/raid1/www/Hosts/bankrupt/TCRAP_Public/230127.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, January 27, 2023, Vol. 26, No. 21
Headlines
A U S T R A L I A
153 COONAN: Second Creditors' Meeting Set for Feb. 3
BALLISTIC BEER: First Creditors' Meeting Set for Feb. 6
IBUILD SERVICES: Commences Wind-Up Proceedings
LINKTREE: Sheds AUD50 Million in a Year
MAIL MARKETING: Second Creditors' Meeting Set for Feb. 3
RNN GROUP: Commences Wind-Up Proceedings
STARKLINICS PTY: Goes Into Voluntary Liquidation
C H I N A
WUHAN YANGTZE: Folds After Relegation from Chinese Super League
I N D I A
ABC BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating
B L AGARWALA: CARE Lowers Rating on INR5.0cr LT Loan to B+
BHARGAVA MOTORS: CARE Lowers Rating on INR21.75cr LT Loan to B+
BLOOMFLEX PRIVATE: CARE Keeps B- Debt Rating in Not Cooperating
CALYPSO AGRO: CARE Keeps D Debt Rating in Not Cooperating
CAMSON AGRI-VENTURES: CARE Lowers Rating on INR10cr LT Loan to D
CHEMSOL LABS: CARE Keeps C Debt Rating in Not Cooperating Category
DILIGENT PINKCITY: CARE Hikes Rating on INR60.74cr Loan to BB-
FRIZO INDIA: CARE Keeps B+ Debt Rating in Not Cooperating
FUTURE RETAIL: Kishore Biyani Resigns as Executive Chairman
GANPATI RICE: CARE Keeps B- Debt Rating in Not Cooperating
GAURAV WORLDWIDE: CARE Reaffirms B+/A4 Rating on INR50cr Loan
GOVINDAM BRJ: CARE Keeps B+ Debt Ratings in Not Cooperating
ICED DESSERTS: CARE Keeps C Debt Rating in Not Cooperating
JAGANNATH EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
KINGS DRIED: CARE Assigns B+ Rating to INR66cr LT Loan
KUBER METPACK: CARE Keeps D Debt Rating in Not Cooperating
LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
MADHU OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
NIKKI STEELS: CARE Keeps B- Debt Rating in Not Cooperating
PALIWAL AND SONS: CARE Keeps B- Debt Rating in Not Cooperating
RAJSHRI CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
RAMNIWAS AGRAWAL: CARE Keeps B- Debt Rating in Not Cooperating
RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category
RKI BUILDERS: Insolvency Resolution Process Case Summary
SHIVA RAJU: CARE Keeps B- Debt Rating in Not Cooperating Category
SHYAM ENTERPRISES: CARE Lowers Rating on INR14.50cr Loan to B+
SREI GROUP: NCLAT Rejects Adisri Commercial's Plea vs. NCLT Order
VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating
M A L A Y S I A
HELLOGOLD: To Shutter Operations in Malaysia and Thailand
M O N G O L I A
MONGOLIAN MINING: S&P Withdraws 'CCC' LT Issuer Credit Rating
N E W Z E A L A N D
A SPEC: Creditors' Proofs of Debt Due on March 3
RIGHT SCAFFOLDING: Court to Hear Wind-Up Petition on Feb. 7
SADAL UPPER: Court to Hear Wind-Up Petition on Feb. 7
SAS TRANSPORT: Court to Hear Wind-Up Petition on Feb. 7
STAPLETON AND ASSOCIATES: Creditors' Proofs of Debt Due on Feb. 28
P A K I S T A N
PAKISTAN: Economy Nears Collapse as Foreign Currency Reserves Drop
S I N G A P O R E
3D METALFORGE: Creditors' Meeting Set for Feb. 3
GRYPHON PRIME: Creditors' Proofs of Debt Due on Feb. 7
YONGNAM HOLDINGS: Court Accepts Moratorium Applications
- - - - -
=================
A U S T R A L I A
=================
153 COONAN: Second Creditors' Meeting Set for Feb. 3
----------------------------------------------------
A second meeting of creditors in the proceedings of 153 Coonan Pty
Ltd has been set for Feb. 3, 2023, at 10:30 a.m. at Level 19, 144
Edward Street, in Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 2, 2023, at 4:00 p.m.
Murray Daniel & Travis Pullen of B&T Advisory were appointed as
administrators of the company on Dec. 19, 2022.
BALLISTIC BEER: First Creditors' Meeting Set for Feb. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ballistic
Beer Company Pty Ltd will be held on Feb. 6, 2023, at 2:30 p.m. at
the offices of PKF Brisbane, Level 6, 10 Eagle Street, in
Brisbane.
Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on Jan. 24, 2023.
IBUILD SERVICES: Commences Wind-Up Proceedings
----------------------------------------------
Members of IBuild Services Group Pty Ltd on Jan. 25, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Graeme Robert Beattie
Worrells
Suite 804, Level 8, 33 Argyle Street
Parramatta, NSW 2150
LINKTREE: Sheds AUD50 Million in a Year
---------------------------------------
News.com.au reports that an Australian unicorn tech company once
lauded as the next big thing has shed an eye-watering AUD50 million
in the space of a year.
Linktree - which allows people to link their different social media
handles and their personal brand in one website - lost AUD49.2
million in the financial year period ending last June, the report
discloses.
The staggering figure was quietly slipped into a report the
billion-dollar company lodged with the corporate regulator, ASIC,
in December, news.com.au relates citing The Sydney Morning Herald.
According to news.com.au, the firm was struggling last year,
following the news in August that it was laying off 17 per cent of
staff from its global operations due to tough market conditions and
expanding too rapidly.
It comes as the entire tech industry is in a "meltdown" amid a
looming recession.
According to the filing, Linktree generated AUD25 million in
revenue in 2022. That's up from the previous year, where they made
AUD13 million in revenue.
But at the same time they racked up losses totalling AUD49.2
million.
The staggering loss was attributed to company spending, which far
outweighed previous years, the report notes. By comparison - in
2021, Linktree only lost AUD3 million in revenue.
They claim the number of people using their website grew by 76 per
cent.
The news comes despite the company, that has been backed by
billionaire Afterpay co-founder Nick Molnar, raising US$110 million
in March 2022.
Linktree was recently valued at AUD1.78 billion and said it has 25
million users and is among the world's top 300 most popular
websites globally with 1.2 billion monthly views.
Brothers Alex and Anthony Zaccaria launched Linktree in 2016 and a
third co-founder, Nick Humphreys, also came on board.
The firm reportedly has around 250 employees globally - after
around 50 of them were sacked in the lay-offs.
In a statement to news.com.au, a Linktree spokesperson attributed
the losses to the fact the company was in "a stage of hyper
growth".
Most of the money was spent on expanding into other world markets
and marketing strategies to grow the ground.
"Our continued growth and focus on capital efficiency give us a
clear path to profitability," the spokesperson added.
Headquartered in Melbourne, Australia, Linktree --
https://linktr.ee/ -- is a social media startup company that offers
a platform that enhances internet presence for influencers and
e-commerce stores across social media sites such as Instagram,
Facebook, YouTube, and Twitch.
MAIL MARKETING: Second Creditors' Meeting Set for Feb. 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Mail Marketing
Works Pty. Limited, trading as 'MMW 3D', 'MMW 3 Degrees', and 'MMW
Healthcare', has been set for Feb. 3, 2023, at 11:00 a.m. via Zoom
and Telephone Conferencing Facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 2, 2023, at 4:00 p.m.
Philip Raymond Hosking and Stephen Wesley Hathway of Helm Advisory
were appointed as administrators of the company on Dec. 20, 2022.
RNN GROUP: Commences Wind-Up Proceedings
----------------------------------------
Members of RNN Group Pty Ltd on Jan. 24, 2023, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Daniel Frisken
c/o O'Brien Palmer
Level 9, 66 Clarence Street
Sydney, NSW
STARKLINICS PTY: Goes Into Voluntary Liquidation
------------------------------------------------
Gold Coast Bulletin reports that Starklinics Pty Ltd, a high-end
dental and cosmetic injectables company, with clinics on the
northern and south Gold Coast, has collapsed, leaving patients
unseen and out of pocket.
At a general meeting of the members of the Company held on Jan. 19,
2023, it was resolved that the Company be wound up and that Glenn
Thomas O'Kearney of GT Advisory & Consulting be appointed
liquidator.
