/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230102.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, January 2, 2023, Vol. 26, No. 2 Headlines A U S T R A L I A CITIUS PROPERTY: First Creditors' Meeting Set for Jan. 10 FCT MANAGEMENT: First Creditors' Meeting Set for Jan. 11 PRECIA MOLEN: Commences Wind-Up Proceedings SENTIENT CONSULTANTS: Commences Wind-Up Proceedings SYDNEY WIDE: Graeme Robert Beattie Appointed as Liquidator C H I N A CHINA EVERGRANDE: EV Unit Lays Off Employees, Cuts Salaries CHINA EVERGRANDE: Misses Revamp Plan Deadline Amid Creditor Talks I N D I A AAISWARYA TOWNSHIP: Voluntary Liquidation Process Case Summary ALPHA MILK: ICRA Keeps B+ Debt Rating in Not Cooperating Category AMIT ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ARYAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR30cr LT Loan BALAJI PLASTIC: ICRA Keeps B+ Ratings in Not Cooperating Category BELLONA PAPER: ICRA Lowers Rating on INR9cr Cash Loan to B+ BHATTAD BROTHERS: Liquidation Process Case Summary DHANEE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating E COM LOGISTICS: Voluntary Liquidation Process Case Summary EBIX TRAVEL: CARE Lowers Rating on INR21.25cr LT Loan to B- ELKEN INT'L: Voluntary Liquidation Process Case Summary GAYATRI HIGHWAYS: UBI Files Insolvency Petition Against Unit GMR HYDERABAD AIRPORT: Fitch Affirms LongTerm IDR at 'BB+' GRANDE GAMES: Voluntary Liquidation Process Case Summary GVK INDUSTRIES: Liquidation Process Case Summary HINDUSTHAN SMALL: Liquidation Process Case Summary IL&FS FINANCIAL: CARE Reaffirms D Rating on INR2,425cr LT Loan INFRASTRUCTURE LEASING: CARE Reaffirms D Rating on INR400cr Loan JAINCO BUILDCON: CARE Keeps B+ Debt Rating in Not Cooperating JOYA EXPORTS: Voluntary Liquidation Process Case Summary JSW INFRASTRUCTURE: Fitch Affirms Foreign Currency IDR at 'BB+' KSK ENERGY: Insolvency Resolution Process Case Summary M&C SAATCHI: Voluntary Liquidation Case Summary M.G. AUTOSALES: CARE Keeps B- Debt Rating in Not Cooperating MARVEL REALTORS: NCLT Admits Firm Under Insolvency Proceedings MIDFIELD INDUSTRIES: Liquidation Process Case Summary PREM INDUSTRIES: CARE Lowers Rating on INR9.61cr LT Loan to B- RAJ ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating RAJLAXMI AGRO: CARE Keeps B Debt Rating in Not Cooperating REGENCY GANGANI: ICRA Withdraws D Rating on INR49.71cr Term Loan RJP TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating RNP SCAFFOLDING: ICRA Keeps B Debt Rating in Not Cooperating RUBBER WOOD: Liquidation Process Case Summary SANGHAR EXPORTS: ICRA Keeps B+/A4 Debt Rating in Not Cooperating SANPAR MICRO: CARE Reaffirms B+ Rating on INR2.00cr LT Loan SHIV SHANKAR: CARE Keeps D Debt Rating in Not Cooperating Category SRS RETREAT: Insolvency Resolution Process Case Summary TANBERG TECHNOLOGY: Voluntary Liquidation Process Case Summary TIN TIME: Liquidation Process Case Summary J A P A N FTX JAPAN: To Return Assets to Clients From February FURUKAWA ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings MITSUI E&S: Egan-Jones Retains CCC- Senior Unsecured Ratings MITSUI OSK: Egan-Jones Retains BB+ Senior Unsecured Ratings TOBU RAILWAY: Egan-Jones Retains BB- Senior Unsecured Ratings TOSHIBA CORP: Deal Faces More Uncertainty as Financing Talks Stall P H I L I P P I N E S CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings PLDT INC: Investor Group Airs 'Deep Concern' Over Cost Overrun S I N G A P O R E ANCORA MANAGEMENT: Creditors' Proofs of Debt Due on Jan. 31 AZYMIOS INVESTMENT: Court to Hear Wind-Up Petition on Jan. 13 CKS DESIGN: Court Enters Wind-Up Order GUAN CHEE: Court Enters Wind-Up Order IRCI INDUSTRIES: Court Enters Wind-Up Order NEWLION DEVELOPMENT: Court Enters Wind-Up Order S O U T H K O R E A KOREA GAS: Egan-Jones Retains BB+ Senior Unsecured Ratings - - - - - ================= A U S T R A L I A ================= CITIUS PROPERTY: First Creditors' Meeting Set for Jan. 10 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Citius Property Pty Ltd will be held on Jan. 10, 2023, at 9:30 a.m. at the offices of Lowe Lippmann at Level 7, 616 St Kilda Road in Melbourne. Gideon Isaac Rathner of Lowe Lippmann was appointed as administrator of the company on Dec. 29, 2022. FCT MANAGEMENT: First Creditors' Meeting Set for Jan. 11 -------------------------------------------------------- A first meeting of the creditors in the proceedings of FCT Management Aus Pty Ltd will be held on Jan. 11, 2023, at 11:00 a.m. at via virtual meeting. Stephen Wesley Hathway of Helm Advisory was appointed as administrator of the company on Dec. 29, 2022. PRECIA MOLEN: Commences Wind-Up Proceedings ------------------------------------------- Members of Precia Molen South Australia Pty Ltd and Precia Molen Australia Pty Ltd on Dec. 30, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Bradley Tonks Mark Roufeil PKF Sydney Level 8 1 O'Connell St. Sydney, NSW 2000 SENTIENT CONSULTANTS: Commences Wind-Up Proceedings --------------------------------------------------- Members of Sentient Consultants Pty Ltd on Dec. 30, 2022, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Martin Walsh Walsh & Associates Level 10 53 Walker Street North Sydney, NSW 2060 SYDNEY WIDE: Graeme Robert Beattie Appointed as Liquidator ---------------------------------------------------------- Graeme Robert Beattie of Worrells on Dec. 31, 2022, was appointed as liquidator of Sydney Wide Group NSW Pty Ltd. ========= C H I N A ========= CHINA EVERGRANDE: EV Unit Lays Off Employees, Cuts Salaries ----------------------------------------------------------- Reuters reports that China Evergrande Group's electric vehicle unit said on Dec. 30 it was laying off workers and cutting the salaries of some employees as a part of its cost-reduction measures. Reuters relates that the unit, China Evergrande New Energy Vehicle Group Ltd, also said it was arranging for some employees to take a break from work. The statement comes after Reuters reported that the unit was planning to lay off 10% of its workers and suspend salary payments to 25% of its workers for between one and three months. The unit also said that it is continuing mass production of its Hengchi 5 electric sport-utility vehicle and has delivered 324 units of the model to customers, Reuters relays. Reuters reported earlier this month that the company had suspended mass production of the model because of a lack of new orders. The EV unit is key for the transformation plans of Evergrande, once China's top-selling property developer and now at the center of a deepening debt crisis, Reuters notes. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific in October 2022, Moody's Investors Service has withdrawn China Evergrande Group's (Evergrande) corporate family rating and senior unsecured ratings, the CFRs of Hengda Real Estate Group Company Limited and Tianji Holding Limited, and Scenery Journey Limited's backed senior unsecured ratings. CHINA EVERGRANDE: Misses Revamp Plan Deadline Amid Creditor Talks ----------------------------------------------------------------- Bloomberg News reports that China Evergrande Group delayed releasing a much-anticipated restructuring plan again, missing a self-imposed deadline and disappointing creditors seeking to salvage investments. Bloomberg says the world's most indebted developer has yet to announce its offshore debt-restructuring plans, falling short on its promise to do so by the end of 2022. With about CNY1.97 trillion (US$286 billion) of liabilities, the company is facing a winding-up lawsuit in Hong Kong, while sitting at the heart of a property crisis that's triggered a flurry of defaults and caused home construction halts across the country, the report notes. Evergrande's fate has broader implications for China's US$58 trillion financial system, and could send ripples across banks, trusts and millions of home owners, Bloomberg states. It would likely be among the country's biggest-ever restructuring efforts. The sheer size has left investors worried that any collapse may spark financial contagion and curb growth in the world's second-largest economy, which depends on the housing market for about a quarter of gross domestic product. The company previously failed to come up with a "preliminary restructuring plan" it promised by the end of July. It met with an ad-hoc group of its dollar bondholders in early December to formally discuss a proposal, Bloomberg reported earlier. It expected to receive support from offshore creditors by the end of February or early March, the developer's legal representative said during a winding-up hearing in late November, Bloomberg recalls. Evergrande was urged by the judge of the winding-up case to present "something more concrete" during the next hearing on March 20, Bloomberg relates. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific in October 2022, Moody's Investors Service has withdrawn China Evergrande Group's (Evergrande) corporate family rating and senior unsecured ratings, the CFRs of Hengda Real Estate Group Company Limited and Tianji Holding Limited, and Scenery Journey Limited's backed senior unsecured ratings. ========= I N D I A ========= AAISWARYA TOWNSHIP: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Aaiswarya Township Developers Private Limited 26/60, Vasanthpet, Proddatur Andhra Pradesh 516361 Liquidation Commencement Date: December 10, 2022 Court: National Company Law Tribunal, Hyderabad Bench Insolvency professional: Gorantla Madhavaiah Interim Resolution Professional: Gorantla Madhavaiah Plot No. 201, Gayatri Nagar Borabanda, Union Bank of India Lane Hyderabad 500018 E-mail: madhav_cwa@yahoo.co.in Tel: +917893220778 Last date for submission of claims: January 9, 2023 ALPHA MILK: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term rating of Alpha Milk Foods Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 24.