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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, February 6, 2023, Vol. 26, No. 27
Headlines
A U S T R A L I A
20:20 OF MOSMAN: First Creditors' Meeting Set for Feb. 13
AKIDA PTY: First Creditors' Meeting Set for Feb. 15
ASANTE RAE: First Creditors' Meeting Set for Feb. 15
CLOUGH GROUP: Webuild Acquires Group for AUD36 Million
EQ CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 14
GGPG PTY: First Creditors' Meeting Set for Feb. 15
ROPE ACCESS: First Creditors' Meeting Set for Feb. 14
C H I N A
DEXIN CHINA: Moody's Withdraws 'Caa2' Corporate Family Rating
LANDSEA GREEN: Moody's Withdraws 'Caa2' Corporate Family Rating
I N D I A
AASTHA BUILDHOME: Insolvency Resolution Process Case Summary
ADANI GROUP: Bondholders Turn to Advisers as Crisis Engulfs Group
ARISTON PHARMA: Insolvency Resolution Process Case Summary
ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating
ATS HEIGHTS: CARE Reaffirms D Rating on INR165cr NCDs
B.M. GUPTA: CARE Keeps D Debt Ratings in Not Cooperating Category
BRAHMA TEJA: CARE Keeps D Debt Ratings in Not Cooperating
ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
FUTURE SUPPLY: Insolvency Resolution Process Case Summary
GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category
GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category
J M FEED: Insolvency Resolution Process Case Summary
JINDAL GREEN: CARE Keeps C Debt Rating in Not Cooperating Category
KAADAMBARY RICETECH: CARE Keeps D Debt Rating in Not Cooperating
KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category
KANAKASHRI ELECTRICALS: CARE Keeps C Rating in Not Cooperating
KANISHKA SALVAGE: Insolvency Resolution Process Case Summary
KUNDAN SUPPLIERS: Insolvency Resolution Process Case Summary
LANCO BABANDH: CARE Keeps D Debt Ratings in Not Cooperating
LANCO VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
MACLEODS PHARMACEUTICALS: Insolvency Resolution Process Case Summar
METRO AGRI-INDUSTRIES: CARE Keeps D Ratings in Not Cooperating
NANDINI IMPEX: Insolvency Resolution Process Case Summary
NAVAYUGA BENGALOORU: CARE Keeps D Debt Rating in Not Cooperating
NOXX AND CHEF'S: CARE Keeps D Debt Ratings in Not Cooperating
ONE97: Net Loss Narrows to INR392cr in Q3 Ended Dec. 31
OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category
PADMANABHA CASHEW: CARE Keeps C Debt Rating in Not Cooperating
PPAGRO INDIA: Insolvency Resolution Process Case Summary
PRIDE HOTELS: Insolvency Resolution Process Case Summary
RAM PROTEINS: Insolvency Resolution Process Case Summary
ROLTA INDIA: Insolvency Resolution Process Case Summary
RUDRA CONCEPT: CARE Keeps C Debt Ratings in Not Cooperating
SANMATI PRESSINGS: Insolvency Resolution Process Case Summary
SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating
SHIKHAR INTEGRATED: CARE Keeps D Debt Rating in Not Cooperating
SHIV BUILD: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
SREI GROUP: Enforcement Directorate Searches Two Subsidiaries
SUN INDUSTRIAL: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
SWASTIK COAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating
TALWAR CARS: Insolvency Resolution Process Case Summary
UNNATI FORTUNE: CARE Keeps D Debt Rating in Not Cooperating
VATAVRUKSHA ENTERTAINMENT: Insolvency Process Case Summary
VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category
VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
VIKRAMSHILA EDUCATIONAL: CARE Keeps C Rating in Not Cooperating
WARDEN SURGICAL: Insolvency Resolution Process Case Summary
I N D O N E S I A
GUDANG GARAM: OCBC Unit Files Police Report Against Owner
M A L A Y S I A
CHINA AUTOMOBILE: To be Delisted from Bursa Malaysia on Feb. 9
N E W Z E A L A N D
BNK AI: Court to Hear Wind-Up Petition on March 24
J&S HVAC: Creditors' Proofs of Debt Due on March 24
OTAUTAHI EARTHMOVING: Court to Hear Wind-Up Petition on Feb. 23
STUDWORX LIMITED: First Creditors' Meeting Set for Feb. 15
TT HOSPO: Court to Hear Wind-Up Petition on Feb. 23
S I N G A P O R E
ANIMAGRO PROTEINS: Court to Hear Wind-Up Petition on Feb. 17
E-L EVENT: Court Enters Wind-Up Order
E.WYTE PTE: Court Enters Wind-Up Order
FEARLESS LEGENDS: Court Enters Wind-Up Order
SHELL PULAU: Creditors' Proofs of Debt Due on Feb. 26
S R I L A N K A
SRI LANKA: Completing Pre-Requisites for IMF Aid, President Says
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A U S T R A L I A
=================
20:20 OF MOSMAN: First Creditors' Meeting Set for Feb. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of 20:20 Of
Mosman Pty Ltd will be held on Feb. 13, 2023, at 10:00 a.m. at
Level 12, 20 Bridge Street, in Sydney, NSW, and via virtual meeting
technology.
Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of the company on Feb. 1, 2023.
AKIDA PTY: First Creditors' Meeting Set for Feb. 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of Akida Pty.
Ltd. will be held on Feb. 15, 2023, at 10:00 a.m. at the offices of
BRI Ferrier Western Australia, Unit 3, 99-101 Francis Street, in
Northbridge, WA, and via virtual meeting technology.
Shaun William Boyle of BRI Ferrier was appointed as administrator
of the company on Feb. 3, 2023.
ASANTE RAE: First Creditors' Meeting Set for Feb. 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of Asante Rae
Pty Ltd will be held on Feb. 15, 2023, at 10:30 a.m. at the offices
of BRI Ferrier Western Australia, Unit 3, 99-101 Francis Street, in
Northbridge, WA, and via virtual meeting technology.
Shaun William Boyle of BRI Ferrier was appointed as administrator
of the company on Feb. 3, 2023.
CLOUGH GROUP: Webuild Acquires Group for AUD36 Million
------------------------------------------------------
Sydney Morning Herald reports that Italian construction giant
Webuild will take over most of the current and future projects of
construction group Clough, which entered voluntary administration
in December, cementing its spot as a major player in Australia.
According to the report, the Milan-based AUD2.7 billion company had
already agreed to take Clough's position in the Snowy 2.0 and
Inland Rail projects.
Webuild will also complete Energy Australia's Tallawarra B
gas-fired power station, Beach Energy's Waitsia gas project in WA
and naval base work for the Australian Government in Papua New
Guinea in a deal announced on Jan. 27, SMH relates.
SMH says the company, formerly Salini Impregilo, will pay AUD36
million to add about 1,000 employees in Australia and pick up
Clough's AUD6 billion backlog of projects, including a half share
of a AUD3.8 billion contract to build the Perdaman urea plant in
the Pilbara.
The deal has avoided loss claims from customers that could have hit
AUD1.5 billion, according to administrator Deloitte.
According to SMH, Webuild said in a statement it regarded Australia
as a key market, with potential construction contracts from 2022 to
2025 exceeding AUD460 billion.
The company is currently involved in the Sydney Metro-Western
Sydney Airport project and the North East Link, the missing section
of Melbourne's beltway.
SMH says the acquisition of most of Clough will give Webuild about
3,000 employees and an AUD18.5 billion queue of work in Australia
if jobs where it is preferred bidder are included.
Clough is understood to have lost about 150 employees since it
entered administration. Webuild will hope this deal stems the flow
as the construction sector has a significant shortage of skilled
workers.
SMH adds that Deloitte partner Sal Algeri said keeping projects
going, people in their jobs and contractors paid had not been
easy.
"In this case, every employee who wants to retain their job will be
able to do so, and their entitlements are protected,
sub-contractors have been paid via the interim funding arrangements
we have been able to negotiate, and lost time on projects has been
minimised," SMH quotes Mr. Algeri as saying.
Clough failed when its South African parent company, Murray and
Roberts, withdrew support after its Australian subsidiary faced a
cashflow crunch caused by rising costs on fixed price contracts
that were behind schedule, especially Snowy 2.0, Waitsia and the
Traveler petrochemicals plant project in Texas.
