/raid1/www/Hosts/bankrupt/TCRAP_Public/221223.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, December 23, 2022, Vol. 25, No. 250
Headlines
A U S T R A L I A
BROSA DESIGN: Kogan.com Buys Collapsed Furniture Retailer
CHOPPAIR HELICOPTERS: First Creditors' Meeting Set for Jan. 3
ECOLATERAL: Placed Into Voluntary Administration
METRO FINANCE 2022-1: Moody's Hikes Rating on Class E Notes to Ba2
MITSHABEL PTY: Second Creditors' Meeting Set for Dec. 29
NT PORT: First Creditors' Meeting Set for Dec. 29
PEPPER NC 1: Mortgage Loans No Impact on Moody's B2 on F Notes
RESIMAC BASTILLE 3: Moody's Assigns Ba2 Rating to Class E Notes
XING GROUP: First Creditors' Meeting Set for Jan. 3
ZUCERO PTY: First Creditors' Meeting Set for Dec. 30
C H I N A
SINOSTEEL GROUP: China Approves Baowu Steel's Takeover Deal
TIANQI LITHIUM: Moody's Raises CFR to B2, Outlook Remains Positive
XINHU ZHONGBAO: Fitch Affirms LongTerm Foreign Currency IDR at 'B-'
I N D I A
A.N. CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
ABHINAV STEELS: Liquidation Process Case Summary
AKMB PROJECTS: CARE Lowers Rating on INR3cr LT Loan to B
AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category
AMBE AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
AMERICAN FEED: CRISIL Keeps B Debt Ratings in Not Cooperating
AMPLE TEXTECH: CARE Keeps B- Debt Rating in Not Cooperating
ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
ANJALI INFRATECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
ANJANINANDAN PREMIER: CRISIL Keeps B Rating in Not Cooperating
ANTECH CONSTRUCTION: CARE Lowers Rating on INR17cr LT Loan to B
ATRIA WIND POWER AN: Voluntary Liquidation Process Case Summary
ATRIA WIND POWER KR2: Voluntary Liquidation Process Case Summary
B.P. CONSTRUCTION: CRISIL Keeps B- Debt Rating in Not Cooperating
BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category
BARTRONICS GLOBAL: Liquidation Process Case Summary
BASE PHARMACY: CRISIL Lowers Rating on INR5.78cr Loan to B
BELLATRIX LOGISTICS: Voluntary Liquidation Process Case Summary
BHATIA WINE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BHAWNA HOUSING: CRISIL Keeps B Debt Rating in Not Cooperating
BOMBAY CRIMPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BOSS TECH: CRISIL Keeps B Debt Rating in Not Cooperating Category
BULANDSHAHR ROLLER: CARE Keeps B- Debt Rating in Not Cooperating
BYJU'S ALPHA: Oaktree SCF Marks $4.9M Loan at 27% Off
C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating
CCFID FINANCE: Voluntary Liquidation Process Case Summary
CRESCENT TANNERS: CARE Keeps B- Debt Rating in Not Cooperating
EAST END: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ECTOSENSE INDIA: Voluntary Liquidation Process Case Summary
ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
EXPLICIT LEATHERS: CRISIL Keeps B Debt Rating in Not Cooperating
G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
GENUINE BUILDWELL: Voluntary Liquidation Process Case Summary
GOGOAL HYDRO: CARE Lowers Rating on INR13cr LT Loan to B-
GPR RESOURCES PRIVATE: Liquidation Process Case Summary
GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating
GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating
HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
HELIOS AND MATHESON: CRISIL Keeps D Ratings in Not Cooperating
HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating
HILL CREST: CARE Lowers Rating on INR64.39cr LT Loan to B-
HIM MEC TEC: Insolvency Resolution Process Case Summary
HPT CONSULTING: Voluntary Liquidation Process Case Summary
INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating
J.M.D. LAXMI: CRISIL Keeps D Debt Ratings in Not Cooperating
JAGRATI TRADE: CARE Keeps B-/A4 Debt Rating in Not Cooperating
JASHANK IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category
KAMACHI INDUSTRIES: Liquidation Process Case Summary
KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating
KATARE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
KAUR SAIN: CRISIL Keeps D Debt Ratings in Not Cooperating
KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
KAVERI GAS: Liquidation Process Case Summary
KETHOS TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
KPR SILKS LIMITED: Insolvency Resolution Process Case Summary
KRISHNA SAHIL: CARE Lowers Rating on INR9.25cr LT Loan to C
KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating
LAKSHMI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
M. D. ESTHAPPAN: CRISIL Lowers Rating on INR18.75cr Loan to D
MAHALAKSHMI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating
MILLENIUM SOFT: Liquidation Process Case Summary
MS HANDLOOM: CARE Keeps B- Debt Rating in Not Cooperating
NATIONAL AUTO: Insolvency Resolution Process Case Summary
NOBLE STEELS: Insolvency Resolution Process Case Summary
PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
PRANAV FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SANT LAL AND SONS: Insolvency Resolution Process Case Summary
SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVAM STEELS: CRISIL Reaffirms BB+ Rating on INR30cr Loan
SMRITI APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYA IRRIGATION: Insolvency Resolution Process Case Summary
VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating
VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VIBRANT FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
VINDHYAVASINI CORP: Liquidation Process Case Summary
VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating
WINDCASTLE EXPORTS: Liquidation Process Case Summary
ZENITH STRIPS: CRISIL Keeps D Debt Ratings in Not Cooperating
J A P A N
TOSHIBA CORP: Preferred Bidder to Seal Loan Deal This Week
N E W Z E A L A N D
BLUESTONE NZ 2022-2: S&P Assigns B(sf) Rating on Class F Notes
ELF LANDSCAPING: Creditors' Proofs of Debt Due on Jan. 31
HUM HOSPITALITY: Court to Hear Wind-Up Petition on Feb. 3
MODERN HAIR: Creditors' Proofs of Debt Due on Feb. 3
MONSTER CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 23
SMILING FACE: Creditors' Proofs of Debt Due on Feb. 7
P H I L I P P I N E S
PLDT INC: Faces US Law Firms Probe Over Budget Overrun Losses
PLDT INC: Sell-Off Wipes Out P62B in Market Value in a Single Day
PLDT INC: To Reduce Capex in 2023 as it Tackles Overspending
S I N G A P O R E
BEIJING CO-INVESTMENT: Creditors' Proofs of Debt Due on Jan. 25
CHINA LOGISTICS: Creditors' Proofs of Debt Due on Jan. 25
LAO V: Creditors' Proofs of Debt Due on Jan. 25
LAOF IV: Creditors' Proofs of Debt Due on Jan. 25
VERTEX ASIA: Creditors' Proofs of Debt Due on Jan. 25
S R I L A N K A
SRI LANKA: National Consumer Price Inflation Eases to 65% in Nov.
SRI LANKA: Official Creditor Committee Yet to Form
- - - - -
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A U S T R A L I A
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BROSA DESIGN: Kogan.com Buys Collapsed Furniture Retailer
---------------------------------------------------------
Alex Turner-Cohen at news.com.au reports that an online furniture
company that collapsed last week has been saved in a last minute
rescue just eight days later.
Popular furniture and home decor retailer Brosa had been struggling
ever since Covid-19 lockdowns and restrictions ended, with their
sales suffering as a result.
On Dec. 14, Brosa went into voluntary administration, appointing
Richard Tucker and Michael Korda of KordaMentha as voluntary
administrators.
The failed company, however, has been bought out after a bidding
war ensued between 30 interested parties, news.com.au says.
According to news.com.au, Australian online retail giant Kogan.com
purchased Brosa for an undisclosed amount and has been hailed as a
"white knight" by administrators.
It is understood that Kogan.com will keep operating the Brosa
website and will deliver products to customers who have already
paid, as long as they have the stock, news.com.au relates.
"Kogan.com will contact these customers about delivery arrangements
in the coming weeks," according to a statement from
administrators.
This will begin in the new year, news.com.au relays.
News.com.au notes that administrators are now focusing on ensuring
Brosa's employees get paid.
There are reportedly more than 60 workers at the firm, who were
left up in the air right before Christmas.
"The sale of Brosa is a fantastic outcome for the creditors of
Brosa," news.com.au quotes Mr. Tucker as saying.
Brosa Design is a Melbourne-based digital furniture and homewares
retailer. The start-up was launched by CEO Ivan Lim along with
co-founders David Wei and Richard Li in 2014.
CHOPPAIR HELICOPTERS: First Creditors' Meeting Set for Jan. 3
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Choppair
Helicopters Pty Ltd will be held on Jan. 3, 2023, at 2:00 p.m. via
teleconference facilities.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Dec. 19, 2022.
ECOLATERAL: Placed Into Voluntary Administration
------------------------------------------------
David Adams at SmartCompany reports that one of Australia's oldest
eco-friendly retailers has collapsed into administration, but
Ecolateral CEO Jamie Stott is hopeful its flagship store could be
revitalised under new ownership.
Taking to social media on Dec. 21, Ms. Stott confirmed the decision
to put Ecolateral into voluntary administration on Dec. 19 after an
"incredibly challenging 12-month period" for the retailer.
Around a dozen staff across Ecolateral's original Blackwood store
and Magill, St Morris, and Adelaide CBD outlets have been laid off
in the collapse, SmartCompany relates.
The Ecolateral webstore is also offline. It now presents a message
which says: "We've been trying to save the world but right now, we
have to take some time to focus on saving ourselves."
Founded in 1996 as the Waste Not Want Eco Shop, Ecolateral grew
into one of the state's premiere retailers of sustainable gifts,
personal care products in a bulk refillable format, and other
household goods.
In 2019, the company said it carried 3,500 products spanning more
than 200 suppliers.
According to SmartCompany, Ecolateral even made a considerable
expansion in 2021 with the addition of its Adelaide CBD store,
nestled just off the main Rundle Mall shopping strip.
But the company was open about its financial struggles in the weeks
leading to its collapse, and it was forced to close its Blackwood
store at the start of December.
"As Australia's longest-running eco store we've been nailing
environmental sustainability for a long time," the company told
supporters on Instagram earlier this month, SmartCompany relays.
"Where we are struggling right now is in the area of financial
sustainability, and this has been the case for most of 2022."
Clifton Hall's Daniel Lopresti, who was appointed as voluntary
administrator, told SmartCompany he is still assessing the precise
circumstances leading to Ecolateral's collapse.
However, he did confirm an interested party had considered
acquiring the original Blackwood location prior to his
appointment.
"We'll obviously continue those discussions, and if an arrangement
can be agreed, we're certainly happy to try and facilitate a sale
to at least keep that store operating," SmartCompany quotes Mr.
Lopresti as saying.
Commenting generally on the growing eco-retailing market, Mr.
Lopresti said some consumers are "prepared to pay a premium for
sustainable products", but rising interest rates and a souring
economic outlook may push some households towards cheaper
substitutes.
While the future of Ecolateral is uncertain, Ms. Stott encouraged
supporters to continue supporting eco-friendly businesses.
"Keep striving to reduce your impact on the planet, always act with
compassion and be an agitating force in the lives of the companies
and governments that would choose greenwashing and unsustainable
practices," she said.
METRO FINANCE 2022-1: Moody's Hikes Rating on Class E Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Metro Finance 2022-1 Trust.
The affected ratings are as follows:
Issuer: Metro Finance 2022-1 Trust
Class B Notes, Upgraded to Aa1 (sf); previously on Feb 17, 2022
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to A1 (sf); previously on Feb 17, 2022
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to Baa1 (sf); previously on Feb 17, 2022
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Feb 17, 2022
Definitive Rating Assigned Ba2 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.
Following the November 2022 payment date, the credit enhancement
available for the Class B, Class C, Class D, and Class E Notes has
increased to 10.6%, 6.8%, 5.3%, and 2.3%, respectively, from 8.2%,
5.3%, 4.1%, and 1.8% at closing.
As of end-October 2022, 0.2% of the outstanding pool was 30-plus
day delinquent, and 0.02% was 90-plus day delinquent. The
portfolio's gross and net losses to date are the same, at 0.04% of
the original pool balance, which have been covered by excess
spread.
Based on the observed performance to date and loan attributes,
Moody's has updated its expected default assumption to 2.25% of the
current pool balance (equivalent to 1.7% of the closing pool
balance). At deal close, Moody's expected default assumption was
2.25% of closing pool balance.
Moody's has maintained the Aaa portfolio credit enhancement at
15%.
The transaction is a cash securitisation of auto and equipment
loans and leases originated by Metro Finance Pty Limited and
extended to prime commercial obligors located in Australia.
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
MITSHABEL PTY: Second Creditors' Meeting Set for Dec. 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of Mitshabel Pty
Ltd has been set for Dec. 29, 2022, at 3:00 p.m. at Level 1, 160
Pacific Highway in Charlestown and via virtual meeting facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 28, 2022, at 4:00 p.m.
Jeffrey Allan Shute of Shaw Gidley was appointed as administrator
of the company on Nov. 22, 2022.
NT PORT: First Creditors' Meeting Set for Dec. 29
-------------------------------------------------
A first meeting of the creditors in the proceedings of NT Port and
Marine Pty Ltd will be held on Dec. 29, 2022, at 11:00 a.m. via
virtual meeting only.
Travis Anderson and Matthew Donnelly of Deloitte Financial Advisory
were appointed as administrators of the company on Dec. 16, 2022.
