/raid1/www/Hosts/bankrupt/TCRAP_Public/230130.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, January 30, 2023, Vol. 26, No. 22
Headlines
A U S T R A L I A
A.G. CORPORATION: Second Creditors' Meeting Set for Feb. 6
BALLISTIC BEER: Enters Voluntary Administration
BALLISTIC SPRINGFIELD: First Creditors' Meeting Set for Feb. 6
ECOLATERAL STORES: Second Creditors' Meeting Set for Feb. 3
REDZED TRUST 2022-2: Fitch Affirms 'BB-sf' Rating on Class F Notes
SUNBUSTER CARAVANS: First Creditors' Meeting Set for Feb. 6
TUNNEL SHOW: Second Creditors' Meeting Set for Feb. 6
C H I N A
COUNTRY GARDEN: Gets Hefty Loan from China Minsheng
I N D I A
AARNEEL TECHNOCRAFTS: ICRA Keeps B Debt Rating in Not Cooperating
AASRA FOUNDATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
ARENE LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating
ARSHIYA NORTHERN: Insolvency Resolution Process Case Summary
ASHOKA HI-TECH: Insolvency Resolution Process Case Summary
BRAJESH PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
COUNTRY CLUB: ICRA Keeps D Debt Ratings in Not Cooperating
COX AND KINGS: Insolvency Resolution Process Case Summary
DELCRAY CABLES: Insolvency Resolution Process Case Summary
DESAI DISTRIBUTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
DEV ROLLING: Insolvency Resolution Process Case Summary
FDS MANAGEMENT: Insolvency Resolution Process Case Summary
HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating
LALIT POLYESTER: Insolvency Resolution Process Case Summary
LAXMI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAESTRIA PAINTS: Insolvency Resolution Process Case Summary
MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating
MANPREET DEVELOPERS: Insolvency Resolution Process Case Summary
MANSFIELD POWER: Insolvency Resolution Process Case Summary
MICA INDUSTRIES: Insolvency Resolution Process Case Summary
MIDLANDPOLYMERS: Insolvency Resolution Process Case Summary
MINI HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category
MUNDARA ESTATE: Insolvency Resolution Process Case Summary
NESTOR HR: Liquidation Process Case Summary
PM CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
RAM LAL: Insolvency Resolution Process Case Summary
RELIANCE CAPITAL: NCLT Directs Continuation of Interim Orders
REMEDY MEDICAL: ICRA Keeps B Debt Ratings in Not Cooperating
S.S. ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
SAANVI CLOTHING: ICRA Keeps B Debt Ratings in Not Cooperating
SAHAKAR SHIROMANI: ICRA Keeps D Debt Rating in Not Cooperating
SANJOG SUGARS: ICRA Withdraws B+ Rating on INR26.70cr LT Loan
SAYA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
SURYADEEP MULTIPURPOSE: Insolvency Resolution Process Case Summary
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
SYMCOM COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating
TOORSA PLANTATIONS: ICRA Withdraws D Rating on INR7.12cr LT Loan
UNIBERA DEVELOPERS: Insolvency Resolution Process Case Summary
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
VIJAY PULSE: ICRA Reaffirms B Rating on INR7.50cr Cash Loan
WAVE BEVERAGES: ICRA Keeps B+ Debt Ratings in Not Cooperating
I N D O N E S I A
BUMI RESOURCES: Moody's Withdraws 'B3' Corporate Family Rating
BUMI RESOURCES: S&P Withdraws 'CCC' Long-Term Issuer Credit Rating
M A C A U
SANDS CHINA: Net Loss Widens to US$1.58 Billion in 2022
N E W Z E A L A N D
GO TO COLLECTION: Creditors OK Debt Restructure and Compromise
MISTY VALE: Court to Hear Wind-Up Petition on Feb. 20
PIHA CAFE: Creditors' Proofs of Debt Due on March 17
SOUTHLAND BUILDING: Fitch Assigns 'BB+' Rating to New Tier 2 Bonds
T H L CONSTRUCTION: Court to Hear Wind-Up Petition on March 13
TONU CIVIL: Creditors' Proofs of Debt Due on Feb. 23
WAIMAK FENCING: Court to Hear Wind-Up Petition on Feb. 9
P H I L I P P I N E S
CEBU AIR: Flies to Path of Full Recovery, Profitability This Year
S I N G A P O R E
AURICFOOD HOLDCO: Final Meeting Set for March 7
GRYPHON PROPERTY: Creditors' Proofs of Debt Due on Feb. 28
RED APPLE: Court to Hear Wind-Up Petition on Feb. 10
RW KUKI: Creditors' Proofs of Debt Due on Feb. 28
UST TECHNOLOGY: Final Meeting Set for March 1
S R I L A N K A
SRI LANKA: Making Progress in Debt-Restructuring Talks, Chief Says
- - - - -
=================
A U S T R A L I A
=================
A.G. CORPORATION: Second Creditors' Meeting Set for Feb. 6
----------------------------------------------------------
A second meeting of creditors in the proceedings of A.G.
Corporation Pty. Limited and Sydney Car Care Pty Ltd has been set
for Feb. 6, 2023 at 11:00 a.m. via virtual meeting.
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 5:00 p.m.
Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of the company on Dec. 20, 2022.
BALLISTIC BEER: Enters Voluntary Administration
-----------------------------------------------
SmartCompany reports that independent craft brewery Ballistic Beer
Co has called in the administrators, as the award-winning
Queensland company attempts to restructure its operations.
As first reported by The Crafty Pint, Ballistic Beer Co, based in
Salisbury, Queensland, last week appointed administrators from PKF
Melbourne to handle its affairs, SmartCompany relates.
A notice published by the Australian Securities and Investment
Commission on Jan. 24 shows Jason Stone and Paul Allen were tapped
for the role, SmartCompany discloses.
Speaking to the beer industry publication, Ballistic Beer Co
founder David Kitchen said the administrators are working with
company directors and shareholders with the goal of resuming normal
trade in the near future.
Company social media pages advertised an in-person events at its
Salisbury taphouse for Jan. 28, the report notes.
Beyond its first venue, the company's products are still available
for sale online, in supporting bars, and stockists nationwide, Mr.
Kitchen added.
A meeting of creditors will take place on February 6.
Ballistic Beer Co launched operations in 2017 with its Salisbury
taphouse, before capitalising on the craft beer boom with premises
in Brisbane, Bundaberg and Airlie Beach.
The company's products are now stocked in bars and bottle shops
nationwide, and its Pilot Light mid-strength earned a gold medal at
the Australian International Beer Awards in 2017, according to
SmartCompany.
BALLISTIC SPRINGFIELD: First Creditors' Meeting Set for Feb. 6
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ballistic
Springfield Pty. Ltd. will be held on Feb. 6, 2023, at 3:30 p.m. at
the offices of PKF Brisbane at Level 6, 10 Eagle Street in
Brisbane.
Jason Glenn Stone and Paul A. Allen of PKF Melbourne were appointed
as administrators of the company on Jan. 25, 2023.
ECOLATERAL STORES: Second Creditors' Meeting Set for Feb. 3
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Ecolateral
Stores Pty Ltd has been set for Feb. 3, 2023 at 11:00 a.m. at the
offices of Clifton Hall at Level 3, 431 King William Street in
Adelaide, and via teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 2, 2023 at 4:00 p.m.
Daniel Lopresti of Clifton Hall was appointed as administrator of
the company on Dec. 19, 2022.
REDZED TRUST 2022-2: Fitch Affirms 'BB-sf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has upgraded two tranches of one RedZed Series RMBS
transaction, and affirmed 14 tranches of five RedZed Series RMBS
transactions. The transactions are backed by first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited. The notes were issued by Perpetual Trustee
Company Limited in its capacity as trustee of the series.