The announcement made no mention of the fate of the US project, the
report notes.
Deloitte will call a meeting in mid-February to seek approval from
creditors of a deed of company arrangement that is needed to
complete the sale to Webuild, the report adds.
EQ CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of EQ
Constructions Pty Ltd will be held on Feb. 14, 2023, at 10:00 a.m.
at Level 2, Yurra Room, The Grace Hotel, 77 York Street, in Sydney,
NSW.
Shumit Banerjee and Rajiv Ghedia of Westburn Advisory were
appointed as administrators of the company on Feb. 3, 2023.
GGPG PTY: First Creditors' Meeting Set for Feb. 15
--------------------------------------------------
A first meeting of the creditors in the proceedings of GGPG Pty.
Ltd will be held on Feb. 15, 2023, at 10:00 a.m. at the offices of
Robson Cotter Insolvency Group, Unit 1 78 Logan Road, in
Woolloongabba, Queensland.
William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of the company on Feb. 3, 2023.
ROPE ACCESS: First Creditors' Meeting Set for Feb. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Rope Access
Engineering Pty Ltd will be held on Feb. 14, 2023, at 2:00 a.m. via
virtual meeting technology.
Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on Feb. 2, 2023.
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C H I N A
=========
DEXIN CHINA: Moody's Withdraws 'Caa2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of Dexin China Holdings Company Limited.
Prior to the withdrawal, the rating outlook on Dexin was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Dexin China Holdings Company Limited is a Zhejiang-based
residential property developer. As of June 30, 2022, its land
reserves totaled 17.5 million square meters in gross floor area,
located mainly in the Yangtze River Delta cities such as Hangzhou,
Wenzhou, Ningbo and Nanjing.
LANDSEA GREEN: Moody's Withdraws 'Caa2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of Landsea Green Management Limited.
Prior to the withdrawal, the rating outlook on Landsea was
negative.
RATINGS RATIONALE
Moody's has decided to withdraw the rating for its own business
reasons.
COMPANY PROFILE
Landsea is a property developer and development and management
services provider in China and the US that specializes in green
property projects. As of June 2022, it had total land reserves of
6.2 million square meters on a gross basis across 35 cities in
China and six states in the US.
The company listed its shares in Hong Kong SAR, China, through a
reverse IPO in 2013, after acquiring Shenzhen High-Tech Holding
Limited. As of June 30, 2022, it was 58.53% owned by its founder,
Tian Ming.
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I N D I A
=========
AASTHA BUILDHOME: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Aastha Buildhome Developers Private Limited
E-60, Girdhar Marg, Malviya Nagar,
Jaipur – 302017 Rajasthan
Insolvency Commencement Date: December 9, 2022
Estimated date of closure of
insolvency resolution process: June 8, 2023
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Prashant Agrawal
F-106, First Floor, Summer Complex,
Gautam Marg, C-Scheme,
Jaipur - 302001, Rajasthan
Email: ippagrawal@gmail.com
Email: abdpl.cirp@gmail.com
Last date for
submission of claims: December 24, 2022
ADANI GROUP: Bondholders Turn to Advisers as Crisis Engulfs Group
-----------------------------------------------------------------
Bloomberg News reports that bondholders of Adani Group firms are
holding initial conversations with financial advisers and lawyers
to weigh their options after the unfolding crisis at the Indian
conglomerate sent several dollar obligations into distressed
territory.
Investors are seeking guidance about how the sprawling group's debt
structure would be impacted under various scenarios, including the
prospect for regulatory and legal redress, after short-seller
Hindenburg Research leveled accusations of corporate malfeasance
against the Adani Group, according to people familiar with the
matter.
Bloomberg notes that debt investors are contemplating heavy losses
on their holdings if Gautam Adani is unable to restore confidence
and stem the losses in his industrial empire. The group's stocks
suffered a more than $100 billion selloff after Hindenburg
published its bombshell report on Jan. 24.
Bloomberg relates that bondholders are looking for advice on the
capital structure of the various companies in Adani's industrial
empire, the seniority of various obligations and their recourse in
the event regulators step up investigations, said the people, who
declined to be identified as they are not authorized to speak
publicly about clients.
Discussions are at the initial stage and creditors have not started
to organize, according to the people. New investors are also making
inquiries about potential opportunities, they added.
Adani has repeatedly denied Hindenburg's allegations of corporate
wrongdoing and threatened legal action, Bloomberg says. The
billionaire said in a video last week that his companies have an
"impeccable" track record of fulfilling their debt obligations.
Several securities issued by Adani Group companies have fallen
sharply last week to levels typically consistent with financial
trouble, Bloomberg notes. Adani Ports and Special Economic Zone
Ltd's August 2027 bonds dropped to around 71 cents on the dollar
and Adani Green Energy's September 2024 obligation fell to some 64
cents at one point. They have since rebounded amid constructive
calls from some sell-side strategists.
Flagship company Adani Enterprises Ltd. shelved a plan to raise as
much as INR10 billion ($122 million) via its first-ever public sale
of bonds following the market rout, according to people familiar
with the matter, Bloomberg relays.
While Adani Ports and Special Economic Zone Ltd. was said to have
met its bond obligations on Feb. 2, other tests loom. On Feb. 3, it
was reported that India's Ministry of Corporate Affairs has started
a preliminary review of Adani Group's financial statements.
Goldman Sachs Group Inc. strategists, meanwhile, said they don't
see wider contagion to other Indian companies from the issues faced
by the group, which is the parent for the likes of Adani Green
Energy Ltd. and Adani Transmission Ltd, Bloomberg reports.
Bondholders typically consult lawyers, bankers and advisers when a
company's financial prospects weaken so they can familiarize
themselves with potential losses and remedies if the firm struggles
to pay its debts, Bloomberg states. Solutions can include the
company asking creditors to waive penalties, buying back bonds and
loans, or swapping them for new debt with easier terms. The process
includes trying to gauge how strong a claim the holders have on
assets backing their securities in case the company defaults.
ARISTON PHARMA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ariston Pharma Nova Tech Private Limited
D No.5-5-35/136/B, Ground Floor Prasanthi Nagar,
IDA, Kukatpally, Hyderabad,
Telangana-500072, India
Insolvency Commencement Date: January 18, 2023
Estimated date of closure of
insolvency resolution process: July 17, 2023 (180 Days)
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Manjeet Bucha
5-9-91 & 93, D.NO.204,
2nd Floor, Shakti Sai Complex,
Near Udai Clinic, Chapel Road,
Abids, Hyderabad Telengana - 500001
Email: manjeetbucha@gmail.com
Telephone No.: +919346955001
Last date for
submission of claims: February 1, 2023
ASTRA LIGHTING: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Astra
Lighting Limited (ALL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.73 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.74 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 16,
2021, placed the rating(s) of ALL under the 'issuer
non-cooperating' category as ALL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ALL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 1, 2022, November 11, 2022, November
21, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Astra Lighting Limited (ALL) was incorporated in 1997 with
promoters and directors: Mr Paramjit Singh Chahal, Mr Parmeet Singh
Chahal and Mrs Gurbir Kaur. The company is engaged in the
manufacturing of High Intensity Discharge Lamps (HID) used in
infrastructure projects, floodlighting of monuments, stadiums,
lighting of streets, highways, and parking areas (outdoor) at its
manufacturing unit located at Solan, Himachal Pradesh.
ATS HEIGHTS: CARE Reaffirms D Rating on INR165cr NCDs
-----------------------------------------------------
CARE Ratings said the rating for the bank facilities of ATS Heights
Private Limited (AHPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible
Debentures 80.00 CARE D Reaffirmed
Non Convertible
Debentures 85.00 CARE D Reaffirmed
Rationale and key rating drivers
The ratings assigned to the instruments of ATS Heights Private
Limited continues to remain constrained by stretched liquidity
position of the company leading to delays in repayment of NCD's
amount INR85 crore in FY22 which was due on January 28, 2022
however, on January 6, 2023 company has received the extension for
the repayment by further 17 months (retrospectively from January
2022) i.e. up to June 30, 2023. Further, the liquidity profile of
ATS Heights Private Limited remains weak due to slower customer
collection and high debt repayment.
