/raid1/www/Hosts/bankrupt/TCRAP_Public/221226.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
Monday, December 26, 2022, Vol. 25, No. 251
Headlines
A U S T R A L I A
153 COONAN: First Creditors' Meeting Set for Jan. 3
ACCESS ELECTRICAL: Second Creditors' Meeting Set for Dec. 29
BALCROSS PTY: First Creditors' Meeting Set for Jan. 3
DIGITAL SURGE: First Creditors' Meeting Set for Jan. 5
DIGITAL SURGE: Owed AUD33 Million by FTX
ECOLATERAL STORES: First Creditors' Meeting Set for Jan. 3
HUMM ABS 2022-2: Moody's Assigns Ba2 Rating to AUD10.92MM E Notes
C H I N A
CHINA EVERGRANDE: Says Differences in Debt Restructuring Narrowing
TUANDAI.COM: Founders Get 20-Year Jail Terms
TUSIMPLE HOLDINGS: Slashes Workforce 25% in Sweeping Restructuring
I N D I A
AIREN COPPER: CARE Keeps D Debt Ratings in Not Cooperating
BALAJI TRADING: CARE Keeps C Debt Rating in Not Cooperating
BANGALORE AIRPORT: Voluntary Liquidation Process Case Summary
ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category
ICON CARS: CARE Keeps C Debt Rating in Not Cooperating Category
IND-BARATH ENERGY: CARE Keeps D Debt Rating in Not Cooperating
IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating
IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating
JAYAWANTI BABU: CARE Keeps D Debt Ratings in Not Cooperating
JM FERRO: CARE Keeps D Debt Ratings in Not Cooperating Category
KAIRALI STEELS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
KAPSONS INDUSTRIES: CARE Withdraws D Rating on LT/ST Debts
MAURIA UDYOG: CARE Keeps D Debt Ratings in Not Cooperating
MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
NARAINGARH SUGAR: HC Stays Insolvency Process Against Sugar Mill
ORIENT CRAFT: CARE Keeps D Debt Rating in Not Cooperating Category
OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
PALLA VAJARA: CRISIL Lowers Rating on INR4cr Cash Loan to D
PARISHUDH MACHINES: CARE Keeps D Debt Ratings in Not Cooperating
RAJ INFRASTRUCTURE: Ind-Ra Hikes LongTerm Issuer Rating to BB+
RAM AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating
ROSHNI JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating
SHIVA SPECIALITY: CARE Keeps D Debt Rating in Not Cooperating
SIAE MICROELETTRONICA: Voluntary Liquidation Process Case Summary
SIDHANT MINES: CARE Assigns D Rating to INR5cr LT Loan
SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating
SMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category
SUKHMANI HOLIDAYS-INN: CARE Keeps D Rating in Not Cooperating
N E W Z E A L A N D
CONSTRUCTION &: Creditors' Proofs of Debt Due on Jan. 23
LONG CLOUD: Creditors' Proofs of Debt Due on Jan. 22
POLYMER ENGINEERING: Creditors' Proofs of Debt Due on Jan. 19
REAA LIMITED: Creditors' Proofs of Debt Due on Feb. 10
SC DESIGN: Creditors' Proofs of Debt Due on Jan. 31
S I N G A P O R E
ACMA INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 20
ALPHA BODYTEC: Court Enters Wind-Up Order
BELONG PTE: Creditors' Proofs of Debt Due on Jan. 20
JDC EAST: Creditors' Proofs of Debt Due on Jan. 23
RAMS CHALLENGE: Creditors' Proofs of Debt Due on Jan. 23
ZIPMEX PTE: Court Grants Rescue Financing Super-Priority Status
- - - - -
=================
A U S T R A L I A
=================
153 COONAN: First Creditors' Meeting Set for Jan. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of 153 Coonan
Pty Ltd will be held on Jan. 3, 2023, at 10:30 a.m. at the offices
of B & T Advisory at Level 19, 144 Edward Street in Brisbane.
Travis Pullen and Murray Daniel of B&T Advisory were appointed as
administrators of the company on Dec. 19, 2022.
ACCESS ELECTRICAL: Second Creditors' Meeting Set for Dec. 29
------------------------------------------------------------
A second meeting of creditors in the proceedings of Access
Electrical (NSW) Pty Limited has been set for Dec. 29, 2022, at
2:00 p.m. at Level 1, 160 Pacific Highway in Charlestown.
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. 22, 2022, at 4:00 p.m.
Paul William Gidley of Shaw Gidley was appointed as administrators
of the company on Nov. 28, 2022.
BALCROSS PTY: First Creditors' Meeting Set for Jan. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Balcross Pty
Ltd will be held on Jan. 3, 2023, at 10:00 a.m. at the offices of
Rodgers Reidy at Level 11, 385 Bourke Street in Melbourne.
Brent Leigh Morgan and Neil Stewart McLean of Rodgers Reidy were
appointed as administrators of the company on Dec. 19, 2022.
DIGITAL SURGE: First Creditors' Meeting Set for Jan. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Digital
Surge Pty Ltd will be held on Jan. 5, 2023, at 11:00 a.m. via
virtual meeting only.
David Johnstone, Scott Langdon and John Mouawad of KordaMentha were
appointed as administrators of the company on Dec. 8, 2022.
DIGITAL SURGE: Owed AUD33 Million by FTX
----------------------------------------
The Guardian Australia reports that collapsed Australian crypto
exchange Digital Surge is owed AUD33 million by FTX, one of the
biggest cryptocurrency platforms in the world before it collapsed
in November.
Brisbane-based Digital Surge passed into administration earlier
this month with more than half its digital assets deposited with
FTX.
According to the report, the spectacular downfall of FTX and its
former billionaire founder Sam Bankman-Fried, who has been
extradited to the US to charges of fraud and conspiracy, has
triggered the cryptocurrency equivalent of a global bank run.
The 30-year-old faces eight charges connected to his role in the
collapse of the crypto exchange, which carry a maximum sentence of
110 years, the report says.
The Guardian Australia, citing documents lodged with the Australian
Securities and Investments Commission (ASIC), discloses that
Digital Surge had AUD55.4 million of digital assets when it entered
administration.
Administrator KordaMentha estimated "the value of assets remaining
with the FTX group of companies to be AUD33 million".
"The administrators have secured AUD26,800,985 of digital assets
controlled by the company. We have also secured in AUD4,625,922 in
cash," KordaMentha told creditors.
The Guardian Australia relates that ASIC documents also revealed
Digital Surge owes a secured AUD1.05 million debt to a company
called DigiCo.
The report says KordaMentha has already received hundreds of emails
from customers who have been left out of pocket by the collapse of
FTX, with some reporting losses worth hundreds of thousands of
dollars.
"At present, the administrators are not in a position to estimate
the expected return to creditors," the company, as cited by The
Guardian Australia, said.
The directors of Digital Surge are working with stakeholders to
prepare a rescue package, although little is known about the plan,
with administrators only receiving a "high-level summary".
"The future of the company will be determined by its creditors,"
the KordaMentha document said.
Customer accounts were frozen by Digital Surge on November 16 and
trading was still blocked on December 23, the report notes.
"The digital assets secured by the administrators will continue to
remain frozen during the administration process," KordaMentha told
creditors.