PEPPER NC 1: Mortgage Loans No Impact on Moody's B2 on F Notes
--------------------------------------------------------------
Moody's Investors Service announced that the purchase of AUD37.6
million of mortgage loans into Pepper NC Mortgage Revolver Trust
No. 1 on December 16, 2022 (the Substitution) would not, in and of
itself and as of this point in time, result in a reduction,
placement on review for possible downgrade or withdrawal of Moody's
current rating of the Mezzanine Notes issued by Permanent
Custodians Limited, in its capacity as trustee of Pepper NC
Mortgage Revolver Trust No.1.
Current ratings of the notes are as follows:
Class B Notes, currently rated Aa2 (sf)
Class C Notes, currently rated A2 (sf)
Class D Notes, currently rated Baa2 (sf)
Class E Notes, currently rated Ba2 (sf)
Class F Notes, currently rated B2 (sf)
The AUD750.0 million Class A Notes and the AUD7.9 million Class G
Notes are not rated by Moody's.
The revised pool has a current weighted average loan-to-value ratio
of 66.7% and seasoning of 15.0 months.
Moody's Aaa MILAN credit enhancement — representing the loss that
Moody's expects the portfolio to suffer in the event of a severe
recession scenario — is 13.3%. Moody's expected loss assumption
for the pool is 1.6%.
The transaction is supported by a mezzanine liquidity reserve which
covers three months of mezzanine notes interest payments, with a
floor of AUD250,000.
The transaction is a securitisation backed by a revolving warehouse
facility sponsored by Pepper Money Limited (Pepper, unrated). The
underlying portfolio is a portfolio of non-conforming and prime
Australian residential mortgage loans originated by Pepper
Homeloans Pty Limited (Pepper Homeloans, unrated) and serviced by
Pepper.
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
RESIMAC BASTILLE 3: Moody's Assigns Ba2 Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service announced that the term out and
reallocation of mortgage loans into RESIMAC Bastille Trust -
Warehouse Series No. 3 on December 15, 2022 (the substitution)
would not, in and of itself and as of this point in time, result in
a reduction, placement on review for possible downgrade or
withdrawal of Moody's current ratings of the notes issued by
RESIMAC Bastille Trust - Warehouse Series No.3.
Current ratings of the notes are as follows:
Class A2 Notes, currently rated Aaa (sf)
Class B Notes, currently rated Aa2 (sf)
Class C Notes, currently rated A2 (sf)
Class D Notes, currently rated Baa2 (sf)
Class E Notes, currently rated Ba2 (sf)
The revised pool has a weighted-average current loan-to-value ratio
of 70.9% and weighted-average seasoning of 11.5 months. The pool
includes loans extended to borrowers with prior adverse credit
history (3.8%) and loans underwritten on an alternative
documentation basis (91.3%).
Moody's Aaa MILAN credit enhancement - representing the loss that
Moody's expects the portfolio to suffer in the event of a severe
recession scenario — is 14.0%. Moody's expected loss assumption
for the pool is 1.7%.
The transaction is a securitisation of a revolving portfolio of
non-conforming and near-prime Australian residential mortgage loans
originated and serviced by RESIMAC Limited.
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.
XING GROUP: First Creditors' Meeting Set for Jan. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Xing Group
Holdings Pty Ltd (formerly trading as Xing Technologies) will be
held on Jan. 3, 2022, at 10:00 a.m. at the offices of Mcleods
Accounting at Level 9, 300 Adelaide Street in Brisbane.
Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Dec. 19, 2022.
ZUCERO PTY: First Creditors' Meeting Set for Dec. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of Zucero Pty
Ltd, Zucero Therapeutics Limited and Progen Pg500 Series Pty Ltd
will be held on Dec. 30, 2022, at 10:00 a.m. at Vincents –
Sydney, Level 14, 25 Martin Place in Sydney.
Henry McKenna and Steven Staatz of Vincents were appointed as
administrators of Zucero Pty et al. on Dec. 17, 2022.
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C H I N A
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SINOSTEEL GROUP: China Approves Baowu Steel's Takeover Deal
-----------------------------------------------------------
Nikkei Asia reports that the world's largest steelmaker officially
became bigger Dec. 21 after Chinese authorities approved China
Baowu Steel Group's takeover of compatriot Sinosteel Group.
Nikkei relates that Baowu Steel absorbs Sinosteel's prowess in
resource development and importing of raw materials. The addition
of Sinosteel's mining assets will boost Baowu's global competitive
advantage.
The absorption, announced by China's State-owned Assets Supervision
and Administration Commission (SASAC), represents the latest in a
series of purchases by Baowu Steel, the report says.
Sinosteel's predecessor was founded in 1980, according to Chinese
media. Sinosteel's core businesses are mainly in supplying
steelmaking technology and in importing resources. The company
entered into manufacturing of steel products through group
companies.
Sinosteel later expanded its offshore resource businesses to secure
more material. The state-owned enterprise is developing an iron ore
mine in Cameroon, for one.
But the rush of investments in offshore resources led to a mountain
of debt, the report notes. Sinosteel ran into financial problems in
2014 and began restructuring its liabilities.
Under the guidance of SASAC, Baowu took Sinosteel under its
managerial custody in October 2020, recalls Nikkei. The integration
on Dec. 21 officially places Sinosteel under Baowu's umbrella.
Baowu itself is the product of a 2016 merger between Baosteel Group
and Wuhan Iron and Steel. The state-owned steelmaker went on to
acquire targets such as Magang and TISCO on the road to becoming
the world's top producer of crude steel by volume, Nikkei adds.
TIANQI LITHIUM: Moody's Raises CFR to B2, Outlook Remains Positive
------------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 Tianqi Lithium
Corporation's corporate family rating.
The outlook remains positive.
"The upgrade of Tianqi Lithium's rating reflects the strengthening
of its capital structure after its second listing in Hong Kong and
the subsequent material debt repayments over the past six months.
In addition, Moody's expect that the company, supported by
favorable industry fundamentals, will continue to generate good
operating cash flow," says Gerwin Ho, a Moody's Vice President and
Senior Credit Officer.
"The positive outlook reflects Moody's expectation that if Tianqi
Lithium continues its strong operating performance in terms of
revenue and profitability, as well as prudent financial management,
these factors could sustain the improvement in its credit profile,"
says Ho.
RATINGS RATIONALE
Tianqi Lithium's B2 rating considers the company's solid position
in the lithium chemical industry and good profitability, which are
driven by its supply of low-cost lithium minerals.
However, the company's rating also reflects its volatile operating
performance, and the company is yet to demonstrate a track record
of prudent financial management.
The company's rating is also constrained by its product
concentration in lithium minerals and lithium chemicals, exposure
to regulatory risks and low effective ownership of its upstream
lithium mineral business.
Tianqi Lithium's leverage rose significantly following its
acquisition of a 23.8% stake in Sociedad Quimica y Minera de Chile
S.A. (SQM, Baa1 stable) in December 2018, which brought its total
stake in SQM to 25.9%. Tianqi Lithium's stake in SQM reduced to
22.2% as of the end of June 30, 2022, a decline that partly
reflected SQM's capital increase in April 2021.
Moody's expects Tianqi Lithium's financial leverage — as measured
by total debt to EBITDA and with SQM accounted for on an equity
method basis — to remain below 1.0x over the next 12-18 months,
similar to the level the agency expects in 2022. The continued
strong leverage will be supported by an increase in EBITDA and a
steady level of debt.
The company's EBITDA increase is mainly attributable to a rise in
lithium chemical sales volumes, which reflect growth in demand for
lithium chemicals driven by higher end-market demand, mainly
relating to electric vehicles. Moody's expects end-market demand
related to electric vehicles to remain robust, reflecting the rise
in electric vehicle penetration globally.
Moody's expects Tianqi Lithium's revenue to rise about 15%-17% over
the next 12-18 months from the level the agency expects in 2022 to
about RMB44 billion-RMB46 billion, mainly reflecting higher lithium
chemical sales volumes driven by continued strong demand.
Likewise, the company's profitability, as measured by the EBITDA
margin, will remain broadly stable at around 82%-84% over the next
12-18 months as compared with the level the agency expects in 2022,
mainly reflecting broadly stable average lithium chemical prices.
Tianqi Lithium's effective stake in its upstream lithium mineral
resource, the Greenbushes mine in Australia, reduced to 26% from
51% following IGO Limited's attainment of a 49% stake in Tianqi
Lithium Energy Australia Pty Ltd (TLEA) in 2021. However, Tianqi
Lithium has retained control over a majority of TLEA's board member
appointments, which tempers the risks associated with its lower
stake in, and access to, its subsidiary's cash flow. Revenues from
the sale of lithium mineral from the Greenbushes mine made up 31%
of Tianqi Lithium's consolidated revenue during the first six
months of 2022.
Tianqi Lithium's liquidity is very good. Moody's expects that the
company's cash holding of RMB6.7 billion as of September 30, 2022
and projected operating cash flow over the next 12 months will be
sufficient to cover its short-term debt of RMB6.4 billion, capital
spending and dividend payments over the same period. In July, the
company completed its second listing on the Stock Exchange of Hong
Kong and raised net proceeds of about HKD13 billion. In the same
month, the company used proceeds from its second listing to repay
the outstanding borrowings related to its SQM investment of HKD8.9
billion. In November, it also repaid its USD300 million bond that
matured in the same month.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
ESG considerations have a very highly negative credit impact on
Tianqi Lithium. This mainly reflects the company's very highly
negative exposure to governance risk because of its aggressive
financial policy and weak management track record. The company's
exposure to highly negative environmental and moderately negative
social risks reflects the wider chemical industry's exposure to
environmental and social risks and its exposure to lithium
chemicals.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's could upgrade the rating if Tianqi Lithium (1) demonstrates
a track record of prudent financial management in terms of
investments, acquisitions and shareholder distributions, (2)
sustains its solid operations in terms of revenue and
profitability, supported by a favorable industry environment, and
(3) maintains a strong liquidity position.
On the other hand, Moody's could revise the outlook to stable if
(1) the company's operating performance weakens meaningfully or (2)
its financial policy becomes more aggressive in terms of
investment, acquisitions or shareholder distributions as the
company pursues growth in scale and market position.
The principal methodology used in this rating was Chemicals
published in June 2022.
Headquartered in Chengdu, Sichuan Province, Tianqi Lithium
Corporation is a lithium chemical producer that mines, makes and
sells lithium minerals and lithium chemicals. The company was
listed on the Shenzhen Stock Exchange in August 2010 and the Stock
Exchange of Hong Kong in July 2022.
XINHU ZHONGBAO: Fitch Affirms LongTerm Foreign Currency IDR at 'B-'
-------------------------------------------------------------------
Fitch Ratings has affirmed China-based Xinhu Zhongbao Co., Ltd.'s
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-',
with a Stable Outlook. The affirmation reflects the company's
stable financial profile and its ability to generate cash from
operations to reduce leverage amid the sector's volatile operating
and financing environment. The rating is constrained by its
financial flexibility and small scale.
KEY RATING DRIVERS
Adequate Short-Term Debt Coverage: Xinhu Zhongbao has CNY7.7
billion of bonds maturing or puttable in 2023. Fitch believes it
has sufficient unrestricted cash and unpledged listed investments,
as of end-September 2022, to repay or refinance CNY1.2 billion of
onshore corporate bonds, CNY1.5 billlion of offshore bonds maturing
in 2023, and CNY1.4 billion of offshore bonds puttable in 2023. It
also has CNY3.6 billion of onshore bonds puttable in 2023, which
can be covered by the secured financial assets. However, the
volatility of the investments' market value may affect its
liquidity buffer.
Debt Reduction: Xinhu Zhongbao reduced its total debt by CNY8.9
billion to CNY33.9 billion during 9M22. It also repaid CNY2.4
billion of capital market debts so far in 2022, mainly through
internal cash generation from contracted sales. Fitch expects the
company to continue to reduce total debt in 2023 with cash from
operations and disposal of financial assets. Its leverage, as
measured by net debt/net property assets, should fall below 60% in
2022-2023, from around 70% at end-2021.
Fitch continues to apply a 60% haircut to Xinhu Zhongbao's listed
equity investments, mainly in Greentown China, Hangzhou Honghua
Digital Technology Ltd, Xiangcai Securities Co., Ltd., Shengjing
Bank, and China CITIC Bank Corporation Limited (BBB/Stable). The
value of these investments has been adjusted to reflect recent
market volatility that has affected their prices.
Reduction in Scale: Xinhu Zhongbao's operating scale is small
compared to its peers, and Fitch expects its consolidated
contracted sales to drop by 20%-30% yoy in 2022. Fitch expects the
magnitude of its sales decline to still be lower than that of most
privately-owned developers, as demand for its redevelopment
projects in Shanghai remains solid.
Fitch believes Xinhu Zhongbao's consolidated contracted sales are
likely to stablise at CNY15 billion-20 billion in 2023, supported
by new project launches, including its Shanghai redevelopment
projects. There are, however, uncertainties as to whether the
company can sustain its scale after the Shanghai projects are
completed, by 2025-2026.
Parent and Subsidiary Linkage: Zhejiang Xinhu Group has a 40.18%
equity stake in Xinhu Zhongbao. Intragroup asset transfers have
taken place, and they have common control of subsidiaries Xiangcai
Securities Co., Ltd. and Xinhu Holding Co., Ltd. The two entities
have some management overlap, and Xinhu Zhongbao also provides some
financial guarantees to the parent. Fitch assesses the standalone
credit profile of Zhejiang Xinhu to be the same as that of Xinhu
Zhongbao, despite Zhejiang Xinhu having higher leverage than Xinhu
Zhongbao.