Rating sensitivities: Factors likely to lead to rating actions
Negative factors
* Timely repayment of debt
* Ability to complete the project within envisaged cost and
timeline
Analytical approach: Standalone
Key weaknesses
* Delays in servicing of debt obligations: There were delays in
repayment of NCD's amount INR85 crore in FY22 which was due on
January 28, 2022 however, on January 6, 2023 company has received
the extension for the repayment by further 17 months
(retrospectively) i.e. upto June 30, 2023. Furthermore, company has
another short-term debt repayment obligation in March 2023 for
NCD's amounting INR80 crore (excluding the redemption premium)
Given the high debt repayment in March'23 and Jun'23 and lower
operating cash flow, there is high reliance on refinancing or
further extension of the NCD.
* Project execution risk: AHPL is currently executing a project
with total saleable area of 31.45 lsf in two divisions residential
and commercial. As on December 31, 2022, company has launched only
residential division and commercial division is yet to be launched.
Further, in terms of construction AHPL has already incurred ~36% of
the total construction cost incurred out of the total estimated
cost of INR566 cr as on Dec 31, 2022. Till December 31, 2022, AHPL
have been able to sold area of 8.4 lsf i.e.~61.58% out of the total
saleable area of 13.64lsf with collection amounting INR409 crore.
Since, the company is successfully executing the projects and the
past experience of the promoters of delivery of projects mitigates
risks of project execution to some extent.
* Risk associated with real estate industry being subject to
regulations and competition from other players: Real estate sector
demand is linked to the overall economic prospect of the country.
Change in the economic outlook affects the expected cash inflows to
a household, thereby also influencing their buying decision.
Besides, as leverage forms an important part of funding for the
buyer, availability of loan and interest rates also affects the
demand of real estate properties. On the other hand, land, labour,
cement and metal prices being some of major cost centres for the
sector, availability of these factors plays important role in
pricing and supply of new units. Hence, cyclicality associated with
economic outlook, interest rates, metal prices, etc., also renders
the real estate sector towards cyclicality. Moreover, the companies
in the sector are also exposed to regulatory changes, especially in
the countries such as India with evolving regulations. Also, there
exists competition from up-coming and completed projects of other
well-known developers in the region.
Liquidity: Poor
The liquidity profile of ATS Heights Private Limited remains poor.
Due to mismatch between project receipts vis a vis the short term
debt repayment obligations the liquidity of ATS Heights Private
Limited remains constrained.
The company, incorporated as Logix Realtech Private Limited on July
7, 2010 was renamed to ATS Heights Private Limited (AHPL) in 2015.
AHPL is a part of ATS group (ATS) which has a long-standing
presence in real estate industry primarily in north India. The
promoter of the group, Mr. Getamber Anand, has more than two
decades of experience in the real estate industry. In the past, the
group has successfully completed seven residential/group housing
projects with total saleable area of about 113 lakh square feet
(lsf). At present, the ATS group is developing 22 residential
projects across North India (mainly Delhi NCR) having total
saleable area of approximately 361 lsf with an estimated cost of
INR13074 crore.
B.M. GUPTA: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B.M. Gupta
Estates Private Limited (BGEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 12,
2021, placed the rating(s) of BGEPL under the 'issuer
non-cooperating' category as BGEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. BGEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 28, 2022, October 8,
2022, October 18, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Rewari-based (Haryana) B.M. Gupta Estates Private Limited (BGEPL)
was incorporated in 2004 as a private limited company and is
promoted by four brothers namely Mr Radhey Shyam Gupta, Mr Vijay
Kumar Gupta, Mr Ripu Dhaman Gupta and Mr Ravi Shankar Gupta. BGEPL
owns a shopping mall in Rewari (Haryana) under the name "BMG Mall"
which became operational in August 14, 2011. BMG business
encompasses leasing/sale of shopping space, running of multiplex
cinemas (under the name BMG cinemas), food court (under the name
First Bite), gaming zone (under the name Fantoos), retail unit (BMG
Retail, under which it runs various retail shops) and maintenance
of the mall.
BRAHMA TEJA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Brahma Teja
Paper Products (BTPP) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.45 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.55 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 8,
2021, placed the rating(s) of BTPP under the 'issuer
non-cooperating' category as BTPP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BTPP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 24, 2022, November 3, 2022, November 13,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hyderabad based, Brahma Teja Paper Products (BTPP) was established
in the year 1998 by Mrs. Janaki Paruchuri under Khadi and Village
Industries Board margin scheme. The firm is engaged in
manufacturing of paper products and paper goods and also offering
paper printing services. The raw material used in manufacturing
paper products includes paper, chemicals & inks, duplex board, art
cards, which the firm procures from dealers and distributors
located in Telangana region. The firm procures its orders through
tenders majorly from Andhra Pradesh, Telangana and Karnataka state
government departments for printing of text books. Furthermore, the
customer base of the firm also includes educational institutions to
which it supplies note book.
ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essar
Agrotech Limited (EAL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 21.65 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2021, placed the rating(s) of EAL under the 'issuer
non-cooperating' category as EAL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EAL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 8, 2022, October 18, 2022, October 28,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
EAL was incorporated in April 1993 and is engaged in farming of
flowers, plants and vegetable and trading of milk. EAL has
established the brand name of 'Indus Fresh Brand' for Dutch roses
(13 different types of roses) and exotic vegetables. Currently EAL
is producing roses, vegetables, mango, plants and plugs in five
sites which include Lonavala, Kamshet, Ooty, Jategaon and Jamnagar.
FUTURE SUPPLY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Future Supply Chain Solutions Limited
Knowledge House, Shyam Nagar,
Jogeshwari- Vikhroli Link Road,
Jogeswari East, Mumbai 400069
Insolvency Commencement Date: January 5, 2023
Estimated date of closure of
insolvency resolution process: July 18, 2023
Court: National Company Law Tribunal, Mumbai Bench-III
Insolvency
Professional: Mr. Rajan Rawat
B- 602, Azziano, Rustomjee Urbania,
Majiwada, Thane West,
Mumbai400601, Maharashtra, 400601
Email: rajanrawat61@rediffmail.com
144, Mittal Court, B Wing,
14th Floor, Nariman Point,
Mumbai, Maharashtra, 400021
Email Id: futuresupply.ibc@gmail.com
Last date for
submission of claims: February 2, 2023
GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg Ispat
Udyog Limited (GIUL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2021, placed the rating(s) of GIUL under the 'issuer
non-cooperating' category as GIUL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GIUL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2022, October 13, 2022, October 23,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, Garg Ispat Udyog Ltd. (GIUL) was incorporated in 1987
and is being managed by Mr. Manish Gupta, Ms. Nidhi Gupta, Ms. Alka
Gupta and Ms. Kamini Goyal. GIUL is engaged is manufacturing of MS
black pipes, scaffolding, PPG fabricated sheets for Buildings, MS
fabrications etc. GUIL procures key raw-material viz. HR-coil,
aluminium extrusion, aluminium form work from traders. The company
sells its products domestically to real estate developers and
construction contractors.
GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree Genga
Mills Private Limited (SGMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.94 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2021, placed the rating(s) of SGMPL under the 'issuer
non-cooperating' category as SGMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SGMPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 3, 2022, October 13,
2022, October 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Tamil Nadu based, Sree Genga Mills Private Limited (SGMPL) was
established as a partnership firm in 1993 by 9 partners and later
in 2005, the constitution of the entity was changed to private
limited. The company is managed by R. Srinivasan. The company is
engaged in spinning of cotton yarn (20 to 60 counts) with a total
installed capacity of 12,096 spindles with a total production
capacity of 3200 kg/day as on October 2020. Located at Sattur,
Tamil Nadu, SGMPL has its customer base in Tamil Nadu and
Maharashtra. SGMPL purchases raw cotton mainly from dealers based
at Warangal (Telangana) and Raichur (Karnataka).
