/raid1/www/Hosts/bankrupt/TCRAP_Public/230201.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, February 1, 2023, Vol. 26, No. 24
Headlines
A U S T R A L I A
BROSA DESIGN: Creditors Vote to Wind Up Furniture Retailer
GREEN CAFFEEN: First Creditors' Meeting Set for Feb. 9
HOUR GROUP: First Creditors' Meeting Set for Feb. 8
OZ ONLINE: Second Creditors' Meeting Set for Feb. 7
VINCENT COLD: First Creditors' Meeting Set for Feb. 10
VIRTUE BUILDERS: First Creditors' Meeting Set for Feb. 9
WISR INDEPENDENCE 2023-1: Moody's Assigns (P)B2 Rating to F Notes
C H I N A
KAISA GROUP: Aims to Resume Shares Trading in March
SUNING.COM: Sees Loss to Narrow Up to 78%, Revenue to Nearly Halve
I N D I A
ADH CHEMICALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANDHRA CEMENTS: Sagar Cements Declared as Successful Bidder
AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating
CAMEX LIMITED: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
CAPITAL ELECTRONICS: Insolvency Resolution Process Case Summary
CASPRO METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
COOLTECH CONTAINERS: Liquidation Process Case Summary
EARTH WATER: Liquidation Process Case Summary
FORE REPRESENTATIONS: Liquidation Process Case Summary
G.M. PENS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
GHO AGRO: Liquidation Process Case Summary
GIRIRAJ TIMBER: ICRA Keeps B+ Debt Rating in Not Cooperating
GLOBAL METAL: ICRA Keeps D Debt Ratings in Not Cooperating
GM SUGAR: ICRA Lowers Rating on INR71.95cr Term Loan to B+
HEURTEY PETROCHEM: ICRA Lowers Rating on INR38.50cr Loan to B+
HIGHWAY iNFRASTRUCTURE: Ind-Ra Keeps BB Rating in NonCooperating
HITKARI PACKAGING: Liquidation Process Case Summary
HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
IDBI BANK: Moody's Withdraws 'Ba2' Senior Unsecured Rating
ITP SENERGY: Voluntary Liquidation Process Case Summary
JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating
JMT AUTO: Lenders Select Ramkrishna Forgings Resolution Plan
K.K. PROTEINS: ICRA Keeps B+ Debt Ratings in Not Cooperating
KARVIN CUISINES: Liquidation Process Case Summary
KOTARKI CONSTRUCTIONS: ICRA Withdraws C Rating on INR13cr Loan
LAKHOTIA TRANSPORT: Ind-Ra Affirms BB Long Term Issuer Rating
LAKSHMI VACUUM: ICRA Assigns B+ Rating to INR18.88cr Term Loan
LESSONLEAP ACADEMY: Voluntary Liquidation Process Case Summary
LOKSHATI SUGAR: Insolvency Resolution Process Case Summary
MAD STUDIOS: ICRA Keeps D Debt Ratings in Not Cooperating
MADHUCON SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
MAHESH MERCANDISE: ICRA Keeps D Debt Ratings in Not Cooperating
MAULI FRESH: ICRA Keeps B+ Debt Ratings in Not Cooperating
MOLI MERCHANT: Liquidation Process Case Summary
MULA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
N S VAISHNO: ICRA Keeps B+ Ratings in Not Cooperating Category
NANA LAYJA: Liquidation Process Case Summary
NARULA TOOLS: ICRA Keeps B Debt Rating in Not Cooperating
PATKI AND DADAKAR: Voluntary Liquidation Process Case Summary
POLY LOGIC: Liquidation Process Case Summary
PUSHPAK BULLIONS: ICRA Keeps D Debt Ratings in Not Cooperating
RAI BAHADUR: Ind-Ra Cuts Long Term Issuer Rating to 'D'
REHBER FOOD: ICRA Lowers Rating on INR45cr LT Loan to D
RISHABH GOLD: ICRA Keeps B+ Debt Ratings in Not Cooperating
RKI BUILDERS: Ind-Ra Cuts Long Term Issuer Rating to 'D'
S.B.M IMPEX: Voluntary Liquidation Process Case Summary
SANYOG HEALTHCARE: Liquidation Process Case Summary
SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating
SHERPALO INDIA: Voluntary Liquidation Process Case Summary
SLIPCON ENGINEERING: Liquidation Process Case Summary
SRK MULTIMODAL SOLUTIONS: Liquidation Process Case Summary
SRS LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
SS INDUS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
TENNY JOSE: Liquidation Process Case Summary
TYSON RETAIL: Liquidation Process Case Summary
VARUN AQUA: ICRA Keeps B+ Debt Ratings in Not Cooperating
VERTEX INDIA: Voluntary Liquidation Process Case Summary
VIJAY TRADING: Liquidation Process Case Summary
VIJAYA HOSPITAL: Ind-Ra Corrects December 9, 2022 Rating Release
VIVO HEALTHCARE: Insolvency Resolution Process Case Summary
M A L A Y S I A
1MDB: Pay Up on Settlement, Malaysia PM Anwar Tells Goldman
N E W Z E A L A N D
AIS ENTERPRISES: Court to Hear Wind-Up Petition on Feb. 17
FARM COVE: Creditors' Proofs of Debt Due on March 10
JACKSCO CIVIL: Creditors' Proofs of Debt Due on April 3
LINDIS RIVER: Court to Hear Wind-Up Petition on Feb. 23
MANUKAU INDUSTRIAL: Creditors' Proofs of Debt Due on March 1
P A K I S T A N
PAKISTAN: Takes Hard Steps in Efforts to Secure IMF Bailout Plan
S I N G A P O R E
CATTLE LINE: Court Enters Wind-Up Order
EDREI AGILITY: Court to Hear Wind-Up Petition on Feb. 17
LOVE NEST: Court Enters Wind-Up Order
RADIUS HOLDINGS: Court Enters Wind-Up Order
TEMASEK FOUNDATION: Final General Meeting Set for Feb. 27
- - - - -
=================
A U S T R A L I A
=================
BROSA DESIGN: Creditors Vote to Wind Up Furniture Retailer
----------------------------------------------------------
News.com.au reports that embattled Australian furniture retailer
Brosa has just been placed into liquidation.
On Jan. 31, creditors of the home decor retailer voted to wind up
the company, news.com.au relates.
The collapsed firm reportedly owes AUD24 million, including AUD10
million to customers from unfulfilled orders.
It only has AUD4.3 million in assets.
It comes just over a month after Brosa went into voluntary
administration, the report notes.
The appointed administrators, Richard Tucker and Michael Korda from
insolvency firm KordaMentha, had recommended liquidation.
According to news.com.au, a KordaMentha spokesperson said creditors
voted "overwhelmingly" to have the furniture provider liquidated.
Just hours before the liquidation, news.com.au reported on two
customers who were frustrated as they had been left without the
products they paid for and with no chance of a refund.
Most of Brosa's stock had been sold on to e-commerce giant
Kogan.com within a week of the company appointing administrators in
December in what was dubbed as a "white knight" rescue.
Kogan.com did not, however, absorb any of Brosa's debts but they
did agree to deliver goods to customers if they were already in the
storehouse, news.com.au relays.
That means that an estimated 2,500 customers who shelled out
thousands of dollars on furniture will miss out.
One of those people is Jay Williams, from Sydney, who spoke to
news.com.au earlier on Jan. 31, spent AUD4,000 for two sofas right
before Brosa's collapse.
"I've just paid a small fortune to move house, then paid a small
fortune for furniture, I can't afford new furniture," Mr. Williams
said.
One of Mr. Williams' sofas was "allocated" in the warehouse which
means he will receive it in due course.
The other purchase, however, was deemed "unallocated", which means
he will not be receiving it or getting his money back.
About Brosa Design
Brosa Design is a Melbourne-based digital furniture and homewares
retailer. The start-up was launched by CEO Ivan Lim along with
co-founders David Wei and Richard Li in 2014. It had more than 60
employees.
On Dec. 14, 2022, Brosa went into voluntary administration,
appointing Richard Tucker and Michael Korda of KordaMentha as
voluntary administrators.
GREEN CAFFEEN: First Creditors' Meeting Set for Feb. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Green
Caffeen Pty Limited will be held on Feb. 9, 2023, at 10:30 a.m. at
the offices of Worrells at Level 2, AMP Building 1 Hobart Place in
Canberra and via virtual meeting technology.
Stephen John Hundy of Worrells was appointed as administrator of
the company on Jan. 30, 2023.
HOUR GROUP: First Creditors' Meeting Set for Feb. 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of The Hour
Group Pty Ltd will be held on Feb. 8, 2023, at 11:00 a.m. via a
Zoom videoconferencing facility.
Domenico Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of the company on Jan. 27, 2023.
OZ ONLINE: Second Creditors' Meeting Set for Feb. 7
---------------------------------------------------
A second meeting of creditors in the proceedings of Oz Online Group
Pty Ltd has been set for Feb. 7, 2023 at 11:00 a.m. at the offices
of One Wharf Lane at Level 20, 171 Sussex Street in Sydney and via
virtual meeting technology.
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. 6, 2023 at 4:00 p.m.
Neil Cussen and Jeremy Nipps of Cor Cordis were appointed as
administrators of the company on Jan. 9, 2023.
VINCENT COLD: First Creditors' Meeting Set for Feb. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Vincent Cold
Storage Pty Ltd will be held on Feb. 10, 2023, at 2:30 p.m. via
virtual meeting technology.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Jan. 31, 2023.
VIRTUE BUILDERS: First Creditors' Meeting Set for Feb. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Virtue
Builders Pty Ltd, trading as Virtue Hygiene Services, will be held
on Feb. 9, 2023, at 10:00 a.m. at the offices of Cor Cordis at
Mezzanine Level, 28 The Esplanade in Perth and via online video or
telephone conference by Microsoft Teams.
Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed
as administrators of the company on Jan. 30, 2023.
WISR INDEPENDENCE 2023-1: Moody's Assigns (P)B2 Rating to F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by AMAL Trustees Pty Limited as trustee of Wisr
Independence Trust 2023-1.
Issuer: AMAL Trustees Pty Limited as trustee of Wisr Independence
Trust 2023-1
AUD120.0 million Class A Notes, Assigned (P)Aaa (sf)
AUD47.6 million Class B Notes, Assigned (P)Aa2 (sf)
AUD4.0 million Class C Notes, Assigned (P)A2 (sf)
AUD8.8 million Class D Notes, Assigned (P)Baa2 (sf)
AUD6.0 million Class E Notes, Assigned (P)Ba2 (sf)
AUD5.2 million Class F Notes, Assigned (P)B2 (sf)
The AUD8.4 million Class G Notes consisting of Class G1 and Class
G2 are not rated by Moody's.
The transaction is a cash securitisation of a portfolio of secured
auto loans extended to obligors located in Australia. All loans
were originated and are serviced by Wisr Finance Pty Ltd (Wisr,
unrated), a wholly owned subsidiary of Wisr Limited (unrated). This
is Wisr's inaugural secured auto loan asset-backed securitisation
(ABS) transaction.
Wisr is an Australian non-bank lender providing consumer loans,
including unsecured personal loans and secured auto loans, to
borrowers in Australia. As of November 2022, Wisr's consumer loan
portfolio amounted to around AUD908 million, including AUD350
million of auto loans. Wisr started originating unsecured personal
loans in 2015 and secured auto loans in Q4 of 2019.
