/raid1/www/Hosts/bankrupt/TCRAP_Public/230119.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
Thursday, January 19, 2023, Vol. 26, No. 15
Headlines
A U S T R A L I A
ALAN STEGGLES: First Creditors' Meeting Set for Jan. 27
BELLROCK UAV: Second Creditors' Meeting Set for Jan. 27
CONDOR FRESH: Second Creditors' Meeting Set for Jan. 25
QOVE PTY: Second Creditors' Meeting Set for Jan. 25
THRIVE VENTURES: Second Creditors' Meeting Set for Jan. 25
C H I N A
SINUOWEI MINING: Court Approves CATL Plan to Acquire Mining Firm
VIBRANT PUCHENG: Faces Legal Claims Over Non-Payment of Loans
I N D I A
ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
ANNAPURNA SARASWATHI: CARE Keeps C Debt Rating in Not Cooperating
ARSHIT GEMS: ICRA Keeps D Debt Rating in Not Cooperating Category
B.K. THRESHERS: ICRA Keeps D Debt Ratings in Not Cooperating
DGB CONSTRUCTIONS: CARE Lowers Rating on INR8cr LT Loan to B-
EMMANUEL RESORTS: CARE Keeps B+ Debt Rating in Not Cooperating
EROS MINEROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
EXOTIC GRANITE: ICRA Keeps B Debt Ratings in Not Cooperating
HILL STONE: ICRA Keeps B+ Debt Ratings in Not Cooperating
KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating
LYOPHILIZATION SYSTEMS: CARE Keeps B+ Rating in Not Cooperating
M.G HUSSAIN: CARE Keeps C Debt Rating in Not Cooperating Category
MRJ STEELS: ICRA Withdraws D Rating on INR38cr LT Loan
OVERSEAS INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
P DAMODARA: CARE Keeps B- Debt Rating in Not Cooperating Category
PICARD ANGST: ICRA Assigns B Rating to INR195cr NCDs
RAIPUR CONSTRUCTION: CARE Keeps B+ Debt Rating in Not Cooperating
S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating
SAFE PARENTARALS: CARE Moves D Debt Rating to Not Cooperating
SATYENDRA KUMAR: CARE Keeps B Debt Rating in Not Cooperating
SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating
TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating
UNIPEARL ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating
VERTEX TECHNO: ICRA Keeps B+ Debt Rating in Not Cooperating
YAMIR PACKAGING: CARE Lowers Rating on INR8.99cr Loan to B
J A P A N
COINBASE GLOBAL: Will Halt Operations in Japan
JAPAN: 143 Nursing-Care Providers Go Bankrupt in 2022
M A L A Y S I A
IREKA CORP: Warns of Possible Losses as JM Bid for Unit Withdrawn
N E W Z E A L A N D
CONSTRUCTION 41: Court to Hear Wind-Up Petition on Feb. 3
NAU CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 12
S I N G A P O R E
ALE HEAVYLIFT: Creditors' Proofs of Debt Due on Feb. 18
ENVY GLOBAL: Former Director Ng Yu Zhi Declared Bankrupt
LT STRATEGIC: Creditors' Proofs of Debt Due on Feb. 20
OCEAN (KAMSARMAX): Commences Wind-Up Proceedings
SINGAPORE: Expert Says Increased Bankruptcies in 2022 Not a Concern
THREE ARROWS: Founders Pitch New Platform for Crypto Claims
TRABBLE PTE: Creditors' Meeting Set for Feb. 1
V I E T N A M
BIM LAND: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
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=================
A U S T R A L I A
=================
ALAN STEGGLES: First Creditors' Meeting Set for Jan. 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Alan
Steggles Potato Processing Pty Ltd will be held on Jan. 27, 2023,
at 11:00 a.m. at the offices of Hunter Room at Newcastle City Hall,
290 King Street in Newcastle, and via virtual meeting technology.
Adam Shepard of Setter Shepard was appointed as administrator of
the company on Jan. 16, 2023.
BELLROCK UAV: Second Creditors' Meeting Set for Jan. 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Bellrock UAV
Pty Ltd, trading as Bellrock Australia, has been set for Jan. 27,
2023 at 11:00 a.m. at the offices of Westburn Advisory at Level 5,
115 Pitt Street in Sydney.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 25, 2023 at 4:00 p.m.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Dec. 12, 2022.
CONDOR FRESH: Second Creditors' Meeting Set for Jan. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Condor Fresh
Pty Limited has been set for Jan. 25, 2023 at 11:00 a.m. at the
offices of Jirsch Sutherland at Level 30, 140 William Street in
Melbourne.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 24, 2023 at 11:00 a.m.
Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Dec. 15, 2022.
QOVE PTY: Second Creditors' Meeting Set for Jan. 25
---------------------------------------------------
A second meeting of creditors in the proceedings of Qove Pty Ltd
has been set for Jan. 25, 2023 at 3:00 p.m. via virtual meeting
only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 24, 2023 at 4:00 p.m.
Bruce Gleeson and Daniel Robert Soire of Jones Partners Insolvency
& Restructuring were appointed as administrators of the company on
Dec. 9, 2022.
THRIVE VENTURES: Second Creditors' Meeting Set for Jan. 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of Thrive Ventures
Pty Ltd and Hanseatic Fine Foods Aust Pty Ltd has been set for Jan.
25, 2023 at 10:00 a.m. and 11:00 a.m. respectively, at Level 9, 60
Pitt Street in Sydney, and via virtual facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 24, 2023 at 4:00 p.m.
Christian Sprowles and Brendan Copeland of HoganSprowles were
appointed as administrators of the company on Dec. 12, 2022.
=========
C H I N A
=========
SINUOWEI MINING: Court Approves CATL Plan to Acquire Mining Firm
----------------------------------------------------------------
Caixin Global reports that Contemporary Amperex Technology Co. Ltd.
(CATL) won approval for its CNY6.4 billionn (US$945 million) debt
restructuring plan in the bankruptcy of a lithium mining company it
is trying to buy.
A court in Sichuan province cleared CATL's plan for Sinuowei Mining
Development Co. Ltd., clearing the last obstacle for the battery
giant to gain control of the mining company, Caixin relates.
Sinuowei owns the license to build a mine in Sichuan to tap into a
reserve of 24.9 million tons of lithium ore.
Under the debt restructuring plan, CATL will provide CNY1.64
billion to repay Sinuowei Mining's bankruptcy fees and debts and
CNY4.8 billion to Sinuowei investors in exchange for the company's
entire equity, according to Caixin.
VIBRANT PUCHENG: Faces Legal Claims Over Non-Payment of Loans
-------------------------------------------------------------
The Business Times reports that mainboard-listed logistics player
Vibrant Group, through its subsidiaries, has filed CNY137.4 million
(SGD26.8 million) in legal claims against Vibrant Pucheng Logistics
(Chongqing), the group's 31 per cent-owned Chinese associated
company.