"All assets in the possession of the company at the time of our
appointment, which includes cryptocurrency and fiat currency, are
now under the control of the administrators."
According to the report, KordaMentha partner Scott Langdon said he
was pleased with the cooperative approach taken by the directors of
Digital Surge.
"We fully appreciate the uncertainty the voluntary administration
will create," Mr. Langdon said.
"We will proactively and regularly communicate with customers to
ensure they are fully informed on the progress of the
administration."
The federal government is expected to introduce legislation to
regulate cryptocurrency in 2023.
ECOLATERAL STORES: First Creditors' Meeting Set for Jan. 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ecolateral
Stores Pty Ltd will be held on Jan. 3, 2023, at 11:00 a.m. at the
offices of Clifton Hall at Level 3, 431 King William Street in
Adelaide and via teleconference.
Daniel Lopresti of Clifton Hall was appointed as administrator of
the company on Dec. 19, 2022.
HUMM ABS 2022-2: Moody's Assigns Ba2 Rating to AUD10.92MM E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the humm ABS Trust 2022-2.
Issuer: humm ABS Trust 2022-2
AUD64.00 million Class A1 Notes, Assigned Aaa (sf)
AUD70.40 million Class A2 Notes, Assigned Aaa (sf)
AUD14.70 million Class A2-G Notes, Assigned Aaa (sf)
AUD21.21 million Class B-G Notes, Assigned Aa2 (sf)
AUD11.13 million Class C-G Notes, Assigned A2 (sf)
AUD5.67 million Class D-G Notes, Assigned Baa2 (sf)
AUD10.92 million Class E Notes, Assigned Ba2 (sf)
The AUD11.97 million of Class F Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of Australian
unsecured, retail, buy now pay later (BNPL) receivables originated
under the brand 'humm' by Humm BNPL Pty Ltd (originator), a
subsidiary of Humm Group Limited ("hummgroup").
This is hummgroup's fourteenth term securitisation of the
originator's assets.
RATINGS RATIONALE
The definitive ratings take into account, among other factors:
the evaluation of the underlying receivables and their expected
performance. The portfolio includes a high proportion (34.1%) of
loans related to solar-related products;
the availability of excess spread to meet losses over the life of
the transaction;
the liquidity facility in the amount of 1.00% of the rated note
balance, subject to a floor of AUD500,000;
the interest rate swaps provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)); and
the experience of Flexirent Capital Pty Limited as servicer, and
the back-up servicing arrangements with Perpetual Corporate Trust
Limited.
Initially, the Class A Notes (which include Class A1, Class A2 and
Class A2-G Notes) benefit from 29.00% of note subordination. The
Class B-G, Class C-G, Class D-G and Class E Notes benefit from
18.90%, 13.60%, 10.90% and 5.70% respectively.
The transaction features a sequential/pro rata paydown structure.
If the pro rata conditions are not satisfied, principal collections
will be distributed sequentially to the Class A1 to Class F Notes
(pari passu between the Class A2 and A2-G Notes). If the pro rata
paydown conditions are satisfied, principal will be distributed pro
rata among Class A1 to Class F Notes (separate pro-rata paydown
conditions for Class A to Class E Notes, and conditions for Class A
to Class F Notes).
Key model and portfolio assumptions
Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 28.00%. Moody's mean default for
this transaction is 4.50%. The assumed recovery rate is 0%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.
Moody's assumed mean default rate is stressed compared to the
historical levels of 3.77%. The expected default captures Moody's
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Key pool features are as follows:
The weighted average interest rate of the portfolio is 11.4%.
The weighted average remaining term of the portfolio is 28.7
months. The weighted average seasoning of the initial portfolio is
7.7 months.
Solar, medical services, jewellery, home owner and non-home owner
receivables constitute 34.1%, 25.0%, 8.3%, 10.3% and 22.3% of the
portfolio respectively.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
=========
C H I N A
=========
CHINA EVERGRANDE: Says Differences in Debt Restructuring Narrowing
------------------------------------------------------------------
Chen Bo and Han Wei at Caixin Global report that China Evergrande
Group said disagreements are narrowing among parties involved in
discussions of its offshore debt restructuring plan as talks
continue to push toward a consensus.
China Evergrande, which defaulted on its first offshore bond a year
ago, failed to deliver a restructuring plan it had promised by the
end of July, Caixin says. In its most recent update on the
negotiations on December 20, the company said there is still great
uncertainty on repayment given the company's massive debts and
challenging business situation.
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
TUANDAI.COM: Founders Get 20-Year Jail Terms
--------------------------------------------
Yicai Global reports that a court in China has sentenced the
founders of Tuandai.Com, the country's first licensed peer-to-peer
lending platform, to 20 years each in prison and handed jail terms
to 44 other people connected with the P2P lender, which collapsed
more than three years ago.
Yicai Global relates that Tang Jun, who was also the online payday
lender's chairman, was fined CNY51.5 million (USD7.4 million) as
well, the listed arm of Paisheng Technology Group, which ran
Tuandai, said in a statement on December 22. Zhang Lin, who was
also Paisheng Technology's ex-general manager, was fined CNY41
million.
The other 44 people received jail terms ranging from one and a half
years to 15 years along with financial penalties.
According to the report, the Dongguan Intermediate People's Court
handed them the sentences for committing or taking part in
fundraising fraud, illegal absorption of public deposits, stock
market manipulation, and forging invoices, including those for
valued added tax.
Yicai Global relates that the court additionally fined
Dongguan-based Paisheng Technology about CNY1.6 billion (USD229
million) for illegal fundraising and stock market manipulation.
Founded in 2011, Tuandai.Com completed five financing rounds,
raising over CNY2.5 billion in total, and accepted huge amounts of
money from retail investors between 2012 and 2019, when it
collapsed, failing to repay about CNY34.8 billion (USD5 billion),
CCTV News reported yesterday.
During that time, the firm launched fundraising scams to garner
about CNY32.6 billion, mainly using it to manipulate stock markets
and for personal consumption, the report says. Moreover, some
defendants issued fake invoices worth CNY67.6 million, as well as
illegal value-added tax invoices of CNY1.4 million.
Tang still owns 1.54 percent of the listed firm, Paisheng
Intelligent Technology, and has indirect stakes as Shuobo
Investment Development, which is indirectly controlled by him, owns
a nearly 23.6 percent holding in Paisheng Intelligent, Yicai Global
discloses.
Before entering the P2P lending field, Paisheng Intelligent's main
business was precision aluminum die casting. In 2017, Tang injected
Tuandai's assets into Paisheng Intelligent, which prompted a
sixfold increase in its share price from early 2017 to 2019. After
that, Paisheng Intelligent returned to its main business.
TUSIMPLE HOLDINGS: Slashes Workforce 25% in Sweeping Restructuring
------------------------------------------------------------------
Caixin Global reports that Nasdaq-traded self-driving truck startup
TuSimple Holdings Inc. plans to slash its workforce by 25% as part
of a broader business restructuring, the company said.
Caixin relates that TuSimple said the plan would affect 350 workers
as the company seeks to elevate its capital efficiency. After the
layoffs, TuSimple's workforce will decline to about 1,100, 80% of
whom will focus on research and development.