DERIVATION SUMMARY
Xinhu Zhongbao's ratings are constrained by its financial
flexibility and scale. In terms of liquidity and refinancing risks,
Xinhu Zhongbao and Hopson Development Holdings Limited (B+/Stable)
both have cash and liquidity resources to cover their short-term
capital market debt, but Hopson's liquidity buffer is higher. It
reported unrestricted cash of HKD15.6 billion, covering short-term
capital market debt of HKD2.7 billion, as of end-June 2022. Xinhu
Zhongbao's attributable sales scale of around CNY15 billion is much
smaller than Hopson's, at around CNY30 billion.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- New land acquisitions of about CNY1 billion-1.5 billion in
2022-2024
- Total contracted sales of around CNY15 billion per annum in
2022-2024
- Development gross profit margin of around 30%-40% in 2022-2024
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Annual attributable contracted sales sustained above CNY25
billion
- Net debt/net development-property assets sustained below 60%
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- No stabilisation in contracted sales or cash collection
- Deterioration in liquidity or funding access for Xinhu Zhongbao
and/or its parent Zhejiang Xinhu
LIQUIDITY AND DEBT STRUCTURE
Manageable Liquidity: Xinhu Zhongbao reported total cash of CNY10.2
billion against short-term debt of CNY14.3 billion (including bonds
puttable within a year) as of end-September 2022. Among the
short-term maturities, about CNY5.3 billion are onshore bank loans,
CNY1.8 billion are offshore bank loans, CNY6.4 billion are capital
market debts, and CNY0.8 billion are other loans.
Fitch believes the company may need to repay CNY2.7 billion of
capital market debt maturing in 2023 and CNY1.4 billion of offshore
bonds puttable in 2023 from its cash on hand or liquidation of
financial investments. As of end-September 2022, it also had about
CNY3 billion of onshore bonds puttable in a year, which can be
covered by the liquidation of financial assets pledged against
them.
Xinhu Zhongbao also has about CNY3 billion of other loans that are
secured by assets, CNY5.2 billion of onshore bank loans, and CNY2
billion of offshore bank loans due in 2023, which are mostly
secured and can be rolled over. It may repay construction loans
with sales proceeds.
The company issued USD150 million of senior notes in June 2022,
which mature in 2025.
ISSUER PROFILE
Xinhu Zhongbao has been listed on the Shanghai Stock Exchange since
1999. It focuses on property development in the Yangtze River
Delta, with a few redevelopment projects at Shanghai Inner Ring
Road. It also has substantial non-property equity investments.
ESG CONSIDERATIONS
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 Prior
----------- ------ -----
Xinhu Zhongbao
Co., Ltd. LT IDR B- Affirmed B-
=========
I N D I A
=========
A.N. CONSTRUCTIONS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.N.
Constructions (ANC) continue to be CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 0.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ANC for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ANC, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANC
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
ANC continues to be CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating.
ANC was established as partnership firm in 2009. It is engaged in
civil construction work and act as railway contractor for south
central railway. It executes work contracts involving mechanical,
steel structural fabrication and erection, minor bridges,
platforms, etc for central and south central division of Indian
Railways (IR). It is based in Namakkal- Tamilnadu and owned by Mr
C. Senthilkumar and other 4 partners.
ABHINAV STEELS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Abhinav Steels and Power Limited
401 Mahavir Ji Complex
LSC, Rishabh Vihar
New Delhi, DL 110092
IN
Liquidation Commencement Date: September 2, 2022
Court: National Company Law Tribunal, New Delhi Bench
Date of closure of
insolvency resolution process: September 26, 2022
Insolvency professional: Debashis Nanda
Interim Resolution
Professional: Debashis Nanda
Flat No. CS-14, C-Floor
Ansal Plaza, Vaishali
Ghaziabad, Uttar Pradesh 201010
E-mail: dnanda.cma@gmail.com
liquidator.abhinavsteel@gmail.com
Last date for
submission of claims: October 26, 2022
AKMB PROJECTS: CARE Lowers Rating on INR3cr LT Loan to B
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
AKMB Projects Private Limited (APPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 7.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 23,
2021, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL 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. APPL
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 19, 2022, August 29,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
The ratings assigned to the bank facilities of APPL have been
revised on account of non-availability of requisite information.
Kolkata based, AKMB Projects Private Limited (APPL) was
incorporated on May 21, 2010. Since its inception, APPL has been
engaged in civil construction business in the segments like railway
projects, construction of roads, bridges etc. The company procures
orders through tender and executes orders floated by the various
Govt. entities.
AMB FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AMB Food
Products (AFP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.25 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 26,
2021, placed the rating(s) of AFP under the 'issuer
non-cooperating' category as AFP 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. AFP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 11, 2022, September 21, 2022, October
1, 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).
Indore-based (Madhya Pradesh) AFP was established in 2015 as a
partnership firm by four partners to undertake a green field
project for manufacturing of sweets, namkeen and fast food
primarily pizza, sandwich, franky and burger. AFP was setting-up a
new plant in Indore (Madhya Pradesh) with a proposed installed
capacity of manufacturing 1200 (MTPA) Metric Tonnes Per Annum of
sweets and namkeen.
AMBE AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ambe Agro
Industries Limited (AAIL) continue to be CRISIL B/Stable Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Working 8.5 CRISIL B/Stable (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with AAIL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AAIL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAIL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
AAIL continues to be CRISIL B/Stable Issuer Not Cooperating.
For arriving at its rating, CRISIL Ratings has combined the credit
risk profile of SAFPPL, Ambe Agrofoods Limited (AAFL), AAIL, and
Maa Manokamna Agro Pvt Ltd (MMAPL). That's because all the four
companies, together referred to as the Ambe group, are in the same
line of business and have financial linkages in the form of
corporate guarantees for each other and are promoted by common
promoters.
The Ambe group is promoted by Mr Bimal Kant Gupta, Mr Satyanarayan
Agarwal along with their family. The group is engaged in the
business of converting wheat into flour products like maida, atta,
sooji etc
AAIL was incorporated in 1997 it has two plants located in Bihar
region with a combined capacity of 275 (increasing from 200) tonnes
per day (TPD). It also carries out job work for Britannia. In
fiscal 2018 one unit having a manufacturing capacity 120 tonnes per
day was transferred to MMAPL.
SAFPL was incorporated in 2005 with its manufacturing unit located
in Bangalore with an installed capacity of 200TPD (increasing from
150 TPD).
AAFL was incorporated in 2011 its unit is located in Delhi with an
installed capacity of 350 TPD, with 250 tonnes of flour milling and
100 tonnes of chakki ata.
MMAPL although the company was incorporated in fiscal 2011 it began
its operations in fiscal 2018 through a slump sale process
undertaken by AAIL one of the manufacturing unit having a
manufacturing capacity of 120 TPD was transferred to the MMAPL.
AMERICAN FEED: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of American Feed
(American) continue to be CRISIL B/Stable Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.89 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Cash 0.11 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with American for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of American, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
American is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of American continues to be CRISIL B/Stable Issuer Not
Cooperating.
American feed is a proprietary concern and is engaged in the
business of processing of poultry feed and is based out of Jammu.
American Feed-Unit II is a proprietary concern is engaged in the
business of processing of poultry feed.
AMPLE TEXTECH: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ample
Textech Private Limited (ATPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.62 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.45 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 22,
2021, placed the rating(s) of ATPL under the 'issuer
non-cooperating' category as ATPL 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. ATPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 8, 2022, August 18, 2022, August 28,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ample Textech Private Limited (ATPL) was incorporated in February
2011 and it is currently managed by Mr. Vikash Agarwal, Mr. Atul
Kumar Mundra and Mr. Shailendra Kumar Jha. The company has been
engaged in dying and bleaching of cotton fabrics with an aggregate
installed capacity of 150 tons per month. The company has started
its commercial operation at its plant from December 2013 onwards.
The manufacturing plant of the company is built up with an advanced
technology with modern engineered modular structure, imported
machinery from Europe and China and storage bins with special
layout designs which reduces the process bottlenecks and results in
smooth production.
ANITHA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anitha Dairy
Products (ADP) continue to be CRISIL D/CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 0.60 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.97 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.40 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.03 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ADP for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ADP, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADP
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
ADP continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
Established in 2015 by Mr Sama Anitha, based out of Hyderabad,
Anitha Dairy Products is engaged in processing of milk and
manufacturing of milk products.
ANJALI INFRATECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anjali
Infratech (AI) continue to be CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 0.32 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 4.68 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with AI for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AI, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with Assessing Information Adequacy Risk. Based on the
last available information, the ratings on bank facilities of AI
continues to be CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating.
AI was formed as a proprietary concern of Mr Krishna Kumar Singh in
2008. The firm undertakes civil construction work, mainly related
to construction of roads and bridges in Andhra Pradesh. Daily
operations are being managed by Mr Singh.
ANJANINANDAN PREMIER: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anjaninandan
Premier Packaging Private Limited (APPPL) continues to be CRISIL
B/Stable Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APPPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of APPPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APPPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
APPPL continues to be CRISIL B/Stable Issuer Not Cooperating.
With Mr Sandeep Jhawar and Mr Rohit Khandewal as its promoters and
managers, APPPL recently set up a plant to manufacture
polypropylene sacks in Bareilly, Uttar Pradesh, with installed
capacity of 500 metric tonnes per month.
ANTECH CONSTRUCTION: CARE Lowers Rating on INR17cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Antech Construction Company (ACC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Long Term/ 15.00 CARE B; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE B+; Stable/CARE A4;
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 25,
2021, placed the rating(s) of ACC under the 'issuer
non-cooperating' category as ACC 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. ACC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 10, 2022, September 20, 2022,
September 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of ACC have been
revised on account of non-availability of requisite information.
Antech construction company (ACC) was established as partnership
firm in 2009 by Mr. O.P. Markrose along with family members in a
motive to setup family business operations. Later in July 2016, Mr.
O.P. Markrose retired from the partnership and the business was
continued with remaining partners namely Mr. Anish Markrose, Mr.
Anil Markrose and Ms. Lily Markrose. ACC is majorly engaged in
construction of roads for both state-national highways. Further,
the firm undertakes orders for construction of bridges and receives
work orders from PWD Kerala by participating in the tenders. The
entity has not opted for covid moratorium whereas availed covid
loan of INR2.51 crore on October 2020 with tenure of 48 months
including holiday period of 12 months.
ATRIA WIND POWER AN: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Artia Wind Power (AN) Private Limited
No. 11, 1st Floor Commissariat Road
Bangalore 560025
Karnataka
Liquidation Commencement Date: December 12, 2022
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Ms. Medha Kulkarni
Interim Resolution
Professional: Ms. Medha Kulkarni
D-301, Admiralty Square
13 Cross, 6 Main
Indiranagar
Bangalore 560038
E-mail: medha1273@gmail.com
Tel: 9945551326
Last date for
submission of claims: January 11, 2023
ATRIA WIND POWER KR2: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Artia Power (KR2) Private Limited
No. 11, 1st Floor Commissariat Road
Bangalore 560025
Karnataka
Liquidation Commencement Date: December 12, 2022
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Ms. Medha Kulkarni
Interim Resolution
Professional: Ms. Medha Kulkarni
D-301, Admiralty Square
13 Cross, 6 Main
Indiranagar
Bangalore 560038
E-mail: medha1273@gmail.com
Tel: 9945551326
Last date for
submission of claims: January 11, 2023
B.P. CONSTRUCTION: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. P.
Construction - Hapur (BPCH) continue to be CRISIL B-/Stable/CRISIL
A4 Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 4 CRISIL B-/Stable (Issuer Not
Cooperating)
Proposed Bank 5.03 CRISIL A4 (Issuer Not
Guarantee Cooperating)
CRISIL Ratings has been consistently following up with BPCH for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BPCH, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPCH
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
BPCH continues to be CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating.
Established as a partnership firm in February 2013 by Mr Bhupendra
and Ms Pushpa, BPCH is engaged in the civil construction business
and primarily undertakes road projects for PWD, NHAI, and Nagar
Palika in Uttar Pradesh. The firm is a registered contractor with
the Government of Uttar Pradesh.
BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Bala Ji
Warehouse (SBW) continues to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 11 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SBW for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBW, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBW
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
SBW continues to be CRISIL D Issuer Not Cooperating.
SBW was set up as a partnership firm of Mr. Sandeep Kodan, Mr.
Ramesh Kumar and Mr. Suresh Kumar in 2012. The firm has constructed
a warehouse with capacity of 52,500 MT to provide storage of agro
based products in Barwara (Haryana). It has signed a ten-year
contract with HAFED. The warehouse has been constructed with an
estimated cost of INR18.10 crore, and began commercial operations
in May 2014.
BARTRONICS GLOBAL: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Bartronics Global Solutions Limited
#106, Ashoka Capitol
Road No. 2, Banjara Hills
Hyderabad 500034, Telangana
Liquidation Commencement Date: September 15, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Date of closure of
insolvency resolution process: September 5, 2023
Insolvency professional: Matta Pedda Srinivas
Interim Resolution
Professional: Matta Pedda Srinivas
8-5-317/103, Flat No. 103
Sri Venkateswara Apts
Near Kalyani Theatre
Old Bowenpally
Hyderabad 500011
E-mail: sreenivasmpcahyd@gmail.com
dissolution.bartronicsglobal@
gmail.com
Last date for
submission of claims: October 19, 2022
BASE PHARMACY: CRISIL Lowers Rating on INR5.78cr Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Base
Pharmacy India (BPI) to CRISIL B/Stable Issuer Not Cooperating from
CRISIL BB+/Stable Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 5.78 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with BPI for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BPI, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPI
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
BPI Revised to CRISIL B/Stable Issuer Not Cooperating from CRISIL
BB+/Stable Issuer Not Cooperating.