Vibrant Pucheng had failed to make repayments to three of the
group's subsidiaries upon demand, the group said on Jan. 18, BT
relates. These subsidiaries are Vibrant Development (Changshu), New
Vibrant (Jiangsu) Supply Chain Management, and Sinolink Financial
Leasing.
According to BT, New Vibrant Jiangsu, which is wholly owned by the
group, had granted CNY177.6 million in loans to Vibrant Pucheng via
two 2020 loan agreements. It later assigned all its rights to
receivables for CNY20 million of said loan to Vibrant Development,
effective Jan. 1, 2021.
As a result of the assigned agreement, Vibrant Pucheng now owes New
Vibrant Jiangsu a principal amount of CNY96.5 million, and interest
amounting to CNY4.3 million, the report notes.
BT relates that Vibrant Development, which is 60 per cent-owned by
the group, is now claiming CNY21.9 million against Vibrant Pucheng,
after the latter failed to make repayment upon demand. The amount
comprises a principal loan amount of CNY20 million and CNY1.9
million in interest, calculated at the rate of 6 per cent per annum
up to Jan. 10, 2023.
Separately, New Vibrant Jiangsu is claiming CNY110.1 million
against Vibrant Pucheng, BT reports. The amount comprises a
principal loan amount of CNY96.5 million, and interest amounting to
CNY13.7 million. Vibrant Pucheng had failed to make repayment in
accordance with the loan agreements and the assignment agreements.
Meanwhile, Sinolink Financial, the group's 51 per cent-owned
subsidiary, is claiming CNY5.3 million against Vibrant Pucheng
failing repayment, BT adds. The amount comprises the principal loan
amount of CNY5 million, and interest amounting to CNY324,166.66, BT
relays.
There may be a material impact on Vibrant Group's financial
performance for the current financial year ending April 30, 2023 if
it does not succeed in the claims or fail to fully recover the
amounts owed, the report states. The group, however, is currently
unable to quantify any financial impact.
=========
I N D I A
=========
ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapurna
Kalpana Warehousing Enterprises (AKWE) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.17 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 December 1,
2021, placed the rating(s) of AKWE under the ‘issuer
non-cooperating' category as AKWE 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. AKWE
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).
Hyderabad based, Annapurna Kalpana Warehousing Enterprises (AKWE)
was established as a partnership firm in January 2013 by Mrs.
Kalpana Prasad and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the
managing director of OSR Infra Private Limited (associate concern)
is the chief executive of AKWE and handles the overall operations
of the firm. The firm is engaged in providing ware house on lease
rental to Food Corporation of India (FCI) and other local traders.
Mr. Vamsidhar Maddipatla and family runs seven other entities
namely OSR Infra Private Limited, OSR MP Warehousing Enterprises,
OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, KPM Warehousing Enterprises and VK Warehousing
Enterprises which is in the same line of business and have
operational linkages. The property of AKWE, located at West
Godavari district, Andhra Pradesh, which is built on a total land
area xof 454,766 square feet comprises of five godowns, with an
aggregate storage capacity of 30,000 MT (Metric Tons) for
agricultural products and consumer goods. The total project cost
for the construction of five godown is INR12.47 crore which is
funded through bank term loan of INR8.84 crore and promoters fund
of INR3.63 crore. Apart from the five godowns, the firm is
constructing a railway siding at West Godavari district. Estimated
total project cost for the construction of railway siding is
INR3.10 crore which is funded through bank term loan of INR2.33
crore and promoter fund of INR0.77 crore. The firm started the
project work in November 2015 and is expecting to start the
commercial operations from December 2018. As on September 19, 2018
the firm has incurred INR15.15 crore towards purchase of land,
civil works and preliminary expenses which was funded in the form
of term loan of INR10.85 crore and promoters fund of INR4.30
crore.
ANNAPURNA SARASWATHI: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapurna
Saraswathi Warehousing Enterprises (ASWE) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.17 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 December 1,
2021, placed the rating(s) of ASWE under the ‘issuer
non-cooperating' category as ASWE 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. ASWE
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).
Hyderabad based, Annapurna Saraswathi Warehousing Enterprises
(ASWE) was established as a partnership firm in January 2013 by
Mrs. Kalpana Prasad and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla,
the managing director of OSR Infra Private Limited (associate
concern) is the chief executive of ASWE and handles the overall
operations of the firm. The firm is engaged in providing ware house
on lease rental to Food Corporation of India (FCI) and other local
traders. Mr. Vamsidhar Maddipatla and family runs seven other
entities namely OSR Infra Private Limited, OSR MP Warehousing
Enterprises, OSR UP Warehousing Enterprises, Annapurna Kalpana
Warehousing Enterprises, KPM Warehousing Enterprises and VK
Warehousing Enterprises which is in the same line of business and
have operational linkages.
ARSHIT GEMS: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Arshit
Gems in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 28.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Cash Credit 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 1988, Arshit Gems is a partnership firm based in
Mumbai. The firm is engaged in importing rough diamonds, cutting,
polishing and marketing them in India as well as to other
countries. The firm has manufacturing unitssituated at Surat (two
units), Bhavnagar (three units) and Rajkot (one unit).
B.K. THRESHERS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of B.K.
Threshers Pvt. Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 120.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 110.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
Short term– 1.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based 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.
Incorporated in 2009, BKTPL is promoted by Mr. Bellam Kotaiah and
is involved in threshing and re-drying of tobacco in addition to
carrying tobacco exports. The Company setup a 12 TPH (tons per
hour) threshing plant at Kalikivai, near Tangutur, Andhra Pradesh
and the plant commenced operations from April 2012. The company
purchases various types of tobacco (Flue Cured Virginia (FCV) and
non-Virginia tobacco) from Andhra Pradesh and Karnataka tobacco
auction platforms (conducted by Government of India), processes and
sells it to domestic/overseas clients.
DGB CONSTRUCTIONS: CARE Lowers Rating on INR8cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
DGB Constructions Private Limited (DCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 7.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 28,
2021, placed the rating(s) of DCPL under the ‘issuer
non-cooperating' category as DCPL 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. DCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 13, 2022, September 23, 2022, October
3, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of DCPL have been
revised on account of non-availability of requisite information.
The ratings factored decline in scale of operations, Profitability
as well as increase in debt levels during FY21 compare to FY20.
Andhra Pradesh based, DGB Constructions Private Limited (DCPL) was
incorporated in the year 2011 with its registered office at
Kakinada. The company is having Registration of special class
(civil) contractor for the Government projects. The promoters of
the company are Mr. Golla Babu Dhulipudi (Managing Director), Mr.
Rajesh Dhulipudi (Managing Director), Mrs. Lavanyaa Maddala
(Director), Mrs. Rajeshwari Dhulipudi (Director) and Ms. Renuka
dhulipudi. Mr. Golla Babu Dhulipudi, who have more than two decades
of experience in civil construction industry. DGB is primarily
engaged in civil construction works relating to construction of
houses, hostels, hospitals etc. The company procures its work
orders from government of Andhra Pradesh by participating in online
tenders. The company has an order book position of INR89.37 crore
as on June 30, 2019 and the same is likely to be completed by FY21.