J M FEED: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: J M Feed Mills Private Limited
Village-KandelaJind HR 126102
Insolvency Commencement Date: January 10, 2023
Estimated date of closure of
insolvency resolution process: July 9, 2023 (180 Days)
Court: National Company Law Tribunal, Pathankot Bench
Insolvency
Professional: Mr. Somnath Gupta
1019, Lane No I, Ramsharnam Colony,
Pathankot, Punjab - 145001
Email: Somgupta_62@rediffmail.com
Plot No. 6, First Floor,
State Bank Nagar,
Paschim Vihar, New Delhi-63
Last date for
submission of claims: January 25, 2023
JINDAL GREEN: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jindal
Green Crop International Private Limited (JGCIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 40.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 24,
2021, placed the rating(s) of JGCIPL under the 'issuer
non-cooperating' category as JGCIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. JGCIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 10, 2022, October 20,
2022, October 30, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in July 2013, Jindal Green Crop International Private
Limited (JGCI) was promoted by Mr. Dalip Jindal and Mrs. Shaloo
Jindal. JGCI imports pulses (Red Lentils, Chickpeas, Green Peas,
Yellow Peas, Pigeon Peas, Black Matpe, Green Moong, Lentils).
KAADAMBARY RICETECH: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kaadambary
Ricetech Private Limited (KRPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 23,
2021, placed the rating(s) of KRPL under the 'issuer
non-cooperating' category as KRPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KRPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2022, November 18, 2022, November
28, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
KRPL was incorporated as a private limited company in the year
2013. The company is setting up a unit for rice milling and
parboiling unit. The proposed processing facilities are located at
Raipur Chhattisgarh.
KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamal Ideal
Infratech Private Limited (KIIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.79 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2021, placed the rating(s) of KIIPL under the 'issuer
non-cooperating' category as KIIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KIIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 3, 2022, October 13,
2022, October 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2012, Kamal Ideal Infratech Pvt Ltd (KIIPL) is
engaged in real estate development. The company is currently
developing a group housing project in Nangal Kalan village,
sector-64, Kundli, Sonepat. The company was promoted by Mr. Ravi
Sharma and Mr. Shekhar Grover. Prior to KIIPL, the promoters have
been involved in the real estate development of residential and
commercial properties in the NCR region.
KANAKASHRI ELECTRICALS: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanakashri
Electricals (KE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 4.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of KE under the 'issuer non-cooperating'
category as KE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 4, 2022, October 15, 2022, October 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Kanakashri Electricals (KE) was established in the year 2010 as a
proprietorship firm by Mr. Arjun Ningappa Sannakki with commercial
operations starting from the year 2011. KE has its registered
office located at Gokak Belgum and is an (EPC) contractor; is
engaged in erection of electricity poles and sub stations (220-520
Volts). The firm procuress its work orders through online tender
system from HESCOM (Hubli Electricity Supply Company) only and has
present order book of INR 125 crores to be executed by 2018. The
firm purchases the key raw materials like steels, angles, poles,
cables, transformers etc form Gayatri Mata Industries, Anand
Transmission Product Private Limited, Deco steel industry etc.
KANISHKA SALVAGE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kanishka Salvage and Underwater Services Pvt. Ltd
Flat No F-1, 1st Floor, Pereira Estate,
B.B. Borkar Road,
Alto Porvorim, Goa - 403521
Insolvency Commencement Date: January 20, 2023
Estimated date of closure of
insolvency resolution process: July 19, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ram Ratan Kanoongo
708, Raheja Centre, Nariman Point,
Mumbai – 400021, Maharashtra.
Email: rrkanoongo@gmail.com
Email: cirpkanishka@gmail.com
Last date for
submission of claims: February 3, 2023
KUNDAN SUPPLIERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kundan Suppliers Private Limited
1, Hindusthan Park, Ground Floor,
Kolkata WB - 700029
Insolvency Commencement Date: January 11, 2023
Estimated date of closure of
insolvency resolution process: July 10, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Ajay Kumar Agrawal
12/1 Satyendra Nath Majumdar Sarani,
Manohar Pukur Road, Kolkata – 700026
Email: cirp.kundansuppliers@gmail.com
Email: Akassociates1988@gmail.com
Last date for
submission of claims: January 25, 2023
LANCO BABANDH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lanco
Babandh Power Limited (LBPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8,344.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 750.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2021, placed the rating(s) of LBPL under the 'issuer
non-cooperating' category as LBPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. LBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 8, 2022, October 18, 2022, October 28,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Lanco Babandh Power Private Limited was incorporated as a private
limited company on 30th May, 2007. The company was converted into a
limited company and its name was changed to Lanco Babandh Power
Limited (LBPL) on 3rd February, 2010. The company is promoted by
Lanco Group, to construct, operate and maintain a 1320 MW (2 X
660MW) coal-based power project in Dhenkanal District, Orissa. The
flagship company of the Lanco Group is Lanco Infratech Ltd.
LANCO VIDARBHA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lanco
Vidarbha Thermal Power Limited (LVTPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9,614.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2021, placed the rating(s) of LVTPL under the 'issuer
non-cooperating' category as LVTPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. LVTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 8, 2022, October 18,
2022, October 28, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Lanco Vidarbha Thermal Power Limited (LVTPL) is promoted by Lanco
Group and was incorporated on Feb. 23, 2005. The company was
initially incorporated as a 'Private limited' company and later
converted into a 'Public Limited' company on May 10, 2010. LVTPL is
promoted to develop, construct, own and operate a 1,320 MW (2x660
MW) thermal power plant based on domestic coal. The project is
being implemented on super critical technology by way of a turnkey
Engineering, Procurement & Construction (EPC) contract with an
initial estimated project cost of INR10,433 crore, to be financed
at a debt to equity ratio of 4:1, The debt portion of INR5,549
crore was tied up with the lenders.
MACLEODS PHARMACEUTICALS: Insolvency Resolution Process Case Summar
-------------------------------------------------------------------
Debtor: Macleods Pharmaceuticals Limited
304, Atlanta Arcade, Marol Church Road,
Adheri (East) Mumbai 400059, Maharasthra
501-503, "A" Wing Everest Grande, Shanti Nagar
Mahakali Caves Road Andheri (East) 400093
Insolvency Commencement Date: January 20, 2023
Estimated date of closure of
insolvency resolution process: July 19, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Rajesh Kumar Mittal
204/A, Navjyoti Darshan CHS,
Near Purnima Talkies, Murbad Road,
Kalyan (W) - 421301 Maharashtra
Email: csrajeshmittal@gmail.com
Email: rpmacleodspharma@gmail.com
Last date for
submission of claims: February 3, 2023
METRO AGRI-INDUSTRIES: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Metro
AgrI-Industries Limited (MAL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.84 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 2.66 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of MAL under the 'issuer
non-cooperating' category as MAL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MAL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 4, 2022, October 15, 2022, October 24,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Metro Agri-Industries Limited (MAIL) was incorporated in 2011 by
Mr. Vijay Garg, Mr. Himank Garg and Mrs. Ankita Garg as a limited
company. The company started its production in November 2013 and is
engaged in the business of basmati rice milling and processing of
rice which is sold in the export and domestic markets. The
processing facility is at Tehsil Israna Karnal district in Panipat
(Haryana).
NANDINI IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nandini Impex PVT. LTD
10 Biplabi Rash Behari Basurd,
P.S- Harestreet,
Kolkata, WB, 700001 India
Insolvency Commencement Date: September 20, 2022
Estimated date of closure of
insolvency resolution process: July 23, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Santanu Bhattacharjee
Vill. & P.O. - Janai, Dist.
Hooghly, Pin – 712 304,
West Bengal
Email: neeljanai@gmail.com
N-527, Diamond Heritage,
16, Strand Road,
Kolkata - 700 001
Email: cirp.nilp@gmail.com
Last date for
submission of claims: February 7, 2023
NAVAYUGA BENGALOORU: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navayuga
Bengalooru Tollway Private Limited (NBTPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 444.96 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE has been seeking information from NBTPL to monitor the
rating(s) vide e-mail communications dated December 26, 2022,
December 30, 2022, January 2, 2023, January 6, 2023, January 13,
2023, and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and public at
large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
At the time of last rating on November 3, 2022 the following were
the rating strengths and weaknesses.
