/raid1/www/Hosts/bankrupt/TCRAP_Public/221230.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, December 30, 2022, Vol. 25, No. 255
Headlines
A U S T R A L I A
ALLURE BATHROOMS: Second Creditors' Meeting Set for Jan. 16
BTAP LOGISTICS: Second Creditors' Meeting Set for Jan. 6
CAPITAL JET: First Creditors' Meeting Set for Jan. 6
FOOD FOCUS: Second Creditors' Meeting Set for Jan. 5
MANVISION CONSULTING: Second Creditors' Meeting Set for Jan. 9
C H I N A
[*] CHINA: Developers Thrown Backdoor Listing Lifeline
H O N G K O N G
GOLDIN GROUP: Guangzhou Towers Fail to Sell at Auction
I N D I A
AA FOOD: CARE Keeps B- Debt Ratings in Not Cooperating Category
ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating
AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
ARCHON POWERINFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
BABYLON AGRO: CARE Lowers Rating on INR25cr LT Loan to B-
BHADRAGIRI POWER: Insolvency Resolution Process Case Summary
BUILDMATE PROJECTS: CARE Keeps C Debt Rating in Not Cooperating
CLINCH SILICONES: Insolvency Resolution Process Case Summary
D.P. BANSAL: CARE Keeps B- Debt Rating in Not Cooperating Category
DKC PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
DRD GEMS: Insolvency Resolution Process Case Summary
FORTIS HEALTHCARE: Insolvency Resolution Process Case Summary
GOLD SPIN: CARE Keeps B+ Debt Rating in Not Cooperating Category
HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
HIMALAYA CONSTRUCTION: CARE Keeps B- Ratings in Not Cooperating
HPS WELLNESS: Voluntary Liquidation Process Case Summary
INDIA: Mulls Rules for Quicker Resolution of Builders' Insolvency
JAGANNATH PLASTIPACKS: CARE Lowers Rating on INR5cr LT Loan to B-
JAGANNATH POLYPACKS: CARE Lowers Rating on INR7.50cr LT Loan to B-
LATALA CONSTRUCTION: CARE Lowers Rating on INR6cr LT Loan to B
LEEL ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
MANJUSHREE TEA: CARE Keeps B- Debt Rating in Not Cooperating
MANSI INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
MRN INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
NEEMSAR VYAPAAR: Insolvency Resolution Process Case Summary
NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating
NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
OASIS CERAMICS: Insolvency Resolution Process Case Summary
OGENE SYSTEMS: Insolvency Resolution Process Case Summary
OLYMPIC SPORSTWARE: Insolvency Resolution Process Case Summary
OMKAR SPECIALITY: Insolvency Resolution Process Case Summary
ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating
PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PITAMBARA BUSINESS: Insolvency Resolution Process Case Summary
PLANET 41 MOBI-VENTURE: Insolvency Resolution Process Case Summary
PUNJAB TUBES: Insolvency Resolution Process Case Summary
RAJ GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMGARH TRADELINKS: Insolvency Resolution Process Case Summary
SAI ENGINEERING: CRISIL Cuts Rating on INR9cr Secured Loan to C
SANTOSHI RICE: CARE Keeps B- Debt Rating in Not Cooperating
SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
SINDHANUR GANGAVATHI: Insolvency Resolution Process Case Summary
SREI GROUP: Bidders Submit Revised Resolution Plans
SUNFUEL TECHNOLOGIES: CARE Lowers Rating on INR5.78cr Loan to B
SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
TRN ENERGY: Insolvency Resolution Process Case Summary
VRONE ENERGY: Insolvency Resolution Process Case Summary
YOGIRAJ SPINNING: Insolvency Resolution Process Case Summary
P H I L I P P I N E S
PLDT INC: Denies 'Engaging' US Law Firms to Prevent Lawsuits
S I N G A P O R E
BLACK SAND: Members' Final Meeting Set for Jan. 27
KMB INVESTMENT: Creditors' Proofs of Debt Due on Jan. 28
LASSETERS INT'L: Members' Final Meeting Set for Jan. 31
LIGHTRAY ENERGY: Members' Final Meeting Set for Jan. 30
NIPPON PIGMENT: Creditors' Proofs of Debt Due on Jan. 27
- - - - -
=================
A U S T R A L I A
=================
ALLURE BATHROOMS: Second Creditors' Meeting Set for Jan. 16
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Allure
Bathrooms Shared Services Pty Ltd, Allure Bathrooms Warehouse Pty
Ltd, and Allure Bathrooms Mitcham Pty Ltd has been set for
Jan. 16, 2023 at 11:00 a.m. at the offices of Cor Cordis at Level
29, 360 Collins Street in Melbourne and virtually by electronic
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 13, 2023 at 5:00 p.m.
Sam Kaso and Daniel Juratowitch of Cor Cordis were appointed as
administrators of Allure Bathrooms et al. on Nov. 30, 2022.
BTAP LOGISTICS: Second Creditors' Meeting Set for Jan. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of BTAP Logistics
International Pty Limited has been set for Jan. 6, 2023 at 11:00
a.m. via Microsoft Teams.
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 Jan. 5, 2023 at 4:00 p.m.
Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on Nov. 28, 2022.
CAPITAL JET: First Creditors' Meeting Set for Jan. 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of Capital Jet
Resources Pty Ltd will be held on Jan. 6, 2023, at 10:30 a.m. via
virtual meeting only.
Lee Crosthwaite of Worrells was appointed as administrator of the
company on Dec. 22, 2022.
FOOD FOCUS: Second Creditors' Meeting Set for Jan. 5
----------------------------------------------------
A second meeting of creditors in the proceedings of Food Focus
Australia Pty Ltd (trading as Malt Shovel Taphouse Sunshine Coast &
Formerly Trading as Night Quarter) has been set for Jan. 5, 2023 at
10:00 a.m. via teleconference.
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 Jan. 4, 2023 at 12:00 p.m.
Terry Grant van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of the company on Nov. 28, 2022.
MANVISION CONSULTING: Second Creditors' Meeting Set for Jan. 9
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Manvision
Consulting Pty Ltd has been set for Jan. 9, 2023 at 11:00 a.m. via
Microsoft Teams.
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 Jan. 5, 2023 at 4:00 p.m.
Mohammad Mirzan Bin Mansoor and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on Dec. 6,
2022.
=========
C H I N A
=========
[*] CHINA: Developers Thrown Backdoor Listing Lifeline
------------------------------------------------------
The Standard reports that the China Securities Regulatory
Commission will allow qualified developers to seek backdoor
listings as regulators step up efforts to launch supportive
policies to help developers raise funds.
It will also accelerate the development of real estate investment
trusts backed by rental incomes from affordable housing, according
to a statement from the website, channeling fresh capital into the
struggling real estate sector, The Standard relays.
Meanwhile, the CSRC said it pledges to set up long-term cooperate
arrangements with US regulators in auditing US-listed Chinese
companies, The Standard reports.
The Standard relates that the US Public Company Accounting
Oversight Board said last week it has determined that it has full
access to inspect and investigate firms in China for the first time
in history.
CSRC also noted on Dec. 21 that it will accelerate overseas
listings of internet platform companies.
This came as a federal appeals court on Dec. 20 rejected China
Telecom Corporation's (0728) challenge to a Federal Communications
Commission order withdrawing the company's authority to provide
services in the United States.
According to the report, a three-judge panel of the US Court of
Appeals for the District of Columbia rejected the bid by the US arm
of China Telecom to reverse the order that took effect in January.
The FCC said in 2021 that China Telecom (Americas) "is subject to
exploitation, influence, and control by the Chinese government."
