/raid1/www/Hosts/bankrupt/TCRAP_Public/230125.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
Wednesday, January 25, 2023, Vol. 26, No. 19
Headlines
A U S T R A L I A
3D METALFORGE: First Creditors' Meeting Set for Feb. 2
ANCORA (RCH): S&P Affirms 'BB' Issue Rating on Subordinated Debt
BBS PHARMACEUTICALS: First Creditors' Meeting Set for Feb. 2
BROSA: Set to Shut Down After Collapsing Into Administration
LOMANDRA NOMINEES: First Creditors' Meeting Set for Feb. 2
OZ CORP: First Creditors' Meeting Set for Feb. 1
REVOLUTION ROOFING: Owes AUD70M to 530 Creditors
SAPPHIRE XXI 2019-1: Moody's Raises Rating on Class F Notes to Ba1
C H I N A
COUNTRY GARDEN: Repays US$625 Million Offshore Debt
OCEANWIDE HOLDINGS: Bank Sues Over US$1 Billion Loan Dispute
I N D I A
A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
A. AUTOMOVERS: CRISIL Keeps B Debt Ratings in Not Cooperating
A. S. SONJE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AAISHNI PHARMACEUTICALS: Insolvency Resolution Process Case Summary
AAROHI CONSTRUCTIONS: CARE Lowers Rating on INR11cr LT Loan to B-
ABU ESTATE: CARE Lowers Rating on INR13.30cr LT Loan to D
ADINATH SORTEX: CRISIL Lowers Rating on INR7cr Cash Loan to B
AGARWAL COMPANY: CRISIL Keeps B Debt Rating in Not Cooperating
AMAR ENTERPRISES: CRISIL Keeps B- Debt Rating in Not Cooperating
AMITY LEATHER: CRISIL Keeps B Debt Ratings in Not Cooperating
AMKAP MARKETING: CRISIL Lowers Rating on INR6cr Cash Loan to B
ANNALAKSHMI CATERING: CRISIL Keeps B Rating in Not Cooperating
ANPRAS FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AROGYA HOSPITAL: CRISIL Lowers Rating on INR8.29cr Cash Loan to B
B B MINERALS: CARE Lowers Rating on INR5cr LT Loan to B
BALAJI AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
BALAJI FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
DEV AUTOMATES: CARE Keeps B Debt Rating in Not Cooperating
DUGGAL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating
GANGA BUSINESS: Insolvency Resolution Process Case Summary
GLOBAL INFRATECH: Insolvency Resolution Process Case Summary
HANS RAJ: CARE Keeps B- Debt Rating in Not Cooperating Category
INTERDRIL ASIA: Insolvency Resolution Process Case Summary
LA-TRENDZ FABRICA: Insolvency Resolution Process Case Summary
LAKSHMI MINI: CARE Keeps B- Debt Ratings in Not Cooperating
MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating
MIGHTY AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category
MOTHERS PRIDE: Insolvency Resolution Process Case Summary
NAGAI POWER: Insolvency Resolution Process Case Summary
NAV BHARAT: CARE Keeps C Debt Rating in Not Cooperating Category
PRAVARA RENEWABLE: Insolvency Resolution Process Case Summary
PRAXIS DEVELOPERS: Insolvency Resolution Process Case Summary
R.K.I. BUILDERS: CARE Lowers Rating on INR15.0cr LT Loan to D
R.N.K. AGRO: CRISIL Moves B+ Debt Rating to Not Cooperating
RADHE FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
S.K. FOODS: CRISIL Reaffirms B+ Rating on INR14.5cr Loan
SANCTUS GLOBAL: CARE Lowers Rating on INR6.97cr LT Loan to B-
SARASWATHI EDUCATIONAL: CARE Cuts Rating on INR14.65cr Loan to B-
SATELLITE CABLES: Insolvency Resolution Process Case Summary
SATYA PAL: CARE Keeps B- Debt Ratings in Not Cooperating Category
SENTHIL TIMBER: CARE Keeps B- Debt Rating in Not Cooperating
SHAKTI BHOG: Insolvency Resolution Process Case Summary
SHRI NATH RESEDENCI: Insolvency Resolution Process Case Summary
SN CINEMA: Insolvency Resolution Process Case Summary
VALUE SOLAR: Insolvency Resolution Process Case Summary
VIDARBHA INDUSTRIES: Proposed IBC Changes May Reverse SC Order
VIJAYA ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
VITAL HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VKN LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating
VRT LOGISTICS: CRISIL Keeps B Debt Rating in Not Cooperating
N E W Z E A L A N D
BOW TAG: Creditors' Proofs of Debt Due on Feb. 22
EAZY BUILD: Court to Hear Wind-Up Petition on Feb. 2
MR DRAINAGE: Creditors' Proofs of Debt Due on Feb. 17
PEG APME: Court to Hear Wind-Up Petition on Feb. 3
VIC BOOKS: University Bookshop Closes After 48 Years
P A K I S T A N
PAKISTAN: Millions in Nationwide Blackout as Grid Fails
P H I L I P P I N E S
SUNTRUST RESORT: Renegotiates Interest Payment Terms with Summit
S I N G A P O R E
UTRACO INVESTMENT: Creditors' Proofs of Debt Due on Feb. 22
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A U S T R A L I A
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3D METALFORGE: First Creditors' Meeting Set for Feb. 2
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A first meeting of the creditors in the proceedings of 3D
Metalforge Limited will be held on Feb. 2, 2023, at 11:00 a.m. via
virtual technology.
Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on Jan. 20, 2023.
ANCORA (RCH): S&P Affirms 'BB' Issue Rating on Subordinated Debt
----------------------------------------------------------------
S&P Global Ratings affirmed the 'BB' issue rating on Ancora (RCH)
Pty Ltd.'s subordinated debt and removed the UCO designation. At
the same time, S&P affirmed the 'BBB' issue ratings on the senior
debt of Ancora (RCH) Pty Ltd. and Ancora (RCH2) Pty Ltd., which
remain unaffected by the revised criteria.
The outlook on all the issue ratings remains stable. This reflects
S&P's expectation that the operator will continue to operate the
project satisfactorily over its life, with minimal performance
abatements, and retail revenues will recover as the effects of the
pandemic ease.
Ancora (RCH) Pty Ltd. and Ancora (RCH2) Pty Ltd. (together Ancora)
are the finance arms of Children's Health Partnership Pty Ltd.
(ProjectCo). The ProjectCo is the trustee of CHP Unit Trust, the
concession holder for the Melbourne Royal Children Hospital project
granted by the Australian State of Victoria (state; AA/Stable/A-1+)
in 2007 under an availability-based revenue stream. The hospital
started operations on Dec. 23, 2011, and its 25-year concession
term will end in December 2036.
Under the concession agreement, ProjectCo constructed a 357-bed
facility adjacent to the former original hospital site, refurbished
certain existing buildings, and constructed a hotel with up to 100
rooms. ProjectCo is also responsible for the provision of certain
facility management (FM) services relating primarily to the
maintenance of the facilities. ProjectCo has subcontracted the
provision of all FM services to Spotless Facility Services Pty Ltd.
(unrated).
The revenue stream from the state is availability-based, subject to
deductions for performance below specified levels. The project also
derives commercial revenues (approximately 1.5% of total revenues)
from tenancies and leases within the premises that comprise mainly
food and beverage outlets and retail shops, as well as a 100-room
hotel (currently leased to AccorHotels Group), consulting suites,
and a retail precinct.
-- Availability-based revenue stream with minimal market risk.
-- Operations and maintenance subcontractor has performed well,
with a good track record and minimal financial abatements to date.
-- Long-term, fully amortizing debt results in no refinancing
risk.
-- Ultimately, ProjectCo retains major maintenance (lifecycle)
risks.
-- Coverage of the junior debt (subordinated bond) is more exposed
to commercial leasing revenues.
S&P said, "Our revised project finance criteria do not affect our
view of the project's creditworthiness. Under the revised criteria,
the preliminary operations phase stand-alone credit profile (SACP)
is assessed at 'b+'. The rating construct now incorporates: (i) a
1-notch uplift for the median debt service coverage ratio (DSCR)
which is more robust over the life of the project compared with the
minimum DSCR; and (ii) a 1-notch uplift reflecting the resiliency
of the subordinated DSCR under a stress scenario. Thus, the
operations phase SACP (for subordinated debt) remains unchanged at
'bb'. Similarly, there is no change to the 'BB' subordinated debt
issue rating."