Wisr started out as a peer-to-peer lender in 2015 under the name of
DirectMoney. The funding model switched to wholesale in 2016,
followed by rebranding to Wisr in 2018.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 1.5% of the rated notes balance; (5) the legal
structure; (6) Wisr's experience as servicer; and (7) presence of
AMAL Asset Management Limited is the back-up servicer.
According to Moody's, the transaction benefits from all loans in
the pool fully amortising over their respective term in monthly or
fortnightly installments. As such, the borrowers do not face
refinancing or payment shock risk arising in case of loan with
balloon payments at the end of the loan term.
The credit challenges in the transaction include(1) the limited
historical data available for the portfolio and (2) the exposure to
exposure to younger demographic:
(1) Wisr is a relatively new originator, with relevant historical
default data only available from the second quarter of 2020. As
such, the pool's performance could be subject to greater
variability than the currently available default data indicates.
Moody's has incorporated an additional stress into its default
assumptions to account for the limited data.
(2) Around 28.3% of loans in the pool are to borrowers between 18
and 25 years old. Default rates for younger borrowers could be
higher, because their employment could be less stable. They also
have less history with repayment of financial commitments. Moody's
have accounted for this in Moody's default and PCE assumptions.
Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 24%. Moody's mean default for this
transaction is 5.0% and recovery is 25%.
Key transactional features are as follows:
The notes will be repaid on a sequential basis initially. Once
step-down conditions are satisfied, all notes, excluding Class G
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, credit enhancement of the Class A
notes is at least 1.1 times the Class A note subordination
percentage as at the settlement date and no unreimbursed
charge-offs.
A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the assets assuming a certain
prepayment rate.
AMAL Asset Management Limited is the back-up servicer. If Wisr is
terminated as servicer, AMAL will take over the servicing role in
accordance with the standby servicing deed and its back-up
servicing plan.
Key pool features are as follows:
As of the November 30, 2022 cut-off date, the securitised pool
consisted of 6,650 personal loans. The total outstanding balance of
the receivables was AUD199,999,417.
Around 66.6% of the loans are secured by used vehicles.
The weighted average interest rate of the portfolio is 8.1%, with
interest rates ranging from 3.5% to 17.4%.
74.3% of loans are to borrowers who are in full-time employment.
The weighted average Equifax credit score of the portfolio is
813.
The weighted average remaining term of the portfolio is 64.6
months. The weighted average seasoning of the initial portfolio is
7.4 months.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.
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C H I N A
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KAISA GROUP: Aims to Resume Shares Trading in March
---------------------------------------------------
South China Morning Post reports that Kaisa Group Holdings said its
Hong Kong-listed shares could resume trading in March after almost
a year of suspension prompted by the company's failure to publish
its 2021 accounts on time.
According to the Post, the cash-strapped Chinese property developer
said in a statement on Jan. 30 that it is now finalising the audit
of the results for 2021 as well as those for the first half of
2022. The auditor has also started reviewing the results for the
whole of 2022.
"The company will strive to fulfil all the conditions and resume
trading in its shares in March 2023," Kaisa Group said in the
statement.
Its stock price has been frozen at HK$0.84 since April last year,
having lost two thirds of its market value, the report notes.
The Post relates that trading in shares of the troubled developer
had already been halted twice in late 2021 after it missed a
payment on a CNY12.8 billion (US$1.89 billion) wealth management
product in November and a loan repayment of US$400 million in
December.
Kaisa has said it is working on a restructuring plan for its US$12
billion of offshore debt with its financial adviser and creditors,
who include holders of the US dollar denominated senior notes that
it issued, the Post relays.
The company is "in the process of evaluating the capital structure
and liquidity of the group so that a holistic solution could be
reached with all of its offshore creditors as soon as practicable,"
it said in a statement on January 10.
This month, Hong Kong investment firm Oasis Capital Management sued
Kaisa for failing to pay US$90 million on four bonds and US$12.3
million in interest, the Post recalls. The US$90 million worth of
unsecured notes matured in 2022.
Kaisa has pledged to monitor the progress of its project delivery
and to control administrative costs and capital expenditure to stay
afloat, the report adds. It is the second-largest issuer of
offshore bonds among Chinese developers after China Evergrande, and
it became the first developer to default on dollar debt in 2015.
About Kaisa Group
Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA. As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.
As reported in the Troubled Company Reporter-Asia Pacific, on Oct.
13, 2022, Moody's Investors Service has withdrawn Kaisa Group
Holdings Ltd's Ca corporate family rating and its C senior
unsecured ratings. Prior to the withdrawal, the rating outlook was
negative.
SUNING.COM: Sees Loss to Narrow Up to 78%, Revenue to Nearly Halve
------------------------------------------------------------------
Yicai Global reports that Suning.Com said it expects its net loss
to have narrowed up to 78 percent and revenue to have nearly halved
last year from 2021.
Net loss likely shrank 73 percent to 78 percent to between CNY9.5
billion and CNY11.5 billion (USD1.4 billion and USD1.7 billion) in
2022 from a year earlier, the Nanjing-based company announced on
Jan. 30, Yical Global discloses. Revenue probably declined by over
47 percent to CNY73 billion (USD10.8 billion).
According to Yical Global, Suning has been in the red since the
second half of 2020 after the retail giant got stuck in a liquidity
crisis, with debts exceeding CNY100 billion (USD14.8 billion). In
July 2021, the firm sold almost 17 percent of its shares to a local
government-backed fund, e-commerce giant Alibaba Group Holding,
smartphone giant Xiaomi, and others. After the transaction,
Suning's actual controller and founder Zhang Jindong lost its
control power. The company has had no controlling shareholder since
then.
Because of low consumption needs last year, Suning suffered
pressure on the external development environment and faced issues
related to internal liquidity, the firm added, noting that this
year will realize positive sales growth thanks to the government's
support in boosting consumption, Yical Global relates.
Suning had 969 self-operated home appliance stores in first- and
second-tier cities last year. In lower-tier cities, it added 769
franchised stores to its network. Operating costs in the period
fell about 40 percent from a year earlier.
In terms of liquidity recovery, commercial bills payable fell about
CNY4.5 billion, as Suning raised funds by selling some assets and
equities, the report notes.
Suning.Com Co., Ltd., operates consumer electronic products and
appliances sales stores. The Company sells telecommunication
equipment, telecommunication components, household appliances,
digital equipment, refrigerators, washing machines, and other
products. Suning.Com also provides equipment installation and
repairing services.
=========
I N D I A
=========
ADH CHEMICALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the Bank Facilities of ADH
Chemicals Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 1.00 [ICRA]B+ (Stable); ISSUER NOT
Limit–Cash COOPERATING; Rating continues
Credit to remain under 'Issuer Not
Cooperating' category
Non Fund-based 2.50 [ICRA]A4; ISSUER NOT
Limits–Letter COOPERATING; rating continues
Of Credit to remain under 'Issuer Not
Cooperating' category
Non Fund-based 0.35 [ICRA]A4; ISSUER NOT
Limits–PSR COOPERATING; rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 6.15 [ICRA]B+ (Stable)/[ICRA]A4;
Limits ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
As a part of its process and in accordance with its rating
agreement with ADH Chemicals Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued under the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2008, ADH Chemicals Private Limited (ADH) trades in
abrasives, chemicals, tapes, gloves etc in the domestic market.
The major portion of its revenue is generated from sale of
chemicals. The company carries its operations from Kolkata, West
Bengal and sales are made in the eastern and northeastern parts of
the country. The clientele of the company consists of mainly
plywood manufacturing units.
ANDHRA CEMENTS: Sagar Cements Declared as Successful Bidder
-----------------------------------------------------------
MoneyControl reports that Sagar Cements on January 14 announced
that it has been declared successful resolution applicant for
Andhra Cements, a Jaypee Group cement manufacturer undergoing
insolvency proceedings.
"We are now happy to inform you that we have received a
communication dated 13th January, 2023 from the Resolution
Professional of Andhra Cements Limited declaring us as the
successful Resolution Applicant along with a Letter of Intent (LOI)
issued to us for the purpose," Sagar Cements said in a regulatory
filing, adding that further actions on this LOI will be taken in
due course, MoneyControl relays.
Looking for a buyout, Andhra Cements' lenders had last year
received expressions of interest from Sagar Cements, B C Jindal's
Jindal Poly Films, Dalmia Cement (Bharat) Ltd and Khandwala
Finstock Pvt Ltd, according to a stock exchange filing cited by
MoneyControl.
Earlier in April, 2022, the Hyderabad bench of the NCLT (National
Company Law Tribunal) had directed to initiate insolvency
proceedings against Andhra Cements. The tribunal had also appointed
Nirav K Pujara as the Interim Resolution Professional (IRP) of the
company, and declared a moratorium in respect of the company as per
the provision of the Insolvency & Bankruptcy Code (IBC).
NCLT's direction came after a petition filed by Pridhvi Asset
Reconstruction and Securitisation Company Ltd, claiming a default.
Andhra Cements Limited -- https://www.andhracements.com/ -- is
engaged in manufacturing and selling of cement. The company
operates, through a network of dealers for sale of its products.
Their product include Ordinary Portland cement (OPC) and Pretoria
Portland cement (PPC).
AVERA RESOURCE: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Short-Term ratings of Avera Resource Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 11.00 [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 2005, ARPL is engaged in opportunistic trading of
steel products and chemicals. ARPL is promoted by Mr. Alok Gupta
and Mrs. Divya Gupta. Earlier, Mr. Alok Gupta was the Chairman and
Managing Director of ACI Infocom Limited (AIL), which was engaged
in trading of steel, coal and scrap. Mr. Alok Gupta sold his stake
in AIL and resigned from its board of directors in February 2012. A
part of the trading business of AIL was spun-off and transferred to
ARPL during that period. Mr. Alok Gupta continued the steel trading
business henceforth under ARPL. The promoters of ARPL entered into
biomass pellet manufacturing business under ACI Clean Energy
Private Limited (ACEPL). ACEPL was set up through promoters' own
funds and ARPL does not hold any stake in ACEPL or vice-versa.
CAMEX LIMITED: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Camex Limited's
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB-(ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR145 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING)/
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR100 mil. Non-fund-based working capital limits migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING. The ratings were last reviewed on
December 3, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
Incorporated in 1989, Camex is promoted by Chandraprakash Chopra
and family. The company manufactures and trades reactive dyes,
intermediates, pigments and specialty chemicals used in the textile
industry. In FY21, Camex commenced trading of aluminum and scrap
steel.
CAPITAL ELECTRONICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Capital Electronics & Appliances Limited
P-161, VIP Road, P.S Manicktala,
Kolkata - 700054, West Bengal, India
Insolvency Commencement Date: January 16, 2023
Estimated date of closure of
insolvency resolution process: July 14, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Rasik Singhania
Chitrakoot Building,
Room No. 98 9th Floor,
230A, A.J.C, Bose Road,
Kolkata, West Bengal, 700020
Email: rasik.singhania@gmail.com
Email: cirp.capitalelec@gmail.com
Last date for
submission of claims: January 30, 2023
CASPRO METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Caspro Metal Industries Private Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.25 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 0.25 [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 1977, Caspro is engaged in manufacturing grey iron
castings, and its products include bearing caps, flywheels,
components for gear box, brakes, and valve bodies among others. The
company was promoted by the late Mr. A C Rathod and is currently
managed by his sons Mr. Mahendra Rathod and Mr. Prakash Rathod. The
manufacturing facility of Caspro is located in Kolhapur
(Maharashtra) and it has installed capacity of 20400 MT per annum.