=========
C H I N A
=========
WUHAN YANGTZE: Folds After Relegation from Chinese Super League
---------------------------------------------------------------
Reuters reports that former Chinese Super League (CSL) club Wuhan
Yangtze River have ceased operations in the wake of their
relegation from the top flight at the end of last season after a
points deduction for non-payment of wages.
The club, founded in 2009 and previously known as Wuhan Zall and
Hubei Luyin, were the fourth CSL team to fold in the last four
seasons after Tianjin Tianhai, Jiangsu FC and Chongqing Liangjiang
Athletic, Reuters notes.
Reuters relates that the owners, who said they had invested more
than CNY3 billion ($442.31 million) in the club over 11 seasons,
said in a statement that they would settle the remaining debts to
players and coaches.
Wuhan Yangtze River finished third bottom of the CSL at the end of
the season last December after having a total of nine points
deducted in November as punishment for unpaid salaries, adds
Reuters.
=========
I N D I A
=========
ABC BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ABC
Builders (AB) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.50 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 6,
2021, placed the rating(s) of AB under the 'issuer non-cooperating'
category as AB 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. AB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 22, 2022, November 1, 2022, November 11, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based ABC Builders was established in July 2005 as a
proprietorship firm owned by Ms. Kavita Gupta. The firm is engaged
in civil construction work for government departments only. The
firm is mainly engaged in construction related work of Delhi Metro
Rail Corporation and Kochi Metro Rail Limited.
AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amaravathi
Tourism Projects Limited (ATPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.90 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 3,
2021, placed the rating(s) of ATPL under the 'issuer
non-cooperating' category as ATPL 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. ATPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 19, 2022, October 29, 2022, November 8,
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).
Amaravathi Tourism Projects Limited (ATPL) was incorporated as a
public limited company on October 20, 2015. In 2017, ATPL
registered with the Government of Andhra Pradesh, Department of
Tourism. Mr. Akkineni Bhavani Prasad, Ms. Jammula Radhikamani and
Ms. Sameera Banu are the directors of the company. The company
proposes to establish a convention centre with a seating capacity
of 2000 people and a restaurant to cater to 250 people in
Vijayawada, Andhra Pradesh. The registered office and the proposed
property is located in Nidamanuru, Vijayawada.
B L AGARWALA: CARE Lowers Rating on INR5.0cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
B L Agarwala (BLA), 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 BB-; Stable
Short Term Bank 15.00 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 24,
2021, placed the rating(s) of BLA under the 'issuer
non-cooperating' category as BLA 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. BLA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 9, 2022, January 10, 2023 and January
12, 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 BLA have been
revised on account of non-availability of requisite information.
Assam based M/s B L Agarwala (BLA) was established in 1993 as a
partnership firm by Mr. Suresh Kumar Agarwal along with his family
members. In 2010, the firm was reconstituted and presently it is
governed by the partnership deed dated September 13, 2010 with Mr.
Suresh Kumar Agarwal, Mrs. Madhu Devi Poddar and Ramotar Poddar as
partners. The firm is in the business of civil construction for
various government organisations and private companies for civil
construction works like construction and maintenance of road,
bridge, earth work, building construction etc. The day-to-day
affairs of the firm are looked after by Mr. Suresh Kumar Agarwal,
the managing partner, with adequate support from other partners.
BHARGAVA MOTORS: CARE Lowers Rating on INR21.75cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bhargava Motors (BM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.75 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
and moved to ISSUER NOT
COOPERATING category
Long Term/Short 0.40 CARE B+; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB-; Stable/CARE A4
moved to ISSUER NOT COOPERATING
category
Short Term Bank 5.35 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE has been seeking information from BM to monitor the rating
vide e-mail communications dated January 3, 2023, December 1, 2022,
November 4, 2022, October 11, 2022, September 20,2022, and numerous
phone calls etc., However, despite repeated requests, the firm has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating based on the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating of Bhargava Motors will now be denoted as CARE B+;
Stable/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating).
The rating has been revised by considering non-availability of
requisite information due to non-cooperation by Bhargava Motors
with CARE'S efforts to undertake a review of the outstanding
rating. CARE views information availability as a key factor in its
assessment of credit risk.
Delhi based Bhargava Motors (BM) was incorporated in 1969 as a
proprietorship firm by Mr. Vishnu Bhargava. Bhargava Motors is the
only authorized auto part dealer of Mahindra and Mahindra in
Gurugram and Noida areas in Haryana and Uttar Pradesh respectively.
Bharagava Motors is also one of the two authorized dealers for what
in Delhi. The firm is an approved stockiest of Mahindra &
Mahindra's spare part like carburetor, radiator, piston, cam-shaft
etc. The firm caters to the demands of various Mahindra's service
centers in Delhi, Haryana and Uttar Pradesh and also to retailers,
and local workshops.
BLOOMFLEX PRIVATE: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bloomflex
Private Limited (BPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.11 CARE B-; 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 November 19,
2021, placed the rating(s) of BPL under the 'issuer
non-cooperating' category as BPL 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. BPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 5, 2022, October 15, 2022, October 25,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Bloomflex Private Limited (BPL) was incorporated on October 15,
2014 and promoted by Ms. Y Manasa Reddy and family members. The
company has set up a packaging unit at Qutbullapur (Telangana) for
providing packaging and printing services for the products like
milk, bread, napkins, pouches and carry bags to its customer.
CALYPSO AGRO: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Calypso
Agro Industries Private Limited (CAIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 November 8,
2021, placed the rating(s) of CAIPL under the 'issuer
non-cooperating' category as CAIPL 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. CAIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 24, 2022, October 4,
2022, October 14, 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 the year 2012, Calypso Agro Industries Private
Limited (CAIPL) was promoted by Mr Vekanta Ramanrao, Mr Prakash
Kharat, Mr Anil Pohekar, Mr Abhijeet Pohekar, Mr Amitabh Pohekar
and Mr Arvind Deshmukh. CAIPL is engaged in the trading of grains.
The major products of the company include pulses, rice and paddy.
CAMSON AGRI-VENTURES: CARE Lowers Rating on INR10cr LT Loan to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Camson AgrI-Ventures Private Limited (CAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 3,
2021, placed the rating(s) of CAPL under the 'issuer
non-cooperating' category as CAPL 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. CAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 19, 2022, September 29, 2022, October
09, 2022 and January 17, 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 for CAVPL have been revised on account of
non-availability of requisite information. The ratings also take
into the admission of the company for corporate insolvency
resolution process as recognized from publicly available
information i.e.
NCLT order.
Camson AgrI Ventures Pvt. Ltd. (CAPL) was incorporated on January
25, 2013 by Mr. Rohit Sareen and Mr. Nimir Mehta. Camson Bio
Technologies Limited (CBT) is a holding company. CAPL is an
integrated provider of eco-friendly agricultural solutions. CAPL is
engaged in the business of contract farming, food processing and
trading of seeds and biocides. The company is majorly engaged in
trading activity (agricultural goods viz. maize and paddy seeds).
CHEMSOL LABS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Chemsol
Labs Private Limited (CLPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 4.18 CARE A4; ISSUER NOT
Bank 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 19,
2021, placed the rating(s) of CLPL under the 'issuer
non-cooperating' category as CLPL 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. CLPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 5, 2022, October 15, 2022, October 25,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in August, 2006 as “Chemsol Labs Private Limited”
(CLPL), by Mr Vamsi Krishna (Managing Director) and his wife Mrs
Swarna Kumari (Director), to carry on trading of pharmaceuticals
(Pharma) products. The company also undertakes manufacturing of
certain pharmaceutical products (APIs and formulations) and
chemicals which is in the nature of conversion under loan licenses.
The company does not have its own manufacturing facilities and gets
the manufacturing done by way of job work. CLPL deals with around
70 pharma products (trading and manufacturing).