BPI is Gujarat based proprietorship firm was established in 2010 by
Mr. Nimesh Patel. BPI is engaged into formulation business however
gets its product manufactured through job work.
BELLATRIX LOGISTICS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Bellatrix Logistics India Private Limited
Nagpal Business Tower, Unit 3
Ground Floor A-91
Okhla Industrial Area, Phase-2
New Delhi 110020
IN
Liquidation Commencement Date: December 12, 2022
Court: National Company Law Tribunal, New Delhi Bench
Insolvency professional: Mansij Arya
Interim Resolution
Professional: Mansij Arya
308-310, B.No. 30-31
Aggarwal Chambers-II
Veer Savarkar Block
Shakarpur, Delhi 110092
E-mail: liq.bellatrix@gmail.com
Tel: 011-46518956
Mobile: 9716092482
Last date for
submission of claims: January 11, 2023
BHATIA WINE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhatia Wine
Merchants Private Limited (BWMPL) continue to be CRISIL B+/Stable
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 17 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 20 CRISIL B+/Stable (Issuer Not
Cooperating)
Term Loan 8 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BWMPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BWMPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BWMPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
BWMPL continues to be CRISIL B+/Stable Issuer Not Cooperating.
Incorporated in 1997 and promoted by Mr. Bhupendra Pal Singh Bhatia
and family, BWMPL manufactures extra neutral alcohol (ENA), Indian
made foreign liquor (IMFL), and country liquor (CL). The company
sells IMFL under its own brand, Bhatia, and also undertakes
bottling on jobwork basis for Pernod Richard India Pvt Ltd and
Radico Khaitan Ltd.
BHAWNA HOUSING: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhawna Housing
Private Limited (BHPL) continues to be CRISIL B/Stable Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 12.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BHPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BHPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BHPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
BHPL continues to be CRISIL B/Stable Issuer Not Cooperating.
BHPL was set up by Mr. Bhagat Singh Baghel and his brother Mr.
Hirday Singh Baghel in 2002. The company undertakes construction
and development activity in and around Agra (Uttar Pradesh).
BOMBAY CRIMPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bombay
Crimpers Private Limited (BCPL) continue to be CRISIL B+/Stable
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 4.62 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.88 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BCPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BCPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
BCPL continues to be CRISIL B+/Stable Issuer Not Cooperating.
BCPL, incorporated in 1967, is promoted by Mr Vinod Khetarpal and
his son Mr Abhirup Khetarpal. The company processes polyester and
polyester cotton fabric on jobwork basis. Its facility is at
Bhiwandi in Maharashtra, and has capacity of 0.16 million metre per
day. BCPL is setting up a plant with capacity 0.1 million metre per
day.
BOSS TECH: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Boss Tech
Rice and Agro Private Limited (BAPL) continues to be CRISIL
B/Stable Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BAPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BAPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
BAPL continues to be CRISIL B/Stable Issuer Not Cooperating.
BAPL was incorporated in 2009; operations are managed by Mr C R
Shanmukhum. The company mills and processes paddy into rice, rice
bran, broken rice, and husk.
BULANDSHAHR ROLLER: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bulandshahr
Roller Flour Mill Private Limited (BRFM) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of BRFM under the 'issuer
non-cooperating' category as BRFM 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. BRFM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 26,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bulandshahr Roller Flour Mill Private Limited (BRFM) was
incorporated on June 23, 1997 by Mr Dinesh Goel, Mr Mohit Goel and
Ms Neha Goel. BRFM is engaged in processing and trading of wheat,
maida, suji, wheat flour and cattle feed. The company commenced
commercial operations in June 1999. BRFM has its manufacturing
facility located at Bulandshahr. The main raw material is wheat.
BRFM procures raw material from nearby grain markets, commission
agents and also directly from farmers.
BYJU'S ALPHA: Oaktree SCF Marks $4.9M Loan at 27% Off
-----------------------------------------------------
Oaktree Strategic Credit Fund has marked its $4,975,000 loan
extended to BYJU's Alpha Inc to market at $3,646,000, or73% of the
outstanding amount, as of September 30, 2022, according to a
disclosure contained in Oaktree SCF's Form 10-K for the fiscal year
ended September 30, filed with the Securities and Exchange
Commission on December 14.
Oaktree SCF extended a First Lien Term Loan to BYJU's Alpha Inc.
The loan currently has an interest rate of 8.89% (LIBOR+6.00%) and
is scheduled to mature on November 24, 2026.
Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC. The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.
Bengaluru, India-based Byju's provides online educational services
and study materials for state boards and government exams.
C. BRIJESH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of C. Brijesh
Reddy (CBR) continue to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CBR for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CBR, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBR
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
CBR continues to be CRISIL D Issuer Not Cooperating.
Set up in 1993,CBR is a proprietorship firm that develops and sells
plots and sites in Hosakote ( Karnataka) and Bangalore. Operations
are managed by Mr. C. Brijesh Reddy.
CCFID FINANCE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: CCFID Finance Private Limited
15, Kalas Bagar Gunda Street
Vellore TN 632001
Liquidation Commencement Date: December 5, 2022
Court: National Company Law Tribunal, Chennai Bench
Insolvency professional: R. Bhuvana
Interim Resolution
Professional: R. Bhuvana
'MADHANS' Flat No. 7, Door No. 10
South Canal Bank Road
Mandavelipakkam
Chennai 600028
Mobile: 9789982805
E-mail: bhuvana.r@akshayamcorporate.com
ccfid.vlp@gmail.com
Last date for
submission of claims: January 4, 2023
CRESCENT TANNERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Crescent
Tanners Private Limited (CTPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 8.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 22,
2021, placed the rating(s) of CTPL under the 'issuer
non-cooperating' category as CTPL 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. CTPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 8, 2022, August 18, 2022, August 28,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Crescent Tanners Private Limited (CTPL) was incorporated in May
1978. The company is being managed by Mr. Mohd. Shakir, Mr. Mohd.
Shakeel and Mr.Mohd. Khalid Sheikh. CTPL is predominately an
export-oriented unit. The company was initially engaged in
exporting of raw hides and skin to USA and Europe. The company
later on diversified its business in to leather products of all
types like shoes, belts, wallets, hand bags, driving gloves,
Industrial gloves and Industrial apparel in leather. The shoes are
manufactured and exported by Shoe Tecnik International Corporation
and the leather belts are manufactured and exported by HDM Leathers
under the name and style of Bellini Leathers Belts both located in
NOIDA. It has its manufacturing unit established in Kanpur.
EAST END: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of East End
Technologies Private Limited (EPPPL) continue to be CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 2 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Fund-
Based Bank Limits 7 CRISIL B+/Stable (Issuer Not
Cooperating)
Standby Fund-
Based Limits 0.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with EPPPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EPPPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EPPPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
EPPPL continues to be CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating.
EPPPL was set up at Kolkata in 2011, by the promoters, Mr Anirudha
Khemka and Mr Abhinav Agarwal. The company manufactures printed
corrugated and non-corrugated boxes. Commercial operations began
from July 2014.
ECTOSENSE INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Ectosense India Private Limited
Sy. No. 16/1, 15/1, 15/2, 15/3
Andrahalli, Bangalore
KA 560058
IN
Liquidation Commencement Date: December 13, 2022
Court: National Company Law Tribunal, Bangalore Bench
Insolvency professional: Mr. Chandra Sekhjar Kandukoori
Interim Resolution
Professional: Mr. Chandra Sekhjar Kandukoori
#41/A2, 3rd Cross, Navy Layout
Chikkabanavara-Post
Bangalore 560090
India
Mobile: +918079677873
E-mail: chandra@kcsassociates.co.in
Last date for
submission of claims: January 11, 2023
ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ellenabad
Steel Private Limited (ESPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 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 November 1,
2021, placed the rating(s) of ESPL under the 'issuer
non-cooperating' category as ESPL 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. ESPL
continues to be noncooperative 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).
ESPL an ISO 9001:2008 certified company was incorporated on July
27, 1994 by Mr ShravanGarg and MrLalitJalan. The company is engaged
in manufacturing of Thermo Mechanical Treatment (TMT) bars, Mild
Steel angles, flats, Cold Twisted Bars (CTD) bars, round bars and
such other steel rolled products and markets under the brand name
of 'Om Durga'.
EXPLICIT LEATHERS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Explicit
Leathers (EL; part of the Explicit group) continue to be CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 3.50 CRISIL A4 (Issuer Not
Cooperating)
Proposed Fund- 3.55 CRISIL B/Stable (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with EL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EL is
consistent with Assessing Information Adequacy Risk. Based on the
last available information, the ratings on bank facilities of EL
continues to be CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of EL and Exquisite
Enterprises Pvt Ltd (EEPL). That's because both the entities,
together referred to as the Explicit group, are in the same line of
business and have operational and financial linkages.
EEPL, set up in 1986 by Mr Gurdeep Singh Bali, tans leather. EL,
set up in 1991, manufactures leather garments. The
manufacturing/tanning facilities are in Faridabad, Haryana.
G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of G. T. Homes
(GTH) continues to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 23 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GTH for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GTH, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GTH
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
GTH continues to be CRISIL D Issuer Not Cooperating.
GTH, established in 2003 as a partnership firm, executes real
estate projects; it is owned and managed by Mr. Gajendra Singh
Rajpal and his nephew, Mr. Gurjeet Singh Rajpal. The firm is
currently executing two residential real estate projects in Raipur
and Naya Raipur (both in Chhattisgarh).
GENUINE BUILDWELL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Genuine Buildwell Private Limited
886/2, 2nd Floor
East Park Road
Karol Bagh
New Delhi 110005
Liquidation Commencement Date: December 5, 20212
Court: National Company Law Tribunal, New Delhi Bench
Insolvency professional: Suman Kumar Verma
Interim Resolution
Professional: Suman Kumar Verma
RZ-26P/205E, Lane No. 10
Indra Park, Palam Colony
New Delhi 110045
Mobile: 9716633301
E-mail: ipskverma@gmail.com
Last date for
submission of claims: January 4, 2023
GOGOAL HYDRO: CARE Lowers Rating on INR13cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gogoal Hydro Private Limited (GHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 31.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 27,
2021, placed the rating(s) of GHPL under the 'issuer
non-cooperating' category as GHPL 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. GHPL
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).
The ratings have been revised on account of non-availability of
requisite information.
Gogoal Hydro Private Limited (GHP) was established in 1980 by Mr.
Satish Kumar Arora as a sole proprietorship firm under the name of
GoGoal Engineering Enterprises which was converted into a private
limited company on May 17, 2010. The company is a registered SSI
unit and is managed by Mr. Satish Kumar Arora and Mrs. Parveen
Arora. GHP commenced its operations as an ancillary unit for Bharat
Heavy Electricals Limited (BHEL) and was engaged into refurbishment
of hydro power equipment till 1989. GHP provides capital
overhauling services, repair and maintenance services, and annual
routine maintenance services to hydro power plants with capacity up
to 250 MW capacity. It is also engaged in manufacturing of small
hydro turbine components like turbine runners, spiral casing, D.T.
cone elbow, industrial coolers etc. at its plant in Haridwar and
undertakes turnkey projects in relation to the civil work required
during the construction of dams, power plants etc.
GPR RESOURCES PRIVATE: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: GPR Resources Pvt. Ltd.
No. 47, Whites Road
22A & 22B Ground FLoor
Desabhandhu Plaza
Royapettai, Chennai
TN 600014
IN
Liquidation Commencement Date: December 7, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: August 29, 2022
Insolvency professional: Usha Gayathri Kavi
Interim Resolution
Professional: Usha Gayathri Kavi
Old No. 12/1 (New No. 21)
Kutchery Road, Mylapore
Chennai 600004
E-mail: ca.ushagayathrik@gmail.com
liquidator.gprrpl@gmail.com
Last date for
submission of claims: December 23, 2022
GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GR Projects -
Chennai (GR) continues to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GR for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GR, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GR is
consistent with Assessing Information Adequacy Risk. Based on the
last available information, the ratings on bank facilities of GR
continues to be CRISIL D Issuer Not Cooperating.
GR was established as a proprietary firm by Mr Viswanathan in
October 2017. The firm undertakes civil construction works in Tamil
Nadu.
GRECCY KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greccy Knit
(GK) continue to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.75 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.43 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GK for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GK, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GK is
consistent with Assessing Information Adequacy Risk. Based on the
last available information, the ratings on bank facilities of GK
continues to be CRISIL D Issuer Not Cooperating.
Incorporated in 2014, GK is a partnership firm, which is setting up
a unit to manufacture grey fabrics, to be used in sarees and other
garments. It is being promoted by Mr.Bharat Zalavadiya and his son
Mr.Gaurang Zalavadiya.
GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green Teak
(India) Private Limited (GTPL) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.75 CRISIL D (Issuer Not
Cooperating)
Proposed Term Loan 0.78 CRISIL D (Issuer Not
Cooperating)
SME Gold Card 0.47 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GTPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GTPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GTPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
GTPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
Incorporated in 1990 and promoted by Mr Sumer Chand Jain, GTPL
manufactures wooden doors (flush, wire ness doors) and trades in
timber. The company's manufacturing facility is in Jaipur.
GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVR
Khandaphod Bijwad Road Project Private Limited (GVR-KBPL) continue
to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 148 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 52 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GVR-KBPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GVR-KBPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GVR-KBPL is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of GVR-KBPL continues to be CRISIL D Issuer Not
Cooperating.