Entity/Debt Rating Prior
----------- ------ -----
RedZed Trust Series
2019-1
A-1 AU3FN0049151 LT AAAsf Affirmed AAAsf
A-2 AU3FN0049169 LT AAAsf Affirmed AAAsf
RedZed Trust Series
2020-2
A-1-L AU3FN0055828 LT AAAsf Affirmed AAAsf
A-2 AU3FN0055836 LT AAAsf Affirmed AAAsf
RedZed Trust Series
2021-1
A-1 AU3FN0059325 LT AAAsf Affirmed AAAsf
A-2 AU3FN0059333 LT AAAsf Affirmed AAAsf
RedZed Trust Series
2021-2
A-1 AU3FN0061701 LT AAAsf Affirmed AAAsf
A-2 AU3FN0061719 LT AAAsf Affirmed AAAsf
RedZed Trust Series
2022-2
A-1-S AU3FN0069878 LT AAAsf Affirmed AAAsf
A-1-L AU3FN0069886 LT AAAsf Affirmed AAAsf
A-2 AU3FN0069894 LT AAAsf Affirmed AAAsf
B AU3FN0069902 LT AA+sf Upgrade AAsf
C AU3FN0069910 LT A+sf Upgrade Asf
D AU3FN0069928 LT BBBsf Affirmed BBBsf
E AU3FN0069936 LT BBsf Affirmed BBsf
F AU3FN0069944 LT BB-sf Affirmed BB-sf
KEY RATING DRIVERS
Resilient Asset Performance: The transactions' 30+ and 90+ day
arrears at end-December 2022 ranged from 0.5% to 4.3% and 0.1% to
1.7%, respectively. Except for RedZed 2022-2, all transactions' 30+
day arrears tracked above Fitch's 3Q22 Non-Conforming Dinkum RMBS
30+ Day Index of 1.34%. Only RedZed 2019-1 and 2021-1 90+ day
arrears tracked above Fitch's 3Q22 Non-Conforming Dinkum RMBS 90+
Day Index of 0.42%; the remaining transactions tracked below the
index. Arrears reporting includes loans that have a current
hardship status where the loan is not in arrears.
At the closing of the transactions, the non-conforming composition
of the portfolio ranged from 11.3% for RedZed 2022-2 to 34.3% for
RedZed 2018-1. Loss performance has been strong, with no losses
between the five transactions since closing.
The 'AAAsf' weighted-average foreclosure frequency (WAFF) for
RedZed 2022-2 is 16.3%, driven by the weighted-average (WA)
unindexed current loan/value ratio (LVR) of 66.3% with a 'AAAsf' WA
recovery rate (WARR) of 55.4%, driven by the portfolio's WA indexed
scheduled LVR of 66.7%.
Models for the remaining transactions were not run, in accordance
with the APAC Residential Mortgage Rating Criteria.
Credit Enhancement Supports Ratings: RedZed 2019-1, 2020-1 and
2021-1 are paying down pro rata, and will revert to sequential
paydown, building up credit enhancement if performance deteriorates
significantly or at the call option date. As of the November
payment date, RedZed 2021-2 and RedZed 2022-2 are paying principal
sequentially, with the ability to switch to pro rata pay down when
the pro rata criteria are satisfied.
Low Operational Risk: RedZed, established in 2006, is an
experienced specialist lender for self-employed borrowers. Fitch
undertook an operational review and found that operations of the
servicer were comparable with market standards.
Tight Labour Market to Support Outlook: Performance is supported by
Australia's continued economic growth and tight labour market,
despite increasing interest rates. GDP growth was 5.9% for the year
to September 2022 and the unemployment rate was 3.5% in December.
Fitch expects GDP growth to slow to 1.5% in 2023, with unemployment
increasing to 4.2%, reflecting high inflation combined with its
weaker outlook for China and the global economy more generally.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.
Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.
The rating sensitivity section provides insight into the
model-implied sensitivities a transaction faces when assumptions -
WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as a transaction is exposed to multiple dynamic
risk factors.
RedZed 2022-2
Note: A-1-S / A-1-L / A-2 / B / C / D / E / F
Rating: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf /
BB-sf
Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf / BB-sf
Increase defaults by 30%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BB-sf / B+sf
Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / A-sf /
BBB-sf / BB-sf / B+sf
Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf /
BBsf / Bsf / Bsf
Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAAsf / AA-sf / BBB+sf / BB+sf / B+sf / B+sf
Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AA+sf / Asf / BBB-sf / B+sf / NR/ NR
Fitch's previous rating sensitivities for the remaining
transactions were discussed in the following publications:
- rating action commentary for RedZed Trust Series 2019-1,
published on 1 August 2019;
- rating action commentary for RedZed Trust Series 2020-2,
published on 9 September 2020;
- rating action commentary for RedZed Trust Series 2021-1,
published on 30 March 2021; and
- rating action commentary for RedZed Trust Series 2021-2,
published on 10 August 2021.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
RedZed 2022-2 class A-1-S, A-1-L, A-2 notes and all other
transactions' rated notes are at 'AAAsf', which is the highest
level on Fitch's scale. These ratings cannot be upgraded and
upgrade sensitivity scenarios are not relevant.
Economic conditions, loan performance and credit losses that are
better than Fitch's expectations or sufficient build-up of credit
enhancement that would fully compensate for credit losses and cash
flow stresses commensurate with higher rating scenarios, all else
being equal.
Upgrade Sensitivity for RedZed 2022-2 is as follows:
Note: B / C / D / E / F
Rating: AA+sf / A+sf / BBBsf / BBsf / BB-sf
Reduce defaults by 15% and increase recoveries by 15%: AAAsf /
AA+sf / Asf / BBBsf / BBBsf
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.
Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for these
transactions.
As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
SUNBUSTER CARAVANS: First Creditors' Meeting Set for Feb. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sunbuster
Caravans Pty Ltd will be held on Feb. 6, 2023, at 3:30 p.m. at the
offices of Morton + Lee Insolvency at Level 10, 388 Queen Street,
in Brisbane, and via virtual meeting technology.
Leon Lee of Morton + Lee Insolvency was appointed as administrator
of the company on Jan. 24, 2023.
TUNNEL SHOW: Second Creditors' Meeting Set for Feb. 6
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tunnel Show Pty
Ltd, Rpay Plus Pty Ltd and National Australia Payment Pty Ltd has
been set for Feb. 6, 2023 at 3:00 p.m. via webinar 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 Campbell Wilson and Matthew James Brynes of Grant Thornton
Australia Limited were appointed as administrators of the company
on Dec. 20, 2022.
=========
C H I N A
=========
COUNTRY GARDEN: Gets Hefty Loan from China Minsheng
---------------------------------------------------
The Standard reports that Country Garden on Jan. 26 reported
receiving a hefty loan from China Minsheng Banking Corporation.
That comes with the developer entering into a financing agreement
with the bank's Hong Kong branch, which agreed to provide Country
Garden with a yuan-denominated loan facility worth up to US$50
million (HK$390 million) for 36 months.
The loan will be used partly to refinance outstanding indebtedness,
Country Garden said in a filing on Jan. 26, The Standard relays.
The Standard says the largest offshore debt issuer among performing
Chinese developers, Country Garden has access to funds not
available to most of the developers.
Since November it has completed two rounds of share placements in
Hong Kong, raising HK$8.6 billion.
It also secured a US$280 million loan from the Hong Kong unit of
the Industrial and Commercial Bank of China and a HK$5.1 billion
interest-free loan from controlling shareholder Yang Huiyan, the
report notes.
Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'. The negative
outlook on Country Garden reflects the risk that the company's
liquidity buffer and leverage could further deteriorate due to
weaker sales and a high amount of construction expenditure.
=========
I N D I A
=========
AARNEEL TECHNOCRAFTS: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Aarneel
Technocrafts Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable): ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aarneel Technocrafts Private Limited (ATPL) is a private limited
company involved in manufacturing of signages, light poles, bus
shelters and other metal fabricated fixtures that are installed on
roads. The company has been promoted and fully held by Mr. Samit
Holkar and Mr. Piyush Jain. ATPL's manufacturing facility is
located in Indore (Madhya Pradesh).
