/raid1/www/Hosts/bankrupt/TCRAP_Public/221216.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
Friday, December 16, 2022, Vol. 25, No. 245
Headlines
A U S T R A L I A
DELIVEROO AUSTRALIA: Losing AUD3MM Cash a Month, Report Shows
ELLUME LIMITED: Second Creditors' Meeting Set for Dec. 20
HEAVY HAULAGE: First Creditors' Meeting Set for Dec. 20
LANSKEY CONSTRUCTIONS: First Creditors' Meeting Set for Dec. 20
NAPOLEON PERDIS: Creditors Approve KUBA Investments's DOCA
PARWAN VALLEY: Second Creditors' Meeting Set for Dec. 20
T.T.L. AUSTRALIA: Second Creditors' Meeting Set for Dec. 20
C H I N A
HNA AIRLINES: To Sell a 47.9 Percent Stake in Tianjin Airlines
LONGFOR GROUP: Gets US$101MM of Offshore Loans From Bank of China
H O N G K O N G
GOME RETAIL: Founder Puts Another Interest-Free Loan Its Way
I N D I A
A. N. R. COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
AADIK MINES: CRISIL Keeps B+ Debt Rating in Not Cooperating
AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
AGARWAL CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
ANNAPORANAA FOODS: CRISIL Keeps B- Debt Rating in Not Cooperating
AVINASH DODA: CRISIL Keeps D Debt Rating in Not Cooperating
AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJI EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
BELGIUM ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
BENCHMARK SUPPLY: Liquidation Process Case Summary
BIL ENERGY: NCLT Admit's SBI Plea for Insolvency Against Company
BILL ENERGY: Insolvency Resolution Process Case Summary
CENTRO PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
CHEMSTAR ORGANICS: Insolvency Resolution Process Case Summary
CHOICE BOARDS: CRISIL Keeps B Debt Ratings in Not Cooperating
COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating
COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating
CREATIVE CORRUPACK: CRISIL Keeps D Ratings in Not Cooperating
DALKAN SHIP: ICRA Withdraws B+ Rating on INR5.0cr LT Loan
DEV RAJ: CRISIL Keeps D Debt Rating in Not Cooperating Category
GOURI IRON: Liquidation Process Case Summary
GREEN WORLD: Voluntary Liquidation Process Case Summary
JUKU ORCHEM: Liquidation Process Case Summary
MANAKULA VINAYAGA: ICRA Keeps B+ Debt Ratings in Not Cooperating
MERCATOR OIL: Liquidation Process Case Summary
MUKTAR INFRASTRUCTURE: Liquidation Process Case Summary
PAN HEALTHCARE: ICRA Withdraws B+ Rating on INR55.70cr Term Loan
PARAS STEEL: ICRA Withdraws B+ Rating on INR5.0cr LT Loan
PROGRESS CULTIVATION: Liquidation Process Case Summary
RAJMANGAL MILK: Liquidation Process Case Summary
RAMAKRISHNAA TEXTILES: ICRA Keeps B Ratings in Not Cooperating
RCI INDUSTRIES: Insolvency Resolution Process Case Summary
S.A.M. APPARELS: CRISIL Cuts Long/Short Term Debt Ratings to D
SAGAR POWER: Liquidation Process Case Summary
SHANKAR RICE: ICRA Keeps B Debt Rating in Not Cooperating
SILVER COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
SOHANLAL LAXMINARAYAN: ICRA Keeps B+ Ratings in Not Cooperating
SONAL VYAPAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUPREME NUTRI: ICRA Keeps B Debt Ratings in Not Cooperating
SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
VANTAGE MACHINE: Insolvency Resolution Process Case Summary
VIDYA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
WEST COAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
YUSRA AGRO: ICRA Lowers Rating on INR20.50cr LT Loan to B+
ZADAFIYA CREATIONS: ICRA Keeps B Debt Ratings in Not Cooperating
ZBLOG MANAGEMENT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ZEE ENTERTAINMENT: IDBI Bank files insolvency petition vs. Firm
J A P A N
TOSHIBA CORP: Japanese Banks Agree to Back Preferred Bidder
N E W Z E A L A N D
666 ENTERTAINMENT: Creditors' Proofs of Debt Due on Jan. 13
HORNSBY EARTHMOVERS: Creditors' Proofs of Debt Due on Jan. 20
LOCAL BUSINESS: Creditors' Proofs of Debt Due on Jan. 16
OCTOPUS ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 23
TENAX PROPERTIES: Court to Hear Wind-Up Petition on Feb. 24
S I N G A P O R E
CHOSEN INVESTMENT: Commences Wind-Up Proceedings
SINOTCC (SINGAPORE): Court to Hear Wind-Up Petition on Dec. 30
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=================
A U S T R A L I A
=================
DELIVEROO AUSTRALIA: Losing AUD3MM Cash a Month, Report Shows
-------------------------------------------------------------
The Australian Financial Review reports that the administrator of
Deliveroo has revealed the food delivery platform never turned a
material profit in Australia, accumulating losses of more than
AUD120 million this year.
Deliveroo announced the end of its operations in Australia on
November 16 after the UK parent company, backed by Amazon, withdrew
its support and said it would also exit the Dutch market.
AFR relates that the decision left 121 Australian staff, 15,000
riders and 12,000 restaurants without work through the platform,
and AUD1.8 million owed to both riders and restaurants.
According to AFR, the Transport Workers' Union has blasted a
proposed deal to pay out AUD9.5 million to riders, employees and
restaurants, which it labels a "modest payment" by "corporate
pirates".
It says the company has left "a trail of destruction [for]
thousands of riders who lost their jobs with the click of a
button".
But administrator KordaMentha supports the deal. Its report,
obtained by The Australian Financial Review, reveals the extent of
support the company relied on from head office and owed AUD123
million in intercompany loans.
"The company had incurred material trading losses since inception,
incurring an average cash loss of approximately AUD3 million per
month throughout 2022," the report said.
"COVID-19-related lockdowns led to a significant increase in the
company's revenue during 2020 and 2021, peaking at AUD14.9 million
in net revenue during August 2021. However, these levels were not
maintained during 2022."
According to AFR, the administrator said a preliminary review of
the company's records showed a AUD384,000 payment made immediately
before their appointment on November 16 to a related party might be
preferential.
A KordaMentha release last week largely painted a proposed Deed of
Company Arrangement as a win and recommended its support at a
second creditors meeting on December 21, AFR notes.
The deed proposes AUD9.5 million be paid to the delivery service's
employees, riders, restaurant partners and suppliers by January. It
says that amount is above and beyond the company's statutory
entitlements, with a further AUD9.3 million for all remaining
creditors from April 2023.
AFR says the proposal is understood to equate to an initial two
weeks' pay - based on average weekly earnings over the past 12
months - plus an extra week's pay upon acceptance of the deed.
AFR adds that administrator Michael Korda said the deed would
fairly resolve all claims on Deliveroo Australia and would
facilitate the company's timely, efficient and controlled exit from
the market.
TWU National Secretary Michael Kaine said the deal underlined the
importance of the federal government's planned reforms to the gig
economy, AFR relays.
"This draft report hasn't moved an inch on the compensation
Deliveroo will pay the thousands of delivery riders who lost their
jobs with the click of a button, despite having built the company
from the ground up," AFR quotes Mr. Kaine as saying.