The FCC has raised mounting concerns about Chinese telecom
companies in recent years which had won permission to operate in
the US decades ago, adds The Standard.
=================
H O N G K O N G
=================
GOLDIN GROUP: Guangzhou Towers Fail to Sell at Auction
------------------------------------------------------
South China Morning Post reports that the Hong Kong-based developer
Pan Sutong failed to sell his half-completed Guangzhou commercial
real estate project for the second time this month, which bodes ill
for the one-time property magnate and his cash-starved company
Goldin Group.
According to the report, the twin towers of Fuda Real Estate
Development at the Guangzhou Science City were offered for sale on
Dec. 26 at a starting price of CNY1.64 billion (US$25 million) a 36
per cent discount to its CNY2.56-billion valuation, but failed to
secure a single bid on Taobao.
The Post says the flop was the second setback this month for
Goldin, which first put the Matsunichi Communications headquarters
site on the auction block on December 8 at the starting price of
CNY2.05 billion. That sale did not receive any bid.
Fuda, a unit of Goldin's Matsunichi arm, has gone bankrupt with
CNY8.1 billion in debt, the report relates. Pan, who expanded his
operations from Matsunichi's electronics business in 1993 into a
finance and property empire - with several of China's tallest super
skyscrapers under construction - stepped down as Goldin's chairman
amid the debt woes.
Fuda's project comprises 226,000 square metres (2.43 million square
feet) of lettable space in two buildings: a 47-storey hotel that
remains half built, and a 21-storey office tower with a shopping
centre and a car park underneath, the Post notes.
It is the latest from Pan's real estate portfolio to be offered for
sale. Goldin sold its former corporate headquarter building in Hong
Kong's Kowloon Bay in September for less than HK$7 billion, 30 per
cent less than its HK$10 billion estimated value.
"We will see more of Pan and Goldin's assets being sold to pay
debts, or [see them] sold by creditors like this, as he has to find
a way to pay his debts," the Post quotes Kenny Ng Lai-yin, a
strategist at Everbright Securities International, when the Kowloon
Bay project went on a fire sale in September, as saying.
Pan, born in 1963, started his career in electrical appliances and
electronics. He took over a listed shell in 2002 and renamed it
Matsunichi, keeping with the popularity of Japanese brands during
the time. He ventured into real estate in 2007 with his first plot
of land in Tianjin. Between 2010 and 2013, Goldin unveiled the
Goldin Metropolitan Polo Club and residential project Fortune
Heights in Tianjin, as well as Matsunichi headquarters in
Shenzhen.
The Post relates that Fuda bought the land in Science City for
CNY100 million in August 2009, commencing the project in 2012. The
hotel building was designed to stand 195 metres (640 feet) tall as
the landmark in Science City, which has attracted 70 billion yuan
of investments in infrastructure to support scientific research and
development.
By 2011, Goldin had expanded into financial services and wine, in
addition to property and its mainstay electronics business, the
Post recalls. Pan, who has a penchant for wine, took over the Sloan
Estate in 2011, known for its production of 100-point cult wines in
the Napa Valley. Two years later, Goldin bought three chateaux in
the Bordeaux region, according to the company's website.
Pan, a delegate to the Chinese People's Political Consultative
Conference (CPPCC), had his wealth estimated at US$4.9 billion by
Forbes in 2019.
By 2018, Goldin was running short of cash, stopping work on its
Guangzhou project, the report notes. The following year, Goldin had
to walk away from a HK$11.1 billion plot of prime waterfront land
parcel in Hong Kong, incurring a HK$450 million loss from the
shocking change of heart.
Listed in Hong Kong, Goldin shares have stopped trading since
April, the report says. It faced a bankruptcy petition from the
Bank of China for an outstanding debt of CNY740 million, and unpaid
liabilities of HK$8 billion owed to China Citic Bank.
To be sure, Pan's cash woes had started as early as 2015, when he
struggled to complete a 117-storey commercial building in Tianjin,
the port city east of the Chinese capital. The super skyscraper was
designed to be China's tallest building and the flagship of Pan's
property empire.
=========
I N D I A
=========
AA FOOD: CARE Keeps B- Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AA Food
Factory (AFF) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.55 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 7.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of AFF under the 'issuer
non-cooperating' category as AFF 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. AFF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 9, 2022, October 19, 2022, October 29,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
AAF was established in January, 2015 as a partnership firm and is
currently being managed by Mr. Pritpal Singh and Mr. Abhishek
Mehan. The firm is engaged in processing and packaging of raw honey
mainly for export purpose at Derabassi, Mohali (Punjab). The firm
also sells wax, a by-product of honey, to various dealers in Delhi,
which is further used in the manufacturing of cosmetics, candles,
etc.
ADITYA AUTO: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aditya
Auto Engineering Private Limited (AAEPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 5,
2021, placed the rating(s) of AAEPL under the 'issuer
non-cooperating' category as AAEPL 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. AAEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 21, 2022, August 31,
2022, September 10, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Aditya Auto Engineering Pvt Ltd. (AAEPL) was incorporated as a
private limited company in the year 2009 by Mr. Gopala Reddy B. The
company is engaged in the business of manufacturing of Auto
Mechanical Support Systems like bodies of Tippers, Trailers,
Lorries, Cement Carriers, Granite Carriers, Oil Tankers and Water
Tankers etc. The company is also undertaking job works of body
building works on behalf of M/s Hyva India Pvt. Ltd., M/s Scania
Commercial Vehicles India Pvt Ltd. etc. who are engaged in similar
activities.
AMARNATH MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Amarnath
Milk Foods Private Limited (SMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 21 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'CRISIL D Issuer Not Cooperating'.
SMPL, established in 2014 at Agra, Uttar Pradesh by Mr Mahesh Chand
Singhal and Mr Sanjeev Kumar, processes milk and milk products such
as ghee, milk powder, skimmed milk powder, butter, and dairy
whitener. Operations began in March 2015.
ARCHON POWERINFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archon
Powerinfra India Private Limited (APIPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1.5 CRISIL C (Issuer Not
Cooperating)
Proposed Bank 4.5 CRISIL C (Issuer Not
Guarantee Cooperating)
Proposed Cash 1.5 CRISIL C (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with APIPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of APIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
Incorporated in 2010, APIPL constructs buildings for various state
government departments. Operations are managed by Mr Kapil Sharma.
BABYLON AGRO: CARE Lowers Rating on INR25cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Babylon Agro Products Private Limited (BAPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 12,
2021, placed the rating(s) of BAPPL under the 'issuer
non-cooperating' category as BAPPL 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. BAPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 28, 2022, September 7,
2022, September 17, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on the basis of non-availability of
requisite information. The ratings also consider decline in scale
of operations and higher debt levels in FY22 compared to FY21 &
FY20.
Uttar Pradesh based, Babylon Agro Products Private Limited (BAPPL)
is incorporated in 2012 and commercial operations commenced from
April 2016. The company was promoted by Sharda Family for
undertaking milling and processing of nonbasmati rice. Mr. Ram
Kumar Sharda and Mr. Shiv Kumar Sharda are Directors of BAPPL. The
milling and processing plant in Kaimur (Bihar). Company sells its
non-basmati rice (par –boiled rice) under its own brand name 'Ram
Leela' in Bihar, Eastern Uttar Pradesh and West Bengal.