The promoters had setup another group company by the name of ACR
Machining Private Limited (ACR), for carrying out machining
activities of Caspro. The operations of ACR started from December
2011. Prior to this the group had another machining company by name
of Rathod Industries, the assets of which were transferred to ACR.
ACR does machining work/job work for Caspro though its share in
ACR's revenue pie is minimal as ACR's major revenue comes from
outright sales. ACR also exports components to overseas market
whereas Caspro largely cater to the requirement of domestic market.
Going forward, management intends to route exports through ACR only
whereas domestic market will be catered by Caspro. ACR is also
managed by Mr. Mahendra Rathod and Mr. Prakash Rathod who are the
sons of Late Mr. Ambalal Rathod, founder of Caspro. Its
manufacturing facility is located at Kolhapur (Maharashtra). ACR
has also procured some machinery from Caspro on lease basis.
CIEMME JEWELS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of Ciemme Jewels Limited in
the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 24.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 13.90 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.40 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others '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.
Ciemme Jewels Limited (CJL) is a wholly owned subsidiary of C
Mahendra International Limited (CMIL). CMIL is in turn a wholly
owned subsidiary of C Mahendra Exports Limited which is the
flagship company of the C Mahendra Group. CMIL is the holding
company for all other C Mahendra group companies. CJL was
incorporated on April 3, 2003 as C.M. Jewels Private Limited to
buy, sell, export, import, deal, market and manufacture diamonds,
precious stones, semi-precious stones and jewellery. The name of
the company was changed to Ciemme Jewels Private Limited on June
06, 2003. The company was converted into a public limited company
and name was further changed to Ciemme Jewels Limited with effect
from June 28, 2007. The company is engaged in the manufacturing and
marketing of Diamond studded jewellery. It also engages in trading
of diamonds.
COOLTECH CONTAINERS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Cooltech Containers Private Limited
Plot 7-8, Sachin Notified Industrial Area
GIDC Block No. 378/P, Gabheni,
Chorayasi Surat 394 230
Liquidation Commencement Date: January 11, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Ravi Kapoor
402, Shaival Plaza,
Near Gujarat College,
Ellisbridge, Ahmedabad – 380 006
Tel No.: 079 2642 0336
Email: ravi@ravics.com
Email: cirpcooltech@gmail.com
Last date for
submission of claims: February 10, 2023
EARTH WATER: Liquidation Process Case Summary
---------------------------------------------
Debtor: Earth Water Limited
A-1/152 IGNOU Road Neb Sarai
New Delhi- 110068, India
Liquidation Commencement Date: January 3, 2023
Court: National Company Law Tribunal, New Delhi Bench-III
Liquidator: Ravindra Kumar Goyal
Eden I - 807, S G Highway,
Godrej Garden City,
Jagat Pura, Ahmadabad,
Gujarat-382470
Last date for
submission of claims: February 2, 2023
FORE REPRESENTATIONS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Fore Representations & Travels Private Limited
A-333, A wing, IInd Floor,
New-Sabzi Mandi, Azadpur,
Delhi-110033
Liquidation Commencement Date: December 22, 2022
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Sanjay Kumar Dewani
133, Bhagirathi Appts., Plot No 13/1,
Sector-9, Rohini, New Delhi-110085
Email: sanjaydewani@gmail.com
D-55, Defense Colony, New Delhi-110024
Email: cirp.fore@gmail.com
Last date for
submission of claims: February 2, 2023
G.M. PENS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of G.M. Pens International Private Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.05 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.72 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 8.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 48.14 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 0.09 [ICRA]A4 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.
Incorporated in 1986, G. M. Pens International Private Limited
(GMPIPL) had the exclusive license to manufacture and market
'Reynolds' brand writing instruments in India. The company
terminated the contract with Reynolds SAS, France in Sep 2015 and
stopped production from Feb 2016 and currently manufactures/markets
pens under the 'Rorito' brand. Sales of Reynolds happened till
Q4FY2016 along with the new brand 'Rorito'. While the stationery
business mentioned above is GMPIPL's major revenue driver,
contributing to over 93.6% of revenues during FY2019, the company
also distributes / trades 'Clipper' brand cigarette lighters,
'Flamagas' kitchen lighters and gas cans and labeling instruments
under the brand name 'Dymo'. The company was also trading
'Papermate' pens from June 2011 – this was discontinued from
April 2015, because of the low sales quantum of these pens.
GHO AGRO: Liquidation Process Case Summary
------------------------------------------
Debtor: GHO Agro Private Limited
New No. 10 Old 122, Second Floor,
P S Sivasamy Salai,
ST. Ebbas Avenue,
Mylapore, Chennai 600004
Factory: 147/2A, 147/3A & 148/15A
Nagar Village, Ulundurpet 606107
Liquidation Commencement Date: January 3, 2023
Court: National Company Law Tribunal, Chennai Bench-II
Liquidator: Ms. Jayashree S. Iyer
C-15, Abhinav Kailash 19A, Velachery Road,
Saidapet Chennai 600 015, Tamil Nadu
Email: jayashree2505@gmail.com
23, Lake Area, 3rd Cross Street,
1st Floor, Nungambakkam Chennai 600 034
Email: cirp.ghoagro@gmail.com
Last date for
submission of claims: February 10, 2023
GIRIRAJ TIMBER: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Giriraj
Timber Private Limited 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- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 42.00 [ICRA]A4 ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
GTPL is a privately-owned company which was incorporated in 2003.
The company imports timber mainly from Malaysia, New Zealand and
Africa. The company's factory, located at Gandhidham (Gujarat),
cleans and saws logs to make clean squared timber blocks. All the
sawn timber produced at the Gandhidham (Gujarat) factory is sold
from its offices in Mundka in Delhi, Jind in Haryana and Gandhidham
in Gujarat.
GLOBAL METAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Global
Metal & Energy Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 53.74 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 2.06 [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 August 2012, GMEPL operates a 2.55 MW and 10 MW
wind-based power plants in District Sangli, Maharashtra. The 10 MW
project had a project cost of INR67.27 crore has been funded by
term loan (from Rural Electrification Corporation Limited) of
INR47.09 crore and equity of INR20.18 crore.
GM SUGAR: ICRA Lowers Rating on INR71.95cr Term Loan to B+
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of GM
Sugar and Energy Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 50.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB (Negative) and
moved to the 'Issuer Not
Cooperating' category
Long Term- 71.95 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Term loan from [ICRA]BB (Negative) and
moved to the 'Issuer Not
Cooperating' category
Long Term/ 3.05 [ICRA]B+(Stable) ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Unallocated from [ICRA]BB (Negative)/
[ICRA]A4 and moved to the
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade considers of lack of adequate information
regarding GM Sugar and Energy Limited performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade. As part of its process and in
accordance with its rating agreement with GM Sugar and Energy
Limited, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative.
In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been moved to the "Issuer
Not Cooperating" category. The rating is based on the best
available information.
GMSEL operates a 4,800-TCD sugar mill, forward integrated with an
18-MW power plant at Sangur, Haveri district in Karnataka.
Incorporated in 2007, GMSEL had acquired the facility on lease from
the Karnataka Cooperative Sugar Factory (KCSF) in 2007 for a period
of 32 years. KCSF was operating a 1,250-TCD sugar cane plant from
1983-84. Post takeover of the sugar plant, GMSEL increased the
sugar cane crushing capacity to 4,800 TCD in October 2019 and has
also installed the 18-MW cogeneration unit in February 2012. The
company is in the process to set up Unit-2 for 360-KLPD syrup /
120-KLPD grain-based ethanol plant, with an incineration
boiler-based co-gen plant for ZLD facility and 30-MW co-generation
power plant (along with sugarcane crushing unit of 5,000 TCD),
which is likely to be operational from October 2022. GMSEL is a
part of the GM Group of Companies, which was founded by the Late.
Mr. G. Mallikarjunappa, a Member of Parliament from Davangere,
Karnataka. The foundation of the GM Group was laid in 1958, with G.
Mallikarjunappa & Sons trading in betel nut. The Group has now
ventured into diversified businesses with major focus on sugar,
mining, education, power generation, agro industries, finance,
hospitality and retail.
HEURTEY PETROCHEM: ICRA Lowers Rating on INR38.50cr Loan to B+
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Heurtey Petrochem India Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 38.50 [ICRA]B+(Stable) ISSUER NOT
Overdraft/ COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB(Stable) and
moved to the 'Issuer Not
Cooperating' category
Non-Fund-based 151.50 [ICRA]A4 ISSUER NOT
facility COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Rationale
The rating downgrade considers of lack of adequate information
regarding Heurtey Petrochem India Private Limited performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Heurtey Petrochem India Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been moved to the "Issuer Not Cooperating"
category. The rating is based on the best available
information.
Incorporated in 2004, HPIPL a regional operating centre in India,
which belongs to Axens Group. Its corporate office is in Mumbai
with a manufacturing facility in Vadodara, Gujarat. The company is
into designing, procuring and manufacturing of furnaces, waste heat
recovery units (WHRU), furnace studies and revamps, spare parts,
technical support and training. Axens, an IFP Energies nouvelles
group company, was created in 2001 through the merger of
Procatalyse with the Technology Licensing & Service Division of IFP
Energies nouvelles. In 2018, Axens acquired 100% of the shares of
Heurtey Petrochem. From 2019, the furnace activities and services
operate under the Heurtey Petrochem Solutions brand. Following this
acquisition, Axens has expanded its portfolio of solutions and is
now capable of supplying its customers with an integrated solution.
This includes a comprehensive range of solutions for the conversion
of oil and biomass into clean fuels, the production and
purification of the major petrochemical intermediates, as well as
the treatment and conversion of natural gas by providing
technologies, equipment, furnaces, modular units, catalysts,
adsorbents and associated services. In FY2022, HPIPL reported a net
loss of INR16.4 crore on an OI of INR114.7 crore compared to a net
loss of INR34.0 crore on an OI of INR137.5 crore in FY2021.
HIGHWAY iNFRASTRUCTURE: Ind-Ra Keeps BB Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Highway
Infrastructure Pvt Ltd.'s Long-Term Issuer Rating of 'IND BB' in
the non-cooperating category and has simultaneously withdrawn the
same.
The instrument-wise rating actions are:
-- INR181 mil. Fund-based working capital limit* maintained in
non-cooperating category and withdrawn; and
-- INR579 mil. Non-fund-based working capital limit# maintained
in non-cooperating category and withdrawn.
*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn
#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
Key Rating Drivers
Ind-RA has maintained the rating in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY21 and FY22,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance, and management certificate.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.
Company Profile
Highway Infrastructure is a contractor constructing road and
providing road-related works in Madhya Pradesh. The company
executes majority of its road and bridge projects for various
government bodies in Madhya Pradesh. It has also forayed into real
estate business and has two real estate projects in Indore.
HITKARI PACKAGING: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Hitkari Packaging Private Limited
339-340 Gidc Estate Waghodia
Vadodara GJ 391760 India
Liquidation Commencement Date: January 10, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Mukesh Ramjibhai Dayani
302, Laxmi Enclave-1,
Opp. Gajera School,
Katargaam, Surat - 395004
Email: mukeshdayani.ip@gmail.com
Email: cirp.hitkari@gmail.com
Last date for
submission of claims: February 10, 2023
HYDROBATHS RAMCO: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Hydrobaths
Ramco Marketing 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– 9.43 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 1.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Long Term- 1.00 [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.