"A modest payment will be made to riders, but Deliveroo has left a
trail of destruction in its wake, exploiting out-of-date laws to
avoid paying workers what they really deserve."
Mr. Kaine claimed the company was also seeking to shut down a wage
theft case against it.
"The TWU has asked the judge to make a ruling on the Jeremy Rhind
underpayment case still before the courts," he said.
"But with recent High Court decisions moving the dial significantly
against workers, it's critical the federal government moves
urgently on its commitment to empower the Fair Work Commission to
establish fair standards for transport workers to stabilise the
industry and protect workers' job security and entitlements from
corporate pirates like Deliveroo."
Andrew Knight, Michael Korda, and Craig Shepard of KordaMentha were
appointed as administrators of the company on Nov. 16, 2022.
ELLUME LIMITED: Second Creditors' Meeting Set for Dec. 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ellume Limited
has been set for Dec. 20, 2022, at 2:00 p.m. at the offices of FTI
Consulting by electronic means.
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. 19, 2022, at 2:00 p.m.
Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of the company on Aug. 31, 2022.
HEAVY HAULAGE: First Creditors' Meeting Set for Dec. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Heavy
Haulage Australia (NSW) Pty Ltd will be held on Dec. 20, 2022 via
virtual meeting only.
Christopher Damien Darin of Worrells was appointed as administrator
of the company on Dec. 9, 2022.
LANSKEY CONSTRUCTIONS: First Creditors' Meeting Set for Dec. 20
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lanskey
Constructions Pty. Ltd. will be held on Dec. 20, 2022, at 1:00 p.m.
via virtual meeting only.
Ben Campbell and John Park of FTI Consulting were appointed as
administrators of the company on Dec. 12, 2022.
NAPOLEON PERDIS: Creditors Approve KUBA Investments's DOCA
----------------------------------------------------------
Mondaq reports that three months after going into voluntary
administration, Napoleon Perdis Cosmetics has been saved from
liquidation by KUBA Investments, following a meeting with
creditors.
At the meeting on Dec. 14 creditors voted to support a AUD1.6
million Deed of Company Arrangement (DOCA) proposed by KUBA's Livia
Wang (managing director of Access Brand Management known for its
success in China) and Henry Lee, a retail executive who has managed
a number of Australian brands including Witchery and Marcs.
Mondaq relates that Simon Cathro from Worrells Solvency Accountants
said the creditors' acceptance of the DOCA marks a new chapter for
the Napoleon Perdis Cosmetics story.
"The decision made by all creditors, including employees and
unsecured creditors was made after reading the extensive report to
creditors prepared by the Worrells administrators, which outlined
all possible investigations and options available to creditors on
voting on the company's future," Mondaq quotes Mr. Cathro as
saying.
"The restructured company now sets a solid foundation for a
profitable and sustainable business going forward.
"We are confident that Napoleon and Soula-Marie Perdis' continued
creative expertise will ensure the brand continues to thrive and
grow under the new ownership structure."
Both the administrators and KUBA will now proceed to complete some
critical steps in order for the DOCA to be signed and for the
company to be handed to the control of KUBA, Mondaq relates.
According to Mondaq, Cathro said the DOCA included a consensual
transfer of the shareholding in the company to KUBA to allow "for
an efficient and seamless transition to the new owners without the
need for extensive novation or assignment of contracts or transfers
of employees".
Following the meeting, Wang said the creditors' vote to accept the
restructure would now allow KUBA" together with Napoleon and
Soula-Marie Perdis" to move forward "to continue an iconic
Australian brand"
She also thanked Priceline and Terry White for their "unwavering
support shown during the process and willingness to continue to
support the brand going forward".
Mondaq, citing the Australian Financial Review, discloses that
Napoleon Cosmetics has more than 200 unsecured creditors, including
window cleaning, limousine, cosmetics manufacturers, software,
financial services and property companies, owed as much as AUD26.7
million.
According to Mondaq, the newspaper reported that under the DOCA,
unsecured creditors will receive between 4¢ 13¢ in the dollar
while "priority creditors such as the Australian Taxation Office,
which is owed AUD2.7 million, and staff (AUD1.3 million) will
receive a 100 per cent return.
"Secured creditors such as the ANZ Bank (which is owed AUD11.8
million) and Australian Pharmaceutical Industries (AUD2.3 million)
will receive a 1.5 per cent return or have their debts adopted by
the new owners."
About Napoleon Perdis
Based in Alexandria, Australia, Napoleon Perdis Cosmetics Pty. Ltd.
owns and operates stores that sell cosmetics. It offers makeup
products for face, lips, eyes, cheeks, and nails. The company also
provides skincare products, including auto pilot skincare, auto
pilot priming, cleansers, and body products. In addition, it offers
gifts and sets; and tools, such as brushes, brush sets, and books.
Further, the company operates a make-up academy in Australia and
California. Furthermore, it engages in the online retail of
cosmetics.
Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency &
Forensic Accountants were appointed as administrators of Napoleon
Perdis on Jan. 31, 2019.
PARWAN VALLEY: Second Creditors' Meeting Set for Dec. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Parwan Valley
Mushrooms Pty Ltd has been set for Dec. 20, 2022, at 10:00 a.m. at
the offices of Pitcher Partners at Level 13, 664 Collins Street,
Docklands in Victoria 3008 and virtually using electronic
facilities.
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. 19, 2022, at 5:00 p.m.
David Raj Vasudevan and Innis Anthony Cull of Pitcher Partners were
appointed as administrators of the company on Nov. 15, 2022.
T.T.L. AUSTRALIA: Second Creditors' Meeting Set for Dec. 20
-----------------------------------------------------------
A second meeting of creditors in the proceedings of T.T.L.
Australia Pty Ltd has been set for Dec. 20, 2022, at 11:00 a.m. via
Zoom teleconference facilities.
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. 19, 2022, at 5:00 p.m.
Domenic Calabretta and Mitchell Ball of Mitchell Ball were
appointed as administrators of the company on Nov. 15, 2022.
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C H I N A
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HNA AIRLINES: To Sell a 47.9 Percent Stake in Tianjin Airlines
--------------------------------------------------------------
Yicai Global reports that Hainan Airlines Holding, which passed out
of the control of bankrupt Chinese conglomerate HNA Group almost a
year ago, said its related company HNA Airlines Group plans to sell
a 47.9 percent stake in Tianjin Airlines for CNY1 (14 US cents).
HNA Airlines will sell the shares in Tianjin Airlines to Haikou
Zhenping Investment, an unrelated firm, Haikou-based Hainan
Airlines announced on Dec. 14, without disclosing the reason behind
the transfer, Yicai Global relates.
After the transaction, HNA Airlines' stake in Tianjin Airlines will
drop to 0.1 percent, Hainan Airlines will own 47.8 percent of the
Tianjin-based carrier, Tianjin Port Free Trade Zone Investment 4.2
percent, and Zhenping Investment the remaining 47.9 percent,
according to Yicai Global.
After the equity transfer, HNA Airlines will continue to provide
operation, system, capital, and resource investment support to
Tianjin Airlines, in accordance with the existing management model
as one of the shareholders, assuming the responsibility of safe
operation together with Tianjin Airlines, The Paper reported today,
citing a person in charge of HNA Airlines.