Key weaknesses
* Delays in debt servicing albeit improvement in toll revenue: The
auditor in his report has mentioned that there are delays in
repayment of loans ranging from 1 to 89 days. In addition, the
bankers have confirmed the delays in debt servicing. The toll
revenue has marginally improved by 3.83% from INR71.43 crore (@Rs
19.57 lac/day) in FY18 to INR74.17 crore (@ INR20.32 lac/day) due
to subdued growth in traffic and WPI escalations. In spite of
having growth in toll revenue, the continuous delay in debt
servicing is primarily due to the actual toll revenue is INR74.17
crore for FY19 (@ INR20.32 lac/day), which is 40% lower than the
initial envisaged toll revenue of INR104.05 crore (@ INR28.51
lac/day). Further, the debt obligations for the FY19 including
principal and interest obligations works out to INR90.11 crore,
which is more than the net cash generated from the toll operations.
Hence, the short-fall in debt obligation is being met from
infusion of unsecured loans from promoters with delay.
* O&M risk with non-creation of Major Maintenance Reserve Account
(MMRA): NBTPL is mandated to operate and maintain the road as per
specifications set out in the CA, non-compliance of which could
result in penalties being levied by NHAI, thereby exposing NBTPL to
O&M risk. The routine maintenance and operations is being carried
out by the SPV itself. The SPV has engaged a dedicated team for O&M
activities. Further, the company is not maintaining any Major
Maintenance Reserve Account (MMRA) to meet the 2nd cycle of major
maintenance estimated in year FY2022 and FY2023.
* Inherent revenue risk being a toll based road project: Unlike an
annuity based project where the credit risk is mitigated largely as
the future cash flows are guaranteed by the respective annuity
provider, a toll-based project poses greater credit risk due to the
uncertainty associated with the traffic flow and in turn, revenue
collection. Revenue in a toll based road project is simultaneously
dependent on rate of traffic growth, traffic-mix and growth in toll
rates subject WPI escalation. Being a toll based project, NBTPL is
associated with the inherent revenue risks arising out of such
projects and various macro-economic factors beyond the control of
the company.
Key strengths
* Promoter's experience in executing and maintaining road projects:
NBTPL is a Special Purpose Vehicle (SPV) promoted by Navayuga
Engineering Company Limited (NECL), through Navayuga Road Projects
Private Limited (NRPPL), for undertaking project awarded by
National Highways Authority of India (NHAI) in the state of
Karnataka on Built, Operate and Transfer (BOT) Toll basis. NECL is
into all types of core infrastructure development with focus on
foundation technology. The promoters have been extending support
towards the project and have infused funds to support cost overrun.
Further, the sponsors have also infused funds to support debt
servicing as well as Major Maintenance in the past. NECL'S order
book as on Dec. 20, 2018 stood at INR30,355.50 crore (as against
INR21,769.27 crore as on October 10, 2017) which provides revenue
visibility for the next 5.76 years at gross billing level for
FY18.
Liquidity: Poor
Liquidity position of the company is poor on account low toll
revenue and high debt servicing obligations. Further the company
has been in cash losses since its inception on account of low toll
revenue due to significant portion of the traffic moving through
service roads thereby escaping toll road.
Navayuga Bengalooru Tollway Private Limited (NBTPL) is an SPV
promoted by Navayuga Engineering Company Limited, for undertaking
project awarded by National Highways Authority of India (NHAI) in
the state of Karnataka on Built, Operate and Transfer (BOT) Toll
basis.The concession agreement (CA) was signed on May 9, 2007 for a
period of 20 years from appointed date i.e. November 4, 2007 which
also includes construction period of 2 years. The project involves
capacity improvement of the existing carriageways from km 10.00 to
km 29.50 on the Bangalore-Nelamangala section, of National Highway
no. 4 (NH-4) in the state of Karnataka on Design, Engineering,
Finance, Construction, Operation and Maintenance of elevated
highway (4.5 km) and six laning of highway (15 km along with
service roads) on BOT basis. The scheduled commercial operation
date (SCOD) of the project was in November 30, 2009 however, owing
to the delays on account of non-availability of land for part of
the project stretch, provisional commercial operation was achieved
on November 30, 2010 and subsequently tolling operations started
from December 01, 2010, the final completion certificate was
received on December 12, 2010. Since then, the tollable traffic on
the project stretch has been lower than initial estimates primarily
on account of traffic diversion over service roads. However, the
traffic on the stretch has been gradually picking up y-o-y. There
are six toll plazas located on the project road and the toll rates
are linked to the annual WPI movement with annual revision every
year in the month of July.
NOXX AND CHEF'S: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Noxx And
Chef's Deck Private Limited (NCDPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.33 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.54 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 1,
2021, placed the rating(s) of NCDPL under the 'issuer
non-cooperating' category as NCDPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. NCDPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 17, 2022, September
27, 2022, October 7, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Noxx & Chefs Deck Pvt Ltd (NCDPL) was incorporated during September
2013 as Merven Developers Pvt Ltd (MDPL). However, after
incorporation, the company remained dormant and during September
2015 MDPL was rechristened as NCDPL and started trading of
agricultural and textile products. However, during July 2017, the
company stopped trading operations and entered into a restaurant
business at Howrah with the facility located at Dumurjala, Howrah,
West Bengal. Further, off late the company has ventured into
Packaged Drinking Water Business (PDW) with its plant located at
Domjur, NH-6, Howrah with an installed capacity of 14,000 litres
per day. The company sells its products under the brand name of
"Eveque". The PDW businesses have partly started its operation from
April 2019. The company currently managed by Mrs. Amrita Banerjee,
Director, along with other director Mr. Pritish Roy. All the
directors are having around a decade of experience in construction
and retailing of electronic goods business looks after the day to
day operations of company along with a team of experienced
professionals in restaurant and PDW business.
ONE97: Net Loss Narrows to INR392cr in Q3 Ended Dec. 31
-------------------------------------------------------
Business Standard reports that One97 Communications on Feb. 3 said
it has narrowed its consolidated net loss to INR392 crore in the
third quarter ended December 2022.
The company had posted a net loss of INR778.4 crore in the same
period a year ago.
Its revenue from operations jumped about 42 per cent to INR2,062.2
crore during the quarter from INR1,456.1 crore in the year-ago
period, Business Standard discloses.
According to the report, Paytm founder and CEO Vijay Shekhar Sharma
said the company during the reported quarter has achieved its
target for operational profit, excluding ESOP cost.
"I wrote to you on April 6, 2022, and set a target for EBITDA
before ESOP cost breakeven by the September 2023 quarter," the
report quotes Sharma as saying. "I am very happy to share that our
company has achieved this milestone of EBITDA before ESOP cost
profitability in the December 2022 quarter itself. This is three
quarters ahead of our guidance."
Headquartered in Noida, India, One97 Communications (OCL) is the
parent entity of leading Indian mobile payments and financial
services company Paytm.
OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ozone GSP
Infratech (OGI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 29,
2021, placed the rating(s) of OGI under the 'issuer
non-cooperating' category as OGI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. OGI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 14, 2022, November 24, 2022, December
4, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ozone GSP Infratech constituted as a partnership firm on September
20, 2010 is currently partnered by Jotindra steel and tubes limited
and Mr. Akhil Kumar Sureka. The entity is a part of a business
conglomerate that is engaged in diverse industries viz. Steel tube
manufacturing, LPG Cylinder manufacturing, trading and finance
businesses and real estate.
PADMANABHA CASHEW: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Padmanabha Cashew (SPC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 0.50 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of SPC under the 'issuer
non-cooperating' category as SPC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SPC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 4, 2022, October 15, 2022, October 24,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Sree Padmanabha Cashew (SPC) was established on May 23, 2013 by Ms.
O.A. Anithakumari in Kannumamoodu, Kanyakumari, Tamil Nadu. The
firm is engaged in manufacturing of cashew nuts. The installed
capacity of SPC stood at approx. 16 tonnes per month with
utilization capacity of 86% as of August 7, 2017.