BHADRAGIRI POWER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bhadragiri Power Private Limited
83, Venkatadri Complex
2nd Floor, Richmond Road
Bangalore, KA 560025
IN
Insolvency Commencement Date: December 19, 2022
Court: National Company Law Tribunal, Navi Mumbai Bench
Estimated date of closure of
insolvency resolution process: May 31, 2023
Insolvency professional: CA. Vishal Ghisulal Jain
Interim Resolution
Professional: CA. Vishal Ghisulal Jain
D-1902, Palm Beach Residency
Amey CHS Ltd.
Plot No. 24-29, Sector-4
Nerul West, Navi Mumbai
Maharashtra 400706
E-mail: vishal@cavishaljain.com
- and -
C/o Resolve-IPE Private Limited
1003, Satra Plaza
Sector-19D, Vashi
Navi Mumbai 400703
E-mail: bhadragiri@resolvegroup.co.in
Last date for
submission of claims: January 2, 2023
BUILDMATE PROJECTS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Buildmate
Projects Private Limited (BPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.74 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 9.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 19,
2021, placed the rating(s) of BPPL under the 'issuer
non-cooperating' category as BPPL 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. BPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2022, September 14, 2022, September
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).
Buildmate Projects Private Limited was incorporated in the year
1991 and promoted by Mr.Kesava Reddy and Mrs. Jayasree. The company
is engaged in manufacturing and supply of equipments for AAC
(Autoclaved Aerated Concrete) Plants used in construction industry.
It usually takes up an entire project on turnkey basis, i.e., from
manufacturing of the machinery to installation (which includes
erection, commissioning, installation among others) at customers'
place. The company has an installed capacity for setting up seven
plants per annum.
CLINCH SILICONES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Clinch Silicones Private Limited
C1-1701 & C1-1702, GIDC Panoli
Bharuch, Gujarat 394116
Insolvency Commencement Date: December 23, 2022
Court: National Company Law Tribunal, Ahmedabad Bench, Court-I
Estimated date of closure of
insolvency resolution process: June 19, 2023
Insolvency professional: Mr. Naveen Brijmohan Bazari
Interim Resolution
Professional: Mr. Naveen Brijmohan Bazari
401, Centre Point Civil
Char Rasta, Near Nimal Hospital
Ring Road, Surat
Gujarat 395002
E-mail: nbazarica@gmail.com
- and -
AAA Insolvency Professionals LLP
E-10A, Upper Ground Floor
Kailash Colony, Greater Kailash
New Delhi 110048
E-mail: clinchsilicones.ibc@gmail.com
Last date for
submission of claims: January 4, 2023
D.P. BANSAL: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of D.P. Bansal
Commercial Company Private Limited (DBCCPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.35 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 29,
2021, placed the rating(s) of DBCCPL under the 'issuer
non-cooperating' category as DBCCPL 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.
DBCCPL continues to be non-cooperative 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).
D.P. Bansal Commercial Company Private Ltd (DBCCPL) was
incorporated in September 1984 by Bansal family of Bhilai,
Chhattisgarh. Since its inception, DBCCPL has been engaged in
trading of iron and steel products like mild steel angles, plate,
channels, TMT bars and beams etc. The company procures its trading
materials from Steel Authority of India Ltd, Mahamaya Steel
Industries Ltd, Top worth Steel & Power Pvt Ltd and other steel
manufactures and sells it to clients across India. DBCCPL is
currently managed by Mr Rajneesh Bansal and Mr Rahul Dev Bansal who
have about two decades of experience in this line of business.
DKC PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of DKC
Projects Private Limited (DPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 29,
2021, placed the rating(s) of DPPL under the 'issuer
non-cooperating' category as DPPL 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. DPPL
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).
DKC Projects Private Limited (DPPL) was incorporated during 2008 by
one Mr. Dipak Kumar Chhaparia of Kolkata to initiate a civil and
mechanical engineering works business. DPPL is a relatively small
sized West Bengal based company engaged in providing different
types of civil and mechanical engineering services like-
signalling, communication system or civil works for government
entities like Indian Railways etc. The day to day operations are
looked after by Mr. Dipak Kumar Chhaparia, director, along with
another director Mr Anurag Kumar Chhaparia and a team of
experienced personnel.
DRD GEMS: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: M/s DRD Gems LLP
137, 4th Floor, Samrat Ashok
CHS-3, 7-R.R. Thakkar Marg
Malabar Hill, Mumbai
Mumbai City
Maharashtra 400006
Insolvency Commencement Date: December 9, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 7, 2023
Insolvency professional: Hirachand N Bafna
Interim Resolution
Professional: Hirachand N Bafna
21A, 1st floor, Soni Bhavan
47/51, Kalbadevi Road
Mumbai 400002
E-mail: hnb1502@rediffmail.com
drdgems.cirp@gmail.com
Tel: 9820428608
Last date for
submission of claims: December 23, 2022
FORTIS HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Fortis Healthcare Holdings Private Limited
G-16, Marina Arcade
Connaught Circus
New Delhi 110001
Insolvency Commencement Date: December 22, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 14, 2023
Insolvency professional: Mr. Ashish Singh
Interim Resolution
Professional: Mr. Ashish Singh
Flat No. 901, Tower A-3
Cleo County, Sector 121
Noida 201301
E-mail: ashishsinghcs@gmail.com
- and -
Unit No. 153A, Fifth Floor
Tower-A, A-41, The Corenthum
Sector-62, Noida 201301
E-mail: fortishealthcareholdings.cirp@
gmail.com
Last date for
submission of claims: Janaury 7, 2023
GOLD SPIN: CARE Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gold Spin
India Private Limited (GSIPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.89 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 8,
2021, placed the rating(s) of GSIPL under the 'issuer
non-cooperating' category as GSIPL 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. GSIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 24, 2022, September 3,
2022, September 13, 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).
Gold Spin India Private Limited (GSIPL) was incorporated as a
private limited company in December 1979 and was engaged in the
manufacturing of yarn. However, in 2005, the company was taken over
by its current directors namely Mr. Jagdish Rai Jain, Mr. Raman
Jain, Mrs. Swati Jain and Mrs. Sushma Jain. From FY13 onwards, the
company is engaged in the manufacturing of blankets and bedsheets
at its manufacturing facility located in Panipat, Haryana. The
major products include mink blankets, polar blankets, 3D bedsheets
and polar fleece fabrics.
HARYANA OILS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Haryana Oils
and Soya Limited (HOSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 95 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HOSL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HOSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HOSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HOSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Based in Delhi, HOSL is primarily into trading of edible oil, de
oiled cakes and other agricultural commodities and is managed by Mr
Laxmi Chand Aggarwal, Mr Sanjeev Aggarwal, and Mr Rajesh Aggarwal.
Previously, HOSL involved in the production of rice bran oil and
de-oiled cake (DOC) and was taken over by the current promoters in
1994.
HIMALAYA CONSTRUCTION: CARE Keeps B- Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Himalaya
Construction Company Private Limited (HCCPL) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 20.00 CARE B-; Stable/CARE A4;
Term Bank 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 HCCPL under the 'issuer
non-cooperating' category as HCCPL 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. HCCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 27, 2022, September 06,
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).
Delhi based Himalaya Construction Company Private Limited (HCCPL)
was incorporated in December 1979. The company is currently being
managed by Mr. Ranbir Singh Chahal, Mr. Manjit Singh, Mr.
Harisharan Singh and Mr. Gurtej Singh Chahal. The company is
engaged in civil construction works such as construction of
tunnels, underground power house, surge shaft, dams, etc. for
hydroelectric projects. The company mainly caters to government/
public sector undertakings. In order to get the business, company
has to participate in tenders floated by government companies.
Also, the company works as a subcontractor for various companies
wherein supplies for the project is mainly provided by the main
contractor.