EMMANUEL RESORTS: CARE Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Emmanuel
Resorts Private Limited (ERPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.30 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 29,
2021, placed the rating(s) of ERPL under the ‘issuer
non-cooperating' category as ERPL 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. ERPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 14, 2022, September 24, 2022, October
4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Emmanuel Resorts Private Limited (ERPL) was incorporated in the
year 1996 and promoted by Dr. Mamta Deenadayal and Dr. D.S.
Deenadayal. The company is engaged in providing resort services
like camping sites, food and beverages and other provision of
short-stay accommodation. The Resort is constructed on 16 acres of
area. Currently, it has 122 rooms differentiated by areas spanning
from 120 Sq. Ft. to 1000 Sq. Ft., the average room rent is from
INR3950-16000 per day and the occupancy level is 73% in FY18.
Furthermore, it provides amenities like swimming pool, spa,
conference room, meditation rooms and restaurants. The customer of
the company includes individuals and corporates.
EROS MINEROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Eros Minerock Products LLP 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- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 24.56 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 3.20 [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.
Established in May 2013, Eros Minerock Products LLP (EMPL) is a
limited liability partnership firm promoted by Mr. KarshanPatel,
Mrs. Indumati Patel, Mrs. Jalpa Pandit and other six partners. EMPL
manufactures gypsum powder and gypsum board (drywall board), which
find applications in ceramic industry and construction industry.
Currently, the company manufactures the gypsum board in standard
size of 1220 X 1830 mm with thickness of 8mm, 10mm and 12 mm. The
gypsum powder is used in sanitary ware industry to manufacture the
moulds and to manufacture gypsum board. The Gypsum boards is
primarily used in ceiling panel, interior walls and partition
systems in residential, institutional, and commercial structures
Mr. Karshan Patel, Mrs. Indumati Patel and Mrs. Jalpa Pandit are
also associated with Eros for Sanitarywares (rated at [ICRA]BB+
(stable)/A4+), a Morbi based firm engaged in manufacturing of
sanitary ware products since 2006.
EXOTIC GRANITE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Exotic Granite LLP 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- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 7.00 [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.
Established in December 2012, M/S. Exotic Granite LLP (EGL) set up
a granite cutting and polishing unit in Mundra, Gujarat in April
2014, with a production capacity of cutting and polishing 15,00,000
square feet of granite slabs per annum. The firm is promoted by Mr.
Rajesh Mandhana, Mr Pradeep Mandhana and Mr. Sanjiv Goenka who have
more than 15 years' experience in the granite industry through
their related concern- Paradise Marble Private Limited. However,
Mr. Sanjiv Goenka has stepped down from the partnership firm and
the stake is acquired by Crystal Granite & Marble Private Limited
in FY2015.
HILL STONE: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Hill Stone Ceramic 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- 3.01 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 1.10 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others 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.
Hillstone Ceramic Private Limited (HCPL) is engaged in
manufacturing of wall tiles with its plant situated at Morbi,
Gujarat. The Company was incorporated in 2010 and the operations
commenced in May 2011. It is promoted by Mr. Mahendra Mundadiya,
Mr. Dinesh Agrawal, Mr. Mahedev Detroja and Mr. Kalpesh alariya.,
the plant has an installed capacity of 24225 MTPA. It currently
manufactures wall tiles of size 10"x13", 10" X 15", 12"X18" and
12"X12" with the current set of machineries and production
facilities.
KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KPM
Warehousing Enterprises (KWE) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.20 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 December 1,
2021, placed the rating(s) of KWE under the ‘issuer
non-cooperating' category as KWE 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. KWE
continues to be noncooperative 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).
Hyderabad based, KPM Warehousing Enterprises (KWE) was established
as a partnership firm in August 2013 by Mrs. Kalpana Prasad and
Mrs. Saraswathi Gali. Mr. Vamsidhar Maddipatla, the managing
director of OSR Infra Private Limited (associate concern) is the
chief executive of KPMWE and handles the overall operations of the
firm. The firm is engaged in providing ware house on lease rental
to Food Corporation of India (FCI) and other local traders. Mr.
Vamsidhar Maddipatla and family runs seven other entities namely
OSR Infra Private Limited, OSR MP Warehousing Enterprises, OSR UP
Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, Annapurna Kalpana Warehousing Enterprises and VK
Warehousing Enterprises which is in the same line of business and
have operational linkages. The property of KWE, located at Dindigal
district, Tamil Nadu, which is built on a total land area of
481,773 square feet comprises of five godowns, with an aggregate
storage capacity of 30,000 MT (Metric Tons) for agricultural
products and consumer goods. The total project cost for the
construction of five godowns is INR14.39 crore which is funded
through bank term loan of INR10.06 crore and promoter fund of
INR4.33 crore. Apart from the five godowns, the firm is
constructing a railway siding at Dindigal district. Estimated total
project cost for the construction of railway siding is INR3.94
crore which is funded through bank term loan of INR2.96 crore and
promoter fund of INR0.98 crore. The firm started the project work
in September 2015 and is expecting to start the commercial
operations from December 2018. As on September 19, 2018, the firm
has incurred INR17.86 crore towards purchase of land, civil works
and preliminary expenses which was funded in the form of term loan
of INR12.66 crore and promoter's fund of INR5.20 crore.
LYOPHILIZATION SYSTEMS: CARE Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Lyophilization Systems India Private Limited (LSIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2021, placed the rating(s) of LSIPL under the ‘issuer
non-cooperating' category as LSIPL 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. LSIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 3, 2022, October 13,
2022, October 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Lyophilization Systems India Private Limited (LSIPL) was
established in May 2003 by Mr. M S Prasad and Mr. D Narendar. LSIPL
is engaged in manufacturing of industrial freeze drying equipments
which are called as Lyophilizers. LSIPL's scope of activities
include designing, assembling, testing, supplying, installation of
this customized freeze-drying equipment at customer's site,
commissioning and validation of the same. The Lyophilisers are used
in high end pharmaceutical, biotech and research laboratories.
LSIPL's engineering and designs staff have decades of experience in
freeze drying. Apart from the above, company also provides the
yearly servicing of equipment and supply of spares. LSIPL's list of
clients includes some of the well-known names such as Cadila Health
Care Limited and Dr. Reddy's Laboratories Private Limited, Simson
Lifesciences Private Limited, Intervet India Private Limited, Natco
Pharma Limited and Hester Biosciences Nepal Private Limited.
M.G HUSSAIN: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.G Hussain
(MH) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.80 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 12,
2021, placed the rating(s) of MH under the ‘issuer
non-cooperating' category as MH 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. MH
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 28, 2022, October 8, 2022, October 18,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
M.G Hussain (MH) was established in the year 1992 by Mr. M.G
Hussain as a proprietorship firm. The firm has its registered
office located at Surathkal, Karnataka. MH is engaged in
construction of roads. The firm is a Class-I contractor and
procuress its works from Mangalore City Corporation, D C Office
Mangalore and Public Work Department through online tenders. The
entity purchases raw materials like cement, steel and stone etc.
from local suppliers like Bangalore steel Traders, Munna
Constructions, Malcon and Mining etc.
