/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/221221.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, December 21, 2022, Vol. 25, No. 248 Headlines A U S T R A L I A DELIVEROO AUSTRALIA: Second Creditors' Meeting Set for Dec. 21 METIGY PTY: Director's Luxury Retreat Sells for AUD1.45-Mil. Loss RBP SUPERMARKET: Second Creditors' Meeting Set for Dec. 21 ROELANDTS GROUP: First Creditors' Meeting Set for Dec. 22 TIMMS ROOFING: Second Creditors' Meeting Set for Dec. 21 XAA PTY: Second Creditors' Meeting Set for Dec. 20 [*] AUSTRALIA: ATO Under Scrutiny for Role in Rising Insolvencies C H I N A CHINA EVERGRANDE: Stake in Unit Drops to 51.7% on Forced Selling GLOBAL CORD: Liquidators Petition for U.S. Recognition Denied I N D I A ACE FOOTMARK: CARE Keeps C Debt Ratings in Not Cooperating AEQUITAS ESTONES: ICRA Withdraws D Rating on INR20cr LT Loan BAG POLY: CARE Keeps B- Debt Ratings in Not Cooperating Category BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating BROADSOFT TECHNOLOGIES: Voluntary Liquidation Process Case Summary CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR857cr Term Loan ENERGYAN PRIVATE: ICRA Assigns B- Issuer Rating FIBREMARX PAPERS: ICRA Reaffirms D Rating on INR32cr Cash Loan HOLO PACK: CARE Keeps C Debt Rating in Not Cooperating Category JAI KRISHAN: ICRA Withdraws D Rating on INR35cr Long Term Loans KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating KAMAKSHI RAW: ICRA Keeps D Debt Ratings in Not Cooperating KARVY STOCK: ICRA Keeps D Ratings in Not Cooperating Category KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category MANDAKINI PACHIMATLA: CARE Keeps D Debt Rating in Not Cooperating MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating MORADABAD BAREILLY: CARE Lowers Rating on INR1,104.91cr Loan to D MT EDUCARE: NCLT Admits Coaching Firm Under Insolvency Process NAGARKURNOOL MUNICIPALITY: ICRA Keeps B+ Long Term Debt Rating ORBIT FABRICS: Voluntary Liquidation Process Case Summary PERSPICA NETOWRKS: Voluntary Liquidation Process Case Summary PINKCITY ELECTRONICS: Voluntary Liquidation Process Case Summary PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating PRUDHVI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating S.S. KHARDEKAR: CARE Lowers Rating on INR17.17cr Loan to B- SHANTOL GREEN: ICRA Withdraws D Rating on INR11.00cr Loans SHIV BIRI: ICRA Lowers Rating on INR11.10cr Cash Debt to B+ SHREYANS OILS: ICRA Keeps B+ Debt Rating in Not Cooperating SLV POWER: ICRA Lowers Rating on INR104.60cr Term Loan to D TIRUMALA CASHEW: CARE Lowers Rating on INR15cr LT Loan to B- VAMSADHARA GINNING: CARE Keeps D Debt Rating in Not Cooperating VIJAYA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating VIJIT INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating VIMIT METALS: CARE Keeps B- Debt Rating in Not Cooperating I N D O N E S I A PT KAWASAN INDUSTRI: Fitch Hikes IDR to 'CCC+' on Better Liquidity J A P A N TOSHIBA CORP: Preferred Bidder May Lower Valuation Below JPY2TT N E W Z E A L A N D ATA RANGI: Creditors' Proofs of Debt Due on Jan. 10 GSM PROJECTS: Creditors' Proofs of Debt Due on Feb. 3 GUARDIAN FIDUCIARY: Long-running Legal Case Ended NZ SMOKEFREE: Creditors' Proofs of Debt Due on Feb. 3 OTAUTAHI EARTHMOVING: Creditors' Proofs of Debt Due on Feb. 9 WALTON NO.1: Alison Margaret Lemon Appointed as Liquidator S I N G A P O R E BRILLIANT STAR: Final Meeting Set for Jan. 20 FULLERTON CAPITAL: First Creditors' Meeting Set for Dec. 23 FX TRADE: Final Meeting Set for Jan. 20 HIGHLAND COMMODITIES: Final Meeting Set for Jan. 20 SYSMA PROPERTIES: Final Meeting Set for Jan. 25 T A I W A N TAIWAN POWER: To Issue Corporate Bonds Amid Heavy Losses - - - - - ================= A U S T R A L I A ================= DELIVEROO AUSTRALIA: Second Creditors' Meeting Set for Dec. 21 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Deliveroo Australia Pty Ltd has been set for Dec. 21, 2022, at 10:00 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 20, 2022, at 10:00 a.m. Andrew Knight, Michael Korda, and Craig Shepard of KordaMentha were appointed as administrators of the company on Nov. 16, 2022. METIGY PTY: Director's Luxury Retreat Sells for AUD1.45-Mil. Loss ----------------------------------------------------------------- Realestate.com.au reports that the sale of the Kangaroo Valley weekender of the collapsed AI start-up director David Fairfull and wife Deborah has resulted in the year's highest known NSW property loss. With only one bid at its midweek auction, the 48ha luxury escape, Heggy's, fetched AUD6.25 million, the report says. It was AUD1.45 million - and 18 per cent - down on the AUD7.7 million paid in November last year. The Wattamolla Rd property features a four-bedroom residence plus a one-bedroom cottage, amid grounds with pool, waterfall, tennis court and horse and cattle facilities. According to the report, the sale comes three weeks after Mr. Fairfull's Mosman mansion sold for an undisclosed price having been bought for AUD10.5 million in September last year with a loan from the collapsed AI-driven small business marketing platform Metigy. The properties come with a first mortgage to Pallas Commercial Lending, plus four caveats, including one from Regal Funds Management and the Chief Commission of State Revenue, the report relates. About Metigy Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based Metigy provided an all-in-one marketing platform tailored for the needs of SMEs. The Metigy platform includes video creation and image editing systems, a live ad creation tool, and a 'marketing command center' providing "recommendations tailored to your brand". Simon Cathro and Andrew Blundell of Cathro Partners were appointed as administrators of the company on July 29, 2022. RBP SUPERMARKET: Second Creditors' Meeting Set for Dec. 21 ---------------------------------------------------------- A second meeting of creditors in the proceedings of RBP Supermarket Pty Ltd has been set for Dec. 21, 2022, at 10:00 a.m. at the offices of Mcleods Accounting at Level 4, 89 Scarborough Street in Southport. 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. 20, 2022, at 5:00 p.m. Nick Keramos and Bill Karageozis of Mcleods Accounting were appointed as administrators of the company on Nov. 16, 2022. ROELANDTS GROUP: First Creditors' Meeting Set for Dec. 22 --------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Roelandts Group Pty Ltd; - RGA QLD Pty Ltd; - RGD QLD Pty Ltd; and - RGM QLD Pty Ltd will be held on Dec. 22, 2022, at 11:30 a.m. David Michael Stimpson and Anne Meagher of SV Partners were appointed as administrators of the company on Dec. 13, 2022. TIMMS ROOFING: Second Creditors' Meeting Set for Dec. 21 -------------------------------------------------------- A second meeting of creditors in the proceedings of Timms Roofing Pty Ltd has been set for Dec. 21, 2022, at 10:30 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 20, 2022, at 4:00 p.m. Christopher Damien Darin of Worrells Solvency & Forensic Accountants was appointed as administrator of the company on Nov. 16, 2022. XAA PTY: Second Creditors' Meeting Set for Dec. 20 -------------------------------------------------- A second meeting of creditors in the proceedings of X A A Pty Ltd has been set for Dec. 20, 2022, at 10:30 a.m. at the offices of Jirsch Sutherland at Level 30, 140 William Street in Melbourne and via Zoom. 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 11:00 a.m. Malcolm Kimbal Howell of Jirsch Sutherland was appointed as administrator of the company on Nov. 17, 2022. [*] AUSTRALIA: ATO Under Scrutiny for Role in Rising Insolvencies ----------------------------------------------------------------- The Mandarin reports that the primacy of the Australian Taxation Office as Australia's biggest creditor when it comes to corporate insolvencies is being put under fresh scrutiny, as the Albanese government puts the spotlight on reforming mechanisms for winding up failed businesses. According to the report, the Parliamentary Joint Committee on Corporations and Financial Services kicks off its Inquiry into Corporate Insolvency in Australia as the government and corporate sectors look to limit the fallout from businesses collapsing. The Mandarin relates that chaired by senator Deb O'Neill, the insolvency inquiry comes against a darkening economic backdrop of rising interest rates, ballooning energy costs and galloping inflation that is now hitting businesses that survived COVID-19 on fiscal life support from JobKeeper as well as deferred bills from landlords, utilities and the ATO. The ATO features prominently in businesses going out of business, with Tax a creditor in 74% of company insolvencies, often as the largest creditor and sometimes as the only creditor. "Ninety-two per cent of unsecured creditors get zero per cent returns in the event of a business collapse and 13/14 closing businesses are letting themselves be deregistered rather than formally shutting down," senator O'Neill told The Mandarin. "This is hardly a vote of confidence in the current insolvency regime. Our insolvency system is a historical artefact that has been subject to much 'tinkering', according to witnesses." The Mandarin relates that senator O'Neill said there is now an expectation that corporate and personal insolvency is on the rise, with the committee chair saying there are concerns that unscrupulous pre-insolvency practitioners (deregistered practitioners) are exploiting people who have been directed to consider or seek insolvency advice. "Evidence received today in Canberra considered the high cost of insolvency, market failure where insolvency practitioners subsidise assetless insolvencies by overcharging other entities estimated at AUD43 million (2013), and the relationship between the ATO's use of director penalty notices that trigger insolvency action - regardless of the capacity of the entities to pay for insolvency services," senator O'Neill said. The submission from Australian Small and Family Business Ombudsman Bruce Billson to the inquiry paints a difficult picture. "With the resumption of ATO debt collection, compounded with inflation and interest rate rises, stretched global supply chains, rising costs of materials and energy and labour shortages, corporate insolvencies have started to return to pre-pandemic levels," The Mandarin quotes Mr. Billson as saying. "Insolvency levels in the construction sector are returning to pre-pandemic levels, the quickest of all sectors, accounting for 26% of total corporate insolvencies in 2021-22. In the September quarter of 2022, 605 construction firms entered external administration or appointments, up from 445 in the June quarter and 271 in the March quarter." Mr. Billson said this was "a record high" in the current Australian Securities and Investments Commission insolvency statistics time series. Shopping centre landlords, represented by the Shopping Centre Council of Australia (SCCA), are worried potential changes to insolvency laws will hit them hard. "The SCCA supports corporate insolvency laws that assist businesses by providing simplified and streamlined processes to either attempt debt restructuring for business continuity via administration or small business restructuring, or enter into liquidation as circumstances require. This framework should be fair and equitable for creditors and not able to be 'gamed' or manipulated," the landlord's lobby group wrote, The Mandarin relays. "Retail