The downsizing will save TuSimple $55 million to $65 million per
year, the company said. TuSimple said it will shift focus to
providing self-driving technology and solutions to partners in
transportation businesses, Caixin relays.
TuSimple operates about 100 Level 4 driverless trucks, mostly in
the U.S. and China, according to the company. Level 4 autonomous
vehicles can drive themselves in certain circumstances, but a human
driver may sometimes need to take control.
Like other high-tech startups, the company has struggled to make
ends meet, Caixin notes. TuSimple in early November said it planned
to scale back a freight network expansion, including unprofitable
freight lines and trucking operations.
According to a company financial report, TuSimple posted a $93.6
million net loss in the third quarter, 15% more than a year ago,
Caixin discloses. Revenue expanded 50% to $2.7 million.
Caixin says the restructuring followed a series of internal
investigations and management churn at TuSimple, which ended when
ousted Chairman Chen Mo retook control of the company in November.
In February, TuSimple reached a settlement with U.S. authorities to
end a lengthy national security probe targeting the company's data
operations and China links, agreeing to split off its China
business to operate independently and to restrict sensitive data
access to the China division, recalls Caixin.
=========
I N D I A
=========
AIREN COPPER: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Airen
Copper Private Limited (ACPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 24.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 29,
2021, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL 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. ACPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 15, 2022, August 25, 2022, September 4,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur (Rajasthan) based ACPL was incorporated in 2002 by Mr Sudhir
Kumar Agarwal and Mr Suresh Kumar Agarwal. ACPL commenced its
commercial operations from January 2009. The company is mainly
engaged in the manufacturing of paper insulated copper wires/strips
and paper covered insulated bus bars. It has its manufacturing
facility situated at Jaipur.
BALAJI TRADING: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Trading Corporation (SBTC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; 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 18,
2021, placed the rating(s) of SBTC under the 'issuer
non-cooperating' category as SBTC 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. SBTC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 4, 2022, October 15, 2022, October 24,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sri Balaji Trading Corporation (SBTC) was promoted by Mrs. Potluri
Sitaratnam in year 2011 as a sole proprietorship firm. SBTC is
engaged in trading of cotton lint and cotton yarn. The firm
primarily supplies cotton lint to one of its group companies;
Vantage Spinners Private Limited (VSPL) which is engaged in
manufacturing of cotton yarn and has an installed capacity of
31,500 spindles and also to other spinning units located in Krishna
District, Andhra Pradesh.
BANGALORE AIRPORT: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Bangalore Airport Rail Link Limited
BMRCL Site Office, 4th Floor
Beside Deepanjali Nagar Metro Station
Mysore Road, Bangalore 560026
Liquidation Commencement Date: November 28, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency professional: Ratnakar Shetty
Interim Resolution
Professional: Ratnakar Shetty
RPAR & Co LLP
#16, Level 3
Skyline Towers, 7th Cross
Sampige Road, Malleswaram
Bangalore 560003
E-mail: rcshetty.co@gmail.com
Tel: 9986404040
Last date for
submission of claims: December 27, 2022
ENN TEE: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Enn Tee
International Limited (ETIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.91 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 1,
2021, placed the rating(s) of ETIL under the 'issuer
non-cooperating' category as ETIL 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. ETIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 17, 2022, August 27, 2022, September 6,
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).
Enn Tee International Limited (ETIL), a closely held public limited
company was initially incorporated as a private limited company
(Enn Tee International Private Limited) in February, 1999. Later
on, the constitution was changed in June, 2014. The company started
its commercial productions in 2000 and is currently being managed
by Mr. Harish Chander. The company is engaged in manufacturing and
trading of poly propylene (PP) yarn at its manufacturing facility
located at Haridwar, Uttarakhand. Earlier ETIL had its
manufacturing facility located in Ludhiana, Punjab which was
discontinued in 2005 and shifted to Haridwar in September, 2009.
ICON CARS: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Icon Cars
Private Limited (ICPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.95 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 1.30 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 13,
2021, placed the rating(s) of ICPL under the 'issuer
non-cooperating' category as ICPL 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. ICPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 29, 2022, September 8, 2022, September
18, 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).
Lucknow (Uttar Pradesh) based Icon Cars Private Limited (ICPL) is
promoted by Mr. Pawan Kumar Garg and Mr. Aditya Garg in January,
2016. ICPL is engaged in the dealership of passenger vehicles of
Honda Company India Limited (HCIL) on Sitapur Road, NH-24- Lucknow.
The operations of the company commenced in August, 2016. Company
also undertakes servicing of passenger vehicle work. ICPL is
another group of Standard Surfactants Limited, managed by Mr. Pawan
Kumar Garg.
IND-BARATH ENERGY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IND-Barath
Energy (Utkal) Limited. (IEL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2,833 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of IEL under the 'issuer
non-cooperating' category as IEL 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. IEL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 26,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ind- Barath Energy (Utkal) Limited (IEL) belongs to Ind-Barath
group and is a subsidiary (99.99%) of Ind- Barath Thermotek Private
Limited. IEL incorporated in April 2008 with the objective of
setting up a 700 MW (2*350 MW) coal based thermal power plant at
Sahajbahal, Jharsuguda District in Orissa. The project was earlier
envisaged to achieve Commercial Operations Date (COD) on March 31,
2015. The Company completed the trial runs for Unit I as on Mar.31,
2016 and obtained necessary regulatory approvals required to
commence commercial operations.
IND-BARATH POWER: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of InD-Barath
Power Gencom Limited (IPGL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 228.38 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 96.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of IPGL under the 'issuer
non-cooperating' category as IPGL 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. IPGL
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).
Ind-Barath Power Gencom Limited (IPGL) belongs to Ind - Barath
Group and is a subsidiary (70.74%) of IndBarath Power Infra Limited
(IBPIL), the flagship company of the group. Incorporated on 25th
July 2005, IPGL has set up a coastal coal based Thermal Power
Project of capacity 189 (3x63) MW power plant in Thoothukudi
District in Tamil Nadu. IPGL has Fuel Supply Agreement (FSA) in
place with the group's coal mine in Indonesia. Government of
Indonesia mining development could not start. The company has been
referred to Corporate Insolvency Resolution Process under Indian
Bankruptcy Code (IBC), 2016.
IND-BARATH THERMAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind-Barath
Thermal Power Limited (ITPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 940.56 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 75.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of ITPL under the 'issuer
non-cooperating' category as ITPL 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. ITPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 26,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ind-Barath Thermal Power Limited (ITPL) is a special purpose
vehicle (70.26%) of Ind-Barath Power Infra Limited (IBPIL). It was
incorporated in January 2007 as IndBarath Power (Karwar) Limited
with the objective of setting up of a 300 MW (150 imported
coal-based power plant at Hankon Village in Uttara Kannada district
of Karnataka. However, despite getting all statutory clearances
including Environment Clearance and Consent for Establishment,
commencement of construction activities at project site was held up
on account of protests from local political & environmental groups.
Hence, the company shifted the project to alternate location to
Tuticorin in Tamil Nadu. Consequent to the change in location, the
name of the company was changed to the current nomenclature. ITPL
commenced commercial operations on February 7, 2013 of Unit 1 and
in November 2013 of Unit 2. The company has been referred to
corporate insolvency resolution process (under IBC 2016).