There is also no change to the 'BBB' senior debt issue rating of
Ancora (RCH) Pty Ltd. and Ancora (RCH2) Pty Ltd., which remain
unaffected by the revised criteria.
The stable outlook on the senior and subordinated debt reflects our
expectation that Spotless will continue to operate the project
satisfactorily over its life, with minimal performance abatements,
and retail revenues will recover as the effects of the pandemic
ease.
Given that the subordinated debt has a greater reliance on
commercial revenue than senior debt, S&P believes upward or
downward movements of the senior and subordinate debt may not be in
lockstep.
S&P said, "Downside pressure could materialize if we forecast the
minimum DSCR for senior debt falls materially below 1.10x or if the
median DSCR for subordinated debt falls below 1.05x. This could
happen if Spotless performs below our expectations, resulting in a
greater level of financial penalties. For the subordinated bonds,
this could also occur if commercial revenues face pressures or loss
of retail tenancies, or both, resulting in overall revenues that
are materially weaker than our current expectations."
The downside scenario could also occur if certain tenancies are
converted to upfront payments, weakening future cash flows, and
this cash is immediately distributed to shareholders.
S&P said, "We believe the likelihood of upward rating movements is
limited, given the limited upside in cash flows.
"We could raise the ratings on the senior secured debt if, among
others, cash flow coverage materially improves. We view this
scenario as unlikely. This is given the fixed nature of most of
ProjectCo's revenue and operating expenses. A minimum DSCR of more
than 1.14x for senior debt and closer to 1.10x for subordinated
debt would be a precondition of any upward rating action."
BBS PHARMACEUTICALS: First Creditors' Meeting Set for Feb. 2
------------------------------------------------------------
A first meeting of the creditors in the proceedings of BBS
Pharmaceuticals Pty Ltd will be held on Feb. 2, 2023, at 10:30 a.m.
via videoconference facilities only.
David Trim and Brent Kijurina of Hall Chadwick were appointed as
administrators of the company on Jan. 20, 2023.
BROSA: Set to Shut Down After Collapsing Into Administration
------------------------------------------------------------
News.com.au reports that stylish online furniture retailer Brosa is
set to shut down after collapsing into administration last month.
The retailer's demise was blamed on the Covid pandemic and sadly
there appears to be no chance for the company to recover, the
report says.
The firm had liabilities of AUD24.2 million, including around AUD10
million in unfulfilled orders, with AUD4.3 million in assets,
news.com.au discloses.
According to the report, administrators have recommended that
creditors vote to wind up the company next week after the Brosa
business was sold to Kogan.com.
Eight offers were made to take over the businesses assets,
administrators Richard Tucker and Michael Korda from KordaMentha
said.
"The offer of AUD1.5 million from Kogan.com was materially better
for stakeholders overall than the next best offer, particularly
given it included a solution for about 2,500 customers who had paid
for goods which were identified in the Brosa warehouses who would
otherwise not have received their items," the report quotes Mr.
Tucker as saying.
"For these customers, Kogan.com has assumed responsibility for
delivery of their goods (however can charge a reasonable fee to do
so) or provision of a store credit available to be used on any item
sold on Kogan.com which will be selling Brosa products in addition
to Brosa.com.au. Kogan is currently working through this process."
Kogan has relaunched the Brosa business via www.brosa.com.au and
customers can continue to purchase Brosa furniture.
"Whilst employees should receive their full entitlements,
unfortunately there is no return for unsecured creditors including
customers whose orders have not been located in the warehouses,"
Mr. Tucker said.
"With limited cash to trade the business and material amounts owed
to suppliers and couriers, there will be some customers who will
not receive their orders.
"We understand the extreme frustration for those impacted, however
the Administrators have no means to acquire these goods or deliver
them as there are insufficient funds to do so."
According to the Brosa website, the company was "born out of
discontent with the status quo, and a desire to change the
furniture industry for the better", with the founders disagreeing
that premium furniture had to come with a premium price tag, given
"that price is often inflated with mark-ups to accommodate other
costs, like importers and wholesalers," news.com.au relays.
As a result, Brosa "removed importers, wholesalers and high-end
stores from the equation, opting for a completely in-house team
that manages the Brosa brand".
About Brosa Design
Brosa Design is a Melbourne-based digital furniture and homewares
retailer. The start-up was launched by CEO Ivan Lim along with
co-founders David Wei and Richard Li in 2014. It had more than 60
employees.
On Dec. 14, 2022, Brosa went into voluntary administration,
appointing Richard Tucker and Michael Korda of KordaMentha as
voluntary administrators.
LOMANDRA NOMINEES: First Creditors' Meeting Set for Feb. 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lomandra
Nominees Pty Ltd will be held on Feb. 2, 2023, at 10:00 a.m. via
videoconference facilities only.
David Trim and Brent Kijurina of Hall Chadwick were appointed as
administrators of the company on Jan. 20, 2023.
OZ CORP: First Creditors' Meeting Set for Feb. 1
------------------------------------------------
A first meeting of the creditors in the proceedings of Oz Corp
Building Solutions Pty. Ltd. will be held on Feb. 1, 2023, at 11:00
a.m. via virtual meeting only.
Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were
appointed as administrators of the company on Jan. 20, 2023.
REVOLUTION ROOFING: Owes AUD70M to 530 Creditors
------------------------------------------------
News.com.au reports that South Australian manufacturer Revolution
Roofing that launched over a decade ago could be one of the state's
biggest corporate insolvencies as it was revealed it collapsed
owing a whopping AUD70 million to 530 creditors.
Another casualty was the collapse of its sister company Nexteel,
which produced pre-painted steel, and went under owing AUD18
million to 130 creditors, news.com.au relates.
The failure of both companies has left 200 employees with AUD3.2
million in outstanding unpaid entitlements, including
superannuation, although the companies continue to trade.
Creditors include ASX-listed finance company Earlypay, which is
owed close to AUD29 million, a bill of AUD8.7 million pending to
the Australian Taxation Office and AUD4 million for the Japanese
industrial conglomerate Mitsui & Co, news.com.au discloses.
The soaring cost of steel, supply chain disruptions as a result of
Russia's invasion of Ukraine and global instability were blamed for
the company's collapse, the report says.
According to news.com.au, potential buyers are being sought for the
business, while company director John Easling is proposing to take
control back of the company under a deed of company arrangement
(DOCA).
News.com.au relates that administrator Glenn Franklin from PKF said
the DOCA would outline a restructure plan for the companies but
would require the approval of creditors.
"We continue our role as administrators and the director has
indicated that it remains his intention to submit a deed of company
arrangement proposal for creditors to consider as part of the
voluntary administration," he told The Australian.
"The receivers and managers are also conducting a sale of business
campaign concurrently with offers to be received by January 31,
2023.
"A further report to creditors will be sent out in the coming weeks
once a DOCA proposal is received."
Revolution Roofing has manufacturing sites in Adelaide and Perth
that supply processed steel roofing, fencing, cladding and other
products into the residential and commercial markets and has been
operating since 2009.
SAPPHIRE XXI 2019-1: Moody's Raises Rating on Class F Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on six classes
of notes issued by two Sapphire residential mortgage-backed
securities (RMBS).
The affected ratings are as follows:
Issuer: Sapphire XXI Series 2019-1 Trust
Class D Notes, Upgraded to Aa3 (sf); previously on Jun 23, 2022
Upgraded to A1 (sf)
Class E Notes, Upgraded to Baa1 (sf); previously on Jun 23, 2022
Upgraded to Baa2 (sf)
Class F Notes, Upgraded to Ba1 (sf); previously on Jun 23, 2022
Upgraded to Ba2 (sf)
Issuer: Sapphire XXII Series 2019-2 Trust
Class D Notes, Upgraded to Aa2 (sf); previously on Jun 23, 2022
Upgraded to Aa3 (sf)
Class E Notes, Upgraded to A2 (sf); previously on Jun 23, 2022
Upgraded to Baa1 (sf)
Class F Notes, Upgraded to Baa3 (sf); previously on Jun 23, 2022
Upgraded to Ba1 (sf)
RATINGS RATIONALE
The upgrades were prompted by an increase in the credit enhancement
available to the affected notes and collateral performance, with no
or a low level of losses, to date.
Sapphire XXI Series 2019-1 Trust
Following the December 2022 payment date, note subordination
available for Class D, Class E and Class F has increased to 8.9%,
6.7% and 4.9% respectively, from 8.1%, 5.9% and 4.1% at the last
rating action for these notes in June 2022.