Hydrobaths Ramco Marketing Private Limited (HRMPL), incorporated in
2009, is involved in the trading of products like sanitary ware
(bathtubs, shower trays, Jacuzzis, shower panels, shower enclosure,
bathroom furniture, steam baths, spas), faucets, tiles and others
which are largely procured from international manufacturers from
countries like Thailand, Italy and China. The promoters were
initially involved in the manufacturing of bathtubs through a
proprietorship firm (set up in 1992). Later in 1999, another
proprietorship firm named Hydrobaths Ramco Marketing Company (HRMC)
was set up and in the year 2000, the firm started importing
products like sanitary ware and faucets. In 2009, Hydrobaths 2
Ramco Marketing Private Limited, was incorporated which took over
the business of HRMC. HRMPL procures products from international
manufacturers like Guangzhou Metal & Mineral Imp Exp Limited, SIAM
Cement Group, Ceramic Atlas Concorde Spa Italy and others and sell
in domestic market. HRMPL sells its through distributors, dealers,
own retail showroom and also project sales (sale to institutional
clients). The company has franchisee arrangement with its 3
distributors located in Mumbai, Bangalore and Kolkata though
distributors in cities like Hyderabad, Chennai, Cochin, Ahmadabad
and others operate their own showrooms. The company has its
exclusive showroom (around 35000 sqft) at Gurgaon.
IDBI BANK: Moody's Withdraws 'Ba2' Senior Unsecured Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn IDBI Bank Ltd's Ba1/NP
long-term (LT) and short-term (ST) local and foreign currency
counterparty risk ratings (CRR), Ba2/NP LT and ST local and foreign
currency bank deposit ratings, Ba2 foreign currency senior
unsecured rating, Ba1(cr)/NP(cr) LT and ST counterparty risk
assessments (CRA), and b1 baseline credit assessment (BCA) and
adjusted BCA. The stable outlook on the long-term bank deposit and
senior unsecured ratings was also withdrawn.
Moody's has also withdrawn IDBI Bank Ltd, DIFC Branch's Ba1/NP LT
and ST local and foreign CRRs and Ba1(cr)/NP(cr) LT and ST CRAs.
The stable rating outlook was also withdrawn.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
Headquartered in Mumbai, IDBI Bank Ltd reported total assets of
INR3.1 trillion (unconsolidated) on September 30, 2022.
ITP SENERGY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: ITP Senergy Private Limited
1207, Raheja Centre,
Free Press Journal Marg,
Nariman Point, Mumbai 400021
Liquidation Commencement Date: January 5, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: CS Mandar Wagh
Anand Chaitanya Corporate Legal Advisors LLP,
505, 4TH Floor, Venture Above Mc’ Donald’s, Paud Road,
Bhusari Colony, Kothrud, Pune 411 038
A2/1102, Sarathi Shilp, Behind Eklavya College,
Kothrud, Pune, 411038
Email: mandar.wagh@anandchaitanya.com
Contact: 9822844488
Last date for
submission of claims: February 4, 2023
JEYASOUNDHARAM TEXTILE: ICRA Keeps C Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sree
Jeyasoundharam Textile Mills Private Limited. in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]C/[ICRA]A4;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 17.00 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 6.07 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.33 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long Term- (1.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 3.25 [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.
Sree Jeyasoundharam Textile Mills Private Limited was established
by Mr. J Rajesh and Mrs. J Gnanamani as a partnership Sree
Jeyasoundharam Textile Mills Private Limited was incorporated as a
private limited company in September 1989 in Sivagangai, Tamil
Nadu. In 1997, it was taken over by Mr. T R Dhinakaran, the
promoter of Ramalinga Group of Companies. The company is primarily
engaged in manufacturing of cotton yarn of medium to fine counts.
Over the years, the company has increased the spindle capacity from
3,000 spindles to its current level of 41,760 spindles and 672
rotors. The company is a part of Ramalinga Group of Companies based
out of Aruppukottai, Tamil Nadu. The major companies in the
Ramalinga group include (a) Shri Ramalinga Mills Limited (SRML)
(ii) Aruppukottai Shri Ramalinga Spinners Private Limited and (iii)
Tamilnadu Jaibharath Mills Limited.
JMT AUTO: Lenders Select Ramkrishna Forgings Resolution Plan
------------------------------------------------------------
Business Standard reports that lenders to JMT Auto, a unit of
ailing Amtek Auto group, have approved a resolution plan by
Ramkrishna Forgings to turn around the component manufacturing
company.
JMT Auto is undergoing proceedings under Insolvency and Bankruptcy
Code (IBC) and a resolution plan for it is subject to approval by
the National Company Law Tribunal (NCLT).
According to the report, BSE-listed JMT Auto, in a filing with the
exchange, said two resolution plans complying with IBC conditions
were put to e-voting on November 19, 2022. E-voting on the plans
was concluded on January 16, 2023.
Ramkrishna Forgings' plan was approved by 84.61 per cent by lenders
who are members of committee of creditors (CoC), the report says.
JMT Auto did not disclose details of the resolution plan.
Kolkata-based Ramkrishna Forgings, set up in 1981, had a
consolidated revenue of INR1,523.7 crore and a net profit of
INR118.6 crore in six months ended September 2022, Business
Standard discloses citing a BSE filing.
JMT Auto's resolution professional was in the process of filing an
application with the NCLT for approving the resolution plan, it
added, Business Standard relays.
Business Standard, citing the Expression of Interest (EOI)
document, says JMT Auto has significant expertise in the auto
sector with capabilities in heat treatment and gear manufacturing
besides a variety of components for the Oil and Gas industry. In
2013, JMT Auto's controlling shares were acquired by Amtek Auto,
which itself was under IBC process.
JMT Auto has eight facilities in India. Its financial creditors are
Axis Bank (INR76.93 crore of admitted claim), IDBI Bank (INR58.12
crore), State Bank of India (INR25.9 crore) and INR7.39 crore).
K.K. PROTEINS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of K.K. Proteins 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- 20.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.00 [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.
K.K. Proteins Private Limited (KKPPL) was incorporated in 2006 to
undertake trading, processing and manufacturing of soybean and its
derivative products. The manufacturing unit is located in Ponnari
village of Adilabad district, Andhra Pradesh with an installed
capacity of 250 tons per day. The promoters have more than two
decades of experience in the soybean oil business.
KARVIN CUISINES: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Karvin Cuisines Private Ltd
1/2 Jawaharlal Nehru Salai, Ambal Nagar,
Ekkattuthangal, Chennai - 32
Liquidation Commencement Date: January 9, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Ramachandran Subramanian
29 Raju Naicken Street,
West Mambalam, Chennai – 33
Email: Subraman267@yahoo.com
Last date for
submission of claims: February 7, 2023
KOTARKI CONSTRUCTIONS: ICRA Withdraws C Rating on INR13cr Loan
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Kotarki Constructions Private Limited (KCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.00 [ICRA]C; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Cash Credit [ICRA]B+ (Stable); ISSUER NOT
COOPERATING and withdrawn
Short Term–
Non Fund Based 12.00 [ICRA]A4; ISSUER NOT
COOPERATING; Rating withdrawn
Rationale
The rating downgrade reflects NPA classification as mentioned in
publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on February 2022. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".
ICRA has downgraded the Long Term rating and simultaneously
withdrawn the rating outstanding on the 25.00 crore bank
facilities of Kotarki Constructions Private Limited in accordance
with ICRA's policy on withdrawal and on the company's request. The
key financial indicators have not been captured as the rated
instruments are being withdrawn.
Kotarki Constructions Private Limited (KCPL) was incorporated in
the year 2004 and the promoters of this company are Mr. Kotarki
Shanker, Mr. Kotarki Prabhurao, Mrs. Kotarki Anjali, Mr. Kotarki
Anand and Mr. Kotarki Sangamesh. It is a family owned and closely
held company led by Mr. Kotarki Shanker who looks after the overall
operations, supported by Mr. Kotraki Prabhurao and Mr. Kotarki
Sangamesh handling project executions and Mr. Kotraki Anand
handling administration. The company was established as a
proprietorship firm in the year 1989, by Mr. Kotraki Shanker and
was reconstituted as private limited company in the year 2004.
Currently, the company, undertakes contracts for construction of
roads, bridges, civil construction, and construction of irrigation
canals in Karnataka. The company has executed orders for various
reputed clients like NHAI (National Highways Authority of India),
KRDCL (Karnataka Road 2 Development Corporation Limited), PWD
(Public Works Department), KIADB (Karnataka Industrial Area
Development Board), etc.
LAKHOTIA TRANSPORT: Ind-Ra Affirms BB Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lakhotia Transport
Co. Pvt Ltd.'s Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.
The instrument-wise rating action is:
-- INR370 mil. (reduced from INR460 mil.) Fund-based limit
affirmed with IND BB/Stable rating.
Key Rating Drivers
The affirmation reflects LTCPL's continued small scale of
operations, as indicated by revenue of INR1,657.0 million in FY22
(FY21: INR1,824.9 million; FY20: INR2,058.7 million). The revenue
declined over FY20-FY22 on account of covid-led disruptions. LTCPL
recorded a net revenue of INR1,240 million in 9MFY23. Ind-Ra
expects the revenue to be stable on a yoy basis in FY23.
The ratings reflect the moderate credit metrics due to modest
EBITDA. In FY22, the interest coverage (operating EBITDA/gross
interest expense) improved marginally to 1.53x (FY21: 1.47x) owing
to a slight increase in the absolute EBITDA to INR79.3 million
(INR78.6 million). However, the net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 6.51x (FY21: 5.77x) due to
an increase in the total debt to INR556.1 million (INR468.4
million). During 9MFY23, LTCPL undertook capex of about INR32.4
million for the purchase of 10 new trucks, which was wholly funded
through a term loan from Yes Bank (IND A-/Stable). Ind-Ra expects
the credit metrics to remain moderate in FY23, given the
aforementioned debt-led capex.
The ratings factor in LTCPL's modest EBITDA margins due to the
intense competition in the transportation business. In FY22, the
EBITDA margins increased marginally to 4.8% (FY21: 4.3%) because of
a decline in hire charges and trip expenses. The ROCE was 9.0% in
FY22 (FY21: 9.3%). Ind-Ra expects LTCPL's EBITDA margin to be
stable on a yoy basis in FY23, supported by increased control over
operating expenses.
Liquidity Indicator-Poor: The average maximum utilization of the
fund-based limits was 94.6% over the 12 months ended December 2022.
There were a few instances of overutilization during this period.
The company was sanctioned temporary overdraft limits of INR20
million by Axis Bank six times, and limits of INR9 million by Kotak
Bank two times during the 12 months ended December 2022. The
company does not have any capital market access and relies on banks
for its funding requirements. In FY22, the cash and cash equivalent
stood at INR40.5 million (FY21: INR14.9 million). The cash flow
from operations turned negative at INR35.6 million in FY22 (FY21:
INR44.1 million) on account of unfavorable changes in the working
capital. In FY22 the net cash conversion cycle deteriorated to 145
days (FY21: 108 days) on account of an increase in debtor days to
146 days (109 days). LTCPL has repayment obligations of INR52.2
million for FY23 and INR53.8 million for FY24.