landlords have extended considerable support to tenants (for instance, $3 billion in rental relief under the 'National Code of Conduct for Commercial Tenancies - Leasing Principles' (Code of Conduct), and other measures/concessions) that is separate to formal insolvency processes, which is not often understood or is overlooked." The SCCA claims the system was "routinely gamed by tenants and obfuscated ensuing insolvencies". "The code of conduct was conceived by our sector to hibernate businesses during government-imposed lockdowns only. However, it was continuously hijacked with no consultation, no considered or transparent analysis, no regard for our industry and often for political expediency." The Mandarin adds that the SCCA said "an entitlement mentality across retailer and small business groups" had been created that expected subsidies from landlords. ========= C H I N A ========= CHINA EVERGRANDE: Stake in Unit Drops to 51.7% on Forced Selling ---------------------------------------------------------------- Reuters reports that China Evergrande Group's shareholding in its property services unit has fallen to 51.71% from 58.18% after forced selling of pledged shares by a third party, a Hong Kong stock exchange filing showed. The number of Evergrande Property Services Group shares involved was 700 million, and the drop was the result of steps taken on Dec. 14 to enforce rights to the shares held as security against the embattled property developer, the filing said, Reuters relays. Reuters could not immediately determine who sold the pledged shares. The last time pledged shares of Evergrande Property Services were enforced was a year ago, when the group's stake decreased from 60.96%. Reuters notes that trading in shares of both Evergrande Group and Evergrande Property Services has been suspended since March, pending the release of their 2021 financial results and an investigation of a bank enforcement of a pledge guarantee of the services unit. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific in October 2022, Moody's Investors Service has withdrawn China Evergrande Group's (Evergrande) corporate family rating and senior unsecured ratings, the CFRs of Hengda Real Estate Group Company Limited and Tianji Holding Limited, and Scenery Journey Limited's backed senior unsecured ratings. GLOBAL CORD: Liquidators Petition for U.S. Recognition Denied ------------------------------------------------------------- Bankruptcy Judge David S. Jones for the Southern District of New York denied the Chapter 15 Petition for Recognition filed by the Caymans Islands court-appointed Joint Provisional Liquidators (JPL) of Global Cord Blood Corporation. Global Cord Blood Corp. is a Cayman Islands exempted company that primarily operated in the People's Republic of China with headquarters in Hong Kong. The Company's business deals with collecting and storing umbilical cord blood for its stem cell content. The Company is or was a sizeable concern with shares that traded on the New York Stock Exchange. The Chapter 15 case arises out of proceedings pending in the Grand Court of the Cayman Islands. In response to evidence suggesting that Global Cord Blood Corporation's board and/or officers caused or allowed an improper expenditure of more than $600 million of corporate funds, the Grand Court appointed Joint Provisional Liquidators ("JPLs") as fiduciaries to investigate and, if appropriate, seek to recover misappropriated funds, and/or to take other actions as may be appropriate based on the findings of their investigation. The Cayman Grand Court conferred extensive corporate powers on the JPLs and divested the power of a number of the company's board members. The JPLs have petitioned the New York Court for recognition of the Cayman Proceeding under Chapter 15 of the U.S. Bankruptcy Code. The application tests the limits of how broadly Chapter 15 can be applied to assist a foreign court in its conduct of a case that does not involve insolvency or the identification, classification, or satisfaction of debts. The application has drawn two objections -- a group of now-disempowered former directors of the Company, and another entity with an interest in the company, Golden Meditech Stem Cells (BVI) Company Limited. Golden Med frames the Cayman Proceeding as the outgrowth of a longstanding struggle for corporate control waged by two shareholders through multiple layers of holding companies. The two entities -- Golden Med and Blue Ocean Structure Investment (BVI) Company Limited -- assert conflicting ownership stakes in Global Cord Blood Corp. According to Golden Med, the dispute is the subject of ongoing litigation in the British Virgin Islands. Blue Ocean alleged that, in April 2022, Global Cord entered into a questionable transaction that transferred or purported to transfer millions of new shares of stock and over $600 million in corporate funds to two companies, including one called Cellenkos. This transaction is the subject of the Cayman Proceeding. Blue Ocean, as a significant shareholder of Global Cord, sought relief from the Cellenkos Transaction in the Grand Court of the Cayman Islands by filing a "Winding Up Petition" on May 5, 2022. In its petition, Blue Ocean alleged that some combination of Global Cord Blood Corp. officers and a controlling subset of directors, with no notice or insufficient notice to shareholders, committed to the Cellenkos Transaction, which Blue Ocean contends would radically dilute the value of the shareholders' shares. Blue Ocean alleges that the transaction in question was in furtherance of improper and self-serving transactions that violated the fiduciary duties of board members and/or officers. The Winding Up Petition sought relief including an order that the Company refrain from proceeding with the Cellenkos Transaction, and an order requiring revisions to its "Memorandum and Articles of Association" to limit the board's authority in various ways to unilaterally change the Memorandum and Articles of Association, to create shares of any class representing more than 20% of the issued and outstanding shares of the Company, and from engaging in actions or transactions that would result in a change in control of the Company, as well as related and similar relief. The petition also sought an order requiring an Extraordinary General Meeting of shareholders to propose removal of the Board and to consider an alternative proposed by Blue Ocean. The petition sought "in the alternative" that the Company be "wound up pursuant to section 92(e) of the Companies Act." The JPLs have not shown that any steps to wind-up the company have been taken, and section 92(e) does not reference or require insolvency, nor the classification, adjustment, or resolution of specific debts. Rather, section 92(e) of the Companies Act allows the Court to wind-up a company if "the Grand Court is of the opinion that it is just and equitable that the company should be wound up." By contrast, section 92(d) of the Companies Act permits the court to wind-up a company if "the company is unable to pay its debts." But neither the Winding Up Petition nor the resulting order of the Grand Court appointing the JPLs references or relies on section 92(d), nor does the Cayman Proceeding as a whole seek to ascertain the amount of the Company's debts, the identity of its creditors, or terms on which those debts are to be satisfied or adjusted. Based on the present record, the New York Court concluded that the Cayman Proceeding does not satisfy the Bankruptcy Code's definition of a "foreign proceeding" and, accordingly, is not eligible for recognition under Chapter 15. At bottom, the Court concluded that the Cayman Proceeding, which arises under various subsections of the Cayman Islands Companies Act ("Companies Act"), is most akin to a corporate governance and fraud remediation effort, and is not a collective proceeding for the purpose of dealing with insolvency, reorganization, or liquidation. As such, the Cayman Proceeding at its present stage falls outside the range of proceedings that Chapter 15 was designed to assist, the Court held. To hold otherwise would be to invite recourse to U.S. bankruptcy courts whenever any foreign corporation sustains losses as a result of officer or director fraud or defalcation, so long as that corporation first commences proceedings in its home jurisdiction seeking to install new fiduciaries and right the wrong that the corporation has suffered, the New York Court stated. Although Chapter 15 is to be applied broadly to provide assistance to a wide variety of foreign proceedings, the proceeding here -- at its present stage -- falls outside the range of types of proceedings that have been found eligible for assistance under Chapter 15, and outside the meaning of applicable provisions of the Bankruptcy Code. Therefore, the Court denied the Chapter 15 Petition, without prejudice to future applications by the JPLs or other authorized representatives if warranted by future developments in the Cayman Proceeding or elsewhere. A full-text copy of the Memorandum of Decision and Order dated Dec. 5, 2022, is available at https://tinyurl.com/4fews2xs from Leagle.com. About Global Cord Blood Corporation Global Cord Blood Corporation is a life sciences enterprise dedicated to the storage of umbilical cord blood stem cells. Leveraging the rapid developments in life sciences research and the increasing popularity and continuous new developments of clinical applications using stem cells, the Company endeavors to provide umbilical cord blood storage services for parents to save cord blood stem cells on behalf of their children, in China and the Asia Pacific regions, to safeguard the lives and health of their newborns. Global Cord sought Chapter 15 protection (Bankr. S.D.N.Y. Case No. 22-11347) on Oct. 7, 2022. At the time of filing, the Debtor had assets and liabilities with unknown value. The Foreign Proceeding is captioned In the Matter of Global Cord Blood Corp., FSD2022-0108 (Cayman Islands). The Debtor's foreign representatives are Margot MacInnis, John Royle, and Chow Tsz. The Foreign Representatives tapped Joshua Dorchak, Esq. at Morgan, Lewis & Bockius LLP, as counsel. ========= I N D I A ========= ACE FOOTMARK: CARE Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ace Footmark Private Limited (AFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.58 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Long Term/ 2.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Short Term Bank 4.20 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 20, 2021, placed the rating(s) of AFPL under the 'issuer non-cooperating' category as AFPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AFPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 6, 2022, August 16, 2022, August 26, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). ACE Footmark Private Limited was incorporated in July 2000 and currently being managed by Mr Arjun Puri, Mr Akash Kapoor and Mr Angad Puri. The company is engaged in the manufacturing of footwear products like hawai slipper, sandal, etc. The manufacturing facility of the company is located in Bahadurgarh, Haryana. The company has its own in-house ethylene vinyl acetate (EVA) compounding unit which produces EVA sheets from EVA granules. The company sells its products under the brand name 'FIZIK' in India through its distributor network. Beside ACE, group also consists of Saraswati Timber Private Limited and Focus Shoes Private Limited. Both are engaged in the manufacturing of footwear. AEQUITAS ESTONES: ICRA Withdraws D Rating on INR20cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Aequitas Estones Private Limited at the request of the company based on the No Objection Certificate received from the banker, and in accordance with ICRA's policy on withdrawal. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 20.00 [ICRA]D; Withdrawn Fund based Term Loan Short Term– Fund based 5.00 [ICRA]D; Withdrawn The Key Rating Drivers, Liquidity Position, Rating Sensitivities and Key Financial Indicator have not been captured as the rated instruments are being withdrawn. AESPL, incorporated in 2018, is involved in manufacturing quartz stones. The manufacturing plant is at APIIC-Building Products (BP) Special Economic Zone at Annangi village, Maddipadu Mandal (near Ongole), Prakasam district, Andhra Pradesh. The commercial operations of the manufacturing facility started on March 29, 2021. The manufacturing unit has an installed capacity of 2,40,000 sq. mt. p.a. The unit was set up at a cost of around INR48.0 crore. It has been funded through a term loan of INR20 crore and promoter funding (equity and interest-free unsecured loans) of INR28 crore. BAG POLY: CARE Keeps B- Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bag Poly International Private Limited (BPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.95 CARE B-/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term 0.50 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 21, 2021, placed the rating(s) of BPIPL under the 'issuer non-cooperating' category as BPIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 7, 2022, August 17, 2022, August 27, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Panipat based Bagpoly International Pvt. Ltd. (BPI) incorporated in 1994 and is currently managed by Mr. Ved Prakash Mittal. BIPL is engaged in the manufacturing of polypropylene (PP) and high-density polyethylene (HDPE) based woven sacks, fabrics and various woven polymer-based packaging products. The manufacturing plant located in Alipur Khalsa. BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Bravo Agencies Private Limited (BAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 27, 2021, placed the rating(s) of BAPL under the 'issuer non-cooperating' category as BAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 13, 2022, August 23, 2022, September 2, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Delhi-based BAPL was incorporated in April 1995. The company is currently promoted by Mr Balwant Jain and Mr Pawan Mittal. BAPL is engaged trading of flat rolled steels like cold rolled steel, hot rolled steel, electrical steel, tin mill products, etc. The warehouses are located at Mundka, Delhi. The company procures steel from various mills throughout the country. The company undertakes only domestic sales wherein it sells the product to various other equipment manufacturers and traders of steel. BROADSOFT TECHNOLOGIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: Broadsoft Technologies Private Limited SKCL Infinte Tower, A21 & A22 Thiru Vi Ka Industrial Estate Guindy, Chennai 600032 Tamilnadu Liquidation Commencement Date: December 9, 2022 Court: National Company Law Tribunal, Coimbatore Bench Insolvency professional: Vasudevan Gopu Interim Resolution Professional: Vasudevan Gopu 18/30, Ramani Street K.K. Pudur, Saibaba Colony Coimbatore 641038 Tamilnadu E-mail: vasudevangopu.ip@gmail.com vasudevanacs@gmail.com Tel: 0422-4347063 Last date for submission of claims: January 8, 2023 CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR857cr Term Loan -------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Chhapra Hajipur Expressways Limited's (CHEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– Fund-based– Term loan 857.00 [ICRA]D reaffirmed Rationale The rating reaffirmation continues to be constrained by the delays in repayment of CHEL's debt obligations. The rated loan has been classified as a non-performing loan by the lenders. Owing to delay in securing right of way (RoW) by the authority and equity infusion, the project got postponed and the company expects to complete the project by March 2023. As of August 2022, 64.89 km (97.23%) of RoW has been handed over to CHEL and 1.85 km is pending for acquisition, which is expected to be descoped. As of August 2022, CHEL achieved cumulative physical progress of 87.54% and cumulative financial progress of 89.16%. The rating continues to note the residual execution risks and susceptibility of its debt coverage metrics to adverse movement in the interest rates. Key rating drivers and their description Credit Strength - NA Credit challenges * Delays in debt servicing: CHEL reported delays in repaying its debt obligations and the rated loan has been classified as a non-performing loan by the lenders. * Delays in project execution: The project execution is deferred by more than 109 months on account of delays in providing RoW by the authority, along with slow pace of execution due to inadequate equity mobilisation. Liquidity position: Poor The liquidity position is poor, as reflected in delays in debt servicing. Rating sensitivities Positive factors – The rating could be upgraded if the company demonstrates track record of timely debt servicing. Negative factors – NA Chhapra-Hajipur Expressways Limited (CHEL) has been incorporated as a special purpose vehicle by Madhucon Infra Limited (MIL) and Madhucon Projects Limited (MPL) to undertake the four-laning of Chhapra to Hajipur section of NH-19 from km 143.200 to km 207.200 in Bihar under NHDP Phase III on Design, Build, Finance, Operate, Transfer (DBFOT) Annuity basis. The total concession period is 15 years including the construction period of 2.5 years. The appointed date for the project was January 27, 2011. The scheduled completion date was July 27, 2013, which got delayed. The project is expected to be completed by March 2023. CHEL will receive a fixed annuity payment of INR65.43 crore semi-annually. ENERGYAN PRIVATE: ICRA Assigns B- Issuer Rating ----------------------------------------------- ICRA has assigned rating to the bank facilities of Energyan Private Limited (EPL), as: Issuer rating: [ICRA]B- (Stable); assigned Rationale The assigned ratings factor in EPL's nascent stage of operations, having begun only in 2022. Accordingly, the company is yet to build up its clientele base and stabilise its operations. The same is expected only over the medium term, supported by the extensive experience of its advisors and their relationships with prospective customers in the targeted business segments. Despite the nascent stage of operations, comfort is drawn from EPL's manufacturing capacity already having been set up, which will support it in scaling up volumes and revenues over the medium term, as and when the order book ramps up, with limited additional investment requirements. Going forward, EPL's ability to improve its scale of operations and profitability, while effectively managing its working capital, will be critical to achieving a self-sustainable level of operations and would, accordingly, be key rating sensitivities. The promoter's ability to support the entity in the meanwhile remains critical, considering that its operations are currently generating losses and financial flexibility is limited at present. Key rating drivers and their description Credit strengths * Manufacturing facility already set up, which will limit capex outgo, going forward: The company currently has 33,000 sq. ft. of manufacturing space in Bangalore, which was commercialised at the start of 2022. Furthermore, there is land available for an additional facility as well, if required. While all of EPL's machinery are currently for manufacturing receivers, the same can be used for manufacturing dryers as well. Generators can also be manufactured at the same unit. For filters, the major component, filter elements, will have to be imported with assembly operations at the facility. Thus, the capex requirement, going forward, is expected to be minimal and can be funded through internal accruals/promoter loans. * Long track record and experience of advisors in the manufacturing industry: The board of advisors of the company have more than 25 years of experience working in related industry segments. The vast experience will help the company in streamlining its operations, as well as developing its client base, leveraging on the existing relationships of the advisors. Credit challenges * Limited track record of operations; client relationships and order book position yet to fructify in a meaningful way: The company commenced operations from 2022 and is in the process of setting up its client base. Given the lead time associated with product manufacturing, testing and approvals, the company is expected to stabilise its client base only over the medium term. Accordingly, ICRA expects the scale up and stabilisation of EPL's operations to be gradual. * Stiff competition from unorganised players limits pricing flexibility: Given the limited product differentiation, which limits client stickiness, EPL faces stiff competition from other unorganised players in the field. This limits its pricing flexibility. * Operations yet to turn profitable given nascent operational stage; promoters' ability to support EPL till its operations scale up to profitable and self-sustaining levels remains critical: With modest scale of operations, which limits its ability to realize scale economies, and its limited pricing power in the market as a new entrant, the company is currently loss-making. While the margins are expected to improve as the scale and pricing power improves and the company engages in some backward integration initiatives, it is likely that it would generate losses over the medium term till operations stabilise. Accordingly, funding support from the promoters would remain critical in the interim to sustain its operations. * Limited financial flexibility: Given the current negative cash accruals and nascent stage of operations, EPL currently has limited financial flexibility. It currently does not have any sanctioned bank lines in place and is dependent on support from the promoters for meeting its funding requirements. Liquidity position: Poor The company's liquidity position is poor with negative cash accruals in FY2022, negligible free cash and bank balance of INR0.1 crore as on March 31, 2022, and no sanctioned bank lines in place currently. As of March 31, 2022, EPL had INR0.15 crore of unsecured loan outstanding from promoters, which are interest free and do not have any fixed repayment terms. Given the nascent stage of operations, the company would remain dependent on funding support from promoters to meet the requirements as and when required, till the company is able to generate positive cash flows. Rating sensitivities Positive factors – ICRA could upgrade the rating if EPL is able to scale up its operations meaningfully and profitably, which supports improvement in its credit profile on a sustained basis. Negative factors – Slower-than-expected ramp up of operations or debt-funded investments, which results in further weakening of EPL's credit profile could exert downward pressure on the rating. Energyan Private Limited (EPL), established in 2021 by Mr. Aniket Gupta who is the founder and promoter, is a manufacturer of compressors, and various