As of November 2022, 30-plus day and 90-plus day delinquent loans
were 10.3% and 5.9% of the outstanding pool. The pool has incurred
0.2% (as a percentage of the original pool) of losses to date,
which have been covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 3.3% of the
outstanding pool (equivalent to 1.1% of the original pool) from
3.1% of the outstanding pool as of the last rating action in June
2022.
Moody's has increased its MILAN CE assumption to 16% from 15.5%
since the last rating action in June 2022, based on the current
portfolio characteristics.
Sapphire XXII Series 2019-2 Trust
Following the December 2022 payment date, note subordination
available for Class D, Class E and Class F has increased to 8.1%,
5.3% and 4.1% respectively, from 7.2%, 4.5% and 3.3% at the last
rating action for these notes in June 2022.
As of November 2022, 30-plus day and 90-plus day delinquent loans
were 7.0% and 2.4% of the outstanding pool. The pool has incurred
no losses to date.
Based on the observed performance to date and loan attributes,
Moody's has increased its expected loss assumption to 2.7% of the
outstanding pool (equivalent to 0.9% of the original pool) from
2.5% of the outstanding pool as of the last rating action in June
2022.
Moody's has lowered its MILAN CE assumption to 12.5% from 13% since
the last rating action in June 2022, based on the current portfolio
characteristics.
The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated by Bluestone Group Pty
Limited, an Australian non-bank mortgage lender. A significant
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or made on a limited documentation
basis.
The principal methodology used in these ratings was 'Moody's
Approach to Rating RMBS Using the MILAN Framework' published in
July 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.
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C H I N A
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COUNTRY GARDEN: Repays US$625 Million Offshore Debt
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Reuters reports that China's Country Garden had some rare good news
for the cash-squeezed property sector with an offshore debt
repayment on Jan. 17, but a closer look reveals just how much
developers may still struggle to access capital, developers and
analysts said.
China's largest developer by sales said it repaid its 4.75% dollar
bonds with outstanding principal totalling $625 million. The
payment was due on Jan. 17, Reuters notes.
According to Reuters, the transaction was made possible in part by
the government's aggressive support measures late last year for the
crisis-hit property sector, which accounts for one-fourth of the
world's second-largest economy and has been hobbled by souring
demand and mounting debt defaults.
But China's developers face an even more daunting wall of offshore
bond maturities in 2023, and the support policies are so far
largely limited to a relatively few healthy "performing"
developers, with broader improvements in sector sales and liquidity
expected only towards the second half of this year, Reuters
relates.
Reuters says the next few months could therefore find more
developers starting to miss offshore debt obligations, while many
developers that have already defaulted will continue struggling to
pin down a restructuring plan for viable long-term repayments.
"The prices of the (performing) developers' upcoming dollar bonds
are trading close to par, suggesting that investors remain sanguine
about their near-term liquidity," said CreditSights, a credit
researcher under Fitch, notes the report. "However, few have
provided detailed refinancing plans, so there is still a chance
that negative surprises could emerge."
This year, Chinese developers' maturing offshore debt will total
$141 billion, up from $120.7 billion in 2022, Reuters discloses
citing Refinitiv data. The figure represents the amount at issue
and does not reflect redemptions and defaults.
Country Garden, the largest offshore debt issuer among performing
Chinese developers with $10 billion worth of dollar bonds
outstanding, had access to funds not available to most of the
developers that must repay those debts, according to Reuters.
Since November, it has completed two rounds of share placements in
Hong Kong, raising HK$8.6 billion ($1.10 billion), Reuters relates.
It also secured a $280 million loan from the Hong Kong unit of
Industrial and Commercial Bank of China and an HK$5.1 billion
interest-free loan from its controlling shareholder Yang Huiyan.
And even Country Garden had to secure an additional guarantee from
a state-owned firm in the southern city of Foshan, where it is
based, when it raised two mid-term notes last year totalling CNY3.5
billion ($516 million).
Beijing's expanded onshore bond issuance programme, part of the
support measures, provides guarantees from state-owned China Bond
Insurance and allows the proceeds to be used for offshore bond
repayment, but it requires the issuer to put up unpledged and
quality assets as collateral, Reuters notes.
About Country Garden
Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'. The negative
outlook on Country Garden reflects the risk that the company's
liquidity buffer and leverage could further deteriorate due to
weaker sales and a high amount of construction expenditure.
OCEANWIDE HOLDINGS: Bank Sues Over US$1 Billion Loan Dispute
------------------------------------------------------------
Zhang Ziyu and Liu Ran at Caixin Global reports that China Minsheng
Banking Corp. Ltd., the country's largest privately owned lender by
assets, is suing developer Oceanwide Holdings Co. Ltd. and its de
facto controller property tycoon Lu Zhiqiang over a CNY7 billion
(US$1 billion) loan dispute.
According to Caixin, the bank's Beijing branch has filed a lawsuit
against Oceanwide, Lu and two property developers based in the
central Chinese city of Wuhan. The firms, namely Wuhan Centre
Building Development Investment Co. Ltd. and Wuhan CBD Co. Ltd.,
failed to repay debts of CNY3.97 billion and CNY3.05 billion,
respectively, China Minsheng said in a Jan. 20 stock exchange
filing.
Oceanwide and Lu guaranteed the loans and are now on the hook to
cover the outstanding liabilities. The lawsuit has been accepted by
the Beijing Financial Court, according to the filing cited by
Caixin.
It has become common to see creditors pursuing developers for
unpaid debt in China as the country's real estate sector continues
to suffer from a liquidity crunch, the report says. Triggered in
mid-2021 by a series of high-profile defaults, scores of Chinese
property companies have missed bond and loan repayments and
consequently been cut off from much-needed funding sources. The
country's housing market remains in the doldrums, despite
government support and hundreds of billions of dollars in
state-backed investment.
Lu, who founded and chairs China Oceanwide Holdings Group Co. Ltd.,
Oceanwide's parent, is also a vice chairman of Minsheng Bank, the
report notes. As of June 2022, the conglomerate and its related
companies had CNY21.2 billion of outstanding loans with the
Shanghai and Hong Kong-listed lender.
China Oceanwide and related entities also own a 5.8% stake in
Minsheng Bank. Some 70.5% of that has been frozen, according to a
filing on Jan. 19, Caixin relates.
Wuhan Centre Building Development Investment and Wuhan CBD took out
loans of CNY4 billion in 2018 and CNY3.07 billion in 2020 from the
lender's Beijing branch, respectively. It secured them with land
and construction projects.
Minsheng Bank is seeking the priority right to repayment of the
mortgaged properties, or the proceeds from auction or sale of them,
according to the Jan. 20 filing, adds Caixin.
Oceanwide Holdings Co Ltd is a China-based company principally
engaged in the development and distribution of real estates and the
provision of financial services. The Company operates four business
segments. The Real Estate Business segment is engaged in real
estate development and construction, property leasing, real estate
investment, decoration projects, real estate management and
property services, and its products include residences, apartments,
hotels, office buildings and large-scale complexes. The Financial
Business segment is engaged in securities, investment, futures,
insurance, trust and financial information service businesses. The
Capital Investment Business segment is engaged in strategic
investment business. The Energy Power Business is engaged in the
construction and production of power projects. The Company mainly
conducts its businesses in the China market.
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I N D I A
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A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A E Infra
Projects Private Limited (AEIPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 11,
2021, placed the rating(s) of AEIPPL under the 'issuer
non-cooperating' category as AEIPPL 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. AEIPPL 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).
M/s AE Infra Projects Private Limited (AEIPL) was established in
the year 2009 as a private limited company by Mr. Rajesh Barot and
Mr. Mukesh Barot and is engaged into construction of civil
engineering projects such as in the field of Water supply,
Sewerage, Housing, BRTS and allied infrastructure works. AEIPL is a
Class I registered organization with Govt. of Maharashtra and Govt.
of Gujarat executing large turnkey projects in Water Supply, Waste
Water, Mass Housing with Cement Concrete Roads (CC road) etc. for
Govt. of Maharashtra & Govt. of Gujarat and Municipal corporations
and Govt. departments on EPC basis.
A. AUTOMOVERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. Automovers
Private Limited (AAPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (Issuer Not
Cooperating)
Inventory Funding 5 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with AAPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
AAPL, established by Mr B S Talwar is an authorised automobile
dealer for M&M. The firm operates two showrooms under the 3S format
in Lucknow.
