993 as a sole proprietorship concern promoted by
Mr Shankar Maity, Pooja Jewellers is engaged in the trading and
manufacturing of gold and diamond jewellery. The firm operates from
Chandni Chowk, Delhi and largely supplies its products in the
wholesale market. The product portfolio of the firm includes gold
and diamond jewellery necklace sets, rings, earrings, chains etc.
PRASAD MULTI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Prasad
Multi Services Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 9.78 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 2.27 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long-term/ 1.11 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Incorporated in 1999, Prasad Multi Services Private Limited is
primarily involved in the construction and infrastructure
equipments rental business to reputed companies like Larsen & Turbo
(L&T), Reliance Industries Limited (RIL), TATA Steel, Adani Group
etc. PMS also provides other facilities like ready mix concrete
(RMC), operations and maintenance (O&M) and annual maintenance
contract (AMC) services. PMS was promoted by Kavar family, who have
more than a decade of experience in the construction equipment
solution business through their associations with PMS Piling &
Infrastructure Pvt. Ltd., Shree Buildcon, Prasad Marine Services
Pvt. Ltd. and PMS Infotech Pvt. Ltd.
QUADROS MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of M/s Quadros Motors Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.00 [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.
Incorporated in 2005, Quadros Motors Private Limited (QMPL) is an
authorised dealer of Suzuki Motors India Private Limited (Suzuki)
for its two-wheelers segment for the entire South Goa region. The
company is promoted by Mr. Evencio Quadros and Mr. Ramchandra
Shirodkar, who have more than a decade's experience in the auto
industry. QMPL is a '3S' (Sales, Spares and Services) dealer. Since
February 2015, the company has become an authorised dealer of
Mahindra TwoWheelers Limited for entire Goa region, based on the
'3S' model. QMPL is part of the 'Quadros' Group, 2 which, through
its group companies, is associated with other automobile
industry-related businesses, including dealerships of automobile
companies like Yamaha, Piaggio, dealerships for batteries,
lubricants and operating a petrol pump.
R.B. RICE: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of R.B. Rice
Industries in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 16.50 [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.
R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based in Fazilka, Ferozepur, Punjab with an
installed capacity of 4 tons/hr. The firm purchases paddy from the
local markets in and around Jalalabad. The firm is also involved in
the export of rice to countries such as Iran, the UAE and Iraq.
R.K. GROVER: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of R.K.
Grover & Co. in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 4.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Established in 1984 as a proprietorship concern, RKGC is constructs
roads, bridges, border fencing and coal handling plants in Assam,
Meghalaya, West Bengal, Delhi, and Bihar. Subsequently, it was
converted into a partnership firm in 2006 and is at present a
registered contractor with the National Buildings Construction
Corporation Limited.
RADIUS ESTATES: NCLT Rejects Claims of Foul Play in Insolvency
--------------------------------------------------------------
The Economic Times reports that National Company Law Tribunal
(NCLT) has rejected claims of foul play in the resolution process
of Radius Estates for which Adani group company, Adani Good Homes,
has emerged as the successful bidder, as per an order of the
tribunal pronounced on December 2 that has been seen by ET.
ET says debenture holders of the company led by ICICI Prudential
and Beacon Trusteeship had approached NCLT with a plea to turn down
Adani Good Homes' offer for Radius Estates claiming the company had
violated the bidding conditions.
Radius Estates and Developers Private Limited operates as a real
estate company. The Company offers construction of residential,
commercial, and infrastructure projects. Radius Estates and
Developers serves customers in India, Dubai, Singapore, Hong Kong,
and the United States and United Kingdom.
In April 2021, the National Company Law Tribunal (NCLT) agreed to
initiate insolvency and bankruptcy proceedings against Radius
Estates and Developers.
RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Rashmi
Housing Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 65.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group— promoted and managed by the Bosmiya
family—engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai.