DILIGENT PINKCITY: CARE Hikes Rating on INR60.74cr Loan to BB-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Diligent Pinkcity Center Private Limited (DPCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 60.74 CARE BB-; Stable Revised from
Facilities CARE B+; Stable
Rationale and key rating drivers
The revision in ratings assigned to the bank facilities of DPCPL is
on account of improvement in overall financial risk profile marked
by improved scale of operations during FY22 (Audited; refers to
period from April 1 to March 31) and 9MFY23 (Provisional; refers to
period from April 01 to December 31). The ratings also continue to
derive benefit from the experienced and strong promoters with
continuous financial support being provided by the promoter groups
and largest convention cum exhibition facility in the state
providing enough space for organizing large sized events. The
ratings also take into account marketing cum management tie up with
"Accor" group's "Novotel" brand for the ECC and hotel property
which will partly mitigate off-take risk associated with the
project.
However, the ratings remained constrained on account of continuous
operating and net losses along with its weak debt coverage
indicators, moderate capital structure and poor liquidity during
FY22. The ratings also remained constrained on account of delay in
commencement of hotel, off-take/demand risk associated with the
developed premises as well as cyclicality associated with
hospitality sector.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Commencement of operations from hotel within cost and time
parameters and achieving envisaged turnover and profitability
* Improvement in debt coverage indicators on sustained basis with
generating adequate GCA
Negative factors
* Further delay in implementation of hotel project and any further
significant cost and time overrun
* Reporting lower than envisaged TOI and profitability leading to
deterioration in liquidity
* Withdrawal of unsecured loan or any debt-funded CAPEX leading to
deterioration in capital structure
Analytical approach: Standalone
Key weaknesses
* Delay in implementation of hotel project albeit no cost overrun:
The company has undertaken phase-wise capex under which as part of
first phase development, DPCPL has developed an ECC as per the
requirements set by RIICO which had been commercialized from 2015
while in the second phase it is developing a luxury hotel having
227 rooms. The hotel project was envisaged to get completed by
March 2022. However, due to delay in civil construction work
because of Covid 19, the company rescheduled its implementation
from March 2023. However, estimated project cost remains unchanged
at around INR202 crore reflecting no cost overrun.
* Moderate capital structure and weak debt coverage indicators: The
capital structure of DPCPL deteriorated and remained moderate
marked by an overall gearing of 1.20 times as on March 31, 2022 as
against 0.74 times as on March 31, 2021 due to increase in total
debt with availing COVID loan of INR20 crore coupled with decline
in tangible net worth due to net loss during FY22. Unsecured loans
of INR55.57 crore has been treated as quasi equity as on March 31,
2022 as per terms of sanction letter. Further, the debt coverage
indicators of the company stood weak owing to operating as well as
cash loss incurred by the company in FY22.
* Off-take/demand risk associated with the developed premises;
however, the same is expected to partly get mitigated on account of
marketing cum management agreement with Accor group of hotels:
ECC is dependent on demand for small/big events and the company's
ability to market its property and get orders in the light of
competition from various hotels and other venues within Jaipur.
However, DPCPL's operational risk is expected to get partly
mitigated by the marketing-cum-management agreement with France
based luxury hotel chain "Accor" under the brand "Novotel" for a
term of 15 years. Accor S.A. is the leading hospitality player
worldwide with a global distribution network of around 4,800 hotels
across 100 countries. As a member of the Accor network, the
property will enjoy benefits like advertising, promotional programs
for the hotel on a global basis and access to Accor's reservation
system and loyal customer base.
Key strengths
* Revival in scale of operations however continuous net and cash
losses: During FY22, TOI of the company improved to INR8.10 crore
as against INR0.67 crore in FY21 on account of revival of the
industry post COVID-19 during FY22. Further during 9MFY23, company
has achieved INR18.43 crore of revenue as the number of bookings
for various events has increased substantially. Despite improvement
in TOI, DPCPL incurred net loss as well as cash loss of INR10.22
crore and INR4.36 crore respectively during FY22 due to higher
fixed cost, depreciation and finance charges. However, the business
and financial risk profile of the company has improved during the
current fiscal year as marked by operating profit of INR8.04 crore
during 9MFY23.
* Experienced and strong promoters with continuous financial
support being provided to the company: DPCPL is jointly managed by
Dainik Bhaskar group of Madhya Pradesh, Dangayach group and
Derewala group of Jaipur, Rajasthan. The promoter groups have
established track record of operations in diversified line of
businesses. The board of directors of DPCPL includes Mr Hari Mohan
Dangayach, Mr Pramod Kumar Agarwal and Mr Ram Babu Agarwal. The
overall operations of the company are currently looked after by Mr
Hari Mohan Dangayach and Mr Pramod Kumar Agarwal. Over the past
years, the promoter group has continuously provided financial
support to the company in the form of infusion of funds through
preference share capital and unsecured loans in order to support
its business operations, debt servicing as well as for capex
requirements.
* Largest convention cum exhibition facility in the state providing
enough space for organizing large sized events: Under Phase I,
DPCPL has developed 2 indoor exhibition halls of 10,000 square
meters (sqm) each, one outdoor exhibition space of 10,000 sqm and
one multi-purpose convention hall with retractable seating
arrangements of 1000 person seating capacity. The convention hall
has an acoustical moving wall that can compartmentalize the hall
into 2 balls rooms of 6000 sqm each wherein smaller functions can
be organized. Thus, the company provides variety of facilities to
meet the requirement of its customers. The exhibition halls
developed by the company are the largest exhibition halls in the
state of Rajasthan. Further, apart from 227 room hotel above the
convention centre, there are 12 meeting rooms, 2 banquet halls and
2 VIP lounges providing enough space to organized corporate events,
fest, marriages, and other small and big parties.
* Industry Outlook: Big-ticket conferences and seminars, and
corporate offsite trips that encompass the MICE (meetings,
incentives, conferences and exhibitions) business are picking up
pace as companies across industries warm up to in-person
engagements amid declining Covid-19 cases and easing of
restrictions. The global MICE industry will reach at $1,337
billion. By region, the AsiaPacific region is expected to have the
highest growth rate of about 8.6% between the 2021-2028 period,
driven by emerging economies such as Singapore, China, and India.
Liquidity: Poor
The company's liquidity position remained poor on account of cash
losses incurred by the company during FY22 as well as FY21. The
company has loan and interest payments obligations and with
negative cash accruals, the payment is supported by infusion of
funds by the promoter group. The company has also availed Working
capital Term loan under Guaranteed Emergency credit line (GECL)
scheme of INR20 crores in FY22. WCTL has added necessary financial
assistance to the company for their expenses as well as interest
payments. Also, approval of company's application for OTR has been
a relief. However, its cash flow from operating activities turned
positive at INR2.87 crore in FY22 from negative INR2.05 crore due
to operating profit in FY22.
Diligent Pinkcity Center Private Limited (DPCPL) is a special
purpose vehicle (SPV) company initially incorporated by Dainik
Bhaskar group of Madhya Pradesh. Later, Dangayach group and
Derewala group of Jaipur, Rajasthan also joined in DPCPL for
development of exhibition and convention centre (ECC) at Sitapura,
Jaipur. DPCPL has been awarded the development of the ECC under
Public Private Partnership format by the Rajasthan State Industrial
Development & Investment Corporation Limited (RIICO). The project
is being developed in phases with company undertaking the
implementation of second phase. As part of first phase development,
DPCPL had developed an ECC as per the requirements set by RIICO
while in the second phase it is developing a luxury hotel having
227 rooms. The first phase was partly completed in October 2014
with commencement of operations in convention centre being fully
operationalized from January 2015. Further, the company had
envisaged full operations of hotel from August, 2016. However, the
same got repeatedly delayed and the company now envisages
commencing operations from March, 2023.
FRIZO INDIA: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Frizo
India Private Limited (FIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 12.25 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 8,
2021, placed the rating(s) of FIPL under the 'issuer
non-cooperating' category as FIPL 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. FIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 24, 2022, October 4, 2022, October 14,
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).
Jodhpur-based (Rajasthan) FIPL was formed in 1995 by Mr. Gopal
Krishan Gupta as a proprietorship concern in the name of Frizo
India. Subsequently, in June 2008, it has been converted into
private limited company and changed its name to FIPL. The company
is 'SS' (Super Specialist – unlimited tendering limit) class
enlisted with Military Engineering Services Department (MES) under
Ministry of Defense and is engaged in the engineering services for
civil, electrical, mechanical, long term water supply, roads,
central air conditioning etc. for Army, Air Force, Defense Research
and Development Organization (DRDO), Indian Council of Medical
Research (ICMR) etc. Further, from FY17, the company has also
started business of supply, integration, installation of solar
power plant for MES.