AASRA FOUNDATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Aasra Foundations (Regd.)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 17.70 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 112.30 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aasra Foundations (Regd.) is a society established in 1996 by Dr
Zora Singh and his family members. It established a private
university by the name Desh Bhagat University under the Punjab
Govt's Desh Bhagat University Act. Desh Bhagat United has its
campuses at Mandi Gobindgarh, Shri Muktsar Sahib, Moga, Chandigarh
in Punjab, India and in Kenya, East Africa.
ARENE LIFE: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Arene
Life Sciences Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
under issuer not cooperating
category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2004, Arene Life Sciences Limited (ALSL) is engaged
in the manufacturing of Active Pharmaceutical Ingredients (API) and
Drug Intermediates. The manufacturing unit is located near
Patancheru, Hyderabad. The company is promoted by experienced
management with more than 3 decades of experience in chemical
engineering and organic chemistry. Antiretroviral segment is the
major revenue contributor to the company over the years. S.R.Drugs
& Intermediates Private Limited (SRD), engaged in the manufacturing
of mono chloro acetic acid and intermediate chemicals is the major
shareholder of ALSL. The other group companies are Srichaitanya
Chlorides Private Limited, engaged in the manufacturing of
intermediate chemicals and AVR Organics Private Limited, involved
in manufacture of high-grade chemicals.
ARSHIYA NORTHERN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Arshiya Northern Ftwz Limited
205 & 206 (Part), 2nd Floor,
Ceejay House, F-Block,
Shiv Sagar Estate,
Dr. Annie Besant Road,
Worli Mumbai-400 018
Insolvency Commencement Date: December 23, 2022
Estimated date of closure of
insolvency resolution process: June 21, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Nitin Vishwanath Penchal
A-203, Surj Eleganza-I CHS,
Pilamber Lane, Mr. Bank of Baroda
Mahim (West) Mumbai-400 016
Email: nitin20768@gmail.com
1221, Maker Chamber V,
Nariman Point, Mumbai-400 021
Email: ip.arshiyanorthem@gmail.com
Last date for
submission of claims: January 6, 2023
ASHOKA HI-TECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ashoka Hi-Tech Builders Private Limited
Office No. 302-4 City Plaza 564.
M.G. Road Indore MP 452003 India
Insolvency Commencement Date: January 9, 2023
Estimated date of closure of
insolvency resolution process: July 8, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Gajesh L.ablrcharrd Jairt
Jitendei Koiha
Mahesh Kumar GuPta
Hasti Mal Kachhara
501. Clifton Society. Shastrt Nagar Raviraj
Oberoi Marg, Andheri West Mumbai - 400053
Email: gajeshjain@gmail.com
C-602, Remt Btz Uoutt. UtI- Veera Desai Road,
Azad Nagar, Andheri west, Mumbai - 400053
Email: ashokahitech.cirp@gmail.com
Last date for
submission of claims: January 23, 2023
BRAJESH PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Brajesh
Packaging Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.73 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 6.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.14 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1978, Brajesh Packaging Private Limited (BPPL) is
the flagship company of the Damani Group, engaged in the
manufacturing of Polypropylene straps and strap machines. Mr.
Neelesh Damani, the managing director of the company, oversees
group operations.
COUNTRY CLUB: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Country Club Hospitality
and Holidays Limited (Formerly Country Club (India) Limited) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 281.45 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 18.55 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1989, CCHHL is in the holiday and leisure services
business providing family clubbing facilities and timeshare
vacations to its members spread across 51 properties (33 owned, 16
associated properties and 2 leased) reinforced by 220- plus India
and global affiliations (via Country Vacations) and 3900 resorts
(via RCI affiliation). It has 436,933 individual members and 600
corporate members comprising brands like Microsoft, Tech Mahindra,
CMC Limited (now merged with TCS Limited) and Dr. Reddy's Labs,
among others. CCHHL started its operations under the banner Amrutha
Estates in 1981 as a real estate development company in South
India. In 1989, the company entered the clubbing business with the
objective to make clubbing accessible and affordable to the
upwardly population in India.
COX AND KINGS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Cox and Kings Global Service Private Limited
Turner Morrison Building, 1st Floor, 16, Bank Street,
Fort. Mumbai, MH 400001, Maharashtra
Insolvency Commencement Date: January 5, 2023
Estimated date of closure of
insolvency resolution process: July 8, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Birendra Kumar Agrawal
1602 Tower A, Runwal Elgante,
Lokhandwala Complex,
Veera Desai Road, Andheri West,
Mumba 400053, Maharasthra
Email: bk@bhamaconsulting.com
913, Corporate Annexe, Sonawala Lane,
Near Udyog Bhawan, Goregon East,
Mumbai 400063, Maharashtra
Email: cox.cirp@gmail.com
Last date for
submission of claims: January 23, 2023
DELCRAY CABLES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Delcray Cables Private Limited
29 S B S Colony, Rajpura Distt,
Patiala, Punjab - 140401
Insolvency Commencement Date: January 13, 2023
Estimated date of closure of
insolvency resolution process: July 11, 2023 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Mr. Jalesh Kumar Grover
SCO-818, 2nd Floor, NAC,
Manimajra, Chandigarh-160101
Email: jk.grover27@gmail.com
Mobile No. 95010-81808
Email: cirp.delcraycables@gmail.com
Mobile No. +91 62832-81078
Last date for
submission of claims: January 26, 2023
DESAI DISTRIBUTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term rating of Desai Distributors in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 26.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1996 as a partnership firm by the Desai family, DD
is involved in distributorship of Hindustan Unilever Limited's
(HUL) products. It is a distributor of HUL's products in Vadodara,
Gujarat, supplying to ~5000 retailers covering 40 sq km of area
across Vadodara. DD was also a distributor of Vodafone's SIM
cards/recharges in Vadodara. However, in FY2018, the firm
discontinued distributorship of the same.
DEV ROLLING: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Dev Rolling Mills Private Limited
Muradpura Chaaju Ram GRN Punnu
Milerganj Ludhiana Punjab 141001
Insolvency Commencement Date: January 11, 2023
Estimated date of closure of
insolvency resolution process: July 10, 2023
Court: National Company Law Tribunal, Ludhiana Bench
Insolvency
Professional: Nikhil Sachdeva
H. No. 2822, First Floor,
Sector 32- A, Chandigarh Road,
Near BCM School, Ludhiana,
Punjab, 141010
Email: nikhilsachdeva.ca@gmail.com
Email: cirp.dev@gmail.com
Last date for
submission of claims: January 25, 2023
FDS MANAGEMENT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: FDS Management Services Private Limited
DDA Built UP Flat No.20 Ground Floor
Block-4 Situated at Shivaji Marg Moti Nagar,
New Delhi, West Delhi - 110015 India
Insolvency Commencement Date: January 9, 2023
Estimated date of closure of
insolvency resolution process: July 8, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Manoj Kumar Anand
2, Community Centre, 3rd Floor,
(Near PVR/McDonald),
Naraina, New Delhi-110028
Email: anandmanoja@gmail.com
Email: fdscirp@gmail.com
Last date for
submission of claims: January 29, 2023
HARSHITA POLYPACK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Harshita
Polypack in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.37 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.60 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.09 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1978, Harshita Polypack (HP) is a part of the
Damani group engaged in manufacturing of polypropylene disposable
cups. Mrs. Pratima Nitin Damani is the proprietor of the firm while
the affairs of the group are collectively managed by Mr. Neelesh
Damani and Mr. Nitin Damani.