HPS WELLNESS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: HPS Wellness Private Limited
Advait, A-69, Puru Co-Op Hsg. Soc. 235-A
Viman Nagar, Lohagaon
Pune 411032
Liquidation Commencement Date: December 8, 2022
Court: National Company Law Tribunal, Pune Bench
Insolvency professional: Mrs. Shilpa Dixit
Interim Resolution
Professional: Mrs. Shilpa Dixit
502, Shree Malati Madhav
Co. Op. Hsg. Soc.
Kohinoor Colony
Sahakar Nagar no. 2, Pune
Maharashtra 411009
- and -
3rd Floor Satyagiri Apartment
77, Vijaya Nagar Colony
2147 Sadashiv Peth
Pune 411030
E-mail: shilpa.dixit@kmdscs.com
Mobile: 9822394384
Last date for
submission of claims: January 7, 2023
INDIA: Mulls Rules for Quicker Resolution of Builders' Insolvency
-----------------------------------------------------------------
Bloomberg News reports that India plans to introduce new rules for
handling real estate bankruptcies, which would help homebuyers even
as their builders wind down, people familiar with the matter said.
According to Bloomberg, the proposed change to the nation's
Insolvency and Bankruptcy Code will permit resolution of the cases
on a project-wide basis, people familiar with the matter said. That
will allow handing over completed apartments to homebuyers even
when the developer's insolvency process is underway, they said.
Bloomberg relates that the Indian realty sector has seen many
builders go bust over the years, leaving homebuyers in a fix due to
the uncertainty of completion and delivery of houses that their
life savings were tied up in. Under the current norms, admission
into insolvency halts the completion of all projects of the
developer in default.
As of June 2022, 436 out of the pending 1,999 cases of corporate
insolvency were in the real estate sector, junior minister for
corporate affairs Inderjit Singh Rao had informed lawmakers in
August, Bloomberg discloses. The IBC had little success in the
timely resolution of such cases, making the need for a special
framework to address the nuances of the real estate sector more
pronounced.
Bloomberg adds that to speed up the resolutions, the government
also plans to introduce a centralized platform for registration of
cases, simplify pre-packaged plans, and provide flexible plans for
handling operational and nonviable assets separately, they said.
JAGANNATH PLASTIPACKS: CARE Lowers Rating on INR5cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jagannath Plastipacks Limited (JPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of JPL under the 'issuer
non-cooperating' category as JPL 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. JPL
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 rating assigned to the bank facilities of JPL have been revised
on account of non-availability of requisite information.
Detailed description of the key rating drivers
Analytical approach: Combined
For arriving at the ratings, CARE has combined the financial
profiles of Jagannath Polypacks Limited (JPL), Jagannath Polymers
Limited (JPL) and Jagannath Plastipacks Limited (JPL) as all the
three companies are under common management and in the same line of
business. All the three companies commonly refer as the group.
Incorporated in 1984, Jagannath Plastipacks Limited (JPL) was
promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr.
Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two
decades. JPL is involved in the business of manufacturing of
polypropylene and HDPE woven sacks and bags with installed capacity
of 45 Lakh pcs per month with the manufacturing unit located at
IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also
owns an associate company in the mane of Jagannath Polymers Limited
which is involved in manufacturing of PP/HDPE woven sacks and bags
from its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. And another
associate company in the name of Jagannath Polypacks Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Mr. Manoj
Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director)
having around three decades of experience in plastic industry,
looks after the day to day operations of the company. They are
supported by other promoter Mr. Kshirod Kumar Subudhi along with a
team of experienced personnel.
JAGANNATH POLYPACKS: CARE Lowers Rating on INR7.50cr LT Loan to B-
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jagannath Polypacks Limited (JPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 1.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of JPL under the 'issuer
non-cooperating' category as JPL 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. JPL
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 rating assigned to the bank facilities of JPL have been revised
on account of non-availability of requisite information.
Detailed description of the key rating drivers
Analytical approach: Combined
For arriving at the ratings, CARE has combined the financial
profiles of Jagannath Polypacks Limited (JPL), Jagannath Polymers
Limited (JPL) and Jagannath Plastipacks Limited (JPL) as all the
three companies are under common management and in the same line of
business. All the three companies commonly refer as the group.
Incorporated in 1984, Jagannath Polypacks Limited (JPL) was
promoted by Subudhi family managed by Mr. Manoj Kumar Subudhi, Mr.
Saroj Kumar Subudhi and Mr. Kshirod Kumar Subudhi for almost two
decades. JPL is involved in the business of manufacturing of
polypropylene and HDPE woven sacks and bags with installed capacity
of 45 Lakh pcs per month with the manufacturing unit located at
IDCO New Industrial Estate, Jagatpur, Cuttack. The promoter also
owns an associate company in the mane of Jagannath Polymers Limited
which is involved in manufacturing of PP/HDPE woven sacks and bags
from its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. And another
associate company in the name of Jagannath Polypacks Limited which
is involved in manufacturing of PP/HDPE woven sacks and bags from
its manufacturing unit located at Cuttack, Odisha which has a
capacity to manufacture 50 lakhs pieces every month. Mr. Manoj
Kumar Subudhi (Director) and Mr. Saroj Kumar Subudhi (Director)
having around three decades of experience in plastic industry,
looks after the day to day operations of the company. He is
supported by other promoter Mr. Kshirod Kumar Subudhi along with a
team of experienced professional.
LATALA CONSTRUCTION: CARE Lowers Rating on INR6cr LT Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Latala Construction Company (LCC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Long Term/Short 34.00 CARE B; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B+; Stable/CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 9,
2021, placed the rating(s) of LCC under the 'issuer
non-cooperating' category as LCC 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. LCC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 25, 2022, November 14, 2022, December
15, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of LCC have been
revised on account of non-availability of requisite information.
Jaipur-based LCC was formed as a partnership concern by Mr. Satya
Narain Gurjar along with his family member, Mr. Padam Chand in
1998. LCC is engaged in execution of civil construction contract
works with major focus on construction of roads and buildings.
LEEL ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of LEEL
Electricals Limited continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 455.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 595.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed rationale and key rating drivers
CARE had, vide its press release dated May 30, 2019, placed the
ratings of LEEL Electricals Limited under the 'Issuer
noncooperating' category as the company had failed to provide
requisite information for monitoring of the rating. LEEL
Electricals Limited continues to be non-cooperative despite
repeated request for submission of information through emails dated
August 9, 2022, August 19, 2022, and August 29, 2022.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE'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 ratings.
Detailed description of the key rating drivers
CARE has not received any information from the company. However,
the company is under corporate insolvency resolution process in
NCLT.
LEEL was incorporated in 1987 and operates in HVAC segment. It is
engaged in the manufacturing of condenser and evaporator coils and
contract manufacturing for Air Conditioners (ACs) for various
brands. LEEL was also into retailing of ACs and consumer durable
products like LCD/ LED TVs, washing machines, freezers, etc. The
Company, however had sold its Consumer Durable Business comprising
of business of importing, trading, marketing, exporting,
distribution, sale of air conditioners, televisions, washing
machines and other household appliances and assembling of
televisions under the brand “LLOYD” and all of the rights,
title, interest, licensees, contracts, assets, continuing
employees, intellectual property including the brand, logo,
trademark “LLOYD” as a going concern on slump sale basis to
Havells India Ltd. Pursuant to the transaction, the Company has
also changed its name to 'LEEL Electricals Ltd.' LEEL has six
manufacturing/assembly units located at Rajasthan, Himachal
Pradesh, Tamil Nadu, Haryana and Uttarakhand. On a consolidated
basis, LEEL operates two subsidiaries, namely, Lloyd Coils Europe
s.r.o (LCE) engaged in manufacturing of coils and finned pack heat
exchangers and Noske Kaeser Company (NKC) which is engaged in
engineering, manufacturing and providing system solutions and
components for the transport industry in the fields of air
conditioning, refrigeration, piping, fire-fighting, CBRN protection
and related services.