In December last year, Fangda Group Industrial invested CNY41
billion (USD5.8 billion) for a controlling stake in all airlines
owned by debt-ridden HNA, Yicai Global recalls. HNA Airlines is
controlling part of other carriers acquired by Fangda, such as
Capital Airlines and Tianjin Airlines, while Hainan Airlines
controls others, such as Hainan Airlines and Xinhua Airlines.
Tianjin Airlines' net assets were CNY23 billion in the red as of
Sept. 30, the report notes. In the first three quarters of the
year, the airline achieved CNY2.7 billion (USD393 million) in
revenue and CNY1.2 billion in net profit, Yicai Global discloses.
Revenue of Hainan Airlines fell 31 percent to CNY18.7 billion in
the nine months ended Sept. 30 from a year earlier, with net loss
widening over six-fold to CNY20.8 billion.
LONGFOR GROUP: Gets US$101MM of Offshore Loans From Bank of China
-----------------------------------------------------------------
Caixin Global reports that Longfor Group Holdings Ltd. became the
first Chinese property developer to receive offshore loans from a
state-owned bank as part of the government's array of efforts to
bolster the long-troubled real estate sector.
Caixin relates that Bank of China, one of China's four largest
state-owned banks, offered CNY700 million (US$100.8 million) of
offshore loans to Longfor. The funds were drawn down Dec. 9 to meet
the developer's liquidity needs, the lender said.
According to Caixin, Bank of China said the loans are an important
measure to implement the directions of the central bank and the
China Banking and Insurance Regulatory Commission, carry out a
strategic cooperation agreement with Longfor, and support the
stable and healthy development of the real estate market.
In the next stage, Bank of China will meet the reasonable financing
needs of real estate enterprises through various means to maintain
overall economic and financial stability, the bank said.
Caixin notes that Chinese developers fell into distress during a
property slump that's hurt the world's second-largest economy and
prompted regulators to formulate a sweeping rescue plan for the
industry.
In a Nov. 21 meeting, China's central bank and the top banking
regulator encouraged domestic banks to issue offshore loans to help
developers repay overseas debt, Caixin recalls. The regulators
loosened restrictions on a lending mechanism that allows a property
enterprise on the Chinese mainland to apply for financing
guarantees from a domestic bank, enabling their overseas units to
apply for loans from offshore branches of the bank.
Since mid-November, a wave of supportive measures has been unveiled
to prop up the property market, which has been mired in a record
slowdown and deepening liquidity crunch for more than a year,
Caixin says. They include a government-backed bond issuance
program, relending quotas to support unfinished projects and eased
restrictions on developers' access to pre-sale funds. The measures
are set to inject hundreds of billions of yuan in new funding into
the property sector.
About Longfor Group
Longfor Group Holdings Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Longfor Group Holdings also provides community management,
landscape greening materials maintenance, real estate agencies, and
other services.
Longfor Group carries S&P Global Ratings' senior unsecured notes
rating of 'BB+'.
=================
H O N G K O N G
=================
GOME RETAIL: Founder Puts Another Interest-Free Loan Its Way
------------------------------------------------------------
Yicai Global reports that Gome Retail Holdings' founder and
controlling shareholder has arranged a second interest-free loan
this month for the cash-strapped Chinese electrical appliances
retailer.
Huang Guangyu's wholly-owned firm Sinning Crown will offer a HKD200
(USD25.7 million) loan at no interest to Gome, the Beijing-based
retailer announced on Dec. 14. Gome secured a HKD150 million
interest-free loan from Huang on Dec. 8, the report says.
Gome will use the funds to replenish its liquidity and pay
salaries, according to a source close to the company, Yicai Global
relays. Huang raised the funds by selling a part of his stake in
Gome at a discount, the person added. He owned almost 28 percent of
the company as of Dec. 9.
Gome announced earlier this month that it had extended to a year a
six-month salary payments halt that started in October because of
operational difficulties.
A source close to the firm told Yicai Global on Dec. 8 that it
would close small, unprofitable stores in 30 regions across China
and move into live-streamed e-commerce by joining hands with TikTok
operator Douyin in a bid to stay afloat in a changing retail
landscape.
Gome recently initiated the Gome Cup sales promotion nationwide, in
which its units invited 10 outstanding salespersons to join a
livestreaming sales competition next week, Yicai Global adds.
GOME Retail Holdings Limited (HK:0493) -- https://www.gome.com.hk/
-- together with its subsidiaries, engages in the retail of
electrical appliances, consumer electronic products, and general
merchandise in the People's Republic of China. The company also
sells its products online through self-operated and platform
models. In addition, it is involved in the provision of logistics
and procurement, storage and delivery, IT development, and business
management services; retailing of mobile phones and accessories;
and property holding activities. As of December 31, 2021, it
operated 4,195 stores in 1,439 cities. The company was formerly
known as GOME Electrical Appliances Holding Limited and changed its
name to GOME Retail Holdings Limited in 2017. GOME Retail Holdings
Limited was founded in 1987 and is headquartered in Central, Hong
Kong.
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I N D I A
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A. N. R. COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. N. R.
Cotton Traders (ACT) continue to be CRISIL B/Stable Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Cash 2 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Long Term 2 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ACT for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ACT, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACT
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
ACT continues to be CRISIL B/Stable Issuer Not Cooperating.
Set up in 2001 as a partnership firm, ACT trades in cotton bales
and seeds. The firm is promoted by Mr A Gopalakrishna and Mr A Ravi
Kumar.
AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AA Agro
Energy Private Limited (AAE) continue to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AAE for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AAE, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAE
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
AAE continues to be CRISIL D Issuer Not Cooperating.
AAE, incorporated in 1983 by Mr Ashok Kumar Agarwal, was earlier a
manufacturer of sewage pipe and bricks, and subsequently set up its
rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab)
processes basmati rice, with total milling and sorting capacity of
12 tonnes per hour.
AADIK MINES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aadik Mines
Private Limited (AMPL) continues to be CRISIL B+/Stable Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
AMPL continues to be CRISIL B+/Stable Issuer Not Cooperating.
Incorporated in 2017, Telangana-based AMPL trades in granite.
Operation is currently managed by Mr Narahari and his family.
AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aarcot
Ceramic Private Limited (ACPL) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 4.6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ACPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
ACPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
ACPL, incorporated in Morbi (Gujarat) in 2013, is promoted by Mr.
Jitendra Lavjibhai Dekavadiya and Mr. Lakhmanbhai Madhavbhai
Zalariya. The company has set up a factory to manufacture digital
wall tiles and started commercial operation in November 2014.
AGARWAL CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agarwal
Corporation (AC) continue to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AC for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with Assessing Information Adequacy Risk. Based on the
last available information, the ratings on bank facilities of AC
continues to be CRISIL D Issuer Not Cooperating.
AC, set up in 2001, is a proprietorship concern owned by Ms.
Manjula Agarwal. It trades in iron and steel products, including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, and thermo-mechanically treated bars, ingots, and billets.
Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal) manages the
firm's operations.
ANNAPORANAA FOODS: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Annaporanaa
Foods (APF) continues to be CRISIL B-/Stable Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APF for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of APF, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APF
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
APF continues to be CRISIL B-/Stable Issuer Not Cooperating.
Based out of Madurai, APF was established in 2007 by Mr. Raj Prabhu
as proprietorship firm and is engaged in manufacturing of fried
gram.