A. S. SONJE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. S. Sonje
Associates (ASSA) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 3.75 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 1.75 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Bank 1 CRISIL B+/Stable (Issuer Not
Guarantee Cooperating)
Proposed Cash 1 CRISIL B+/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with ASSA for
obtaining information through letters and emails dated October 21,
2022 and December 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ASSA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASSA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASSA continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
ASSA was established in 2016 as a partnership firm by members of
the Nashik, Maharashtra-based Sonje family. It mainly undertakes
construction of roads.
AAISHNI PHARMACEUTICALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Aaishni Pharmaceuticals Private Limited
3-Aashirwad, 51- Vallabh Nagar N S Road No-2,
JVPD, Vileparle West Mumbai, Pin-code-400056
Insolvency Commencement Date: January 6, 2023
Estimated date of closure of
insolvency resolution process: July 4, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Vinodkumar Pukhraj Ambawat
Room No. 40, 9/15 Morarji Velji Bldg,
1st Floor, Dr. M. B. Velkar Street,
Kalbadevi Road, Mumbai-400002, Maharashtra
Email: vinod.ambawat@ajallp.com
Orion Resolution & Turnaround Private
Limited
(Formerly known as Areion Resolution &
Turnaround Private Limited)
811, Meadows Sahar Plaza
Sub Plot A Bldg No. 6 AK Road
Next to Kohinoor Continental Mumbai-400069
Email: cirp.aaishnipharma@gmail.com
Last date for
submission of claims: January 23, 2023
AAROHI CONSTRUCTIONS: CARE Lowers Rating on INR11cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Aarohi Constructions Private Limited (ACPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 12,
2021, placed the rating(s) of ACPL under the 'issuer
non-cooperating' category as ACPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ACPL
continues to be 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).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers the small
scale of operations, low profitability and high overall debt in
FY22 over FY21.
Aarohi Constructions Pvt. Ltd. (ACPL), incorporated in 1986, was
promoted by Late. Mr Subhash Jain. After him, his son Mr. Manish
Jain (Managing Director) took over the management of the company in
1997. ACPL is engaged in development of residential and commercial
real estate projects.
ABU ESTATE: CARE Lowers Rating on INR13.30cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Abu Estate Private Limited (AEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. Had, vide its press release dated November 30,
2021, placed the rating(s) of AEPL under the 'issuer
non-cooperating' category as AEPL 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. AEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 16, 2022, October 26, 2022, November 5,
2022 and January 13, 2023.
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 AEPL have been
revised on account of delays in debt servicing recognized from
Audit Report of FY22, available from registrar of the companies.
Abu Estate Private Limited (AEPL) was incorporated on March 25,
1985 as a private limited company by Mr. N.A. Abu Thahir (Director)
and Mrs. Razia Banu (Director). The company has its registered
office located at Chennai and is engaged in hospitality business
and offers services in the area of restaurants, bar, banquet hall,
rooms, and coffee shop. AEPL has its hotel named Abu Sarovar
Portico located at Poonamalle High road, Chennai.
ADINATH SORTEX: CRISIL Lowers Rating on INR7cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Adinath Sortex (Adinath) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with Adinath for
obtaining information through letters and emails dated October 21,
2022 and December 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Adinath, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Adinath is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Adinath Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
Adinath, set up in 2013, processes and sorts various
agro-commodities such as wheat, maize and soya bean meal, and sells
it under the brand names of Rumali Roti, YES BOSS and Missi Roti.
It is promoted by Mr Shobhag Mal Chajjed and Mr Pankaj Sancheti.
The firm has a processing and sorting plant at Nimbahera,
Rajasthan.
AGARWAL COMPANY: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agarwal
Company (AC) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 22 CRISIL A4 (Issuer Not
Cooperating)
Bank Guarantee 4 CRISIL A4 (Issuer Not
Cooperating)
Secured Overdraft 8 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with AC for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AC
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Established in 1980, AC is a partnership firm of Mr Manoj Agarwal
and Mr Vikas Agarwal. AC is a class 'A' government approved civil
contractor, which undertakes projects related to civil construction
and structural work for public infrastructure and residential
buildings. Its registered office is in Lucknow, Uttar Pradesh.
AMAR ENTERPRISES: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amar
Enterprises (Amar) continue to be 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Issuer Not
Cooperating)
Overdraft Facility 3.5 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Amar for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Amar, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Amar
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Amar continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amar is a proprietorship firm and was established in the year 1984
by Mr Mana Ram Bishnoi. The firm is engaged in civil construction
and executes projects for state government authorities such as PWD,
Jodhpur Development Organisation (JDA) and Rajasthan Housing Board
(RHB). The scope of construction encompasses construction of
Residential Complexes, Buildings and road construction. It is AA
class contractor (registered with PWD) and is based out of Jodhpur
(Rajasthan).
AMITY LEATHER: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amity Leather
International (ALI) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating)
Export Packing 2.9 CRISIL B/Stable (Issuer Not
Credit Cooperating)
Export Post- 6.1 CRISIL A4 (Issuer Not
Shipment Credit Cooperating)
CRISIL Ratings has been consistently following up with ALI for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ALI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALI continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Set up as a partnership by Mr L B Kolte and Mr U C Singh in 1979,
ALI manufactures and exports leather footwear for women and
children. Office is in Mumbai.
AMKAP MARKETING: CRISIL Lowers Rating on INR6cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Amkap
Marketing Private Limited (AMPL) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 6 CRISIL B /Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
Incorporated in 1998 and promoted by Mr Narendra Kumar Agarwal and
Mr Satish Kumar Singhal, AMPL manufactures and trades in
petrochemical products such as hydrocarbon mixture I, II, and III
grade. Facility in Raebareli, Uttar Pradesh, has installed capacity
of 120 kilolitre per day.
ANNALAKSHMI CATERING: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Annalakshmi
Catering Services Private Limited (ACSPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 40 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ACSPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ACSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACSPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 1996 in Chennai (Tamil Nadu), ACSPL is engaged in
providing catering services to various customers including
companies in the state. Day-to-day operations are managed by Mr
Natarajan Aravind, Mr. Chandrasekaran and Mrs.Padma.
ANPRAS FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anpras Food
Products Private Limited (AFPPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Import Letter of 0.60 CRISIL A4 (Issuer Not
Credit Limit Cooperating)
Term Loan 2.60 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AFPPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AFPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AFPPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
AFPPL, incorporated in 2012, has set up a rice milling facility at
Ranchi, Jharkhand, which commenced commercial operations in April
2013. Managing director Mr M K Singh oversees its operations.
AROGYA HOSPITAL: CRISIL Lowers Rating on INR8.29cr Cash Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Arogya
Hospital and Research Centre (AHRC) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.29 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with AHRC for
obtaining information through letters and emails dated October 21,
2022 and December 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AHRC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AHRC Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
AHRC was established in 2012 as a partnership firm by Dr. Mahendra
Nath Saikia, Dr. Rituraj Boruah, Dr. Gautam Kumar Das, Dr. Diganta
Choudhury and Dr. Plawan Mazumder. The firm runs a 50-bed
multispecialty hospital in Bongaigaon, Assam. The hospital
commenced operations in fiscal 2019, and offers medical facilities
such as gynaecology, ENT, paediatrics, urology, and general
surgery.
B B MINERALS: CARE Lowers Rating on INR5cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
B B Minerals And Metals (BBMM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 30,
2021, placed the rating(s) of BBMM under the 'issuer
non-cooperating' category as BBMM 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. BBMM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 15, 2022, November 25, 2022, December
5, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
BBMM is a Nagpur based proprietorship firm established in August
2009. The firm is majorly engaged in trading of ferroalloys, coal
and minerals with its storage facilities located at Nagpur and
Gujarat. The firm also derives the minor component of the revenue
from the processing of ferroalloys at its processing facility.
BALAJI AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji Agro
Products - Chandrapur (BAP) continue to be 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Short Term 4 CRISIL A4 (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BAP for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAP continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Formed in 2006, Chandrapur based BAP, a partnership is engaged in
into processing and milling of non-basmati rice.
BALAJI FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Balaji
Food Products (BFP) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.10 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
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 9,
2021, placed the rating(s) of BFP under the 'issuer
non-cooperating' category as BFP 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. BFP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 25, 2022, January 9, 2023, January 10,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in February 2017, Balaji Food Products (BFP) was
promoted by the Agarwal family of Sambalpur, Odisha to set up rice
milling and processing plant in the state of Odisha. The firm has
successfully setup its rice milling and processing plant and has
started commercial operations at its plant from January 29, 2018.