JAYAWANTI BABU: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jayawanti
Babu Foundation (JBF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.51 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.49 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 29,
2021, placed the rating(s) of JBF under the 'issuer
non-cooperating' category as JBF 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. JBF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 15, 2022, October 25, 2022, November 7,
2021.
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).
Established in 2007, Jayawanti Babu Foundation (JBF) runs an
education institute. The trust is registered under Bombay Public
Trust Act, 1950. Currently, the trust is managing one college,
namely, Metropolitan Institute of Technology and Management
(MITM).
JM FERRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JM Ferro
Alloys Private Limited (JFAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 12.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 29,
2021, placed the rating(s) of JFAPL under the 'issuer
non-cooperating' category as JFAPL 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. JFAPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 15, 2022, August 25,
2022, September 4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2011 as private limited company, J M Ferro Alloys
Private Limited (JFAPL) is engaged in the business of trading of
steel products namely Hot Rolled (HR) sheets/coils/CTL, Galvanized
Plain (GP) coil/sheet, scrap, Pipe, Tube, TMT bars and others.
JFAPL's products find application mainly in automobile, electrical,
construction and consumer durable industry.
KAIRALI STEELS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kairali Steels and
Alloys Private Limited's (KSAPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR103 mil. (reduced from INR129.2 mil.) Fund-based working
capital Facility affirmed with IND BB+/Stable/IND A4+ rating;
-- INR350 mil. Non-fund-based working capital facility affirmed
with IND A4+ rating; and
-- INR20.8 mil. Proposed fund-based working capital limits
affirmed with IND BB+/Stable/IND A4+ rating.
Key Rating Drivers
The affirmation reflects KSAPL's continued modest credit metrics,
as reflected by gross interest coverage (operating EBITDA/gross
interest expense) of 2.2x (FY21:2.8x) and net leverage (total
adjusted net debt/operating EBITDAR) of 4.3x (3.6x). The credit
metrics deteriorated primarily on account of an increase in the
total debt to INR870.3 million (FY21: INR716 million) and decline
in the EBITDA to INR180.4 million (INR193.7 million). Ind-Ra
expects the overall credit metrics of the company to remain modest
in FY23 due to the incurring of debt for the company's ongoing
capex. KSAPL is installing a continuous casting machine at INR580
million, of which INR350 million is being funded through a term
loan and the remaining would be funded through interest-free
unsecured loans from the promoters. The company expects to complete
the project by January 2023 and it will be fully operational from
FY24.
Liquidity Indicator - Stretched: KSAPL's average utilization of the
fund-based limit and non-fund-based facility was 73.6% and 92.5%,
respectively, for the 12 months ended September 2022. The
utilization of the non-fund-based limits was higher because a major
portion of the company's raw material purchases are backed by
letters of credit. In FY22, the cash flow from operations turned
positive at INR143.2 million (FY21: negative INR49.5 million),
mainly on account of reduced working capital requirements; however,
the free cash flow remained negative at INR79.0 million (negative
INR110.6 million) due to the ongoing capex. The net cash conversion
cycle of the company improved to 21 days (36 days) on account of a
decline in the inventory days to 20 days (37 days). The debtor days
remained in the range of 13-16 days over FY20-FY22 and the creditor
days were 12-17 days during the same period. The company has
repayment obligations of INR77.9 million for FY23 and INR108.3
million for FY24; the obligations are likely to be met through the
internal accruals of the company. The cash and cash equivalents
stood at INR88.7 million at FYE22 (FYE21:INR15.8 million). The
company has been facing a Goods and Service Tax (GST) dispute since
April 2022 and the investigations are under process; any
materialization of this dispute will have a negative impact on the
liquidity position of the company.
The ratings are also constrained by industry risks, as the iron and
steel business is intensely competitive and highly fragmented in
nature, with the presence of numerous organized and unorganized
players in the industry. Demand for steel is derived from the
sectors such as real estate, construction and infrastructure and
white goods industry, which are vulnerable to changes in the
economic cycles. Any slowdown in the economic activity, and lower
investments in infrastructure and housing could have a negative
impact on the operations of the company. Furthermore, KSAPL is
exposed to geographic concentration risk as it only caters to
customers located in and round Kerala.
The ratings factor in the company's medium scale of operations, as
indicated by revenue of INR6,157 million in FY22 (FY21:INR4,037
million). In FY22, the revenue grew by 52.5% yoy primarily due to
increased realizations, backed by a rise in steel prices, and
growth in sales volumes, supported by increased demand. KSAPL's
customers include over 300 dealers and end-users in the
construction industry. KSAPL achieved a revenue of INR3,182 million
of 1HFY23. Ind-Ra expects the revenue to grow in FY23, backed by
repeat orders from the customers.
The ratings are supported by KASPL's average margins. The margin
fell to 2.93% in FY22 (FY21: 4.8%) on account of increased prices
of raw materials. The ROCE was 12% in FY22 (FY21: 17%). The cost of
material consumed constitutes 70-78% of the company's total costs.
The EBITDA margin of the company was 3.2% in 1HFY23.Ind-Ra expects
the EBITDA margin to range between 3.0-3.2% in FY23. The management
expects the capex to bring down raw materials costs, resulting in
an improvement in margins from FY24. The operating profitability
is susceptible to volatility in raw material prices. However, the
company mitigates this risk to some extent by passing on the
fluctuations in prices to dealers.
The ratings are also supported by KSAPL promoters' over three
decades of experience in the steel manufacturing business.
Rating Sensitivities
Positive: Maintaining of the scale of operations along with an
improvement in the liquidity position and credit metrics, resulting
in the net leverage reducing below 3.5x, all on a sustained basis,
and satisfactory outcome of the ongoing GST dispute could lead to a
positive rating action.
Negative: A decline in the scale of operations, leading to the net
leverage exceeding 4.5x along with a further weakening of the
liquidity position, all on a sustained basis, will lead to a
negative rating action.
Company Profile
KSAPL, incorporated in 1995 in Kozhikode, Kerala, manufactures
thermo mechanical treatment (TMT) bars with a roll milling capacity
of 1,20,000 MT per annum. The entity has its own brand named
Kairali TMT. It has an existing network of more than 300 dealers in
Kerala. The company is promoted by Kalliyath Abdul Khadar, the
founder of Kalliyath group which has been in the steel business in
Kerala since 1927.
KAPSONS INDUSTRIES: CARE Withdraws D Rating on LT/ST Debts
----------------------------------------------------------
CARE has reaffirmed and simultaneously withdrawn the outstanding
ratings of 'CARE D; Issuer not Cooperating assigned to the bank
facilities of Kapsons Industries Private Limited (KIPL) with
immediate effect.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank - Rating continues to remain
Facilities under ISSUER NOT COOPERATING
category; Reaffirmed at CARE D;
ISSUER NOT COOPERATING and
Withdrawn
Short Term Bank - Rating continues to remain
Facilities under ISSUER NOT COOPERATING
category; Reaffirmed at CARE D;
ISSUER NOT COOPERATING and
Withdrawn
Rating assigned to the bank facilities of KIPL considers ongoing
instances of delays in debt servicing.
The rating withdrawal is at the request of KIPL and 'No Objection
Certificate' and received from the lender that has extended the
facilities rated by CARE.