AVINASH DODA: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Avinash Doda
(AD) continues to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AD for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AD, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AD is
consistent with Assessing Information Adequacy Risk. Based on the
last available information, the ratings on bank facilities of AD
continues to be CRISIL D Issuer Not Cooperating.
Set-up in 2009, AD is a proprietorship concern of Mr Avinash Doda.
The firm trades in, both wholesale and retail, Indian-made foreign
liquor and beer, in Punjab. It has 'L2' license for 47 retail
liquor shops and the requisite 'L1' license for wholesale vending
liquor in the state.
AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Axleo
Industries (Axleo) continue to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.27 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2.9 CRISIL D (Issuer Not
Cooperating)
Working Capital 0.9 CRISIL D (Issuer Not
Demand Loan Cooperating)
Working Capital 3.43 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with Axleo for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Axleo, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Axleo
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
Axleo continues to be CRISIL D Issuer Not Cooperating.
For arriving at the rating, CRISIL Ratings had earlier combined the
business and financial risk profiles of Armaax Auto Pvt Ltd,
Maharashtra Engineering, and Axleo, as the entities were managed by
the same promoters, had common suppliers and customers, and had
cash flow fungibility. While the shareholding in the entities
remains the same, they now have limited cash flow fungibility.
Hence, CRISIL has now considered each entity's standalone business
and financial risk profile to arrive at the rating.
Axleo manufactures tractor components, primary for Mahindra &
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established by Mr R S Kamble in Mumbai.
BALAJI EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sri Balaji
Educational & Charitable Public Trust. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 94.21 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term-
Non Fund Based 37.45 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SPECPT was formed in 1996, under the leadership of Mr. M K
Rajagopalan, the Chairman of the Trust. The trust owns and operates
seven colleges in the Union Territory of Pondicherry and
neighbouring state of Tamil Nadu with a total student base of more
than 6,000. The most notable of SBECPT's colleges is the Mahatma
Gandhi Medical College & Research Centre (MGMC), which also
operates a 1280-bed hospital in the college premises. The other
colleges include Sri Sathya Sai Medical College and Research
Institute (SSMC), Bharathiyar College of Engineering and Technology
(BCET), Rajiv Gandhi College of Engineering and Technology (RGCET),
Kasturbha Gandhi Nursing College, Sri Venkateswara College of
Education and Indira Gandhi Institute of Dental Sciences.
BELGIUM ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Belgium
Aluminium and Glass Industries Private Limited (BAGIPL) continue to
be CRISIL D/CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
CRISIL Ratings has been consistently following up with BAGIPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BAGIPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BAGIPL is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of BAGIPL continues to be CRISIL D/CRISIL D Issuer Not
Cooperating.
BAGIPL, established in 2007, is engaged in facade engineering - it
designs, fabricates, and installs aluminium and glazed structures.
The company started operations in February 2012. It is promoted by
Dr. J R Gangaramani, who co-founded UAE-based Al Fara'a group,
which has an established position in the infrastructure industry.
BAGIPL's registered office is in Mumbai and manufacturing units are
at Rabale in Maharashtra, and in Gurgaon.
BENCHMARK SUPPLY: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Benchmark Supply Chain Solutions Private Limited
B-62, Vishrantika Society
Sector 3, Plot No. 5A
Dwarka, New Delhi 110078
Liquidation Commencement Date: October 20, 2022
Court: National Company Law Tribunal, New Delhi Bench II
Date of closure of
insolvency resolution process: October 12, 2022
Insolvency professional: Mohit Kumar Gupta
Interim Resolution
Professional: Mohit Kumar Gupta
15, Paschim Vihar Extn.
Main Rohtak Road
New Delhi 110063
E-mail: mohitgupta1112@yahoo.co.in
liquidationbscspl@gmail.com
Last date for
submission of claims: November 18, 2022
BIL ENERGY: NCLT Admit's SBI Plea for Insolvency Against Company
----------------------------------------------------------------
The Economic Times of India reports that the bankruptcy court has
admitted BSE-listed Bil Energy Systems Ltd under the corporate
insolvency resolution process (CIRP) and has appointed Anuj Bajpai
as its interim resolution professional.
According to ET, the Mumbai bench of the National Company Law
Tribunal (NCLT) allowed the State Bank of India's petition to
initiate the insolvency proceedings after the state-owned lender
approached it in 2019 against the manufacturer of transformers
parts following a default on dues of over INR167 crore.
"It is seen from the records available that the financial creditor
has established that the various term loans/credit facilities were
duly sanctioned and duly disbursed to the debtor but there is no
payment of debt on the part of the corporate debtor (Bil Energy),"
the bench headed by Justice PN Deshmukh and Shyam Babu Gautam said.
"Hence, owing to the inability of the Corporate Debtor to pay its
dues, this is a fit case to be admitted."
ET relates that the company challenged the SBI plea, saying that
the default occurred in 2014 and hence the bank ought to have filed
the application within three years of the date of default.
"The applicant (SBI) failed to prefer the petition within the
limitation of three years from the date of the cause of action
(default) and thus the petition is barred by limitation," the
counsel for Bil Energy argued.
BIL Energy Systems Ltd is involved in the manufacturing of
stampings for rotating machines.
BILL ENERGY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Bill Energy Systems Limited
B-11, Viral Shopping Centre
Mantriwadi Sainath Road
Malad-West, Mumbai 400064
Insolvency Commencement Date: December 10, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 7, 2023
(180 days from commencement)
Insolvency professional: Anuj Bajpai
Interim Resolution
Professional: Anuj Bajpai
Headway Resolution and Insolvency
Services Pvt. Ltd.
708, Raheja Centre
Nariman Point, Mumbai 400021
Maharashtra
E-mail: cirpbel@gmail.com
anuj19603@yahoo.co.in
Last date for
submission of claims: December 24, 2022
CENTRO PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Centro
Projects and Marketing (CPM) continues to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPM for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CPM, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPM
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
CPM continues to be CRISIL D Issuer Not Cooperating.
CPM, set up in 2014, operates Centro Mall at Kodungallur in Kerala.
Spread over 100,000 square feet, the mall became operational in
February 2016. The firm is promoted by Mr Basheer and his wife Ms
Haseena.
CHEMSTAR ORGANICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Chemstar Organics (India) Limited
PNB House, Phirozshah Mehta Road
Fort, Mumbai 400001
Maharashtra, India
Insolvency Commencement Date: December 6, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 4, 2023
(180 days from commencement)
Insolvency professional: Mr. Indrajit Mukherjee
Interim Resolution
Professional: Mr. Indrajit Mukherjee
Flat No. B 405, Siddhivinayak Twins
Plot no. 9, Sector 17
Roadpali, Kalamboli
Navi Mumbai, Raigad
Maharashtra 410218
E-mail: indrajitmukherjee15@yahoo.com
cirpchemstar@gmail.com
Last date for
submission of claims: December 20, 2022
CHOICE BOARDS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Choice Boards
Private Limited (CBPL) continue to be CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Inland/Import 3 CRISIL A4 (Issuer Not
Letter of Credit Cooperating)
Proposed Long Term 1 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with CBPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CBPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
CBPL continues to be CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating.
CBPL was promoted in 1997 by Ms Buji Devi Agarwal and her family
members. It trades in various products such as billets, mild-steel
plates, TMT bars, and timber logs.
COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Cochin Glass
House Private Limited (CGPL) continues to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CGPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CGPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CGPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
CGPL continues to be CRISIL D Issuer Not Cooperating.
CGPL, established in 2010, trades in glass and plywood. Operations
of the Cochin-based company are managed by Mr Shajen K R.
COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cozy Touch
Poly Foams India Private Limited (CPPL) continue to be CRISIL
C/CRISIL A4 Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL C (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 1.03 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.47 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CPPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CPPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
CPPL continues to be CRISIL C/CRISIL A4 Issuer Not Cooperating.
Incorporated in 2007 and promoted by Mr Inderjit Khurana, CPPL
manufactures foam, bonded, and spring mattresses. Operations began
from 2010 and current capacity utilisation is about 50%. Products
are sold under the Coir Foam brand.
CREATIVE CORRUPACK: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creative
Corrupack Private Limited (CCPL) continue to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.55 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CCPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CCPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
CCPL continues to be CRISIL D Issuer Not Cooperating.
CCPL was incorporated in 2005 in Dhule by Mr Ramesh Khetan, and his
son Mr. Nikhil Khetan. The company is engaged in manufacturing of
corrugated boxes mainly for FMCG players.
DALKAN SHIP: ICRA Withdraws B+ Rating on INR5.0cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities
Dalkan Ship Breaking Ltd. at the request of the company and based
on the No Objection Certificate/Closure Certificate received from
the banker. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– (5.00) [ICRA]B+(Stable) ISSUER NOT
Interchangeable- COOPERATING; Withdrawn
Cash Credit
Short-term- 50.00 [ICRA]A4 ISSUER NOT
Non-Fund Based- COOPERATING; Withdrawn
Letter of Credit
DSBL was incorporated in 1994 to carry out ship recycling
activities. Currently, the company operates from the Alang Ship
Breaking Yard in Bhavnagar, Gujarat. DSBL is part of the Bhupatrai
Chimanlal Group, which started its business in 1970 with its
flagship company, Mono Plast, and began ship breaking activities
from 1985. At present, the Group enjoys a diversified presence
across various industries like ship recycling, shipbuilding, steel,
textiles, mining and solar, among others. The Group companies
include Paras Steel Corporation (engaged in ship breaking),
Vijaykumar And Co. (engaged in ship breaking), Mono Steel India
Limited (engaged in manufacturing sponge iron, MS billets and TMT
bars), and Jay Bharat Steel Corporation (engaged in manufacturing
MS billets), etc.
DEV RAJ: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dev Raj
Institute of Management and Technology Society (DRIMT) continues to
be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DRIMT for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DRIMT, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DRIMT
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
DRIMT continues to be CRISIL D Issuer Not Cooperating.
DRIMT was set up in 2010 by promoter and chairman, Mr Danish Gupta
and his family, based in Ferozepur (Punjab). The society offers
academic programmes through its institute, Dev Raj Group's
Technical Campus. DRIMT is affiliated with the Punjab Technical
University (PTU), Jalandhar, and approved by All India Council for
Technical Education (AICTE), Ministry of Human Resource
Development.
GOURI IRON: Liquidation Process Case Summary
--------------------------------------------
Debtor: Gouri Iron & Steel Private Limited
1, British India Street
Kolkata 700069
West Bengal
Liquidation Commencement Date: November 24, 2022
Court: National Company Law Tribunal, Kolkata Bench (Court-II)
Date of closure of
insolvency resolution process: April 14, 2022
Insolvency professional: Mr. Uttam Tekriwal
Interim Resolution
Professional: Mr. Uttam Tekriwal
35, Dhakuria Station Road
Kolkata 700031
E-mail: ip.uttamtekriwal@gmail.com
Last date for
submission of claims: December 23, 2022
GREEN WORLD: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Green World Projects Private Limited
No. 1, Valluvar Street
Vallarpuram, Sriperambadur
Kancheerpuram 602105
Liquidation Commencement Date: November 25, 2022
Court: National Company Law Tribunal, Chennai Bench
Insolvency professional: Mohanlal Gopal
Interim Resolution
Professional: Mohanlal Gopal
No. 3E, Jamal Fazal Chambers
No. 26, Greams Road
Thousand Lights
Chennai 600006
Tel: 9841217999
9884468409
E-mail: mgopalco@gmail.com
Last date for
submission of claims: December 25, 2022
JUKU ORCHEM: Liquidation Process Case Summary
---------------------------------------------
Debtor: Juku Orchem Private Limited
# S-3, Royal Suite
No. 14, Saravana Street
T. Nagar, Chennai 600017
Tamil Nadu
Liquidation Commencement Date: November 23, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: November 22, 2022
Insolvency professional: Chandrasekhar Sagutoor
Interim Resolution
Professional: Chandrasekhar Sagutoor
G5 & G6, Ground Floor
SVP Salma Arcade Complex
No. 333/17, Arcot Road
Trustpuram, Kodambakkam
Chennai 600024, Tamil Nadu
E-mail: sagutoor@gmail.com
liquidatorjopl@gmail.com
Last date for
submission of claims: December 23, 2022
MANAKULA VINAYAGA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sri
Manakula Vinayaga Educational Trust 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- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Facilities to remain under 'Issuer Not
Cooperating' category
Long Term- 3.53 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 141.19 [ICRA]B+(Stable); ISSUER NOT
Term Loan COOPERATING; Rating continues
Facilities to remain under 'Issuer Not
Cooperating' category
Short Term- 14.45 [ICRA]A4 ISSUER NOT
BG–Non Fund COOPERATING; Rating continues
Based to remain under 'Issuer Not
Cooperating' category
Long Term/ 10.93 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Sri Manakula Vinayaga Educational Trust (SMVET) was formed in 1996,
under the leadership of Mr. N. Kesavan with a view to provide
technical and medical education to the weaker sections of the
society. The first educational institution to be opened under the
aegis of this trust was Sri Manakula Vinayagar Engineering College
(MVEC). Later, in 2006, the trust established Sri Manakula
Vinayagar Medical College Hospital (MVMCH) with a first batch of
150 students. MVMCH also has a 900-bed hospital attached to the
college, which has witnessed healthy occupancy and outpatient flow.
In all, the 2 Trust operates six colleges in the Union Territory of
Pondicherry spanning engineering, nursing, teacher training,
medical and polytechnic courses with a total student base of more
than 3,000. The Trustees also run the Mailam Subramaniya Swami
Educational Trust which operates an engineering college in Tamil
Nadu.