Established in 2011, GVR-KBPL is a special purpose vehicle promoted
by GVR Infra Projects Ltd to design, develop, construct, operate,
and maintain the 136-kilometre stretch of road between
Khandaphod-Nachalbhor and BijwadKushmaniya-Haran-Deepgaon. The
project has been awarded by MPRDC on an annuity basis.
HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Happy
Acoustics Private Limited (HAPL; part of the Five Core group)
continue to be CRISIL D/CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 11 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 5 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 19 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 5 CRISIL D (Issuer Not
Cooperating)
Packing Credit in 6.5 CRISIL D (Issuer Not
Foreign Currency Cooperating)
CRISIL Ratings has been consistently following up with HAPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HAPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HAPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
HAPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corp LLP, Digi Export Ventures Pvt Ltd (Digi),
HAPL, 5 Core Acoustics Pvt Ltd (5Core), and Neha Exports (Neha).
This is because all these entities, collectively referred to as the
Five Core group, have a common management, brand, customers,
suppliers, and strong operational synergies. Furthermore, 5Core is
a wholly-owned subsidiary of FCEL.
About the Group
FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations.
Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.
Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.
Set up in 2010, 2011, and 2012, IAPL, Digi, and HAPL are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.
HELIOS AND MATHESON: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Helios and
Matheson Information Technology Limited (Helios) continue to be
CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 30 CRISIL D (Issuer Not
Cooperating)
Cash Credit 33 CRISIL D (Issuer Not
Cooperating)
Cash Credit 47 CRISIL D (Issuer Not
Cooperating)
Cash Credit 46 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 24 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Helios for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Helios, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Helios is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of Helios continues to be CRISIL D Issuer Not
Cooperating.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Helio and its subsidiaries,
Helios & Matheson IT (Bangalore) Ltd, Jayamaruthi Software Systems
Pvt Ltd, The Laxmi Group Inc (US-based subsidiary), Maruthi
Consulting Inc, and Helios and Matheson Analytics Inc. This is
because all these entities, collectively referred to as the Helios
group, have significant business and operational synergies.
The Helios group was set up by Mr G K Muralikrishna and Mr V
Ramachandran in 1991. It offers IT services, including application
and development, application validation, consulting and package
implementation, and related services.
HI-TECH SATLUJ: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hi-Tech
Satluj Motors Private Limited (HTSMPL) continue to be CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inventory Funding 13.24 CRISIL D (Issuer Not
Facility Cooperating)
Overdraft Facility 6.76 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HTSMPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HTSMPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
HTSMPL is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of HTSMPL continues to be CRISIL D Issuer Not
Cooperating.
HTSMPL is an authorised dealer of passenger cars of TML in HP. It
was set up as a partnership firm named Satluj Motors, and
reconstituted as a private limited company, with the current name
in fiscal 2013. The company has been promoted by Mr Mohinder Singh
Gulleria and Mr Narinder Singh Gulleria, who have experience of
over a decade in the automotive dealership business. The company
has three showrooms and workshops, one each in Mandi, Hamirpur, and
Kullu, and has one branch each in Bilaspur, Sarkaghat,
Jogindernagar, Manali, and Lunapani.
HILL CREST: CARE Lowers Rating on INR64.39cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hill Crest Resort and Spa Private Limited (HCRSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 64.39 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 September 21,
2021, placed the rating(s) of HCRSPL under the 'issuer
non-cooperating' category as HCRSPL 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. HCRSPL 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).
The ratings assigned to the bank facilities of HCRSPL have been
revised on account of non-availability of requisite information.
The rating also considers decline in scale of operation as well as
net loss reported in the FY21 compared to FY20.
Hill Crest Resort and Spa Private Limited was incorporated in
December 26, 2011. The company was promoted by Mr. Debasish
Chakraborty to set up resort and villa business in Karjat,
Maharashtra. Apart from resort Business, the company also has
villas which are located in the resort property itself. The company
has signed up with Radisson Hotels as franchisee contract for 15
years from the date of starting of resort operations for trade
mark, strategic oversight and operation service for a period of 15
years ending in July, 2032 for a fee of 7% on Room Revenue.
HIM MEC TEC: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Him Mec Tec Private Limited
Khasra No. 297
Village-Dassomajra
P.O. Bhud, Baddi
Solan, HP 173205
IN
Insolvency Commencement Date: December 14, 2022
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: June 12, 2023
Insolvency professional: Prashant Gupta
Interim Resolution
Professional: Prashant Gupta
House No. 104, Sector-25
Panchkula, Haryana 134116
E-mail: pgupta.rp@gmail.com
- and -
D-190, 3rd Floor, Sector-74
Phase-8B, Mohali 160071
E-mail: iphmtpl@gmail.com
Last date for
submission of claims: December 28, 2022
HPT CONSULTING: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: HPT Consulting Private Limited
A-1305, 13th Floor
O2 Commercial Towers
Plot 23-24, Minerva Ind. Estate
Mulund (West) Mumbai 400080
Liquidation Commencement Date: December 10, 2022
Court: National Company Law Tribunal, Mumbai Bench
Insolvency professional: Mr. Gaurang Chhotalal Shah
Interim Resolution
Professional: Mr. Gaurang Chhotalal Shah
Flat 204 A Wing Raj Vaibhav 1 CHS
Dahanukar Wadi, Mahavir Nagar
Kandivali West, Mumbai 400067
Maharashtra
E-mail: fcsgaurang.shah@gmail.com
- and -
Waterfall Insolvency Professionals
Pvt. Ltd.
1221, Maker Chamber V
Nariman Point, Mumbai 400021
Tel: 022-22837361
E-mail: liquidator.hpt@gmail.com
Last date for
submission of claims: January 9, 2023
INDUSTRIAL FANS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Industrial
Fans India Private Limited (IFPL) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with IFPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IFPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
IFPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
IFPL is a Chennai based company involved in the manufacture of
industrial fans and dampers for industrial use.
J.M.D. LAXMI: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J.M.D. Laxmi
Enterprises (JMD) continue to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JMD for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JMD, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JMD
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
JMD continues to be CRISIL D Issuer Not Cooperating.
JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically treated bars, ingots, and billets. With
over a decade's experience, Mr. Agarwal oversees JMD's operations.
JAGRATI TRADE: CARE Keeps B-/A4 Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagrati
Trade Services Private Limited (JTSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 0.50 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.40 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 23,
2021, placed the rating(s) of JTSPL under the 'issuer
non-cooperating' category as JTSPL 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. JTSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 10, 2022, August 19,
2022, August 29, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
JTPL was incorporated on September 11, 1986 by Mr. Jagdish Sarda
and Mr. Krishna Chandra Senapati, based out of Kolkata, West
Bengal. Since inception, the company is engaged in trading of raw
jute primarily in the state of West Bengal and the entity is
located at Kolkata. Further, JTPL is also engaged in trading of
shares and it also derives revenue from money lending activities to
corporate entities.
JASHANK IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jashank Impex
Private Limited (JIPL) continues to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with JIPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JIPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JIPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
JIPL continues to be CRISIL D Issuer Not Cooperating.
Incorporated in 2011, JIPL, promoted by Mr Anil Gupta and Nirmal
Desai, manufactures and exports readymade garments for men and
women. The manufacturing facilities are at Udhna (Gujarat) and
Ulhasnagar (Maharashtra)'they have cutting, stitching, rolling and
embellishments machines.
K.R KUMAR: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.R Kumar
(KK) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 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 October 6,
2021, placed the rating(s) of KK under the 'issuer non-cooperating'
category as KK 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. KK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2022, September 1, 2022, September 11, 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).
K.R Kumar (KK) is a proprietorship concern established in 2015 and
promoted by Mr. K.R. Kumar. The firm was initially engaged into
brick manufacturing business and maintains server for Hathway cable
connection. The firm has now constructed a Godown of 1.42 lakh sq
feet at Nelamangala taluk, Bangalore rural district.
KAMACHI INDUSTRIES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Kamachi Industries Limited
Registered address:
ABC Trade Centre Old No. 50
(New No. 39), 3rd Floor
Anna Salai, Chennai
Tamil Nadu 600002
Plant address:
Survey No. 86, 115-119, 123
Pathapalayam Village
Gummidipoondi, Tamil Nadu
Liquidation Commencement Date: December 14, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: December 14, 2022
Insolvency professional: Gansean V
Interim Resolution
Professional: Gansean V
14/D6, Thiruvalluvar Street
Maniyakaranpalayam Ganapathy
Coimbatore, Tamil Nadu 641006
E-mail: ganesanvenkataramaniyer@gmail.com
- and -
Sundar Nivas, 2/16, Ganesh Avenue
1st Street, Sakthi Nagar
Portur, Chennai 600116
E-mail: liquidator.kamachi@gmail.com
Last date for
submission of claims: January 13, 2022
KARMYOGI KUNDALIKRAO: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karmyogi
Kundalikrao Ramrao Jagtap Patil Kukadi Sahakari Sakhar Karkhana
Limited (KSSKL) continue to be CRISIL D/CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 47.92 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Short Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.80 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KSSKL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSSKL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSSKL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
KSSKL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
Incorporated in January 2003 and promoted by a group of individuals
led by Mr Kundalikrao Jagtap, KSSKL manufactures sugar and also has
a co-generation power plant. Unit is in Pimpalgaon Pisa in
Ahmednagar district of Maharashtra.
KATARE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Katare Cotton
Waste Spinning Mills (KCWSM) continue to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.21 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KCWSM for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KCWSM, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCWSM
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
KCWSM continues to be CRISIL D Issuer Not Cooperating.
Set up in 1974 as a partnership firm by Mr. Kishore Katare and his
family members, KCWSM manufactures cotton yarn at its unit in
Solapur, Maharashtra, which has capacity of 5520 spindles.
KAUR SAIN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaur Sain
Spinning Mills (KSSM) continue to be CRISIL D/CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 14 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Term Loan 18 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KSSM for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KSSM, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KSSM
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
KSSM continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
Set up in 1999, KSSM, a partnership firm of Mr Sushil Kumar Mittal,
Mr Pawan Kumar and Mr. Rajinder Kumar and their family members,
manufactures partially oriented yarn (POY) at its plant in Ludhiana
(Punjab). It has yarn texturing capacity of 20 tonne per day (tpd).
In the same plant, there is a knitting unit with 5MT/day capacity.
There is a yarn dyeing facility with capacity of 5 tpd in the
second unit.
KAUSHAL FERRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaushal Ferro
Metals Private Limited (KFMPL) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of credit & 1 CRISIL D (Issuer Not
Bank Guarantee Cooperating)
Letter of credit & 1 CRISIL D (Issuer Not
Bank Guarantee Cooperating)
Proposed Long Term 21.2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KFMPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KFMPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFMPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
KFMPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
KFMPL, established in 2004, started commercial production in 2007;
it manufactures sponge iron. The manufacturing facilities at
Sundargarh (Odisha) has an installed capacity of 60,000 tonne per
annum. Mr Sitaram Agarwal, Mr Ganesh Agarwal, and Mr Rambihari
Upadhayay are the promoters.
KAVERI GAS: Liquidation Process Case Summary
--------------------------------------------
Debtor: Kaveri Gas Power Private Limited
No. 3, Ranganathan Gardens
Anna Nagar, Chennai
TN 600040
IN
Liquidation Commencement Date: December 12, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: December 8, 2022
Insolvency professional: Krishna Komaravolu
Interim Resolution
Professional: Krishna Komaravolu
House No. 7-1-214, Flat No. 409
Vamsikrishna Apartments
Dharam Karan Road, Ameerpet
Hyderabad 500016
E-mail: rp.kaverigppl@gmail.com
kkvolu@gmail.com
Last date for
submission of claims: January 11, 2023
KETHOS TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kethos Tiles
Private Limited (KTPL) continue to be CRISIL D/CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 41.78 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.22 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with KTPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KTPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
KTPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
KTPL, incorporated in 2015, is setting up a plant to manufacture
double charge vitrified tiles with an installed capacity of 88,000
tonne per annum; partial commercial production has began in fiscal
2018. Ahmedabad-based Mr Kirtishbhai Patel, Mr Nareshbhai Patel, Mr
Bhupendra Patel, Mr Ashwinkumar S Patel, Mr Shaileshbhai C Patel,
and Mr Rajendra N Patel are the promoters.
KPR SILKS LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: KPR Silks Limited
No. 117, 1st Cross
RRMR Extension
4th Cross, Lalbagh Road
Bangalore 560027
KA, IN
Insolvency Commencement Date: December 14, 2022
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: May 23, 2023
Insolvency professional: M V Sudarshan
Interim Resolution
Professional: M V Sudarshan
No. 984/13, 8th Main
Girinagar II Phase
Bangalore 560085
KA, IN
E-mail: sudarshan.mv@outlook.com
kprscirp@gmail.com
Last date for
submission of claims: December 28, 2022
KRISHNA SAHIL: CARE Lowers Rating on INR9.25cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krishna Sahil Constructions Private Limited (KSCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.25 CARE C; 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 September 28,
2021, placed the rating(s) of KSCPL under the 'issuer
non-cooperating' category as KSCPL 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. KSCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a
letter/email dated August 14, 2022, August 24, 2022, September 3,
2022 and December 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).
The rating assigned to the bank facilities of KSCPL have been
revised on account of non-availability of requisite information.
The revision also considers a decline in scale of operations and
negligible profitability along with qualified opinion issued by the
auditor in respect of financial statements for the year ended March
31, 2022.