The rice milling and processing plant of the firm is located at
Subarnapur, Odisha with an aggregate paddy processing capacity of
19,200 metric tonnes per annum. The firm is mainly engaged in
custom milling of paddy for Orissa State Civil Supplies Corporation
Limited. Apart from custom milling, the firm is also engaged in
rice milling for its own.
DEV AUTOMATES: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dev
Automates Private Limited (DAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 12,
2021, placed the rating(s) of DAPL under the 'issuer
non-cooperating' category as DAPL 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. DAPL
continues to be noncooperative 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).
Haryana based, Dev Automates Private Limited (DAPL) was
incorporated on July 25, 2006 and is currently being managed by
Jaivir Dhankar. The company is engaged in manufacturing of
auto-components for two wheelers which DAPL sells to original
equipment manufacturers.
DUGGAL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Duggal
Automobiles (DA) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 1,
2021, placed the rating(s) of DA under the 'issuer non-cooperating'
category as DA 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. DA 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).
Duggal Automobiles (DA), based in Gurdaspur, Punjab, was
established as a proprietorship concern by Mr. Navneet Kumar Duggal
in 1980. DA is the authorized dealer of Hero MotoCorp Limited
(Two-wheeler division) with its office located in Gurdaspur,
Punjab.
FARMICO COLD: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Farmico Cold
Chain Private Limited (FCCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with FCCPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FCCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FCCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Incorporated in 2000 and promoted by Mr Prakash Wadhwani, WPCS
operates a cold storage unit at Nagpur, Maharashtra. The company
provides cold storage and banana-ripening facilities to various
farmers and traders.
GANGA BUSINESS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ganga Business Private Limited
Shop No. 1, H. No. 3318,
First Floor, Bank Street,
Karol Bagh, New Delhi,
Central Delhi-110005 India
Insolvency Commencement Date: December 22, 2022
Estimated date of closure of
insolvency resolution process: June 20, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Ms. Deepa Gupta
B-2/110, Sector-16,
Rohini, North East Delhi,
Delhi - 110089.
Email: advocate.deepa.gupta@gmail.com
Email: ip.gangabusiness@gmail.com
Last date for
submission of claims: January 21, 2023
GLOBAL INFRATECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Global Infratech & Finance Limited
Office no. 16, Ground Floor,
Rukmani Purushottam no. 21 J.P Road,
Andheri West Mumbai-400058 MH
Insolvency Commencement Date: November 25, 2022
Estimated date of closure of
insolvency resolution process: May 24, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Deepak Sarupana
210, Hubtown Viva Off. W.E Highway,
Near Shankar Wadt, Jogeshwan (E),
Mumbai 400060, MH
Email: globalinfratech.cirp@gmail.com
dsarupana@hotmail.com
Last date for
submission of claims: January 20, 2023
HANS RAJ: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hans Raj
Agros Private Limited (HRAPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 10.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of HRAPL under the 'issuer
non-cooperating' category as HRAPL 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. HRAPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 4, 2022, October 14,
2022, October 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hans Raj Agros Private Limited (HRA) was incorporated in April 1996
and is currently being managed by Mr. Subhash Chander Kamra, Mrs.
Kanta Kamra, Mr. Rahul Kamra and Mr. Ranjam Kamra. The company is
engaged in processing of paddy at its manufacturing facility
located in Fazilka, Punjab with an installed capacity of processing
67,000 Tonnes of paddy per annum.
INTERDRIL ASIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Interdril Asia Limited
R 13 & 4, LGF, Ansal Chambers II,
6, Bhikhajikama Place, New Delhi
South Delhi DL 110066 India
Insolvency Commencement Date: December 22, 2022
Estimated date of closure of
insolvency resolution process: June 20, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Jitendrakumar Budhalal Shah
Flat 1A, Shivkrupa H Wing, Old Nagardas Road,
Andheri (East), Mumbai City,
Maharashtra-400069
Email: jeetu_ca@rediffmail.com
1221, Maker Chamber V,
Nariman Point, Mumbai – 400021
Email: cirp.interdrilasia@gmail.com
Last date for
submission of claims: January 20, 2023
LA-TRENDZ FABRICA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: La-Trendz Fabrica Private Limited
29, Apurva Industrial Estate,
Makwana Raod Off. Andheri Kurla Road,
Andheri (East) Mumbai-400059
Insolvency Commencement Date: January 5, 2023
Estimated date of closure of
insolvency resolution process: July 4, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Anshul Gupta
410, 4th Floor, Blue Rose Industrial Estate,
Near Metro Mall, Borivali East, Mumbai City,
Maharashtra, 400066
Email: contactanshulgupta@gmail.com
410, 4th floor, Bluerose Industrial Estate,
Near Metro Mall and Tata Power petrol pump,
Western Express Highway, Borivali (east)- 400066
Email: latrendz.ibc@gmail.com
Last date for
submission of claims: January 24, 2023
LAKSHMI MINI: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Lakshmi Mini Rice Mill (SLMRM) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.53 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.71 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 7,
2021, placed the rating(s) of SLMRM under the 'issuer
non-cooperating' category as SLMRM 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. SLMRM continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 23, 2022, November 2,
2022, November 12, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sri Lakshmi Mini Rice Mill (SLMRM) was established in August 1998.
The firm is engaged in milling of rice and rice bran. The milling
unit of SLMRM is located at Indas, District- Bankura in West Bengal
with a paddy processing capacity of 14400 MTPA. SLMRM procures
paddy from farmers & local agents and sells its finished products
through the wholesalers and brokers located in West Bengal. The
firm mills non-basmati parboiled rice from paddy.
MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maruti
Granites and Marbles Private Limited (MGMPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of MGMPL under the 'issuer
non-cooperating' category as MGMPL 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. MGMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 9, 2022, October 19,
2022, October 29, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Maruti Granites and Marbles Private Limited (MGMPL), incorporated
in 1987, is promoted by Udaipur (Rajasthan) based Rajgarhia family.
MGMPL is engaged in the business of marble processing with its
processing facility located at Sukher, Udaipur, Rajasthan having
processing capacity of 2,00,000 sq ft per month to process marble
slabs and tiles. The company procures marbles slabs and tiles from
domestic market including purchase from its group concern and
imports from Italy and Turkey. It sells its product in domestic
market as well as export to other countries.
MIGHTY AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mighty Auto
Wheels Private Limited (MAWPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 12,
2021, placed the rating(s) of MAWPL under the 'issuer
non-cooperating' category as MAWPL 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. MAWPL 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).
Incorporated in 2016, Mighty Auto Wheels Private Limited (MAWPL) is
promoted by Mr. Parminder Tewatia and Mr. Samresh Singh. MAWPL is
engaged in the dealership of passenger and commercial vehicle of
Mahindra and Mahindra Limited (M&ML) on Haridwar and provide
provides 3S services (Sales, Spares and Services). The operations
of the company commenced from April 2017. Company also undertakes
servicing of passenger vehicle work. MAWPL is another group of A to
Z Developers Limited and A to Z Auto Wheels Private Limited,
managed by Mr. Parminder Tewatia.
MOTHERS PRIDE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mothers Pride Education Personna Private Limited
F-23, Market Pkt. B-4,
Keshav Puram Lawrence Road,
Landmark LSC Mkt, Shopping Complex,
New Delhi-110035
Insolvency Commencement Date: January 4, 2023
Estimated date of closure of
insolvency resolution process: July 3, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Ganga Ram Agarwal
14254, ATS One Hamlet,
Sector 104, Noida, Gautam Buddha Nagar,
Uttar Pradesh - 201301
Email: ganga.manjuagarwal@gmail.com
AAA Insolvency Professionals LLP,
E-10A, Upper Ground Floor, Kailash Colony,
Greater Kailash, New Delhi – 110048
Email: motherspridepersonna.ibc@gmail.com
Last date for
submission of claims: January 18, 2023
NAGAI POWER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Nagai Power Private Limited
6-3-11009/A/1, IIIRD Floor,
Navabharat Chambers,
Hyderabad, Telengana-500082
Insolvency Commencement Date: January 9, 2023
Estimated date of closure of
insolvency resolution process: July 7, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Krishna Komaravolu
House No. 7-1-214, Flat No. 409,
Vamsikrishna Aprtments,
Dharam Karan Road,
Ameerpet Hyderabad-500016
Email: kkvolu@gmail.com
Email: irp.nagaipower@gmail.com
Last date for
submission of claims: January 23, 2023
NAV BHARAT: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nav Bharat
Trading Company (NBTC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 10.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 13,
2021, placed the rating(s) of NBTC under the 'issuer
non-cooperating' category as NBTC 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. NBTC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 29, 2022, November 8, 2022, November 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).