RELIANCE POWER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the borrowings of Reliance Power
Limited in the 'Issuer Not Co-operating' category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 795.00 [ICRA]D ISSUER NOT COOPERATING;
Debentures (NCD) Rating continues to be under
'Issuer Not Co-operating'
category
Long-term– 1200.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 49.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 245.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
non-fund based remain under 'Issuer Not
letter of credit Cooperating' Category
The rating is based on the limited cooperation from the entity
since the time it was rated in November 2020. As a part of its
process and in accordance with its rating agreement with Reliance
Power Limited (R-Power), 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. In the absence of requisite cooperation
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, the company's rating continues to be in
the Issuer Not Cooperating category on fee.
The rating factors in the continuing delays in debt servicing by
R-Power to the lenders. R- Power is engaged with its lenders for
resolution of its debt issues. The company's liquidity profile
continues to be poor as evident from its weak net cash accruals and
the net worth erosion due to significant impairment of assets.
Key rating drivers and their description
Credit challenges
* Continuing delays in debt servicing: The financial profile of
R-Power continues to be weak, evident from its poor liquidity
position and weak debt servicing indicators. It continues to delay
its debt servicing and is currently in discussions with lenders for
debt resolution/settlement.
* Limited asset base and revenue streams given its status as a
holding company: R-Power is the primary vehicle of the Reliance
Power Group for investments in the power generation sector. It
mainly acts as a holding company for different SPVs and has limited
asset base and revenue streams (except the 45-MW wind project). As
a result, the company depends on the timely ploughing back of funds
from the project SPVs to service debt.
* Butibori power project remains non-operational: The Butibori
plant has remained shut since January 15, 2019, and consequently,
the company has continued to default on its debt servicing
obligations. After the expiry of the inter-creditor agreement (ICA)
signed between operator Vidarbha Industries Power Ltd (VIPL) and
its lenders on July 6, 2019, one of the lenders filed an
application under the provisions of the Insolvency & Bankruptcy
Code (IPC), 2016, in January 2020, seeking debt resolution of VIPL.
The matter is still pending for consideration by the NCLT and the
company is yet to be admitted to the NCLT for insolvency
proceedings. VIPL has been pursuing the debt resolution with its
lenders outside the corporate insolvency resolution process.
Further, the offtaker, Adani Electricity Mumbai Limited (AEML),
issued a PPA termination letter to VIPL in April 2019, citing
below-threshold availability in certain years. While the company
had challenged the validity and legality of the termination letter,
it has received unfavourable rulings from MERC and the Appellate
Tribunal of Electricity (APTEL) and currently, the matter is
pending with the Supreme Court. Meanwhile, after the PPA
termination notice by the procurer, the lenders have exercised
their right to substitute VIPL with other entities to operate the
thermal station to recover their dues, as per the provisions of the
PPA.
* Significant uncertainty over non-operational Samalkot project:
The Samalkot project continues to face significant uncertainty
given its non-operational status. The debt servicing of the project
commenced in April 2015 and was being met through support from
R-Power. Given the concerns related to gas availability in India,
the company has planned to deploy the unused equipment/module of
750-MW capacity (out of the total planned capacity of 2,250 MW) at
Samalkot to the Group's ongoing project in Bangladesh. Reliance
Bangladesh LNG & Power Limited (RBLPL), the wholly-owned subsidiary
of R-Power, is developing a power project at Meghnaghat in
Bangladesh. RBLPL signed all the project agreements (power purchase
agreement, implementation agreement, land lease agreement and gas
supply agreement) with the Government of Bangladesh in September
2019 and also inducted a strategic partner, JERA Power
International (the Netherlands), a subsidiary of JERA Co. Inc.
(Japan), to invest 49% equity in RBLPL on September 2, 2019.
Samsung C&T (South Korea) has been appointed as the EPC contractor
for the Bangladesh project. SMPL had signed an equipment supply
contract in March 2020 to sell equipment/module of 750-MW capacity.