Krishna Sahil Constructions Private Limited was constituted in 2008
and was offshoot of Krishna Construction Company Private Limited
and is currently headed by Mr. Rajesh Bahl who is currently also
the Managing Director. He was joined by his son Sahil Bahl in 2006
and he is handling construction sites. Krishna Sahil Construction
Company Private Limited is involved in infrastructure and act as
sub-contractor for many reputed builders and developers in and
around Delhi NCR, and have completed number of high-rise buildings
with renowned Developers like DLF, UNITECH, ELDECO & ANSAL etc.
KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kufri Fun
Campus Private Limited (KFCPL) continues to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 12 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KFCPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KFCPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFCPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
KFCPL continues to be CRISIL D Issuer Not Cooperating.
Shimla-based KFCPL was established and promoted by Mr. Baldev
Thakur. It runs an amusement park with amenities such as amusement
rides, adventure sports and a restaurant.
LAKSHMI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Lakshmi
Agencies (SLA) continue to be CRISIL D/CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SLA for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLA, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLA
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
SLA continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SLA and its group entity,
Sree Venkateshwara Enterprises (SVE), collectively known as the SV
group, as both the entities are in the same line of business and
have common promoters.
About the Group
SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.
LSR FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of LSR Foods
Limited (LSR) continue to be CRISIL D/CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Inland/Import
Letter of Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LSR for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LSR, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LSR
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
LSR continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
LSR, formerly Kush Dairy Ltd, and Kushagra Oils and Fats Ltd, was
incorporated in 1996 and is headquartered in New Delhi. The company
trades in edible oils and cashew nuts and also manufactures milk
and products such as skimmed milk powder and ghee. Mr Lakshmi Chand
Agarwal and family are the promoters.
M. D. ESTHAPPAN: CRISIL Lowers Rating on INR18.75cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the short-term bank
facilities of M. D. Esthappan Infrastructures Private Limited
(MDEIPL) to 'CRISIL D' from 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Downgraded from
'CRISIL A4')
Overdraft Facility 18.75 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Non Fund 2.00 CRISIL D (Downgraded from
based limits 'CRISIL A4')
The downgrade of the rating takes into account the delays in term
loan interest payments in the months of July and August 2022.
The rating continues to reflect MDEIPL's modest scale of operations
and below-average financial risk profile. These weaknesses are
partially offset by the promoters' extensive experience in the
civil construction industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: The company's modest scale is
reflected in revenue of INR14 crore in fiscal 2022. Though growth
has been moderate, overall scale has remained modest and sustenance
at current level is a key monitorable. Further, the company faces
intense competition from local and national players and relatively
larger players involved in several sectors including roads, hydel
projects, irrigation, thermal plants and urban infrastructure.
* Below-average financial risk profile: MDEIPL has below average
financial risk profile, as indicated by small networth, high
gearing and weak debt protection metrics. As on March 31, 2022, the
company had small networth at INR7.98 crore. Consequently, a large
part of the funding requirement is met through debt, resulting in
gearing of 3.42 times as on March 31, 2022. On account of modest
operating profitability, interest coverage is constrained at 1.22
times in fiscal 2022.
Strength:
* Extensive experience of the promoters in the civil construction
industry: Presence of nearly a decade in the industry has enabled
the promoters to establish strong relationships with clients
including large government entities such as Rastriya Ispat Nigam
Ltd, GAIL Ltd, Bharat Heavy Electricals Ltd, Indian Oil Corporation
Ltd, and Cochin International Airport Ltd.
Liquidity: Poor
There have been delays in servicing the interest of term loans in
the months of July and August 2022, owing to weak liquidity.
The bank limit utilisation is high at around 99.3 percent for the
past twelve months ended Oct-22. The cash accruals are expected to
be in the range of INR0.56-1.26 crore which are expected to be
insufficient against term debt obligation of INR0.6-1.8 crore over
the medium term. The current ratio is healthy at 1.5 times on March
31, 2022.
Rating Sensitivity factors
Upward factors:
* Substantial improvement in liquidity profile aiding timely debt
servicing
* Efficient working capital management leading to average bank line
utilisation of less than 90%, cushioning overall liquidity
Incorporated in 2008, MDEIPL undertakes civil construction work in
Kochi, Kerala. The company is owned and managed by Mr MD Esthappan
and his sons, Biji Stephen and Josy Stephen.
MAHALAKSHMI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Mahalakshmi Raw and Boiled Rice Mill (SMRB) continue to be CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.27 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMRB for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMRB, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMRB
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
SMRB continues to be CRISIL D Issuer Not Cooperating.
Incorporated in 1992, SMRB processes rice. It is a partnership firm
set up by Mr P Sudhakara Reddy and Mrs P Sailaja. The firm's
manufacturing facility is based in Nellore (Andhra Pradesh).
MILLENIUM SOFT: Liquidation Process Case Summary
------------------------------------------------
Debtor: Millenium Soft Tech (India) Private Limited
2nd Floor, No. G-19
IInd Main Road Industrial Estate
Ambattur, Chennai
Tamil Nadu 600058
Liquidation Commencement Date: December 12, 2022
Court: National Company Law Tribunal, Chennai Bench
Date of closure of
insolvency resolution process: December 9, 2022
Insolvency professional: Tirumavalavan C K
Interim Resolution
Professional: Tirumavalavan C K
137-H, N S Complex
Sathy Main Road
Saravanampattit
Near Karur Vysya Bank
Opposite to Federal Bank
Coimbatore, Tamil Nadu 641035
E-mail: rvacas48@gmail.com
- and -
BKC Centre, 31E
Laxmi Industrial Estate
New Link Road, Andheri (W)
Mumbai 400053
E-mail: ibc.milleniumsofttech@gmail.com
Last date for
submission of claims: January 11, 2023
MS HANDLOOM: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MS Handloom
Cottage Private Limited (MHCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 23,
2021, placed the rating(s) of MHCPL under the 'issuer
non-cooperating' category as MHCPL 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. MHCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 10, 2022, August 19,
2022, August 29, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
MS Handloom Cottage Private Limited (MHCPL) was incorporated in
2008 by Mr. Subodh Kumar Bajoria. Since its incorporation the
company is engaged in the trading of different handloom products
like saree, salwar etc. The company's trading unit and its office
is in Kolkata, West Bengal. Mr. Subodh Kumar Bajoria, having more
than two decades of experience in the same line of industry, looks
after the day to day operations of the company. He is supported by
other director Mr. Shivam Kumar Bajoria, along with a team of
experienced professionals.
NATIONAL AUTO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: National Auto Wheels Private Limited
Suresh Complex, Plot no. 1+2
Survey no. 151/12
Hadapsar Mundwa Road
Hadpsar, Pune 411013
Insolvency Commencement Date: December 13, 2022
Court: National Company Law Tribunal, Kalyan Bench
Estimated date of closure of
insolvency resolution process: June 11, 2023
(180 days from commencement)
Insolvency professional: Rajesh Kumar Mittal
Interim Resolution
Professional: Rajesh Kumar Mittal
204/A, Navjyoti Darshan CHS
Near Purnima Talkies
Murbad Road, Kalyan (W) 421301
Maharashtra
E-mail: csrajeshmittal@gmail.com
rpnationalauto@gmail.com
Last date for
submission of claims: December 27, 2022
NOBLE STEELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Noble Steels Private Limited
Village Mangli Uchi
PO Ramagarh
Chandigarh Road
Ludhiana, Punjab 141010
Insolvency Commencement Date: December 14, 2022
Court: National Company Law Tribunal, Chandigarh Bench
Estimated date of closure of
insolvency resolution process: June 12, 2023
Insolvency professional: Sawinder Singh Chug
Interim Resolution
Professional: Sawinder Singh Chug
44-B, Jawahar Market
P.O. Partap Nagar
Nangal Dam, Distt. Rupnagar
Punjab 140125
E-mail: cma.sschug@gmail.com
noble.irp@gmail.com
Last date for
submission of claims: December 28, 2022
PARAMOUNT BLANKETS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Blankets Private Limited (PBPL) continue to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.75 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.11 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.50 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 2.00 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Proposed Long Term 3.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PBPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PBPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
PBPL continues to be CRISIL D Issuer Not Cooperating.
PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta.
The company manufactures polyester mink blankets, which it sells in
the domestic market. Its manufacturing unit is at Sonepat
(Haryana).
PRANAV FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pranav
Foundations Private Limited (PFPL) continues to be CRISIL D Issuer
Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Bank 25 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with PFPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PFPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
PFPL continues to be CRISIL D Issuer Not Cooperating.
PFPL, promoted by Mrs. Sreelakshmi Ranganathan is into real-estate
development in Chennai, Tamilnadu. The company also owns a 4
storied Banquet hall in Pursawalkam, Chennai.
SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Projects
and Systems Private Limited (SPS) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.6 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
Proposed Overdraft 1 CRISIL D (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with SPS for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPS, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPS
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
SPS continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
SPS was incorporated in the year 2007 and is engaged in the
business of providing turn-key electric solutions for factory
automation to varied industries. The company's corporate office is
located at Bangalore, Karnataka.
SANT LAL AND SONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shri Sant Lal and Sons Exports Private Limited
322/19, First Floor, Bhatia Colony
Panipat 132103, Haryana
India
Insolvency Commencement Date: December 8, 2022
Court: National Company Law Tribunal, Panipat Bench
Estimated date of closure of
insolvency resolution process: June 5, 2023
(180 days from commencement)
Insolvency professional: Dinesh Kumar
Interim Resolution
Professional: Dinesh Kumar
Room No. 7, First Floor
Chatarbhuj Leelawati Trust Building
Geeta Mandir Road
Panipat 132103
Haryana
E-mail: dkgc2004@yahoo.com
Last date for
submission of claims: December 21, 2022
SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvoday
Ashram (Sarvoday) continue to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Sarvoday for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Sarvoday, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Sarvoday is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of Sarvoday continues to be CRISIL D Issuer Not
Cooperating.
Sarvoday is a society based out of Etah, Uttar Pradesh. Established
in 1952, Sarvoday has been engaged in the spinning, weaving and
marketing of khadi clothes and is affiliated to the Khadi and
Village Industries Commission (KVIC).
SHIVAM STEELS: CRISIL Reaffirms BB+ Rating on INR30cr Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL BB+/Stable/CRISIL A4+'
ratings on the bank facilities of Shivam Steels and Tubes Private
Limited (SSTPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL BB+/Stable (Reaffirmed)
Letter of Credit 30 CRISIL A4+ (Reaffirmed)
Long Term Loan 6.42 CRISIL BB+/Stable (Reaffirmed)
The ratings continue to reflect the extensive experience of the
promoters in the steel industry with improvement in moderate
financial risk profile these strengths are partially offset by
improving but modest scale of operations and susceptibility of the
operating margins of the company due to volatile raw material
prices.
Key Rating Drivers & Detailed Description
Strengths:
* Extensive experience of the promoters: SSTPL's promoters have an
experience of more than two decades in the manufacturing of mild
steel tubes and sheets, leading to strong relationship with their
customers and better understanding of the industry dynamics,
supporting the business risk profile of the company.
* Moderate financial risk profile: The company continues to have a
moderate capital structure as evidenced by improving total outside
liabilities to tangible net worth ratio and gearing at around 2.95
times and 1.43 times, respectively as on March 31,2022 which has
further improved to 2.12 and 1.04 times as on September 30,2022.
Prepayment of external debt has resulted in a comfortable interest
coverage ratio of 18 times in fiscal 2022. The financial risk
profile is expected to remain moderate and further improve in
absence of any debt funded capex and pre-payment of debt over the
medium term.
Weakness:
* Moderate scale of operations: Although on an improving trend the
scale of operations the revenue of the company continues to remain
modest at around INR203 Cr for fiscal 2022 as against INR142.25 Cr
in fiscal 2021, the growth in revenue in fiscal 2022 was majorly
driven by increase in price of commodities and moderate growth was
contributed by the volume growth.
* Exposure to cyclicality in the steel industry: Vulnerability to
cyclicality in the steel industry, given the close linkage between
the growth of the sector and domestic and global economies,
persists. While there has been a significant push by the government
on steel-intensive sectors, such as railways and infrastructure,
any downturn in the economic cycle may adversely constrain demand,
and therefore, scale of operations.
* Susceptibility to volatile raw material prices: Operating margin
have improved from 5.05% in fiscal 2021 to 6.46% in fiscal 2022 and
10.17% in first half of fiscal 2023.Thus, operating margin remains
susceptible to volatile raw material prices with any increase or
decrease being passed on to customers with some time lag. The steel
products industry is also vulnerable to downturns in demand,
leading to decline in realizations and profitability. Moreover,
bulk of the revenue comes from the domestic auto industry, which is
also cyclical in nature.
Liquidity: Adequate
Liquidity is adequate as marked by expected net cash accruals of
over INR10 Cr over the medium term against repayment obligations of
around INR4-5 Cr. Company's bank limit utilization for fund-based
liabilities was around 18% for the last twelve months ended
September, 2022. Company does not have any major debt funded capex
plans in fiscal 2023 and is considering prepaying its debt to
become debt free. Cash and cash equivalents balance was around
INR13.99 crores as on September 30, 2022. Current ratio of the
company stood at around 1.04 times as on March 31,2022.
Outlook: Stable
CRISIL Ratings believes SSTPL will continue to benefit from the
extensive experience of its promoters and established relationship
with customers and suppliers.