Detailed description of the key rating drivers
At the time of last rating on September 21, 2021 the following was
the rating weakness (updated from FY22 annual report available from
MCA filings).
Key Rating Weaknesses
* Delays in debt servicing: There are ongoing delays in debt
servicing and the company has been classified as Non-Performing
Asset (NPA) by its lenders.
KIPL was promoted by Mr Surinder Kumar Sehgal and Mr Narinder Kumar
Sehgal in 1980. The company was converted from public limited to
private limited company on April 10, 2015, under the name Kapsons
Industries Pvt. Ltd. The company is mainly engaged in the
manufacturing of electrical stampings used in the Rotating
Electrical Machinery. The company also manufactures Rotor die cast,
pressure aluminum die cast components and completely assembled
products like electrical motors and pumps. KIPL has its
manufacturing facilities in Jalandhar and Pune.
MAURIA UDYOG: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mauria
Udyog Limited (MUL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 240.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the ratings of MUL under the 'issuer non-cooperating'
category as MUL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MUL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated December
5, 2022, December 2, 2022, and December 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. Further banker could not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on September 24, 2021, the following
were the rating weaknesses:
Key Rating Weaknesses:
* Ongoing delays in debt servicing: There are ongoing delays in
servicing of the debt obligations by MUL as per public available
information.
Liquidity: Poor
MUL has poor liquidity position as marked by low current ratio and
the quick ratio which stood at 0.36 and 0.15, respectively as on
March 31, 2022.
Mauria Udyog Limited (MUL) was incorporated in 1980 by the Sureka
family comprising Mr V K Sureka, Mr N K Sureka and Mr A K Sureka.
The operations of the company are managed by Mr N K Sureka
(Managing Director). MUL is the flagship company of the Mauria
group. The group is involved in diverse business activities
including manufacturing of cylinders, valves, regulators, terry
towels, trading of commodities, NBFC, etc. MUL is engaged in the
manufacturing of cylinders, valves and regulators used for filling
Liquefied Petroleum Gas (LPG) and other gases such as ammonia and
refrigerants. MUL also manufactures 100% cotton terry towels at its
facility located in Faridabad. The terry towels are sold under the
brand name “Eurospa” and are sold domestically as well as
exported to countries like Ukraine, France, etc. MUL is also
engaged in trading and manufacturing of agro-commodities such as
soybean meal & cake and domestic trading of metals like steel,
brass, copper and ferrous scrap.
MERCATOR OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mercator
Oil & Gas Limited (MOGL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 99.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 124.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 11,
2021, placed the rating(s) of MOGL under the 'issuer
non-cooperating' category as MOGL 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. MOGL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2022, September 6, 2022, September
16, 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).
Mercator Oil and Gas Ltd (MOGL), a wholly-owned subsidiary of
Mercator Limited was incorporated in 2005 in India with the main
business of providing oil & gas services. Arbitration proceeding
against ONGC to the tune of $252 million has adversely affected the
company. Post the termination of the only available contract with
the company, there has been no business activity carried on by
MOGL.
NARAINGARH SUGAR: HC Stays Insolvency Process Against Sugar Mill
----------------------------------------------------------------
The Indian Express reports that the Punjab and Haryana High Court
on Dec. 22 stayed insolvency proceedings against Naraingarh Sugar
Mills Limited, noting that if the National Company Law Tribunal
(NCLT) is allowed to proceed against the mill, it could lead to "an
uproar from the farmers' community" and "labour unrest" as 31,000
acres in Ambala, Yamuna Nagar, parts of Punjab and Panchkula is
under sugarcane cultivation currently.
According to the Indian Express, the petitioner, Naraingarh Sugar
Mills Limited, through its counsel, Senior Advocate Anand Chhibbar
with Shikhar Sarin contended that their sugar mill was incorporated
under the Companies Act, 2013, and is currently under the
supervision and management of state government officials.
It was submitted that substantial funds have been released by the
Haryana government's Agriculture and Farmers Welfare Department by
way of loans towards its working capital, running of the mill,
payment of salaries and payment to the farmers, the Indian Express
relays. However, there are also dues owed by the petitioner to
respondents Indian Renewable Energy Development Agency Limited
(IREDA) and two banks.
It was brought to the notice of the high court that the IREDA and
two other banks have filed their respective applications before the
NCLT under Section 7 of the Insolvency and Bankruptcy Code, 2016,
intending to resolve their debts.
Hearing the matter, a bench of Justices M S Ramachandra Rao and
Sukhvinder Kaur held that the sugarcane crushing season has started
and as per the statutory regime, the farmers in the area specified
have to sell sugarcane only to the petitioner and cannot sell it in
the open market, the Indian Express relays.
"It is stated that 31,000 acres are under sugarcane cultivation in
the area stretching to Ambala, Yamuna Nagar, parts of Punjab and
Panchkula, and if at this point of time respondent No.6 (NCLT) is
allowed to proceed with the matter and appoint IRP (Interim
Resolution Professional), there is likely to be an uproar from the
farmers' community since they have nowhere to sell their produce,
and it may also lead to labour unrest, and other untoward incidents
. . .," the high court said.
"Since the management of the petitioner-company is in the capable
hands of the officials who are working under the supervision of
respondent No.2 (Haryana Government), it would not be appropriate
to replace them at this stage with the IRP who may not have the
requisite experience to run the sugarcane mill with all the
problems," the high court added.
". . . to enable the officials of the state and the officials of
respondents No 3 to 5 (IREDA and two banks) to have negotiations
for an amicable settlement and to ensure that the employees and the
farmers get their due, we deem it appropriate that the proceedings
initiated by respondents No 3 to 5 vide their applications are
stayed till the next date of hearing . . .", the high court
ordered, issuing notice to the respondents for Jan. 31, 2023, the
Indian Express adds.
Naraingarh Sugar Mills Limited (NSML is engaged in the business of
manufacturing of white sugar and by-products having facilities
located at Village Banondi Haryana.
ORIENT CRAFT: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orient
Craft Limited (OCL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 324.01 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 700.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 22,
2021, placed the rating(s) of OCL under the 'issuer
non-cooperating' category as OCL 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. OCL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 7, 2022, September 17, 2022, September
27, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Orient Craft Ltd (OCL), promoted by Mr. Sudhir Dhingra and Mr. K.K.
Kohli in Feb 1978, is in the business of manufacturing ready to
wear garments and home furnishings. The company is one of India's
leading manufacturers and exporters of premium ready-to-wear
garments. The company exports its products to leading international
fashion houses and retail chains, predominantly in the United
States and Europe. OCL is also recognized by the Government as a
four-star export house.
OSWAL KNIT: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oswal Knit
India Limited (OKIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 16.70 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 23,
2021, placed the rating(s) of OKIL under the 'issuer
non-cooperating' category as OKIL 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. OKIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 9, 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).
Promoted by Oswal family of Ludhiana, Oswal Knit India Limited
(OKIL) was incorporated in 1992. OKIL is engaged in the
manufacturing of hosiery and woollen apparels for men and women at
its manufacturing facility located at Ludhiana, Punjab. The company
sells its readymade garments under the brand name of 'Gadoni' and
'Casablanca' through its six exclusive showrooms and through
various wholesalers and retailers.