types of generators like nitrogen, oxygen and hydrogen generators. It will also execute certain turnkey projects and plan to increase its presence in the hydrogen fuel segment also. The company's manufacturing plant is in Bangalore and has been in operation since the beginning of 2022. FIBREMARX PAPERS: ICRA Reaffirms D Rating on INR32cr Cash Loan -------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Fibremarx Papers Private Limited (FPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 32.00 [ICRA]D Reaffirmed and Fund-based– removed from noncooperating Cash Credit category Long-term 17.50 [ICRA]D Reaffirmed and Term Loan removed from noncooperating category Short-term 2.50 [ICRA]D Reaffirmed and Non-fund Based removed from noncooperating category Rationale The rating of FPPL factors in its poor liquidity position led by high working capital intensity and reflected by over utilisation of working capital limits and low free cash balances. It has a track record of delays in servicing term debt obligations. The company's financial profile is modest owing to weak profitability, high leverage and weak debt coverage metrics, given the underutilisation of expanded capacity that was partly set up through debt funding. The rating also factors in the intensely competitive nature of the paper industry where FPPL operates, thus limiting any meaningful pricing power, especially for any increase in the principal raw material, i.e., wastepaper. The prices of wastepaper have been volatile and are expected to remain so in the medium term. The rating, however, takes comfort from the extensive experience of FPPL's promoters in the paper industry. The established relationships of FPPL with other industry stakeholders are expected to support its business profile in the medium term. Key rating drivers and their description Credit strengths * Experienced management with an established track record in the paper industry: The management of FPPL is well qualified and the promoters have experience of over three decades in the paper industry. The relationships cultivated by the promoters with other industry stakeholders support FPPL's business profile. Credit challenges * Delays in debt servicing and poor liquidity: There have been irregularities in the term loan repayment as well as working capital limits by the company, since its liquidity profile is poor. The same is primarily owing to underutilisation of capacities that were set up through debt funding. * Highly fragmented and intensely competitive industry: FPPL operates in the highly fragmented paper industry characterised by intense competition due to the commoditised nature of the product, which limits its pricing flexibility. Also, numerous small and medium sized players inhibit any pricing power for FPPL. * Profitability exposed to volatility in wastepaper prices and ability to pass on their increase: Wastepaper is the key raw material for the company. Raw material cost forms a major portion of FPPL's average selling price and, thus, the contribution levels remain exposed to the movement in the same. Accordingly, the ability of the company to effectively pass on the increase in the raw material cost to its customers is critical. Liquidity position: Poor The liquidity profile of FPPL is poor with weak cash flows from operations, sustained over utilisation of working capital limits and minimal cash buffer. There have been instances of overdues in certain working capital facilities and delays in servicing term debt obligations. Also, with high repayment obligations for FY2023, the company'sliquidity position is expected to remain under pressure in the near-term. Rating sensitivities Positive factors – ICRA could upgrade FPPL's rating if the company demonstrates a sustainable track record of timely debt servicing with improvement in its liquidity profile. Negative factors – Not applicable FPPL started operations in 2006 to manufacture paper for writing, printing and newsprint. The company's initial production capacity was 33,000 metric tonnes (MT) per annum, which was subsequently increased over the years and is currently 60,000 MT per annum. The company manufactures 60-80 grams per square metre (GSM) of writing paper, 45-50 GSM of newsprint, while its customer mix consists of publishers, retailers and wholesalers. FPPL also has a duplex board paper manufacturing line with an annual production capacity of 48,000 MT, which currently remains unutilized. HOLO PACK: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Holo Pack Securities (HPS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 18, 2021, placed the rating(s) of HPS under the 'issuer non-cooperating' category as HPS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HPS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 4,2022, October 15, 2022, October 24, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Holo Pack Securities was established in the year 2015 and operations were commenced from January 2017. HPS is promoted by Mrs. M.Goda Devi along with her daughter Ms. M.Ramya Lakshmi at G Kondur Mandal, Krishna District (Andhra Pradesh). The firm is engaged in manufacturing of flexible packaging materials along with secured printing. The firm purchases raw materials like polyester, LDPE (Low-density polyethylene), aluminium foils, adhesives and solvents among others from local suppliers. The clientele of the firm covers Andhra Pradesh and Telangana like Virat Crane Industries Limited, PVS Laboratories Limited and KCP Sugar Industries among others. The firm has installed capacity of 2400 tons per annum. JAI KRISHAN: ICRA Withdraws D Rating on INR35cr Long Term Loans --------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Jai Krishan - SVP JV 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 30.00 [ICRA]D; ISSUER NOT Fund based COOPERATING; Withdrawn Term Loan Long Term- 5.00 [ICRA]D; ISSUER NOT Unallocated COOPERATING; Withdrawn JKSVP is a partnership firm jointly promoted by the SVP Group and the Ashok Wadia Group to develop a real estate project at Kaushambi, Ghaziabad (Uttar Pradesh). The SVP Group has interests across residential and commercial real estate, education, liquor, and hospitality sectors. The Ashok Wadia Group has also been involved in the liquor business as well as commercial and residential real estate. The residential real estate project, Delhi Heights (erstwhile Grand Royale), is being developed on a land parcel measuring 1.2 acres. The project is adjacent to Shiromani Sekhari Awas Samiti in Sector 14, Kaushambi, Ghaziabad. Delhi Heights is in the moderate stages of development and is proposed to be constructed with a total of 123 saleable units. KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kaizen Autocars Private Limited (KAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.57 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 28, 2021, placed the rating(s) of KAPL under the 'issuer non-cooperating' category as KAPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KAPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 13, 2022, September 23, 2022, October 3, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). KAPL was incorporated in the year 2013 and is an authorized dealer for the four wheelers of Honda. The company has two showrooms located in Solapur and Latur. KAMAKSHI RAW: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the long-term ratings of Sree Kamakshi Raw and Boiled Rice Mill in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 3.00 [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. Founded in 2000, M/s. Sree Kamakshi Raw and Boiled Rice Mill (SKRBRM) is located in Allipuram village of Nellore District. Mr. K. Suneel Kumar is the managing partner of the firm. The firm has one raw rice mill unit of 4 MTPH and one boiled rice mill unit of 8 TPH capacity. During 2012, the raw rice mill was renovated, and old machineries were replaced. The rice is sold under "Double Hearts" brand. The firm's clients are predominantly located in Kerala, Gujarat, Tamil Nadu and Karnataka. KARVY STOCK: ICRA Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Karvy Stock Broking Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 250.00 [ICRA] D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category Commercial Papers 300.00 [ICRA] D; 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, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The Karvy Group is a business group that spans the financial services spectrum as well as data processing and managing segments. It caters to over 70 million individual investors in various capacities and provides investor services to over 600 corporate houses. Karvy Stock Broking Limited is the broking arm of the Karvy Group. It provides broking and wealth management services to its clients. KGN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of KGN Motors Private Limited (KMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 29, 2021, placed the rating(s) of KMPL under the 'issuer non-cooperating' category as KMPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. KMPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 14, 2022, September 24, 2022, October 4, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 2007 in Pune, Maharashtra, KGN Motors Private Limited (KMPL) is a private limited company promoted by Ms. Hasina Riyaz Inamdar and Mr. Mubin Riyaz Inamdar and is a flagship company of KGN Group. The company is an authorized dealer for trucks and buses of Ashok Leyland Limited (ALL). The company was initially into spares and services business for ALL and subsequently ventured into sales business [3S (sales, spares and services)] for ALL in 2014. MANDAKINI PACHIMATLA: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mandakini Pachimatla (MP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 14, 2021, placed the rating(s) of MP under the 'issuer non-cooperating' category as MP had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MP continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 30, 2022, September 9, 2022, September 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Andhra Pradesh based, Mandakini Pachimatla was established as a proprietorship firm in the year 2016 and promoted by Ms. Mandakini Pachimatla. The firm is engaged in providing ware house on lease rental to Telangana State Civil Supplies Corporation Limited (TSCSCL), Food Corporation of India (FCI) and Cotton Corporation of India (CCI). The property is built on a total land area of 1.70 acres and comprises of 4 godowns, with aggregate storage capacity of around 11000 MT, for food crops like rice, wheat, cotton etc. MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the long-term ratings of Manikanta Cotton Agro Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.84 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 4.66 [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. MCAI was set up as a partnership firm in 2013 by Mr. D. Malla Reddy and Mr. P. Ravinder Reddy and six other partners, with ginning activity as its main operations. MCAI is a TMC unit, involved in extraction of cotton lint and cotton seeds from kapas. The firm has its production facility located at Muthannapeta village, Karimnagar district, Telangana. At present, it is operating 36 gins and one pressing unit with a production capacity of 86,400 bales per annum. The managing partners, Mr. D. Malla Reddy and Mr. P. Ravinder Reddy