LALIT POLYESTER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Lalit Polyester Private Limited
Atgaon IndustrialComplex, Shed No. 88,
Mumbai Nasik High Way, Village Atgaon,
Shahpur,Maharashtra – 421601
Insolvency Commencement Date: January 5, 2023
Estimated date of closure of
insolvency resolution process: July 4, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Nitin Om Kothari
5A-301, Alicia Nagar, Lokhandwala Township,
Kandivali East, Mumbai-400101, Maharashtra
Email: cakotharico@gmail.com
Email: lalit.cirp@gmail.com
Last date for
submission of claims: January 23, 2023
LAXMI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of Laxmi Balaji Industriesin
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.39 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 4.11 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Laxmi Balaji Industries (LBI) was setup in the year 2006 and is
engaged in milling of paddy to produce raw and boiled rice. It is
promoted by Mr. V. Mohan Reddy and partners who have an experience
of more than 21 years in the milling industry. The company has a
milling unit in Khanapoor (Nizamabad district) of Andhra Pradesh
with a milling capacity of 70,100 MTPA (8 tonnes per hour).
MAESTRIA PAINTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Maestria Paints India Private Limited
H.No. 6-3-349/15/17, Flat No. 103,
Dwarakapuri Colony,
Punjagutta, Hyderabad TG 500082 India
Insolvency Commencement Date: January 6, 2023
Estimated date of closure of
insolvency resolution process: July 5, 2023 (180 Days)
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Malireddy Ramana Reddy
Flat No. 202, H.No 8-3-191/155 (16/A)
Sai Saurabh Residency, Venga I Rao Nagar
Hyderabad-500038, Telangana
Email: ramanareddycsrp@gmail.com
Flat No. 403, Nirmal Tower, Dwarakapuri Colony
Beside Sai Baba Temple Punjagutta,
Hyderabad-500082
Email: ramanareddymaestria@yhaoo.com
Last date for
submission of claims: January 23, 2023
MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Maithan Ispat Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Preference 357.66 [ICRA]D; ISSUER NOT COOPERATING;
Shares Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Maithan Ispat Limited (MIL) was set up in August 2003 by the
promoters of Maithan Group. Subsequently, on March 31, 2015, MESCO
Group took over MIL, and a consortium of bankers restructured the
debt facilities of MIL under the CDR scheme. At present, the
company is a subsidiary of Mideast Integrated Steels Ltd. (MISL,
the flagship company of MESCO Group), and is involved in
manufacturing of sponge iron and billets. The company has a
2*350-TPD sponge iron facility, a 210,000-MTPA billet production
unit and a 30-MW power production unit situated in Jajpur, Odisha.
MANPREET DEVELOPERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Manpreet Developers Private Limited
Shop No. FF19, HDIL Harmony Mall,
Goregaon Link Road,
Goregaon West, Mumbai - 400104
Insolvency Commencement Date: January 11, 2023
Estimated date of closure of
insolvency resolution process: July 10, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Jayesh Natvarlal Sanghrajka
405 - 407, Hind Rajasthan Building,
Dadar East, Mumbai - 400014
Email id: jayesh@jsandco.in
Email id: cirp.mdpl@gmail.com
Last date for
submission of claims: January 27, 2023
MANSFIELD POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mansfield Power & Infrastructure Private Limited
208, Friends Chamber S-511,
School Block Shakarpur Vikas Marg.
Delhi East, Delhi-110092
Insolvency Commencement Date: January 13, 2023
Estimated date of closure of
insolvency resolution process: July 12, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Vikram Bajaj
308, Pearls Business Park, Netaji Subhash Place,
Pitampura, Delhi -110034
E-mail: bajaj.vikram@gmail.com
E-mail: cirp.mpipl@gmail.com
Last date for
submission of claims: January 27, 2023
MICA INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mica Industries Limited
A-36, IInd Floor, Rajouri Garden,
Delhi-110027
E-92, Riico Industrial Area,
Bhiwadi, Rajasthan 301019
Insolvency Commencement Date: January 11, 2023
Estimated date of closure of
insolvency resolution process: July 9, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Ajay Kumar Agarwal
Plot no. IID/31/1, Street No. 1111,
PS QUBE, Unit Number 1015A, 10th Floor
Beside City Centre 2, Kolkata-700161
Email: cs.aaa.2014@gmail.com
Email: cirp.mica@gmail.com
Last date for
submission of claims: January 26, 2023
MIDLANDPOLYMERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Midland Polymers Limited
101, First Floor, 251 Nayapura (PatharGodam),
Indore, Madhya Pradesh, 452001, India
Insolvency Commencement Date: January 6, 2023
Estimated date of closure of
insolvency resolution process: July 4, 2023 (180 Days)
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Madhusudhan Rao Gonugunta
7-1-285, Flat No.103,
Sri Sai Swapnasampada Apartments,
Balkampet, Sanjeev Reddy Nagar,
Hyderabad, Telengana, 500038
Email: madhucs1@gmail.com
Email: mplip123@gmail.com
Last date for
submission of claims: January 29, 2023
MINI HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Mini
Hotels & Projects in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 6.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Mini Hotels and Projects (MHP), is a partnership firm, promoted by
Mr. P. Ravi Kumar and Ms. P. Padma on June 30, 2014. The firm has
renovated a multi storied building into a Hotel and branded as
"Hotel Aira". The hotel is situated in Benz circle, Vijayawada, a
prime location that annually draws tourists and corporate visitors
from all over the country. The land and super structure is owned by
the partners and the super structure is being leased out to MHP.
The hotel comprises of 7 Standard rooms, 29 Executive rooms, 4
Royal Suite, a Banquet Hall (accommodating 110 people) and
conference room. The hotel also has 80 seat fine dining restaurant
and 25 seat coffee shop. The hotel has commenced commercial
operations in the month of August 2016.
MUNDARA ESTATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mundra Estate Developers Limited
7B 11 Happy Home CHS Ltd CTS 1195
168 Ramkr, Nehru Road, Ville Parle East
Mumbai-400057
Insolvency Commencement Date: January 12, 2023
Estimated date of closure of
insolvency resolution process: July 10, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Pinakin Surendra Shah
A/201 Siddhi Vinayak Towers,B/h DCP Office,
Next to Kataria House, off S.G.Highway,
Makaraba, Ahmedabad-380051, Gujarat.
Email: pinakincs@yahoo.com
Email: cirp.medl@gmail.com
Last date for
submission of claims: January 25, 2023
NESTOR HR: Liquidation Process Case Summary
-------------------------------------------
Debtor: Nestor HR Services Private Limited
SCO 18, 2nd Floor, Sector-16,
Faridabad, Haryana-121003
Liquidation Commencement Date: January 3, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Harman Jit Singh
#332, Phase-1, Near Singla Clinic,
Sahibzada Ajit Singh Nagar,
Punjab - 160055
Email: caharmanghai@gmail.com
Email: cirp.nestor@gmail.com
Last date for
submission of claims: February 2, 2023
PM CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Pm Cars
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.03 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.27 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 0.20 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in October 2013, PM Cars Private Limited (PMCPL) is
the sole authorized dealer for passenger vehicles of Honda Cars
India Private Limited for the regions Anantapur, Kurnool and
Kadapa. The company operates 4 showrooms including service centers
across Anantapur, Kurnool and Kadapa. The company is planning to
open a showroom in Hindupur which will be in a rented facility.
RADHIKA PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Radhika
Packaging Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.09 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.60 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.12 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1978, Radhika Packaging Private Limited (RPPL) is
part of the Damani Group, engaged in manufacturing polypropylene
disposable cups. Mr. Neelesh Damani, the Managing Director of the
company, oversees group operations.
RAM LAL: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Ram Lal Aneja Foods Private Limited
Shop No. 32, New Grain Market,
Jalalabad West, Punjab 152024
Insolvency Commencement Date: January 13, 2023
Estimated date of closure of
insolvency resolution process: July 12, 2023 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Akhil Ahuja
B-29, LGF, Lajpat Nagar III, New Delhi, South,
National Capital Territory of Delhi, 110024
Email: caakhilahuja@gmail.com
Email: cirp.rlafood@gmail.com
Last date for
submission of claims: January 27, 2023
RELIANCE CAPITAL: NCLT Directs Continuation of Interim Orders
-------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT)
on Jan. 23 directed continuation of interim order in a matter
pertaining to the second auction process of insolvent Reliance
Capital, which is undergoing corporate insolvency resolution
process.