MRJ STEELS: ICRA Withdraws D Rating on INR38cr LT Loan
------------------------------------------------------
ICRA has revised and then withdrawn the ratings on certain bank
facilities of MRJ Steels Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 38.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B+ (Stable) and withdrawn
Short-term– 15.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating downgraded from
[ICRA]A4 and withdrawn
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on October 2021. 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".
ICRA has downgraded and simultaneously withdrawn the rating
outstanding on the INR53.00 crore bank facilities of MRJ Steels
Private Limited in accordance with ICRA's policy on withdrawal and
on the company's request. The key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.
MRJ Steels Private Limited, the flagship company of M.R Juneja
group was incorporated in 1990. Since then the company is engaged
in the trading of iron and steel goods primarily sponge iron which
is the key raw material for steel manufacturing. The key promoter,
Mr Juneja has an experience of more than 30 years in the steel
industry. The company has an established network of distributers
catering to the requirement of over 250 customers spread across the
states of Punjab, Uttar Pradesh, Haryana, Rajasthan, Himachal
Pradesh and Delhi. The company has a head office in New Delhi and
has 3 godowns/branches in Ludhiana, Muzaffar Nagar and Ghaziabad.
OVERSEAS INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Overseas
Infrastructure Alliance (India) Private Limited (OIAPL) continues
to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 759.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated October 19,
2021, placed the rating(s) of OIAPL under the 'issuer
non-cooperating' category as OIAPL 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. OIAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 4, 2022, September
14, 2022, September 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
OIAPL is an ISO 9001:2008 certified project development and
management company having its offices in India and across Africa.
The company was originally incorporated in August 1989 as Soubhagya
Finance Pvt Ltd and subsequently it got its present name in March
2004. OIAPL commenced its commercial operations in FY08 when the
company got its first project in Ethiopia. OIAPL's services include
conceptualization, planning, designing & engineering projects,
preparing techno feasibility studies, organizing financial closure
and implementation on turnkey basis through consortium partners.
P DAMODARA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P Damodara
Raju (PDR) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 11,
2021, placed the rating(s) of PDR under the 'issuer
non-cooperating' category as PDR 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. PDR
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 27, 2022, October 7, 2022, October 17,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bengaluru based, M/s. P Damodara Raju, was established in 1985 and
promoted by Mr P Damodara Raju. The firm is engaged in the business
of civil construction which includes laying of roads and
construction of buildings for individuals in the state of
Karnataka. The firm is a registered contractor with Public Works
Department (PWD), Karnataka as a class-I engineering contractor.
PICARD ANGST: ICRA Assigns B Rating to INR195cr NCDs
----------------------------------------------------
ICRA has assigned rating to the bank facilities of Picard Angst
India Private Limited (PAIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible
Debentures (NCDs) 195.00 [ICRA]B(Stable); Assigned
Rationale
The assigned rating factors in the favorable location of the
proposed residential project of PAIPL in the prime western suburb
Santacruz, with proximity to key commercial areas in Mumbai. The
rating is, however, constrained by the company's exposure to high
execution risk, with PAIPL in the process of procuring the land for
developing the project, post which it will prepare a detailed plan
and will seek the requisite approvals for commencement of
construction work. The project cost (excluding interest cost) of
INR176.6 crore is proposed to be funded by NCDs of INR122 crore
(69%), which will be subscribed by the parent company, and customer
advances of INR54.6 crore (31%). The proposed NCDs will have a
five-year tenure and will carry a coupon of 18% per annum, payable
at the end of the tenure. The company is exposed to refinancing
risks with the proposed NCDs having a bullet repayment for 100% of
the NCD amount at the end of its five-year tenure (FY2028). The
project faces high market risks as the sales are yet to be
launched. Besides, the rating is constrained by the high
geographical risk inherent in single-project companies and the
cyclicality in the real estate industry, which could impact PAIPL's
sales as well as profitability.
The Stable outlook on the long-term rating reflects ICRA's
expectation that the company will be able to achieve adequate
bookings, given the favourable location of the project.
Key rating drivers and their description
Credit strengths
* Favorable location of the project: The project is located in
Santacruz, which is a prime western suburb in Mumbai for
residential projects and is also a commercial hub. Moreover, it
shares proximity to key commercial areas in Mumbai.
Credit challenges
* Exposure to project execution and market risks: The project is at
a nascent stage with only the binding agreement for procuring the
land for developing the project being signed as on date, exposing
it to significant execution risks with respect to time and cost
overrun. The procurement of land is in the process, post which the
company will prepare a detailed plan and will seek the requisite
approvals for commencement of construction work. With the project
yet to be launched commercially, the market risk remains high and
timely inflow of advances remains important for successful
completion of the project.
* Exposure to risks and cyclicality in India's real estate sector:
The real estate sector is cyclical and marked by volatile prices
and a highly fragmented market structure because of a large number
of regional players. In addition, being a cyclical industry, the
real estate sector is highly dependent on macro-economic factors,
which in turn render the company's sales vulnerable to any downturn
in demand and competition within the region from various
established developers. The risks are heightened by the dependence
on a single micro-market for sales and revenues.
* Refinancing risk at maturity for the proposed NCDs: The project
cost (excluding interest cost) of INR176.6 crore is proposed to be
funded by NCDs of INR122 crore (69%), which will be subscribed by
the parent company, and customer advances of INR54.6 crore (31%).
The proposed NCDs will have a five-year tenure and will carry a
coupon of 18% per annum, payable at the end of the tenure. The
company is exposed to refinancing risks with the proposed NCDs
having a bullet repayment for 100% of the NCD amount at the end of
its five-year tenure (FY2028).
Liquidity position: Stretched
PAIPL's liquidity position remains stretched, with a cash balance
of INR0.44 crore as on March 31, 2022. The proposed NCDs for
developing the project are yet to be raised. The project is yet to
be launched, given which there have not been any bookings
and collections of customer advances as on date.
Rating sensitivities
Positive factors - Healthy bookings and collections from the
project leading to improved cash flows and debt coverage indicators
could lead to a rating upgrade.
Negative factors - Any cost overrun or unforeseen delay in
completing the project could exert pressure on the company's
ratings. Considerable delays in bookings leading to subdued
collections may also warrant a rating downgrade.
Picard Angst India Private limited (PAIPL) was set up in 2019 for
undertaking/supervising construction activities within the real
estate sector in India. It is a 100% subsidiary of Luxembourg REO
Company SARL (Luxembourg REO), which is a Luxembourgbased real
estate investment company. Luxembourg REO was incorporated in 2018
with the objective of making investments in real estate assets
across the globe with PAIPL being the first investment venture.
PAIPL has its registered office in Delhi.