also serve as managing partners of other textile units namely M/s Saritha Cotton Industries operating with 24 gins, four oil expellers and one pressing machine and M/s Sri Balaji Cotton Industries operating with 40 gins and one pressing unit. MORADABAD BAREILLY: CARE Lowers Rating on INR1,104.91cr Loan to D ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Moradabad Bareilly Expressway Limited (MBEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 93.91 CARE D Revised from CARE BB+; Facilities (i) Stable Long Term Bank 1,104.91 CARE D Revised from CARE BB+; Facilities (ii) Stable Non Convertible 354.01 CARE B+; Stable Revised from Debentures (ii) CARE BB+; Stable Detailed rationale and key rating drivers The revision in the rating assigned to the long-term bank facilities (i) as stated above factors in ongoing delays in servicing of part interest as reported by one of the lenders due to dispute on rate of interest between company and the lender. The revision in the rating for the long-term bank facilities (ii) as stated above and debt instrument are based on CARE Ratings default recognition policy wherein ratings of other bank facilities/instruments shall also revise closer to default category. The rating for the bank facilities (ii) and debt instruments also derives strength from long operational track record, and presence of funded debt service reserve account (DSRA). The ratings continue to factor notable growth in toll collections during FY22(refers to the period April 1 to March 31). Toll revenue in FY23 is expected to be robust due to toll hike supported by favourable whole-sale price index and subside of Covid-19. The rating strengths are however tempered by the inherent revenue risk associated with toll-based road projects, presence of alternate route and Operation and Maintenance (O&M) related risks. Rating sensitivities Positive factors – Factors that could lead to positive rating action/upgrade: * Resolution of dispute w.r.t interest charged by one of the lenders and regularization of debt servicing * Growth of 15%-20% in toll revenue leading to sustained improvement in DSCR level * Completion of major maintenance within envisaged cost and time Negative rating sensitivities - Factors that could lead to negative rating action/upgrade * Significant decline in toll revenue or increase in O&M cost leading to DSCR levels for senior debt below unity. Detailed description of the key rating drivers Key rating weaknesses * Delays reported by one lender w.r.t interest payment: One of the lenders has communicated that there are ongoing delays in servicing interest due to dispute on rate of interest between company and the lender. For the other term lenders and debt instruments, there are no irregularities in debt servicing. However, given the same seniority of all the facilities/instruments, the ratings for such facilities/instruments have also been revised closer to default category in line with CARE Ratings default recognition policy. * Inherent revenue and traffic risks associated with toll-based projects: For any toll project, there is an inherent risk associated with the sustainability and growth of traffic. As the revenue depends upon the traffic that plies on the stretch, the company is exposed to the uncertainties with respect to traffic fluctuations. As the revenue also depends on yearly toll rate revision, the company is exposed to the uncertainties with respect to revenue. However, toll collection reported 2.83% growth during FY22. Favourable WPI and subside of Covid -19 are also expected to augur well for the toll collection. * Exposure to O&M and Major Maintenance risk: Moradabad Bareli Expressway Ltd is exposed to inherent O&M risk elevated by weak credit profile of O&M contractor being group company of IL&FS Transportation Network Ltd (ITNL, rated CARE D Issuer Not Cooperating). The company has started undertaking Major Maintenance in FY20 and the progress has been relatively slower. The MM activity is expected to be completed by FY23. The MM activity is being funded through internal cash generation from the project currently. The company has undrawn limits to fund the MM which however would be released by lenders in case of insufficient cash generation from the project cash flows. Any delay in disbursement of funds towards major maintenance, if required, would impact the major maintenance activity. This along with continued poor Major Maintenance activity may attract penalty if the project stretch is not maintained as per the terms of Concession Agreement. * Weak credit profile of Sponsor group: The shareholding has been transferred to InvIT and with the transfer ITNL directly ceases to be the project sponsor. The role of ITNL has reduced from being sponsor of MBEL to unitholder of InvIT with no role in operations of InvIT as the same would be managed by independent board of investment manager thereby improving corporate governance and better control. While transfer to InvIT has resulted in the company out of various restrictions placed on the IL&FS group entities, the benefits are yet to accrue and remain to be seen. As of now, there has been no liquidity infusion in the entity in any form and manner. Key rating strengths * Favourable location of project: The toll-based nature of the four-lane stretch makes the company susceptible to the uncertain traffic flow and consequent revenue fluctuations. However, the project has witnessed growth in traffic on a y-o-y basis with traffic at stretch almost in line with the initial estimates. The section of project road passes through the Moradabad, Rampur and Bareilly. These districts have very strong interaction with the other parts of UP. Besides intra state traffic of UP, the project road also serves interstate traffic originated from Delhi, Haryana, Uttarakhand and other parts of India. * Reclassified as Green Entity with no change in repayment schedule of Secured Lenders: The company had restructured its debt with all the lenders on August 31, 2019 (without modifying repayment schedule of secured external debt). Pursuant to this, NCLAT vide its order dated September 19, 2019 classified the Company under "Green Category" which means that the company is able to meet financial obligations towards all lenders and operational creditors. Liquidity: Adequate MBEL is generating adequate toll collections and accruals as against principal and interest repayment obligation. The company has DSRA equivalent to 1 quarter debt servicing. The delays reported with one of the lender is due to dispute over interest rate. Incorporated on January 11, 2011 by ITNL, MBEL is engaged in development & operations of widening of the existing two-lane to four-lane on the Moradabad-Bareilly Section of NH-24 from km 148 to km 262 for a total project length of 121 km in the State of Uttar Pradesh under NHDP Phase III on Design, Build, Finance, Operate and Transfer basis for a concession period of 25 years. The project also involved toll collection on the existing two-lane road stretch. Scheduled 4 laning date as per Concession Agreement was 1st June 2013 (appointed date being 4th December 2010). Subsequently, PCOD-I was achieved on January 06, 2015 (for 103.52 Km out of 121 km) and PCOD- II was achieved on November 04, 2015 (for additional 15.3Km). Completion certificate has been issued on August 02, 2019 with COD w.e.f. July 30, 2019 (for complete 121km). MT EDUCARE: NCLT Admits Coaching Firm Under Insolvency Process -------------------------------------------------------------- The Economic Times reports that a bankruptcy court has admitted the listed MT Educare, formerly known as Mahesh Tutorials, into the corporate insolvency resolution process (CIRP) and appointed Ashwin Bhavanji Shah as the interim resolution professional for the Mumbai-based coaching firm. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the company's operational creditor Connect Residuary to initiate the insolvency proceedings, ET relates. The operational creditor had approached the bankruptcy court in November last year after the company defaulted on its dues of about INR5.37 crore. NAGARKURNOOL MUNICIPALITY: ICRA Keeps B+ Long Term Debt Rating -------------------------------------------------------------- ICRA has retained the long-term ratings of Nagarkurnool Municipality in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The NKM, being an ULB, provides civic services to the Nagarkurnool town. Nagarkurnool is a new district formed in October 2016 in Telangana. It was previously in Mahabubnagar district. The town is located at a distance of around 134 km from the state capital, Hyderabad. The major economic activity in the region is agriculture. According to Census 2011, Nagarkurnool covers an area of 5.74 sq. km. and has a population base of 26,801 of which 18% is accounted by slum dwellers. The ULB is governed by the provisions of the Telangana State Municipalities Act, (TSM Act) 1965. The major functions of the NKM involve water supply, solid-waste management, repair and maintenance of roads, street lighting and amenities such as shopping stalls, community hall, playgrounds, parks/gardens, among other civic amenities. The council of the NKM comprising 20 Ward Councillors is headed by a Chairperson. The executive wing is headed by a Municipal Commissioner, who is appointed by the GoTS and is supported by the heads of various departments. ORBIT FABRICS: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Orbit Fabrics Private Limited Block No. 296, N.H. No. 8 Village-Manglej Taluka-Karjan, Vadodara Gujarat 391243 Liquidation Commencement Date: December 8, 2022 Court: National Company Law Tribunal, Vadodara Bench Insolvency professional: Devesh A. Pathak Interim Resolution Professional: Devesh A. Pathak First Floor, 51, Udyognagar Society Near Ayurvedic College Outside Panigate Vadodara 390019 E-mail: maildeveshpathak@rediffmail.com Tel: 0265-2562175/58 Last date for submission of claims: January 7, 2023 PERSPICA NETOWRKS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Perspica Networks Private Limited 8th Floor, New No. 48, Old No. 17, 18 SKCL Harmony Square, Prakasam Street T Nagar, Mambalam Chennai 600017 Tamilnadu Liquidation Commencement Date: December 9, 2022 Court: National Company Law Tribunal, Coimbatore Bench Insolvency professional: Vasudevan Gopu Interim Resolution Professional: Vasudevan Gopu 18/30, Ramani Street K.K. Pudur, Saibaba Colony Coimbatore 641038 Tamilnadu E-mail: vasudevangopu.ip@gmail.com vasudevanacs@gmail.com Tel: 0422-4347063 Last date for submission of claims: January 8, 2023 PINKCITY ELECTRONICS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Pinkcity Electronics Private Limited C-1/1183 Vasant Kunj New Delhi 110070 Liquidation Commencement Date: December 5, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Pradeep Kumar Interim Resolution Professional: Pradeep Kumar 7145, Sector-D, Pocket-7 Vasant Kunj, New Delhi 110070 E-mail: pradeep35in@gmail.com - and - EK-147, Eklavya Vihar Sector-9, Vasundhara Ghaziabad (U.P.) 201012 E-mail: liquidator.pinkcityelectronics@ gmail.com Last date for submission of claims: January 4, 2023 PLAZMA TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Plazma Technologies Private Limited (PTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.63 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated November 1, 2021, placed the rating(s) of PTPL under the 'issuer non-cooperating' category as PTPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 17, 2022, September 27, 2022, October 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 1990, PTPL, formerly known as Plazma Cutting Equipment Private Limited is a Pune-based company, promoted by Mr Hughen Thomas and Mrs. Arudhati Thomas. The company is engaged in the manufacturing of plazma cutting tools and equipment. PRUDHVI CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-Term rating of Prudhvi Constructions Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. PCPL was incorporated as a private limited company in February 2008 which started operations during FY 10. The company is engaged in civil contract works like building construction, road repairs, etc. PCPL has been participating in the tenders for construction works within the Guntur district from agencies like S&E (Rural Works) and NHAI. REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the long-term ratings of Reddy Pharmaceuticals Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 2.70 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 7.30 [ICRA]C; 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. Reddy Pharmaceuticals Limited (RPL) was incorporated in 1996 and has been engaged in trading of pharmaceutical products. The company forayed into manufacturing of Active Pharmaceutical Ingredients (APIs) and Intermediates during FY2017 after taking over an existing facility from Jupiter Biotech Limited in Rudraram, Patancheru Mandal, Telangana. The company is currently manufacturing anti-fungal APIs such as Itraconazole. S.S. KHARDEKAR: CARE Lowers Rating on INR17.17cr Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of S.S. Khardekar India Private Limited (SKIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.17 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable; Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 14, 2021, placed the rating(s) of SKIPL under the 'issuer non-cooperating' category as SKIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SKIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 30, 2022, September 9, 2022, September 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The revision also considers continuing net loss in FY22 as well as a leveraged capital structure as a result of high overall debt vis-à-vis a low net worth base in FY22. Incorporated in 2014, S.S. Khardekar India Private Limited (SSKPL) based in Pune has been engaged in the business of manufacturing of foundry products. The manufacturing facility of SSKPL is located at Sanaswadi, Pune. SHANTOL GREEN: ICRA Withdraws D Rating on INR11.00cr Loans ---------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Shantol Green Energy (India) Pvt. Ltd. at the request of the company and based on the No Objection Certificate received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 2.50 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Withdrawn Fund Based– 8.50 [ICRA]D ISSUER NOT COOPERATING; Term Loan Withdrawn Shantol Green Energy (India) Pvt. Ltd. (SGEPL) (earlier known as Shantol Green Hydro Carbons (India) Pvt. Ltd.), incorporated in August 2011, is promoted by Mr. Shaileshkumar Makadia & Mr. Amit Bhalodi along with the equity ownership from the corporate entity- RNG Finlease Private Limited. SGEPL was formed to set up a green-field unit for pyrolysis of used automobile tyres at Bhilwara, Rajasthan with an installed capacity of 30,000 TPA. Besides SLPL, the promoters also have other group companies engaged in the logistics sector, namely Satkar Terminals (for empty container warehousing, handling, transportation, container survey and repair) and Satkar Air (for air freight forwarding).Mr. P. Periyaswamy of the Lotus Group is the Chairman of the company and is involved in business activities including transportation business, TVS auto dealership, commercial bus-transportation service, financial services etc. Mr. C. Devarajan (Managing Director of URC Construction Ltd.) is the Vice Chairman of the company And Mr. P. Raajasekhar of the Lotus Group is the Managing Director. SHIV BIRI: ICRA Lowers Rating on INR11.10cr Cash Debt to B+ ----------------------------------------------------------- ICRA Ratings has migrated the rating on bank facilities of Shiv Biri Manufacturing Co. Private Limited (SBMCPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.10 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating downgraded Cash Credit from [ICRA]BB- (Stable)and moved to the 'Issuer Not Cooperating' category Short term– 5.00 [ICRA]A4 ISSUER NOT Unallocated COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Rationale As part of its process and in accordance with its rating agreement with SBMCPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. Incorporated in 1999, SBMCPL manufactures biri at Aurangabad in Murshidabad district of West Bengal. It has been promoted by Mr. Jakir Hossain, Mr. Latifuddin and Mr. Mojibur Biswas Rahaman. The company has a significant presence in North India, mainly Haryana, Rajasthan and Delhi, and derives a major portion of its revenues from the region. The company sells biri under the brand names of Shiv Biri, Sathi Biri, Lin Biri and Akash Biri. SHREYANS OILS: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the long-term and short-term ratings of Shreyans Oils Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 6.00 [ICRA]B+(Stable);ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under the ‘Issuer Not Cooperating’ category Unallocated Limits 2.50 [ICRA]B+(Stable)/[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. Shreyans Oils Limited (SOL) was incorporated in 1992 by Mr. Jayant Singh Dullo and others. The company manufactures crude rice bran oil (RBO) and de-oiled rice bran cake (DORBC) at its Ludhiana (Punjab)-based manufacturing facility. The plant has a total installed capacity of 200 metric tonnes per day (MTPD). It is only into solvent extraction and sells the crude oil to the oil refiners to the nearby regions. The company procures rice bran from the rice millers in the near byregions of Punjab and Haryana. SLV POWER: ICRA Lowers Rating on INR104.60cr Term Loan to D ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of SLV Power Pvt Ltd (SLVPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 104.60 [ICRA]D ISSUER NOT COOPERATING; Term Loan Downgraded from [ICRA]B-(Stable) and moved to the 'Issuer Not Cooperating' category Long-term 0.40 [ICRA]D ISSUER NOT COOPERATING; Unallocated Downgraded from [ICRA]B-(Stable) and moved to the 'Issuer Not Cooperating' category Rationale The rating downgrade takes into account the delays in servicing of debt obligations by SLVPPL in the past six months, based on the feedback received from the banker. 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 SLVPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple 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, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. SLVPPL is a private limited company promoted by Yenepoya Energy Private Limited (YEPL) to develop, own and operate a runof-the-river 24 MW hydro power project on the river Aniyur (a tributary of Netravati river) near Neriya village in Dakshina Kannada district. YEPL is part of Yenepoya group of companies promoted by Yenepoya Mohammed Kunhi and Yenepoya Abdulla Kunhi with Yenepoya Abdulla Javeed as director. The company has successfully commissioned the hydropower plant on November 21, 2019 and has a PPA with Mangalore Electricity Supply Company Limited for a period of 35 years at a fixed tariff of INR4.16 per unit. TIRUMALA CASHEW: CARE Lowers Rating on INR15cr LT Loan to B- ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Tirumala Cashew Industries (TCI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 5, 2021, placed the rating(s) of TCI under the 'issuer non-cooperating' category as TCI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TCI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 21, 2022, August 31, 2022, September 10, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of TCI have been revised on account of non-availability of requisite information. Udupi (Karnataka) based Tirumala Cashew Industries (TCI) is a partnership concern established by Mr Yogish Mallya and Ms Priya Mallya on December 10, 1997. The firm is engaged in processing and trading of cashew nuts. The firm procures about 70% of its raw material, the raw nuts, from UAE and West African countries and the cashew kernels are procured from its associate entity, APM Cashew Industries. VAMSADHARA GINNING: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vamsadhara Ginning and Pressing Industries (VGPI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 22, 2021, placed the rating(s) of VGPI under the 'issuer non-cooperating' category as VGPI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VGPI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 7, 2022, September 17, 2022, September 27, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Vamsadhara Ginning & Pressing Industries (VGPI) was established in the year 2016 by seven partners. The firm is engaged in cotton ginning & pressing at its factory located at Piduguralla, Guntur district. The operations started from February 2017 and the firm has its customer presence in Andhra Pradesh and Telangana who purchase cotton lint and cotton seed manufactured by the firm. Mr. Sontineni Venkateswara Rao, the chief promoter and managing partner of this firm since its inception, has 27 years of experience in the line of rice milling and cotton ginning business. He is also having a major stake in the associate concerns, 'Vamsadhara Rice Industries' and 'Vamsadhara Cotton Industries' both located at Janapadu, Andhra Pradesh. VIJAYA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term ratings of Sri Vijaya Lakshmi Raw & Boiled Rice Mill in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 45.00 [ICRA]B+ (Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 3.00 [ICRA]B+(Stable); ISSUER NOT Limits 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 Vijaya Lakshmi Raw & Boiled Rice Mill (SVLRM) was incorporated in the year 1992 and is engaged in the milling of paddy and produces raw and boiled rice. It is promoted by Mr. G. Harinadha Reddy and Mr. G. Veera Raghava Reddy. The company has a milling unit in Nandakuduru (East Godavari district) of Andhra Pradesh with a milling capacity of 172800 MTPA. The firm also has 1MW bio mass power used for captive consumption. VIJIT INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vijit International Private Limited (VIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 24, 2021, placed the rating(s) of VIPL under the 'issuer non-cooperating' category as VIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VIPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 10, 2022, August 20, 2022, August 30, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Vijit International Private Limited (VIPL) was incorporated in October 2000 and it was taken over by Mrs. Prity Sharma and Mr. Madhusudan Agarwalla in July 2015. The company is engaged in trading of iron and steel products like coils, angles, channels, pipes and TMT bar etc. VIMIT METALS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vimit Metals and Infrastructure Private Limited (VMIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.39 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated September 17, 2021, placed the