In an interim order passed on January 3, the NCLT, granted relief
to Torrent Investments, by directing the administrator of bankrupt
Reliance Capital Ltd not to present the revised offer Hinduja group
made past the auction deadline to the lenders until the next
hearing date.
A bench led by Justice Pradeep Narhari Deshmukh and Justice Shyam
Babu Gautam said that "We do not find any reason to not to further
continue the interim directions all the more when the applications
can be listed in the shortest possible time for pronouncement of
order in the week beginning from January 30," Livemint.com relays.
According to the report, Torrent Investments, which emerged as the
top bidder in the auction process with an offer of INR8,640 crore
for Reliance Capital (RCap), approached the bankruptcy court to
restrain lenders from considering Hinduja's upgraded offer of
INR9,000 crore, arguing that accepting late offers violated the
norms for the insolvency resolution process.
The administrator and the lenders have been opposing the appeal
stating that both Torrent and Hinduja had submitted bids that were
sub-optimal, the report notes.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.
REMEDY MEDICAL: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Remedy
Medical Services Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable)/ [ICRA]A4:
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.20 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 3.30 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1999, Remedy Medical Services Private Limited
(RMSPL) commenced operations as a diagnostic centre in November
2001. In 2004, it had set up a multi-specialty hospital in Kolkata
with a total capacity of 49 beds. The capacity was enhanced in
Q3FY2016 to 56 beds.
S.S. ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S.S.
Enterprises Electricals in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 1.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
SSEE was established in 2006, with Ms. Amutha Selvaraju as its
proprietor. The firm is primarily involved in design and execution
of electrical projects of voltage class up to 33 KV. The day-to-day
operations are managed by Mr. Selvaraju, its Chief Executive
Officer, who has an extensive experience of over thirty-five years
in the electrical contracting business.
SAANVI CLOTHING: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Saanvi
Clothing Pvt Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.88 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 3.53 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 0.12 [ICRA]B (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Saanvi Industries was established as a proprietorship concern in
2016 with a manufacturing plant in Bangalore and an office in
Mumbai. It was incorporated as a private limited company, Saanvi
Clothing Pvt Ltd, with effect from April 1, 2019. It is a family
owned business with Mr. Dhiren Rathore and his wife Mrs. Jinal
Dhiren Rathore as directors. The manufacturing unit is jointly
owned by Jinal Dhiren Rathore and Khubilal Gulabchand Rathore in
their personal capacity. The company manufactures women's innerwear
under its own brand name, ENVIE, which began commercial sales in
October 2016 and has a pan-India presence. In FY2018, it launched
another brand, ENERVE, to tap modern trade channels like D-Mart and
Brand Factory. Misterio was launched as an initiative for B2B sales
and was registered with Reliance Jio in May 2019. SCPL has more
than 80 distributors across India and it recently started a
contract manufacturing business for some of the domestic brands as
well.
SAHAKAR SHIROMANI: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sahakar
Shiromani Vasantrao Kale Sahakari Sakhar Karkhana Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term– 17.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1999, Pandharpur, Dist. Solapur (Maharashtra) based
Sahakar Shiromani Vasantrao Kale Sahakari Sakhar Karkhana Limited
is involved in manufacture of sugar. The 2500 TCD crushing facility
is fully integrated with 30 KLPD distillery facility and 18 MW co
gen unit. The company till date has completed 17 seasons.
SANJOG SUGARS: ICRA Withdraws B+ Rating on INR26.70cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sanjog Sugars & Eco Power Private Limited at the request of the
company and based on the No Dues certificate received from its
banker. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.49 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 26.70 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Long Term- 0.81 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Withdrawn
SSEPL was incorporated in 2004 by J.K. Sagar and Prahlad Singh and
their associates with the objective of setting up a 10 MW bio-mass
power plant at Sangaria Tehsil in Hanumangarh District Rajasthan.
Later in August, 2009, Orient Green Power Company Ltd. (OGPL)
acquired 78.94% stake in the company. At present, OGPL holds 58% of
the total stake in the company and 26% is being held by Soorya Eco
Power Pvt. Ltd. OGPL plans to further divest off its complete stake
to Soorya Eco Power Pvt. Ltd. The power plant was commissioned in
November 2011 and was funded by a term loan of INR44.36 crore from
Punjab National Bank. However, the operations were suspended in
March 2013 as the company decided to sell power through power
exchange and the net tariff realised was un-remunerative. The
company then signed a PPA with the Rajasthan state discoms on July
8, 2014, and the operations at the plant resumed on December 15,
2015.
SAYA AUTOMOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Saya Automobiles Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 55.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Saya Automobiles Ltd (SAL) is an authorized dealer of Maruti Suzuki
India Limited, the largest passenger vehicles manufacturing company
in India. SAL was established in 1984 and started its MSIL
dealership operations in 1989. It has one showroom each of Maruti
and Nexa cars and spare parts along one additional body shop and
service centre of Maruti. Mr. Ramesh Handa, 73, is the managing
director of the company. He has intense experience of more than
three decades in the car dealership business and C.N.G fitment in
all types of buses and cars for the last thirty years. The company
has dedicated showroom for Maruti and Nexa cars. Its showroom and
work shop for Maruti cars situated at GT Karnal Road, New Delhi and
work shop cum bodyshop at Sirsapur Badli, New Delhi. SAL's nexa
showroom is located at Janakpuri district centre, New Delhi.
SURYADEEP MULTIPURPOSE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Suryadeep Multipurpose Cold Storage LLP
348/1, G.T. Road Chatra, P.O Serampore
Hooghly West Bengal 712204
Insolvency Commencement Date: January 10, 2023
Estimated date of closure of
insolvency resolution process: July 9, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Surya Kanta Satapathy
MMS Chamber, RoomNo. I-2,4A Council House
Street, Kolkata-700001;
Email: suryakantasatapathy@yahoo.co.in
Email: cirp.suryadeepcoldstorage@gmail.com
Last date for
submission of claims: January 24, 2023
SUYASH POLYMER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Suyash
Polymer in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 0.86 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.60 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.13 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Other 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1978, Suyash Polymer (SP) is the flagship company
of the Damani Group, which manufactures polypropylene disposable
cups. Mrs. Radhika Neelesh Damani is the proprietor of the firm,
while Mr. Neelesh Damani and Mr. Nitin Damani collectively manage
the affairs of the group.
SYMCOM COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Symcom
Communication in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- (25.00) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1995, M/s. Symcom Communication (SC) is a
proprietorship concern of Mr. Gopal Goyal. Earlier, SC was engaged
in supplying telephones to MTNL as well as dealing in scrap
procured from telecom equipments. Since 2005, the firm ventured
into disposing of scrap from sick units, shipping vessels and other
government organizations.
THERMOSET POLY: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Thermoset
Poly Products (I) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Thermoset Poly Products (I) Pvt. Ltd. (Thermoset) was established
in 1993 and is engaged in manufacturing of fibrer einforced
plastic/glass-fiber reinforced plastic (FRP/GRP) and other
engineering plastics. The management has an experience of more than
four decades in the field. The company has a manufacturing facility
of 40,000 sq. ft. spread over an area of 1,60,000 sq. ft. located
at Panvel, Raigarh.