Allahabad based Nav Bharat Trading Company (NBTC) is a partnership
firm established in April, 1999 and is currently being managed by
Mr. Bhishm Singh, Mr. Srikant Singh, Mr. Ajai Pal Singh and Mrs.
Shashi Kala Singh. The firm is engaged in civil construction works
such as construction of roads, highways and buildings only for
government departments. In order to get the business, firm has to
participate in bids/tenders floated by government. The raw
materials namely, bricks, sand, cement, steel, tiles, plywood, tar
etc. which the firm procures from various domestic manufacturers
and wholesalers.
PRAVARA RENEWABLE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Pravara Renewable Energy Limited
3rd floor, Plot No. 3/8, Hamilton
House J. N. Heredia Mar,
Ballard Estate Mumbai
Maharashtra - 400038
Insolvency Commencement Date: January 6, 2023
Estimated date of closure of
insolvency resolution process: July 5, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Sandeep Jawaharlal Singhal
313/314, Giri Shikhar CHS,
Plot No. 88-91,
Opposite Goenka Hall, JB Nagar,
Andheri (East) Mumbai - 400059
Email: sandeepjsinghal@hotmail.com
410, 4th Floor, Bluerose Industrial Estate,
Near Metro Mall, Western Express Highway,
Borivali east, Mumbai-400066,
Email: pravaraibc@gmail.com
Last date for
submission of claims: January 22, 2023
PRAXIS DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Praxis Developers India Private Limited
847, 8th Floor, JMD Megapolis,
Sector 48 Sohna Road
Gurgaon Haryana - 122017
Insolvency Commencement Date: January 6, 2023
Estimated date of closure of
insolvency resolution process: June 5, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Sudhir Kalra
E-93 Greater Kailash I,
New Delhi - 110048,
Email: kalra.adv@gmail.com
Email: rp.pdipl@gmail.com
Last date for
submission of claims: January 20, 2023
R.K.I. BUILDERS: CARE Lowers Rating on INR15.0cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
R.K.I. Builders Private Limited (RBPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-
Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE A4
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 16,
2023, placed the rating(s) of RBPL under the 'issuer
non-cooperating' category as RBPL 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. RBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 20, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of RBPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information as well as lender's feedback.
Incorporated in April 2003 as a Private Limited Company, RKI
Builders Private Limited (RBPL) was promoted by Mr. A. Rajendra
Prasad (Managing Director), Mr. T. Satish Kumar (Director) and Mr.
K. Sridhar Reddy (Director). RKI is an ISO 9001:2008 certified
company and focuses on construction projects for the government and
public sector entities and trading of construction material
(majorly steel and cement). During FY15, total operating income
constituted 75% from civil construction works and rest 25% from
trading of raw material.
R.N.K. AGRO: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of R.N.K.
Agro And Chemicals Private Limited (RNK) to 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with RNK for
obtaining information through letters and emails dated December 27,
2022 and December 31, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RNK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RNK
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RNK to 'CRISIL B+/Stable Issuer not
cooperating'.
RNK, incorporated in 1997, initially operated as a rice mill. Since
2006, the company has been engaged in trading aqua feeds purchased
from REPL. RNK is a marketing and distribution arm for REPL.
RADHE FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Radhe
Foods Product (SRFP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 24,
2021, placed the rating(s) of SRFP under the 'issuer
non-cooperating' category as SRFP 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. SRFP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 9, 2022, January 3, 2023 and January 5,
2023.
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).
Shri Radhe Foods Product (SRFP) is a proprietorship firm
established by Mr. Gopal Agrawal in 2015.The firm is engaged in
milling and processing of non-basmati rice. SRFP is operating from
its sole manufacturing plant located at Gondia (Maharashtra).
Further the firm is also engaged in sorting of rice at its plant.
S.K. FOODS: CRISIL Reaffirms B+ Rating on INR14.5cr Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank facilities of S.K. Foods (SKF).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect firm's modest scale of operations
and weak financial risk profile. These weaknesses are partially
offset by the extensive experience of partners that support the
business risk profile of the company.
Analytical Approach
Unsecured loans of INR4.89 crore as on March 31, 2022 has been
treated as neither debt nor equity as these are from partners and
are expected to remain in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Scale of operations continues to
remain modest as reflected in revenue at INR113 crore in fiscal
2022 and therefore, constraining cost efficiencies. Revenue has
also remained modest owing to the intense completion faced by the
company from large players which limits the bargaining power with
the customers and suppliers. However, the company has booked
revenue of INR66 crores till November 2022 and is expecting to book
over INR120-125 crores by the end of current fiscal. Going forward,
sustained and significant improvement in revenue leading to overall
improvement in business risk profile will remain a key
monitorable.
* Weak financial risk profile: The financial risk profile of the
company is reflected by modest capital structure with networth at
INR4.6-4.7 crore and high gearing at over 3 times expected as on
March 31, 2023. Debt-protection metrics stood modest with interest
coverage and net cash accruals to adjusted debt ratios at 1.5-1.6
times and 0.03-0.05 times, respectively expected as on March 31,
2023. Financial risk profile is expected to improve over the medium
term in the absence of any debt-funded capex.
Strength:
* Extensive experience of partners: The partners have an experience
of over two decades in the rice milling industry has enabled them
to build an in depth understanding of the dynamics of the market as
well as the industry. Hence, they have been able to establish
healthy relationship with suppliers and customers. This has also
supported the revenue growth at a CAGR of 5-6% over the past 3
fiscals ended fiscal 2022 to INR113.8 crore. This will continue to
support the business risk profile of the company over the medium
term.
Liquidity: Stretched
Bank limit utilization is high at around 93% for the past 12 months
ended October 2022. Cash accruals are expected to be around
INR0.7-0.75 crores which are sufficient against minimal repayment
obligation of INR0.04-0.05 crores over the medium term. In
addition, it will be act as cushion to the liquidity of the
company. Current ratio is moderate at 1.31 times on March 31, 2022.
Further, liquidity will also remain supported by unsecured loans
from partners.
Outlook: Stable
CRISIL Ratings believes the company will continue to benefit over
the medium term from promoters' strong track record.
Rating Sensitivity factors
Upward factors
* Sustained improvement in scale of operations along with steady
operating margins leading to higher net cash accruals
* Improvement in financial risk profile with gearing of less than
1.5 times
Downward factors
* Decline in revenue or operating margins to below 1% leading to
lower cash accruals
* Sizeable stretch in working capital cycle thereby impacting
financial risk profile
Established in 2015, S.K. Foods (SKF) is a partnership firm between
Mrs. Bhawna Singla and Mr. Dinesh Kumar. It mills and processes
basmati rice and has its manufacturing unit at Nissing in district
Karnal (Haryana) with capacity of 10 tons per hour (tph). It has
commenced operations from December 2015.
SANCTUS GLOBAL: CARE Lowers Rating on INR6.97cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sanctus Global Formulations Limited (SGFL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.97 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 11,
2021, placed the rating(s) of SGFL under the 'issuer
non-cooperating' category as SGFL 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. SGFL
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).
The ratings have been revised on account of non-availability of
requisite information. The revision also considers the small scale
of operations as well as net loss reported in FY22 over FY21.
Sanctus Global Formulations Limited (SGFL) was incorporated in
October, 2008 by Mr. Shaikh Janimiya and Mrs. Shaikh Thahera at
Chandigarh. In April, 2018 the name of the company was changed to
its present name from Crescent Therapeutics Limited. However, in
February 2017, the business was taken over by Joshi family from
Shaikh family. SGFL is engaged in the business of manufacturing of
pharmaceutical formulation. The company has established its plant
at Baddi, Himachal Pradesh.
SARASWATHI EDUCATIONAL: CARE Cuts Rating on INR14.65cr Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Saraswathi Educational Society (SSES), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.65 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 15,
2021, placed the rating(s) of SSES under the 'issuer
non-cooperating' category as SSES 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. SSES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 1, 2022, October 11, 2022, October 21,
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 SSES have been
revised on account of non-availability of requisite information.