MERCATOR OIL: Liquidation Process Case Summary
----------------------------------------------
Debtor: Mercator Oil & Gas Limited
83-87, 8th floor, Mittal Tower
B-Wing, Nariman Point
Mumbai, MH 400021
Liquidation Commencement Date: November 22, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: November 14, 2022
Insolvency professional: Mr. Sanjeev Kumar
Interim Resolution
Professional: Mr. Sanjeev Kumar
A-903, Reflections Society
Dange Chowk, Near Shell Petrol Pump
Wakad, Pune
Maharashtra 411033
E-mail: cs.sanjeev@gmail.com
liquidatormogl@gmail.com
Tel: +919665022275
Last date for
submission of claims: December 22, 2022
MUKTAR INFRASTRUCTURE: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Muktar Infrastructure (India) Private Limited
Plot B-2, B-3, Phase I
Verna Industrial Estate
Verna GA 403722
India
Liquidation Commencement Date: September 29, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: September 21, 2022
Insolvency professional: Mr. Anup Kumar Singh
Interim Resolution
Professional: Mr. Anup Kumar Singh
162/D/702 Lake Gardens
Kolkata 700045, West Bengal
E-mail: anup_singh@stellarinsolvency.com
- and -
1st Floor, Suite 1B
22/28A Manoharpukur Road
Deshopriya Park, Kolkata 700029
West Bengal
E-mail: muktarinfra.sipl@gmail.com
Last date for
submission of claims: October 21, 2022
PAN HEALTHCARE: ICRA Withdraws B+ Rating on INR55.70cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Pan Healthcare Pvt. Ltd. at the request of the company and based on
the No Due certificate (NDC) received from its banker. The Key
Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 55.70 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Long Term- (45.00) [ICRA]B+(Stable); ISSUER NOT
Interchangeable- COOPERATING; Withdrawn
Others
Short Term- (12.00) [ICRA]A4; ISSUER NOT
Interchangeable- COOPERATING; Withdrawn
Others
Short Term- 3.00 [ICRA]A4; ISSUER NOT
Non Fund Based- COOPERATING; Withdrawn
Others
Rajkot (Gujarat) based Pan Healthcare Private Limited (PHPL) was
incorporated in March 2016 as a private limited company and is
engaged in manufacturing of baby diaper and sanitary napkins. The
company also started manufacturing adult diapers in FY2019. PHPL is
promoted by the Patel and Mahdavia family and has an installed
capacity of manufacturing 3024 lac pieces per annum of baby
diapers, 3871 lac pieces per annum of Sanitary Napkins and 605 lac
pieces of adult diapers. The company is a part of the 'Pan Group,'
which has diverse business interests across cement manufacturing,
laminate manufacturing, agricultural equipment manufacturing, agro
commodity trading etc. The Group is one of the leading market
players in manufacturing and exports of cotton bales in India
through its two major Group concerns - Jaydeep Cotton Fibres
Private Limited (JCFPL).
PARAS STEEL: ICRA Withdraws B+ Rating on INR5.0cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Paras Steel Corporation at the request of the company and based on
the No Objection Certificate/Closure Certificate received from the
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– (5.00) [ICRA]B+(Stable) ISSUER NOT
Interchangeable- COOPERATING; Withdrawn
Cash Credit
Short-term- 30.00 [ICRA]A4 ISSUER NOT
Non-Fund Based- COOPERATING; Withdrawn
Letter of Credit
PSC was established in 1998 as a proprietorship concern of Mr.
Jaysukhlal Shah to carry out ship-recycling activities. Currently,
the firm operates from the Alang Ship Breaking Yard in Bhavnagar,
Gujarat. PSC is a part of the Bhupatrai Chimanlal Group, which
started its business in 1970 with its flagship company, Mono Plast,
and began ship-breaking activities from 1985. At present, the Group
enjoys a diversified presence across various industries like ship
recycling, shipbuilding, steel, textiles, mining solar and oxygen
plant among others. The Group companies include Dalkan Ship
Breaking Ltd. (ship breaking), Vijaykumar And Co. (ship breaking),
Mono Steel India Limited (sponge iron, MS billets and TMT bars),
and Jay Bharat Steel Corporation (MS billets), etc.
PROGRESS CULTIVATION: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Progress Cultivation Ltd.
Plot No. 55, Fakir Bagan Lane
Golabari Howrah
WB 711101
IN
Liquidation Commencement Date: December 1, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: December 1, 2022
Insolvency professional: Mr. Pankaj Kumar Kedia
Interim Resolution
Professional: Mr. Pankaj Kumar Kedia
1, R.N. Mukherjee Road
Lal Bazaar, Kolkata 700001
E-mail: pkkedia2@rediffmail.com
progress.liqd@gmail.com
Last date for
submission of claims: December 31, 2022
RAJMANGAL MILK: Liquidation Process Case Summary
------------------------------------------------
Debtor: Rajmangal Milk & Agro Foods Pvt Ltd
A/P Hingangaon, Tal. Indapur
Pune 413106
Liquidation Commencement Date: October 17, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: December 2, 2022
Insolvency professional: Ravi Prakash Ganti
Interim Resolution
Professional: Ravi Prakash Ganti
Flat no. 2, Ashiana CHS
Plot no. 60-A, Sector-21
Kharghar, Navi Mumbai 410210
E-mail: gantirp@gmail.com
- and -
710, Mayuresh Cosmos
CBD Belapur
Sector 11, Navi Mumbai 400614
E-mail: liq.rajmanagal@gmail.com
Last date for
submission of claims: Decemebr 31, 2022
RAMAKRISHNAA TEXTILES: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sri
Ramakrishnaa Textiles in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.11 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.64 [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.
Sri Ramakrishnaa Textiles was established as a proprietorship
concern in 2006 by Mr. R Loganathan and was converted to a
partnership firm in 2017 with Mr. R Loganathan and Mrs. Thulasimani
as partners. Mr. Loganathan has extensive experience of nearly two
decades in the weaving industry. The firm is involved in the
production of grey cotton fabric at its manufacturing facility in
Coimbatore, Tamil Nadu. The current installed capacity of the firm
is 92 looms, which includes 56 conventional power looms and 36 auto
power looms. The firm outsources most of its production to around
600 looms located nearby, by virtue of which it has an overall
annual production capacity of around 12 million metres of grey
fabric. The firm procures cotton yarn from various spinning mills
in Tamil Nadu and Andhra Pradesh, weaves it into grey fabric and
markets it to garment manufacturers across India.
RCI INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: RCI Industries and Technologies Limited
Registered office:
Unit No. 421, 4th Pearl Omaxe
Netaji Subhash Place
Pitampura 110034
Delhi
Production Unit #1:
Plot no. 84-85, HPSIDC Industrial Area
Baddi, District Solan 173205
Himachal Pradesh
Production Unit #2:
Khasra No. 377/175 & 378/175
Village Rakh Ram Singh
Tehsil-Nalagarh
District Solan 174101
Himachal Pradesh
Insolvency Commencement Date: November 29, 2022
Court: National Company Law Tribunal, New Delhi, Bench III
Estimated date of closure of
insolvency resolution process: May 24, 2023
(180 days from commencement)
Insolvency professional: Mr. Brijesh Singh Bhadauriya
Interim Resolution
Professional: Mr. Brijesh Singh Bhadauriya
C-II/ 08, Mangal Apartment
Vasundhara Enclave, Delhi 110096
E-mail: bsb@bsbandassociates.in
cirp.rci.inudustries.technologies
@gmail.com
Last date for
submission of claims: December 13, 2022
S.A.M. APPARELS: CRISIL Cuts Long/Short Term Debt Ratings to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of S.A.M. Apparels
Private Limited (SAMAPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4')
CRISIL Ratings has been consistently following up with SAMAPL for
obtaining information through letters and emails date September 30,
2022and October 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAMAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SAMAPL is consistent with 'Assessing Information Adequacy Risk'
Based on the last available information, CRISIL Ratings has
downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4'. As per information
available in the public domain, there remains delinquency in
company account and clarity about the same from the management and
bankers is continuing to remain awaited
The company is engaged in manufacturing and export of ladies'
garments. Its manufacturing facility is located in Noida, Uttar
Pradesh.