MANJUSHREE TEA: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Manjushree
Tea & India Private Limited (MTIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.95 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.20 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of MTIPL under the 'issuer
non-cooperating' category as MTIPL 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. MTIPL 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).
Manjushree Tea & India Private Ltd (MTIPL), incorporated in 1994,
is engaged in the milling of non-basmati rice (parboiled rice) at
its manufacturing facilities in Alipurduar, West Bengal, having an
installed capacity of 13,056 metric tons per annum (MTPA). The
company is also engaged in rubber plantation and tea plantation
activities. The company is promoted by the Berlia family based out
of Siliguri, West Bengal. MTIPL has an associate company, viz.
Gaurav Tree & Agro Products Private Limited, also engaged in
milling of non-basmati rice (raw and parboiled rice). Mr Sushil
Kumar Berlia (Director) has around four decades of experience in
rice milling business, looks after the overall management of the
company. Further he is supported by other three directors who are
also having over a decade of experience in this line of business.
MANSI INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mansi
International Private Limited (MIPL; part of the Mansi group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MIPL and Mansi Traders
(MT). That's because the two entities, together referred to as the
Mansi group, have common promoters, are in the same line of
business, and have operational linkages and fungible cash flows.
MIPL, set up in 2012 by Mr Janak Doshi and his family members,
trades in dry fruits such as almonds, pistachios, and dates. It is
based in Mumbai.
Established in 2014, MT, a partnership firm of Mr Govind S Gupta
and Ms Mansi J Doshi, also trades in dry fruits.
MRN INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MRN
Infrastructure Private Limited (MRNIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.2 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.8 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MRNIPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MRNIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MRNIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MRNIPL continues to be 'CRISIL D Issuer Not
Cooperating'.
MRNIPL is a Private incorporated on 10-August-2017, which is
engaged in construction activities. It is based out in Hyderabad.
NEEMSAR VYAPAAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Neemsar Vyapaar Private Limited
(formerly known as Montage Flexipack Sales
Private Limited)
C-46, Shop No. 4, Acharya Niketan
Mauyur Vihar Phase-I
Patparganj, Delhi 110091
India
Insolvency Commencement Date: December 26, 2022
Court: National Company Law Tribunal, New Delhi Bench-III
Estimated date of closure of
insolvency resolution process: June 21, 2023
(180 days from commencement)
Insolvency professional: Mr. Mohan Lal Jain
Interim Resolution
Professional: Mr. Mohan Lal Jain
F-2/28, Sector-15
Rohini, New Delhi 110089
E-mail: ml_jain@sumedhamanagement.com
- and -
C/o Sumedha Managaement Solutions
Pvt. Ltd.
B-1/12, 2nd Floor, Safdarjung Enclave
New Delhi 110029
E-mail: cirp.neemsarvpl@gmail.com
Last date for
submission of claims: January 9, 2023
NEHA EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neha Exports
(Neha; a part of the Five Core group) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 5 CRISIL A4 (Issuer Not
Cooperating)
Bill Discounting 11.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1 CRISIL C (Issuer Not
Cooperating)
Packing Credit in 5 CRISIL A4 (Issuer Not
Foreign Currency Cooperating)
Proposed Fund- 10 CRISIL C (Issuer Not
Based Bank Limits Cooperating)
CRISIL Ratings has been consistently following up with Neha for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Neha, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Neha
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Neha continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corporation LLP (Visual), Digi Export Ventures
Pvt Ltd (Digi), Happy Acoustics Pvt Ltd (Happy), 5Core Acoustics
Pvt Ltd (5Core), and Neha. This is because all these entities,
collectively referred to as the Five Core group, have common
management, brand, customers, suppliers, and strong operational
synergies. Furthermore, 5Core is a wholly owned subsidiary of
FCEL.
About the Group
FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations. Incorporated in 2002, FCEL is
listed on the National Stock Exchange Emerge platform since May
2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan).
Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur (Uttarakhand). Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka (Delhi). Neha is a
proprietorship firm set up in 2009 and has a unit at Daruhera
(Gurugram).
Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.
NIRMAL INDUCTOMELTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nirmal
Inductomelts Private Limited (NIMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NIMPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NIMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NIMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NIMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
For arriving at its ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of Nirmal Inductocast Private
Limited (NICPL) and NIMPL. This is because both the companies,
together referred to herein as the Nirmal group, are engaged in
similar businesses and derive significant business synergies owing
to business linkages, and common clients and brand.
NICPL, incorporated in 2008, manufactures and markets various mild
steel structural products.
NIMPL, incorporated in 2003, has a semi-integrated manufacturing
ability to manufacture ingots and structural products. The Nirmal
group, based in Jaipur, is promoted by Mr Bharat Bhushan Malik and
family.
NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of North India
Surgical Company (NISC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NISC for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NISC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NISC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NISC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
NISC, a partnership firm of Mr Varun Singla and Mr Arun Singla,
commenced operations in April 2012. The firm trades in surgical
equipment such as stents, spinal implants and pacemakers.
OASIS CERAMICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Oasis Ceramics Private Limited
76, Polan Peth
Jalgaon, Maharashtra
Insolvency Commencement Date: December 21, 2022
Court: National Company Law Tribunal, Pune Bench
Estimated date of closure of
insolvency resolution process: June 19, 2023
(180 days from commencement)
Insolvency professional: CA Fanendra Harakchand Munot
Interim Resolution
Professional: CA Fanendra Harakchand Munot
6th Floor, Mafatlal House Building
H T Parekh Marg
Backbay Reclamation
Mumbai 400020
E-mail: fhmunot@gmail.com
- and -
5th Floor, Labhade Prestige
Off Karve Road
Deccan, Gymkhana
Pune 410004
Mobile: 7378559292
E-mail: cirp.oasis@gmail.com
Last date for
submission of claims: January 5, 2023
OGENE SYSTEMS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ogene Systems India Limited
H.No. 8-3-191-14, Housing Board No. 5/A
Vengal Rao Nagar, Hyderabad
TG 500038
IN
Insolvency Commencement Date: October 7, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: March 24, 2023
Insolvency professional: Mummaneni Vazra Laxmi
Interim Resolution
Professional: Mummaneni Vazra Laxmi
Flat No. G-2, ENCEE Residency
Nagarjuna Nagar Colony
Yellareddyguda, Hyderabad 500073
E-mail: emailtolak@gmail.com
- and -
Flat No. 107, V.V. Vintage Residency
Somajiguda, Hyderabad 500082
Last date for
submission of claims: October 20, 2022
OLYMPIC SPORSTWARE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Olympic Sportsware and Equipments Private Limited
Plot No. 9, 4th Phase
Bommasandra Industrial Area
(Sub-layout)
Hosur Road, Bangalore
Karnataka 560099
Insolvency Commencement Date: December 18, 2022
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: June 16, 2023
(180 days from commencement)
Insolvency professional: B. Ramana Kumar
Interim Resolution
Professional: B. Ramana Kumar
I Floor (Rear Side)
51A Dr Ranga Road
Mylapore, Chennai 600004
E-mail: ramanakumar@ovopaxlegal.com
rpolympicsportsware@gmail.com
Last date for
submission of claims: January 2, 2023
OMKAR SPECIALITY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Omkar Speciality Chemicals Limited
Mahalsa Narayani, Ganesh Chowk
Manjarli, Badlapur (W)
Badlapur, Thane 421503
Insolvency Commencement Date: December 20, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 17, 2023
(180 days from commencement)
Insolvency professional: Arun Ramchandra Gaikwad
Interim Resolution
Professional: Arun Ramchandra Gaikwad
141/1 Sarveshar Sadan
Nariman Lane, Takayaward
Kurla West Mumbai
Mumbai Suburban
Maharashtra 400070
E-mail: arungaikwad.ip2020@gmail.com
- and -
Orion Resolution and Turnaround
Private Limited
811, Meadows Sahar Plaza Sub Plot A
Bldg. No. 6 AK Road
Next to Kohinoor Continental
Mumbai 400069
E-mail: cirp.omkarspeciality@gmail.com
Last date for
submission of claims: January 3, 2023
ORIENT SPUN: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orient Spun
Silk and Processing Mills LLP (OSSPML) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 30,
2021, placed the rating(s) of OSSPML under the 'issuer
non-cooperating' category as OSSPML 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.