RAIPUR CONSTRUCTION: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raipur
Construction Private Limited (RCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.15 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 29.85 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 28,
2021, placed the rating(s) of RCPL under the 'issuer
non-cooperating' category as RCPL 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. RCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 13, 2022, September 23, 2022, October
3, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Raipur Construction Private Limited (RCPL) was incorporated on
August 14, 1998 and its registered office is situated at Raipur,
Chhattisgarh. Since its inception, RCPL has been engaged in civil
construction business in the segments like construction of road,
bridges etc. The company procures orders through tender and
executes orders floated by the various Govt. entities.
S&J GRANULATE: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Non-convertible Debentures (NCD) rating of
S&J Granulate Solutions (P) Ltd in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
NCD 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
Issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. 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.
Business Incorporated in 2010, S&J Granulate Solutions Private
Limited (SGSPL) is engaged in the business of recycling of used &
worn out tyres. Post recycling of used tyres, three products are
separated (rubber granules, steel wire and nylon fibre). The
company imports used radial tyres mostly from Europe & Middle East;
while the separated products post recycling are sold domestically
to various players. The company's manufacturing facility is located
at Vapi Silvassa road in Gujarat. SGSPL is promoted by Jiwarajka
and Agarwal Family.
SAFE PARENTARALS: CARE Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Safe
Parentarals Private Limited (SPPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated October 29,
2021, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL 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. SPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 14, 2022, September 24, 2022, October
4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Safe Parenterals Limited (SPL) was incorporated in December 1993.
The current directors of the company are Mr. P. Vijaya Lakshmi,
Mrs. K. Sasikala, Mr. Y. Nageshwararao, Mr. G. Sambasivarao, and
Mr. L. Siva Rama Krishna. The company is engaged in manufacturing
of animal related pharma drugs like Sancalvet, Sulphadimidine,
Roflox, etc. The company has its manufacturing unit located at
Narasaraopet, Guntur district (Andhra Pradesh) with an installed
capacity of 10,000 bottles per day. Currently, the company is
implementing an expansion project for increasing its total capacity
to 25,000 bottles per day. The total cost of the project is
estimated to around INR16.00 crores which is to be funded through a
bank term loan of INR12 crores and rest of INR4.00 crores by a way
of share capital and unsecured loans. The company has changed its
name to Safe Parentarals Private Limited since November 20, 2019.
SATYENDRA KUMAR: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satyendra
Kumar Construction Private Limited (SKCPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 16.00 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 27,
2021, placed the rating(s) of SKCPL under the 'issuer
non-cooperating' category as SKCPL 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. SKCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 12, 2022, September
22, 2022, October 2, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in December 2000, Satyendra Kumar Construction Private
Limited (SKCPL) was promoted by Mr. Satyendra Kumar, Mrs. Amrita
Devi, Ms. Juli Kumari and Mr. Dipak Kumar. The company has been
engaged in civil construction activities in the segment like
construction of buildings, bridges, tunnels, roads, etc. The
company is classified as 'Class – A Contractor' by Public Works
Division, Bihar which indicates that the company can participate
for higher value contracts released by government departments.
SKCPL participates in tenders and executes orders for the Public
Works Department (Bihar), Irrigation Department (Bihar), etc.
SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreenidhi
Metals Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.22 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 1,
2021, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL 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. SMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 17, 2022, September 27, 2022, October
7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Vadodara (Gujarat) based Shreenidhi Metals Private Limited (SMPL)
was incorporated in 2013 as a private limited company and is run by
Ms. Sadhna Maloo and Ms. Nikita Jain. The company is engaged into
manufacturing of aluminum circles and sheets, which find its
application in utensils industry and power sector with installed
capacity of 1800 MT per annum as on March 31, 2018. Plant of the
company is located at Waghodia, Gujarat.
TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the bank facilities of Talwalkars Better
Value Fitness Limited continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 80.00 [ICRA]D; ISSUER NOT COOPERATING;
Bonds/NCD/LTD Rating continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating for the INR80.00-crore Non-convertible Debenture
programme of Talwalkars Better Value Fitness Limited continues to
remain under 'Issuer Not Cooperating' category'. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
The company offers various lifestyle activities such as aerobics,
yoga, spa and zumba programmes, as well as diet and weight loss
programmes. It also forayed into the segment of leisure and sports
clubs, wherein it set up its first club in Pune (Maharashtra) in
collaboration with David Lloyd Leisure Limited. The club is
expected to become operational soon.
UNIPEARL ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unipearl
Alloys (UA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE B-; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Short Term Bank 2.45 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 26,
2021, placed the rating(s) of UA under the 'issuer non-cooperating'
category as UA 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. UA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 12, 2022, October 22, 2022, November 1, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Unipearl Alloys (UA) based in Mandi Gobindgarh, Punjab is a
partnership firm established in April, 2005 by Mr. Kuldeep Singh
Kalsi, Mr. Pargat Singh, Mr. Rajveer Singh, and Mr. Vikramjeet
Singh. UA is primarily engaged in the manufacturing of mild steel
ingots, square steel billets, forging ingots, etc. Mild steel
ingots produced by UA find application in rolling mills to
manufacture steel sheets, channels, bars and plates which are then
used in construction and infrastructure industry. The manufacturing
facility of the firm is located at Mandi Gobindgarh, Punjab.
VERTEX TECHNO: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Vertex
Techno Solutions Bangalore Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 1.50 [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.
Established in 1993 as a partnership firm, VTSBPL was reconstituted
as a private limited in 2006. It offers end to end IT
infrastructure solutions and services to SMB's (small to mid-sized
businesses) and enterprises across government and private sector.
VTSBPL is one of the largest HP (Hewlett-Packard) platinum business
partner in India for their range of products spanning across
enterprise servers, storage, networking (ESSN), and personal
computers & printing solutions (PPS). In the services segment,
VTSBPL offers Annual Maintenance Contracts (AMC), Facility
Management Services (FMS) & Managed IT Services. The company's head
office is in Bangalore, while it has branch offices at Kochi,
Trivandrum and Chennai. In March 2016, VTSBPL was recognised as the
Most Valuable PPS partner of the year, which is amongst the most
prestigious recognition for a HP partner.
YAMIR PACKAGING: CARE Lowers Rating on INR8.99cr Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Yamir Packaging Private Limited (YPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.99 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Long Term/Short 7.90 CARE B; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B+; Stable/CARE A4
Short Term Bank 0.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 3,
2021, placed the rating(s) of YPPL under the 'issuer
non-cooperating' category as YPPL 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. YPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 19, 2022, September 29, 2022, October
9, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of YPPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in overall profitability and
deterioration in capital structure and debt coverage indicators as
well as increased debt level in FY22 over FY21.
Ahmedabad (Gujarat) based Yamir Packaging Private Limited (YPPL) is
a private limited company incorporated in the year 1991 by Mr. Anil
Mahadevia, Mr. Harshad Mahadevia, Mr Hyuma Mahadevia and Mr. Yogesh
Mahadevia. YPPL is engaged into manufacturing of printed cartons
and boxes which finds its application in packaging of goods in
various industries such as Pharma, FMCG, Food, Industrial goods and
cosmetics. YPPL has its manufacturing facilities located at Bharuch
with installed capacity of 180000 sheets per day as on March 31,
2018.