PALLA VAJARA: CRISIL Lowers Rating on INR4cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Palla Vajara Kiran Textiles Private Limited (PVKTPL) to 'CRISIL D'
from CRISIL BB-/Stable'. The ratings downgraded reflect
irregularities in delays in repayment of term debt obligations on
account of weak liquidity.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 1.3 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Open Cash Credit 4 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Long Term 3.7 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
Proposed Long Term 1 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
The rating continues to reflect the extensive experience of
PVKTPL's promoter in the textile industry, its established
relationships with customers and suppliers, and the company's
moderate financial risk profile. These strengths are partially
offset by the company's modest scale of operations amidst intense
competition and large working capital requirements.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations amidst intense competition: Subdued
scale is reflected in revenue of Rs 10 crore in fiscal 2022. This
prevents the company from benefiting from economies of scale.
* Large working capital requirement: Gross current assets (GCAs)
are high at around 452 days as on March 31, 2022, on account of
high inventory and receivables of 330 days and 131 days,
respectively. GCAs are expected to remain high over the medium
Strengths:
* Extensive experience of the promoter and established
relationships with customers and suppliers: The promoter, Mr Palla
Lakshmi Kumar, has experience of more than two decades in the
textile industry, which has enabled him to establish healthy
relationships with customers and local suppliers. This will support
the business risk profile of PVKTPL.
* Moderate financial risk profile: Gearing is moderate at 0.72
times as on March 31, 2022. Debt protection metrics are modest, as
reflected in interest coverage and net cash accrual to total debt
ratios of 2.06 times and 10%, respectively, in fiscal 2022.
Liquidity: Poor
There have been delays in servicing the interest of term loans in
the months of October and November 2022, owing to weak liquidity
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
Established in September 2014, PVKTPL manufactures power loom and
handloom silk sarees. The company is based in Hindupur district of
Andhra Pradesh. The operations are managed by the promoter, Mr
Palla Lakshmi Kumar.
PARISHUDH MACHINES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Parishudh
Machines Private Limited (PMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 22,
2021, placed the rating(s) of PMPL under the 'issuer
non-cooperating' category as PMPL 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. PMPL
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).
Uttar Pradesh-based, PMPL was incorporated on February 6, 1987, by
Mr. V.S. Goindi and Mr. G.S. Goindi. It started its commercial
operations in 1988. PMPL is engaged in manufacturing and servicing
of Computerized-Numerical-Control (CNC) turning and grinding
machines and automatic lathes with the plant being located at
Ghaziabad (UP) and Sitarganj (Uttaranchal). The manufacturing
facility of PMPL is well equipped with modern amenities and is ISO
9001:2008 certified. This apart, PMPL also manufactures various
engineering components. PMPL markets its products under the brand
name 'Parishudh'.
RAJ INFRASTRUCTURE: Ind-Ra Hikes LongTerm Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Raj Infrastructure
Development (India) Pvt. Ltd.'s (RIDIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is
Positive.
The instrument-wise rating actions are:
-- INR800 mil. (increased from INR150 mil.) Non-fund-based
working capital limits Long term rating upgraded; short term
rating affirmed with IND BB+/Positive/IND A4+ rating;
-- INR200 mil. (increase from INR100 mil.) Fund-based working
capital limits upgraded with IND BB+/Positive rating; and
-- INR51.96 mil. Term loans due on FY27-FY28 assigned with IND
BB+/Positive rating.
Ind-Ra had downgraded RIDIPL's rating on 10 July 2020 pursuant to
SEBI Circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having an investment-grade
rating remains non cooperative with the rating agency for over six
months should be downgraded to a sub-investment grade rating.
The rating upgrade and Positive Outlook reflect an improvement in
RIDIPL's liquidity position and its continuously comfortable credit
metrics in FY22, which Ind-Ra expects to continue in medium term,
based on a large work order secured during end-FY22.
Key Rating Drivers
Liquidity Indicator - Adequate: RIDIPL's outstanding fixed deposits
balances rose to INR522.11 million (March 31, 2022: INR231.83
million, March 31, 2021: INR37.53 million), out of which INR505.28
million are un-encumbered fixed deposits, which would provide
significant support in case there is a significant increase in the
net working capital cycle. The company needs to repay INR101.47
million of its long-term debt during FY23. The average maximum
utilization of the non-fund-based working capital limits and
fund-based working capital limits was 65% and 84%, respectively,
during the 12 months ended October 2022. The cash flow from
operations reduced to INR48.505 million in FY22 (FY21: INR175.04
million), due to increased unbilled revenue. The working capital
cycle (receivable days plus inventory days, less payable days)
elongated to 81 days in FY22 (FY21: 66 days). Ind-Ra believes it is
pertinent to effectively manage working capital over the medium
term. The company largely depends upon the overdraft facility
available to meet its working capital requirements.
The company's credit metrics remained comfortable in FY22, despite
the debt service coverage ratio falling to 2.7x in FY22 (FY21:
6.5x). The ratio reduced due to term loans additions of INR185.48
million during March-June 2022 to fund investments in fixed assets.
The gross interest coverage ratio (operating EBITDA/gross interest
expense) also reduced to 8.23x in FY22 (FY21: 8.39x) . However, the
net leverage (adjusted net debt/operating EBITDAR) improved to
0.44x in FY22 (FY21: 0.76x), backed by a healthy, higher EBITDA of
INR566.08 million (INR445.25 million) and moderate debt levels of
INR334 million (INR337.12 million). Ind-Ra expects RIDIPL's credit
metrics to remain comfortable during FY23, supported by a spurt in
operations.
RIDIPL's scale of operations remained medium, with its revenue
contracting 6.38% to INR2,082.39 million in FY22 (FY21: INR2,224.19
million). However, Ind-Ra expects RIDIPL's revenue to increase in
FY23, supported by the Maharashtra Samruddhi Mahamarg project (one
of the 16 packages is sub-contracted to RIDIPL), an
access-controlled expressway connecting Mumbai and Nagpur led by
Maharashtra State Development Corporation. Furthermore, RIDIPL
expects the work order to be majorly completed by March 2023, which
provides limited visibility from FY24. RIDIPL does not have a
strong presence outside Maharashtra and Karnataka. Its revenue
visibility is also dependent on the state governments' approved
budget for expenditure on infrastructure projects.
As of October 31, 2022, RIDIPL had a consolidated unexecuted order
book of INR3,263.30 million, out of which the Maharashtra Samruddhi
Mahamarg project constitutes 91%. The unexecuted orders are also
scheduled to be completed by end-FY23, providing modest revenue
visibility of 1.57x (based on FY22 revenue). RIDIPL until October
31, 2022 booked approximately 60% of the total order value, and
subsequently realized 93% of the billing made to the customer,
mitigating the risk of cash flow realizations. During FY21, RIDIPL
had written off INR94.99 million as bad debts related to Aamby
Valley City project.
RIDIPL's EBITDA margins were in the range of 14.98%-27.18% over
FY19-FY22. The margins are dependent on the nature of work
undertaken during the year. The margins increased in FY22 to
27.18% (FY21: 20.02%) due to the reduced cost of goods sold which
has been a direct result of commodity price decline.