Rating Sensitivity Factors
Upward Factors
* Increase in scale of operations and sustenance of operating
margins leading to net cash accruals above INR11 Cr
* Sustained financial risk profile with comfortable capital
structure
Downward Factors
* Sharp decline in revenue or operating margin falling below 5%,
thus leading to much lower-than-expected net cash accruals
* Higher than expected debt funded capital expenditure or stretch
in working capital cycle weakens key credit metrics
Restructured in 2014, SSTPL manufactures steel tubes and
cold-rolled sheets. The Chakan -based company has been promoted by
Mr. Rajendra Mehra and Mr. Shivam Mehra.
SMRITI APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Smriti
Apparels Private Limited (SAPL) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.24 CRISIL D (Issuer Not
Cooperating)
Packing Credit 9.50 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SAPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
SAPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
SAPL was incorporated in 2003 and is promoted by the Gurgaon,
Haryana-based Arora family. The company manufactures leather
jackets and accessories. Mr Inder Arora and Ms Meenu Arora, the
company's directors, manage its operations.
SRM TRANSPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SRM
Transports India Private Limited (SRMT) continue to be CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 3 CRISIL D (Issuer Not
Cooperating)
Term Loan 8.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 6.8 CRISIL D (Issuer Not
Cooperating)
Term Loan 7.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SRMT for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRMT, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRMT
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
SRMT continues to be CRISIL D Issuer Not Cooperating.
SRMT, incorporated in 1999 by Mr Ravi Pachaimuthu, is a
Chennai-based company that provides inter-city bus transportation
services, mainly in South India.
SURYA IRRIGATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Surya Irrigation Private Limited
F-1088, RIICO Industrial Area
Bhiwadi Phase-III
Bhiwadi 301019
Insolvency Commencement Date: December 12, 2022
Court: National Company Law Tribunal, Jaipur Bench
Estimated date of closure of
insolvency resolution process: June 3, 2023
(180 days from commencement)
Insolvency professional: Shyam Sundar Maheshwari
Interim Resolution
Professional: Shyam Sundar Maheshwari
35, Flat no. F-2
Shanti Vihar, Kalyan Nagar
Tonk Road, Sanganer
Jaipur, Rajasthan 302029
E-mail: mhswr.shyam@gmail.com
cirp.suryairrigation@gmail.com
Last date for
submission of claims: December 26, 2022
VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vama Wovenfab
Private Limited (VWPL) continue to be CRISIL D Issuer Not
Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.50 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 10.57 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VWPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VWPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VWPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
VWPL continues to be CRISIL D Issuer Not Cooperating.
VWPL is a Daman, based company engaged in manufacturing of woven
fabric, the company is managed by Mr. Vaibhav Gupta and Mr. Suresh
Gupta.
VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Velohar Infra
Private Limited (Velohar) continue to be CRISIL D/CRISIL D Issuer
Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with Velohar for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Velohar, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Velohar is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of Velohar continues to be CRISIL D/CRISIL D Issuer Not
Cooperating.
Velohar, incorporated in 2009 and promoted by Mr. G Thiyagu and Ms.
S Vijayalakshmi, is an engineering, procurement, and construction
(EPC) contractor in the infrastructure segment.
VIBRANT FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibrant
Fashions Private Limited (VFPL) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Packing Credit 9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VFPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VFPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VFPL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
VFPL continues to be CRISIL D/CRISIL D Issuer Not Cooperating.
Incorporated in 2011, VFPL is engaged into trading of fabric,
garments, footwear and cloth piece. The day to day operations are
managed by Mr. Desai.
VINDHYAVASINI CORP: Liquidation Process Case Summary
----------------------------------------------------
Debtor: M/s Vindhyavasini Corporation Private Ltd.
Flat No. 101, OG-III
Oberoi Garden, Thakur Village
Off Western Express Highway
Kandivali (E), Mumbai 400101
Liquidation Commencement Date: December 14, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Date of closure of
insolvency resolution process: August 30, 2021
Insolvency professional: Naren Sheth
Interim Resolution
Professional: Naren Sheth
1014-1015, Prasad Chamber
Tata Road No. 1, Opera House
Charni Road (East), Mumbai 400004
E-mail: mkindia58@gmail.com
cirp.vvcl@gmail.com
Mobile: 09821133426
Tel: 02266322870
Last date for
submission of claims: January 14, 2023
VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Visual and
Acoustics Corporation LLP (Visual) continue to be CRISIL D/CRISIL D
Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 15 CRISIL D (Issuer Not
Cooperating)
Bill Discounting 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Packing Credit 6 CRISIL D (Issuer Not
Cooperating)
Packing Credit in 8 CRISIL D (Issuer Not
Foreign Currency Cooperating)
CRISIL Ratings has been consistently following up with Visual for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Visual, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Visual is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the ratings on bank
facilities of Visual continues to be CRISIL D/CRISIL D Issuer Not
Cooperating.
FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations.
Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.
Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.
Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual, Digi Export Ventures Pvt Ltd (Digi), Happy Acoustics Pvt
Ltd (Happy), 5 Core Acoustics Pvt Ltd (5Core), and Neha Exports
(Neha). This is because all these entities, collectively referred
to as the Five Core group, have a common management, brand,
customers, suppliers, and strong operational synergies.
Furthermore, 5Core is a wholly-owned subsidiary of FCEL.
WINDCASTLE EXPORTS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: M/s Windcastle Exports Private Limited
7-A, Giriraj Building
Ground Floor, 73
Sant Tukaram Road
Iron Market
Masjid Station (East)
Mumbai 400009
Liquidation Commencement Date: November 21, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: November 17, 2022
Insolvency professional: Mr. Pranav Damania
Interim Resolution
Professional: Mr. Pranav Damania
407, Sanjar Enclave
Opposite to Milap Cinema
SV Road, Kandivali West
Mumbai 400067
E-mail: pranav@windadvisors.co.in
windcastleliquidation1711@
gmail.com
Last date for
submission of claims: December 16, 2022
ZENITH STRIPS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zenith Strips
Limited (ZSL) continue to be CRISIL D Issuer Not Cooperating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ZSL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ZSL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ZSL
is consistent with Assessing Information Adequacy Risk. Based on
the last available information, the ratings on bank facilities of
ZSL continues to be CRISIL D Issuer Not Cooperating.
Established as a proprietorship firm in 1998, ZSL was reconstituted
as a public-limited company with its current name in 2009. Promoted
by Mr. Arjun Karsawara and Mr. Rajesh Karsawara, ZSL manufactures
and trades in SS tubes and pipes of various types, which find
application in the sugar, petrochemicals, oil and gas,
pharmaceuticals, and chemicals and fertilizers industries. Its
manufacturing facility in Santej, Gujarat, has manufacturing
capacity to produce 800 tonne per month of SS pipes and tubes.
=========
J A P A N
=========
TOSHIBA CORP: Preferred Bidder to Seal Loan Deal This Week
----------------------------------------------------------
Reuters, citing the Yomiuri newspaper, reports that Japan
Industrial Partners (JIP), the preferred bidder to buy out Toshiba
Corp, is set to sign a loan agreement of about JPY1.4 trillion
(US$10.6 billion) with lenders this week.
Reuters relates that the loans include a commitment line of JPY200
billion, the paper said. Sumitomo Mitsui Banking Corp and Mizuho
Bank would provide about JPY400 billion to JPY500 billion each, it
said.
Toshiba had said in a letter to shareholders last week that it was
aiming to reach a conclusion with potential partners as soon as
possible, while sources have told Reuters JIP was moving closer to
securing financing from banks.
The deal is expected to value the industrial conglomerate at around
JPY2.2 trillion, although the Nikkei business daily reported at the
weekend that JIP could lower it to below JPY2 trillion, Reuters
relays.
Financial services group Orix Corp, chipmaker Rohm Co Ltd and Japan
Post Bank Co are among the Japanese companies likely to join JIP in
its bid, providing a combined JPY1 trillion, sources have said
previously, Reuters notes.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
=====================
N E W Z E A L A N D
=====================
BLUESTONE NZ 2022-2: S&P Assigns B(sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by New Zealand
Guardian Trust Co. Ltd. as trustee of Bluestone NZ Prime 2022-2
Trust. Bluestone NZ Prime 2022-2 Trust is a securitization of prime
residential mortgages originated by Bluestone Mortgages NZ Ltd.
The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.
The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. Our analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and S&P assumes the notes are not called at or
beyond the call-option date.
S&P said, "Our ratings also consider the counterparty exposure to
ASB Bank Ltd. as bank account provider and Bank of New Zealand as
the liquidity facility provider and interest-rate hedge provider.
The transaction documents for the swaps and facilities include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Bluestone NZ Prime 2022-2 Trust
Class A1-S, NZ$52.50 million: AAA (sf)
Class A1-L, NZ$145.50 million: AAA (sf)
Class A2, NZ$26.00 million: AAA (sf)
Class B, NZ$7.875 million: AA (sf)
Class C, NZ$6.95 million: A (sf)
Class D, NZ$4.725 million: BBB (sf)
Class E, NZ$2.95 million: BB (sf)
Class F, NZ$1.95 million: B (sf)
Class G, NZ$1.55 million: Not rated
ELF LANDSCAPING: Creditors' Proofs of Debt Due on Jan. 31
---------------------------------------------------------
Creditors of Elf Landscaping Limited are required to file their
proofs of debt by Jan. 31, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 9, 2022.
The company's liquidator is:
Mohammed Tazleen Nasib Jab
Liquidation Management Limited
PO Box 50683
Porirua 5240
HUM HOSPITALITY: Court to Hear Wind-Up Petition on Feb. 3
---------------------------------------------------------
A petition to wind up the operations of Hum Hospitality Limited
will be heard before the High Court at Tauranga on Feb. 3, 2023, at
10:00 a.m.
Stylo Medical Services Limited filed the petition against the
company on Dec. 8, 2022.
The Petitioner's solicitor is:
Winston Wang
Winston Wang and Associates
96 Remuera Road
Newmarket
Auckland
MODERN HAIR: Creditors' Proofs of Debt Due on Feb. 3
----------------------------------------------------
Creditors of Modern Hair Dressing 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. 19, 2022.
The company's liquidator is Craig Andrew Young.
MONSTER CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 23
--------------------------------------------------------------
Creditors of Monster Construction Limited are required to file
their proofs of debt by Jan. 23, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 14, 2022.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
SMILING FACE: Creditors' Proofs of Debt Due on Feb. 7
-----------------------------------------------------
Creditors of Smiling Face Limited are required to file their proofs
of debt by Feb. 7, 2023, to be included in the company's dividend
distribution.
The High Court at Hamilton appointed Rhys Cain and Larissa Logan of
EY as liquidators on Oct. 25, 2022.
=====================
P H I L I P P I N E S
=====================
PLDT INC: Faces US Law Firms Probe Over Budget Overrun Losses
-------------------------------------------------------------
Ralf Rivas at Rappler.com reports that several shareholder rights
litigation firms in the United States announced separate probes on
behalf of investors of PLDT amid its budget overrun and violations
of securities laws.
PLDT shares are traded at the New York Stock Exchange through
American Depositary Receipts with a ticker symbol of PHI.
According to Rappler.com, Schall Law said that its investigation
focuses on whether the telco giant led by Manuel V. Pangilinan
"issued false and/or misleading statements and/or failed to
disclose information pertinent to investors."
John Fistel LLP issued a similar announcement and encouraged PHI
shareholders with losses to contact the firm for a class action
investigation, Rappler.com relates.
"The investigation focuses on investors' losses and whether they
may be recovered under federal securities laws," John Fistel said.
Securities fraud law firm Glancy Prongay & Murray LLP published a
press release in the Wall Street Journal, urging shareholders to
pursue claims to recover losses and contact them regarding the
probe, Rappler.com reports.
Rappler.com meanwhile reports that the Philippines' Securities and
Exchange Commission is probing suspicious trading behavior after
several brokers were able to sell PLDT shares on December 16, ahead
of the company's announcement of a budget overrun and led to a
sharp 4% decline. PLDT announced the news after trading hours.
On December 19, PLDT shares fell 19.4%, wiping out P61.8 billion in
market value.
In a media release on December 21, PLDT said it is "cooperating and
will continue to cooperate fully" with government agencies involved
in the probe, Rappler.com relates.
A budget overrun, by textbook definition, are unexpected incurred
costs. These can be common especially for big infrastructure
companies, but these are usually caught by auditors and accountants
and get reported in financial statements.
In PLDT's case, the budget overrun amounted to PHP48 billion, 12.7%
of the total capital expenditure spend of PHP379 billion for the
last four years.
However, various PLDT and other corporate sources have noted that
the budget overrun may involve assets that are currently in use but
have not been recorded in its books, Rappler.com states.
Rappler.com says the company is undergoing management
reorganization to "address weaknesses" that allowed such budget
overruns to occur.
Tycoon Pangilinan faced investors and analysts in a closed door
briefing on December 21, Rappler.com adds.
About PLDT
PLDT Inc. (NYSE:PHI), formerly Philippine Long Distance Telephone
Company, -- https://main.pldt.com/ -- provides telecommunications
services across the fiber optic, cellular and fixed-line networks.
The company offers cellular services, wireless broadband, voice
services, and data services. It also provides a range of fixed-line
services, including local exchange, international long-distance,
data and other networks, and miscellaneous services. The company
markets its services through various brands, including TNT,
SmartBro, Sun Broadband, PLDT, Smart, and Sun Cellular. It offers
these services to corporate, retail, and SME clients. The company
has a business presence in the Philippines, British Virgin Islands,
Cayman Islands, and Singapore.
PLDT Inc.'s working capital deficit was PHP150,343 million at
December 31, 2021. The deficit was PHP126,099 million as of
December 31, 2020.