The export of the module has been concluded and the proceeds from
the equipment supply have been used to pare the debt from US Exim
Bank.
* Exposure to counterparty credit risks associated with state-owned
distribution utilities: The projects under the different SPVs of
R-Power remain exposed to counterparty credit risks associated with
the sale of power to state-owned distribution utilities as well as
fuel-supply risks for both coal and gas. The counterparty credit
risks are partially mitigated by adequate payment security
mechanisms, availability of fuel under FSA for most of the
operational capacity and the cost-plus based nature of the PPAs for
the Rosa and Butibori thermal power plants, which allows
pass-through of fuel cost and mitigates the fuel price risk.
* High capex related to installation of flue gas desulphurisation
(FGD) system: As per the revised environmental norms prescribed by
the Ministry of Environment and Forests, Government of India, all
thermal power plants in the country are required to reduce their
emissions of nitrogen oxide, sulphur dioxide and particulate
matter. To comply with these norms, the Group's operational thermal
power plants at Sasan (Madhya Pradesh) and Rosa (Uttar Pradesh) are
required to install FGD systems by December 31, 2026. The total
capital cost is estimated at INR2,434 crore for the Sasan power
plant and INR775 crore for the Rosa power plant, proposed to be
funded by a debt-to-equity mix of 70:30. While the cost incurred is
expected to be a pass-through under the tariff, the Group will
remain exposed to funding and execution risks for the timely
completion of this capex within the budgeted cost. As on date, the
debt funding tie-up as well as equity infusion is pending.
Liquidity position: Poor
R-Power's liquidity position is poor as reflected in the ongoing
delays in debt servicing.
Rating Sensitivities
Positive factors – Regular debt servicing for minimum three
consecutive months would be a positive rating trigger.
Negative factors – Not applicable
R-Power, a part of the Reliance Group, promoted by Mr. Anil D
Ambani, is the primary vehicle for investments in the power
generation sector. The company came out with an IPO in February
2008 and raised INR11,560 crore to fund the equity contribution for
some of the identified projects. As on date, the company's
generation capacity stood at 5,945 MW, including 5,760 MW of
thermal capacity and 185 MW of renewable energy-based capacity. Its
commissioned projects include the Rosa project at Shahajahnapur,
Uttar Pradesh (1,200 MW); Butibori project at Nagpur, Maharashtra
(600 MW), UMPP at Sasan (3,960 MW); solar PV Project at Dhursar,
Rajasthan (40 MW), concentrated solar power project at Pokhran,
Rajasthan (100 MW) and wind project at Vashpet, Maharashtra (45
MW).
ROYAL GARDEN: CARE Reaffirms B Rating on INR8.79cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Royal
Garden Resort (RGR), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 8.79 CARE B; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The reaffirmation of rating assigned to the long term bank
facilities of RGR takes into account small scale of operations
albeit growth momentum in revenues in FY22 (refers to the period
from April 1 to March 31) and H1FY23. The ratings continue to
remain tempered by net loss, leveraged capital structure, weak debt
coverage indicators and stretched liquidity. The rating also
factors the firm's presence in a fragmented nature of industry with
seasonality associated with business as well as the partnership
constitution of the business.
The rating, however, derives strength from established track record
of operations along with experienced promoters and
comfortable operating cycle.
Rating Sensitivities
Positive Factors
* Continuous increase the occupancy level thereby increases the
scale of operations with total operating income exceeding INR15
crore with tangible networth base exceeding INR8 crore on a
sustained basis.
* Improvement in profitability margins with PBILDT margin exceeding
20% and PAT margin exceeding 2% on a sustained
basis.
* Improvement in the capital structure with overall gearing
reaching below 1.5x on a sustained basis.
* Improvement in the debt coverage metrics with interest coverage
exceeding 3.00x and total debt to gross cash accruals reaching
below 5x on a sustained basis.