FUTURE RETAIL: Kishore Biyani Resigns as Executive Chairman
-----------------------------------------------------------
The Indian Express reports that Future Retail on Jan. 25 said
Kishore Biyani has resigned from the position of executive chairman
and director of the company with effect from Jan. 23, 2023.
The company is currently undergoing a corporate insolvency
resolution process (CIRP).
In an exchange filing, the company said that the resignation letter
of Biyani will be placed before the committee of creditors (CoC),
as per the Insolvency and Bankruptcy Code, 2016, the report
relates.
"Nothing herein should be construed as an acceptance of the
contents of the resignation letter tendered by Kishore Biyani,
including in respect of his submissions in the resignation letter
on information handover," the company said.
Future Group has been fighting a legal battle with Amazon for more
than a year, the Indian Express notes.
In his resignation letter, dated January 23, 2023, to the
insolvency resolution professional Vijaykumar Iyer, Biyani wrote
that as the chairman of the company, he has been holding on to the
position even after the initiation of CIRP and suspension of the
board including chairman and all rights of the board and the
chairman being suspended.
The Indian Express relates that Biyani wrote that he has completed
all the required handholding within his capacity for the resolution
professional to take over the entire control of the company. He has
even handed over all the information and data available to the RP.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer. According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.
GANPATI RICE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ganpati
Rice Mills (GRM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.30 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 12.00 CARE A4; ISSUER NOT
Bank 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 17,
2021, placed the rating(s) of GRM under the 'issuer
non-cooperating' category as GRM 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. GRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 2, 2022, November 12, 2022, November
22, 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).
Ganpati Rice Mills (GRM) was established as a partnership firm in
1998 and it is currently being managed by Mr. Kulwant Rai Singla
and Mr. Lakshman Das. The firm is engaged in processing of paddy at
its manufacturing facility located in Mareta, Mansa.
GAURAV WORLDWIDE: CARE Reaffirms B+/A4 Rating on INR50cr Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Gaurav Worldwide Trading Private Limited (GWTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 50.00 CARE B+; Stable/CARE A4
Short Term Bank Reaffirmed
Facilities
Rationale and key rating drivers
The reaffirmation of ratings assigned to the bank facilities of
GWTPL are constrained by its small and fluctuating scale of
operations and thin PBILDT margin; albeit improvement witnessed
during FY22. The ratings are further constrained by tender driven
nature of operations and vulnerability of the profits to
fluctuations in raw material prices, low networth base and highly
competitive and fragmented industry. The ratings, however,
continues to derive strength from established track record of
operations along with experienced promoters, comfortable capital
structure and coverage indicators and improved order book position.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Increase in the scale of operations with total operating income
exceeding INR30 crore
* Improvement in the PBILDT and PAT margins exceeding 8% and 4% on
a sustained basis
* Improvement in the debt coverage indicators with interest
coverage exceeding 2 times on a sustained basis
* Strengthening order book position by successful biding along with
garnering new subcontracts from its customers
Negative factors
* Deterioration in capital structure with overall gearing exceeding
2 times on a sustained basis
* Average utilization of the working capital limits exceeding 80%
on a sustained basis
Analytical approach: Standalone
Key weaknesses
* Small and fluctuating scale of operations and thin PBILDT margin;
albeit improvement witnessed during FY22: The Total Operating
Income (TOI) of the company declined by 50.03% on a Y-o-Y basis to
INR7.81 crore in FY22 from INR15.64 crore in FY21, primarily on
account of not awarding the bid worth of INR35 crore during
December 2021.However, the PBILDT margin of the company improved by
225 bps, from 3.27% in FY21 to 5.52% in FY22 owing to increase the
value of steel scrap sold. On the back of strong order inflows
coupled with strong execution the company reported a TOI of around
INR21.94 crore during 10MFY23 (refers to the period April 1, 2022
to January 16, 2023) as against INR6.40 crore achieved during
7MFY22. In view of the strong performance during 10MFY23 coupled
pending orderbook of INR39.71 crore as on December 28, 2022, the
company is expected to report a TOI of over INR30 crore for FY23.
* Low net worth base: The tangible net worth of GWTPL declined by
3.21% from INR5.25 crore as on March 31, 2021 to INR5.09 crore as
on March 31, 2022, however, the networth base continued to remain
low. Thus, limiting its financial flexibility of the company to an
extent
* Tender driven nature of operations: GWTPL deals with the various
government organizations across Maharashtra, Uttar Pradesh, West
Bengal and Rajasthan, which constitute 90-95% of the TOI, for which
it has to participate in the tenders, wherein they quote the bid
and hence has to face the risk of successful bidding for the same,
which again comes with the risk of quoting at H1 price to sustain
the competition. Moreover, the tenders are mainly dependent on the
NPA and sick unit registered under government bodies. Furthermore,
the company also participate in auction for procures in any
liquidation unit and risk of biding, hence, risk of successful
bidding in auction is also associated with it.
* Vulnerability of the profits to fluctuations in raw material
prices with highly competitive and fragmented industry: The company
trades with variety of metals viz. MS/SS steel, copper, brass and
aluminium. However, the proportion of the same varies based on the
bidding contract received from the government bodies. Also grade of
these materials differs on contract to contract basis which also
results in variation in the profit margins. Moreover, the prices of
these metals have witnessed fluctuation in past years. Also, the
company does not have any long-term contract with
suppliers/customers due to which the profitability may hamper. The
business also remain cyclical due to dependency of the plants
available for the auctions.
Key strengths
* Established track record of operation along with experienced
promoters: GWTPL has been in existence for more than a decade in
the scrap trading business and is managed by Mr. Gaurav Jhaveri and
Mrs. Manju Jhaveri who possesses total experience of 25 years in
same line of business. Further, Mr. Gaurav Jhaveri and Mrs. Manju
Jhaveri mutually manage the overall operation of the company. Over
the years of existence in the market, the company has established
long term relationships with its customers. Comfortable capital
structure and coverage indicators GWTPL's capital structure has
deteriorated with overall gearing stood 0.51x as on March 31, 2022
(vis-à-vis 0.06x as on March 31, 2021) which is primarily on
account of infusion of funds by promoters in the form of unsecured
loans of INR1.02 crore in FY22 (increased from INR0.33 crore in
FY21 to INR1.35 crore in FY22) to meet the working capital
requirement. Despite deterioration, the capital structure remained
comfortable. The interest coverage was at 1.67 in FY22 as against
2.12x in FY21, mainly led by higher interest expense along with
lower PBILDT in absolute terms.
* Moderate order book position: The company has unexecuted order
book position amounting to INR39.71 crore from various parties as
on December 28, 2022, which is to be executed within three months
which provides short term revenue visibility to the company. Hence,
ability of the company in successful execution as well as secure
new orders in a timely manner would be critical from the credit
perspective for GWTPL.
Liquidity: Adequate
The liquidity position remained adequate marked by low utilization
of working capital limits of around 2.50% and moderate cash & bank
balance of INR0.10 crore as on March 31, 2022. Furthermore, as on
January 17, 2023, the utilisation stood low at 30% of sanctioned
limit of INR50 crore as per the banker confirmation. The company
does not have any long debt repayment obligations in absence of the
long-term debt. Further, the company also not planned for any Capex
in the near future. The current ratio and quick ratio stood
comfortable at 1.27x and 1.27x respectively as on March 31, 2022
(vis-à-vis 1.47x and 1.47x respectively as on March 31, 2021). Net
working capital borrowing as % of capital employed stood at 50.65%
in FY22 (vis-a-vis 18.09% in FY21). Cash flow from operating
activities stood negative INR3.12 crore in FY22 (vis-a-vis positive
of INR2.75 crore in FY21).
Gaurav Worldwide Trading Private Limited was incorporated in 2004
by Mr. Gaurav jhaveri and Mrs. Manju Jhaveri and is engaged in
factory dismantling, ship breaking and trading of steel scrap
material which includes all kinds of structural material viz. MS
channels, MS beam, MS angle, MS plate and TMT bars, copper,
aluminium and plant & machinery etc. which are directly sold to
steel rolling mills, furnaces and various other steel manufacturing
companies. For procurement of scrap, GWTPL participates in auctions
floated by MSTC Limited, Salvage Settlers, High court of Mumbai,
and various banks through auction websites wherein the company does
bidder registration and offer its quotes and bids online.