At December 31, 2021, the Company had total current assets of
PHP73,931 million and total current liabilities of PHP224,274
million. At December 31, 2020, the Company had total current
assets of PHP87,438 million and total current liabilities of
PHP213,537 million.
PLDT INC: Sell-Off Wipes Out P62B in Market Value in a Single Day
-----------------------------------------------------------------
Miguel R. Camus at Philippine Daily Inquirer reports that PLDT Inc.
saw its worst trading session since tycoon Manuel Pangilinan and
Indonesia's Salim group bought the telecommunications giant in
1998, following the discovery of billions of pesos in overspending
over four years that was disclosed to the public after trading
hours on Dec. 16.
According to the Inquirer, PLDT shares were battered by furious
selling throughout session on Dec. 19, plunging nearly 17 percent
during the morning session before extending losses to 19.35 percent
to PHP1,192 per share at the close and erasing about PHP62 billion
in shareholders' value.
Revelations of a PHP48-billion capital spending "budget overrun,"
which PLDT chair Pangilinan told the Inquirer was initially
estimated as much as PHP130 billion before an internal audit was
launched a few months ago, spooked retail investors and large
foreign funds, according to analysts.
It also raised questions over internal controls, auditing
processes, and governance at the country's biggest
telecommunications company, which is among the "blue chip" stocks
in the Philippine Stock Exchange index, the Inquirer says.
"The sell-off reacts to investors fleeing from risks on its
corporate governance, which is the main issue. If the allegations
hold true, its reversion will be up to [PLDT] management's
initiatives to address the issue," Gabryle Aguila, head of equity
research at stock brokerage house Unicapital Securities Inc., told
the Inquirer on Dec. 19.
According to the Inquirer, PLDT said on Dec. 16 it would implement
a management reorganization "to address weaknesses that allowed
such budget overruns to occur."
The Inquirer relates that Mr. Pangilinan also said a number of top
executives have been suspended while the investigation was underway
with the help of a third-party auditor not associated with PLDT's
external auditor, SGV & Co.
Mr. Aguila said the appointment of new executives and the release
of the final audit results would "determine what the organization
needs to do to regain the investing public's confidence."
According to the Inquirer, PLDT said the budget overruns will
reflect in its financial statements in 2022 and 2023, which will be
offset by gains from the sale of cell tower assets to a third-party
operator.
Still, investors and fund managers were waiting to see the full
extent of the audit to better gauge the financial impact on PLDT,
said Adrian Yu, head of institutional sales at stockbrokerage house
COL Financial Group.
"There is still some uncertainty with how exactly they will treat
this overspend, how much of it was actually lost, and how much is
just mislabelling," Mr. Yu told the Inquirer.
"Normally, when these things happen especially in the big-cap
stocks, normally the fund managers just quickly flee to safety and
sell first before asking more questions," he added.
Mr. Yu advised investors to stay cautious when trading PLDT shares
in the near-term, the report relays.
"The sooner [PLDT's management] can get to the bottom of this and
reveal the extent of how much was really overspent, how much was
mislabelled, then that's the time we think the stock should
bottom," he said.
About PLDT
PLDT Inc. (NYSE:PHI), formerly Philippine Long Distance Telephone
Company, -- https://main.pldt.com/ -- provides telecommunications
services across the fiber optic, cellular and fixed-line networks.
The company offers cellular services, wireless broadband, voice
services, and data services. It also provides a range of fixed-line
services, including local exchange, international long-distance,
data and other networks, and miscellaneous services. The company
markets its services through various brands, including TNT,
SmartBro, Sun Broadband, PLDT, Smart, and Sun Cellular. It offers
these services to corporate, retail, and SME clients. The company
has a business presence in the Philippines, British Virgin Islands,
Cayman Islands, and Singapore.
PLDT Inc.'s working capital deficit was PHP150,343 million at
December 31, 2021. The deficit was PHP126,099 million as of
December 31, 2020.
At December 31, 2021, the Company had total current assets of
PHP73,931 million and total current liabilities of PHP224,274
million. At December 31, 2020, the Company had total current
assets of PHP87,438 million and total current liabilities of
PHP213,537 million.
PLDT INC: To Reduce Capex in 2023 as it Tackles Overspending
------------------------------------------------------------
Ian Nicolas Cigaral at Philstar.com reports that PLDT Inc. said
Dec. 21 it would start winding down on spending next year as the
telco giant tackles massive capital expenditure overruns it endured
in the past four years.
In a disclosure to the stock exchange, Alfredo Panlilio, company
president and chief executive, said 2023 will be "a year of
consolidation" for PLDT, Philstar.com relays. He made the remarks
during a special briefing with investors and analysts Dec. 20
following the discovery of the company's PHP48-billion capex
overspending.
"We plan to reduce fresh capex starting in 2023. Thereafter, we
expect capex to reduce steadily," Philstar.com quotes Mr. Panlilio
as saying.
This means PLDT would adopt a much earlier timeline for its capex
reduction after years of heavy spending on its network expansion
program, the report notes. In a previous statement following the
discovery of budget overruns, PLDT had said its capex would stay
elevated next year, adding it would only trim spending from 2024
onward.
According to Philstar.com, the Securities and Exchange Commission,
the Philippine Stock Exchange and the Capital Markets Integrity
Corp. (CMIC) - the independent audit, surveillance, compliance and
enforcement unit of the PSE - have launched separate probes into
PLDT's reported overspending, which rocked the listed telco giant's
share price.
Philstar.com relates that PSE president Ramon Monzon had said the
stock exchange did not find any indications of insider trading of
PLDT shares, which suffered from a brutal sell-off on Dec. 16 even
before the company could make a formal disclosure of the budget
overruns.
PLDT said an internal investigation did not find any fraudulent
transactions, procurement anomalies, or loss of assets arising from
the excessive budget spending, the amount of which represents about
12.7% of the firm's total capex in the past four years,
Philstar.com relays.
Since 2019, the telco giant has embarked on a capital-extensive
network expansion program to improve its services amid the
pandemic, including LTE and 5G rollout.
Philstar.com relates that Mr. Panlilio said there were other
factors that likely pushed PLDT to overspend, including former
President Rodrigo Duterte's threat to telco firms to shape up,
entry of new service provider Dito Telecommunity, and intense
competition in the fiber space brought by Converge ICT Solutions
Inc.
Philstar.com adds that Marilyn Victorio-Aquino, company chief legal
counsel, said negotiations with vendors are ongoing. "Rest assured
that we will provide additional disclosures in due course. What we
want to avoid is premature disclosure that could harm the public
shareholders," she said.
Despite the capex overruns, PLDT officials said core income this
year is still projected to hit between PHP32.6 and PHP33 billion,
as targeted.
They added that the company could still settle the balance of
dividends that must be paid to investors. The total dividends for
2022 are pegged at PHP134 per share, or 88% of PLDT's expected
earnings this year, Philstar.com says.
"The bulk of the PHP48-billion capex overspend involves the
procurement of network equipment necessary to provide stronger
connectivity to subscribers, specifically 5G cell sites for our
mobile network and fiber rollout," Philstar.com quotes PLDT
Chairman Manuel V. Pangilinan as saying. "There will be no
write-off of these assets."
About PLDT
PLDT Inc. (NYSE:PHI), formerly Philippine Long Distance Telephone
Company, -- https://main.pldt.com/ -- provides telecommunications
services across the fiber optic, cellular and fixed-line networks.
The company offers cellular services, wireless broadband, voice
services, and data services. It also provides a range of fixed-line
services, including local exchange, international long-distance,
data and other networks, and miscellaneous services. The company
markets its services through various brands, including TNT,
SmartBro, Sun Broadband, PLDT, Smart, and Sun Cellular. It offers
these services to corporate, retail, and SME clients. The company
has a business presence in the Philippines, British Virgin Islands,
Cayman Islands, and Singapore.
PLDT Inc.'s working capital deficit was PHP150,343 million at
December 31, 2021. The deficit was PHP126,099 million as of
December 31, 2020.
At December 31, 2021, the Company had total current assets of
PHP73,931 million and total current liabilities of PHP224,274
million. At December 31, 2020, the Company had total current
assets of PHP87,438 million and total current liabilities of
PHP213,537 million.
=================
S I N G A P O R E
=================
BEIJING CO-INVESTMENT: Creditors' Proofs of Debt Due on Jan. 25
---------------------------------------------------------------
Creditors of Beijing Co-Investment Pte. Ltd. are required to file
their proofs of debt by Jan. 25, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 16, 2022.
The company's liquidators are:
Ong Kok Yeong David
Tay Tuan Leng
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
CHINA LOGISTICS: Creditors' Proofs of Debt Due on Jan. 25
---------------------------------------------------------
Creditors of China Logistics I Pte. Ltd. are required to file their
proofs of debt by Jan. 25, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 16, 2022.
The company's liquidators are:
Ong Kok Yeong David
Tay Tuan Leng
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
LAO V: Creditors' Proofs of Debt Due on Jan. 25
-----------------------------------------------
Creditors of Lao V Logiport II Pte. Ltd. and Lao V CN Holdings Pte.
Ltd. are required to file their proofs of debt by Jan. 25, 2023, to
be included in the company's dividend distribution.
The companies commenced wind-up proceedings on Dec. 16, 2022.
The company's liquidators are:
Ong Kok Yeong David
Tay Tuan Leng
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
LAOF IV: Creditors' Proofs of Debt Due on Jan. 25
-------------------------------------------------
Creditors of Laof IV China Logistics I Pte. Ltd. are required to
file their proofs of debt by Jan. 25, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 16, 2022.
The company's liquidators are:
Ong Kok Yeong David
Tay Tuan Leng
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
VERTEX ASIA: Creditors' Proofs of Debt Due on Jan. 25
-----------------------------------------------------
Creditors of Vertex Asia Investments Pte. Ltd. are required to file
their proofs of debt by Jan. 25, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 16, 2022.
The company's liquidators are:
Ong Kok Yeong David
Lee Wei Hsiung
c/o Tricor Singapore
80 Robinson Road, #02-00
Singapore 068898
=================
S R I L A N K A
=================
SRI LANKA: National Consumer Price Inflation Eases to 65% in Nov.
-----------------------------------------------------------------
Reuters reports that Sri Lanka's National Consumer Price Index
(NCPI) eased year-on-year to 65% in November after a 70.6% jump in
October, the statistics department said on Dec. 21.
Food prices were up 69.8% in November, while non-food inflation was
60.4%, the Department of Census and Statistics of the crisis-struck
nation said in a statement.
According to Reuters, Sri Lanka has been struggling with soaring
inflation for nearly a year, partly triggered by its worst
financial crisis in seven decades and an ill-thought out ban on
chemical fertilizer implemented last year, which has since been
reversed.
"November has shown a faster deceleration than expected and this is
likely to continue but the easing could be offset by an electricity
power increase the government may implement early next year,"
Reuters quotes Dimantha Mathew, head of research, First Capital, a
saying.
Inflation is projected to decline below 60% by the end of the year
but is projected to return to single digit level in the third
quarter of next year, he added.
According to Reuters, Central Bank of Sri Lanka Governor Nandalal
Weerasinghe predicted that if the current trend of monetary policy
was followed, inflation could drop to 4%-5% by the end of next
year.
The NCPI captures broad retail price inflation across the island
nation and is released with a lag of 21 days every month, the
report notes.
Reuters says the Colombo Consumer Price Index (CCPI), released at
the end of each month, is more closely monitored. It acts as a lead
indicator for broader national prices and shows how inflation is
evolving in the biggest city of Colombo.
The CCPI eased to 61% in November, data showed last month.
In September, Sri Lanka reached a preliminary deal with the
International Monetary Fund for a $2.9 billion bailout but it needs
to get its debt on a sustainable track and put its public finances
in order before funds can be disbursed, Reuters notes.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its NZD12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below. Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.
SRI LANKA: Official Creditor Committee Yet to Form
--------------------------------------------------
Reuters reports that Sri Lanka's authorities continue to exchange
information with bilateral creditors but a formal committee to
restructure the country's foreign debt is not yet in place, a
source close to the Finance Ministry told Reuters.
According to Reuters, the island nation held a third round of talks
with representatives from creditor countries such as China, Japan
and India on Dec. 15 as it aims to restructure its debt amid the
worst economic crisis since independence from Britain in 1948.
"This (meeting) was extremely well attended with over 100 attendees
representing the official creditors," the source said, adding that
Sri Lanka government officials also provided updates on their debt
management strategy and the implementation of measures under an
International Monetary Fund (IMF) programme, Reuters relays.
Sri Lanka said in October it aimed to almost double tax revenue to
around 15% of gross domestic product by 2026 from 8.5% now - an
essential step to unlock IMF funding, Reuters recalls.
Reuters says talks with bilateral creditors started after the
country secured a $2.9 billion staff-level agreement with the
Washington-based lender in September. But the money will not flow
until the fund's executive board approves the deal, a move that
requires prior financial assurances from bilateral lenders.
The attempt at a debt restructuring comes after the effects of
years of economic mismanagement were amplified by the fallout from
the pandemic.
According to Reuters, the country's State Minister of Finance
Shehan Semasinghe said in a tweet dated Dec. 15 that the government
aimed to "maintain an equal, comparable and transparent debt
treatment policy" with its creditors.
China is Sri Lanka's largest bilateral creditor accounting for
close to 20% of its overseas debt. Sri Lanka's total external debt
amounts to $37.6 billion, Reuters discloses citing calculations by
the China Africa Research Initiative (CARI).
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its NZD12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below. Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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