Negative Factors
* Continued booking of cash losses and resultant weak debt coverage
indicators as well as liquidity mismatch
* Stretched repayment of debt obligations led by lack of funding
support from promoters or low generation of cash flow
Detailed description of the key rating drivers
Key Rating Weaknesses
* Small scale of operations: The Total operating income (TOI) of
the firm improved to INR2.39 crores in FY22 as compared to INR1.61
crores in FY21 owing to operations being restarted from February
2022. However, the scale of operation continues to remain small due
to significant impact of covid-19 on the hotels and hospitality
sector. Operations of RGR were curtailed for most part of FY22
severely affecting revenue during this period. Further, it has low
networth base of INR1.27 crores which further hampers the financial
flexibility during exigencies and industry downturn.
* Net loss reported in FY22: PBILDT margin improved to positive
from loss and stood at around 10.38% in FY22 as compared to loss in
FY21. However, the firm has been reporting net loss owing to high
depreciation coupled with significant impact of covid-19 on the
hotels and hospitality sector. The firm reported an operating
profit of INR0.25 crores in FY22 as compared to operating loss of
INR0.65 crores in FY21. Further, on account of a stable
depreciation the firm also reported decrease in net loss to INR0.46
crores in FY22 as compared to net loss of INR1.49 crore in FY21.
* Leveraged capital structure and weak debt coverage indicators:
The capital structure of RGR stood leveraged marked by high
dependence on external bank borrowings. The deterioration in the
same was due to decline in tangible networth owing to accretion of
losses to reserves in addition to incremental term loans taken up
by the firm. Overall gearing improved to 9x in FY22 as compared to
27.44x in FY21 owing to increase in net worth as the partners
infused the capital of INR1.53 crores in FY22. Debt coverage
indicators improved but remained weak marked by total debt to GCA
at 48.91 times in FY22 as compared to negative in FY21 and interest
coverage stood at 17.86 times in FY22 as compared to negative in
FY21.
* Partnership nature: Due to RGR being a partnership firm, it has
limited ability to raise capital as it has restricted access to
external borrowings where personal networth and credit worthiness
of partner affects decision of prospective lenders. Further, it is
susceptible to risks of withdrawal of partner's capital at time of
personal peril and poor succession decisions may raise the risk of
dissolution of the firm.
* Fragmented nature of industry with seasonality associated with
business: RGR operates in a highly competitive and fragmented
industry with a large number of small & mid-sized companies
operating hotels & resorts at various places in Mumbai and also to
the vicinity of the resort location. Furthermore, the hospitality
industry is highly seasonal in nature with non-festive and
non-holiday months face a slack in demand. Further, tourist season
for water & amusement park is mainly in the summer months viz.
March to June in which most of the tourist flow is concentrated.
During the rest of the year the tourist flow is significantly
lower. All these factors are evidently reflected in small size of
operations of the firm.
Key Rating Strengths
* Established track record of operations along with experienced
promoters: RGR is into existence from past 25 years is promoted by
Mr. Jitendra Thakur, Mr. Manoj Thakur and Mr. Mangesh Thakur who
have an experience of more than two decades in diversified
businesses like hotel industry and construction sector. The
promoters have vast experience through their owned businesses under
the name of Radhe Constructions Co. and Hotel Royal Hills situated
in Vasai as well. Being in the industry for more than two decades
has helped the promoters in gaining adequate acumen about
hospitality industry and has helped in the smooth operations of the
RGR.
* Comfortable operating cycle: The operations of RGR are less
working capital-intensive owing to the business operating in
service sector. The creditors of RGR basically comprise of food,
vegetables, facility services, liquor and material providers from
whom the entity collectively gets credit period of 30 to 80 days.
The collection period improved to 17 days in FY22 as compared to 64
days in FY21. However, operating cycle remains comfortable and
stood at negative days owing creditor days which stood at 62 days
in FY22 as compared to 74 days in FY21.