SAGAR POWER: Liquidation Process Case Summary
---------------------------------------------
Debtor: Sagar Power (Neerukatte) Private Limited
No. 83, Venkatadri Complex, II Floor
Richmond Road, Bangalore
KA 560025
IN
Liquidation Commencement Date: November 30, 2022
Court: National Company Law Tribunal, Bangalore Bench
Date of closure of
insolvency resolution process: November 30, 2022
Insolvency professional: Mr. Pankaj Srivastava
Interim Resolution
Professional: Mr. Pankaj Srivastava
No. 5, 5th Cross Navya Nagar
Jakkur, Bangalore
Karnataka 560064
E-mail: psri@live.com
- and -
No. 29, 1st Floor, SN Complex
14th Main Road
E-Block Extension
Sahakara Nagar
Bengaluru 560092
E-mail: sagarpowerliquidation@gmail.com
Last date for
submission of claims: December 30, 2022
SHANKAR RICE: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of Shankar
Rice & Gen. Mills in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 74.50 [ICRA]B (Stable); ISSUER NOT
Fund Based- COOPERATING; Rating Continues
Cash Credit to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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 2001, Shankar Rice & Gen. Mills is a partnership
firm engaged in milling, processing and sorting of basmati and
non-basmati rice. The firm has its plant at Moga (Punjab) with a
milling capacity of 4.5 tonnes per hour and sorting capacity of 5
tonnes per hour.
SILVER COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Silver
Cotton in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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 as a partnership firm in April 2014, Silver Cotton (SC)
is involved in the ginning and pressing of cotton. The operations
of the firm are managed by members of the Gadara family who have an
experience of over eight years in the cotton ginning and pressing
sector. The manufacturing facility of the firm, located at
Jamnagar, Gujarat, is equipped with 24 ginning machines and one
pressing machine with a total processing capacity of ~ 22,400
metric tonnes of raw cotton per annum. The firm commenced
commercial operations from December 2014.
SOHANLAL LAXMINARAYAN: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sohanlal
Laxminarayan in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [ICRA]B+(Stable); ISSUER NOT
Non-fund based- COOPERATING; Rating continues
bank guarantee to remain under 'Issuer Not
Cooperating' category
Long Term- 0.30 [ICRA]B+(Stable); ISSUER NOT
Unallocated COOPERATING; Rating continues
limits to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
SL, a proprietorship firm, was established in 1957 by Late Manohar
Lal Agarwal, the grandfather of the present proprietor, Mr. Sumit
Ku. Agarwal. The firm was involved in trading of various products
in the past. Currently, SL is the authorised sole distributor of
OPPO Mobiles India Pvt. Ltd. for selling Realme brand products
(mainly mobile handsets, its associated accessories like earphones,
bluetooth headset, speakers, power banks and television sets) in
Odisha through offline channels. The entity started with
distribution of products under the Realme brand from March 2019.
Previously, SL was a distributor of Micromax mobile phones and
other brands like Panasonic, VIVO, Itel and Tecno brands.
Currently, it is an exclusive distributor of Realme brand and
caters to around 450 retailers and 18 dealers.
SONAL VYAPAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sonal
Vyapar 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- 2.52 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 9.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 14.25 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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 1985, SVPL manufactures structural steel (primarily
comprising mild steel angles and channels) at its facility in
Salem, Tamil Nadu. The manufacturing facility has two induction
furnaces with a total production capacity of 21,900 tons per annum
and a rolling-mill facility with a capacity of 35,040 tons per
annum. The company also trades in scrap. SVPL is a part of the OPG
Group, which has interests in steel manufacturing/trading and power
generation. In January 2016, the company converted its corporate
status from public company to a private company and was
subsequently re-named to Sonal Vyapar
Private Limited.
SUPREME NUTRI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Supreme
Nutri Grain Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 4.50 [ICRA]B (Stable);ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under the ‘Issuer
Not Cooperating’ category
Fund Based- 7.00 [ICRA]B (Stable);ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the ‘Issuer
Not Cooperating’ category
Forward Contract 1.75 [ICRA]A4; ISSUER NOT
Limit 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.
Supreme Nutri Grain Private Limited (SNGPL), promoted by Mr. Bharat
Piparava, Mr. Nilesh Kapuriya, Mr. Sanjay Kapuriya and Mr. Mukesh
Khatrani, was incorporated as a private limited company in May 2012
and commenced commercial production from August 15, 2013. The
company is engaged in manufacturing of instant noodles packaged in
units of 35 grams, 75 grams and 300 grams and has an installed
capacity of 6200 TPA. The noodles are sold under the registered
brand name of 'Zoopy' and are available in four flavours namely
Mazedaar Masala, Mirch Masala, Gujarati Delight and Satvik Sizzle.
Apart from its branded noodles, the company also sells non branded
instant noodles packaged in various units depending on the
requirements of the customers ranging from packs of 35 grams to 10
kg each.
SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Swastik
Enterprise 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– 8.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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 1992, Swastik Enterprise (SE) is a proprietorship
firm formed with the main business objective of distribution of
various FMCG and electronic goods. SE is a distributor of HTC
mobile phones for Ahmedabad district and North Gujarat region. The
firm is also a distributor for Spice and Zoko mobile phones as well
as AppsDaily mobile application in the entire state of Gujarat. The
firm is promoted by Mrs. Varsha Jain.
VANTAGE MACHINE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vantage Machine Tools Private Limited
D.No. 2-48, Gollapalli
Nuzividu, Krishna Dist.
Andhra Pradesh 521111
IN
Insolvency Commencement Date: December 8, 2022
Court: National Company Law Tribunal, Vijayawada Bench
Estimated date of closure of
insolvency resolution process: May 27, 2023
Insolvency professional: CA Dr Immaneni Eswara Rao
Interim Resolution
Professional: CA Dr Immaneni Eswara Rao
# 40-26-22, Opp Telephone Exchange
Mohiddin St. Chandramoulipuram
Vijaywada, Andhra Pradesh 520010
IN
E-mail: ip.caier@gmail.com
ip.vantage2022@gmail.com
Last date for
submission of claims: December 13, 2022
VIDYA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sri Vidya
Educational And Charitable Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.68 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Facilities 'Issuer Not Cooperating'
Overdraft Category
Limits
Long Term- 0.40 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Sri Vidya Educational & Charitable Trust was registered in
September 2006 with Mr. R. Thiruvengada Ramanuja Doss, as the
founder Trustee and four other Trustees. The trust has its
registered office in Chennai and the following educational
institutions in Virudhanagar district, Tamil Nadu.
WEST COAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of West Coast
Foods in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 1.29 [ICRA]B+ (Stable);ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the ‘Issuer
Not Cooperating’ category
Fund-based–
FBP/FBD 1.00 [ICRA]A4; ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund-based–
EPC cum FBP/FBD 4.00 [ICRA]A4; ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
West Coast Foods (WCF) was established in 2012 as a proprietorship
concern of Mr. Mo. Ashfaq Dandia. It processes and exports seafood
products such as ribbon fish, cuttlefish, squid, croaker fish, and
leather jacket fish. Its processing unit is located at Porbandar,
Gujarat, with an installed processing capacity of 79 Metric Tonnes
Per Day (MTPD) and storage capacity of 1,600 tonnes of seafood
products. Mr. Mo. Ashfaq has more than four decades of experience
in the seafood industry through former association with various
concerns involved in the seafood sector.