PPAGRO INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ppagro India Private Limited
6-D-55, Jai Narayan Vvyas Colony,
Bikaner - 334001
Insolvency Commencement Date: January 13, 2023
Estimated date of closure of
insolvency resolution process: July 12, 2023 (180 Days)
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Kamal Kumar Jain
315-A, Road No.2, Shanti Nagar,
Gopalpura Byepass,
Durgapura, Jaipur, Rajasthan - 302018
Email: cakamaljain07@gmail.com
Email: cirp.ppagro@gmail.com
Last date for
submission of claims: January 31, 2023
PRIDE HOTELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Pride Hotels Limited
Asset 5A, Hospitality District, Delhi Aerocity,
India Gandhi International Airport,
New Delhi 110037
Insolvency Commencement Date: August 24, 2022
Estimated date of closure of
insolvency resolution process: February 19, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Prassan Navin Kumar Sinha
F-242B Third Floor, Mangal Blazar,
AVP Public School, Laxmi Nagar, East Delhi,
New Delhi -110092
Email: csprassan@gmail.com
KRS Legal, Level 4, Delite Cinema Building,
Asaf Ali Road, Delhi 110002
Email: pridehotelscrip2022@gmail.com
Last date for
submission of claims: September 8, 2022
RAM PROTEINS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shree Ram Proteins Limited
Imperial Heights Tower-B, Second Floor,
Office no. B-206, 150 FT Ring Road,
Opp Bigbazar Rajkot GJ 360005
Insolvency Commencement Date: January 11, 2023
Estimated date of closure of
insolvency resolution process: July 12, 2023 (180 Days)
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Rajesh Lohia
414, Manas Bhawan Ext.,
11 RNT Marg, Indore, MP-452001
Email: RLohiaAndCompany@gmail.com
Email: cirp.srpl@gmail.com
Last date for
submission of claims: January 28, 2023
ROLTA INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rolta India Limited
Rolta Tower-A, Rolta Technology Park,
22nd Street, MIDC- Marol, Andheri (East),
Mumbai 400093, Maharashtra
Insolvency Commencement Date: January 19, 2023
Estimated date of closure of
insolvency resolution process: July 18, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mamta Binani
Second Floor, Nicco House,
2 Hare Street,
Kolkata 700001, West Bengal
Email: mamtabinani@gmail.com
Office no.11, Swastik Chambers,
Ground Floor, Sion Trombay Road,
Chembur, Mumbai 400071, Maharastra
Email: roltaindia.cirp@gmail.com
Last date for
submission of claims: February 2, 2023
RUDRA CONCEPT: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rudra
Concept Speciality Constructions LLP (RCSCL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.80 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 0.20 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of RCSCL under the 'issuer
non-cooperating' category as RCSCL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RCSCL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 4, 2022, October 15,
2022, October 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh Based Rudra Concept Speciality Constructions LLP was
established in October 20, 2016 as a partnership firm and will
commence its operations from August-September, 2019. It is
currently promoted and managed by 8 partners. The firm plans to
start operations in construction of warehouses for storage of a
variety of products ranging from food and agriculture products to
apparels and other FMCG products and has currently entered into a
lease agreement with Future Supply Chain Limited for constructing a
built-to-suit warehouse structure to the Future Retail outlets
located in Varanasi, U.P.
SANMATI PRESSINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sanmati Pressings Private Limited
Registered office - CTS No. 1111,
Flat No. 18, Silver Birch,
Model Colony, Pune 411004
Sector No. 10, Plot No. 41,
PCNTDA, Bhosari, Pune - 411 026
Insolvency Commencement Date: January 20, 2023
Estimated date of closure of
insolvency resolution process: July 19, 2023 (180 Days)
Court: National Company Law Tribunal, Pune Bench
Insolvency
Professional: Anagha Anasingaraju
C/o KANJMAG & CO, Company Secretaries,
1-2, Aishwarya Sankul, 17 G.A.
Kulkarni Path,
Opp. Joshi's Railway Museum,
Kothrud, Pune - 411038
E-mail: rp.anagha@kanjcs.com
Last date for
submission of claims: February 3, 2023
SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saraya
Industries Limited (SIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 44.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 22,
2021, placed the rating(s) of SIL under the 'issuer
non-cooperating' category as SIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 8, 2022, October 18, 2022, October 28,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Saraya Industries Ltd. (SIL), promoted by the Majithia family was
originally incorporated as a partnership firm in 1949 which was
subsequently converted into a private limited company and later on
into limited company in 1989. SIL is engaged in the business of
manufacturing, sugar, country liquor, Indian Made Foreign Liquor
(IMFL), industrial alcohol and co-generation of power.
SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shanti Agro
Foods Private Limited (SAFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 29.42 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 20,
2021, placed the rating(s) of SAFPL under the 'issuer
non-cooperating' category as SAFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SAFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 5, 2022, November 15,
2022, November 25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Shanti Agro Food Private Limited (SAFPL) was established as a
proprietorship firm in November, 2008 by Mr Sahil Verma under the
name of M/S Shanti Foods. In 2013, the business operations were
taken-over by Shanti Agro Food Private Limited with Mr Sahil Verma
and Mr Bishambar Lal as its directors. The company is engaged in
processing of paddy at its manufacturing facility located at
Karnal, Haryana.
SHIKHAR INTEGRATED: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shikhar
Integrated Cold Chain Private Limited (SICCPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of SICCPL under the 'issuer
non-cooperating' category as SICCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SICCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 4, 2022, October 15,
2022, October 24, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hathras (Uttar Pradesh) based Shikhar Integrated Cold Chain Private
Limited (SICCPL) is a private limited company incorporated in 2012
and is promoted by Mr. Y.P. Singh, Mr. Amlesh Singh and Mr. Ashish
Singh. SICCPL is engaged in procurement, cold storage and
distribution of agricultural products such as lemon, ginger,
carrot, pomegranate and apple.
SHIV BUILD: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shiv Build India
Pvt Ltd.'s (SBIPL) Long-Term Issuer Rating at 'IND BB+ (ISSUER NOT
COOPERATING)' and has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR50 mil. Fund-based limits* maintained in non-cooperating
category and withdrawn; and
-- INR150 mil. Non-fund-based limits# 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
The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite requests by the agency and has not
provided information pertaining to the 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. Ind-Ra
will no longer provide analytical and rating coverage for SBIPL.
Company Profile
SBIPL is a civil contractor engaged in the construction of roads
projects since 1992.
SREI GROUP: Enforcement Directorate Searches Two Subsidiaries
-------------------------------------------------------------
Business Standard reports that the Enforcement Directorate (ED)
Jan. 31 conducted simultaneous raids on properties of of two
organisations - Srei Infrastructure Finance Ltd and Srei Equipment
Finance Ltd, which are undergoing bankruptcy proceedings, in
connection with the ongoing probe into alleged illegal financial
dealings by them, an ED official said.
Business Standard relates that the central agency's officials
raided an office of the promoters at Alipore area of the city,
besides at Tangra, Hastings and an upmarket residence at Anandapur
allegedly belonging to officers of the organisation, he said.
"A total of nine places in the city are currently being searched .
. . Raids are underway at different places in the city as part of
our investigation into the financial irregularities and illegal
transactions by the two organisations," the ED official told PTI.
The raids by about 50-60 ED officer are involved in the raids,
which began at around 8:30 a.m. with a large number of central
forces on guard outside each of the nine premises, he said.
"We can't give a reaction yet till we are clear. All we know is
that this seems to be a general ED crackdown in Kolkata," a Srei
spokesperson said, notes the report.
Transaction auditor BDO India, which was appointed by the
administrator of the two companies in the bankruptcy proceedings,
has flagged transactions of around INR6,000 crore as "fraud" and
accused involvement of its erstwhile promoters.
SREI promoters have rebutted the claims, the report notes.
"BDO is not an audit firm but a consulting/advisory firm. The
allegations against the erstwhile promoters are baseless as the
accounts have been audited on multiple occasions by various
auditors over the years. These are loans given in due course of
business with high internal rate of return (IRR's) and have been
furnished duly," Business Standard quotes a Srei spokesperson as
saying.
RBI had filed insolvency petitions against the two SREI companies
in October 2021 which were approved by the Kolkata bench of
National Company Law Tribunal (NCLT). The total admitted claims of
the financial creditors of the two NBFCs is INR32,750.22 crore.
About SREI
SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.
On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times. The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.
The insolvency resolution process against the company started on
Oct. 8, 2021.