Liquidity analysis: Stretched
The liquidity position of RGR is stretched with a lean operating
cycle, since the firm majorly relies upon supplier credit and
internal accruals to fund the working capital requirements, thereby
leading to low reliance on fund-based facilities. On the other
hand, the company has adequate liquidity characterized by fixed
deposits (lien) of INR4.58 crores and free cash & bank balance of
INR0.32 crore. Also, the current ratio and quick ratio stood at
6.72x and 6.65x as on March 31, 2022. Cash flow from operations
stood positive at INR0.39 crore in FY22 as compared to negative in
FY21.
Royal Garden Resort (RGR) is a Mumbai-based partnership firm,
promoted by the Thakur family with key promoters being Mr. Jitendra
Thakur, Mr. Manoj Thakur and Mr. Mangesh Thakur. It is engaged in
running of a resort which comprises of water and amusement park,
hotel comprising of 94 AC rooms (12 super deluxe, 7 double suite
room and 75 deluxe rooms) with occupancy rate of 60%, 8 conference
halls facility, 2 banquet halls, 6 swimming pools, 1 gym and 1 AC
restaurant viz. 'Orient' of 1800 square feet.
S. S. CONSTRUCTION: CARE Lowers Rating on INR10cr LT Loan to B
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
S. Construction (SSC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 9.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 16,
2021, placed the rating(s) of SSC under the 'issuer
non-cooperating' category as SSC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 2, 2022, October 12, 2022, October 22,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
S. S. Construction (SSC) is a Karad-based (Maharashtra) partnership
firm constituted in August 2005, by Mr Avinash A Jagtap and Mr
Balasaheb V More. The firm carries out different types of civil
construction projects which include different industrial,
environmental, residential and BOT projects for various private
clients and semi-government parties in the state of Maharashtra,
Uttar Pradesh and Karnataka. The firm is categorized as Class I (A)
contractor in Maharashtra by Public Works Department.
SARAVANA BUILDWELL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Saravana Buildwell
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Incorporated in 2007, Saravana Buildwell Pvt Ltd (SBPL) is a
private limited concern engaged in real estate development in
Bangalore, Karnataka. The promoter Mr. K Nagaraj has a long
standing experience in the field of real estate development, having
developed more than 10 residential and commercial projects
encompassing 0.2 million square feet of constructed area, since
establishment of his partnership entity M/s. Saravana Constructions
in 1997. Initially, the group had started off as a real estate
company doing small format layouts, independent homes and small
apartment complexes, but now the group has forayed into in to large
housing projects and is in the process of getting into villa
project ventures too. The firm has its in-house team of engineers
and architect.
SAVALIA COTTON: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Savalia
Cotton Ginning and Pressing Private Limited (SCGPPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 44.22 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 13,
2021, placed the rating(s) of SCGPPL under the 'issuer
non-cooperating' category as SCGPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SCGPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 30, 2022, August 10,
2022, August 19, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in November 1999, Rajkot-based, SCGPL is promoted by
Mr Utpal Savalia and Mr Jitendra Bhalara and is engaged in cotton
ginning & pressing and trading of cotton & cotton seeds. As on
March 31, 2015, SCGPL had an installed capacity of 13,000 Metric
Tonne Per Annum (MTPA) of cotton ginning at its processing unit
located at Shapar Industrial Area near Rajkot in Gujarat.
STEEL PRODUCTS: ICRA Keeps C- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Steel
Products Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]C-/ [ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 11.50 [ICRA]C-; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 10.00 [ICRA]C-; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 1.15 [ICRA]A4; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Incorporated in 1917, Steel Products Limited (SPL) is engaged in
the manufacturing of tower parts and steel structural for
transmission towers, telecom towers and substation transmission
systems. The company also undertakes engineering procurement and
construction (EPC) work to lay optic fiber cables over the
transmission towers.