TOORSA PLANTATIONS: ICRA Withdraws D Rating on INR7.12cr LT Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sri Toorsa Plantations Private Limited at the request of the
company and based on the No Objection certificate (NOC) received
from its banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Cash Credit
Long-term– 7.12 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Term Loan
Short-term (0.15) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Withdrawn
Sri Toorsa Plantations Private Limited (STPPL) is a special purpose
vehicle, incorporated in February 2015, by Malnady Tea Estate
Private Limited (owning ~51% of the shares) and Tirupati Assets
Private Limited (owning ~49% of the shares) for procuring two of
the tea estates auctioned by the West Bengal Tea Development
Corporation Limited under the policy to rejuvenate the tea gardens
and protect the interest of tea workers. The company has two tea
estates – Mohua Tea Estate and Hilla Tea Estate – located in
Dooars region of West Bengal, with a total cultivable area of 413
hectares.
UNIBERA DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Unibera Developers Private Limited
2 Jay House, Bihari Park,
Devli Road, Khanpur, New Delhi-110062
A-11, Sector-58, Noida,
Gautam Budh Nagar, UP-201301
Insolvency Commencement Date: January 13, 2023
Estimated date of closure of
insolvency resolution process: July 12, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Ashok Kumar Jalan
17A/56, Triveni Plaza, W.E.A.,
Karol Bagh, New Delhi-110005
E-mail: akjalan@jalanca.com
E-mail: cirp.unibera@gmail.com
Mr. Anish Kumar Sanghi
Mr. Pawan Kumar Goya
Mr. Nitesh Kumar Sinha
Last date for
submission of claims: January 27, 2023
VARDHAMAN PRESSURE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Vardhaman
Pressure Die Casting in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Vardhaman Pressure Die Casting (VPDC) is engaged in the
manufacturing of aluminium castings which largely find use in
various industries like automobiles, home appliances, electrical,
electronics and many more. Incorporated in the year 2006 as a
proprietorship firm, the firm has its manufacturing facility at
Bommasandra Industrial Area, Bangalore with current capacity of 3.5
MT per day. Mr. Vikram Kumar, the promoter of the firm has wide
experience in the die casting industry.
VIJAY PULSE: ICRA Reaffirms B Rating on INR7.50cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Vijay
Pulse Pvt. Ltd. (VPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term
Fund-based–
Cash credit 7.50 [ICRA]B(Stable); reaffirmed
Long-term–
Fund based
term loan 0.17 [ICRA]B(Stable); reaffirmed
Rationale
The rating reaffirmation takes into consideration the weak
financial risk profile of VPPL, characterised by its small scale of
operations, weak debt coverage metrics, stretched liquidity
position and high working capital intensity. The intensely
competitive industry structure, which restricts the pricing and
exerts pressure on the margins, limits the company's profitability
and cash accruals. Moreover, the company's operations and margins
are susceptible to the prevailing agro-climatic conditions and
changes in the Government policies.
The rating, however, continues to favourably factor in the
extensive experience of the promoters in the gram processing
industry, which has supported the company's business growth.
The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that VPPL will continue to maintain its position in the flour
processing business, supported by the extensive experience of its
promoters.
Key rating drivers and their description
Credit strengths
* Experience of promoters in flour mills business: VPPL's promoters
have long experience in the gram flour processing industry,
spanning over two decades, which has supported the company's
business over the past years.
Credit challenges
* Weak financial risk profile and fluctuation in sales: The
company's scale of operations is relatively smaller and has
witnessed wide fluctuations over the last five years. The operating
income declined to INR13.1 crore in FY2022 from INR17.9 crore in
FY2021 largely on account of a decline in trading sales during the
pandemic and increase in competition. Its operating margin too has
remained low and volatile over the years because of its low value
addition in the business and stiff competition due to the
fragmented and unorganised market. The capital structure remained
leveraged, as reflected by a gearing of 3.5 times as on March 31,
2022, on account of high working capital utilisation and new Covid
loan availed during the year. The debt coverage indicators also
remained weak owing to low profitability with Total Debt/OPBDITA at
14 times, TOL/TNW of 3.7 times, NCA/TD of 4% and an interest
coverage of 1.0 times as of FY2022-end.
* Intense competition in industry: The company faces intense
competition from other established and unorganised players in the
agro-processing industry, restricting pricing flexibility and
exerting pressure on margins.
* Exposure to agro-climatic risks and changes in Government
regulations: Given its operations in the agro-based industry, VPPL
remains exposed to agro-climatic risks such as availability of
quality raw materials and pricing. Moreover, any change in the
Government regulations such as changes in MSP, adverse development
on import policies, and export ban from overseas markets can also
have a bearing on the performance of all industry players,
including VPPL.
Liquidity position: Stretched
The overall liquidity position is stretched, with high working
capital requirement and absence of material cushion in the cash
credit limits. The net cash accruals of the company have remained
low in the past and is expected to remain limited in the near term.
The working capital intensity has also remained high in the past
financial years on account of high inventory and elongated
receivables. However, the working capital utilisation as on March
31, 2022, was comparatively lower (unusually) than the utilisation
recorded throughout the year (around 80-90% of the sanctioned
limits). Going forward, timely support from promoters through
equity infusion/ unsecured loans would remain crucial in case of
any cash flow mismatch.
Rating sensitivities
Positive factors – ICRA could upgrade VPPL's rating if the
company's revenue and profitability increase significantly on a
sustained basis. An improvement in its liquidity and debt coverage
metrics on a sustained basis will also be a key credit positive.
Negative factors – Pressure on VPPL's rating could arise if there
is a substantial decline in its revenues and profitability on a
sustained basis. Any major debt-funded capital expenditure or a
stretch in the working capital cycle, leading to a further
deterioration in the capital structure and liquidity, would be a
key credit negative.
The company's operations were initially started in the name of Shiv
Pulse in early 1995 as a milling unit for processing of pigeon peas
(tuver dal). In 2002, the entity started processing gram flour in
the name of Vijay Pulse Pvt Ltd (VPPL). The company is managed by
Mr. Uday Vikani and two other directors. The company's
manufacturing facility is located at Veraval, Shapar
(Rajkot), Gujarat with an installed annual capacity of producing
10,500 MTPA of gram flour.
WAVE BEVERAGES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Wave
Beverages Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable): ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.44 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 13.59 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
WBPL is owned by the Kandhari and Chadha families. WBPL has an
exclusive franchise agreement with CCIPL for the bottling and
marketing of CCIPL's products with the major ones being Coke, Thums
Up, Maaza, Limca and Sprite. Other products including Coke Zero,
the recently launched Zico, and Kinley packaged water are procured
from other franchisees and are sold by WBPL in its allotted
territories. The manufacturing unit is located in Amritsar, Punjab
from where it carries franchisee bottling operations for Coca Cola
India in 13 districts — eight in Punjab and five in Himachal
Pradesh.In FY2017, the company reported a net profit of INR0.09
crore on an OI of INR243.45 crore compared with a net profit of
INR0.74 crore on an OI of INR238.47 crore in the previous year.
=================
I N D O N E S I A
=================
BUMI RESOURCES: Moody's Withdraws 'B3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating of Bumi Resources Tbk (P.T.). The rating outlook prior to
withdrawal was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Bumi Resources Tbk (P.T.) is Indonesia's largest thermal coal
producer with around 74 million tons of coal for the 12 months
ended September 2022. Its principal assets include a 51% stake in
Kaltim Prima Coal (P.T.) (KPC) and a 90% stake in Arutmin Indonesia
(P.T.).
BUMI RESOURCES: S&P Withdraws 'CCC' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings has withdrawn its 'CCC' long-term issuer credit
ratings on Bumi Resources Tbk. PT at the company's request. The
ratings were on CreditWatch with positive implications at the time
of the withdrawal.
At the time of withdrawal, Bumi's stand-alone credit profile (SACP)
had improved following the repayment of its US$1.7 billion debt
using the US$1.6 billion proceeds from a non-preemptive rights
issuance in mid-October, 2022. The repayment of legacy debt
eliminates any control by lenders over cash at the mine level.