The firm operates in a highly fragmented industry with a few large
players and a large number of small- to medium-scale entities. The
industry thus is highly competitive and projects are awarded to
contractors on a competitive bidding basis. Even though the
contracts consist of an escalation clause, RIDIPL is susceptible to
volatility in raw material prices. However, RIDIPL does not face
marketing risk of saleability of its projects because all of them
are secured from the state government through tenders. Furthermore,
RIDIPL is classified as "Class 1" contractor as it meets the
technical bid criteria standards.
Rating Sensitivities
Positive: A sustained increase in the revenue with a consistent
inflow/diversification of order book and timely execution of those
work orders, sustained liquidity profile, and an improvement in its
credit metrics profile could lead to a positive rating action.
Negative: Substantial deterioration in the liquidity profile or a
decline in the scale of operations or concentration in the order
book or the profitability margins, leading to deterioration in the
credit metrics with the interest coverage falling below 2.0x, all
on a sustained basis, will be negative for the ratings/
Company Profile
RIDIPL was incorporated in 1996 and is promoted by Ram Udaysing
Nimbalkar, who is a civil engineering graduate and has more than
three decades of experience in construction of earthen dams,
construction and strengthening of canals, construction of roads and
other infrastructure projects. The company majorly executes road
construction projects. It is a class 1 contractor with Public Works
Department of Maharashtra where the bidding limit is up to INR7,000
million.
RAM AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Ram
Autotech Private Limited (SRAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the rating(s) of SRAPL under the 'issuer
non-cooperating' category as SRAPL 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. SRAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 10, 2022, August 20,
2022, August 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Gurgaon-Haryana based, Shri Ram Autotech Private Limited (SRAPL)
was established as a proprietorship firm in 1992 and was
reconstituted as a private limited company in 2010 and thus,
incorporated in 2011 by Mr. Rajesh Sharma and Mr. Santosh Sharma.
The company is engaged in manufacturing of auto components for OEMs
with wide variety of product portfolio such as Horns, breaks and
switches etc. The manufacturing facilities of the company are
located at Faridabad and Gurgaon in Haryana. The company also
manufactures e-rickshaw under the name of 'Jangid Motors'.
ROSHNI JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Roshni
Jewellers Private Limited (RJPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) RJPL under the 'issuer non-cooperating'
category as RJPL 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. RJPL 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.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
Delhi based Roshni Jewellers Private Limited (RJPL) was
incorporated in 2011 by Mr. Sandeep Gupta and his wife, Ms. Anju
Gupta. RJL is engaged in wholesale trading of gold jewellery,
diamond jewellery and loose cut & polished diamonds, registered
office being at Karol Bagh, Delhi. The company also started
in-house manufacturing of gold & diamond jewellery in FY14 under
its own brand name 'Balika Vadhu'.
RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ruby
Fashion Textile (RFT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.95 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 7,
2021, placed the rating(s) of RFT under the 'issuer
non-cooperating' category as RFT 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. RFT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2022, September 2, 2022, September
12, 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).
Ruby Fashion Textiles (RFT) was established as a proprietorship
firm in 2002 by Mr. S.P. Suresh Kumar. The firm is engaged in
manufacturing nylon net fabric. Till FY 2019 the firm used to
derive its revenue from execution of local Job works orders
received. Since September 2019 Ruby Fashion Textiles has changed
its nature of operations from executing job work orders to a
full-fledged manufacturing concern with an installed capacity of 2
tonnes per day. There are over 27 somet thema rapier loom machines
installed at the plant site, funded by the term loan of INR4.95
Crores.
SHIVA SPECIALITY: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiva
Speciality Yarns Limited (SSYL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 69.89 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the rating(s) of SSYL under the 'issuer
non-cooperating' category as SSYL 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. SSYL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 10, 2022, August 20, 2022, August 30,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shiva Speciality Yarns Limited (SSYL), formerly known as Punjab
Cotspin Limited, was incorporated in 2005. The company was promoted
by the Singla family of Ludhiana and was engaged in the
manufacturing of cotton yarn at its production facilities in
Bhatinda, Punjab. It was subsequently acquired by the 'Shiva' Group
in November, 2007. The product profile was changed to include
synthetic yarns. Currently, SSYL manufactures mainly dyed polyester
spun yarn, blended spun yarn and knitted cloth. It also engages in
trading of polyester fibres.
SIAE MICROELETTRONICA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: SIAE Microelettronica India Private Limited
Office No. 318, C Wing
Shanti Shopping Center
Opp Mira Road Railway Station
MIRA Road (E) Thane
MH 401107
IN
Liquidation Commencement Date: December 13, 2022
Court: National Company Law Tribunal, Thane Bench
Insolvency professional: Bhaskar Gopal Shetty
Interim Resolution
Professional: Bhaskar Gopal Shetty
C-77, Shanti Shopping Center
Mira Road (E), Thane 401107
E-mail: cabgshetty@gmail.com
Tel: 9930897310
9322697310
Last date for
submission of claims: January 16, 2023
SIDHANT MINES: CARE Assigns D Rating to INR5cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sidhant
Mines & Minerals Pvt Ltd (SMMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 5.00 CARE D Assigned
Detailed rationale and key rating drivers
The rating assigned to the bank facilities of SMMPL takes into
account the ongoing delays and default in debt repayment over the
last few years. The scale of operations remains modest till FY22
with fluctuating PBILDT margins. However the rating also considers
the experience of the promotors and improvement in business
operations during the current year.
Rating sensitivities
Positive factors – Factors that could lead to positive rating
action/upgrade:
* Clean debt repayment track record of atleast 90 days.
* Improvement in scale of operations exceeding INR25 crores on a
sustained basis.
Negative factors – Factors that could lead to negative rating
action/downgrade:
* Increase in debt levels leads to deterioration in overall gearing
more than 5x.
* Decline in PBILDT margin to below 4.5% on a sustained basis.
Detailed description of the key rating drivers
Key rating weaknesses
* Ongoing Delays and default in Debt repayment: As on date SMMPL
continues to default in debt repayment of its bank facilities and
the same is also confirmed by its banker. The account is a NPA
account. The company has shared NDS for the month of November 2022
confirming the continual delays and default in debt repayment of
INR4.66 crore. However, the company had applied for One Time
Settlement (OTS) with the bank which has been confirmed by the
banker.
* Modest scale of operations: SMMPL's scale of operations continues
to remain modest during FY22 with reported TOI of INR2.37 crore in
FY22. However during the current year's 7M FY23 the company has
reported TOI of INR14.53 crore and expects to close FY23 with TOI
of around INR40 crore. Improvement in scale of operations while
profitability is maintained, remain a key rating sensitivity
factor.
Key rating strengths
* Promoters' experience in the minerals processing industry: The
promoter Mr. Manoj Kumar Jena is in the mining industry for more
than 2 decades, which has helped SMMPL develop healthy business
relationships with customers as well as suppliers. CARE believes
SMMPL will continue to benefit over the medium term from its
promoter's experience and established customer relationships.
* Revival in Business during the current year FY23: SMMPL expects
TOI to be around INR40 crore with PBILDT margin of 5% in FY23. The
company has reported TOI of INR14.53 crore and PBILDT margin of
5.44% during the 7MFY23 results.
Liquidity: Poor
As on date the liquidity position of the company continues to be
poor marked by ongoing delays and defaults in debt repayment of its
bank facilities. The account classification is NPA. The company has
applied for one time settlement (OTS) with its banker.