rating(s) of VMIPL under the 'issuer non-cooperating' category as VMIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. VMIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 3, 2022, August 13, 2022, August 23, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Jaipur (Rajasthan) based Vimit Metals and Infrastructure Private Limited (VMIPL), incorporated in May 2008, was promoted by Mr. Arun Sharma along with his son, Mr. Amit Sharma. VMIPL is engaged in the business of manufacturing of Polyvinyl Chloride (PVC), Soil, Waste & Rain Water (SWR), Un-plasticized Poly Vinyl Chloride (uPVC) pipes and fittings that find their end user applications in the irrigation, water management, drainage and sewerage systems. ================= I N D O N E S I A ================= PT KAWASAN INDUSTRI: Fitch Hikes IDR to 'CCC+' on Better Liquidity ------------------------------------------------------------------ Fitch Ratings has downgraded Indonesia-based homebuilder PT Kawasan Industri Jababeka Tbk's (KIJA) Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted Default), from 'C', following the company's announcement that it has completed a bond exchange. Fitch believes this represents a restricted default under its distressed debt exchange (DDE) definition. Fitch Ratings Indonesia has downgraded KIJA's National Long-Term Rating to 'RD(idn)', from 'C(idn)', for the same reason. Subsequently, Fitch has upgraded KIJA's Long-Term IDR to 'CCC+' to reflect the improvement in the company's liquidity following the bond exchange, which has also led Fitch Ratings Indonesia to upgrade KIJA's National Long-Term Rating to 'BB-(idn)' with Stable Outlook. Fitch believes cash on hand and its expectation of neutral free cash flow (FCF) should be sufficient to meet obligations in the next 12-18 months. Fitch has also assigned a 'CCC+' long-term rating to KIJA's new USD185.9 million secured notes due 15 December 2027, with a Recovery Rating of 'RR4', and upgraded the remaining senior unsecured notes of up to USD34.5 million due 5 October 2023 to 'CCC+', from 'C', with a Recovery Rating of 'RR4'. The new 2027 secured notes are issued by KIJA and are guaranteed by certain subsidiaries. The notes are secured by first-ranking mortgages over land parcels of not less than 300 hectares. The remaining 2023 notes are issued by KIJA's wholly owned subsidiary, Jababeka International B.V., and are guaranteed by KIJA and certain subsidiaries. 'BB' National Ratings denote an elevated default risk relative to other issuers or obligations in the same country or monetary union. 'RD' National Ratings indicate an issuer that, in Fitch's opinion, has experienced an uncured payment default on a bond, loan or other material financial obligation but that has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure and has not otherwise ceased business. KEY RATING DRIVERS Exchange Completion is a DDE: Fitch regards KIJA's debt exchange as a DDE, as Fitch believes the amendments constitute a material reduction in original terms and that the transaction aimed to avoid a traditional default. As such, Fitch downgraded the Long-Term IDR to 'RD' on completion of the debt exchange. The subsequent upgrade to 'CCC+' reflects the company's improved liquidity following the exchange. However, headroom is minimal, with the cash balance likely to deplete beyond 12-18 months without additional funds. Improved, but Limited Liquidity: Fitch expects that KIJA will be able to repay the remainder of the 2023 unsecured notes of up to USD34.5 million using a combination of cash on hand and the balance of the loan from PT Bank Mandiri (Persero) Tbk (BBB-/AA+(idn)/Stable). The next significant debt maturity of USD185.9 million has been termed out to 15 December 2027, improving the company's liquidity, but the USD100 million bank loan will start to amortise from 2023 through to 2027 and consists of the bulk of KIJA's debt repayments in the next few years. Fitch forecasts neutral to marginally positive FCF in the medium term, but repayment of the remaining USD34.5 million 2023 notes and the bank loan amortisation will deplete cash reserves in the absence of new debt. Presales to Moderate: Fitch forecasts presales, excluding KIJA's joint venture - PT Kawasan Industri Kendal - to fall by 5% in 2023 to around IDR1.0 trillion on softer economic growth amid rising inflation and interest rates. Fitch estimates presales of IDR1.1 trillion in 2022, improved from IDR994 billion in 2021, after international borders reopened following the Covid-19 pandemic. Industrial land and building sales are likely to account for the majority of presales in the next two years, with affordable homes and commercial land plots making up the balance. Healthy Non-Development Interest Cover: Fitch forecasts non-development EBITDA to reach IDR390 billion in 2022, from IDR287 billion in 2021, due to a higher contribution from the dry port on normalising economic activity, plus steady cash flows at the power plant and estate management services. Following the completion of the bond exchange, KIJA's all-in interest costs will fall due to a lower foreign-currency hedging premium, given fresh hedges on the new 2027 notes using a step-up cost structure. Consequently, non-development EBITDA/interest cost should remain above 1.0x. Kendal Joint Venture Deconsolidated: Fitch has deconsolidated KIJA's 51% joint venture in Kendal to assess KIJA's rating, after proportionately consolidating the joint venture previously. This is because Fitch no longer expects Kendal to pay meaningful dividends to KIJA owing to its development plans. KIJA has not received a dividend from Kendal since the joint venture's inception, which requires the consent of its 49% joint-venture partner, PT Sembcorp Development Indonesia. DERIVATION SUMMARY KIJA's ratings are comparable with those of PT Alam Sutera Realty Tbk (ASRI, B-/Stable), PT Lippo Karawaci TBK (LPKR, B-/BBB-(idn)/Stable) and PT Agung Podomoro Land Tbk (APLN, CCC). KIJA's business profile is similar to that of ASRI, as its smaller presale scale, which is mostly from cyclical industrial land sales, is compensated by the steady cash flow from its non-development sources. Meanwhile, ASRI's residential products exhibit more stable demand, given its established residential townships and product diversity, and support its higher presales scale of around IDR3 trillion. ASRI has a better liquidity position, as it recently bought back most of its 2024 notes via a tender offer, using proceeds from a long-term Rupiah-denominated loan. The tender offer also improved ASRI's funding diversity and reduced foreign-currency risk. LPKR's FCF is weak relative to KIJA, weighed down by high interest costs and overheads relative to its presales scale. However, this is more than offset by better liquidity from a high cash balance, an improving FCF trajectory, and adequate access to domestic banks. APLN one-notch lower rating than KIJA reflects weaker liquidity, in particular to cover interest payments and operating costs at the holding company. The sale of APLN's Central Park Mall in October 2022 reduced immediate liquidity and refinancing pressure, but refinancing risks associated with its USD300 million bond maturing in June 2024, issued by its wholly owned subsidiary, APL Realty Holdings Pte. Ltd., limits upside to the rating. KIJA's National Long-Term rating is higher than that of PT Pan Brothers Tbk (CCC-(idn)) due to the latter's weaker liquidity situation. Pan Brothers' rating reflect the liquidity pressure arising from a significant maturity of its syndication loan in December 2023, following the completion of debt restructuring. In contrast, KIJA's exchange offer substantially alleviates the company's liquidity risk in the next 12-18 months. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer - Presales, excluding the Kendal joint venture, to fall by about 5% to IDR1.0 trillion in 2023 (2022 estimate: IDR1.1 trillion) - Non-development EBITDA of around IDR390 billion in 2022 and IDR370 billion in 2023 - Land banking and capex, excluding Kendal, of around IDR295 billion in 2022 and IDR200 billion in 2023 - Fitch does not assume any dividend income from Kendal in 2022 and 2023, considering its ongoing development plans. KEY RECOVERY RATING ASSUMPTIONS Fitch assumes KIJA will be liquidated in a bankruptcy rather than continue as a going concern, as it is an asset-trading company. - Fitch uses KIJA's financials excluding Kendal to compute liquidation value under a distressed scenario of IDR4.8 trillion as of end-December 2021. - The estimate reflects its assessment of the value of trade receivables at a 75% advance rate, inventory at a 50% advance rate and property, plant and equipment at a 50% advance rate, which primarily comprised of a power plant, dry port and waste water treatment plant. The discount considers the power plant's young age, at less than 10 years, with more than 10 years remaining under its power purchase agreement, and the dry port's strategic location. - Fitch believes the 25% discount over trade receivables is more than sufficient to cover potential bad debt, given KIJA's allowance for bad debt of around 10% of total receivables as of end-2021. - Fitch assigns a 50% advance rates to inventory, which incorporates a substantial discount to market value, as KIJA reports inventory at historical acquisition cost. Fitch also assigns a 50% recovery rate to KIJA's 51% share of the Kendal joint venture, as Kendal's net worth mainly reflects its inventory balance. These assumptions result in a 'RR2' Recovery Rate for the outstanding bonds. Nevertheless, Fitch rates the outstanding bonds at 'CCC+' with a Recovery Rating of 'RR4', because Indonesia falls into Group D of creditor-friendliness under its Country-Specific Treatment of Recovery Ratings Criteria and the instrument ratings of issuers with assets in this group are subject to a soft cap at the company's IDR. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Demonstrated ability to access new debt facilities and maintain a steady cash balance. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Weakened liquidity. LIQUIDITY AND DEBT STRUCTURE Limited Liquidity: KIJA had around IDR1.2 trillion of cash as of end-July 2022, of which the majority sat outside the Kendal joint venture. Combined with its belief that the company will be marginally FCF neutral in 2022-2023, Fitch believes this provides adequate cover over the IDR576 billion in debt due in the next 12 months. The debt comprises mostly of the remaining USD34.5 million (around IDR490 billion) 2023 unsecured notes and amortisation of the Mandiri loan. Fitch forecasts debt amortisation will continue to erode KIJA's cash reserves unless it is able to tap further external financing. ISSUER PROFILE KIJA is an Indonesia-based industrial township developer. The company generates presales from its two flagship projects, Kota Jababeka in Cikarang, West Java, and Kendal, in Central Java. It had over 1,700 hectares of landbank across its two estates at end-2021, which was sufficient for more than 20 years of development. ESG CONSIDERATIONS PT Kawasan Industri Jababeka Tbk's ESG Relevance Score for Management Strategy was revised to '3' from '4' as the company has successfully completed the bond exchange and addressed its material near-term debt maturities. Therefore Management Strategy no longer negatively impacts KIJA's rating. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- PT Kawasan Industri Jababeka Tbk LT IDR RD Downgrade C Natl LT RD(idn) Downgrade C(idn) LT IDR CCC+ Upgrade RD Natl LT BB-(idn) Upgrade RD(idn) senior unsecured LT CCC+ Upgrade RR4 C senior secured LT CCC+ New Rating RR4 Jababeka International B.V. senior unsecured LT CCC+ Upgrade RR4 C ========= J A P A N ========= TOSHIBA CORP: Preferred Bidder May Lower Valuation Below JPY2TT --------------------------------------------------------------- Reuters, citing the Nikkei business daily, reports that Japan Industrial Partners (JIP), the preferred bidder to buy out Toshiba Corp, may lower the valuation from the planned JPY2.2 trillion (US$16.09 billion) to levels below JPY2 trillion. Even though JIP has secured funding worth JPY1 trillion in equity from domestic companies and JPY1.2 trillion in loans from major banks, it may cut the valuation in light of a recent deterioration in Toshiba's earnings and the need for post-buyout working capital, the Nikkei said, Reuters relays. According to Reuters, Toshiba said in a letter to shareholders on Dec. 16 that it was aiming to reach a conclusion with potential partners as soon as possible. It is "planning to receive binding and bona-fide proposal(s) and shall be making strong efforts to arrive at a conclusion as early as possible after necessary negotiations," the letter said. 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 ===================== ATA RANGI: Creditors' Proofs of Debt Due on Jan. 10 --------------------------------------------------- Creditors of Ata Rangi 2015 Limited Partnership and NZ Pastoral Holdings Limited Partnership are required to file their proofs of debt by Jan. 10, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 8, 2022. The company's liquidator is: Diana Matchett BDO Christchurch Awly Building, Level 4 287–293 Durham Street North Christchurch 8013 GSM PROJECTS: Creditors' Proofs of Debt Due on Feb. 3 ----------------------------------------------------- Creditors of GSM Projects Limited and YYS Family Limited are required to file their proofs of debt by Feb. 3, 2023, to be included in the company's dividend distribution. The High Court at Auckland appointed Craig Sanson and Malcolm Hollis of PwC as liquidators on Dec. 9, 2022. GUARDIAN FIDUCIARY: Long-running Legal Case Ended ------------------------------------------------- Hamish McNeilly at Stuff.co.nz reports that along-running legal case against a Dunedin company connected to an international money laundering case is effectively over, with no money recovered. Six years ago, the former Yugoslav Republic of Macedonia sought the liquidation of a Dunedin company, Guardian Fiduciary Trust Ltd in the High Court at Dunedin. That related to an unmade payment of US$1 million, which were the costs awarded to the country by a European-based tribunal, Stuff relates. That followed the arrest of one of the company's directors, Raymond David Finzer, over allegations of money laundering involving Macedonian bank Stopanska Banka, a claim the company denied. In return, it demanded damages of firstly US$600 million and then US$20 million from the Macedonian government. At the heart of the case was the Singapore-based director of Guardian Fiduciary Trust Ltd, Nico Francken, according to Stuff. Mr. Francken, who used to own the luxury lodge Corstorphine House, died in Lower Hutt on April 15. His company, In Fiduciary Services Ltd, provided services to help clients grow their wealth, according to its website. "Advantages of using this jurisdiction are that New Zealand does not look like a 'tax haven' such as BVI (British Virgin Islands), Samoa, Cyprus, Jersey, etc, and that it is generally regarded as a high tax-paying country," the website said. New Zealand was an "excellent jurisdiction" for clients looking to protect their assets, Mr. Francken told Stuff after the Panama Papers - which involved the leak of millions of confidential documents - made international news. "As soon as we discover that any of our clients are involved in illegal money laundering, we terminate the relationship," Mr. Francken told Stuff in a 2016 interview. "The so-called Panama Papers merely confirm it. The fact that there may be some criminals using the possibilities does not change that. "We as a company do not get involved if we detect any form of criminal behaviour such as money laundering, terrorist financing, arms trading, prostitution." This week, the final liquidator report for Guardian Fiduciary Trust Ltd was uploaded to the Companies Office website, Stuff notes. The liquidators noted that one of the difficulties they faced was that while the company was incorporated in New Zealand, its business dealings and key governance was offshore, Stuff says. Mr. Francken was based in Singapore until poor health made him return home in recent years. "The passing of Mr. Francken curtails the realistic avenues available to the liquidators to obtain details of the company's alleged offshore activities, including in the Former Yugoslav Republic of Macedonia, Marshalls Island and elsewhere," the report said. Mr. Francken was also removed as a director of 70 New Zealand domiciled companies. No other claims, apart from the initial US$1 million claim had been lodged with the liquidators, Stuff states. The company was ready to be removed from the New Zealand Register of Companies, with a notice featuring in the Otago Daily Times on Dec. 15. NZ SMOKEFREE: Creditors' Proofs of Debt Due on Feb. 3 ----------------------------------------------------- Creditors of NZ Smokefree Tomorrow Limited are required to file their proofs of debt by Feb. 3, 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: Rachel Mason-Thomas Jeffrey Philip Meltzer Meltzer Mason Chartered Accountants PO Box 6302 Victoria Street West Auckland 1141 OTAUTAHI EARTHMOVING: Creditors' Proofs of Debt Due on Feb. 9 ------------------------------------------------------------- Creditors of Otautahi Earthmoving Limited are required to file their proofs of debt by Feb. 9, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 15, 2022. The company's liquidators are: Geoff Brown Lynda Smart Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 WALTON NO.1: Alison Margaret Lemon Appointed as Liquidator ---------------------------------------------------------- Alison Margaret Lemon of PKF Kerikeri Limited on Nov. 1, 2022, was appointed as liquidator of Walton No. 1 Limited. The liquidator may be reached at: PKF Kerikeri Limited Chartered Accountants 9 Hobson Avenue Kerikeri 0245 ================= S I N G A P O R E ================= BRILLIANT STAR: Final Meeting Set for Jan. 20 --------------------------------------------- Members and creditors of Brilliant Star Shipping Pte. Ltd. will hold their final meeting on Jan. 20, 2023, at 10:00 a.m., at 9 Raffles Place, #19-20 Republic Plaza Tower 2, in Singapore. At the meeting, Cheng Sam Tai Catherine, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FULLERTON CAPITAL: First Creditors' Meeting Set for Dec. 23 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Fullerton Capital Limited will be held on Dec. 23, 2022, at 9:00 a.m. (GMT-4) at the offices of Kroll Advisory (BVI) Limited, 3rd Floor Commerce House, P.O. Box, Road Town, Tortola, VG1110, in British Virgin Islands. Elaine Hanrahan of Kroll Advisory (BVI) Ltd and Patrick Bance of Kroll Pte Ltd were appointed as the Joint Liquidators of the Company on Dec. 12, 2022. FX TRADE: Final Meeting Set for Jan. 20 --------------------------------------- Members and creditors of FX Trade Pte. Ltd. will hold their final meeting on Jan. 20, 2023, at 11:00 a.m., via video conference. At the meeting, Lynn Ong Bee Ling, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HIGHLAND COMMODITIES: Final Meeting Set for Jan. 20 --------------------------------------------------- Members and creditors of Highland Commodities (S) Pte Ltd will hold their final meeting on Jan. 20, 2023, at 11:00 a.m., via Zoom. At the meeting, Seah Chee Wei, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SYSMA PROPERTIES: Final Meeting Set for Jan. 25 ----------------------------------------------- Members and creditors of Sysma Properties Pte. Ltd. will hold their final meeting on Jan. 25, 2023, at 10:00 a.m., at 2 Balestier Road, #03-669, Balestier Hill Shopping Centre, in Singapore. At the meeting, Tan Ching Siew and Tan Jin Jay, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. =========== T A I W A N =========== TAIWAN POWER: To Issue Corporate Bonds Amid Heavy Losses -------------------------------------------------------- Taipei Times reports that Taiwan Power Co plans to issue NT$20.8 billion (US$676.64 million) in unsecured corporate bonds next month to boost its working capital after experiencing heavy losses this year, the state-owned utility said yesterday. The planned bond sale aims to ensure that the company has the working capital needed to maintain an adequate supply of electricity, Taipower said in a statement after its board approved the plan. According to Taipei Times, the debt is to comprise NT$6.4 billion of three-year bonds with a coupon rate of 1.60 percent, NT$8 billion of five-year bonds with a coupon rate of 1.65 percent, NT$3.2 billion of seven-year bonds with a 1.80 percent coupon rate and NT$3.2 billion of 10-year bonds with a coupon rate of 1.90 percent, Taipower said. Taipower's accumulated losses were NT$172.3 billion as of the end of October due to rising international energy prices, especially natural gas, it said, Taipei Times discloses. Due to the war in Ukraine, Taipower in the first 10 months of this year spent NT$500.7 billion on energy, up sharply from the NT$263.5 billion it spent during the same period last year, it said. The utility's soaring costs reflect Taiwan's continued dependence on fossil fuels for its power supply. In the first 10 months, 42.4 percent of Taiwan's electricity was derived from coal and 38.4 percent from natural gas, Taipower data showed. According to the report, Taipower generated 68.7 percent of the country's electricity supply, with the rest coming from private plants that sell their output to Taipower. Data showed that 43.1 percent of Taipower's output came from natural gas and 38 percent from coal. Although Taipower reported accumulated losses of NT$230.2 billion as of the end of October, the figure was lowered to NT$172.3 billion due to a change in accounting standards, the company said. Taipei Times relates that the accumulated losses nonetheless represent more than 50 percent of the company's paid-in capital of NT$330 billion, which led Taipower's board to approve a plan last week, based on the company's charter, to sell NT$150 billion in new shares to boost its paid-in capital. The Ministry of Economic Affairs is likely to purchase all of those shares, Taipower said. Additionally, Taipower's board has also approved a plan to raise the ceiling of the company's capital scale to NT$600 billion, from NT$400 billion, paving the way for the issuance of new shares, Taipei Times relays. The bond issuance increases Taipower's debt, which rose steeply in the first 10 months to NT$2.14 trillion as of the end of October, up from NT$1.82 trillion a year earlier. Of that debt, NT$1.33 billion was short-term, up from NT$1.07 billion a year earlier, the report notes. Taiwan Power Company is a state-owned electric utility providing electricity to Taiwan and off-shore islands of the Republic of China. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***