Bumi can now receive and retain dividends from subsidiaries,
significantly boosting its free cash flow and liquidity. In the
absence of any near-term refinancing risk, coupled with the
company's strengthened financial profile and liquidity, S&P revised
upward its view of Bumi's SACP to 'b-' following the company's
repayment of its outstanding debt.
Bumi's non-preemptive rights issuance has brought in a new
controlling shareholding entity, Mach Energy (Hong Kong) Ltd. (MEL;
not rated).
The rating on Bumi was on CreditWatch with positive implications at
the time of the withdrawal, reflecting the potential for us to
upgrade the company by up to two notches. The resolution of the
CreditWatch was dependent upon the availability of information that
would enable us to finalize our view of the creditworthiness of
MEL, and whether MEL's creditworthiness constrains the rating below
its view of Bumi's 'b-' SACP.
=========
M A C A U
=========
SANDS CHINA: Net Loss Widens to US$1.58 Billion in 2022
-------------------------------------------------------
The Standard reports that Sands China widened its net loss by 50.5
percent to US$1.58 billion (HK$12.4 billion) last year from a year
ago but said early indications of recovery over the past few weeks
were "all positive."
In the fourth quarter, the net loss for the casino hub was US$348
million - compared with a loss of US$245 million in the
corresponding period in 2021.
However, Robert Glen Goldstein, chief executive of Sands China's
parent company Las Vegas Sands Corp, said prospects looked
positive, The Standard relates.
He said that the firm has seen a significant improvement in its
property visitation, gaming volumes, retail sales and hotel
occupancy over the last few weeks after travel restrictions were
lifted.
According to The Standard, latest figures recorded over 90,000
visitors on Jan. 24 - setting the highest single-day record since
the Covid pandemic - and a total of 318,000 arrivals during the
five-day Lunar New Year holiday started Saturday, representing a
year-on-year increase of 3.14 times.
The world's biggest gambling hub has seen a resurgence of tourists
from China since January 8 when it dropped all Covid testing
requirements for inbound travelers from the mainland, Hong Kong and
Taiwan.
The Standard relates that Mr. Goldstein said the firm is committed
to investing in Macau, adding that its US$3.8 billion commitment is
just a baseline before further investments.
Goldman Sachs maintained a buy rating for Sands China, with a
target price of HK$36 as its financial results were in line with
expectations, the report adds.
About Sands China
Headquartered in Taipa, Macau, Sands China Ltd., an investment
holding company, develops, owns, and operates integrated resorts
and casinos in Macao. It owns and operates The Venetian Macao, The
Londoner Macao, The Parisian Macao resort, The Plaza Macao, and The
Sands Macao casino; the Cotai Expo, a convention and exhibition
hall; and the Cotai Arena, an entertainment venue, as well as Cotai
Water Jet ferry for leisure and business travelers. As of December
31, 2021, the company had 12,373 hotel rooms and suites, 151
restaurants and food outlets, 2.1 million square feet of retail
malls, 1.7 million square feet of MICE space, 4 permanent theatres,
a 15,000-seat arena, and casinos. It also offers ferry
transportation and leasing services, and pontoon leasing; travel
and tourism agency services; security services; human resources
administration services; and mall management services, as well as
outsourcing services, including information technology, accounting,
hotel management, and marketing. Sands China Ltd. is a subsidiary
of Las Vegas Sands Corp.
As reported in the Troubled Company Reporter-Asia Pacific in early
January 2023, Fitch Ratings has affirmed the 'BB+' Issuer Default
Ratings (IDRs) of Las Vegas Sands Corp. (LVSC), Sands China, Ltd.
(SCL), and Marina Bay Sands Pte. Ltd (MBS, collectively LVS). In
addition, Fitch has affirmed LVSC's and SCL's unsecured debt at
'BB+'/'RR4 'and MBS's secured debt at 'BBB-'/'RR2'. Fitch has
removed the Rating Watch Negative for all of LVS and its
subsidiaries ratings. The Rating Outlook is Negative.
=====================
N E W Z E A L A N D
=====================
GO TO COLLECTION: Creditors OK Debt Restructure and Compromise
--------------------------------------------------------------
Alka Prasad at NZ Herald reports that creditors of a restaurant
chain that includes Madam Woo, Rata and Hawker & Roll have
overwhelmingly voted in favor of a restructuring arrangement that
will move the business out of administration.
According to the report, PwC administrator Malcolm Hollis said 96
per cent of Go To Collection creditors voted in favour of the
company's proposed deed of company arrangement (DOCA).
The restaurant group has been under voluntary administration since
last November.
The Herald reported in mid-January that an accepted DOCA would
return the company back to its owners and put it in a financial
position to repay creditors, at least in part.
The Herald relates that Mr. Hollis said that today's meeting [Jan.
27], lasting less than half an hour, means "all employees will be
paid in full".
He said unsecured creditors will receive 40 per cent of what they
are owed by Go To Collection, secured creditors will receive 45 per
cent, while Inland Revenue will receive 50 per cent for its
preferential claim.
"Also, any small unsecured creditors owed less than NZD1,000 will
be paid in full," Mr. Hollis said.
PMSI creditors are those who have security over stock previously
supplied to the company, which in this case are goods such as food
and wine, the report notes.
He said the owners of Go To Collection were "very pleased with the
outcome".
According to the Herald, Mr. Hollis said that while "trading has
been very positive" the restaurant group has struggled to find
staff in light of industry-wide staff shortages and the company's
position under administration.
"They've managed to retain all the staff that have been on board,"
Mr. Hollis said.
"Part of the problem is attracting new staff. For a company in
administration, that's not easy, particularly when they're
advertising to people offshore."
Major shareholder Fleur Caulton told the Herald last year that
"immigration is a shambles" and prevented staff from entering the
country.
Mr. Hollis said today, "There's still a difficult staff shortage."
MISTY VALE: Court to Hear Wind-Up Petition on Feb. 20
-----------------------------------------------------
A petition to wind up the operations of Misty Vale Farm Limited
will be heard before the High Court at Timaru on Feb. 20, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 8, 2022.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
PIHA CAFE: Creditors' Proofs of Debt Due on March 17
----------------------------------------------------
Creditors of Piha Cafe Limited and Orion Network Solutions Limited
are required to file their proofs of debt by March 17, 2023, to be
included in the company's dividend distribution.
Piha Cafe Limited commenced wind-up proceedings on Jan. 23, 2022.
Orion Network Solutions Limited commenced wind-up proceedings on
Jan. 24, 2022.
The company's liquidator is:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Auckland 0651
SOUTHLAND BUILDING: Fitch Assigns 'BB+' Rating to New Tier 2 Bonds
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Southland Building
Society's (SBS, BBB/Positive/bbb) new issuance of New Zealand
dollar Tier 2 bonds.
The bonds are unsecured subordinated obligations of SBS, with a
term of 10 years from issuance. SBS has structured the bonds as a
continuous issue, meaning that the bonds will be allocated to
investors as soon as possible after application.
SBS has the option of redeeming the bonds early, which is possible
on the first interest payment date five years after issuance, or
any interest payment date thereafter, subject to written approval
by the Reserve Bank of New Zealand (RBNZ). The bonds are the first
to be issued by SBS under the current regulatory capital framework
in New Zealand. This framework does not allow non-viability
triggers for capital instruments, so these bonds are structured as
long-dated subordinated debt.
KEY RATING DRIVERS
The subordinated Tier 2 bonds are rated two notches below the
anchor rating, SBS's Viability Rating (VR) of 'bbb', consistent
with the baseline approach for subordinated debt with no coupon
flexibility in Fitch's Bank Rating Criteria. This also aligns with
the rating Fitch assigned to SBS's existing Tier 2 instruments,
which include write-off triggers, that were issued under the old
capital framework.
The rating is notched twice from the anchor rating for loss
severity and zero notches for non-performance risk, with the latter
already adequately reflected in the VR. None of the reasons for
alternative notching, as described in the criteria, is present.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
The ratings of the Tier 2 bonds may be downgraded if SBS's VR is
downgraded or if any of the reasons for wider than standard
notching as outlined in the criteria apply.