Sri Saraswathi Educational Society (SSES) is registered under
society's registration act 1935. SSES was established in 2008 by
the members. SSES presently runs one college under the name
'Srinivasa Institute of Engineering and Technology' (SIET) college
at Amalapuram, East Godavari, Andhra Pradesh. SIET is recognized by
AICTE and affiliated to Jawaharlal Nehru 3 CARE Ratings Limited
Technological University, Kakinada (JNTU). SIET was rewarded with
'A Grading' rating by Andhra Pradesh government. SIET is certified
ISO 9001:2015 by BMQR and accredited by NACC with 'A' grade on May
2, 2017.
SATELLITE CABLES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Satellite Cables Private Limited
A-36, IInd Floor, Rajouri Garden,
New Delhi-110027, India
F-626, Ind. Area Bhiwadi,
Bhiwadi, Alwar, Rajasthan-301019
Insolvency Commencement Date: January 3, 2023
Estimated date of closure of
insolvency resolution process: July 2, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Santanu Kumar Samanta
C-170 Golf View Apartments,
Saket, New Delhi-110017
Email: santanukumar@yhaoo.com
Email: cirp.satellitecables@gmail.com
Last date for
submission of claims: January 19, 2023
SATYA PAL: CARE Keeps B- Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Satya Pal
Kapoor and Sons (Unit -Amrit Silk Stores) (SPKSSS) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.44 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 3.96 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.51 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 13,
2021, placed the rating(s) of SPKSSS under the 'issuer
non-cooperating' category as SPKSSS 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. SPKSSS continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 29, 2022, November 08,
2022, November 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).
Varanasi, Uttar Pradesh based Satya Pal Kapoor and Sons (Unit -
Amrit Silk Stores) (SPKSSS) was established in year 1945 as a
partnership firm. The partners of the firm are Mr Yash Pal Kapoor,
Mrs Renu Kapoor, Mr Sameer Kapoor and Mr Vaibhav Kapoor sharing
profits and losses equally. The firm is currently managed by Mr
Yash Pal Kapoor, Mr Sameer Kapoor and Mr Vaibhav Kapoor. SPKSSS is
engaged in providing lease rental services in Varanasi.
SENTHIL TIMBER: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Senthil
Timber Traders (STT) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 10.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 15,
2021, placed the rating(s) of STT under the 'issuer
non-cooperating' category as STT 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. STT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 1, 2022, October 11, 2022, October 21,
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).
Senthil Timber Traders (STT) was established as a partnership
concern by Mr. A.K.S. Rajasekar, Mr. A.K.S. Kalyanakumar, Mr.
A.K.S. Madhavan, Mr. A.K.S. Sivakumar, Mr. A.K.S. Navaneethakannan
and Mr. R. Rajakani in 1968. SST is engaged in trading of timber
logs. The firm deals with Burma Teak, paddock, latin American teak
wood and Merbau variety of timber. The registered office of SST is
in Tenkasi, Tamil Nadu.
SHAKTI BHOG: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shakti Bhog Snacks Limited
1102-A, Pearls Business Park Netaji
Subhash Place, Pitampura,
Delhi - 110034 India
Insolvency Commencement Date: January 3, 2023
Estimated date of closure of
insolvency resolution process: July 2, 2023
Court: National Company Law Tribunal, Delhi Bench
Insolvency
Professional: Umesh Gupta
Ground Floor, 221-A/19,
Onkar Nagar B. Tri Nagar,
Delhi-110035
Email: umesh@vamindia.in
Unit No. 112, First Floor,
Tower-A, Spazedge Commercial Complex,
Sector-47, Sohna Road, Gurgeon-22018
Email: cirp.shaktibhog@gmail.com
Last date for
submission of claims: January 17, 2023
SHRI NATH RESEDENCI: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shri Nath Resedenci Private Limited
632, Raja Niwas Kalu Kunwa
Chaurahabanda Up 210001
Insolvency Commencement Date: January 5, 2023
Estimated date of closure of
insolvency resolution process: July 4, 2023
Court: National Company Law Tribunal, Bhopal Bench
Insolvency
Professional: Sajjan Kumar Dokania
25, Globus Fab city,
Kolar Road, Chuna Bhatti,
Near Suyash Hospital, Bhopal,
Madhya Pradesh, 462016
Email: sajjan_suman@hotmail.com
Email: shrinath.cirp@gmail.com
Last date for
submission of claims: January 19, 2023
SN CINEMA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: SN Cinema Advertising Private Limited
A 419 B, 4th Floor, Somdatt Chambers1
5Bhikaji Cama Place New Delhi
New Delhi DL1 10066
A-210 & A-211/5, IInd Floor, Somdatt Chambers1,
Bhikaji Cama Place New Delhi
New Delhi DL1 10066
Insolvency Commencement Date: January 3, 2023
Estimated date of closure of
insolvency resolution process: July 2, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Parveen Kumar Jain
501, Lane no 3A (Band Gali), Chanderlok,
Behind Sanatan Dharman Mandir, New Delhi
National Capital Territory of Delhi,
110093
Email: parveen_2817@yhaoo.com
Email: nclt.sncinema@gmail.com
Last date for
submission of claims: January 17, 2023
VALUE SOLAR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Value Solar Energy Private Limited
43B Okhla Industrial Estate,
New Delhi-110020
Insolvency Commencement Date: January 3, 2023
Estimated date of closure of
insolvency resolution process: July 2, 2023
Court: National Company Law Tribunal, New Delhi Bench- III
Insolvency
Professional: Mr. Shamsher Bahadur Singh,
48, Sidhartha Apartment, Behind Inder Enclave
Rohtak Road, Opposite Jwala Puri no. 5,
New Delhi- 110087
Email: shamsher_cs@yahoo.co.in
Last date for
submission of claims: January 19, 2023
VIDARBHA INDUSTRIES: Proposed IBC Changes May Reverse SC Order
--------------------------------------------------------------
The Economic Times of India reports that the government proposal to
amend the Insolvency and Bankruptcy Code (IBC), such that it
permits mandatory admission of insolvency applications filed by
financial creditors, is seen as a course correction after the
Supreme Court's judgment on Vidarbha Industries Power, an Anil
Ambani group company.
ET relates that the ministry of corporate affairs on Jan. 18
proposed that the adjudicating authority must admit an application
filed by a financial creditor, provided it was established that a
default was committed and that the other procedural requirement was
fulfilled. It has not defined the "other procedural requirement" in
the recommendations.
In a July 2022 order, Justices Indira Banerjee and JK Maheshwari of
the Supreme Court had dismissed Axis Bank's petition seeking to
admit Vidarbha for insolvency proceedings, stating that the IBC
gave the adjudicating authority discretionary power to admit or
reject admission despite a default, ET recalls. The discretion
stemmed from Section 7(5) of the Code, which says the tribunal "may
admit" a company.
The government is now attempting to remove that discretion if the
applicant is a financial creditor, ET says.
Prior to the Supreme Court order, it was a settled position under
Section 7 of the Code that the tribunal had to be satisfied of two
conditions: existence of debt and admission of default on the debt.
In Vidarbha's case, the apex court overruled the admission order
passed by the National Company Law Tribunal and the appellate
tribunal, saying that they did not use the discretionary power.
Many legal experts feared that the order would set a new precedent,
thus defeating the intent of the law, according to ET.
At least three applications were rejected by tribunals relying on
the Vidarbha order. These included Canara Bank's petition to admit
GTL and GTL Infrastructure, and State Bank of India's application
for Krishidhan Seeds.
VIJAYA ENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya Energy
Plus Private Limited (VEPPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 7.5 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VEPPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VEPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VEPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VEPPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
VEPPL was incorporated in 2005 by Mr K Vishwanath and his family.
The company undertakes electrification (low- and high-tension)
contracts for real estate projects, sub-station works, railways and
government bodies.
VITAL HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vital
Healthcare Private Limited (VHPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL A4 (Issuer Not
Cooperating)
Bill Negotiation 2 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Letter of Credit 5.72 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 34.78 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 2 CRISIL B+/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VHPL for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VHPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Incorporated in 1992, VHPL manufactures and markets pharmaceutical
formulations and healthcare products at its manufacturing facility
in Nashik (Maharashtra). Mr. Sachin Gandhi is a promoter of the
company with around two decades of experience in pharmaceutical
formulations industry.
VKN LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VKN Lakshmi
Agro Foods Private Limited (VKN) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 5 CRISIL B/Stable (Issuer Not
Cooperating)
Secured Overdraft 5 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with VKN for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VKN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VKN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VKN continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
VKN Lakshmi Agro Foods Private Limited (VKN) was incorporated in
the year 2015 in order to set up a dairy farm with 1000 cows and
sell organic milk. The company is based out of Chennai. VKNis
promoted by Mr. Natesan Krishnan and his family members and expects
to commence commercial operations from April 2017.