OSSPML continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated August 16, 2022, August 26, 2022, September 5,
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 Spun Silk and Processing Mills LLP was established in June
2017 with an objective of manufacturing and processing of Mulberry
silk, Muga silk, Eri silk, Art silk and other Cellulosic yarn. The
Mulberry, Muga, Eri, Art yarn will be used in making of Saree,
Mekhala Chaddar, Punjabi Kurta. The major raw materials are
Mulberry silk, Eri spun silk, Muga silk, Art silk and Cellulosic
silk which are available from adjacent states. Mr. Pabitra
Buragohain (Partner) and Mr. Lakhi Kanta Gohain (Partner), both of
whom has 20 years of experience in similar line of business. The
firm is further be supported by a team of experienced
professionals.
PAC BIO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pac Bio
Fungbact Private Limited (PBFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.33 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PBFPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PBFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBFPL continues to be 'CRISIL D Issuer Not Cooperating'.
Gujarat based PBFPL was incorporated in fiscal 2010. It
manufactures and sells bio-fertilisers. PBFPL started its
commercial operation in fiscal 2013 and is promoted by Mr Babubhai
Patel. The company has also started manufacturing of enzymes used
in detergents.
PITAMBARA BUSINESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pitambara Business Promotions Private Limited
(formerly known as Montage Printpack Sales
Private Limited)
B-109, G/F, Shop No. 7
Gali No. 10, Shashi Garden
Mayur Vihar Phase-I
Delhi 110091
Insolvency Commencement Date: December 26, 2022
Court: National Company Law Tribunal, New Delhi Bench-III
Estimated date of closure of
insolvency resolution process: June 21, 2023
(180 days from commencement)
Insolvency professional: Mr. Mohan Lal Jain
Interim Resolution
Professional: Mr. Mohan Lal Jain
F-2/28, Sector-15
Rohini, New Delhi 110089
E-mail: ml_jain@sumedhamanagement.com
- and -
C/o Sumedha Management Solutions
Pvt. Ltd.
B-1/12, 2nd Floor, Safdarjung Enclave
New Delhi 110029
E-mail: cirp.pitambarabppl@gmail.com
Last date for
submission of claims: January 9, 2023
PLANET 41 MOBI-VENTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Planet 41 Mobi-Venture Limited
122, Linkway Estate
New Link Road, Malad-West
Mumbai 400064
Maharashtra, India
Insolvency Commencement Date: December 21, 2022
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: June 14, 2023
Insolvency professional: Mr. Praful Raghunath Renuse
Interim Resolution
Professional: Mr. Praful Raghunath Renuse
21-707, Gulmohar CHSL CSR Complex
Off Link Road, Ganesh Nagar
Kandivali West, Mumbai 400067
E-mail: praful.renuse@gmail.com
- and -
173, Udyog Bhava
Sonawala Road, Goregaon East
Mumbai 400063
E-mail: planet41cirp@gmail.com
Last date for
submission of claims: January 5, 2023
PUNJAB TUBES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Punjab Tubes Limited
Opposite Agro Tech
P.O. Budhewal
Ludhiana
Punjab 141112
India
Insolvency Commencement Date: December 20, 2022
Court: National Company Law Tribunal, Ludhiana Bench
Estimated date of closure of
insolvency resolution process: June 14, 2023
(180 days from commencement)
Insolvency professional: Mr. Vivek Bansal
Interim Resolution
Professional: Mr. Vivek Bansal
ISV Legalhuts Private Limited
Synergy Insolvency Professionals LLP
SCO-134, 2nd Floor
Feroze Gandhi Market
Ludhiana 141001
Punjab, India
E-mail: irp.vivekbansalca@gmail.com
cirp.punjabtubes@gmail.com
Last date for
submission of claims: January 2, 2023
RAJ GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Gems (RG)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 10 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 2.55 CRISIL D (Issuer Not
Credit Cooperating)
Export Packing 1.5 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 3.5 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 5.75 CRISIL D (Issuer Not
Credit Cooperating)
Post Shipment 16.7 CRISIL D (Issuer Not
Credit Cooperating)
CRISIL Ratings has been consistently following up with RG for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RG
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 1978 as a partnership firm by Mr Jayantilal B Shah, Ms
Prabhaben J Shah, and Mr Himanshu J Shah, RG cuts and polishes
diamonds, and also trades in polished diamonds. The firm is
headquartered in Mumbai, and the processing facility is in Surat
(Gujarat).
RAMGARH TRADELINKS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ramgarh Tradelinks Private Limited
(formerly known as Montage Packaging Sales
Private Limited)
217, First Floor, Adarsh Mohalla
Patparganj, Delhi 110091
India
Insolvency Commencement Date: December 26, 2022
Court: National Company Law Tribunal, New Delhi Bench-III
Estimated date of closure of
insolvency resolution process: June 21, 2023
(180 days from commencement)
Insolvency professional: Mr. Mohan Lal Jain
Interim Resolution
Professional: Mr. Mohan Lal Jain
F-2/28, Sector-15
Rohini, New Delhi 110089
E-mail: ml_jain@sumedhamanagement.com
- and -
C/o Sumedha Managaement Solutions
Pvt. Ltd.
B-1/12, 2nd Floor, Safdarjung Enclave
New Delhi 110029
E-mail: cirp.ramgarhtpl@gmail.com
Last date for
submission of claims: January 9, 2023
SAI ENGINEERING: CRISIL Cuts Rating on INR9cr Secured Loan to C
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sri Sai Engineering and Drilling (SSED) to 'CRISIL C'
from 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1 CRISIL C (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
Secured Overdraft 9 CRISIL C (Downgraded from
Facility 'CRISIL B+/Stable')
The rating has been downgraded due to poor liquidity and weak
financial risk profile. Bank limit was almost fully utilised
(95.7%) in the 12 months through October 2022. Gearing and total
outside liabilities to tangible networth ratio were weak at (1.38)
times and (1.40) times as on March 31, 2022.
The rating reflects the modest scale of operations of the firm,
large working capital requirement and weak debt protection metrics.
These weaknesses are partially offset by the extensive experience
of the partners in offering oil and gas exploration services and
their established relationships with key customers.
Key rating drivers & detailed description
Weaknesses:
* Modest scale of operations and large working capital requirement:
Modest scale of operations, indicated by revenue of INR25.79 crore
for fiscal 2022 restrict benefits arising from economies of scale,
and makes operations susceptible to intense competition from large
established players. Moreover, bulk of the revenue is earned from
contracts for ONGC and Alphageo India Ltd leading to concentration
risk. Working capital requirement is also high due to the seasonal
nature of business.