The ratings factor in LTCPL's moderate customer concentration risk,
as the top three customers contributed around 60% to the total
sales in FY22 (FY21: 70% of the total sales).
The ratings, however, continue to be supported by the promoters'
experience of over five decades in the logistics solutions business
and the long-established relationships with reputed customers.
LTCPL's clients include Hindustan Unilever Limited, Jindal
Stainless Limited, Hindalco Industries Ltd. and Otis Elevators Co.
India Ltd.
Rating Sensitivities
Negative: Further deterioration in liquidity or a decline in the
scale of operations could lead to a negative rating action.
Positive: An improvement in the scale of operations and liquidity
and the interest coverage exceeding 2x, on a sustained basis, could
lead to a positive rating action.
Company Profile
LTCPL was incorporated in 1962 and was converted into a private
limited company in 2001. The company provides logistics solutions
through road for various entities. LTCPL has 30 branches across the
country. Its head office is in Kolkata.
LAKSHMI VACUUM: ICRA Assigns B+ Rating to INR18.88cr Term Loan
--------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Lakshmi Vacuum
Heat Treaters Private Limited (LVHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.88 [ICRA]B+ (Stable) assigned
Fund Based-
Term Loan
Long Term- 2.00 [ICRA]B+ (Stable) assigned
Fund Based-
Cash credit
Long term-
Unallocated
limits 2.85 [ICRA]B+ (Stable); assigned
Rationale
The assigned rating derives comfort from the extensive experience
of the promoters of LVHPL spanning over two decades, in the vacuum
furnace manufacturing and heat treatment services industries.
The rating also factors in the improvement in LVHPL's operating
income in FY2022, after moderation in FY2020 and FY2021 due to the
weak demand prospects in the auto sector, which was further
aggravated by the pandemic. The company has recovered from the
demand headwinds to a large extent in FY2022 and is expected to
witness healthy growth in FY2023. The rating also draws comfort
from a diversified clientele and healthy profitability indicators.
The rating is, however, constrained by the company's small scale of
operations over the years and an average financial risk profile,
marked by a moderately leveraged capital structure and modest debt
protection metrics. Moreover, the company's overall liquidity
position remains stretched due to tightly matched cash flow
generation against its repayment obligations and limited cushion
available in the working capital limits.
The Stable outlook reflects ICRA's opinion that LVHPL's credit
profile is expected to remain stable, backed by the extensive
experience of the promoters in the industry and the established
relationship with customers, which is expected to result in steady
business growth, going forward.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters in heat treatment industry:
LVHPL was established in 2003 and provides vacuum heat treatment
services. The promoters, Mr L. N. Prasad and Ms K. S. Varalakshmi,
have more than two decades of experience in the heat treatment
industry.
* The presence of group entity: Lakshmi Vacuum Technologies Private
Limited - which manufactures vacuum furnaces helps the Group in
understanding customer requirement. LVHPL's track record enables it
to secure repeat orders from its customers.
* Healthy profitability indicators: The company's revenue improved
by 23.7% in FY2022 compared with FY2021 as the margins rose with
the increase in orders and realisation. The recovery was fuelled by
the revival in demand in the automobile segment after being hit by
the pandemic in the previous year. The operating profitability has
been healthy with OPBITDA margins remaining range-bound at 18-24%
over the past three years and PAT margins at 1.7-4.24%. The ROCE
remained healthy at 10.35% in FY2022.
* Diversified client base with repeat orders from a few clients:
The company has a diversified client base with customers majorly
from the automobile, defense and engineering segments. The
automobile segment is the major contributor. The client
concentration remained low with the top 10 customers contributing
to around 13% of the total sales in FY2022, which reduces the
counterparty risks. The industry outlook for heat treatment in
India is expected to improve with the growth in the automobile,
aerospace and defense sectors.
Credit challenges
* Small scale of operations: LVHPL's scale of operations has
remained small over the years, though it increased to INR24.0 crore
in FY2022 from INR19.4 crore in FY2021. The small scale exposes the
company to the risk of business downturn and its ability to absorb
any temporary disruption and fixed costs. Further, it derives a
major portion of its revenues from the automobile industry,
accentuating the risk of demand volatility.
* Leveraged capital structure and modest debt protection metrics:
The company's profit margins have remained healthy in the past,
reflected in an OPM of 19.08-24.02% over FY2020-FY2022. The overall
financial risk profile, however, remains average with a small net
worth base of INR17.3 crore and a gearing of 1.5 times as on March
31, 2022. The debt protection metrics also remained moderate due to
the debt-funded capex undertaken by the company in the recent past
and the relatively high debt payments, reflected in an interest
cover of 3.5 times, TD/OPBDITA of 3.6 times and DSCR of 1.2 times
in FY2022. There has been continuous capacity addition YoY to
ensure timely delivery to the customers. New furnaces were added to
meet the growing demand. The company plans to add six new furnaces
at its existing heat treatment plants by the end of FY2023, which
will be predominantly funded by term loans. Going forward, with the
expected increase in the debt levels and the corresponding
repayments, the debt coverage metrics are likely to remain modest.
* Exposure to cyclicality inherent in automobile industry;
operating margin susceptible to competitive intensity: The revenues
from the heat treatment division is exposed to the cyclicality
inherent in the automobile industry as it derives a major portion
of its revenues from the automobile industry, accentuating the risk
of demand volatility. Also, LVHPL's operating profitability is
exposed to competition.
Liquidity position: Stretched
LVHPL's liquidity is stretched with limited free cash and bank
balance (Rs. 0.3 crore as on March 31,2022) and high utilisation of
working capital limits, averaging ~85% in the last 12 months ended
August 2022 (undrawn limits of INR0.3 crore as of August 2022). The
company also has a capex plan in the near term which is expected to
be predominantly debt funded. The debt repayments for the company
are INR4.38 crore in FY2023 and INR5.85 crore in FY2024.
Rating sensitivities
Positive factors – ICRA could upgrade LVHPL's ratings if the
company is able to scale up its operations while maintaining
healthy profit margins, leading to an improvement in the key credit
metrics and the liquidity position on a sustained basis.
Negative factors – Pressure on LVHPL's ratings may arise if there
is any significant decline in scale and profitability, leading to a
deterioration in the key credit metrics. A stretch in the
receivable cycle or any large capex weakening the liquidity may
also lead to a downgrade.
The Lakshmi Group was established in 2003. Mr. L N Prasad, the
Group Managing Director, started Lakshmi Vacuum Heat Treaters as a
proprietorship concern in 2003 in Bengaluru. Lakshmi Vacuum
Technologies was formed in 2007 in Bengaluru to manufacture
furnaces. Lakshmi Vacuum Heat Treaters Limited (LVHPL) is involved
in providing vacuum heat treatment services used to carry out
processes such as hardening and tempering, annealing & stress
relieving, brazing, sintering, nitriding, etc. LVHPL procures the
vacuum furnaces from its sister concern - Lakshmi Vacuum
Technologies Private Limited (LVTPL) - which is then used for the
heat treatment process in the heat treatment division. The heat
treatment is used for auto components, hardware tools and metal
parts, etc. After the heat treatment process, the components are
used by various industries as per their applications. LVHPL has
five heat treatment plants across the country.
LESSONLEAP ACADEMY: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Lessonleap Academy India Private Limited
20th Floor 2004,
Omkar 1973 Tower B,
Pandurang Budhkar Marg,
Worli Mumbai
Mumbai City 400030
Liquidation Commencement Date: November 28, 2022
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Ms.Sumana Rao
No. 56, 4th Cross,
2nd Sector, Nobonagar,
Bannerghatta Road,
Bengaluru - 560076, India
Email: csraosumana@gmail.com
Mobile: 9448521179
Last date for
submission of claims: December 28, 2022
LOKSHATI SUGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Lokshakti Sugar ond Allied Industries Limited
H No l5l, Ai Post Korowali,
Taluka Mohol, Solapur – 413253 MH India
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: Charudutt Pandhrinath Marathe
Gomed, 915, Khare Town, Dharampeth,
Nagpur - 440 010
Email: Charudutt@yahoo.co.in
Email: IP.Lokshakti@gnmail.com
Last date for
submission of claims: January 30, 2023
MAD STUDIOS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mad
Studios Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 2.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
Others '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.
Mad Studios Private Limited (MSPL) was incorporated on 30th January
2012 and is primarily engaged in the production of television
commercials. The company also in the recent past forayed into movie
production and end to end production services business that entails
leasing of equipment and related services to various directors,
film studios, production houses, etc. MSPL is a part of the Mad
Group. The flagship company of the Group is Mad Entertainment
Limited, promoted by Mr. Sunil Manchanda who has been in the Media
Industry for more than two decades. The Group has produced more
than 1000 television commercials for various famous brands till
date.
MADHUCON SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Madhucon
Sugar And Power Industries Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 21.29 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 98.89 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 37.90 [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.
Madhucon Sugar and Power Industries Limited (MSPIL) was
incorporated in November 2002 as Madhucon Sugars Limited, with an
objective to acquire 'The Palair Co-Operative sugars Limited',
sugar plant in Khammam district (Palair, was established under
co-operative sector in the year 1982). MSPIL has gradually enhanced
the sugar capacity from 1,250 TCD to 2,000 TCD by FY2007 and to
3,000 TCD by FY2008 and 3,500TCD by FY2009. The mill which was a
standalone sugar unit forayed into production of power with a
capacity of 24.2 MW from bagasse and coal in October 2008. The
distillery unit with a capacity of 65 KPLD commenced operations in
December 2015. Madhucon Sugar and Power Industries Limited (MSPIL)
is part of the Madhucon Group of Companies which has interests in
construction, granites, coal, sugar and power.
MAHESH MERCANDISE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Mahesh
Mercandise Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 19.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based- Continues to remain under the
Others '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.
Mahesh Merchandise Private Limited was incorporated in 2006 by Mr.
Shish Pal Mittal. It is involved in the trading and processing of
timber logs. The company's offices are located in Karnal,
Gandhidham and Delhi. The company has milling facilities at
Gandhidham, Gujarat, which is close to Kandla and Mundra ports. Mr.
Shish Pal Mittal has an extensive experience in the timber
business. Prior to incorporating MMPL, he was involved in other
timber processing entities as a partner/director.
MAULI FRESH: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Mauli Fresh
Agro Industries 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- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.00 [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.
Mauli Fresh Agro Industries Pvt Ltd (Mauli) was established in 2015
by the promoters and directors of Mula with the objective of
manufacturing skimmed milk powder (SMP), whole milk powder, butter,
ghee and condensed milk. The manufacturing facility of Mauli is
being set-up on land spanning 20,000 square meters, which would be
leased from Mula. The company expects to set-up the project at a
cost of INR28.37 cr, which would be funded by equity of Rs 12.37 cr
and term loan of Rs 16.00 crore. Considerable project work has been
done till now, with 80% of the building construction done.
Machinery has been ordered but has not yet been installed. Term
loan has not been disbursed yet. The term loan will be utilised
majorly for purchase of machinery. Moreover, the firm will avail
cash credit of Rs 2 crore from the bank once it begins commercial
operations. The firm has used its promoter's equity until now to
fund the project work. The management proposes to commence
commercial production from March 2019.