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2007, AMFPL is setting up a milk processing plant in Hathras (Uttar Pradesh) with a processing capacity of 4 lakh litres of milk per day, to manufacture desi ghee, skimmed milk powder, dairy whitener, butter etc. The company has been promoted by Mr Gian Prakash Gupta and Mr Vipin Gupta. The promoters also have a Haryana-based company, incorporated in 1991, engaged in milk processing, under the name of Karnal Milk Foods Limited. AMIT ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Amit Engineers in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.10 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 1.70 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Amit Engineers was established in 1986 and is into manufacturing of Air Conditioning and Refrigeration products for Indian Railways and is supplying fully integrated Air Conditioner to the Indian Railways since 2001. The company is an ISO 9001:2008 certified Company having their Head office cum Research and Development Cell at Mohali (Punjab) and Manufacturing Unit at Baddi (Himachal Pradesh). Amit Engineers is well equipped with state-of-the-art CAD centre and CNC machines to undertake design and manufacture of Refrigeration Products as per customer's requirement. ARYAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR30cr LT Loan --------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Aryan Construction & Associates (ACA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable); Reaffirmed Fund Based- Cash Credit Long Term- 30.00 [ICRA]B+ (Stable); Reaffirmed Non Fund Based- Bank Guarantee Rationale The rating reaffirmation for ACA reflects its modest scale of operations, and execution risk with delays faced in some projects due to project-specific issues. The rating continues to be constrained by the high order book concentration and geographical risks. The rating factors in the elongated working capital cycle with elevated receivable and inventory levels, albeit the same is partly offset by the increase in payables in the fiscal. Further, the rating notes the firm's stretched liquidity as reflected by the low cushion in its sanctioned fund-based limits. The rating takes into consideration the growth in its operating income (OI) to INR40.50 crore in FY2022 from INR30.18 crore and INR13.62 crore in FY2021 and FY2020, respectively. The operating profitability remained moderate at 10.2% and 16.6% in FY2022 and FY2021, respectively, compared to 3.6% in FY2020. ICRA takes note of the extensive experience of the promoters in the engineering, procurement and construction (EPC) sector, and the firm's low counterparty risk with public sector entities as customers. The rating considers the risks associated with the partnership nature of the entity, given the regular capital withdrawal impacting ACA's leverage and net worth position. The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion that ACA will continue to benefit from its experienced management. Key rating drivers and their description Credit strengths * Promoters with extensive experience in EPC segment: ACA's promoters have more than a decade of experience in the EPC segment, including construction of roads. The firm has experience in working for clients across Uttar Pradesh, Rajasthan and Punjab. * Low counterparty risk: The order book remains concentrated in Uttar Pradesh, Rajasthan and Punjab with clients like the Public Works Department (PWD) that have a sound payment record. Thus, ACA has low counterparty risk with public sector entities as customers. Credit challenges * Modest scale of operations with concentrated order book and execution risks: ACA's scale of operations continues to remain modest, with revenues of INR40.50 crore in FY2022. Further, the current order book is modest at INR41 crore and concentrated in terms of geographical presence (the order book only has orders from Uttar Pradesh and Punjab) and projects (top three orders comprise 90% of the total outstanding orders). * Stretched liquidity position: ACA's liquidity is stretched, given the low free cash balance of INR0.55 crore as of March 2022 and limited cushion in its cash credit limits, as reflected in the elevated average utilisation during the last 12-month period that ended in August 2022 at 96%. Going forward, adequate accruals and timely enhancement in fund-based limits would be a key monitorable for the firm's liquidity position. * Risk associated with partnership constitution: ACA faces risks associated with its status as a partnership firm. Continuous capital withdrawal by the firm's partners have weakened its capital structure. Liquidity position: Stretched ACA's liquidity position is stretched, given the low free cash balance of INR0.55 crore as of March 2021 and limited cushion in its cash credit limits, as reflected in the elevated average utilization of 96% during the last 12-month period that ended in August 2022. Rating sensitivities Positive factors – ICRA could upgrade the rating if the firm shows a significant scale up in operations leading to sustained revenue growth, improved profitability and cash conversion cycle, thereby resulting in an improvement in its liquidity position. Negative factors – ICRA could downgrade ACA's rating if there is a delay in execution of the existing order book or weaker order book position resulting in lower-than-anticipated revenues or profitability. The rating may be downgraded if the liquidity position worsens on a sustained basis. ACA was incorporated in 2007. It is involved in civil construction work, primarily construction and upgrade of roads. The firm is enlisted as a class-1 contractor (for road work) of PWDs in Uttarakhand and UP. BALAJI PLASTIC: ICRA Keeps B+ Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term rating of Shree Balaji Plastic in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.30 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.05 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2009 as a proprietorship concern of Ms. Rachna Gupta, Shree Balaji Plastic is involved in the processing of polypropylene waste to form recycled/repurposed granules. The firm's manufacturing unit is located at Surat and is equipped to process ~150 metric tonnes (MT) of waste per month. The promoters have moderate experience of close to a decade in the polymer processing industry. The associate concern of the firm, Shree Balaji Plastic was established in 2016 and is equipped to process ~100 MT of PP waste per month to form granules. The granules are supplied to compounders, who further process them to manufacture non-woven fabric, non-woven bags, crop covers, medical gowns/masks, drapes etc. for the firm on a job work basis. BELLONA PAPER: ICRA Lowers Rating on INR9cr Cash Loan to B+ ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Bellona Paper Mill Pvt. Ltd., as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 9.00 [ICRA]B+(Stable);ISSUER NOT Cash Credit COOPERATING; Rating downgraded from [ICRA]BB(Stable) and moved to the 'Issuer Not Cooperating' category Fund Based- 4.01 [ICRA]B+(Stable);ISSUER NOT Term Loan COOPERATING; Rating downgraded from [ICRA]BB(Stable) and moved to the 'Issuer Not Cooperating' category Non-fund-based 1.00 [ICRA]A4; ISSUER NOT Bank Guarantee COOPERATING, rating moved to the 'Issuer Not Cooperating' category Unallocated 3.19 [ICRA]B+(Stable)/[ICRA]A4; Limit ISSUER NOT COOPERATING, rating downgraded from [ICRA]BB(Stable)/[ICRA] A4 And moved to the 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding Bellona Paper Mill Pvt. Ltd.'s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Bellona Paper Mill Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in October 2015 by Mr. Pankaj Patel, Mr. Ashish Marvaniya and Mr. Bharat Loriya, Bellona Paper Mill Pvt. Ltd. (BPM) is involved in manufacturing kraft paper. The manufacturing plant, located at Morbi in Gujarat, has an installed capacity of producing 150 tonnes of kraft paper per day of 16-24 BF (burst factor). The end-product is used to produce corrugated boxes for packaging ceramic tiles, FMCG products, white goods, etc. The promoters have experience in the ceramic industry vide their association with other entities. BHATTAD BROTHERS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Bhattad Brothers Realty Private Limited 104 Bajaj Bhavan Nariman Point Mumbai 400021 Liquidation Commencement Date: Decembner 16, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: Decembner 16, 2022 Insolvency professional: Mr. Raj Kumar Dad Interim Resolution Professional: Mr. Raj Kumar Dad 302 L Wing Shree Sankeshwar Nagar Society SV Road Ashok Van Dahisar East Mumbai City, Maharashtra 400068 E-mail: rajkdad@gamil.com - and - 410, Blue Rose Industrial Estate Next to Western Edge Building Western Express Highway Borivali East, Mumbai 400066 E-mail: bhattadbrothers.cirp@gmail.com Last date for submission of claims: January 15, 2023 DHANEE INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dhanee International (DI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 2, 2021, placed the rating(s) of DI under the 'issuer non-cooperating' category as DI 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. DI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 18, 2022, October 28, 2022, November 7, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Dhanee International (DHI) is a proprietorship firm established in 2006 by Mrs. Aruna Bindra. DHI is engaged in the manufacturing of readymade garments at its manufacturing facility located at Ludhiana, Punjab. The firm is also engaged in trading of fabric. The product line of the firm mainly comprises cotton fabric, acrylic fabric, polyester fabric, sinker fabric, tshirts, trousers, shirts, lowers etc. E COM LOGISTICS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: E Com Logistics Private Limited WZ-113A, Virender Nagar New Delhi 110058 Liquidation Commencement Date: December 26, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Saurabh Agrawal Interim Resolution Professional: Saurabh Agrawal 403, Nirmal Tower 26, Barakhamba Road Connaught Place New Delhi 110001 E-mail: saurabhfcs@gmail.com Tel: +919811365004 011-40366403 Last date for submission of claims: January 25, 2023 EBIX TRAVEL: CARE Lowers Rating on INR21.25cr LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ebix Travel & Holidays Limited (ETHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.25 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 29, 2021, placed the rating(s) of ETHL under the 'issuer non-cooperating' category as ETHL 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. ETHL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 14, 2022, September 24, 2022, October 04, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. The rating also continuing net losses as well as an increase in overall debt in FY22 over FY21. Incorporated in 1948, Mercury Travels Limited later name was changed to Ebix Travel & Holidays Limited on June 16, 2020, as a subsidiary of East India Hotels (EIH) (which owns the Oberoi Hotels & Resorts and Trident Hotels) is engaged in providing travel related services. The company has a comprehensive portfolio of travel related services that include outbound & inbound holidays, corporate travel management, foreign exchange and travel insurance. The company is an International Air Transport Association (IATA) registered ticketing agency. ELKEN INT'L: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Elken International India Private Limited No. 25, 2nd Floor 8th Main, Vasanth Nagar Bangalore 560052 Karnataka Liquidation Commencement Date: December 14, 2022 Court: National Company Law Tribunal, Coimbatore Bench Insolvency professional: Vasudevan Gopu Interim Resolution Professional: Vasudevan Gopu G.V. Enclave 18/30 Ramani Street, K.K. Pudur Saibaba Colony (4th Right Opp. Road to Saibaba Colony Hotel Annapoorna Road) Coimbatore 641038 E-mail: vasudevangopu.ip@gmail.com Tel: 0422-4347063 Last date for submission of claims: January 13, 2023 GAYATRI HIGHWAYS: UBI Files Insolvency Petition Against Unit ------------------------------------------------------------ EquityBulls reports that the financial creditor, Union Bank of India, SAM Branch, Hyderabad, has filed an application under section 7 of The Insolvency and Bankruptcy Code, 2016, against material subsidiary of Gayatri Highways Limited, M/s. Indore Dewas Tollways Limited (IDTL) before the Hon'ble National Company Law Tribunal, Hyderabad Bench for an amount of default of INR194,24,55,662/- (Rupess One Ninety Four Crores Twenty Four Lakhs Fifty Five Thousands Six Hundred Sixty Two Only). Gayatri Highways Limited provides infrastructure construction services. The Company constructs dams, highways, bridges, canals, and ports as well as thermal, hydro, and wind power projects. Gayatri Highways serves customers in India. GMR HYDERABAD AIRPORT: Fitch Affirms LongTerm IDR at 'BB+' ---------------------------------------------------------- Fitch has affirmed GMR Hyderabad International Airport Limited's (GHIAL) Long-Term Issuer Default Rating (IDR) and outstanding senior secured notes at 'BB+'. The Outlook is Stable. RATING RATIONALE The rating affirmation reflects the recovery in traffic from the Covid-19 pandemic in Hyderabad's growing catchment area, GHIAL's ability to reach near completion of its expansion capex and a steadily improving regulatory environment with the implementation of CP3 tariffs in the financial year ending March 2023 (FY23) onwards. The Stable Outlook reflects adequate headroom at the current rating level with the rating case leverage declining to about 5x in FY27 from 12.0x in FY23. GHIAL has also improved its debt maturity profile after partially refinancing USD140 million of its senior secured note due in 2024 and 2026 with domestic non-convertible debentures (NCD) of equivalent value at a lower rate of interest with a tenor of 10 years and amortisation starting from the sixth year. KEY RATING DRIVERS Strong Growth Expectations as Air Traffic Increases: Revenue Risk - Volume - Revised to 'High Midrange' from 'Midrange' Fitch has revised its assessment of Revenue Risk (Volume) to 'High Midrange' from 'Midrange' following the publication of the new Transportation Infrastructure Rating Criteria, which assess volume risk on a five-point scale with six sub-factors. GHIAL is a major international airport for the states of Telangana and Andhra Pradesh with limited competition from nearby airports as well as other modes of traffic. GHIAL's FY22 passenger traffic was 11.6 million, most of which were origin-and-destination passengers. The airport has experienced a CAGR of 12.8% in passengers from its first year of commercial operations in 2009 until FY20. International traffic reached 82% of 2019 levels as of October 2022. Domestic passenger traffic reached near pre-Covid levels of 95%. Fitch expects total passenger traffic to reach pre-pandemic levels by end-2023. Passenger traffic from April 2022 until 31 October was 11.7 million and our rating case assumes FY23 traffic at 20.5 million. However, the airport is exposed to significant carrier concentration risk with the air carrier IndiGo having a market share of 76% in the domestic market. Approved Increase in Regulated Tariffs: Revenue Risk - Price - Midrange Tariffs under CP3 (FY22-FY26) were approved on 31 August 2021 under the hybrid till regulatory framework, with 30% non-aeronautical revenue used for cross-subsidisation with effect from 1 April 2022. The user development fee has been increased by around 100%, further supporting the capacity expansion. A number of pending legal and regulatory issues were dealt with under CP3, thereby reducing uncertainty. However, INR7 billion of aeronautical revenue out of a total of INR48 billion has been deferred to the fourth control period for recovery along with the carrying cost. At the same time, INR67 billion out of the INR75 billion of expansion capex has been allowed in the current control period with the rest to be considered in the next control period based on actual spend. Nearly Completed Major Expansion Capex: Infrastructure Development and Renewal - Midrange The airport was operating above designed capacity before Covid, with a utilisation ratio above 170%. Management's current expansion plans can handle a capacity of 34 million passengers. The total capex cost is INR82 billion, and reached 76% completion at end-October 2022, according to GHIAL's management, and the remaining portion should be completed by FY24. Fitch expects the balance portion to be funded by internal accruals and remaining bond proceeds of INR3 billion at end-November 2022. The ratings reflect the implementation of the capex plan by FY24 with minimal overruns. Protection for Debt holders, Manageable Refinance Risk: Debt Structure - Senior - Midrange GHIAL's senior debt is secured with structural covenants, including defined cash waterfall, restrictions on dividend payments, and a fixed-charge cover ratio test for additional debt, excluding debt incurred for regulated capex. GHIAL's US dollar notes are due in 2024, 2026 and 2027. The partial refinancing of the 2024 and 2026 bonds, and a long concession to 2068 and healthy financial profile, mitigates refinancing risk. Financial Profile The Fitch base case assumes recovery of passenger traffic to pre-Covid levels by end-2023. It largely reflects management's forecast for operating expenses. The net debt/EBITDA ratio is around 12.0x in FY23, before it declines to below 7.0x by FY24. The CP3 tariff is reflected from FY23 and only contracted income from commercial property development has been considered. The rating case assumes slower passenger traffic growth against the base case. The rating case further applies a 5% stress on the operating expenditure. The net debt/EBITDA is 12.0x in FY23 and declines to below 6.0x by FY26. PEER GROUP Delhi International Airport Limited (DIAL, BB-/Stable) is GHIAL's closest Indian peer. DIAL has a 'Stronger' volume risk assessment due to its strategic location and being the largest airport in the country. Both airports have a 'Midrange' price risk assessment. GHIAL has received the CP3 order that will be implemented from FY23, while DIAL's base airport charges mitigate any downside risk to the aeronautical tariff determination. DIAL has a higher rating case leverage in the interim of over 20.0x until FY23 before decreasing in FY26, relative to GHIAL, which has leverage of 12.0x in FY23 before declining below 5.0x by FY27. The high leverage along with uncertainty in revenue share deferment has resulted in a two-notch differential. DIAL's higher leverage is compensated partially by its stronger catchment area and its volume risk assessment. The debt structure is similar for both the airports, mainly consisting of US dollar bullet notes with cash waterfall mechanisms in place. GHIAL can also be compared Mumbai International Airport Limited (MIAL, BB+/Stable). MIAL has a stronger catchment area than GHIAL. GHIAL serves Hyderabad, which is a vibrant but smaller city than Mumbai. GHIAL's passenger traffic reached 93% of pre-pandemic levels in October 2022. Fitch assesses the price risk for both airport operators as 'Midrange'. Fitch estimates GHIAL's sustained leverage to be a turn higher than MIAL's; however, the sharp deleveraging beyond capex expansion justifies a similar credit assessment despite GHIAL's lower volume-risk assessment. GHIAL's leverage in FY25 after capex expansion is 6.2x, similar to MIAL's leverage of 6.7x. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: Rating case net debt/EBITDA is sustained above 7.0x Factors that could, individually or collectively, lead to positive rating action/upgrade: Positive rating action is not expected in the current control period due to the elevated debt-funded capex plan. However, an upgrade can be considered if the rating case net debt/EBITDA remains below 5.5x for a sustained period. CREDIT UPDATE Traffic Performance: GHIAL's total passenger traffic reached 93% of pre-Covid levels in October 2022, with domestic traffic reaching 95% of pre-Covid levels. Financial Performance: There has been significant improvement in all GHIAL's business segments after the pandemic: - Revenue from operations increased by 83% to INR8.71 billion in 1HFY23 from INR4.77 billion in 1HFY22; - Operating expenses increased by 29% during the same period; - GHIAL's EBITDA has gone up by more than 279% during the same period to INR3.86 billion in 1HFY23 from INR1.02 billion in 1HFY22. Extension of Tenor: During FY23 HIAL received approval from Ministry of Civil Aviation for a concession extension for another 30 years from 2038 with the period now ending in March 2068. Liquidity Position: - The liquidity position is adequate with a cash balance of INR18 billion as of November 2022, including INR3 billion of bond proceeds earmarked for capex. Fitch expects the balance to be funded through internal accruals. - GHIAL has a working-capital facility of INR2.50 billion from ICICI Bank Limited (BB+/Stable) with a further INR750 million non-fund-based limit. GHIAL has availed INR1.50 billion of the fund-based facility and INR450 million of the non-fund-based facility. It also has a fund-based limit of INR1 billion with Aditya Birla Finance Limited (ABFL) and had availed the same amount as of November 2022. - The rating assigned does not take into consideration the INR2 billion loan extended by GHIAL in FY20 to its promoters and group companies maturing in August 2023. Any further significant loan or support to group companies affecting GHIAL's leverage will viewed as a credit negative. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Prior ----------- ------ ----- GMR Hyderabad International Airport Limited LT IDR BB+ Affirmed BB+ GMR Hyderabad International Airport Limited/ Debt/1 LT LT BB+ Affirmed BB+ GRANDE GAMES: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Grande Games India Private Limited 05B109, WeWork Galaxy 43 Residency Road Bangalore Bangalore 560025 Liquidation Commencement Date: December 19, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Adarsh Sharma Interim Resolution Professional: Adarsh Sharma J-6A Kailash Colony New Delhi 110048 Tel: +919810074285 E-mail: adarsh@adarshca.com ip.ggipl@gmail.com Last date for submission of claims: Janaury 18, 2023 GVK INDUSTRIES: Liquidation Process Case Summary ------------------------------------------------ Debtor: GVK Industries Limited Plot# 10, Paigha Colony Phase-1 Sardar Patel Road, Secunderabad Hyderabad 500003 Liquidation Commencement Date: December 20, 2022 Court: National Company Law Tribunal, Hyderabad Bench Date of closure of insolvency resolution process: December 15, 2022 Insolvency professional: Sai Ramesh Kanuparthi Interim Resolution Professional: Sai Ramesh Kanuparthi Plot No. 6-B, Beside TDP office Road No. 2, Banjara Hills Hyderabad 5000034 E-mail: info@srfms.com liqgvk@gmail.com Last date for submission of claims: January 19, 2023 HINDUSTHAN SMALL: Liquidation Process Case Summary -------------------------------------------------- Debtor: Hindusthan Small Tools Private Limited 30 Chowringhee Road Kolkata 700016 West Bengal India Liquidation Commencement Date: December 19, 2022 Court: National Company Law Tribunal, Kolkata Bench Date of closure of insolvency resolution process: December 19, 2022 Insolvency professional: Kuldeep Verma Interim Resolution Professional: Kuldeep Verma 46 BB Ganguly Street 5th Floor, Unit 501 Kolkata 700012 E-mail: kuverma@gamil.com cirp.hstpl@gmail.com Last date for submission of claims: January 18, 2023 IL&FS FINANCIAL: CARE Reaffirms D Rating on INR2,425cr LT Loan -------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of IL&FS Financial Services Limited (IFIN), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 2,425.00 CARE D Reaffirmed Non-convertible Redeemable Cumulative Preference Shares 250.00 CARE D (RPS) Reaffirmed Non Convertible Debentures 4,800.00 CARE D Reaffirmed Subordinate Debt 1,100.00 CARE D Reaffirmed Perpetual Debt 200.00 CARE D Reaffirmed Commercial Paper 4,000.00 CARE D Reaffirmed Detailed Rationale, Key Rating Drivers and Detailed description of the key rating drivers The reaffirmation of ratings of various debt instruments and bank facilities of IFIN is on account of continued instances of irregularities in servicing of debt by the company. Based on the petition filed by the Union of India, the National Company Law Tribunal (NCLT) vide its order dated October 1, 2018 suspended the erstwhile Board and appointed the New Board proposed by the Union of India which took charge of the company from October 4, 2018. Further, vide the order passed by the NCLT on October 9, 2018, the newly constituted Board of Infrastructure Leasing and Financial Services Limited (IL&FS) was empowered to replace the directors of subsidiary companies of IL&FS including IFIN. The new Board of IL&FS has been working on the Resolution Plan of the IL&FS Group. The entities in the IL&FS group, have been classified into Indian and offshore entities. The Indian entities in the IL&FS group have been classified, by an independent third party, into three categories based on the basis of a 12-month cash flow-based solvency test viz 'Green', 'Amber' and 'Red', indicating their ability to repay both financial and operating creditors, only operating creditors, or only going concern respectively. Based on this classification the New Board has put in place a payment protocol for the IL&FS group during the resolution process. IFIN is classified as a 'Red' entity, indicating that it is not able to meet all obligations (financial and operational) including the payment obligations to senior secured financial creditors. The New Board of Directors of the Company, as part of the resolution process, has submitted several progress reports to the NCLT, including a framework for a resolution plan and process, steps undertaken for monetization of assets, appointment of consultants, and classification of group entities based on their abilities to meet various financial and operational obligations, measures for cost optimization and protocol for making payments beyond certain limits. As per the disclosures by the company, IL&FS group debt was around INR99,000 crore and the Board of the company expects recovery of around INR61,000 crore (i.e. 61%) with the recovery estimates including both, resolution and liquidation. As on September 30, 2022, IL&FS resolved debt worth INR56,943 crore as per affidavit filed with NCLT, an increase from INR55,000 crore in March, through monetisation of various assets. The debt addressed represents over 93% of the overall estimated resolution value of INR61,000 crore. The group retained its overall debt resolution estimate at INR61,000 crore, representing 62% of overall debt (fund based and non-fund based) of over INR99,000 crore as of October 2018.The debt resolved included INR43,089 crore addressed across entities (including cash and InvIT units), INR16,452 crore of debt resolved through monetisation and termination, INR7,254 crore approved by courts and pending closure and Rs 5,289 crore of resolution applications filed with courts and pending approvals, among others. It also included a INR1,331-crore debt, which was fully serviced across green entities (firms continuing to meet debt obligations). The company has been making some recoveries and the funds are used for making payments mostly to meet operational expenses to ensure the going concern status of the company and no money has been distributed to the creditors yet and the funds are maintained in FD & T-Bills under lien/favour of Creditors to be distributed as per NCLT/NCLAT directive, under group resolution. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: * Timely servicing of debt for a period of three consecutive months Negative Factors- Factors that could lead to negative rating action/downgrade: * Not applicable Liquidity: Poor The liquidity profile of the company is severely constrained leading to the company continuing to default on its debt obligations. Analytical approach: CARE has analysed standalone credit profile of IFIN along with IFIN's financial, operational and managerial linkages with its parent, IL&FS. Incorporated in September 1995, IL&FS Financial Services Ltd is registered as systemically Important Non Deposit taking NonBanking Financial Company (NBFC-ND-SI). IFIN is a 100% subsidiary of Infrastructure Leasing and Financial Services Limited (rated 'CARE D'). IFIN's business profile is broadly divided into investment banking business (asset & structured finance), project debt syndication business, corporate advisory services business and project finance advisory. The recasting of financials from FY14 to FY18 following order from NCLT is in progress for IL&FS, IFIN and IL&FS Transportation Network Limited (ITNL) is in progress. INFRASTRUCTURE LEASING: CARE Reaffirms D Rating on INR400cr Loan ---------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Infrastructure Leasing and Financial Services Limited (IL&FS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 400.00 CARE D Reaffirmed Long Term/ Short Term Bank Facilities 200.00 CARE D Reaffirmed Redeemable Preference Shares 1,500.00 CARE D (RPS) Reaffirmed Subordinate Debt 6.85 CARE D Reaffirmed Non-Convertible Debentures 9,641.94 CARE D Reaffirmed Commercial Paper 2,500.00 CARE D Reaffirmed Detailed Rationale & Key Rating Drivers and Detailed description of the key rating drivers The reaffirmation of ratings of various debt instruments and bank facilities of IL&FS is on account of continued instances of irregularities in servicing of debt by the company. Based on the petition filed by the Union of India, the National Company Law Tribunal (NCLT) vide its order dated October 1, 2018 suspended the erstwhile Board and appointed the New Board proposed by the Union of India which took charge of the company from October 04, 2018. Further, vide the order passed by the NCLT on October 9, 2018, the newly constituted Board of IL&FS was empowered to replace the directors of subsidiary companies of IL&FS including IL&FS Financial Services Limited (IFIN). The new Board of IL&FS has been working on the Resolution Plan of the IL&FS Group. The New Board of Directors of the Company, as part of the resolution process, has submitted several progress reports to the NCLT, including a framework for a resolution plan and process, steps undertaken for monetization of assets, appointment of consultants, and classification of group entities based on their abilities to meet various financial and operational obligations, measures for cost optimization and protocol for making payments beyond certain limits. As per the disclosures by the company, IL&FS group debt was around INR99,000 crore and the Board of the company expects recovery of around INR61,000 crore (i.e. 61%) with the recovery estimates including both, resolution and liquidation. As on September 30, 2022, IL&FS resolved debt worth INR56,943 crore as per affidavit filed with NCLT, an increase from INR55,000 crore in March, through monetization of various assets. The debt addressed represents over 93% of the overall estimated resolution value of Rs 61,000 crore. The group retained its overall debt resolution estimate at INR61,000 crore, representing 62% of overall debt (fund based and non-fund based) of over INR99,000 crore as of October 2018.The debt resolved included INR43,089 crore addressed across entities (including cash and InvIT units), INR16,452 crore of debt resolved through monetization and termination, INR7,254 crore approved by courts and pending closure and Rs 5,289 crore of resolution applications filed with courts and pending approvals, among others. It also included a INR1,331-crore debt, which was fully serviced across green entities (firms continuing to meet debt obligations). The company has been making some recoveries and the funds are used for making payments mostly to meet operational expenses to ensure the going concern status of the company and no money has been distributed to the creditors yet and the funds are maintained in FD & T-Bills under lien/favor of Creditors to be distributed as per NCLT/NCLAT directive, under group resolution. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: * Timely servicing of debt for a period of three consecutive months Negative Factors- Factors that could lead to negative rating action/downgrade: * Not Applicable Liquidity: Poor The liquidity profile of the company is severely constrained leading to the company continuing to default on its debt obligations. IL&FS is an infrastructure development and finance company promoted by the Central Bank of India (CBI), Housing Development Finance Corporation (HDFC) and Unit Trust of India (UTI). IL&FS was established with twin mandates of providing financial services and to develop infrastructure projects under a commercial format. The shareholding of the company is held by Life Insurance Corporation of India (LIC) – 25.3%, Orix Corporation, Japan – 23.54%, IL&FS Employee Welfare Trust – 12.00%, Abu Dhabi Investment Authority (ADIA) – 12.56%, Central Bank of India (CBI)– 7.67% and State Bank of India (SBI) – 6.42%. IL&FS published its financial results for FY19 (refers to period from April 01 to March 31) where it reported net loss of INR22,401 crore (standalone) (under Ind AS). The recasting of financials from FY14 to FY18 following order from NCLT is in progress for IL&FS, IFIN and IL&FS Transportation Network Limited (ITNL) is in progress. JAINCO BUILDCON: CARE Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jainco Buildcon Private Limited (JBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.00 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 20, 2021, placed the rating(s) of JBPL under the 'issuer non-cooperating' category as JBPL 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. JBPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 5, 2022, September 15, 2022, September 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). Jainco Buildcon Private Limited (JBPL) (Formerly Jainco Buildcon Limited) was incorporated in 1997 by Mr Naresh Jain and Mr Pawan Jain. The company is engaged in civil construction work which includes construction of water collection reservoir, water treatment facilities and water supply pipelines. JBL is registered as a Class 'I' contractor for Road Works with Delhi Jal Board. JOYA EXPORTS: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Joya Exports Private Limited 1-E Bharat Nagar New Friends Colony New Delhi 110065 Liquidation Commencement Date: December 16, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Gaurav Katiyar Interim Resolution Professional: Gaurav Katiyar D-32, East of Kailash New Delhi 110065 E-mail: cagauravkatiyar@gmail.com joya.liquidator@gmail.com Mobile: 9818949966 Last date for submission of claims: January 15, 2023 JSW INFRASTRUCTURE: Fitch Affirms Foreign Currency IDR at 'BB+' --------------------------------------------------------------- Fitch Ratings has affirmed India-based port operator JSW Infrastructure Limited's (JSWIL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+'. The Outlook is Stable. Simultaneously, Fitch has affirmed JSWIL's USD400 million senior unsecured notes due 2029 rating at 'BB+'. The Outlook is Stable. The bondholders benefit from equity pledges and guarantees from key operating subsidiaries. RATING RATIONALE The rating reflects JSWIL's geographically diversified port locations, reasonable tariffs, and take-or-pay contracts accounting for about 30% of total revenue. However, JSWIL's rating is constrained by its cargo's high exposure to two commodities, coal and iron ore, as well as customer concentration risk in spite of its much stronger financial profile. JSW Steel Limited (BB/Stable) contributes more than 50% of JSWIL's cargo volumes, but JSWIL's credit assessment is not linked to that of JSW Steel. The group plans to increase exposure to non-JSW group companies to 40%, from 30%, with the start of operations of the Paradip East Quay Terminal (EQ) and New Mangalore Container Terminal (NMCT). Both port facilities handle only third-party cargo. In addition, there are also no infrastructural constraints at the ports, which are linked to national highways. Hence, the group can serve third-party customers at existing ports, if required. Its analysis shows that JSWIL's cash flow available from third parties and existing credit facilities will be adequate to service and repay debt over the weighted-average life of the concessions. Fitch's assessment of Revenue Risk (Volume) remains unchanged at 'Midrange' under its new Transportation Infrastructure Rating Criteria, which assesses volume risk on a five-point scale with six sub-factors. JSWIL was assessed as 'Stronger' for reference market, 'Midrange' for strategic importance, competition, demand volatility and relative cost to end users, and 'Weaker' for diversification. KEY RATING DRIVERS Portfolio of Geographically Diverse, Strategic Ports - Revenue Risk (Volume): Midrange JSWIL is a large commercial port operator and developer in India. It owns the concession to nine ports and terminal facilities that are well-diversified geographically along the eastern and western coasts of India. It also operates the Fujairah Terminal in the United Arab Emirates. These ports are strategically located to meet the cargo-handling requirements of JSW group companies, and support the group's entire value chain, from sourcing to logistics to manufacturing and export of finished steel. JSWIL provides operational efficiency and cost savings to the JSW group. The company has entered into take-or-pay contracts, which accounted for about 30% of its port revenue in the financial year ended March 2022 (FY22). Take-or-pay contracts insulate revenue from throughput volatility. Non-JSW group customers made up less than 30% of JSWIL's revenue in the past two years, but Fitch expects their contribution to rise with the start of operations at EQ and NMCT. Nevertheless, high medium-term dependence on JSW group companies and exposure to cycles in iron ore and coal, which made up 90% of the total cargo handled in FY22, constrain its volume assessment to 'Midrange'. Mix of Unregulated and Regulated Tariffs - Revenue Risk (Price): Midrange JSWIL's Jaigarh and Dharamtar ports account for more than 50% of JSWIL's EBITDA. The tariffs for these two ports are unregulated and based on market pricing. Cargo from the JSW group constitute the majority of volume at these ports. The pricing for group companies is also maintained at arm's length, according to management. The rest of JSWIL's portfolio includes public ports, which have limited flexibility to fix their tariffs and are required to share about 21% to 31% of revenue with port authorities, except the newly acquired Ennore Coal and Ennore Bulk terminals, which share 53% and 36%, respectively. However, the tariffs remain broadly competitive as regulations allow port operators a return on capital employed of about 16%. Fully Funded Capex - Infrastructure Development and Renewal: Stronger JSWIL's capacity is sufficient to support medium-term throughput growth. All of the company's ports and terminals are operational, including EQ and NMCT, which started operation in FY23. The company plans to increase the contribution of third-party cargo to diversify its cargo mix. Most of JSWIL's development is discretionary, and the company can postpone projects without a major impact on its operations. Fitch expects additional capex to be funded via operating cash flow and borrowings. The group's weighted-average life of concession is about 25 years. No Structural Subordination, Restrictive Covenants - Debt Structure: Midrange The US dollar bonds constitute close to 70% of JSWIL's consolidated debt, with the rest mainly held at Jaigarh Port, which accounts for more than 40% of the group's EBITDA. The US dollar bond's structural subordination is mitigated by JSWIL's full ownership of JSW Jaigarh Port Ltd, EBITDA available outside of JSW Jaigarh Port Ltd and senior unsecured guarantees provided by the group's five key subsidiaries, including the one housing Jaigarh. The five subsidiaries hold the group's entire debt. The bondholders also benefit from equity pledges by these five subsidiaries. Fitch expects JSWIL's business strengths, access to Indian rupee-denominated issues and relationships with banks to mitigate refinancing risk. The US dollar bonds' indenture has restrictions on additional indebtedness and cash leakages. Additional indebtedness is allowed only if JSWIL's leverage - gross debt/tangible net worth - is less than 3.0x, aside from certain carve-outs. Restricted payments are also allowed only if leverage is lower than 3.0x and if the total of restricted payments is less than 50% of cumulative accrued net income, aside from certain exceptions. However, the bonds do not benefit from reserve accounts. The company also relies on only natural hedging to manage its foreign-exchange risk. Nevertheless, a fifth of JSWIL's revenue is in US dollars, which should be sufficient to cover its US dollar debt-servicing. Financial Profile The Fitch base case assumes increase in throughput in line with management estimates. Management assumes high growth in throughput in FY23 and FY24, supported by the start of operations at new ports and expansion of JSW group's requirements. Throughput growth slows to about 8% in FY25, and to lower than 5% thereafter. The actual realised cargo in 1HFY23 supports management's full-year projection for FY23. Fitch caps the tariff growth rate at 2.5% in the base case, broadly in line with management estimates. The Fitch base case also assumes EBITDA margin at 47%-49%, 2pp lower than management's assumption. Fitch assumes JSWIL to incur annual capex around historical levels. Its base case projected debt/operating EBITDA remains low at below 2.0x over its forecast period. Fitch's rating case assumes a haircut of around 10% on the throughput from the base case in FY23 and a 15% haircut after FY23. Fitch also applies a 5% to 7% stress to on tariff assumptions. The Fitch rating case applies a 2pp-3pp stress on overall EBITDA margin. Its rating case projects the debt/operating EBITDA to remain well below 3.0x throughout its forecast period. PEER GROUP Fitch views JSWIL to be most comparable to Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable; underlying credit profile: bbb). Both JSWIL and APSEZ have diverse portfolios and debt profiles with limited protective features. However, APSEZ benefits from a more diverse cargo and counterparty mix, larger scale of operations, and larger portion of cargo throughput having long-term cargo contracts than JSWIL. Fitch therefore assessed APSEZ's underlying credit profile at two notches higher than JSWIL, despite their similar financial profiles. JSWIL can also be compared with Port of Newcastle Investments (Financing) Pty Ltd (BBB-/Stable), the financing entity of Port of Newcastle (PON) in Australia. Both JSWIL and PON are significantly dependent on specific cargo. JSWIL is dependent on coal and iron ore, while PON is reliant on coal exports. However, PON's high coal exposure is mitigated by increasing demand for high-quality coal from Asia over the medium term and stable thermal and metallurgical coal supply in Australia's Hunter Valley. JSWIL's customer concentration risk in combination with its high commodity exposure weighs down its volume risk assessment, resulting in a 'Midrange' assessment compared with a 'High Midrange' assessment for PON. PON has a stronger price risk assessment, benefiting from its landlord operation model, where 76% of contracted revenue is under long-term, fixed price agreements, with the majority providing inflation protection. These qualitative attributes justify rating JSWIL a notch lower than PON despite JSWIL's lower leverage. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - Prolonged deterioration in Fitch's rating case debt/EBITDA to above 4.5x Factors that could, individually or collectively, lead to positive rating action/upgrade: - Fitch does not expect positive rating action in the near term because of JSWIL's exposure to a limited number of commodities and counterparties. CREDIT UPDATE Revenue increased by 41% in FY22 in line with a 35% rise in throughput and consistent with the performance of other Indian ports, which was driven by congestion at ports globally and an uneven rebound in trade flows in different regions from the pandemic shock. Third-party cargo as a share of the total rose by 11pp in FY22, buoyed by contribution from the Ennore Coal Terminal. Fitch expects the share of third-party cargo to increase further as EQ and NMCT, which handle only third-party volumes, started operations in FY23. Coal accounted for 54% of the company's cargo volumes in FY22, and iron ore 32%. JSWIL's exposure to coal will increase with the start of operations at EQ and ramping up of utilisation. SECURITY Holders of JSWIL's US dollar bonds benefit from an equity pledge by the five subsidiaries and an exclusive charge over the inter-company loans. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Prior ----------- ------ ----- JSW Infrastructure Limited LT IDR BB+ Affirmed BB+ JSW Infrastructure Limited/Senior Unsecured/1 LT LT BB+ Affirmed BB+ KSK ENERGY: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: KSK Energy Company Private Limited 8-2-293/82A/431/A, Road No. 22 Jubilee Hills, Hyderabad TG 500033 IN Insolvency Commencement Date: December 23, 2022 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: June 20, 2023 Insolvency professional: Krishna Komaravolu Interim Resolution Professional: Krishna Komaravolu House No. 7-1-214, Flat No. 409 Vamsikrishna Apartments Dharam Karan Road, Ameerpet Hyderabad 500016 E-mail: kkvolu@gmail.com irp.kskecpl@gmail.com Last date for submission of claims: January 6, 2023 M&C SAATCHI: Voluntary Liquidation Case Summary ----------------------------------------------- Debtor: M&C Saatchi Communications Private Limited Flat No. 270-D, Pocket C Mayur Vihar Phase II, New Delhi 110091 Liquidation Commencement Date: December 21, 2022 Court: National Company Law Tribunal, New Delhi Bench Insolvency professional: Mr. Chetan Gupta Interim Resolution Professional: Mr. Chetan Gupta 604-605, PP City Centre Road No. 44, Pitampura Delhi 110034 E-mail: chetan.gupta@ apacandassociates.com Tel: 9818188855 Last date for submission of claims: January 20, 2022 M.G. AUTOSALES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of M.G. Autosales Private Limited (MGPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 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 14, 2021, placed the rating(s) of MGPL under the 'issuer non-cooperating' category as MGPL 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. MGPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 30, 2022, September 9, 2022, September 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Lucknow (Uttar Pradesh) based M.G. Autosales Private Limited (MGPL) was incorporated in 2008. The company is currently being managed by Mr. Abhishek Agarwal, Mr. M.K. Agarwal, Mrs. Vani Agarwal and Mr. Mudita Agarwal. MGPL is an authorized dealer for passenger cars manufactured by Honda Cars India Limited and operates under the brand name 'Stallion Honda'. The company manages its operations through its 3S (Sales, spare service) facility located in Lucknow, Uttar Pradesh. MARVEL REALTORS: NCLT Admits Firm Under Insolvency Proceedings -------------------------------------------------------------- The Economic Times reports that the bankruptcy court has admitted Marvel Realtors & Developers Ltd under the corporate insolvency resolution process (CIRP) and appointed Manoj Kumar Mishra as the interim resolution professional for the Pune-based realty firm. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the petition filed by company's lender IDFC First Bank to initiate the insolvency proceedings, ET relates. IDFC First Bank had sanctioned a term loan of INR48 crore in favour of Marvel Realtors at an interest rate of 17.5% per annum in July 2017, the report notes. As per the loan agreement, the debt was scheduled to be repaid in 48 monthly instalments and the principal amount was to be repaid in 10 instalments, ET says. MIDFIELD INDUSTRIES: Liquidation Process Case Summary ----------------------------------------------------- Debtor: M/s. Midfield Industries Limited Plot No. 6, Phase IV Extn IDA, Jeedimetla Hyderabad 500055 Liquidation Commencement Date: December 6, 2022 Court: National Company Law Tribunal, Hyderabad Bench Date of closure of insolvency resolution process: December 5, 2022 Insolvency professional: Mr. Madasa Kumar Interim Resolution Professional: Mr. Madasa Kumar M/s Global Insolvency Professionals Private Limited 8-2-248/A/5/16, Plot No. 717 Road No. 2, Journalist Colony Banjara Hills, Hyderabad 500034 E-mail: kumarmadas@gmail.com Tel: 9866512519 Last date for submission of claims: January 5, 2023 PREM INDUSTRIES: CARE Lowers Rating on INR9.61cr LT Loan to B- -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Prem Industries (Karnal) (PI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.61 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 December 1, 2021, placed the rating(s) of PI under the 'issuer non-cooperating' category as PI 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. PI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 17, 2022, October 27, 2022, November 6, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Karnal-based (Haryana) Prem Industries (PID) was established in April 2013 as a partnership concern and is currently being managed by Mr. Prem Lal and Mr. Sham Lal. The firm has succeeded an erstwhile proprietorship firm M/S Prem Industries established in 1995 by Mr. Prem Lal. The firm is engaged in milling of rice, processing of paddy and trading of basmati and nonbasmati rice. The processing unit is located at Karnal, Haryana. RAJ ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-Term and Short-term rating of Raj Engineering Co. in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 18.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in the year 1973, Raj Engineering Co. (REC) is a partnership firm between Mr. Rajinder Singh Saini, Mr. Pritpal Singh Saini and Raghvinder Singh Saini. The firm is an ISO 9001:2008 and ASME 'U' Stamp certified entity that is mainly engaged in the business of manufacturing and fabrication of critical process equipment like pressure vessels, heat exchangers, columns and towers, etc., for refineries, petrochemicals, fertilizer complexes and steel plants. The firm's manufacturing plants are located at Turbhe, Navi Mumbai, and Murbad, Thane. RAJLAXMI AGRO: CARE Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajlaxmi Agro Processor Private Limited (RAPPL) continues to remain in the 'Issuer Not Cooperating' category. 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 Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 14, 2021, placed the rating(s) of RAPPL under the 'issuer non-cooperating' category as RAPPL 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. RAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 30, 2022, September 9, 2022, September 19, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Rajlaxmi Agro Processor Pvt Ltd (RAPPL) was incorporated during March 2014 to initiate a rice milling unit at Murshidabad in West Bengal. The area and the surrounding districts are important agricultural and commercial areas in West Bengal where availability of paddy and demand of rice and related products are increasing. The day-to-day affairs of the company are looked after by Mr Mrinal Kanti Das along with other director Mrs Sujata Das (wife of Mr. Mrinal Kanti Das) and a team of experienced personnel. REGENCY GANGANI: ICRA Withdraws D Rating on INR49.71cr Term Loan ---------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Regency Gangani Energy Private Limited at the request of the company and based on the No Objection Certificate/Closure Certificate received from its banker. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 49.71 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Regency Gangani Energy Private Ltd (referred as RGEPL) is a company promoted by the Regency group to develop, own and operate a 9.5 MW small hydro power (SHP) project (referred to as Gangani) in Uttarkashi District of Uttaranchal. The Gangani is a run of river type scheme on River Yamuna, which will utilize the flows of the river to harness approximately 67 m of net head available between the forebay site and the power house. The scheme envisages diversion of inflows by constructing trench weir across the river. The diverted flows will be carried to 2 horizontal axis Francis Turbines of capacity 4.75 MW each through desilting tank, cut and cover type power channel, forebay and penstocks. The electricity produced at 3.3 kV will be stepped upto 33 kV and evacuated to the UPERC pooling substation via a 4 km single circuit 33 kV transmission line The project is expected to generate 46 MU in a 75% dependable year (55% PLF) and is exempt from providing free power to the government for the first 12 years of operation. These power generation estimates are based on the studies conducted by UPCL in consultation with the company. In addition, Regency group employees have been monitoring the site characteristics since 1994 and their data validates this hydrology. RJP TECHNOLOGIES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RJP Technologies Private Limited (RTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated October 21, 2021, placed the rating(s) of RTPL under the 'issuer non-cooperating' category as RTPL 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. RTPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated September 6, 2022, September 16, 2022, September 26, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). RJP Technologies Private Limited (RTPL) was incorporated on April 27, 2017 with the main object of carrying out business in manufacturing unit of Consumer Durable goods (i.e. fans, lights, etc.), at their manufacturing unit located at Plot No. 71, 72 & 73, Apparel Export Park, Gundala Pochampally, Hyderabad. RPL is promoted by Mr. Jaikishan Tarachand Balasaria and Ms. Swati Agarwal. After the commencement of business operations, the company has planned to manufacture Brushless Direct Current (BLDC) Ceiling fans, LED lights, Smart meters and Cables. The company has a location advantage with adequate facilities as raw materials, labours, power and water supply near the plant location. RNP SCAFFOLDING: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long-Term and Short-Term ratings of RNP Scaffolding & Formwork Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term Interchangeable (5.00) [ICRA]A4; ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. RNP Scaffolding & Framework Pvt. Ltd. is established as a private limited company in 2013 and started operations since January 2014. It manufactures scaffolding and formworks which have applications in construction, real estate and industrial sectors. Scaffolding is a temporary structure used to support labour and material for construction, repair and maintenance activity. It has scaffolding and formworks manufacturing facility in Navi Mumbai. RNP group has other group companies: 'RNP Scaffolding Pvt. Ltd.' which is into manufacture and supply of scaffolding accessories and M.S Pipes and 'RNP Concrete (I) Pvt. Ltd.' which is into manufacture and supply of ready mix concrete. RUBBER WOOD: Liquidation Process Case Summary --------------------------------------------- Debtor: Rubber Wood India Private Limited Indiawood Factory Rubber Board RRDTC Complex Manganum, Kottayam Kerala 686016 Liquidation Commencement Date: December 15, 2022 Court: National Company Law Tribunal, Kochi Bench Date of closure of insolvency resolution process: December 14, 2022 Insolvency professional: Renahan Vamakesan Interim Resolution Professional: Renahan Vamakesan Villa No: 23, Skyline Rosemount Homes Kunjan Bava Road, Vyttila P O Kochi 682019 Kerala E-mail: renahanv@gmail.com rubberwoodlimited@gmail.com Last date for submission of claims: January 20, 2023 SANGHAR EXPORTS: ICRA Keeps B+/A4 Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term rating of Sanghar Exports in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 30.00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based Rating Continues to remain Cash Credit under issuer not cooperating category Short Term- 15.00 [ICRA]A4 ISSUER NOT Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 5.