* Susceptibility to risks from tender-based operations and changes
in government policies: Despite moderate revenue visibility,
incremental growth will be driven by ability to win orders and
depend on government policies and investment decisions that
influence order inflow. Any policy change or decline in expenditure
on exploration and production (due to lower crude prices) can
significantly impact revenue and profitability.
* Weak Debt protection metrics: Debt protection metrics are marked
by interest coverage and net cash accrual to adjusted debt ratios
of 0.18 time and -0.45 time, respectively, in fiscal 2022.
Strength:
* Extensive experience of the partners and established
relationships with customers: The two decade-long experience of the
partners in the seismic survey services activity and their healthy
relationships with customers will continue to support business risk
profile. The firm mainly deals with large players such as ONGC.
Liquidity: Poor
Bank limit utilisation was around 95.70% for the 12 months through
August 2022. Expected annual cash accrual of negative INR1 crore
will be insufficient to meet yearly term debt obligation of INR68
lakh, over the medium term. Current ratio was weak at 0.99 time as
on March 31, 2022. Negative networth limits financial flexibility
and restricts financial cushion against any adverse condition or
downturn in the business.
Rating sensitivity factors
Upward factors
* Steady increase in revenue to more than INR40 crore and
sustenance of operating margin at 10%
* Improvement in financial risk profile
Downward factors
* Net cash accrual of less than INR0.5 crore on account of decline
in revenue or operating profit
* Substantial increase in working capital requirement further
weakening liquidity
Set up in 1995 in Vijayawada (Andhra Pradesh) as a partnership firm
by Mr Prasad Rao and his wife, Ms V Jaya Lakshmi, SSED provides oil
and gas exploration services related to seismic surveys and
drilling of wells.
SANTOSHI RICE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Santoshi
Rice and General Mills (SRGM) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.80 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 19,
2021, placed the rating(s) of SRGM under the 'issuer
non-cooperating' category as SRGM 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. SRGM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 5, 2022, October 15, 2022, October 25,
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).
Karnal-based, (Haryana) SRM was established as a partnership firm
in 1986 by two partners namely Mr. Pawan Kumar and Mr. Kanti Prasad
sharing profits and losses equally. They collectively look after
the overall operations of the firm. The firm is engaged in milling
and processing of paddy. SRM procures paddy from local grain
markets through dealers and agents mainly from the state of
Haryana. The firm sells basmati and non-basmati rice in the states
of Delhi, Haryana and Punjab through a network of commission agents
and traders.
SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sarvodya
Hospital (SH) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 19 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SH for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SH
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2011, SH is a 110-bed multispecialty hospital at
Jalandhar, with departments such as general medicine, cardiology,
neurology, nephrology, gastroenterology, urology, and so on.
SINDHANUR GANGAVATHI: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sindhanur Gangavathi Tollway Private Limited
Sy.No. 9 (P), CII Green Building Lane
HITEC City, Kondapur
Hyderabad TG 500084
IN
Insolvency Commencement Date: December 22, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: June 20, 2023
Insolvency professional: Mr. Raghu Babu Gunturu
Interim Resolution
Professional: Mr. Raghu Babu Gunturu
EzResolve LLP
1st Floor, Golden Heights
Plot No. 9
Opp. Raheja IT Mind Space
HUDA Techno Enclave
Madhapur, Hyderabad 500081
India
Landmark: Near Raidurg Metro Station
E-mail: raghu@ezresolve.in
sindhanurtollway@ezresolve.in
Last date for
submission of claims: January 5, 2023
SREI GROUP: Bidders Submit Revised Resolution Plans
---------------------------------------------------
The Financial Express reports that all three resolution applicants
- a consortium of Varde Partners and Arena Investors, National
Asset Reconstruction Company (NARCL) and Authum Investment and
Infrastructure - have submitted their revised resolution plans for
acquiring two insolvent Srei companies.
The revised resolution plans are likely to be put on vote for
approval of the consolidated committee of creditors (CoC) on
January 2 or 3, 2023, sources with knowledge of the matter told
FE.
Earlier, the CoC of Srei Infrastructure Finance (SIFL) and Srei
Equipment Finance (SEFL) extended the deadline for submission of
the revised resolution plans till December 24 after the resolution
applicants had asked for additional time. The CoC had asked all
three bidders for upward revisions of their financial bids and
upfront cash offered, FE says.
"Revised resolution plans have come. Discussions on the plans have
also taken place. Now, the plans are ready for the challenge
mechanism," the sources cited above said. The revised plans are
likely to be put on vote on January 2 or 3.
FE says the 27th meeting of the consolidated CoC was conducted on
December 26. The meeting was held virtually.
In the first week of December, the consortium of Varde Partners and
Arena Investor had submitted a financial bid of around INR14,000
crore for SIFL and SEFL, while NARCL had put forward a financial
bid of around INR13,600 crore, the report notes. However, Authum
Investment and Infrastructure's financial bid had stood as low as
INR4,500 crore, according to people familiar with the resolution
process.
According to the report, the final date for completion of the CIRP
process is scheduled on January 5, 2023. However, the CoC and the
administrator, Rajneesh Sharma, may approach the Kolkata bench of
the National Company Law Tribunal (NCLT), seeking some extension of
the CIRP period to complete the resolution process.
"The completion of the resolution process may get delayed by some
days due to litigation issues. Due to the judiciary process around
40 days have been lost and the CIRP was held up. Despite this, the
resolution process is expected to be completed within a reasonable
time," the sources added, FE relays.
Notably, a plea by Adisri Commercial, a shareholder of SIFL,
against the NCLT Kolkata bench's insolvency order was rejected by
the National Company Law Appellate Tribunal (NCLAT) earlier this
month, recalls FE.
About SREI
SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.
On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times. The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.
The insolvency resolution process against the company started on
Oct. 8, 2021.
The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.
SUNFUEL TECHNOLOGIES: CARE Lowers Rating on INR5.78cr Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sunfuel Technologies LLP (STL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.78 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 22,
2021, placed the rating(s) of STL under the 'issuer
non-cooperating' category as STL 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. STL
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).
The ratings have been revised on account of non-availability of
requisite information.
Sunfuel Technologies LLP (STL), was established in July, 2015 as a
limited liability partnership firm and is currently being managed
by Mr. Sushil Kumar Singhal, Mr. Kamal Solanki, Mr. Sumit Solanki
and Mr. Ashish Singhal sharing profit and losses equally. The firm
is engaged in manufacturing of solar panels at its manufacturing
facility in Sonipat, Haryana. The firm is also engaged in providing
EPC services such as designing, erection, installation and
commissioning in solar energy integrated projects such as on grid
and off grid roof top and ground mounted solar power plants for
government and private authorities.
SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Plyboard Limited (SPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1996, SPL is promoted by Mr Sumer Chand Jain. The
company manufactures plyboard, block boards, and flush doors, and
also trades in timber. Its manufacturing facility is in Jaipur.