MOLI MERCHANT: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Moli Merchant Traders Private Limited
W 82, Taloja Industrial Area
(Taloja MIDC) Village Tondhare,
Panvel, District Raigad Navi
Mumbai Raigarh –Maharashtra-410208
Liquidation Commencement Date: November 11, 2022
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Vimal Kumar Agrawal
Office No. 4, Ground Floor C Wing,
Shanti Jyot Building, Balaji Nagar,
Near Railway Station, Bhayander West, Thane Pin 401101
Email: vimal@vpagrawal.in
Last date for
submission of claims: February 14, 2023
MULA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Mula Agro
Products 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- 1.00 [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.
Incorporated in 1993, Mula Agro Products Pvt Ltd (Mula) is engaged
in the processing of milk and manufacturing of milk products. The
operations of the company are collectively managed by its
directors, who have an experience of over two decades in the dairy
industry. The company's manufacturing facility is located at
Rahuri, Ahmednagar and has a processing capacity of 100,000 litres
per day. The manufacturing facility is well equipped with the
requisite infrastructure of collection, chilling, pasteurization,
grading, packaging and storage of milk and milk derived products.
N S VAISHNO: ICRA Keeps B+ Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term rating of N S Vaishno Devi
Developers India 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- 12.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/TL COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term-
Unallocated 33.00 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
N S Vaishno Devi Developers India Private Limited (NSVD) is a
private limited company founded in February, 2015 and is engaged in
the business of construction both commercial and residential with
its head office located in Guntur. The company is developing City
Market & Homes project in Mangalagiri Road, Guntur on a land area
of 3.25 acres in 2 phases; with total cost of the project to be at
INR114.03 crore in which INR38.10 crore is for phase 1, INR44.67
crore for phase 2, INR20.29 crore for land and remaining INR10.97
crore for IDC and other expenses. Phase-1 of the project includes
construction of 220 shops in ground and first floor and Phase-2 of
the project includes construction of 220 shops in second floor and
210 residential apartments in third, fourth and fifth floor.
NANA LAYJA: Liquidation Process Case Summary
--------------------------------------------
Debtor: Nana Layja Power Company Limited
301 – 303 Kaivanna Complex,
Panchwati Ahmedabad 380006, Gujarat
1st Floor, Corporate Tower,
Ambience Mall Complex Ambience Island,
NH-8 Gurgaon 122001, Haryana
Liquidation Commencement Date: January 11, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Liquidator: Ramchandra Dallaram Choudhary
9-B, Vardam Complex, Near Vimal House,
Lakhudi Circle, Navrangpura,
Ahmedabad – 380014
Email: rdc_rca@yhaoo.com
Email: liq.nlpcl@gmail.com
Last date for
submission of claims: February 16, 2023
NARULA TOOLS: ICRA Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of Narula
Tools International 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.
NTI was established in 1995 as a proprietorship firm, to be later
converted into a partnership firm in 2012. The firm is engaged in
manufacturing scaffolding products. NTI's facility is located at
Jalandhar, Punjab, with an installed manufacturing capacity of
3,143 Tonnes Per Annum (TPA).
PATKI AND DADAKAR: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Pakti and Dadakar Technical Consultants Private Limited
219 A Udyag Mandir No 12nd Floor
7C Pitamber Lane Mahim
Mumbai Mh 400016 India
Liquidation Commencement Date: December 28, 2022
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Devang P. Sampat
Bungalow No. 4, Shiv Pooja,
Plot 100, Sector 29,
Vashi Navi Mumbai - 400703, India
Email: dpsampat@sampatassociates.in
#615, Shivai Plaza, Plot 79/A, Marol Coop.
Industrial Estate, Off Andheri Kurla Road,
Marol, Andheri (East), Mumbai - 400059. India
Last date for
submission of claims: January 27, 2023
POLY LOGIC: Liquidation Process Case Summary
--------------------------------------------
Debtor: Poly Logic International Pvt. Ltd.
220, Mahavir Industrial Estate, Opposite Mahakali
Caves Road, Andheri (E) Mumbai MH - 400093
Liquidation Commencement Date: December 7, 2022
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Mangesh Vitthal Kekre
Office No. 607, Chetak Center, RNT Marg,
Nr. Hotel Shreemaya, Indore, MP452001
Email: ca.mangesh@gmail.com
Email: ip.polylogicinternational@gmail.com
Last date for
submission of claims: February 10, 2023
PUSHPAK BULLIONS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Pushpak
Bullions 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– 140.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 10.00 [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 on December 17, 1999 and promoted by Mr. Chandrakant
Patel, Pushpak trades in gold and silver bullion. The company is
also involved in manufacturing and wholesale trading and export of
plain gold jewellery, diamond studded jewellery, gold and silver
coins, medallions, bullion bars and precious stones.
RAI BAHADUR: Ind-Ra Cuts Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rai Bahadur
Narain Singh Sugar Mills Limited's (RBNS) Long-Term Issuer Rating
to 'IND D' from 'IND BBB'.
The instrument-wise rating actions are:
-- INR516 mil. Term loan (Long-term) due on December 2027
downgraded with IND D rating;
-- INR2.260 bil. Fund-based working capital limits (Long-
term/Short-term) downgraded with IND D rating; and
-- INR244 mil. Proposed term loans (Long-term)* downgraded with
Provisional IND D rating.
*The rating is provisional and pending execution of documents as
detailed in Annexure I. The final rating, upon receipt of executed
documents, shall be assigned within 90 days from the date of
issuance of the instrument. The provisional rating may be extended
by another 90 days, subject to Ind-Ra's policy, if the execution of
documents is pending at that time.
The Securities and Exchange Board of India (SEBI) wide its circular
dated April 27, 2021 on "Standardizing and Strengthening Policies
on Provisional Rating by Credit Rating Agencies (CRAs) for Debt
Instruments", various clarifications received from SEBI on the
circular and India Ratings Policy on Provisional Ratings, require
that the outstanding provisional ratings assigned prior to the
applicable date of June 15, 2021, have to adhere to the revised
policy before December 31, 2021. Pursuant to the circular, relevant
disclosures for assigned provisional rating are being provided.
Key Rating Drivers
The downgrade reflects RBNS' delays in debt servicing from May 2022
until August 2022, which were regularized on August 21, 2022 as per
auditor's report. The curing period is over and Ind-Ra is working
on assessing the ratings. The agency will reassign the ratings once
the assessment is completed.
Rating Sensitivities
Positive: Continued timely servicing of debt until the rating
assessment is completed will lead to reassignment of the ratings.
Company Profile
Incorporated in 1932, RBNS has an integrated sugar plant in
Uttarakhand having a cane crushing capacity of 8,400 tons per day,
distillery capacity of 60 kiloliters per day, and co-generation
capacity of 29.6MW. The company also has a bottling plant with a
capacity of 500 cases per day.
REHBER FOOD: ICRA Lowers Rating on INR45cr LT Loan to D
-------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Rehber Food Industries Private Limited (RFIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 45.00 [ICRA]D; downgraded from
Fund Based/CC [ICRA]BB+ (Negative)
Long Term- 9.64 [ICRA]D; downgraded from
Fund Based/TL [ICRA]BB+ (Negative)
Rationale
The rating downgrade takes into account the recent delays in debt
servicing by RFIPL. ICRA has received feedback from banker that the
company has missed debt servicing due for the month of December
2022. This was owing to RFIPL weakened liquidity position following
the closure of factory operations at Bareilly, Uttar Pradesh since
the beginning of December 2022. Further, ICRA also takes note of
the series of legal developments including filing of a first
information report (FIR) by a director against another director
within the company. Moreover, the Income Tax Department carried out
a raid in the latter part of December, as per some news articles.
The previous rating, however, had factored in the significant
experience of the promoters in the buffalo meat-processing
industry. Further, on these matters, ICRA has been trying to reach
out to the management; however, the discussion could not happen.
In the absence of requisite information and in line with the
aforesaid policy of ICRA, ICRA might take a rating action in the
near term based on the best available information.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters in buffalo meat-processing
industry: RFIPL is promoted by Mr. Firoz Ahmed Shaikh, Mr. Kaukab
Ghulam Mohamed Qureshi and Mr. Chand Miyajan Qureshi, who have more
than three decades of experience in the buffalo meat processing
industry through various family-owned companies. Moreover, the
promoters of the Rustam Group (who hold a 40% stake in the company)
also has extensive experience.
Credit challenges
* Delay in debt servicing: There has been delays in debt servicing
of payments due for the month of December 2022 by RFIPL. This was
followed by the closure of factory operations at Bareilly, Uttar
Pradesh since the beginning of December 2022.
* Disruption in operations due to legal issues: The company's
manufacturing operations came to a halt after a series of legal
developments including filing of an FIR against a director by
another director and an income tax raid. ICRA notes that such
developments have affected the company's operations and are likely
expected to hit its performance in FY2023 to some extent.
* Commoditised nature of business and intense competition: The
buffalo meat processing industry is highly fragmented and
competitive because of a large number of organised players, along
with numerous mid-sized players. The competition is further
intensified by other meat exporting nations, such as Brazil and
Australia. This limits the pricing flexibility and thus, the
profitability of Indian players.
* Exposure to developments of importing countries and foreign
currency fluctuation risk: The company remains exposed to the
changes in trade policies, as well as political and economic
developments of the key meat-importing countries. While the company
has discontinued direct exports, it sells to RFPL, which in turn
sells the products in export markets. Accordingly, dependence on
export market remains for the company.
* Exposure to socio-political and disease outbreak risks: The
company's business is exposed to the risk of disease outbreak in
buffalo population. Further, socio-political risks associated with
the industry poses threat to the industry's as well as the
company's growth.
Liquidity position: Poor
The company's liquidity position is poor on account of closure of
operations which have resulted in irregularities in debt servicing
by the company.
Rating sensitivities
Positive factors – The rating could be upgraded if the company
demonstrates track record of regular debt servicing on a sustained
basis.
Negative factors – Not Applicable
Incorporated in 2013, RFIPL processes and sells buffalo meat in the
domestic as well as export markets. Initially incorporated as Marya
Frozen Agro Foods Private Limited, the company was renamed as
Rehber Food Industries Private Limited (RFIPL) in FY2018. It is
owned and managed by Mr. Firoz Ahmed Shaikh, Mr. Kaukab Ghulam
Mohamed Qureshi and Mr. Chand Miyajan Qureshi, who have extensive
experience in the meat-processing business. Further, Rustam Foods
Private Limited, an established player in the export of buffalo
meat, acquired a 40% stake in RFIPL in FY2020. RFIPL's integrated
meat-processing plant, comprising a slaughterhouse, is located at
Bareilly, Uttar Pradesh. The facility has a processing capacity of
202 metric tonnes per day (MTPD), a freezing plant to store raw and
finished meat, and a rendering plant to process offals (the
entrails and internal organs). Further, RFIPL's promoters have
another Group company named Yusra Agro Foods Private Limited
(YAFPL)1 , which is also involved in buffalo meat trading. However,
there were no business 1 ICRA has [ICRA]BB+ (Stable)/A4+ ISSUER NOT
COOPERATING ratings outstanding for the bank facilities of Yusra
Agro Foods Private Limited.
RISHABH GOLD: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Rishabh
Gold Jewels (India) Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4;ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.00 [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.
Rishabh Gold Jewels (India) Private Limited (RGJIPL) is gold
jewellery retailer based out of Bangalore. It is promoted by Mr.
Anand Jain, Mr. Arun Jain and Mr. Ajay Jain and their family. It
operates 4 outlets in Nagrathpet area in central Bangalore. The
company is also in the process of setting up a gold refining and
jewellery manufacturing facility in Bangalore.