=====================
N E W Z E A L A N D
=====================
CH&J CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 13
------------------------------------------------------------
A petition to wind up the operations of CH&J Construction Limited
will be heard before the High Court at Wellington on Dec. 13, 2022,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 25, 2022.
The Petitioner's solicitor is:
Caroline Lucy Russell
Inland Revenue, Legal Services
11 Jepsen Grove
Wallaceville
Upper Hutt 5018
New Zealand
CLM CARPENTERS: Creditors' Proofs of Debt Due on Jan. 17
--------------------------------------------------------
Creditors of CLM Carpenters Limited are required to file their
proofs of debt by Jan. 17, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Craig Sanson and Malcolm
Hollis of PwC as the company's liquidators on Nov. 25, 2022.
KLM ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 9
--------------------------------------------------------
Creditors of KLM Enterprises Limited are required to file their
proofs of debt by Jan. 9, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 25, 2022.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
PODULAR HOUSING: In Liquidation; Owes Customers More Than NZD1MM
----------------------------------------------------------------
NZ Herald reports that home builder Podular has gone into
liquidation with customers claiming they are collectively owed more
than NZD1 million.
Wellington doctors Kathryn Percival and David Pirotta alone believe
they've likely lost more than half a million dollars.
They said Auckland-headquartered Podular Housing Systems Ltd had
promised to build them a modular home in its factory before
delivering it completed to their Marlborough Sounds property within
months of the build plans being finalised in August last year.
Instead, they've paid more than NZD500,000 in progress payments on
the house they now believe may never be built.
Other customers have also claimed they are owed hundreds of
thousands of dollars for homes that are yet to be built.
According to the Herald, Mr. Pirotta said his slim hopes of
recovering his money had reduced even further with Podular's
liquidation.
"The liquidation to us suggests that we'll be struggling to recover
anything," the report quotes Mr. Pirotta as saying.
He said he'd instructed his lawyer to register a security interest
so he can try to claim possession from Podular's factory of any
materials or work that had been done on his home.
However, he didn't know whether his claim would be successful or
not.
"Whatever happens we'll be out of pocket, but I don't know whether
we'll lose everything or will be able to recover some small
amount," Mr. Pirotta said.
Liquidators Gerry Rea Partners, meanwhile, announced Podular's
shareholders put the company into liquidation on Nov. 25, the
Herald reports.
"We intend to publish our liquidators' initial report on Friday
[Dec. 2] which will contain our estimation of the assets and
liabilities and will include a list of known creditors," Ben
Francis, a senior insolvency manager with Gerry Rea Partners,
said.
"Our priority has been to secure the premises of the company and
the relevant assets."
The Herald relates that Mr. Francis said his team had already
spoken to "several creditors and customers".
His team also understood that a number of Podular's unfinished
home-build projects were "at various stages of completion".
"We are working through these at present with the assistance of our
legal advisors," Mr. Francis said.
The liquidation announcement comes after six families spoke to the
Herald earlier this month, describing being left in tears and
feeling physically sick from the stress and "chaos" of dealing with
delays by Podular and director Innes.
Collectively at risk of losing more than NZD900,000, they said they
were speaking out to sound a warning about their experiences with
Podular to other Kiwis.
Major Podular shareholder Ilan Gross told the Herald earlier this
month he was hoping to sell the company to overseas buyers, who
could then take over the customers' stalled house builds and finish
them.
However, the customers said Gross had been telling them for weeks
now investors were about to buy the company, yet they still hadn't
seen evidence for it.
Mr. Gross also sent an email to some customers in October – that
the Herald has seen - in which he claimed the delays have been
caused by "serious mismanagement".
"I made a critical error in assuming that our (former) management
team's experience in the building industry meant they had the skill
set required to steer a fast-growing building company," Mr. Gross
said in the email.
"Due to my mistake your project has been delayed and you have had
to bear significant distress and frustration."