Sidhant Mines And Minerals Pvt. Ltd. (SMMPL) was incorporated in
the year 2000 and is based in Bhuvneshwar, Odisha. SMMPL is mainly
into trading of iron ores and transportation of stone quarry. SMMPL
also have a trading licence issued by Govt. of Odisha and Jharkhand
for domestic trading of iron ore extracted from the mines located
in Odisha and Jharkhand. The company has inhouse transportation
division facilitating end to end logistical services to its
customers.
SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singrauli
Finlease Private Limited (SFPL) under the 'issuer non-cooperating'
category as SFPL had failed to continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 23,
2021, placed the rating(s) of SFPL under the 'issuer
non-cooperating' category as SFPL 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. SFPL
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).
Varanasi-based, Singrauli Finlease Private Limited (SFPL) was
incorporated in August 1996. SFPL is engaged in the trading of
coal. The company trades in industrial grade of coal, which is used
by brick manufacturing units and as fuel in boilers in industries.
SFPL is promoted by Mr. Ratan Singh and Mrs. Arti Singh in the
capacity of directors.
SMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SMT
Machines (INDIA) Limited (SML) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of SML under the 'issuer
non-cooperating' category as SML 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. SML
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.
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 entity, an ISO 9001:2008 certified company, was incorporated in
June, 1992 as a private limited company by the name of Aman
Multilateral Private Limited, however, in December, 1994, the
constitution and name was changed to SMT Machines (India) Limited
(SMI). The company is currently being managed by Mr. Surinder Kumar
Mittal and Mr. Raman Mittal. SMI is engaged in manufacturing of
capital goods like shearing machines, conveyors, straightening
machines, mill stands, gear boxes, cooling bed, etc. which find
their application in steel and iron rolling mills at its
manufacturing plant located in Mandi Gobindgarh, Punjab.
SUKHMANI HOLIDAYS-INN: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukhmani
Holidays-Inn Private Limited (SHPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.31 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 01,
2021, placed the rating(s) of SHPL under the 'issuer
non-cooperating' category as SHPL 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. SHPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 17, 2022, August 27, 2022, September 6,
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).
Sukhmani Holidays Inn Private Limited Private Limited (SHI) was
incorporated in June 2014 to acquire a running Chandigarh based,
Hotel Pearl, which was established in 2006 by Mr. Yash Pal Mahajan.
Currently, the hotel is managed by the promoters of SHI which
include Mr. Jagjeet Singh and Mrs. Harbhajan Kaur, as its
directors. SHI is engaged in running the hotel under the name
“Pearl” in Chandigarh having 34 rooms (Studio3, Deluxe- 19 and
Executive-11), 3 banquet halls and restaurant facilities.
=====================
N E W Z E A L A N D
=====================
CONSTRUCTION &: Creditors' Proofs of Debt Due on Jan. 23
--------------------------------------------------------
Creditors of Construction & Engineering Technical Solutions 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
LONG CLOUD: Creditors' Proofs of Debt Due on Jan. 22
----------------------------------------------------
Creditors of Long Cloud Services Limited and Sail New Zealand
Limited are required to file their proofs of debt by Jan. 22, 2023,
to be included in the company's dividend distribution.
The High Court at Dunedin appointed Wendy Somerville and Malcolm
Hollis of PwC as liquidators of the company on Dec. 15, 2022.
POLYMER ENGINEERING: Creditors' Proofs of Debt Due on Jan. 19
-------------------------------------------------------------
Creditors of Polymer Engineering Limited are required to file their
proofs of debt by Jan. 19, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 16, 2022.
The company's liquidator is:
Victoria Toon
Corporate Restructuring Limited
Chartered Accountants
PO Box 10100
Dominion Road
Auckland 1446
REAA LIMITED: Creditors' Proofs of Debt Due on Feb. 10
------------------------------------------------------
Creditors of Reaa Limited and Jhim Homes Limited are required to
file their proofs of debt by Feb. 10, 2023, to be included in the
company's dividend distribution.
The companies commenced wind-up proceedings on Dec. 19, 2022.
The companies' liquidator is Pritesh Patel.
SC DESIGN: Creditors' Proofs of Debt Due on Jan. 31
---------------------------------------------------
Creditors of SC Design 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. 19, 2022.
The company's liquidators are:
Jared Waiata Booth
Daniel Weidan Zhang
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
=================
S I N G A P O R E
=================
ACMA INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 20
----------------------------------------------------------
Creditors of ACMA Investments Pte. Ltd. are required to file their
proofs of debt by Jan. 24, 2023, to be included in the company's
dividend distribution.
The company's liquidators are:
Chou Kong Seng
Rajen Rai
c/o 17 Jurong Port Road
Singapore 619092
ALPHA BODYTEC: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Dec. 9, 2022, to
wind up the operations of Alpha Bodytec Pte. Ltd.
The company's liquidator is:
Farooq Ahmad Mann
Messrs. Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
BELONG PTE: Creditors' Proofs of Debt Due on Jan. 20
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Creditors of Belong Pte Ltd are required to file their proofs of
debt by Jan. 20, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 20, 2022.
The company's liquidator is:
Elango Subramanian
Morrison Corporate Advisory
1 Sophia Road
#07-17 Peace Centre
Singapore 228149
JDC EAST: Creditors' Proofs of Debt Due on Jan. 23
--------------------------------------------------
Creditors of JDC East Pte. Ltd. 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. 16, 2022.
The company's liquidators are:
Lin Yueh Hung
Goh Wee Teck
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
RAMS CHALLENGE: Creditors' Proofs of Debt Due on Jan. 23
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Creditors of Rams Challenge Carrier Pte. Ltd., Rams Venture Pte.
Ltd., and United (Kamsarmax) Pte Ltd. 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. 16, 2022.
The company's liquidator is:
Tee Wey Lih
c/o Acres Advisory Pte Ltd
531A Upper Cross Street #03-128
Hong Lim Complex
Singapore 051531
ZIPMEX PTE: Court Grants Rescue Financing Super-Priority Status
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The Business Times reports that High Court on Dec. 23 granted
Zipmex's white knight super-priority claims on assets over existing
creditors, for a US$5.85 million lifeline to keep the crypto
exchange going as it restructures.
Singapore-headquartered Zipmex is in distress following a US$48
million exposure to troubled crypto lender Babel Finance, which
forced Zipmex to halt user withdrawals in July, BT notes.
Singapore-based Zipmex Pte Ltd -- https://zipmex.com/ -- is a
digital asset exchange that provides digital access to wealth
generating assets for the mass market. Zipmex offers services for
users in Thailand, Indonesia, Singapore and Australia.
As reported in the Troubled Company Reporter-Asia Pacific,
Southeast Asia-focused cryptocurrency exchange Zipmex said it had
filed for bankruptcy protection in Singapore in late July 2022,
becoming the latest victim of the global downturn in digital
currencies. Zipmex resumed withdrawals, a day after suspending
them on July 20, and said it was working to address its exposure
of US$53 million to crypto lenders Babel Finance and Celsius,
Reuters said. Zipmex's solicitors submitted five applications on
July 22 seeking moratoriums to prohibit legal proceedings against
Zipmex for up to six months, the cryptocurrency exchange said on
July 27.
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S U B S C R I P T I O N I N F O R M A T I O N
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