=========
J A P A N
=========
COINBASE GLOBAL: Will Halt Operations in Japan
----------------------------------------------
Reuters reports that cryptocurrency exchange Coinbase Global Inc on
Jan. 18 said it will halt operations in Japan due to volatile
market conditions.
All Coinbase Japan customers will have until Feb. 16 to withdraw
their fiat and crypto holdings, the company said in a blog post.
Reuters relates that Coinbase's decision to exit comes only a few
weeks after rival exchange Kraken said it, too, would cease its
operations in Japan this month.
Several firms have suffered from waning investor appetite for
crypto after major exchange FTX blew up in September, the report
says. Higher interest rates and worries of an economic downturn
have also piled pressure on the crypto industry, as investors flee
risky assets.
According to Reuters, the crypto sector's woes have continued this
year, marked by plunging deposits, layoffs and multiple legal
hurdles.
Coinbase, Crypto.com and Huobi have all announced plans to lay off
about 20% of their respective staff, while a source told Reuters
earlier this month that Genesis, too, had cut jobs, equating to 30%
of its workforce, adds Reuters.
About Coinbase Global
Coinbase Global, Inc. (NASDAQ: COIN), branded Coinbase, is an
American publicly traded company that operates a cryptocurrency
exchange platform. Coinbase is a distributed company; all
employees operate via remote work and the company lacks a physical
headquarters. The company started in 2012 with the radical idea
that anyone, anywhere, should be able to easily and securely send
and receive Bitcoin.
As reported in the Troubled Company Reporter-Asia Pacific on Jan.
16, 2023, S&P Global Ratings lowered the long-term issuer credit
rating and senior unsecured debt ratings on Coinbase Global Inc. to
'BB-' from 'BB'. The outlook is negative.
JAPAN: 143 Nursing-Care Providers Go Bankrupt in 2022
-----------------------------------------------------
The Yomiuri Shimbun reports that a record 143 nursing care
providers went bankrupt in 2022, up 76% from the previous year
according to a Tokyo Shoko Research Ltd. survey.
The bankruptcies were caused by the coronavirus pandemic as it has
led to a reluctance to use nursing care services, as well as high
prices, the report relates. Total debts reached a record JPY22.14
billion, with these providers having debts of JPY10 million or
more.
According to the report, sixty-three of the providers, or 44%, went
bankrupt because of the pandemic, which saw customers shunning them
for fear of being infected, or increased costs associated with
COVID-19 countermeasures.
By the amount of debt, about 80% have a debt of less than JPY100
million, indicating that the majority are small businesses, The
Yomiuri Shimbun says.
The number of bankruptcies decreased to 81 in 2021 when the
financial support for small and medium-sized enterprises was
expanded as part of COVID-19 countermeasures, the report discloses.
However, the number has turned in the other direction due to the
pandemic becoming prolonged. The current rise in utility costs and
other expenses is putting pressure on operations. Even so,
providers could not immediately pass the rising costs onto users
because the nursing-care benefit payment system is revised every
three years in principle.
"The number of bankruptcies in the nursing-care business will rise
further in 2023 if the gap gets wider between the large companies
that gain the upper hand in automation, efficiency and personnel
acquisition and the small operators, which have difficulty doing
so," The Yomiuri Shimbun quotes a Tokyo Shoko Research employee in
charge as saying. "If small businesses continue to go bankrupt in a
community, a blank area in nursing-care services may emerge."
===============
M A L A Y S I A
===============
IREKA CORP: Warns of Possible Losses as JM Bid for Unit Withdrawn
-----------------------------------------------------------------
theedgemarkets.com reports that Ireka Corp Bhd gave a profit
warning that its financials are expected to be dragged by the huge
losses in its wholly owned unit Ireka Engineering & Construction
Sdn Bhd (IECSB) in the current third financial quarter ending March
31, 2023 (3QFY2023).
Ireka Corp Bhd has decided to discontinue its application to place
its loss-making unit under judicial management (JM OS), six months
after it submitted the application in late July last year,
theedgemarkets.com says.
By doing that, it would be required to reconsolidate the financial
results of IECSB in the third quarter ending March 31, 2023
(3QFY2023) if control of the unit remains with the company until
then, according to the company's bourse filing.
"Following the discontinuance of the Interim Judicial Management
(IJM), the control on IECSB reverts to the company," Ireka
explained, theedgemarkets.com says relays.
Consequently, Ireka warned that the reconsolidation of IECSB's
financials would result in a significant deterioration of the
group's financial position and results as the wholly-owned unit had
been registering huge operational losses and substantial reduction
in revenue for the past several years, according to the report.
This will be in contrast to the whopping profit that it made in
1QFY2023 ended Sept. 30, 2022, the report states. Ireka posted a
net profit of MYR173.3 million, or 82.98 sen per share, in the
quarter compared to a net loss of MYR14.89 million, 7.59 sen per
share, a year ago. The large profit was due to the effect of
deconsolidation of IECSB.
On Jan. 9, Ireka announced to Bursa Malaysia that IECSB filed a
notice to discontinue the JM OS in the High Court.
In the latest filing, Ireka noted that IECSB is not a major
subsidiary of the company as defined under the Main Market Listing
Requirements of Bursa Malaysia, adding that based on the audited
financial statements as at June 30, 2022, the unit contributed
49.5% of the group's revenue, the report relates.
theedgemarkets.com relates that Ireka said it will continue
discussions with its advisers to ensure the closure of the matter
can be resolved expeditiously.
For the 15-month financial period ended June 30, 2022, Ireka
incurred a net loss of MYR185.07 million on revenue of MYR124.85
million, theedgemarkets.com discloses.
About Ireka Corp.
Malaysia-based Ireka Corporation Berhad is an investment holding
company which provides civil, structural, and building
construction. The Company, through its subsidiaries, also provides
earthworks and leases construction plant and machinery. Ireka also
operates online international auction trade and provides venture
capital fund to internet, e-commerce, and related technology based
companies.
Ireka Corp Bhd has been classified as an affected listed issuer
under Practice Note 17 (PN17) of the Main Market Listing
Requirements.
In a filing with Bursa Malaysia on March 1, 2022, the construction
and property developer said it had triggered the prescribed
criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia
Securities Bhd had rejected its application to extend the relief
period, which ended on Feb. 26, 2022.
Ireka first triggered the criteria for PN17 under Bursa's Main
Market Listing Requirements in August 2020, after its auditor
highlighted a material uncertainty relating to its ability to
continue as a going concern based on its audited financial
statements for the financial year ended March 31, 2020 (FY2020).
Its shareholders' equity as of end-FY2020 had also fallen to
MYR77.51 million or 42.67% of its MYR181.29 million share capital,
which was below the required 50% threshold.
=====================
N E W Z E A L A N D
=====================
CONSTRUCTION 41: Court to Hear Wind-Up Petition on Feb. 3
---------------------------------------------------------
A petition to wind up the operations of Construction 41 Limited
will be heard before the High Court at Tauranga on Feb. 3, 2023, at
10:00 a.m.