VRT LOGISTICS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of VRT Logistics
Solutions Private Limited (VRT) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft 6.50 CRISIL B/Stable (Issuer Not
Facility Cooperating)
CRISIL Ratings has been consistently following up with VRT for
obtaining information through letters and emails dated October 21,
2022 and December 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VRT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VRT continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2007 by Mr Ganapathy Vinoth Kumar and Mr
Ananthanavaki, VRT provides staff transportation services to
corporates in Chennai. The company has a fleet strength of around
700 vehicles, of which 200 are owned.
=====================
N E W Z E A L A N D
=====================
BOW TAG: Creditors' Proofs of Debt Due on Feb. 22
-------------------------------------------------
Creditors of Bow Tag NZ Limited are required to file their proofs
of debt by Feb. 22, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 22, 2022.
The company's liquidators are:
Thomas Lee Rodewald
Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road (PO Box 15543)
Tauranga 3144
EAZY BUILD: Court to Hear Wind-Up Petition on Feb. 2
----------------------------------------------------
A petition to wind up the operations of Eazy Build Limited will be
heard before the High Court at Auckland on Feb. 2, 2023, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 1, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way, Manukau City
Auckland 2104
MR DRAINAGE: Creditors' Proofs of Debt Due on Feb. 17
-----------------------------------------------------
Creditors of MR Drainage Limited are required to file their proofs
of debt by Feb. 17, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 17, 2023.
The company's liquidator is:
Victoria Toon
Corporate Restructuring Limited
PO Box 10100
Dominion Road
Auckland 1446
PEG APME: Court to Hear Wind-Up Petition on Feb. 3
--------------------------------------------------
A petition to wind up the operations of Peg Apme Limited will be
heard before the High Court at Auckland on Feb. 3, 2023, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 9, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way, Manukau City
Auckland 2104
VIC BOOKS: University Bookshop Closes After 48 Years
----------------------------------------------------
Stuff.co.nz reports that after close to half-a-century of
operating, Wellington's university bookshop Vic Books is set to
close later this year.
Stuff relates that the bookshop and cafe at Victoria University's
Kelburn campus announced via Twitter on Jan. 24 that it would be
closing from March 31, after 48 years in business.
It follows the closure of its Pipitea branch in July last year,
with the Parliamentary occupation as a contributing factor
alongside a decline in revenue through the pandemic, the report
says.
"Forty-eight years is a long time and I think we in so many ways
epitomise life on campus and the sense of community," Stuff quotes
Jessica Godfrey, general manager of Vic Books, as saying.
Stuff relates that Ms. Godfrey said "business is tough" and it was
a financial decision relating to a reduced number of customers as a
result of people working from home and the shift to online
learning.
Closing the Pipitea campus store had helped but was not enough to
prevent closure of the Kelburn campus store, she said.
"There's only so long a business can sustain losses."
According to the report, the store's 20 staff would remain on until
the end of March and extra staff had been brought in on fixed
contracts to help during the busy period as students returned.
Staff were "sad but understanding", having been consulted about the
closure in December last year.
Reactions to news of the closure included some customers crying and
many sharing their memories of the store.
Poet laureate Chris Tse tweeted, "Sad news. Vic Books has been such
a big supporter of NZ writers and books. It's where I launched my
first book so it'll always have a special place in my heart."
Ms. Godfrey thanked those who had frequented the store and café,
especially those who came every day – she said these would be the
people she missed the most, Stuff relays.
"It's been an extraordinary place to see a whole lot of people come
in through the years and do their growing up," she said, notes the
report. "There are a lot of young people we have seen for a couple
of years. We see what they were like the first time they came in
and ordered something and how they are after 18 months."
This included watching the orders go from "gateway coffee to
something more sophisticated" and students quickly switching to oat
milk.
According to Stuff, Ms. Godfrey said the university had been good
to offer rent relief and had also extended Vic Books' lease, which
expired in February, through to March to give certainty to
suppliers.
The March closure date ensured the store would be able to supply
textbooks required for Trimester 1 courses. A pop-up space is also
being set up at the Pipitea campus.
The university and Vic Books are still exploring options to
continue a textbooks-only operation, the report adds.
Vic Books was founded in 1975 as the supplier of all Victoria
University of Wellington course textbooks. It's owned and managed
by the Victoria University of Wellington Students' Association
Trust.
===============
P A K I S T A N
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PAKISTAN: Millions in Nationwide Blackout as Grid Fails
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Bloomberg News reports that millions of people across Pakistan's
major cities were plunged into a blackout prompted by a power grid
failure, dealing another blow to the nation already reeling from
surging energy costs.
Outages were reported in locations including Karachi, Lahore and
capital Islamabad, according to local media reports, and it could
take as long as 12 hours to fully restore electricity, Geo TV said,
citing Power Minister Khurram Dastgir Khan, Bloomberg relays.
Many major businesses were relying on backup power systems, and
Pakistan's stock exchange was trading as normal, the report notes.
The benchmark KSE-100 index was 0.5% lower as of about 11:25 am
local time.
Reduced frequency caused the national grid to go down at around
7:34 a.m. Monday [Jan. 23], Pakistan's Energy Ministry said in a
Twitter post. Work is underway to bring power back, and a limited
number of grids in Islamabad and Peshawar have been restored, the
ministry said.
According to Bloomberg, Karachi-based K-Electric Ltd. confirmed its
network had been impacted, and said it was prioritizing strategic
customers including hospitals and airports. "Teams are working to
restore power supply in the city after tripping took place at the
national grid," a spokesman said in a statement.
Pakistan has struggled with power outages for years, including a
major incident in January 2021 when a power plant fault collapsed
the national grid, prompting calls for an overhaul of aging
electricity transmission infrastructure, Bloomberg says.
Bloomberg relates that the nation was also hit hard by last year's
global energy crisis as sky-high prices forced Pakistan to
drastically curb liquefied natural gas imports, prompting rolling
blackouts, fuel rationing and hikes to power costs. Government
plans seek to reduce electricity consumption by half, and have
involved requests for some markets and malls to close early and
public sector employees to work from home.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
27, 2022, S&P Global Ratings lowered its long-term sovereign credit
rating on Pakistan to 'CCC+' from 'B-', and the short-term rating
to 'C' from 'B'. The outlook on the long-term rating is stable. S&P
also lowered its long-term issue rating on Pakistan's senior
unsecured notes to 'CCC+' from 'B-'.
The TCR-AP reported in October 2022, Fitch Ratings has downgraded
Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to 'CCC+' from 'B-'. Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below.
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P H I L I P P I N E S
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SUNTRUST RESORT: Renegotiates Interest Payment Terms with Summit
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Bilyonaryo.com reports that Suntrust Resort Holdings is
renegotiating the payment arrangement of the overdue interest on
convertible bonds issued in 2020 to a unit of Hong Kong-listed
Summit Ascent.
According to the report, the Philippine-listed subsidiary of the
Suncity group failed to pay interest on the PHP5.6 billion
convertible bond issued to Summit Ascent on December 30, 2020.
Bilyonaryo.com relates that the convertible bond had a coupon rate
of six percent per annum payable yearly in arrears, and has an
initial term of five years from issue, extendable for a further
term of five years.
Suntrust said it has been accruing interest due and the accrual as
of September 30, 2022 amounted to PHP295.5 million, Bilyonaryo.com
discloses.
The company said prior to the due date of the interest payment, it
has been earnestly discussing the terms of the refinancing and/or
restructuring of the 2020 convertible bond with Summit Ascent,
notes the report.
"While no definite agreement has been executed as of date, SUN
believes that an agreement on the terms of such
refinancing/restructuring should be forthcoming," Suntrust said,
the report relays.
Summit Ascent operates the Russian integrated resort Tigre de
Cristal in Vladivostok while Suntrust is developing a casino hotel
in the Westside City project located in Pagcor's Entertainment
City.
Targeted to be operational by 2024, the casino hotel is estimated
to cost $1 billion.
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S I N G A P O R E
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UTRACO INVESTMENT: Creditors' Proofs of Debt Due on Feb. 22
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Creditors of Utraco Investment Pte. Ltd. are required to file their
proofs of debt by Feb. 22, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 12, 2023.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
c/o DHA+ pac
63 Market Street
#05-01A Bank of Singapore Centre
Singapore 048942
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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