GOVINDAM BRJ: CARE Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Govindam BRJ Infra Projects Private Limited (GBIPPL) continue to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 6.00 CARE B+; Stable/CARE A4;
Term Bank 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 2,
2021, placed the rating(s) of GBIPPL under the 'issuer
non-cooperating' category as GBIPPL 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. GBIPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 18, 2022, October 28,
2022, November 7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaipur (Rajasthan) based GBIPPL was incorporated in December 2012
by Mr. Suresh Kumar Sharma and Mr. Shankar Lal Sharma. GBIPPL is
registered 'AA' class (highest in the scale of AA to E) approved
contractor with Public Works Department (PWD), Rajasthan State
Industrial Development and Investment Corporation Limited (RIICO),
Rajasthan State Road Development and Construction Corporation
limited (RSRDC) and has ability to executes contracts of any amount
being higher registered civil contractor. The company enter online
bids for tenders and mainly takes road construction contracts for
Rajasthan region. Company also take work on subcontract.
ICED DESSERTS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Iced
Desserts And Food Parlours (india)p. Limited (IDFPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; 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 11,
2021, placed the rating(s) of IDFPL under the 'issuer
non-cooperating' category as IDFPL 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. IDFPL 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).
IDFPL was established in 1994 and is a part of the N. R. Group of
Companies promoted by Mr Neeraj Rawal. The company was engaged in
Super Distributorship of Kingfisher beer brand of UBL for entire
Maharashtra except Mumbai. However, since April 1, 2016, IDFPL has
been appointed as a Commission Agent by UBL.
JAGANNATH EDUCATIONAL: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Jagannath Educational Health and Charitable Trust (SJEHCT)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.29 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 November 17,
2021, placed the rating(s) of SJEHCT under the 'issuer
non-cooperating' category as SJEHCT 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. SJEHCT continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 3, 2022, October 13,
2022, October 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SJEHCT is a non-minority, charitable trust registered under Section
12A of the Income Tax Act. SJEHCT was established in 2008 by Mr S.
A. Subramanian, along with Mr O. M. Manivelu and Mr S.
SatheeshKrishnaraj. However, Mr. SatheeshKrishnaraj resigned from
the Trusteeship and was replaced by Mr. Durgashankar (a BE
graduate, son-in-law of Mr. Subramanian), in AY 2011-12. Mr Arul
Selvan, (Mr Durga Shankar's brother) is the Vice Chairman and Joint
Managing Trustee (BE, MBA). The day to day activities of SJEHCT are
managed by the executive committee, headed by Mr S. A. Subramanian
(Managing trustee). The trust operates an engineering college under
the name of JCT College of Engineering & Technology (JCTET) at
Coimbatore, Tamil Nadu, established in AY11-12. JCTET, in its fifth
year of operation, had student strength of 3,800 in AY15-16
(including ME). In AY14-15, SJEHCT commenced JCT College of
Polytechnic (JCTP) with a sanctioned intake of 300 students
offering Mechanical (120), Petrochemical (60), Civil (60) and
Electrical and Electronic Engineering (60) courses.
KINGS DRIED: CARE Assigns B+ Rating to INR66cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kings
Dried Foods Private Limited (KDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 66.00 CARE B+; Stable Assigned
Facilities
Short Term Bank
Facilities 1.65 CARE A4 Assigned
Detailed rationale and key rating drivers
The ratings assigned to the bank facilities of KDPL remained
constrained on account of project implementation and stabilization
risk associated with on-going debt funded green-field project as
well as risk associated with volatility in key raw material prices
i.e., onion.
The above ratings derive comfort from extensive experience of
promoters in same line of business through group entities,
accessibility of existing selling and distribution network of the
group companies, favourable demand outlook, easy raw material
availability and eligibility for subsidy under Ministry of Food
Processing Industry (MoFPI).
Rating sensitivities
Positive factors – Factors that could lead to positive rating
action/upgrade:
* Successful implementation and stabilization of ongoing debt
funded capex without any time and cost overruns
Negative factors – Factors that could lead to negative rating
action/downgrade:
* Delay in project execution and commencement of operations putting
pressure on liquidity
* Any changes in government regulations which adversely impacts the
business of the company
Detailed description of the key rating drivers
Key rating weaknesses
* Project implementation and stabilization risk associated with
on-going green-field project: KDPL is undertaking a project for
manufacturing, whole selling, trading and exporting of dried Onion,
Onion Flax, Onion Powder and other form of Dehydrated onion
products with proposed installed capacity of Dehydrated Onion with
total capacity of 12000-14400 Metric Tons Per Annum (MTPA),
processing of raw onion up to 129600 MTPA with inhouse facility of
5000 MTPA Cold Storage at its factory located at Mahua, Bhavnagar,
Gujarat. The estimated total project cost is INR74.15 crore with
project gearing of 1.39x considering INR10 crore Grant from
Ministry of Food Processing Industry (MoFPI) as promoters infusion.
The financial closure of the project is yet to be achieved however,
approval for grant from MoFPI of INR10 crore is received on
November 9, 2022. Till January 13, 2023, KDPL has incurred INR0.89
crore towards the cost of project funded through promoters' fund.
The commercial operations from the said project are expected to
commence from April, 2024 onwards.
* Risk associated with volatility in raw material prices: KDPL is
undergoing project for manufacturing onion related products. Onion
being the key raw material for KDPL, is one of the very important
vegetables in India and is almost a necessary component for the
Indian diet. Being an Agro commodity; its supply chain is highly
affected by external factors like weather abnormalities and policy
regulations. The onion growing areas are not homogeneously spread
across the length and breadth of India. Further, high perishability
and paucity of modern cold storage system are also constraints of
uninterrupted supply chain. Hence, onion price exhibits a high
degree of price volatility.
Key rating strengths
* Extensive experience of promoters in same line of business along
with support of group entities: KDPL is promoted and managed by Mr.
Husainali Vakil, Mr. Mohmedraza Vakil, Mr. Mohmmedtaqi Vakil, Ms.
Fizabanu Vakil, Ms. Saiyadabanu Vakil and Ms. Shainbanu Vakil. Mr.
Husainali Vakil has wide experience of four decades in Onion
dehydration industry through the group entities viz. Kings
Dehydrated Foods Pvt. Ltd., Nice Dehydration Pvt ltd., Quality
Dehydration Pvt Ltd. etc. Mr. Mohmedraza Vakil, PhD in Business
Management, has strong network through association with Kings
Dehydration, Nice Dehydration, and as a partner of European
Dehydration. Other directors have also experience in food industry
through their association with different group entities. Also, the
long-standing industry experience of the promoters and relationship
with the suppliers and customers via group entities in the same
line of business, is expected to bolster the sales during its
preliminary year of operations.
* Accessibility of existing selling and distribution network of the
associate companies: The promoters of KDPL have long experience in
the food processing industry through their association with its
group entities. These entities are majorly engaged into Dehydration
and cold storage of various agro commodities. KDPL has an advantage
of established selling and distribution network of its associate
companies.
* Favourable demand outlook: For close to four decades, export of
onion could take place only through the agencies designated by the
government. Onion export was canalised in 1974. National
Agricultural Cooperative Marketing Federation (NAFED) was the only
canalising agency till 1999. Subsequently, 12 State Trading
Enterprises (STEs) along with NAFED were designated as the
canalising agencies for export of onion. Mahuva is a home to almost
80% of onion dehydration units, finds itself catering more and more
to domestic needs, as opposed to export demand. A surge of
ready-to-eat and fast foods is expected to take domestic
consumption from 25% of Mahuva's dehydrated product to a 100% in
near future.
* Easy raw material availability: The main raw material for the
project is Onion, which is available in abundance within various
districts of Gujarat namely Bhavnagar, Amreli and nearby districts
in Saurashtra Region which are known as a hub for Onion
cultivation. Hence, the raw material is easily available in the
nearby APMC, farmers and traders in the vicinity. Onion dehydration
turnover of Mahuva is approximately INR500 crore annually, which
includes mainly earnings from exports. Dehydrated white onion
products are exported in different forms as slices, kibbled,
flakes, minced, chopped, ground, granules or power to Europe, North
America and Russia. Onion harvesting and arrival starts from
December; thus, dehydration units work only for three months, to a
maximum of five months. Mahuva has nearly 62 dehydration units.