RKI BUILDERS: Ind-Ra Cuts Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded RKI Builders Pvt
Ltd.'s Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)'
from 'IND BB (ISSUER NOT COOPERATING)' while maintaining in the
non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating.
The instrument-wise rating actions are:
-- INR160 mil. Fund-based working capital limit (Long term/Short
Term) downgraded and maintained in non-cooperating category
with IND D (ISSUER NOT COOPERATING) rating; and
-- INR140 mil. Non-fund-based working capital limit (Short-term)
downgraded and maintained in non-cooperating category with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
Key Rating Drivers
The downgrade reflects delays in debt servicing by RKI Builders
based on information available at public domain.
Company Profile
Incorporated in 2003, Hyderabad-based RKI Builders primarily
undertakes building construction works.
S.B.M IMPEX: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: S.B.M Impex Private Limited
131/1 Michael Palay, 1st Stage,
2nd B Cross,
Indiranagar Bangalore 560038
Karnataka, India
Liquidation Commencement Date: December 31, 2022
Court: National Company Law Tribunal, Bangalore Bench
Liquidator: Venkataraman Jayagopal
E-003, Victoria Haven,
Patel RamReddy Road,
Domlur 1st Stage,
Bangalore - 560071
Email: sbmimpex.vl@gmail.com
Email: gopal_venus@hotmail.com
Tel: 9341240595
Last date for
submission of claims: January 30, 2023
SANYOG HEALTHCARE: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Sanyog Healthcare Limited
B-1, Yadav Park, Main Rohtak Road,
Liquidation Commencement Date: January 2, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Manohar Lal Vij
204, CA Apartment, A-3, Paschim Vihar,
New Delhi-110063
Email Id: mlvij1956@gmail.com
8/28, 3rd Floor, WEA, Abdul Aziz Road,
Karol Bagh, New Delhi – 110005
Email Id: sanyog.cirp@gmail.com
Last date for
submission of claims: February 8, 2023
SARGAM METALS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sargam
Metals 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– 30.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 2.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 8.50 [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 1970, Sargam Metals Private Limited is primarily
engaged in manufacture of aluminium, zinc and manganese ingots
(contributes to ~85% of total revenues), which are used as raw
materials in foundries for producing cast products. SMPL is also
engaged in manufacture of cathode protection products, which are
used in ships, off-shore structures such as platforms, sub-sea
pipelines and structures such as jetty, wharves and barges. The
company has an alloy production facility with an installed capacity
of 7800 MT in SIPCOT Industrial estate in Cheyyar (Tamil Nadu)
recently shifted from Manapakkam, Chennai. The company is managed
by Mr. S Arun and is closely held by the promoter group.
SHERPALO INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Sherpalo India Advisors Private Limited
2nd Floor, Hindustan Apparel Industries,
Brady Glady's Plaza, 1/447, Senapati
Bapat Marg, Lower Parel(W)
Mumbai 400013, Maharashtra, India
Liquidation Commencement Date: December 15, 2022
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Pramodkumar R Ladda
Office No.106, First Floor,
55 Sukhniwas, 15th August Chowk,
Mangalwar Peth, Pune 411011,
Maharashtra, India
Email: csladdaji@gmail.com
Mobile No.: +91 95952 71145
Last date for
submission of claims: January 14, 2023
SLIPCON ENGINEERING: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Slipcon Engineering Private Limited
New Bina, Khaparkheda Tahsil Saoner
District Nagpur,
Maharashtra 441102
Liquidation Commencement Date: January 4, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Satish Kumar Gupta
Flat No. 17012, Building No. 17, Phase 2,
Kohinoor City, Kurla,
Mumbai, Maharashtra, 400070
Email: satishg19@outlook.com
Email: slipcon.liq@gmail.com
Last date for
submission of claims: February 4, 2023
SRK MULTIMODAL SOLUTIONS: Liquidation Process Case Summary
----------------------------------------------------------
Debtor: SRK Multimodal Solutions Private Limited
Plot No. 315, Ward-12/B,,
Deepak Complex, First Floor,
Office No. 2
Gandhidham - 370201, Gujarat
Liquidation Commencement Date: November 27, 2022
Court: NationaL Company Law Tribunal, Ahmedabad Bench
Liquidator: Krunai Ramanbhai Tanna
315, Super Mall,
Nr. Lal Bungalow, C.G Road,
Navrangpura Ahmedabad - 380006
Email: krunaltanna.ip@yahoo.com
603, Fortune Bussiness Hub, Nr. Shell
Petrol Pump, Science City Road,
Sola Ahmedabad - 380060
Email: cirp.srkmulti@gmail.com
Last date for
submission of claims: January 1, 2023
SRS LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SRS Limited's
Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'.
The instrument-wise rating action are:
-- INR100 mil. Term loans (long-term) affirmed with IND D (ISSUER
NOT COOPERATING) rating;
-- INR4.750 bil. Non-fund based working capital limits (short-
term) affirmed with IND D (ISSUER NOT COOPERATING) rating;
-- INR3.50 bil. Fund-based working capital limits (long-term and
short-term) affirmed with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR2.250 bil. Term deposits (long-term) affirmed with IND tD
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information
Key Rating Drivers
The affirmation reflects SRS' ongoing default, as recorded by the
auditor in the last quarterly result announcement, and the
company's term loan and working capital facilities' classification
as a non-performing asset by its lender.
Rating Sensitivities
Positive: Timely debt servicing and the use of working capital
facilities within the sanctioned limits for at least three
consecutive months would be positive for the ratings.
Company Profile
SRS was incorporated in 2000 as SRS Commercial Company Limited. It
was renamed SRS Limited in 2009. The company has three business
verticals: jewelry, retail and multiplex. SRS is engaged in the
manufacture, retail and wholesale of gold and diamond jewelry. It
also operates a chain of modern format retail stores and a chain of
cinemas across north India. The company owns a shopping mall in
Faridabad, apart from various restaurants and food courts.
SS INDUS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of SS Indus
Solar Energy 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- 6.50 [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.
SS Indus Solar Energy Pvt Ltd was originally incorporated as SS
Indus Valley Private Limited on 18.07.2006, the name of the company
was changed to SS Indus Solar Energy Private Limited on 14.08.14.
The solar PV power plant consists of several solar PV arrays
totalling to 2.40 MW. The plant generates DC power which is fed
into the power conditioning units to convert DC power to AC power
at 3 Ph, 320 V, 50 Hz. The output of the PCUs is stepped upto 33KV
and then evacuated to Kattangur Substation at 33 KV. At the
substation, the power is interconnected to the grid. Metering of
the power shall take place at the substation.
TENNY JOSE: Liquidation Process Case Summary
--------------------------------------------
Debtor: Tenny Jose Limited
Avenue Tower, Bishop Alappat Road,
Marthoma Church, Thrissur
Liquidation Commencement Date: December 16, 2022
Court: National Company Law Tribunal, Kochi Bench
Liquidator: Swades Myhome Building
Dharmalayam Road,
Thampanoor, Trivandrum
Email: prathappillaiadv@gmail.com
Last date for
submission of claims: January 14, 2023
TYSON RETAIL: Liquidation Process Case Summary
----------------------------------------------
Debtor: Tyson Retail Services Private Limited
D-9, 1st Floor SEC-8, Dwarka
New Delhi - 110077
Liquidation Commencement Date: December 26, 2022
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Rajiv Bajaj
LG-B-269, Chhatarpur Enclave,
Phase-2, New Delhi – 110074
Email: rbajajip@gmail.com
Email: cirptyson2020@gmail.com
Last date for
submission of claims: January 25, 2023
VARUN AQUA: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of Sri Varun
Aqua Enterprises in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.90 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.10 [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.
Sri Varun Aqua Enterprises (SVAE) was established in 2004 and is an
Andhra Pradesh-based partnership firm promoted by Mr. K. Srinivas
Reddy, Mr. Dwarampudi Ammireddy and Ms. Kovvuri Somireddy. The firm
trades in shrimp feed and shrimp feed supplements. The firm buys
feed and sells it to shrimp farmers across India. Its key business
unit is located in Kakinada city of East Godavari district. In
FY2020, on a provisional basis, the company reported a net profit
of INR0.4 crore on an operating income of INR31.5 crore compared to
a net profit of INR0.5 crore on an operating income of INR36.9
crore in the previous year.
VERTEX INDIA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Vertex India Venture Advisory Private Limited
The Leela Palace,
Room number 601, 602, 603 and 604
No 23, HAL Airport Road,
Kodihalli, Bangalore 560008
Liquidation Commencement Date: January 4, 2023
Court: National Company Law Tribunal, Bangalore Bench
Liquidator: Vinod Sunder Raman
B-703, Arvind Skylands Apartments,
Shivanahalli, Jakkur Main Road,
Yelahanka , Bengaluru 560064
Email: vinod@vrconsulting.biz
Telephone number: +91-9845884410
Last date for
submission of claims: February 3, 2023
VIJAY TRADING: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Vijay Trading Company Private Limited
Flat No. 101, OG-III, Oberoi Garden,
Thakur Village Off Western Express Highway,
Kandivali (E), Mumbai 400101
Liquidation Commencement Date: November 25, 2022
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Naren Sheth
1014-1015, Prasad Chamber,
Tata Road No.1, Opera House,
Charni Road (East),
Mumbai 400004
Email: mkindia58@gmail.com
Mobile: 09821133426
Tel: 022 66322870
E-mail: vtcpltd@gmail.com
Last date for
submission of claims: January 28, 2023
VIJAYA HOSPITAL: Ind-Ra Corrects December 9, 2022 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Vijaya Hospital's
rating published on December 9, 2022 to state the rationale of the
rating upgrade.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has upgraded Vijaya Hospital's
(Vijaya) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR20 mil. Fund-based working capital limits Long-term rating
upgraded; short-term rating affirmed with IND BB+/Stable/IND
A4+ rating; and
-- INR271.64 mil. (reduced from INR294.04 mil.) Term loans due on
March 2031 upgraded with IND BB+/Stable rating.
The upgrade reflects an improvement in Vijaya's operating
performance and credit metrics in FY22. Ind-Ra expects the
company's operating performance and credit metrics to continue to
improve in FY23.
Key Rating Drivers
Vijaya's revenue surged to INR463.55 million in FY22 (FY21:
INR343.62 million), on account of increased in-patient volumes
following the subsiding of COVID-19 infections, along with the
addition of new specialties such as dental care, nephrology,
neonatology and urology. Till 1HFY23, the hospital booked revenue
of INR275 million. In FY23, the management expects the revenue to
improve further due to the addition of 50 new beds and the newly
added specialties. The scale of operations is medium.
The interest coverage (operating EBITDA/gross interest expenses)
improved to 3.42x in FY22 (FY21: 3.08x) and the net leverage (total
adjusted net debt/operating EBITDAR) to 3.34x (3.89x), on account
of an increase in the absolute EBITDA to INR118.36 million
(INR100.39 million). In the medium term, Ind-Ra expects the credit
metrics to improve further due to a likely increase in the top
line and scheduled debt repayments. Despite the improvement, the
credit metrics remain modest.
Vijaya's EBITDA margin remained average and deteriorated to 25.53%
in FY22 (FY21: 29.22%) due to an increase in the cost of surgical
supplies. The return on capital employed was 12.9% in FY22 (FY21:
11.7%). In FY23, the management expects the margin to become stable
due to its sustained operating costs.