VIVACE RESTAURANT: Court to Hear Wind-Up Petition on Dec. 9
-----------------------------------------------------------
A petition to wind up the operations of Vivace Restaurant Limited
will be heard before the High Court at Auckland on Dec. 9, 2022, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 23, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
YYS FAMILY: Court to Hear Wind-Up Petition on Dec. 9
----------------------------------------------------
A petition to wind up the operations of YYS Family Limited will be
heard before the High Court at Auckland on Dec. 9, 2022, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 17, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
ASAHI SHIMBUN: Creditors' Proofs of Debt Due on Jan. 7
------------------------------------------------------
Creditors of The Asahi Shimbun Asia Pte. Ltd. are required to file
their proofs of debt by Jan. 7, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 1, 2022.
The company's liquidator is:
Mitani Masatoshi
c/o 10 Anson Road
#14-06 International Plaza
Singapore 079903
ES BEAUTY: Commences Wind-Up Proceedings
----------------------------------------
Members of ES Beauty Tokyo Pte Ltd, on Nov. 30, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Seah Chee Wei
60 Paya Lebar Road
#08-05 Paya Lebar Square
Singapore 409051
REUNION MOTOR: Court to Hear Wind-Up Petition on Dec. 16
--------------------------------------------------------
A petition to wind up the operations of Reunion Motor Trading Pte
Ltd will be heard before the High Court of Singapore on Dec. 16,
2022, at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on Nov. 29,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
SIMI PTE: Creditors' Proofs of Debt Due on Jan. 9
-------------------------------------------------
Creditors of Simi Pte. Ltd. are required to file their proofs of
debt by Jan. 9, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 30, 2022.
The company's liquidator is:
Mr. Thio Khiaw Ping Kelvin
c/o Agile 8 Solutions
133 Cecil Street
#14-01 Keck Seng Tower
Singapore 069535
THREE ARROWS: Bankruptcy Judge Approves Subpoenas for Co-Founders
-----------------------------------------------------------------
Stacy Elliott at Decrypt reports that subpoenas are on the way to
Three Arrows Capital co-founders Kyle Davies and Su Zhu, along with
the rest of the crypto hedge fund's leadership, as liquidators now
have permission to demand communications, documents, and financial
records related to the bankrupt firm.
Decrypt relates that the judge presiding over the bankruptcy
proceedings signed the order to approve the subpoenas on Dec. 6.
Liquidators can now request "any recorded information, including
books, documents, records, and papers" related to the hedge fund's
property or financial affairs since 2012, when the company was
founded, according to the court order.
Three Arrows Capital, which also goes by 3AC, filed for Chapter 15
bankruptcy protection in July. Chapter 15 is a designation that
allows for cooperation between U.S. courts and those in the British
Virgin Islands, where 3AC is registered.
Although it wasn't the only reason, 3AC's co-founders have said
publicly that they lost $200 million when Terra's algorithmic
stablecoin, TerraUSD (UST), lost its one-to-one peg with the U.S.
dollar and went to zero, Decrypt relays.
After UST crashed and rumors swirled that 3AC had suffered a huge
loss, BitMEX, FTX, and Derebit liquidated 3AC's positions.
Decrypt relates that the firm frequently used leveraged positions,
meaning exchanges allowed it to trade with more funds than it
actually had in hand. It's a risky strategy, but increases the
potential profits. If a position becomes too risky, an exchange can
ask traders to add more of their own money to cover the margin.
That's what's called a "margin call." And when firms can't meet a
margin call, exchanges will liquidate their funds to cover their
losses.
Voyager Digital, which itself filed for bankruptcy only days later,
issued 3AC a default notice for an outstanding balance of more than
$600 million.
Zhu and Davies seemingly disappeared after the order to liquidate,
but they have since become vocal on social media in the wake of
FTX's bankruptcy, according to Decrypt.