Liquidity: Stretched
Project implementation and stabilization along with generation of
envisaged cash accruals to meet the debt obligation shall remain
crucial from credit perspective. The financial closure of bank
facilities is yet to be done. The operations are expected to
commence from April-2024.
Mahuva (Gujarat) based Kings Dried Foods Private Limited (KDPL) is
incorporated on September 17, 2020. KDPL is a green field company,
implementing project for manufacturing of Dehydrated Onion with
total capacity of 12000-14400 Metric Tons Per Annum (MTPA),
processing of raw onion up to 129600 MTPA with inhouse facility of
5000 MTPA Cold Storage at its factory located at Mahua, Bhavnagar,
Gujarat. KDPL is promoted by Mr. Husainali Vakil and his sons Mr.
Mohamedraza Vakil and Mr. Mohmmedtaqi Vakil. Later in 2021 they
were joined by other family members Ms. Fizabanu Vakil, Ms.
Saiyadabanu Vakil and Ms. Shahinbanu Vakil. The total expected cost
of project is INR74.15 crore with project gearing of 1.39x. The
commercial operations are expected to be commenced from April
2024.
KUBER METPACK: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kuber
Metpack Private Limited (KMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.00 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 November 12,
2021, placed the rating(s) of KMPL under the 'issuer
non-cooperating' category as KMPL 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. KMPL
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).
New Delhi-based Kuber Metpack Private Limited (KMPL) (formerly
Kevin Metpack Private Limited) was incorporated in November 2007 by
Mr Vikas Malu and his family members. The company is a part of
Kuber Group which is engaged in manufacturing of tobacco products,
rental leasing, hotel, spices and others. The company manufacture
metallized cast polypropylene and polyethylene terephthalate shrink
film, and thermoforming grade polyester for the packaging industry.
The company commenced commercial production in 2013. KMPL
manufacturing facilities are based out in Delhi and Gandhi Nagar
(Gujarat).
LAXMI CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Laxmi
Constructions (SLC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.45 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 3,
2021, placed the rating(s) of SLC under the 'issuer
non-cooperating' category as SLC 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. SLC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 19, 2022, September 29, 2022, October
9, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sri Laxmi Constructions (SLC) was established in the year 2007 as a
Partnership firm. The firm has its registered office located at Old
Bowenpally, Hyderabad, and Telangana. SLC is engaged in
construction of bridges, canals and road works. The firm procuress
its work orders through online tenders from State government of
Telangana as well as undertakes sub contract works from other
private companies.
MADHU OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Madhu
Overseas (MO) 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 5.10 CARE A4; ISSUER NOT
Bank 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 6,
2021, placed the rating(s) of MO under the 'issuer non-cooperating'
category as MO 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. MO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 22, 2022, November 1, 2022, November 11, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, Madhu Overseas (MOS) is a proprietorship firm
established in 2012 by Mr. Kuldeep Maan after taking over the
business of the partnership firm-M/s Madhu Overseas (established
since 2006), which dissolved in the same year. The firm is engaged
in trading of PVC products, plywood's and laminates, door skins
(i.e. furniture related products used for manufacturing of
furniture. The firm is also engaged in trading of rice & wheat.
NIKKI STEELS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nikki
Steels Private Limited (NSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE B-; 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 12,
2021, placed the rating(s) of NSPL under the 'issuer
non-cooperating' category as NSPL 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. NSPL
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).
Nikki Steels Private Limited (NSPL), based in Ghaziabad, Uttar
Pradesh was incorporated in June, 2006 by Mr. Neeraj Gupta and Mr.
Sharad Gupta. NSPL is primarily engaged in trading of iron and
steel products such as coil, bars, wire rods and plates and
procures the traded product directly from suppliers such as Steel
Authority of India Limited (SAIL), National Steel Supplier, K. S
Steels etc. The company caters to various construction and private
infrastructure companies such as JCL Infra Limited, J Kumar Infra
projects Limited, Dadu Pipes Pvt Ltd etc.
PALIWAL AND SONS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paliwal and
Sons (PAS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.25 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 16,
2021, placed the rating(s) of PAS under the 'issuer
non-cooperating' category as PAS 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. PAS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 1, 2022, November 11, 2022, November
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).
Mumbai Maharashtra based, Paliwal and Sons (PAS) was established in
March 2000 as a partnership firm and is currently being managed by
Mrs. Shobha Jamnalal Purohit and Mr. Chandrashekhar Jamnalal
Purohit sharing profits and losses equally. PAS is engaged in the
business of purchasing milk from farmers and milk vendors who are
located in the nearby plant location, freezing it in the chilling
plant and then selling it under the brand 'Paliwal'. The firm is
also engaged in the milk processing and manufacturing of milk
products like butter, ghee and other milk products etc at its plant
in Thane, Mumbai.
RAJSHRI CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajshri
Construction (RC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.25 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 6,
2021, placed the rating(s) of RC under the 'issuer non-ooperating'
category as RC 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. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 22, 2022, November 1, 2022, November 11, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh based, Rajshri Construction (RC) was established in
July, 2009 as a partnership firm and is currently being managed by
Mr. Sanjeev Goel, Mr. Deepak Goel, Ms. Mamta Goel and Ms. Monica
Goel. The firm is engaged in construction of roads for government
departments in the regions of Uttar Pradesh and Uttarakhand. The
raw materials namely, gravel (rodi), tar coal etc., the firm
procures from various domestic wholesalers based in Uttar Pradesh,
Haryana and Uttarakhand.
RAMNIWAS AGRAWAL: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ramniwas
Agrawal (RA) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.25 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 15.00 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 17,
2021, placed the rating(s) of RA under the 'issuer non-cooperating'
category as RA 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. RA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 2, 2022, November 12, 2022, November 22, 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).
Established in April 1991, Ramniwas Agrawal (RA) was promoted by
the Agrawal family based out of Chhattisgarh. RA is a partnership
firm and currently governed by three partners; Ramniwas Agrawal
Construction Private Limited, Mr. Rajendra Kumar Agrawal and Mr.
Jitendra Kumar Agrawal. Since its inception, the firm has been
engaged in execution of civil construction works in segment like
construction of buildings & roads.
RGS POULTRY: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RGS Poultry
Farm (RPF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.99 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 20,
2021, placed the rating(s) of RPF under the 'issuer
non-cooperating' category as RPF 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. RPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 5, 2022, November 15, 2022, November
25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
RGS Poultry Farm (RPF) was established as a proprietorship concern
in 2004 by Mr. R. Ganesan in Namakkal, Tamil Nadu. RPF was
re-established as a partnership firm with equal profit sharing
ratio between Mr. R. Ganesan and Mr. V.G. Sakthivel in the year
2017. The firm is engaged in rearing of chicks for production of
eggs and culling. The chicks are purchased from the local suppliers
in Namakkal and the firm procures chick feeds from Sri Venkateswara
Poultry feeds (associate concern) and SKM Feeds. There are four
stages in poultry farming, namely the brooder stage, grower stage,
layer stage and culling stage. The chicks are reared for about 16
weeks until it starts to lay eggs. Once the chick reaches 90-100
weeks of age, it is sold for culling. The firm supplies 75% of eggs
to their associate concern (SVPF) and remaining 25% of eggs are
supplied to local customers and RPF supplies the chicken for
culling to different customers located in Tamil Nadu, Kerala and
Karnataka. RPF rears chicks of different varieties like BV-300,
Bovans and Babcock. RPF has its farm located in Vazhavanthi,
Namakkal, Tamil Nadu. The firm has availed moratorium from March
2020 to August 2020.
RKI BUILDERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: RKI Builders Ptivate Limited
Plot no.7, D.No. 8-2-269/w/7,
IV Floor, BLKR House Women’s Coop Society,
Sagar Society, Road No.2,
Banjara Hills, Hyderabad-500 037
Insolvency Commencement Date: December 8, 2022
Estimated date of closure of
insolvency resolution process: July 8, 2023 (180 Days)
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Rajkumar Sarda
H.No. 24, Asbestos Colony, opp.
Vikrampuri, Secunderabad - 500 009
Email: rajsarda@gmail.com
3-5-700/A, Street no. 11,
New Narayanguda, Hyderabad - 500 029
Email: cirp.rkibuilders@gmail.com
Last date for
submission of claims: January 23, 2023
SHIVA RAJU: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiva Raju
Pachimatla (SRP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.99 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of SRP under the 'issuer
non-cooperating' category as SRP 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. SRP
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).