TRN ENERGY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: TRN Energy Private Limited
18, Vasant Enclave
Rao Tula Ram Marg
New Delhi DL 110057
IN
Insolvency Commencement Date: November 30, 2022
Court: National Company Law Tribunal, New Delhi Bench-V
Estimated date of closure of
insolvency resolution process: May 29, 2023
(180 days from commencement)
Insolvency professional: Ramkripal Sharma
Interim Resolution
Professional: Ramkripal Sharma
Flat No. 133, DDA SFS
Sector 6, Pocket 1
Dwarka, New Delhi 110075
E-mail: iprksharma@gmail.com
cirptrnenergy@gmail.com
Last date for
submission of claims: December 23, 2022
VRONE ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vrone Energy Private Limited
Temple Towers, 3rd Floor
672/476 Anna Salai
Nandanam (Mount Road)
Chennai Tamil Nadu 600035
Insolvency Commencement Date: December 15, 2022
Court: National Company Law Tribunal, Division Bench II, Chennai
Estimated date of closure of
insolvency resolution process: June 11, 2023
Insolvency professional: Rakesh Bothra
Interim Resolution
Professional: Rakesh Bothra
119-A, 1st Floor
Vinay Bhavya Complex
159, C S T Road
Kalina, Santacruz East
Mumbai City
Maharashtra 400098
E-mail: ip.rakeshbothra@gmail.com
cirp.vrone@gmail.com
Last date for
submission of claims: December 30, 2022
YOGIRAJ SPINNING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Yogiraj Spinning Limited
14-AC, Shopping Centre
New Sardar Marketing Yard
Gondal, Gujarat 360311
Insolvency Commencement Date: December 20, 2022
Court: National Company Law Tribunal, Ahmedabad, Gujarat Bench
Estimated date of closure of
insolvency resolution process: June 11, 2023
(180 days from commencement)
Insolvency professional: Sunil Kumar Agarwal
Interim Resolution
Professional: Sunil Kumar Agarwal
Tower 6/603, Devnandan Heights
Near Podar School
New CG Road, Chandkheda
Ahmedabad, Gujarat 382424
E-mail: ANIL91111@hotmail.com
- and -
1201, Sun Westbank
Near Shiv Cinema
Ashram Road
Ahmedabad 380009
E-mail: cirp.yogirajspinning@gmail.com
Last date for
submission of claims: January 5, 2023
=====================
P H I L I P P I N E S
=====================
PLDT INC: Denies 'Engaging' US Law Firms to Prevent Lawsuits
------------------------------------------------------------
Ramon Royandoyan at Philstar.com reports that PLDT Inc. denied
reports it is trying to prevent a potential legal battle by
reaching out to US law firms representing American investors who
might have incurred losses during a recent brutal sell-off of the
company's shares, which was triggered by the telco's disclosure
that it overspent in the past four years.
In a disclosure sent to the Philippine Stock Exchange on Dec. 28,
PLDT said it has lawyers in the US who can defend the company
should a class action suit be filed against the company,
Philstar.com relays.
"While PLDT has seen reports that certain US law firms are
investigating potential claims on behalf of investors of PLDT for
alleged violations of securities laws - as is common when issuers
disclose certain events - PLDT is not engaging with such law firms
and has retained US counsel to defend against any suits that may be
filed," the company said.
Philstar.com relates that PLDT issued the statement after local
media reported that several shareholder rights law firms in the US
have launched separate investigations into the 23% slump in the
price of PLDT's American Depositary Receipts on December 19, or
after the company disclosed its P48-billion budget "overruns".
According to the report, the US law firms that reportedly started a
probe on behalf of American investors were Glancy Prongay & Murray
LLP, The Schall Law Firm, Johnson Fistel LLP and Law Offices of
Howard G. Smith.
At home, the Securities and Exchange Commission, the PSE and the
Capital Markets Integrity Corp. (CMIC) - the independent audit,
surveillance, compliance and enforcement unit of the PSE - have
launched separate probes into PLDT's reported overspending, which
rocked the listed telco giant's share price, the Post notes.
PSE president Ramon Monzon earlier said the stock exchange did not
find any indications of insider trading of PLDT shares, which
suffered from a vicious sell-off on December 16 even before the
company could make a formal disclosure of the budget overruns.
According to Philstar.com, PLDT said an internal investigation -
which is still ongoing - did not find any fraudulent transactions,
procurement anomalies, or loss of assets arising from the excessive
budget spending, the amount of which represents about 12.7% of the
firm's total capex in the past four years.
"In the past month, there have been various write-ups circulating
in the public space that contain inaccurate information. These
write-ups have been detrimental not only to PLDT, but ultimately
and more importantly, to the shareholders of the company," PLDT
said.
In connection, groups like the Shareholders' Association of the
Philippines, a minority investor protection group, reminded
publicly-listed companies like PLDT that they should bat for fair
and equitable access to information, the report relays.
"SharePHIL urges PLDT and other publicly-listed companies to
advance minority shareholder rights—primarily through the fair
and equitable access to information, similar to the privilege given
to institutional investors," their statement read.
"We trust that PLDT will take the necessary measures to uphold
their values of transparency, accountability, and integrity," they
added.
About PLDT
PLDT Inc. (NYSE:PHI), formerly Philippine Long Distance Telephone
Company, -- https://main.pldt.com/ -- provides telecommunications
services across the fiber optic, cellular and fixed-line networks.
The company offers cellular services, wireless broadband, voice
services, and data services. It also provides a range of fixed-line
services, including local exchange, international long-distance,
data and other networks, and miscellaneous services. The company
markets its services through various brands, including TNT,
SmartBro, Sun Broadband, PLDT, Smart, and Sun Cellular. It offers
these services to corporate, retail, and SME clients. The company
has a business presence in the Philippines, British Virgin Islands,
Cayman Islands, and Singapore.
PLDT Inc.'s working capital deficit was PHP150,343 million at
December 31, 2021. The deficit was PHP126,099 million as of
December 31, 2020.
At December 31, 2021, the Company had total current assets of
PHP73,931 million and total current liabilities of PHP224,274
million. At December 31, 2020, the Company had total current
assets of PHP87,438 million and total current liabilities of
PHP213,537 million.
=================
S I N G A P O R E
=================
BLACK SAND: Members' Final Meeting Set for Jan. 27
--------------------------------------------------
Members of Black Sand International (Singapore) Pte. Ltd. and Oris
International Pte Ltd will hold their final general meeting on Jan.
27, 2023, at 3:00 p.m. and 4.00 p.m., respectively, at 3 Shenton
Way, #03-06C Shenton House, in Singapore via video conferencing via
Zoom.
At the meeting, Farooq Ahmad Mann, the company's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.
KMB INVESTMENT: Creditors' Proofs of Debt Due on Jan. 28
--------------------------------------------------------
Creditors of KMB Investment Singapore Pte. Ltd. are required to
file their proofs of debt by Jan. 28, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 22, 2022.
The company's liquidators are:
Mitani Masatoshi
c/o 10 Anson Road
#14-06 International Plaza
Singapore 079903
LASSETERS INT'L: Members' Final Meeting Set for Jan. 31
-------------------------------------------------------
Members of Lasseters International Pte Ltd. and Lasseters Resorts
Pte. Ltd. will hold their final general meeting on Jan. 31, 2023,
at 10:00 a.m., and 10:30 a.m., respectively, via electronic means.
At the meeting, Oon Su Sun and Lin Yueh Hung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
LIGHTRAY ENERGY: Members' Final Meeting Set for Jan. 30
-------------------------------------------------------
Members of Lightray Energy Pte. Ltd will hold their final general
meeting on Jan. 30, 2023, at 10:00 a.m., at 80 Robinson Road,
#02-00, in Singapore.
At the meeting, Tay Tuan Leng of Tricor Singapore, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
NIPPON PIGMENT: Creditors' Proofs of Debt Due on Jan. 27
--------------------------------------------------------
Creditors of Nippon Pigment (S) Pte. Ltd. are required to file
their proofs of debt by Jan. 27, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 27, 2022.
The company's liquidators are:
Lau Chin Huat
c/o 6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
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*** End of Transmission ***