Bay Glass & Glazing Limited filed the petition against the company
on Nov. 29, 2022.
The Petitioner's solicitor is:
Peter Broad
Bruce Pamatatau
Level 6, 5 Short Street
Newmarket
Auckland
NAU CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 12
----------------------------------------------------------
Creditors of Nau Construction Limited and Gray Area Limited are
required to file their proofs of debt by Feb. 12, 2023, to be
included in the company's dividend distribution.
The companies commenced wind-up proceedings on Jan. 12, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua, 5240
=================
S I N G A P O R E
=================
ALE HEAVYLIFT: Creditors' Proofs of Debt Due on Feb. 18
-------------------------------------------------------
Creditors of Ale Heavylift (Singapore) Pte. Ltd. are required to
file their proofs of debt by Feb. 18, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 13, 2022.
The company's liquidators are:
Yiong Kok Kong
Avic DKKY
180 Cecil Street #12-04
Singapore 069546
ENVY GLOBAL: Former Director Ng Yu Zhi Declared Bankrupt
--------------------------------------------------------
Grace Leong at The Straits Times reports that Ng Yu Zhi, the
alleged perpetrator of a US$1.1 billion nickel trading scam, has
been declared bankrupt ahead of a hearing on his criminal case at
the State Courts on Jan. 17.
A bankruptcy order was made against the 35-year-old on Dec. 22,
2022, according to the government gazette published last Friday
[Jan. 13], the report says.
This comes after a bankruptcy application was taken out against Ng
shortly after the High Court in May 2022 cleared the way for
liquidators to pursue hundreds of millions of dollars allegedly
transferred wrongfully into Ng's personal accounts, according to
the Straits Times.
KPMG partner Adrian Chan and Reliance Audit founder SK Lai were
appointed bankruptcy trustees and have begun identifying Ng's
assets, a source close to the case said.
Ng and three others were sued in the High Court in November 2021 by
the liquidators of Envy Global Trading (EGT), Envy Asset Management
(EAM) and Envy Management Holdings in a bid to recover $416.5
million and US$17.7 million from his personal assets, the report
recalls.
On top of the lawsuit, Ng, the former managing director of EGT and
EAM, is facing 105 criminal charges for his alleged involvement in
the scam.
According to the report, the bankruptcy application was made
against Ng probably because the liquidators of the Envy Global
companies were unable to recover any meaningful claims from the
companies and from him, said Kennedys Legal Solutions partner
Robson Lee.
"Making Ng a bankrupt will subject him to the legal regime of the
bankruptcy laws and enable the liquidators to go after any voidable
personal asset dealings and financial payments that may have been
made by him, in order to satisfy any judgment debt," the report
quotes Mr. Lee as saying.
A voidable personal asset dealing refers to a transaction that is
not legally enforceable and can still be recovered by the
liquidators, he added.
The Straits Times, citing court documents, discloses that Ng's
three companies received about US$1.09 billion, US$277.1 million
and EUR980,000 (SGD1.4 million) in investor funds, supposedly for
nickel trading.
Of those sums, US$578.4 million, US$192.5 million and EUR880,000
remain outstanding.
Mr. David Chan, Shook Lin & Bok partner and the liquidators'
lawyer, told The Straits Times that a partial summary judgment
issued in the High Court on May 20, 2022, gave the liquidators the
green light to pursue $416.5 million and US$17.7 million of these
amounts. A summary judgment is one entered by a court without a
full trial.
In November 2022, the High Court ruled on how the creditors' proof
of debt is to be assessed on an interim basis, the source said.
About 1,000 investors, including business people, lawyers and
financiers, sank their money into the scheme, which touted average
quarterly gains of 15 per cent.
Envy Group is a Singapore-based commodity trader.
The High Court of Singapore entered an order on Aug. 16, 2021, to
wind up the operations of Envy Global Trading Pte. Ltd.
The company's liquidators are:
Mr. Bob Yap Cheng Ghee
Mr. Tay Puay Cheng
Ms. Toh Ai Ling
c/o KPMG Services Pte. Ltd.
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
LT STRATEGIC: Creditors' Proofs of Debt Due on Feb. 20
------------------------------------------------------
Creditors of LT Strategic Investments Pte. Ltd. are required to
file their proofs of debt by Feb. 20, 2023, to be included in the
company's dividend distribution.
The company's liquidator is:
See Yong Beng
331 North Bridge Road
#12-03 Odeon Towers
Singapore 188720
OCEAN (KAMSARMAX): Commences Wind-Up Proceedings
------------------------------------------------
Members of Ocean (Kamsarmax) Pte Ltd, on Dec. 28, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Tee Wey Lih
c/o Acres Advisory
531A Upper Cross Street
#03-128 Singapore 051531
SINGAPORE: Expert Says Increased Bankruptcies in 2022 Not a Concern
-------------------------------------------------------------------
Clara Chong at The Straits Times reports that even though the
number of companies forced to wind up in 2022 was slightly higher
than in the previous two years, the public need not be alarmed.
Rather than looking at the absolute number of bankruptcies, it is
more important to look at the percentage of bankruptcies compared
to the number of new businesses formed, CIMB economist Song Seng
Wun told The Straits Times.
Unlike in the past, bankruptcies today are associated with less
taboo, he said, notes the report.
This means that more people are willing to take risks, resulting in
more businesses being formed today - and naturally, a higher number
of them will also fail. Therefore, looking at it as a percentage
instead of an absolute number is more critical, Mr. Song added, The
Straits Times relays.
As many as 205 companies were forced to wind up in 2022, the report
discloses citing figures released by the Ministry of Law.
This is higher than the number of compulsory closures in 2021 and
2020, when 191 and 201 companies respectively were forced to shut
for good, the report relates.
According to The Straits Times, the number of bankruptcy
applications filed in the first 11 months of 2022 also reached a
high of 3,380, close to 2019 levels after two years of decline.
As life returns to normal after the Covid-19 pandemic, businesses
that had previously experienced fast growth during the pandemic may
need to pivot to sustain operations.
For instance, businesses that specialise in virtual events may see
a drop in demand as more in-person activities return.
On the flip side, those in the tourism industry will likely
experience an uptick in demand, especially with the reopening of
China's borders, said Mr. Song.
Nonetheless, the most important aspect for a business to sustain
itself through tough times is to maintain a healthy cash flow.
Having a consistent and sustainable cash flow would allow a
business to pay its bills and invest in growth, continue operations
and meet other financial obligations, the report relays.
Bankruptcy numbers are also subject to a time lag, Mr. Song said.
This means that the bankruptcies in 2022 were a reflection of
problems that companies would have been facing for the past couple
of years, the report adds.
THREE ARROWS: Founders Pitch New Platform for Crypto Claims
-----------------------------------------------------------
CNBC reports that the co-founders of failed cryptocurrency hedge
fund Three Arrows Capital are now courting investors for a new
venture that looks to capitalize on a growing list of bankruptcies
in the space.