The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.
SUN INDUSTRIAL: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sun Industrial
Automation & Solution Pvt Ltd.'s (SIAS) 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:
-- INR47.80 mil. Fund-based limit migrated to non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR80 mil. Non fund-based limit migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 7, 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 March 2018, SIAS is engaged in industrial
automation.
SWASTIK COAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Swastik Coal
Corporation Pvt. Ltd.'s (SCCPL) Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR425 mil. Fund-based working capital facilities (Long-
term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
rating;
-- INR3.035 bil. Non-fund-based working capital facilities (Long-
term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR290 mil. Proposed bank facilities (Long-term/Short-term)
affirmed 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 affirmation reflects SCCPL's continued delays in debt servicing
for a period exceeding 30 days. The company has been classified as
a non-performing asset by its lenders. Ind-Ra has not been able to
ascertain the reason for the delay, as the issuer has been
non-cooperative.
Rating Sensitivities
Positive: Timely debt servicing for at least three consecutive
months would lead to a positive rating action.
Company Profile
Indore-based SCCPL, the flagship company of Swastik Group, is
engaged in coal import and trading. The company is promoted by
Hitesh Bindal and Vishnu Bindal.
TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tajshree
Motors Private Limited (TMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2021, placed the rating(s) of TMPL under the 'issuer
non-cooperating' category as TMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2022, October 13, 2022, October 23,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
TMPL was incorporated in the year 2006. The company is an
authorized dealer for the two wheelers of Yamaha Motors Private
Limited (Yamaha) and Chevrolet Sales India Private Limited).
TALWAR CARS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Talwar Cars Private Limited
Talwar Torres, #7-2-31/A,
B-31 Industrial Estate,
Sanath Nagar Hyderabad,
Telengana, 500018, India
Insolvency Commencement Date: January 9, 2023
Estimated date of closure of
insolvency resolution process: July 7, 2023 (180 Days)
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Madhusudhan Rao Gonugunta
7-1-285, Flat No. 103,
Sri Sai Swapnasampada Apartments,
Balkampet, Sanjeev Reddy Nagar,
Hyderabad, Telangana 500038
Email: madhucs1@gmail.com
Email: tcplip123@gmail.com
Last date for
submission of claims: February 1, 2023
UNNATI FORTUNE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unnati
Fortune Hotmart Private Limited (UFHPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 17,
2021, placed the rating(s) of UFHPL under the 'issuer
non-cooperating' category as UFHPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. UFHPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 3, 2022, October 13,
2022, October 23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ghaziabad (Uttar Pradesh) based Unnati Fortune Hotmart Pvt Ltd
(UFH), a private limited company was incorporated by Mr. Anil
Mithas and Mrs. Madhu Mithas in June 2011 and is part of Unnati
Fortune group. The group consists of 25 companies however, only few
of them are operational. UFH is setting up a four star hotel in
Vaishali near Ghaziabad (Uttar Pradesh).
VATAVRUKSHA ENTERTAINMENT: Insolvency Process Case Summary
----------------------------------------------------------
Debtor: Vatavruksha Entertainment Private Limited
Office No 102, SR 925A FC Road,
Shivaji NGR, Opp Dinday,
Pune - 411016, Maharashtra, India
Insolvency Commencement Date: January 19, 2023
Estimated date of closure of
insolvency resolution process: July 18, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Pavankumar Bhattiprolu
5-9-30/5, Flat No. 304/ A,
3rd Floor, Paigah Plaza,
Basheerbagh, Hyderabad, Telangana - 500029
Email: bhattiprolupavan@gmail.com
401, 4th Floor, The Central Building,
Shell Colony Road, Chembur,
Mumbai, Maharashtra - 400071
Email: ip.vatavruksha@sankalp-ipe.com
Last date for
submission of claims: February 2, 2022
VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Velani Oils
Private Limited (VOPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 45.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated November 24,
2021, placed the rating(s) of VOPL under the 'issuer
non-cooperating' category as VOPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VOPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 10, 2022, October 20, 2022, October 30,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Velani Oils Private Ltd (VOPL) was incorporated on June 9, 2010 by
its present promoter director Mr. Mansukh Lal Patel and his son Mr.
Tushar Patel. The company is engaged in the business of trading
edible and non-edible oils for supplying it to large edible/
non-edible oil refining companies in India. VOPL operates from its
Head office (HO) in Delhi and branch offices in Gujarat in
Gandhidham and Kandla.
VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vesta
Equipment Private Limited (VEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.45 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 8.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 10,
2021, placed the rating(s) of VEPL under the 'issuer
non-cooperating' category as VEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 26, 2022, October 6, 2022, October 16,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Vesta Equipment Private Limited (VEPL) was incorporated in May,
2010 and is promoted by Mr. R. Balasubramanian and Mr. Sam Alumkal
Thampi of Bangalore, Karnataka. The company is engaged in
designing, development and manufacturing of diesel engine driven
portable screw air compressor in technical collaboration with M/s.
Sullair Corporation, USA. Currently the company manufactures three
kinds of air screw compressors which are utilized in water well
drilling, coal bed methane drilling, geothermal, underbalanced
drilling etc. The manufacturing unit of the company is situated at
Bangalore.
VIKRAMSHILA EDUCATIONAL: CARE Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vikramshila
Educational Charitable Trust (VECT) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.36 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 6,
2022, placed the rating(s) of VECT under the 'issuer
non-cooperating' category as VECT had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VECT
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 22, 2022, December 2, 2022, December
12, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
VECT was established as a charitable trust on March 17, 2017 for
imparting educations from Pre-nursery to Standard 12 under the
school name of "GD Goenka Public Shool, Bhagalpur". The registered
office of the trust is located at Patna district of Bihar. VECT has
a franchise agreement with "GD Goenka Public School, New Delhi"
dated August 05, 2017 to run the school under the brand of GD
Goenka Public School. The trust is proposed to set up an
educational institute with an aggregate project cost of Rs.9.81
crore which will be financed through term loan of INR7.36 crore and
promoter's contribution of INR2.45 crore. The trust has spent
around INR1.50 crore till May 20, 2018 in the aforesaid project
funded through promoter's contribution.
WARDEN SURGICAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Warden Surgical Company Private Limited
7/8, Parel House, Dr,
Borges Road Parel
Mumbai MH 400 012 India
Insolvency Commencement Date: January 9, 2023
Estimated date of closure of
insolvency resolution process: July 17, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Shashant Sudhakar Yeola
Flat No.7, Indrayani, Ganesh Nagar, Opp.
Lekha Nagar, Agra Road, Nashik, Maharashtra, 422009
Email: wardencirp@gmail.com
Last date for
submission of claims: February 1, 2023
=================
I N D O N E S I A
=================
GUDANG GARAM: OCBC Unit Files Police Report Against Owner
---------------------------------------------------------
Bloomberg News reports that the Indonesian arm of OCBC Bank filed a
police report against a billionaire owner of cigarette-maker PT
Gudang Garam.
PT Bank OCBC NISP filed the report against Susilo Wonowidjojo, an
owner and president director of Gudang Garam, on fraud allegations
relating to some IDR232 billion in troubled loans, the lender's
lawyer Hasbi Setiawan said in a statement on Feb. 3, Bloomberg
relates.
The bank disbursed the loan in 2016 to a wig-making company owned
by Wonowidjojo's family, Setiawan added. The case involves a total
of one trillion rupiah of funds when including loans from other
lenders, he said.
Gudang Garam shares fell 5.7% on Feb. 3 in their biggest drop since
Jan. 5, ending a four-day gain of nearly 16%. OCBC NISP shares
gained 1.3%, notes Bloomberg News.
Headquartered in Kediri, Indonesia, PT Gudang Garam Tbk is a
manufacturer and marketer of tobacco products. The company offers
handmade, machine made and low-tar, low nicotine cigarettes. Its
cigarettes are marketed under Klobot, Sriwedari, Djaja, Patra,
International Series, Surya Professional Mild, Surya Slim Premium,
Merah, Surya, Surya Pro Mild, Surya Slim, GG Mild, GG Signature,
Sriwedari, GG Mild Shiver and GG Move brand names. The company
manufactures paperboards for packaging and offers entertainment and
media development, and air transport services.