Decrypt says FTX founder and then-CEO Sam Bankman-Fried was
critical of Terra after it collapsed and said on Twitter that 3AC's
own collapse "couldn't have happened with an on-chain protocol that
was transparent." Throughout the summer Bankman-Fried was vocal
about wanting to stop the contagion that was threatening to bring
down other crypto firms, including Voyager Digital and
BlockFi—both of which have now had to file for bankruptcy
protection.
Things started to unwind for FTX when it was revealed that a large
portion of the balance sheet at Alameda Research, Bankman-Fried's
trading desk, included FTX Token (FTT) and was illiquid. After that
news broke, there was a mass sell-off of FTT and, within a week,
FTX filed for bankruptcy and Bankman-Fried resigned.
On Dec. 6, Zhu alleged on Twitter that former FTX CEO Sam
Bankman-Fried sold and shorted clients' Bitcoin and Ethereum
deposits for Solana and FTX Token, according to Decrypt.
"This is not just a crime [against] clients it's a crime [against]
crypto," the 3AC co-founder wrote. "He internalized billions of
client buy flow for actual coins into his own shitcoins."
Meanwhile, Mr. Davies has said himself on Twitter that FTX and its
sister company, trading desk Alameda Research, "hunted" 3AC's
trades. Within the last day, he asked where "all the FTX fanboys"
have gone, saying that they "worshipped SBF's every sneeze and were
highly critical of 3AC's."
The order on Dec. 6 granting permission to subpoena 3AC leadership
also includes communication with: Zhu and Davies; the firm's third
director, Mark James Dubois; Davies' wife, Kelly Kaili Chen, who
lent money to the firm; Tai Ping Shin, a Cayman Islands-based
company owned by Zhu and Chen; DeFiance Capital and its manager,
Arthur Cheong; and Starry Night Capital, the firm's NFT fund and
its pseudonymous curator, Vincent Van Dough.
Last week, the Singapore high court gave the 3AC co-founders one
week to submit affidavits after attempts to obtain information from
Solitaire, one of the firm's law firms, went unanswered. The next
day, liquidators announced that they had seized $35 million worth
of 3AC's assets and were seeking information on the now-infamous
$30 million "Much Wow" superyacht.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.
As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
===========
T A I W A N
===========
STARLUX AIRLINES: Posts NT$1.56BB Net Loss for Third Quarter
------------------------------------------------------------
The Taipei Times reports that StarLux Airlines Co. has reported a
net loss of NT$1.56 billion (US$51.22 million) for last quarter,
widening from NT$1.44 billion in the previous quarter, as its
operational costs rose on receiving new aircraft.
That brought the airline's net losses in the first three quarters
of the year to NT$4.22 billion, with accumulated net losses
totaling NT$11.16 billion since its establishment in May 2018, the
Taipei Times discloses.
Revenue in the first three quarters was NT$1.77 billion, up 183
percent from a year earlier, after third-quarter revenue grew at a
faster pace than in the first half of this year amid the peak
travel season and eased border controls, the airline said in a
statement.
Third-quarter revenue grew by nearly threefold from a year earlier
to about NT$760 million, with passenger revenue soaring 527 percent
to NT$439 million and cargo revenue rising 169 percent to NT$290
million, it said, the Taipei Times relays.
StarLux expects passenger revenue to continue growing this quarter,
as it is set to increase weekly flights from Taiwan to Tokyo and
Osaka by about 30 percent this month, it said.
As demand for air freight has slowed, the airline plans to use its
wide-body planes on the routes with comparatively high freight
volume to retain revenue growth, it said.
To satisfy demand for air travel during the Lunar New Year holiday
next month, the airline plans to offer more flights from Taiwan to
Macau and Bangkok, according to the Taipei Times.
It also plans to offer new flights from Taiwan to Hanoi and the
Philippines' Cebu City.
That would increase its weekly flights 10 percent, it said.
According to the Taipei Times, StarLux said it hopes to become
profitable next year on a fast rebound in market demand for air
travel, while the airline aims to erase its accumulated losses in
five years.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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*** End of Transmission ***