Kyle Davies and Su Zhu are listed as founding members in a pitch
deck obtained by CNBC for a distressed debt marketplace called GTX.
Davies and Zhu founded Three Arrows Capital, a once $10 billion
Singapore-based hedge fund that filed for bankruptcy in July. The
fund, also known as 3AC, was ordered to liquidate by a British
Virgin Islands court after a plunge in prices and risky trades left
it unable to repay lenders.
According to CNBC, the new investor pitch comes as the Three Arrows
founders navigate their own controversial bankruptcy. Advisors
working to liquidate 3AC have accused Davies and Zhu of not
cooperating with the liquidation process. The advisors served the
co-founders a subpoena over Twitter last week, claiming their
whereabouts were still unknown. Representatives from Three Arrows
did not respond immediately to CNBC's request for comment.
The Block first reported the 3AC founders' plans for a new
exchange.
Mr. Davies told CNBC in November that he was in Bali, Indonesia,
and rebutted claims that he and his co-founder were not
cooperating.
"We've been cooperating the whole way," he told CNBC's "Squawk Box"
in an interview.
Mr. Davies and Zhu are part of a group contending that the
so-called crypto claims market, in reference to bankruptcies
impacting holders of digital currencies, should have a public
marketplace. The space has seen a handful of high-profile
bankruptcies including BlockFi, Celsius, Three Arrows and most
recently, FTX.
CNBC relates that the new marketplace looks to appeal to the more
than 1 million FTX depositors who are now involved in a bankruptcy
proceeding, a slide in the pitch, deck said. Many of those FTX
clients are selling claims at about one-tenth of their value for
immediate liquidity as they try to avoid what could be a yearslong
wait for repayment, according to the deck.
They cited a "clear need to unlock" the claims market, one they
value at $20 billion and believe GTX could "dominate" within two or
three months. GTX said in its pitch that, once scaled, the platform
could fill a "power vacuum left by FTX" within crypto trading and
move into the securities lending market, CNBC relays.
GTX is raising a $25 million seed for the platform, with a goal of
coming to the market by the end of February at the latest,
according to the deck cited by CNBC.
Mark Lamb and Sudhu Arumugam, co-founders of crypto trading
platform CoinFlex, are listed alongside Mr. Davies and Zhu as
founding members. Representatives from CoinFlex did not immediately
respond to CNBC's request for comment.
Beyond the four founding members, the deck lists Kent Deng as GTX's
CTO, Leslie Lamb as CMO and Ewelina Mielecka as chief digital
officer. GTX has a team of more than 60 developers, according to
the deck.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.
As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
TRABBLE PTE: Creditors' Meeting Set for Feb. 1
----------------------------------------------
Trabble Pte Ltd will hold a meeting for its creditors on Feb. 1,
2023, at 4:00 p.m., via electronic means.
Agenda of the meeting includes:
a. to receive a copy of the statement of the Company’s affairs
together with a list of creditors and the estimated amounts
of their claims;;
b. to confirm the appointment of Liquidator nominated by the
Company or nominating another person or persons as
Liquidator(s) for the purpose of winding up the affairs of
the Company;
c. to fix the remuneration of the Liquidator; and
d. any other business.
=============
V I E T N A M
=============
BIM LAND: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of BIM Land Joint Stock Company.
At the same time, Moody's has affirmed the B2 senior unsecured
rating on its US-dollar bond. The bond is guaranteed by most of BIM
Land's subsidiaries.
Moody's has changed the outlook on all ratings to negative from
stable.
"The change in outlook to negative reflects Moody's expectation
that BIM Land's liquidity buffer will reduce over the next 12-18
months as cash collection cycle lengthens amid a tougher business
environment. At the same time, tightened credit conditions in
Vietnam will increase refinancing risk for the company's upcoming
debt maturities, which include a VND1 trillion domestic bond
maturing in January 2024," says Yu Sheng Tay, a Moody's Analyst.
"The B2 ratings reflect BIM Land's continued access to bank
financing and ability to meet Moody's contracted sales expectations
in 2022," adds Tay.
RATINGS RATIONALE
Moody's expects BIM Land's contracted sales to rise to around
VND8.7 trillion in 2022 and VND10 trillion in 2023, from VND8
trillion in 2021. However, cash collection has slowed as homebuyers
eschew increasingly costly mortgages and make payments based on
construction schedule. This has lengthened the cash collection
cycle by up to three years compared with mortgages which allowed
the company to collect 95% of sale prices upfront.
Consequently, BIM Land's operating cash flow turned negative in the
first nine months of 2022. In conjunction with high capital
spending, the company incurred negative free cash flow of VND2.2
trillion which eroded its cash and deposits to around VND1.3
trillion in September 2022 from VND3.5 trillion in December 2021.
The decline in liquidity reduces the company's ability to absorb
further volatility in cash flow, particularly if cash collection
remains slow because of the challenging business environment.
BIM Land's liquidity is adequate over the next 12-18 months.
Together with operating cash flow of around VND2.5 trillion, the
company has sufficient cash sources to meet its debt obligation of
around VND2.7 trillion through March 2024. However, it will not be
sufficient to cover all discretionary spending such as expansionary
capital expenditure and dividend payments.
Nonetheless, BIM Land has demonstrated its ability to access bank
financing amid tightened credit conditions, having refinanced
around VND1.8 trillion of matured debt in the first nine months of
2022.
BIM Land's B2 ratings also reflect the company's established track
record in developing tourism-led townships in Vietnam's (Ba2
stable) fastest-growing tourist destinations. At the same time, the
rating captures BIM Land's exposure to Vietnam's evolving
regulatory environment, as well as governance risk stemming from
the company's concentrated ownership and private company status.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade is unlikely over the next
12-18 months. However, Moody's could return the outlook to stable
if the operating environment recovers, such that BIM Land's cash
collection and free cash flow improves. Moody's also expects the
company to address its upcoming debt maturities and bolster its
liquidity.
Moody's could downgrade BIM Land's rating if cash flow fails to
improve and its access to funding weakens such that liquidity
deteriorates over the next six months; or there is evidence of cash
leaking from BIM Land to fund-affiliated companies, for example,
through intercompany loans, aggressive cash dividends or
investments in affiliates.
Metrics indicative of a rating downgrade include adjusted
debt/homebuilding EBITDA above 4.0x and adjusted homebuilding
EBIT/interest expense below 3.0x on a sustained basis.
Moody's could also downgrade BIM Land's senior unsecured bond
rating to reflect legal subordination risk if the company increases
secured debt significantly, such that the proportion of secured
debt remains higher than unsecured debt on a sustained basis.
The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.
BIM Land Joint Stock Company (BIM Land) is a property developer
focusing on creating tourism-led townships in Vietnam. Its flagship
projects are in areas with high potential for tourism development,
such as Ha Long city in Quang Ninh province and Phu Quoc island in
Kien Giang province. BIM Land is wholly owned by BIM Group, which
in turn is owned by founders Doan Quoc Viet and his wife, Khong Thi
Hien.
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