Liquidity Indicator – Stretched: The company's cash flow from
operations improved to INR67.14 million in FY22 (FY20: INR55.06
million) due to the increase in absolute EBITDA. Furthermore, its
free cash flow improved to INR8.19 million (FY21: negative INR41.5
million). Vijaya had incurred capex of INR58.94 million in FY22 on
renovation and to increase the capacity by 50 beds. The net working
capital cycle improved to 76 days in FY22 (FY21: 125 days) due to a
decline in the inventory holding period to 110 days (180 days).
Vijaya's average maximum utilization of the fund-based limits was
76.4% during the 12 months ended October 2022 with no instance of
overutilization. Its cash and cash equivalents stood at INR18.21
million at FYE22 (FYE21: INR5.33 million). Furthermore, Vijaya does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The debt
repayment obligations for FY23, FY24 and FY25 amount to INR80.38
million, INR55.30 million, INR48.48 million, respectively.
However, the ratings are supported by the hospital's locational
advantage as it is among the few multi super-specialty hospitals in
Kottarakara in Kollam district of Kerala.
The ratings also continue to benefit from the promoters' nearly two
decades of experience in the healthcare industry.
Rating Sensitivities
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a positive rating action.
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
exceeding 3.7x on a sustained basis or a further pressure on the
liquidity position, could lead to a negative rating action.
Company Profile
Vijaya was established in Kottarakara on 8 May 1998. It runs a
hospital with a total capacity of 300 beds. Dr. VS Rajeev and Dr.
AK Mini Rajeev are 50:50 partners.
VIVO HEALTHCARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vivo Healthcare Private Limited
DLF City Club, Opposite Galleria Market,
DLF City, Phase-4, Gurgaon, Haryana – 122009
Other Address:
Plot No. 98, Sector-44
Gurgaon - 122002
Insolvency Commencement Date: November 23, 2022
Estimated date of closure of
insolvency resolution process: May 21, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Ms. Sunita
SCO 818, First Floor, NAC Manimajra,
Above Yes Bank, Chandigarh – 160101
Email: csskanwar@gmail.com
Email: cirp.vivohealthcare@gmail.com
Mobile No.: +919875921492
Last date for
submission of claims: December 7, 2022
===============
M A L A Y S I A
===============
1MDB: Pay Up on Settlement, Malaysia PM Anwar Tells Goldman
-----------------------------------------------------------
Bloomberg News reports that Malaysian Prime Minister Anwar Ibrahim
demanded that Goldman Sachs Group honour its settlement with the
government for its role in the 1MDB scandal, saying the Wall Street
firm shouldn't use its financial strength to dictate terms.
The abuse of the sovereign state fund was made possible because of
"complicity" from institutions such as Goldman Sachs, Anwar told
Bloomberg Television's Haslinda Amin in his first interview with
international media since becoming prime minister.
"My only appeal is for them to settle this deal with Malaysia
because 1MDB is known throughout the world," Anwar said on Monday
(Jan. 30) in Singapore. "It is there in the books and I think that
Goldman Sachs should come out clean and deal with Malaysia."
State development fund 1MDB became the centre of a multi-billion
dollar scandal that spawned probes in Asia, the US and Europe,
Bloomberg notes. Goldman Sachs in 2020 admitted its role in the
biggest foreign bribery case in US enforcement history, reaching
multiple international settlements in the billions of dollars to
end probes into its fundraising for 1MDB.
The Malaysian government in 2018 turned its attention to Goldman
Sachs for its work raising US$6.5 billion in 2012 and 2013 for
1MDB, formally known as 1Malaysia Development Bhd, Bloomberg says.
The bonds were earmarked for redevelopment but all but US$2 billion
of the money was diverted to pay bribes to government officials, US
federal prosecutors said.
Bloomberg relates that authorities spent years tracking funds that
allegedly flowed from 1MDB into high-end art and real estate, a
super yacht and, ironically, the hit Hollywood movie The Wolf of
Wall Street, chronicling an earlier era of financial crimes.
According to Bloomberg, the settlement announced in July 2020
called for Goldman Sachs to pay US$2.5 billion while guaranteeing
the return of US$1.4 billion of 1MDB assets seized by authorities
around the world, in exchange for Malaysia dropping charges against
the bank.
Goldman must also make a one-time interim payment of US$250 million
if Malaysia has not received at least US$500 million in assets and
proceeds by August 2022, according to the bank. However, the two
disagree over whether the government had received the US$500
million in proceeds by the August deadline, Goldman Sachs said in a
filing last year.
Bloomberg relates that the bank in the filing had also accused
Malaysia of having "unilaterally reduced" the value of one asset by
US$80 million while declining to include substantial additional
assets in the accounting of assets and proceeds recovered.
"Given a fair deal, we are supposed to be paid much more than that,
which I intend to deal with them if these things are not settled
amicably," said Anwar in response to Goldman's claims. "It's not my
intention - I'm just new in the game. I just want to settle old
scores, in the sense of old commitments that we have made. We have
to move on."
Goldman Sachs spokesperson referred Bloomberg to the firm's 10Q
filing when reached for comment.
At the time of its filing, Goldman Sachs had said the parties had a
three-month window to try and resolve the dispute, Bloomberg says.
The matter would be settled by arbitration should no resolution be
reached.
"But if they come and pressure us with this, I will have no choice
because I have a mandate from my people, and people are struggling
to live and you with your hundreds of billions of profit and
squandering, you can't just get away by ignoring your moral
responsibility and financial responsibility," Bloomberg quotes
Anwar as saying.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance. 1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.
The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009. Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.
1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.
The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft. The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.
In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB. In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.
Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars. Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.
Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter. This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.
=====================
N E W Z E A L A N D
=====================
AIS ENTERPRISES: Court to Hear Wind-Up Petition on Feb. 17
----------------------------------------------------------
A petition to wind up the operations of AIS Enterprises Limited
will be heard before the High Court at Auckland on Feb. 17, 2023,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 23, 2022.
The Petitioner's solicitor is:
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
FARM COVE: Creditors' Proofs of Debt Due on March 10
----------------------------------------------------
Creditors of Farm Cove Butchery Limited are required to file their
proofs of debt by March 10, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 23, 2022.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
JACKSCO CIVIL: Creditors' Proofs of Debt Due on April 3
-------------------------------------------------------
Creditors of Jacksco Civil Limited and Jacksco Limited are required
to file their proofs of debt by April 3, 2023, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Jan. 27, 2022.
The company's liquidators are:
Christopher Carey McCullagh
Stephen Mark Lawrence
PKF Corporate Recovery & Insolvency
PO Box 3678
Auckland 1140
LINDIS RIVER: Court to Hear Wind-Up Petition on Feb. 23
-------------------------------------------------------
A petition to wind up the operations of Lindis River Wines Limited
will be heard before the High Court at Christchurch on Feb. 23,
2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 24, 2022.
The Petitioner's solicitor is:
Courtney Waddell
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
MANUKAU INDUSTRIAL: Creditors' Proofs of Debt Due on March 1
------------------------------------------------------------
Creditors of Manukau Industrial Investments Limited are required to
file their proofs of debt by March 1, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 24, 2022.
The company's liquidators are:
Rachel Mason-Thomas
Jeffrey Philip Meltzer
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
===============
P A K I S T A N
===============
PAKISTAN: Takes Hard Steps in Efforts to Secure IMF Bailout Plan
----------------------------------------------------------------
Bloomberg News reports that Pakistan's moves to loosen its grip on
the currency and increase fuel prices indicate that the beleaguered
nation is finally taking the unpopular decisions needed to secure
the $6.5 billion bailout program from the International Monetary
Fund.
The rupee fell to as low as 270 per dollar on Jan. 30, according to
the foreign-exchange desk at AKD Securities Ltd., as authorities
allowed the currency to be more determined by the market, one of
the preconditions of the IMF for the loan, Bloomberg says. The
government also increased gasoline prices to record over the
weekend, ahead of the arrival of the IMF team on Jan. 31 for a loan
review after months of delay over the next loan tranche.
According to Bloomberg, Pakistan is spiraling deeper into crisis
amid a shortage of dollars and accelerating inflation, increasing
the urgency for Prime Minister Shehbaz Sharif to secure funds from
the IMF. The country direly needs funds as its reserves dropped to
$3.7 billion, less than one month of import cover.
"Pakistan has gotten serious about the IMF program by taking these
decisions even though we are in an election year," Bloomberg quotes
Suleman Rafiq Maniya, head of advisory at Vector Securities Pvt.,
as saying. "All depends on the IMF team visit and their reaction.
These measures are quite painful and have a huge political cost."
Sharif has said his coalition government is determined to complete
the bailout plan after a delay in implementing key decisions, even
though it means paying a political cost just months away from
national elections, Bloomberg relates. A tough task lies ahead for
the nation's economic managers led by Finance Minister Ishaq Dar,
who will need to convince the IMF that the country is ready to
implement other tough measures, including raising taxes and gas
prices.
Bloomberg says frontier markets seeking IMF financing are facing
greater pressure to loosen their grip on currencies, which will
help improve their current-account balances. Egypt this month
suffered its third devaluation in less than a year. Calculations by
Bloomberg Economics show the rupee should stabilize at 266 per
dollar, according to a note by Ankur Shukla, an analyst in Mumbai.
In Pakistan, the rupee's slide this month was triggered by the
decision of money exchange companies to abolish the limit on the
dollar-rupee rate in the open market, Bloomberg notes. Supply of
dollars among onshore money-changing businesses has dried up as
locals turned to the black market, as the greenback was being sold
at about 10% above advertised rates.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific on Dec.
27, 2022, S&P Global Ratings lowered its long-term sovereign credit
rating on Pakistan to 'CCC+' from 'B-', and the short-term rating
to 'C' from 'B'. The outlook on the long-term rating is stable. S&P
also lowered its long-term issue rating on Pakistan's senior
unsecured notes to 'CCC+' from 'B-'.
The TCR-AP reported in October 2022, Fitch Ratings has downgraded
Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to 'CCC+' from 'B-'. Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below.
=================
S I N G A P O R E
=================
CATTLE LINE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Jan. 17, 2023, to
wind up the operations of Cattle Line Two Pte. Ltd.
KPI Oceanconnect Pte Ltd filed the petition against the company.
The company's liquidators are:
Tan Wei Cheong
Lim Loo Khoon
Deloitte & Touche LLP
6 Shenton Way
#33-00 OUE Downtown 2
Singapore 068809
EDREI AGILITY: Court to Hear Wind-Up Petition on Feb. 17
--------------------------------------------------------
A petition to wind up the operations of Edrei Agility Solutions
(Pte. Ltd.) will be heard before the High Court of Singapore on
Feb. 17, 2023, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 25, 2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
LOVE NEST: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Jan. 13, 2023, to
wind up the operations of Love Nest Holding Pte. Ltd.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
RADIUS HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Jan. 13, 2023, to
wind up the operations of Radius Holdings Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
TEMASEK FOUNDATION: Final General Meeting Set for Feb. 27
---------------------------------------------------------
Members and creditors of Temasek Foundation International CLG
Limited will hold their final general meeting on Feb. 27, 2023, at
10:00 a.m., at Temasek Shophouse, 28 Orchard Road, in Singapore.
At the meeting, Aw Eng Hai, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
*********
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 ***