Telangana based Shiva Raju Pachimatla (SRP) was established as a
proprietorship firm in the year 2004 by Mr. Shiva Raju Pachimatla.
Mr. Shiva Raju Pachimatla has the more than 20 years of experience
in poultry business and then diversified the business into godown
leasing for agricultural products. The firm is providing ware
housing facility on lease to Food Corporation of India (FCI) and
Cotton Corporation of India (CCI). The property is built on total
land area of 2.30 acres and comprises of 4 godowns, with a storage
capacity of around 16500MT, for food crops like rice, wheat etc.
The constructions of the godowns were completed in July 2018 and
the leasing operations were commenced from August 2018.
SHYAM ENTERPRISES: CARE Lowers Rating on INR14.50cr Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shyam Enterprises (SE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.50 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB-; Stable
Short Term Bank 3.00 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 30,
2021, placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE 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. SE continues to be
non-cooperative 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 assigned to the bank facilities of SE have been revised
on account of non-availability of requisite information.
Shyam Enterprises was constituted as a partnership firm on
September 10, 1995 by Mr. Ashok Kumar and Mrs. Rita Kumar. Since
its inception, the firm has been engaged in manufacturing of
bearing and auto components like wire drawings, taper roller,
rings, cups, cones, bearing, yoke etc. The firm has three
manufacturing unit; unit 1 is located at Jamshedpur, Jharkhand for
manufacturing of wire drawing with an installed capacity of 7200
metric tons per annum (MTPA), unit 2 is located at Kharsawan,
Jharkhand for manufacturing of taper roller with an installed
capacity of 4800 metric tons per annum (MTPA) and unit 3 is also
located at Kharsawan, Jharkhand for manufacturing of rings, cups,
cone etc. with an installed capacity of 3000 metric tons per annum
(MTPA). The firm has started its manufacturing unit 3 operational
in August 2019 and since its inception, the firm has been
associated with Timken India Limited (a TATA Enterprise), whereas
machining jobs are undertaken exclusively for other reputed clients
as well.
SREI GROUP: NCLAT Rejects Adisri Commercial's Plea vs. NCLT Order
-----------------------------------------------------------------
Moneylife reports that the National Company Law Appellate Tribunal
(NCLAT) rejected an application filed by Adisri Commercial Pvt Ltd,
a shareholder of Srei Infrastructure Finance Ltd, the holding
company of Srei Equipment Finance Ltd. Adisri Commercial has
refiled the plea after a delay of 321 days and challenged an order
admitting Reserve Bank of India (RBI)'s application filed under
Section 227 of the Insolvency and Bankruptcy Code (IBC) for
initiating insolvency proceedings against the SREI group company.
In an order issued on December 21, 2022, NCLAT bench of justice
Ashok Bhushan (chairperson) and Barun Mitra (member-technical)
said, ". . . the grounds cited to explain the 321 days refiling
delay when viewed against the parameters of timely, effective and
efficient resolution as envisaged in the IBC fall hopelessly short
of meeting the desirable standards of being adequate and
sufficient."
According to Moneylife, the grounds cited by Adisri Commercial for
the refiling delay included the ill health of the authorised
representative, limited functioning on account of the third wave of
COVID for which defects could not be rectified on time and
misplacement of files.
However, NCLAT noted the inaction on the part of the company and
remarked, "We thus do not hesitate to hold that all the three
grounds . . . to explain a delay of 321 days is perfunctory and
does not inspire our confidence."
Noting that Adisri Commercial refiled the appeal with 321 days of
delay and application for condonation of delay, NCLAT explains that
"Any question of delay condonation must go through deep and
sufficient scrutiny in the context of the IBC. The circumstances
cited for condonation of delay in refiling have to be in consonance
with the aims and objects of the IBC and not frustrate the scheme
of the Code," Moneylife relays.
Moneylife relates that the bench also observed that while Adisri
Commercial claims to be negligent and lackadaisical in refiling the
appeal, "their mala-fide becomes clear as during this period they
were found to be actively litigating and pleading in other matters
before other judicial fora against the corporate and Insolvency
process (CIRP) . . ."
"Further it was also pointed out that in the guise of refiling, the
appellant has added new facts which were not part of the original
version of the appeal. It has been pointed out that certain
documents have been referred to in the refiling version which had
actually come into being after the original date of filing in
November 2021. These additions have changed the frame of the
original appeal and therefore, such refiling actually amounts to
fresh filing," the Tribunal said.
During the hearing, Adisri Commercial contended that NCLAT Rules
empowers the bench, in the interest of justice, to allow refiling
of the application even if there is a substantial delay so long as
sufficient cause is shown.
After perusing the Rules, NCLAT said, "There is no quarrel over the
proposition that in the absence of any time-limit prescription in
considering the question of delay in refiling either in the IBC or
the NCLAT Rules, this Tribunal is to that extent not powerless to
entertain an application even if there has been delay in refiling."
However, it emphasised that ". . . the magnitude of delay in
refiling must necessarily be within tolerable limits."
In October 2021, RBI took over the management of the Kolkata-based
non-banking housing finance company due to its deteriorating
financial conditions and governance issues. Following this, the
company came under CIRP. As per the Srei group website, 44
financial creditors have consolidated claims worth INR32,750 crore
against the two companies, as of August, Moneylife discloses.
As per an NCLT order dated October 31, 2022, the Srei administrator
had sought more time till January 2023 for completion of CIRP, adds
Moneylife.
About SREI
SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.
On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times. The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.
The insolvency resolution process against the company started on
Oct. 8, 2021.
The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.
VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Viral
Corporation India Private Limited (VCIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 6.00 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 11,
2021, placed the rating(s) of VCIPL under the 'issuer
non-cooperating' category as VCIPL 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. VCIPL 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).
Established in 1984 as a partnership firm by Mr. Jyotin C. Sheth &
family and reconstituted as a private limited company in May 2011,
Viral Corporation (India) Private Limited (VCPL) is engaged in the
manufacturing (contributing ~75% to TOI) and renting (~25% to TOI)
of prefabricated engineered building (PEB) and portable cabins.
VCPL caters to the needs of clients belonging to oil & gas,
infrastructure industries (including private companies,
multinationals and government organizations) such as L&T, ABB and
Cairn Energy India.
===============
M A L A Y S I A
===============
HELLOGOLD: To Shutter Operations in Malaysia and Thailand
---------------------------------------------------------
theedgemarkets.com reports that HelloGold, Malaysia's first
shariah-compliant gold savings platform, is shutting down its
operations in the country and Thailand, stating that the business
is no longer commercially viable in the current market condition.
In an email to depositors on Jan. 26, HelloGold chief executive
officer Robin Lee said the platform will cease to operate on Feb.
2, the report relates.
"While we continue to believe in the value of gold as part of your
financial portfolio, we have decided that our business in its
current form is no longer commercially viable in the current market
condition," theedgemarkets.com quotes Mr. Lee as saying.
===============
M O N G O L I A
===============
MONGOLIAN MINING: S&P Withdraws 'CCC' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC' long-term issuer credit
rating on Mongolian Mining Corp. (MMC) at the issuer's request. S&P
also withdrew its 'CCC' long-term issue rating on the senior
unsecured notes that the company issued. MMC is a Mongolia-based
coking coal mining company that sells coal products to downstream
users in northern China.
The negative rating outlook at the time of the withdrawal reflected
S&P's view that MMC's default risk, including for its U.S.
dollar-denominated notes, is high over the next 12-15 months. This
is due to a material liquidity deficit, based on its assumptions.
=====================
N E W Z E A L A N D
=====================
A SPEC: Creditors' Proofs of Debt Due on March 3
------------------------------------------------
Creditors of A Spec Engineering Limited are required to file their
proofs of debt by March 3, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 25, 2023.
The company's liquidator is:
Garry Whimp
Blacklock Rose Limited
PO Box 6709, Victoria Street West
Auckland 1142
RIGHT SCAFFOLDING: Court to Hear Wind-Up Petition on Feb. 7
-----------------------------------------------------------
A petition to wind up the operations of Right Scaffolding Limited
will be heard before the High Court at Wellington on Feb. 7, 2023,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 13, 2022.