YUSRA AGRO: ICRA Lowers Rating on INR20.50cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Yusra
Agro Foods Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB+ (Stable) and
continues to remain in the
'Issuer Not Cooperating'
category
Long Term- 20.50 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade is because of lack of adequate information
regarding Yusra Agro Foods Private Limited 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 Yusra Agro Foods Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance and
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. 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.
Yusra Agro Foods Private Limited, incorporated in 2015, is a Group
company of Rehber Food Industries Private Limited1 (RFIPL) which is
also involved in buffalo meat trading. YAFPL has the same set of
promoters and supports the domestic operations of RFIPL. YAFPL used
to procure raw meat from RFIPL as well as from other players and
supply to various companies in the domestic market. However, as per
the company management, there were no business operations in Yusra
Agro in FY2020 and FY2021.
ZADAFIYA CREATIONS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Zadafiya
Creations Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 3.75 [ICRA]B (Stable);ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under the ‘Issuer
Not Cooperating’ category
Fund Based- 14.25 [ICRA]B (Stable);ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Surat based Zadafiya Creations Private Limited (ZCPL) was
incorporated in February 2015 and has been engaged in trading of
sarees. In current fiscal the company has setup knitted fabric
manufacturing facility and commenced commercial production from
June 2017. The installed capacity for knitted fabric manufacturing
is 7,500 MTPA (considering 300 working days). The company is
promoted by the Zadafiya family and the promoters have been
associated with other entities which are majorly engaged into
fabric embroidery and knitted fabric manufacturing.
ZBLOG MANAGEMENT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zblog
Management Solutions Private Limited (BMPPL; previously know as
Best Milk Products Private Limited) continue to be CRISIL B+/Stable
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 28 CRISIL B+/Stable (Issuer Not
Cooperating)
Standby Line 2 CRISIL B+/Stable (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with BMPPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BMPPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BMPPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
BMPPL continues to be CRISIL B+/Stable Issuer Not Cooperating.
BMPPL, set up in 2005, processes milk to produce ghee, skimmed milk
powder, dairy creamer, and dairy whiteners. The company is promoted
by Mr. Raj Karan Singh Bhullar, Mr. Hakam Singh, Mr. Harinder
Singh, Mr. Sham Lal Goyal, and Mr. Ashok Kumar Goyal. It has
capacity to process about 700,000 litres of milk per day. The
company sells its products under its own brand 'Punjab King'.
ZEE ENTERTAINMENT: IDBI Bank files insolvency petition vs. Firm
---------------------------------------------------------------
The Economic Times reports that IDBI Bank has filed an insolvency
resolution petition against Subhash Chandra promoted Zee
Entertainment Enterprises Ltd (ZEEL) for the default of over INR149
crore.
The company said in its late filing on Dec. 14, to the stock
exchange that IDBI Bank, claiming to be a financial creditor, filed
the petition before the Mumbai bench of the National Company Law
Tribunal (NCLT).
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
=========
J A P A N
=========
TOSHIBA CORP: Japanese Banks Agree to Back Preferred Bidder
-----------------------------------------------------------
Bloomberg News reports that four major Japanese banks have agreed
to provide a loan totalling JPY1.2 trillion to the Japan Industrial
Partners-led (JIP) consortium for its buyout offer for Toshiba,
people familiar with the matter said.
Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo
Mitsui Financial Group and Sumitomo Mitsui Trust Holdings have
reached a consensus on the basic terms of loans for the JIP-led
group, the people said.
According to Bloomberg, the banks are finalising the details and
could issue commitment letters as soon as the end of this month,
the people said, asking not to be identified as the information is
private.
As part of the loan agreements, the lenders may propose to nominate
a director to the Toshiba's board, according to the people. An
announcement on the bank commitments could come as soon as in the
coming days, one of the people said.
Deliberations are ongoing and the banks could still decide not to
proceed with the lending, the people said. Representatives for JIP
and the banks declined to comment, while a representative for
Toshiba said the company can't comment as it may undermine a fair
process.
Winning financing support from banks is crucial to JIP's consortium
as the preferred bidder is looking to take Toshiba private at about
JPY2.2 trillion, Bloomberg News has reported. The bidding group has
been seeking about JPY1.2 trillion in syndicated loans and the
banks were expected to make a decision by the middle of this month,
the people have said.
The potential takeover of one of Japan's most iconic companies
faces headwinds including rising financing costs. Interest rates in
many countries have risen sharply and major banks are failing to
offload tens of billions of US dollars worth of buyout debt that's
still stuck on their own books.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
=====================
N E W Z E A L A N D
=====================
666 ENTERTAINMENT: Creditors' Proofs of Debt Due on Jan. 13
-----------------------------------------------------------
Creditors of 666 Entertainment Limited are required to file their
proofs of debt by Jan. 13, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 12, 2022.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
HORNSBY EARTHMOVERS: Creditors' Proofs of Debt Due on Jan. 20
-------------------------------------------------------------
Creditors of Hornsby Earthmovers Limited are required to file their
proofs of debt by Jan. 20, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 7, 2022.
The company's liquidators are Adam Botterill and Damien Grant.
LOCAL BUSINESS: Creditors' Proofs of Debt Due on Jan. 16
--------------------------------------------------------
Creditors of The Local Business Limited are required to file their
proofs of debt by Jan. 16, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 13, 2022.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
OCTOPUS ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 23
-------------------------------------------------------------
Creditors of Octopus Enterprises Limited and Phytotecnia Limited
are required to file their proofs of debt by Jan. 23, 2023, to be
included in the company's dividend distribution.
Octopus Enterprises Limited company commenced wind-up proceedings
on Dec. 6, 2022.
Phytotecnia Limited commenced wind-up proceedings on Dec. 12,
2022.
The liquidator can be reached at:
Heath Gair
Palliser Insolvency
PO Box 57124
Mana
Porirua 5247
TENAX PROPERTIES: Court to Hear Wind-Up Petition on Feb. 24
-----------------------------------------------------------
A petition to wind up the operations of Tenax Properties Limited
will be heard before the High Court at Auckland Feb. 24, 2023, at
10:45 a.m.
Body Corporate 201181 filed the petition against the company on
Oct. 10, 2022.
The Petitioner's solicitor is:
Rhonda Margot Graham
Morgan Coakle, Solicitors
Level 9, 41 Shortland Street
Auckland
=================
S I N G A P O R E
=================
CHOSEN INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Chosen Investment Pte Ltd, on Dec. 9, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Lee Yin Chen
Loo Min Min
164 Bukit Merah Central #03-3655
Singapore 150164
SINOTCC (SINGAPORE): Court to Hear Wind-Up Petition on Dec. 30
--------------------------------------------------------------
A petition to wind up the operations of Sinotcc (Singapore) Pte Ltd
will be heard before the High Court of Singapore on Dec. 30, 2022,
at 10:00 a.m.
LKW Mechanical Engineering Pte. Ltd. filed the petition against the
company on Dec. 7, 2022.
The Petitioner's solicitors are:
Loo & Partners LLP
160 Robinson Road
#15-06 SBF Centre
Singapore 068914
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***