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. The Sanghar Group was established in 1920 by late Mr. Mangaldas Venichand, as an agricultural commodities trading firm. Later in 1965, the promoters of the group undertook the export of onions which is currently the flagship business of the group under the name SE. SE is engaged in the export of food commodities (onions, fresh vegetables, grains, oilseeds & pulses) to various countries in Asia, Europe, Africa and North America and is one of the leading exporters of onions from India. The group has since then further diversified into supply of polymers in 1978, supply of construction essentials in 1980 and then into property development in 1995. SANPAR MICRO: CARE Reaffirms B+ Rating on INR2.00cr LT Loan ----------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Sanpar Micro Filters Private Limited (SMFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 2.00 CARE B+; Stable Reaffirmed Short Term Bank Facilities 4.20 CARE A4 Reaffirmed Detailed rationale and key rating drivers The rating assigned to the bank facilities of SMFPL are constrained by modest scale of operations with low profitability, weak financial risk profile and working capital intensive nature of operations. The ratings, however, derive strength from long track record of the company and experience of the promoters in manufacturing of compressed air treatment equipment and stable demand outlook for compressed air treatment equipment. Rating sensitivities Positive factors – Factors that could lead to positive rating action/upgrade: * Increase in scale of operations beyond INR 30 Cr with profitability margins above 18% on sustained basis * Improvement in operating cycle and working capital utilization to below 60% on sustained basis Negative factors – Factors that could lead to negative rating action/downgrade: * Decrease in scale of operations below INR5 crore along with PBILDT margin below 12% * Deterioration in operating cycle and increase in working capital utilization above 95% on sustained basis Detailed description of the key rating drivers Key rating weaknesses * Modest scale of operations with fluctuating total operating income and low profitability: The company has a track record of more than two decades however the total operating income (TOI), remained modest at INR12.51 crore in FY21 (P.Y. INR 7.49 crore). The profitability also remained low. * Working capital intensive nature of operations: The company is operating in working capital intensive nature of operations. The operating cycle of the company stood at 183 days in FY22 due to the company maintains an average inventory 6-7 months period. Further, the company makes the payment to its suppliers within 60 days due to long term relationship. However, the firm offers credit period of 2-3 months' time to its customers to ensure steady flow of orders. Collection is done within the time. * Weak Financial Profile: The company has weak financial profile marked by low net worth of INR3.14 crore as on March 31, 2021 (P.Y. INR2.63 crore). The cash accruals also remained modest in line with the scale of operations. * Presence in competitive and fragmented industry: Company operates in a highly competitive and fragmented industry. The company witnesses intense competition from both the other organized and unorganized players domestically. This fragmented and highly competitive industry results into price competition thereby posing a threat to the profit margins of the companies operating in the industry. Key rating strengths * Vast experience of the promoters in manufacturing of compressed air treatment equipment: SMFPL was incorporated in the year 1994 and promoted by Mr. K. S. Sudhakaran and Ms. K. Pushpavalli. The Managing Director is a B.Sc. (Engineering) from NIT, Calcutta. He has more than three decades of experience in design, development, manufacture and supplier of compressed air treatment products, precision air conditioning etc. Due to long experience of the promoters, they were able to establish long term relationship with clientele. * Stable demand outlook for compressed air treatment equipment: Rapid industrial expansion in the Asia Pacific region will be one of the major factors influencing the compressed air treatment equipment market. Countries such as India, China, Japan, and Indonesia have undergone tremendous growth in the last decade and will display exceptional industrial development in the succeeding decade. Moreover, continuous improvements in the chemical & pharmaceutical industries of China and India will further propel the compressed air treatment equipment market in the forecast period. More than 75% of all the industrial applications require compressed air at some point of their operating cycle. Treatment equipment is essential for every pneumatic application owing to its effects on production environment and the machinery life cycle. Compressed air treatment equipment is also used to reduce the air pressures in compressors which results in better energy conservation and improving operational efficiency. Liquidity: Stretched The liquidity profile is weak with modest cash accruals and long operating cycle on account of stretched inventory holding period. The average utilization of fund-based limits remains high at ~98% for past 12 months ending November 30, 2022. However, the current ratio is maintained above unity from FY18-FY22. Karnataka based, Sanpar Micro Filters Private Limited (SMFPL) was incorporated as a private limited company in the year 1994 and promoted by Mr. K. S. Sudhakaran and Ms. K. Pushpavalli. The company is engaged in design, development, manufacture and supplier of thermal engineering products like compressed air treatment products, precision air conditioning, chillers, aerospace products etc. Some of the major products of SMFPL are compressed air dryers, compressed air filters, moisture separators, automatic drains, dehumidifiers, chillers, precision air conditioners among others. The products manufactured by the firm finds its application in automobile, aviation, pharmaceutical, power plants and cement industry. SHIV SHANKAR: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shiv Shankar Rice Mills (SSRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed rationale and key rating drivers CARE Ratings Ltd. has been seeking information from SSRM to monitor the ratings vide e-mail communications dated November 14, 2022, November 16,2022, November 18,2022 and December 1, 2022 and numerous phone calls. However, despite our repeated requests, the firm has not provided the requisite information for monitoring the ratings. 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. The rating of SSRM's bank facilities will now be denoted as CARE D;ISSUER NOT COOPERATING*. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The revision in ratings, factors in non-cooperation by SSRM and CARE's efforts to undertake a review of the ratings outstanding. CARE views information availability risk as a key factor in its assessment of credit risk. Detailed description of the key rating drivers At the time of last rating on November 29, 2021, the following was the key the rating driver. Key rating weaknesses * Delays in debt servicing: There has been delay in the servicing of its debt obligations due to the stressed liquidity position of the firm. Further, the spread of Covid-19 pandemic resulted in delay in timely realization of its receivables thereby leading to delay in debt servicing. Furthermore, banker feedback is also not available. Liquidity: Poor Firm has poor liquidity position marked by lower accruals when compared to repayment obligations for FY23. Shiv Shankar Rice Mills (SSRM) was established in April 2003 as a partnership firm and is currently being managed by Mr. Anil Kumar and Mrs. Savita Gupta as its partners, sharing profit and losses in the ratio of 7:3. The firm is engaged in processing of paddy at its manufacturing facility located in Karnal, Haryana with an installed capacity of processing 36,000 Tonnes of paddy per annum as on September 30, 2019. Further, the firm is also engaged in trading of rice and milling job work. Moreover, SSR is an ISO 9001:2005, ISO 9001:2009, and ISO: 22000 certified firm. SRS RETREAT: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: SRS Retreat Services Ltd. SRS Multiplex, Mezzannine Floor City Centre, Sector-12 Faridabad, HR 121007 Insolvency Commencement Date: December 23, 2022 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: June 20, 2023 Insolvency professional: Shyam Arora Interim Resolution Professional: Shyam Arora 96, Aravali Apartment Alaknanda, New Delhi 110019 E-mail: arora.shyaam@yahoo.com srs.cirp22@gmail.com Last date for submission of claims: January 6, 2023 TANBERG TECHNOLOGY: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Tanberg Technology (India) Private Limited Prestige Solitaire, level-II No. 6 Brunton Road Bangalore 560001 Karnataka Liquidation Commencement Date: Decemebr 13, 2022 Court: National Company Law Tribunal, Coimbatore Bench Insolvency professional: Vasudevan Gopu Interim Resolution Professional: Vasudevan Gopu 18/30 Ramani Street K.K. Pudur, Saibaba Colony Coimbatore 641038 E-mail: vasudevangopu.ip@gmail.com Tel: 0422-4347063 Last date for submission of claims: January 12, 2023 TIN TIME: Liquidation Process Case Summary ------------------------------------------ Debtor: Tin Time Consultancy Private Limited 302, CFC Bldg. No. 1, 3rd Floor Asmeeta Textile Park Addl, Kalyan-Bhiwandi Industrial Area Village Kon, Bhiwandi Maharashtra 421311 Liquidation Commencement Date: December 15, 2022 Court: National Company Law Tribunal, Mumbai Bench Date of closure of insolvency resolution process: October 31, 2022 Insolvency professional: Mr. Prakash Dattatraya Naringrekar Interim Resolution Professional: Mr. Prakash Dattatraya Naringrekar 503-A, Blue Diamond CHS Ltd. Chincholi Bunder Link Road Junction Malad West, Mumbai 400064 E-mail: prakash0341956@gmail.com liquidator.tintime@gmail.com Last date for submission of claims: January 14, 2023 ========= J A P A N ========= FTX JAPAN: To Return Assets to Clients From February ---------------------------------------------------- Reuters reports that the Japanese unit of failed cryptocurrency exchange FTX said on Dec. 30 it would return its customer assets from February. According to Reuters, FTX Japan is developing a system with which customers can withdraw assets via the website of Liquid Japan, a crypto exchange it bought in February this year. "We deeply apologise for the big trouble caused by the prolonged suspension of services for the withdrawal of legal currency as well as crypto assets," FTX Japan said in a statement. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal the next day amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At approximately 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. A total of 102 entities related to FTX have filed for Chapter 11 protection. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, CEO Bankman-Fried shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein and Alexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve as the Debtors' counsel. Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at Landis Rath & Cobb LLP in Wilmington serve as local bankruptcy counsel to FTX Group. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index Lawyers at Paul Weiss represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FURUKAWA ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings ------------------------------------------------------------------ Egan-Jones Ratings Company, on December 15, 2022, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Furukawa Electric Co., Ltd. Headquartered in Chiyoda City, Tokyo, Japan, Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. MITSUI E&S: Egan-Jones Retains CCC- Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on December 14, 2022, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Mitsui E&S Holdings Co., Ltd. EJR also maintained its 'D' rating on commercial paper issued by the Company. Headquartered in Chuo City, Tokyo, Japan, Mitsui E&S Holdings Co., Ltd. offers shipbuilding services. MITSUI OSK: Egan-Jones Retains BB+ Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on December 16, 2022, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Mitsui O.S.K. Lines, Ltd. Headquartered in Minato City, Tokyo, Japan, Mitsui O.S.K. Lines, Ltd. provides marine transportation, warehousing, and cargo handling services. TOBU RAILWAY: Egan-Jones Retains BB- Senior Unsecured Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on December 13, 2022, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Tobu Railway Co., Ltd. Headquartered in Tokyo, Japan, Tobu Railway Co., Ltd. mainly provides passenger rail and bus transportation services in the Kanto area. TOSHIBA CORP: Deal Faces More Uncertainty as Financing Talks Stall ------------------------------------------------------------------ Bloomberg News reports that Toshiba Corp's preferred bidder won't secure letters of commitment from banks by year-end, casting yet more uncertainty over a deal as disagreements over lending terms persist after months of negotiations. A consortium led by Japan Industrial Partners is in talks over bank financing totaling about JPY1.4 trillion (US$10.6 billion) to take Toshiba private, but negotiations have stalled over covenants and collateral, preventing banks from deciding how much funding each would provide, people familiar with the matter said, Bloomberg relays. JIP has also requested additional subordinated loans and other forms of mezzanine capital, with talks still ongoing, the people said. Banks including Sumitomo Mitsui Banking had expected to sign off by the end of December on JPY1.2 trillion in syndicated loans to help finance the buyout deal and another JPY200 billion to cover operational costs after Toshiba's privatization. No financing commitment is now possible until the new year, the people said. According to Bloomberg, the buyout deal is expected to be valued at around JPY2.2 trillion, and JIP plans to decide on an offer price once it secures commitment letters. Toshiba may then hold a special committee meeting in mid-January to discuss JIP's offer, the people said. Securing financing from banks has been a major obstacle in Toshiba's drawn-out push to go private, in an effort to reboot one of Japan's iconic brands sullied by years of scandals, Bloomberg relates. Rising financing costs and a deterioration in banks' trust in Toshiba's management have thrown roadblocks in the way of a deal. To boost operational efficiency following the takeover and Toshiba's subsequent delisting, lenders may ask to nominate one or more directors to the company's board, the people said. JIP has secured another JPY1 trillion of financing from about 20 potential co-investors to back its offer, Bloomberg News has reported. Those include Japanese companies such as Rohm and financial services firm Orix. About Toshiba Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances. As reported in the Troubled Company Reporter-Asia Pacific, S&P Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer credit rating and 'B' short-term issuer and issue credit ratings on Toshiba Corp. S&P removed the long-term issuer credit rating from CreditWatch with negative implications, on which S&P placed it on Nov. 16, 2021. The outlook is negative. ===================== P H I L I P P I N E S ===================== CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on December 13, 2022, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Cebu Air Inc. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Pasay, Philippines, Cebu Air Inc. operates an airline which provides air transportation services. PLDT INC: Investor Group Airs 'Deep Concern' Over Cost Overrun -------------------------------------------------------------- Manila Standard reports that a minority investor protection group on Dec. 27 expressed "deep concern" over PLDT Inc.'s PHP48-billion cost overrun in the past four years. According to the report, the Shareholders Association of the Philippines said in a statement this development had caused apprehension among shareholders and resulted in the sudden and sharp decline in PLDT's share price over the past trading days. Manila Standard relates that SharePHIL said it expected PLDT to take the necessary measures to uphold their values of transparency, accountability and integrity. The group also welcomed PLDT's move to take swift action in addressing the matter and cooperate with regulatory bodies over inquiries raised, the report relays. "We look forward to a quick and decisive resolution of this matter, for the good of the investors and to restore investor confidence in the company," SharePHIL said. PLDT said Dec. 27 it was in talks with vendors and suppliers to replace certain projects included in the PHP48-billion budget overrun. Manila Standard says the company told the stock exchange there were ongoing discussions or renegotiations between the company and its various suppliers on possible cancellations or portions of works not yet started or completed, which would reduce the capex overrun. "The discussion also includes the possible replacement of certain projects that will be cancelled, with new projects that will improve revenue growth and customer experience," it said. PLDT also clarified that there were no "unrecorded transactions" or "undocumented purchase orders" based on its investigation. "The forensic investigation is still ongoing. Thus far, no fraudulent transaction, procurement anomaly, or loss has been identified or uncovered," it said. The company said it planned to borrow between P35 billion and P45 billion in the next two years for general corporate purposes including, but not limited to, payment of capital expenditures and dividends, adds Manila Standard. 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 ================= ANCORA MANAGEMENT: Creditors' Proofs of Debt Due on Jan. 31 ----------------------------------------------------------- Creditors of Ancora Management Consulting (Singapore) Pte. Ltd. are required to file their proofs of debt by Jan. 31, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 23, 2022. The company's liquidators are: Don M Ho David Ho Chjuen Meng c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 AZYMIOS INVESTMENT: Court to Hear Wind-Up Petition on Jan. 13 ------------------------------------------------------------- A petition to wind up the operations of Azymios Investment Holdings Pte Ltd will be heard before the High Court of Singapore on Jan. 13, 2023, at 10:00 a.m. Clifford Chance filed the petition against the company on Dec. 19, 2022. The Petitioner's solicitors are: Cavenagh Law LLP Marina Bay Financial Centre, 25th Floor Tower 3, 12 Marina Boulevard Singapore 018982 CKS DESIGN: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Dec. 9, 2022, to wind up the operations of CKS Design and Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GUAN CHEE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Nov. 25, 2022, to wind up the operations of Guan Chee Hong Kong Roasted Duck Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Leow Quek Shiong c/o BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 IRCI INDUSTRIES: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Dec. 9, 2022, to wind up the operations of IRCI Industries Pte Ltd. MEP Building Services Pte Ltd filed the petition against the company. The company's liquidators are: Ng Hoe Kiat Keith c/o Reliance 3P Advisory 7500A Beach Road #05-303/304 The Plaza Singapore 199591 NEWLION DEVELOPMENT: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Dec. 16, 2022, to wind up the operations of Newlion Development Pte. Ltd. The Hongkong and Shanghai Banking Corporation Limited filed the petition against the company. The company's liquidators are: Lim Loo Khoon Andrew Grimmett c/o Deloitte & Touche LLP 6 Shenton Way #33-00, OUE Downtown 2 Singapore 068809 ===================== S O U T H K O R E A ===================== KOREA GAS: Egan-Jones Retains BB+ Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on December 20, 2022, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Korea Gas Corporation. Headquartered in Daegu, South Korea, Korea Gas Corporation manufactures, wholesales, and distributes liquefied natural gas (LNG) and liquefied petroleum gas (LPG) throughout South Korea. ********* 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 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***