The Petitioner's solicitor is:
Tara Nicola Carr
Legal Services
11 Jepsen Grove
Wallaceville, Upper Hutt 5018
SADAL UPPER: Court to Hear Wind-Up Petition on Feb. 7
-----------------------------------------------------
A petition to wind up the operations of Sadal Upper Hutt Limited
will be heard before the High Court at Wellington on Feb. 7, 2023,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 15, 2022.
The Petitioner's solicitor is:
Caroline Lucy Russell
Legal Services
11 Jepsen Grove
Wallaceville, Upper Hutt 5018
SAS TRANSPORT: Court to Hear Wind-Up Petition on Feb. 7
-------------------------------------------------------
A petition to wind up the operations of SAS Transport Limited will
be heard before the High Court at Wellington on Feb. 7, 2022, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 10, 2022.
The Petitioner's solicitor is:
Deepika Belinda Padmanabhan
Legal Services
11 Jepsen Grove
Wallaceville, Upper Hutt 5018
STAPLETON AND ASSOCIATES: Creditors' Proofs of Debt Due on Feb. 28
------------------------------------------------------------------
Creditors of Stapleton and Associates Limited are required to file
their proofs of debt by Feb. 28, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 18, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
===============
P A K I S T A N
===============
PAKISTAN: Economy Nears Collapse as Foreign Currency Reserves Drop
------------------------------------------------------------------
The Financial Times reports that Pakistan's economy is at risk of
collapse, with rolling blackouts and a severe foreign currency
shortage leaving businesses struggling to operate as authorities
attempt to revive an IMF bailout to relieve the deepening crisis.
Shipping containers full of imports are piling up at Pakistani
ports, according to the country's central bank, with buyers unable
to secure the dollars to pay for them, the FT says. Associations
for airlines and foreign companies have warned that they have been
blocked from repatriating dollars by capital controls imposed to
protect dwindling foreign reserves. Officials said that factories
such as textile manufacturers were closing or cutting hours to
conserve energy and resources.
According to the FT, the difficulties were compounded by a
nationwide blackout on Jan. 23 that lasted more than 12 hours.
Prime Minister Shehbaz Sharif on Jan. 24 expressed his "sincere
regrets for the inconvenience" and said an inquiry would determine
the cause.
"Already a lot of industries have closed down, and if those
industries don't restart soon, some of the losses will be
permanent," said Sakib Sherani, founder of Macro Economic Insights
in Islamabad.
The FT adds that analysts warn that Pakistan's economic situation
is becoming untenable, and is at risk of following Sri Lanka, where
a lack of foreign reserves triggered severe shortages of essential
goods and eventually led to a default in May. Islamabad's foreign
reserves have dropped to under $5 billion, less than a full month
of imports, and Sharif's government remains in a deadlock with the
IMF over resurrecting a $7 billion assistance package that stalled
last year.
"Every day matters now. It's simply not clear what the way out is,"
the FT quotes Abid Hasan, a former adviser to the World Bank, as
saying. "Even if they get a billion [dollars] or two to roll
over . . . things are so bad that it's going to be just
a Band-Aid at best."
Ahsan Iqbal, Pakistan's planning minister, told the Financial Times
that Pakistan had "drastically" reduced imports in an attempt to
conserve foreign currency. Analysts said this included restricting
banks from opening letters of credit for importers, leading a steel
industry body this week to threaten to stop production.
The FT relates that the central bank on Jan. 23 said it was easing
import restrictions to facilitate the supply of essential items
such as food and fuel. Pakistan is still reeling from devastating
floods last year, which affected tens of millions of people and
caused damage costing an estimated $30 billion.
International lenders pledged more than $9 billion to aid the
country's recovery at a donor conference in Geneva this month, but
details about how and when that money will arrive are still being
negotiated, the FT notes.
The FT says Sharif's government has said it is committed to
reviving the IMF deal to unlock the next tranche of funds. But the
sides remain at an impasse over the IMF's demand that Pakistan
accepts economic reforms such as raising subsidised energy prices.
Pakistan argues that pushing through painful austerity measures
while it is recovering from the floods is impractical, according to
the FT. "If we just comply with the IMF conditionalities, as they
want, there will be riots in the streets," Iqbal told the FT. "We
need a staggered programme . . . The economy and
society cannot absorb the shock or cost of a front-loaded
programme."
The FT notes that the economic turmoil comes as Pakistan prepares
for elections that have to be held this year. Sharif's main
challenger is Imran Khan, the former prime minister who was ousted
last year but remains highly popular. Both leaders blame the other
for the economic predicament, and Khan is attempting to force early
polls.
"We need predictable power," said Taimur Khan Jhagra, a leader from
Khan's Pakistan Tehreek-e-Insaf party, accusing Sharif's government
of mishandling the energy supply. "It dictates the quality of
life."
=================
S I N G A P O R E
=================
3D METALFORGE: Creditors' Meeting Set for Feb. 3
------------------------------------------------
3D Metalforge Pte. Ltd. and 3D Matters Pte. Ltd. will hold a
meeting for their creditors on Feb. 3, 2023, at 3:00 p.m. via
electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to confirm the appointment of Luke Anthony Furler and Ellyn
Tan Huixian as Joint and Several Liquidators appointed by
the Shareholders of the Company;
c. to resolve that the Joint and Several Liquidators be at
liberty to open, maintain and operate any bank account or an
account for monies received by them as Liquidators of the
Company, with such bank as the Liquidators see fit;
d. to appoint a Committee of Inspection of not more than 5
members, if thought fit;
e. should no Committee of Inspection be formed, fixing the
remuneration of the Joint and Several Liquidators based on
their scale of fees;
f. should no Committee of Inspection be formed, resolving that
the books, accounts, and records of the Company and of the
Joint and Several Liquidators be destroyed one day after the
dissolution of the Company pursuant to Section 195(3) of the
Insolvency, Restructuring and Dissolution Act 2018;
g. should no Committee of Inspection be formed, approval of the
Joint and Several Liquidators' powers pursuant to Sections
144(1)(b), (c), (d), (e) and (f) of the Insolvency,
Restructuring and Dissolution Act 2018; and
h. any other business.
Luke Anthony Furler and Ellyn Tan Huixian of Quantuma (Singapore)
Pte Limited were appointed as Joint and Several Provisional
Liquidators of 3D Metalforge and 3D Matters on Jan. 19, 2023.
GRYPHON PRIME: Creditors' Proofs of Debt Due on Feb. 7
------------------------------------------------------
Creditors of Gryphon Prime Pte. Ltd. and Gryphon Prime II Pte. Ltd.
are required to file their proofs of debt by Feb. 7, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 19, 2023.
The company's liquidators are:
Timothy James Reid
Ng Yau Yee Theresa
c/o Baker Tilly Reid
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
YONGNAM HOLDINGS: Court Accepts Moratorium Applications
-------------------------------------------------------
The Edge Singapore reports that Yongnam Holdings, on Jan. 25,
announced that its moratorium applications have been accepted by
the court. The applications were filed on Jan. 20 and were filed
under Section 64 of the Insolvency, Restructuring and Dissolution
Act 2018. The company has been assigned the case numbers HC/OA
63/2023 and HC/OA 61/2023.
According to the report, the moratorium applications filed by
Yongnam Engineering & Construction Sdn Bhd and Yongnam Engineering
Sdn Bhd's have also been accepted by the court. The applications,
which were filed under the Act's Section 65, have been assigned the
case numbers HC/OA 60/2023 and HC/OA 62/2023 respectively.
A case conference has been fixed at 3:00 p.m. on Jan. 27 at the
Singapore High Court.
The Edge Singapore says the moratoria come after Yongnam Holdings
called for a suspension in the trading of its shares on Nov. 23,
2022. The company called for the suspension at the same time after
explaining the reasons behind its increased borrowings and other
queries posed by the Singapore Exchange (SGX).
On Jan. 19, Yongnam Holdings entered into a loan agreement as well
as a conditional subscription agreement with UEM Assets, the report
recalls. The agreements were said to help put the company in a
position to secure infrastructural projects that have been delayed
by the Covid-19 pandemic and are now recommencing.
Shares in Yongnam last traded at 2.6 cents before its trading halt
on Nov. 23, 2022, the report notes.
*********
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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*** End of Transmission ***