Details of the key rating drivers and sensitivities for SBS's VR
can be found in "Fitch Affirms Southland Building Society at 'BBB';
Outlook Positive", published on 30 August 2022.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
The ratings of the Tier 2 bonds may be upgraded if SBS's VR is
upgraded or if any of the reasons for narrower than standard
notching, as outlined in the criteria, apply.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
environmental, social and governance (ESG) credit relevance is a
score of '3'. This means ESG issues are credit-neutral or have only
a minimal credit impact on the entity, either due to their nature
or the way in which they are being managed by the entity.
Entity/Debt Rating
----------- ------
Southland Building
Society
Subordinated LT BB+ New Rating
T H L CONSTRUCTION: Court to Hear Wind-Up Petition on March 13
--------------------------------------------------------------
A petition to wind up the operations of T H L Construction Limited
will be heard before the High Court at Timaru on March 13, 2023, at
10:45 a.m.
RTM Traffic Initiatives Limited filed the petition against the
company on Dec. 6, 2022.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
TONU CIVIL: Creditors' Proofs of Debt Due on Feb. 23
----------------------------------------------------
Creditors of Tonu Civil Construction Limited are required to file
their proofs of debt by Feb. 23, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 18, 2022.
The company's liquidators are:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
WAIMAK FENCING: Court to Hear Wind-Up Petition on Feb. 9
--------------------------------------------------------
A petition to wind up the operations of Waimak Fencing Limited will
be heard before the High Court at Dunedin on Feb. 9, 2023, at 10:00
a.m.
Power Farming NZ Limited filed the petition against the company on
Nov. 21, 2022.
The Petitioner's solicitor is:
Gregory Trainor
Aorangi Debt Collection
Unit 4, 31 Tyne Street
Riccarton
Christchurch
=====================
P H I L I P P I N E S
=====================
CEBU AIR: Flies to Path of Full Recovery, Profitability This Year
-----------------------------------------------------------------
Bloomberg News reports that Cebu Air Inc. will fully restore its
pre-pandemic capacity in March, putting the Philippines' largest
budget carrier on the path to "full recovery and profitability"
this year, said President and Chief Commercial Officer Alexander
Lao.
According to Bloomberg, Cebu Air probably cut its loss to
PHP2.09-billion (US$38.3 million) in 2022, according to street
consensus, as easing of virus curbs and travel restrictions allowed
it to mount more flights. Its losses peaked PHP27.2 billion in 2021
after a PHP23-billion loss in 2020.
With low probability of lockdowns, the biggest risks facing Cebu
Air's return to profitability would be a surge in global fuel
prices and a reversal of the Philippine peso's recent appreciation,
Lao said in an interview, Bloomberg relays. Growth will be led by
international operations, with Hong Kong probably its biggest
market and long haul destinations among its fastest growing, he
said.
"Cebu Pacific is on its way to full recovery and profitability this
2023," Mr. Lao said, referring to the airline company's trade name.
It has "emerged stronger" from the challenges in the past three
years, he said.
Cebu Pacific, owned by Manila-based JG Summit Holdings Corp., is
one of the few airlines that didn't go into bankruptcy proceedings
as the pandemic hammered travel, the report notes.
Aside from cutting workforce and routes, the airline raised $250
million in May 2021 through convertible bonds sale that followed a
PHP12.5-billion stock rights and a PHP16-billion loan from local
banks earlier that year.
"Domestic capacity has already exceeded pre-pandemic levels while
almost all of our international destinations have reopened,"
Bloomberg quotes Mr. Lao as saying.
Cebu Pacific now flies a little over 350 flights a day, nearing its
380 to 420 pre-pandemic daily average, he said.
About Cebu Air
Headquartered in Pasay, Philippines, Cebu Air Inc. operates an
airline which provides air transportation services.
As reported in Troubled Company Reporter-Asia Pacific in January
2023, Egan-Jones Ratings Company, on December 13, 2022, maintained
its 'CCC-' foreign currency and local currency senior unsecured
ratings on debt issued by Cebu Air Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.
=================
S I N G A P O R E
=================
AURICFOOD HOLDCO: Final Meeting Set for March 7
-----------------------------------------------
Members and creditors of Auricfood Holdco Limited will hold their
final meeting on March 7, 2023, at 10:00 a.m., via electronic
means.
At the meeting, Saw Meng Tee, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
GRYPHON PROPERTY: Creditors' Proofs of Debt Due on Feb. 28
----------------------------------------------------------
Creditors of Gryphon Property Fund I Pte. Ltd. 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. 20, 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
RED APPLE: Court to Hear Wind-Up Petition on Feb. 10
----------------------------------------------------
A petition to wind up the operations of Red Apple Travel (S) Pte
Ltd will be heard before the High Court of Singapore on Feb. 10,
2022, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Jan. 19,
2022.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
RW KUKI: Creditors' Proofs of Debt Due on Feb. 28
-------------------------------------------------
Creditors of RW Kuki Pte. Ltd. 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. 20, 2023.
The company's liquidators are:
Keoy Soo Earn
Muk Siew Peng
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
UST TECHNOLOGY: Final Meeting Set for March 1
---------------------------------------------
Members and creditors of UST Technology Pte Ltd will hold their
final general meeting on March 1, 2023, at 10:00 a.m., via Zoom.
At the meeting, Leow Quek Shiong and Gary Loh Weng Fatt, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
=================
S R I L A N K A
=================
SRI LANKA: Making Progress in Debt-Restructuring Talks, Chief Says
------------------------------------------------------------------
The Associated Press reports that debt-stricken Sri Lanka's Central
Bank chief said on Jan. 25 that the country is making good progress
in talks with its creditors to obtain financial assurances for debt
restructuring, an important step toward finalizing an International
Monetary Fund rescue plan.
Sri Lanka is bankrupt and has suspended repayment of its $51
billion foreign debt, of which $28 billion must be repaid by 2027,
the AP says.
It has reached a preliminary agreement with the IMF for a $2.9
billion rescue package over four years. Its completion hinges on
assurances on debt restructuring from creditors that include China,
India and the Paris Club, a grouping of major creditor nations.
India announced last week that it has given its assurance to the
IMF to facilitate the bailout plan. India has extended $4.4 billion
in official credit to Sri Lanka, excluding other forms of lending,
the AP recalls.
"Other bilateral creditors, Paris Club, China and small bilateral
creditors are in the process of issuing financial assurances," the
AP quotes Sri Lankan Central Bank Governor Nandalal Weerasinghe as
saying.
The "process is making very good progress," Weerasinghe told
reporters at his office, saying the country hopes to receive "the
necessary financial assurances from all our creditors in a very
short period."
According to the report, Sri Lanka borrowed heavily from China over
the past decade for infrastructure projects that include a seaport,
airport and a city being built on reclaimed land. The projects
failed to earn enough revenue to pay for the loans, a factor in Sri
Lanka's economic woes.
China accounts for about 10% of Sri Lanka's loans after Japan and
the Asian Development Bank. However, its assent for restructuring
its loans is crucial.
Sri Lanka's economic crisis and resultant shortages of food,
medicine, fuel and cooking gas sparked riots last year, forcing the
president to flee the country and later resign, the report states.
The AP relates that Sri Lanka has since shown some signs of
progress, with shortages reduced and day-to-day functions restored.
However, daily power cuts continue due to fuel shortages and the
government is struggling to find money to pay government employees'
salaries and conduct other administrative functions.
It announced this month that it is cutting 6% from the budgets of
each ministry this year and plans to downsize the military, which
had swelled to more than 200,000 personnel due to a long civil war.
The government plans to reduce the military's size by nearly half
by 2030.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its US$12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world in 2022 and trade deep
in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with
creditors.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below. Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***