===============
M A L A Y S I A
===============
CHINA AUTOMOBILE: To be Delisted from Bursa Malaysia on Feb. 9
--------------------------------------------------------------
Chester Tay at theedgemarkets.com reports that China Automobile
Parts Holdings Ltd will be delisted from Bursa Malaysia on Feb. 9
after it failed to submit its regularisation plan to the relevant
authorities over the past five years.
The ailing company first triggered the criteria to be classified as
a Practice Note 17 firm in January 2018 after its auditors
expressed a disclaimer of opinion on the group's financial
statement for the fiscal year ended Dec 31, 2015.
According to the report, China Automobile was supposed to submit
its regularisation plan and secure authorities' approval by January
2019, before Bursa Malaysia Securities provided eight extensions
until July 2022.
China Automobile requested a further extension in September last
year, but Bursa Securities rejected the request in November. On
Feb. 3, the stock exchange operator dismissed the company's appeal
for a further extension, theedgemarkets.com says.
theedgemarkets.com relates that the stock exchange operator said it
has taken into account various factors before deciding to delist
China Automobile, which it said had not demonstrated material
development towards the finalisation and submission of its proposed
regularisation plan.
Bursa Securities also noted that China Automobile's Memorandum of
Understanding with Tan Sri Joseph Lo @ Lo Tain Foh and Datuk
Jonathan Low Chaw Loong, which forms part of the group's
regularisation plan, was terminated in October last year.
The MOU was meant to open up negotiation for injection of Lo's
construction assets into China Automobile, which currently has no
business operations, the report states.
theedgemarkets.com says Bursa Securities noted that the company had
been engaged in active discussions with several potential white
knights including Sri Binaraya Sdn Bhd and Nirwana group of
companies.
However, it said there was lack of certainty or clarity vis-a-vis
formulation of a regularisation plan as it was still at a
preliminary stage and the potential white knights were reluctant to
issue any letters of expression of interest to participate in the
proposed regularisation plan.
Bursa Securities also noted that China Automobile has yet to
appoint a new principal adviser since the termination of Mercury
Securities Sdn Bhd on Oct. 26, 2022, the report adds.
"In the opinion of Bursa Securities, adequate time and opportunity
had been accorded to China Automobile to regularise the company's
financial condition," it said.
Trading in the shares of China Automobile shares has been suspended
since Nov. 18 last year.
About China Automobile
China Automobile Parts Holdings Limited is a Malaysia-based
investment holding company. The Company, through its subsidiaries,
is principally engaged in the manufacturing of chassis components
used in automobiles for transporting goods. Its product portfolio
consists of five categories: wheel-hub bolts, wheel axles, steel
pins, u-bolts and torque-rod bushings. The Company's products are
supplied for aftermarket repair, maintenance and modification
segment, with an emphasis towards catering for replacement
components in heavy commercial vehicles. The Company's subsidiaries
include CAP-HK, an investment holding company, and FenSun, a
manufacturer, marketer and trader of automobile chassis
components.
China Automobile Parts Holdings Ltd slipped into Practice Note 17
(PN17) in January 2018 after its external auditor Messrs PFK
expressed an audit disclaimer of opinion in the company's latest
audited financial statements for financial year ended Dec. 31, 2015
(FY15) on undisclosed material liabilities.
=====================
N E W Z E A L A N D
=====================
BNK AI: Court to Hear Wind-Up Petition on March 24
--------------------------------------------------
A petition to wind up the operations of BNK AI Education Tech Group
Limited will be heard before the High Court at Auckland on March
24, 2022, at 10:00 a.m.
Dewen Feng filed the petition against the company on Dec. 8, 2022.
The Petitioner's solicitor is:
Claymore Partners Limited
Level 2, 63 Fort Street
Auckland 1010
J&S HVAC: Creditors' Proofs of Debt Due on March 24
---------------------------------------------------
Creditors of J&S HVAC Contractors Limited and Flawless Interiors
Limited are required to file their proofs of debt by March 24,
2023, to be included in the company's dividend distribution.
J&S HVAC Contractors Limited commenced wind-up proceedings on Jan.
31, 2023.
Flawless Interiors Limited commenced wind-up proceedings on Feb. 1,
2023.
The company's liquidators are:
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220, Te Atatu
Auckland 0651
OTAUTAHI EARTHMOVING: Court to Hear Wind-Up Petition on Feb. 23
---------------------------------------------------------------
A petition to wind up the operations of Otautahi Earthmoving
Limited will be heard before the High Court at Christchurch on Feb.
23, 2022, at 10:00 a.m.
Carters Building Supplies Limited filed the petition against the
company on Dec. 2, 2022.
The Petitioner's solicitor is:
Philip John Morris
Stace Hammond Lawyers
KPMG Building
Level 7
85 Alexandra Street
Hamilton 3240
STUDWORX LIMITED: First Creditors' Meeting Set for Feb. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Studworx
Limited will be held on Feb. 15, 2023, at 11:00 a.m. via video
conference.
Bryan Edward Williams of BWA Insolvency was appointed as
administrator of the company on Feb. 2, 2023.
TT HOSPO: Court to Hear Wind-Up Petition on Feb. 23
---------------------------------------------------
A petition to wind up the operations of TT Hospo Limited will be
heard before the High Court at Christchurch on Feb. 23, 2022, at
10:00 a.m.
Remarkable People Limited filed the petition against the company on
Dec. 20, 2022.
The Petitioner's solicitor is:
Stephen Galbreath
Duncan Cotterill
197 Bridge Street
Nelson 7010
=================
S I N G A P O R E
=================
ANIMAGRO PROTEINS: Court to Hear Wind-Up Petition on Feb. 17
------------------------------------------------------------
A petition to wind up the operations of Animagro Proteins Pte Ltd
will be heard before the High Court of Singapore on Feb. 17, 2023,
at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Jan. 27,
2023.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
E-L EVENT: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Jan. 27, 2023, to
wind up the operations of E-L Event & Promotion (S) Pte. Ltd.
Standard Chartered Bank (Singapore) Limited filed the petition
against the company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
E.WYTE PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Jan. 25, 2023, to
wind up the operations of E.Wyte Pte. Ltd.
Clarinet Holdings Pte Ltd filed the petition against the company.
The company's liquidator is:
Ng Hoe Kiat Keith
c/o Reliance 3P Advisory
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
FEARLESS LEGENDS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Jan. 27, 2023, to
wind up the operations of Fearless Legends Pte. Ltd.
Onex LLC filed the petition against the company.
The company's liquidators are:
Chew Ee Ling
Joshua James Taylor both
Alvarez & Marsal (SE Asia)
6 Battery Road, #16-01/02
Singapore 049909
SHELL PULAU: Creditors' Proofs of Debt Due on Feb. 26
-----------------------------------------------------
Creditors of Shell Pulau MOA Pte. Ltd. are required to file their
proofs of debt by Feb. 26, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 26, 2023.
The company's liquidators are:
Lim Loo Khoon
Tan Wei Cheong
6 Shenton Way
OUE Downtown 2, #33-00
Singapore 068809
=================
S R I L A N K A
=================
SRI LANKA: Completing Pre-Requisites for IMF Aid, President Says
----------------------------------------------------------------
Reuters reports that Sri Lanka is completing the pre-requisites to
unlock a $2.9 billion bailout from the International Monetary Fund
(IMF) and expects rapid approval from the global lender, President
Ranil Wickremesinghe said on Feb. 4.
"We are successfully completing the difficult stage required to get
support from the International Monetary Fund. We expect to get
their consent without delay," Reuters quotes Wickremesinghe as
saying in his address to the nation to mark the 75th Independence
Day.
Sri Lanka, caught in the worst financial crisis since independence
from Britain in 1948 triggered by a severe shortage of dollars, has
seen steep inflation, a currency plunge and its economy slide into
recession.
The island of 22 million people has also been hit by high taxes, a
shortage of essential items such as medicine and fuel, and daily
power cuts.
Reuters notes that Wickremesinghe, who took over after his
predecessor fled the country and resigned last year after thousands
of protesters occupied his office and residence, has pledged to put
the economy back on track but warned it will be an uphill task.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***