/raid1/www/Hosts/bankrupt/TCRAP_Public/230208.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, February 8, 2023, Vol. 26, No. 29
Headlines
A U S T R A L I A
BECKCON COMMERCIAL: First Creditors' Meeting Set for Feb. 15
EASY CLEAN: First Creditors' Meeting Set for Feb. 17
HYAMP SOLUTIONS: First Creditors' Meeting Set for Feb. 15
R AND C CIVIL: First Creditors' Meeting Set for Feb. 17
REGENCY MEDIA: First Creditors' Meeting Set for Feb. 15
SUCCESS RESOURCES: First Creditors' Meeting Set for Feb. 15
TRITON BOND 2023-1: S&P Assigns Prelim B(sf) Rating to Cl. F Notes
H O N G K O N G
GOME RETAIL: Founder's Stake May Swell to Up to 30%
I N D I A
AADI POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ADANI GROUP: To Pay $1.1BB Loan After Share Collateral Plummets
ADVANSYS (INDIA): CARE Keeps C Debt Rating in Not Cooperating
AGRO INDUS: ICRA Reaffirms B+ Rating on INR10cr LT Loan
AK EDU: Insolvency Resolution Process Case Summary
ANKITA IMPEX: CARE Keeps C Debt Rating in Not Cooperating
BALAJI FIBER: Insolvency Resolution Process Case Summary
BLUE LIFE: Insolvency Resolution Process Case Summary
BRAHMA TEJA: CARE Keeps D Debt Ratings in Not Cooperating Category
CHAITANYA CHEMICALS: ICRA Keeps B+ Ratings in Not Cooperating
CRYSTAL FACILITIES: Insolvency Resolution Process Case Summary
DILEEP ESSENTIALS: ICRA Keeps B+ Debt Rating in Not Cooperating
ENRICH RD: ICRA Keeps C+ Debt Ratings in Not Cooperating Category
GOOD-DAY FOODS: Insolvency Resolution Process Case Summary
HAMBRO TECH: Insolvency Resolution Process Case Summary
HEATH VIEW: ICRA Keeps B Debt Ratings in Not Cooperating Category
HIMALAYAN VEGEFRUIT: Insolvency Resolution Process Case Summary
HOSPITALITY EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
HRIDAYNATH CONSULTANCY: Insolvency Resolution Process Case Summary
INDICARB LIMITED: Insolvency Resolution Process Case Summary
JAY PALGHAR: ICRA Keeps B Ratings in Not Cooperating Category
JEKIN ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
KAADAMBARY RICETECH: CARE Keeps D Debt Rating in Not Cooperating
KANANI POLYFAB: ICRA Withdraws B+ Rating on INR6.0r Cash Loan
KCVR INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
KOHINOOR EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
KSS LIMITED: Insolvency Resolution Process Case Summary
MAHESH HARDWARE: ICRA Lowers Rating on INR35cr LT Loan to B+
MANISHA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
MARVEL SIGMA: Insolvency Resolution Process Case Summary
MEDILLOYD MEDICAMENT: Insolvency Resolution Process Case Summary
MT EDUCARE: Insolvency Resolution Process Case Summary
OMKAR FABRICS: ICRA Keeps B Debt Ratings in Not Cooperating
OTAGO EXCAVATION: Owes NZD3.3 Million, Receiver Report Shows
PRECIMEASURE CONTROLS: ICRA Keeps B+ Ratings in Not Cooperating
PRG BUILDCON: ICRA Keeps D Debt Ratings in Not Cooperating
QI NETWORK: ICRA Moves B+ Debt Ratings to Not Cooperating
RA INTERNATIONAL: ICRA Lowers Rating on INR13cr LT Loan to B+
RELIANCE CAPITAL: Lenders Approach NCLAT Over 2nd Round of Auction
SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
SANAKA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
SATWIKI PROTEINS: Insolvency Resolution Process Case Summary
SECUREKLOUD TECH: CARE Reaffirms C Rating on INR18.78cr Loan
SUPERNOVA TECHNOLOGIES: Insolvency Resolution Process Case Summary
SVSVS PROJECTS: ICRA Lowers Rating on INR48cr LT Loan to D
VARUN ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
VENKATESWARA AEROSPACE: ICRA Keeps B+ Ratings in Not Cooperating
VINIMAY PRIVATE: ICRA Keeps B- Debt Rating in Not Cooperating
VISAKHAPATNAM PORT: ICRA Reaffirms B- Rating on INR91.51cr Loan
VODAFONE IDEA: Shares Surge After US$2 Billion Debt Conversion
J A P A N
TOSHIBA CORP: Bidder Set to Win Commitments for US$10.6BB Loan
N E W Z E A L A N D
GARDON LIMITED: D. C. Parsons Appointed as Liquidator
JACKSCO CIVIL: Construction Firm Goes Into Liquidation
PROPERTY SALES: McDonald Vague Appointed as Receivers
PROTEMPO LIMITED: McGrathNicol Appointed as Receivers
TRANSPORT ENGINEERING: Creditors' Proofs of Debt Due on March 3
S I N G A P O R E
GEOSHIPPING PTE: Members' Final Meeting Set for March 9
HODLNAUT PTE: Potential Buyers Circle Firm and its FTX Claims
LI JIE CONSTRUCTION: Creditors' Meeting Set for Feb. 21
RISING ENGINEERING: Creditors' Meeting Set for Feb. 20
UNIPRO SOFTWARE: Court to Hear Wind-Up Petition on Feb. 24
S R I L A N K A
SRI LANKA: Bondholders Ready for Debt Restructuring Talks
- - - - -
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A U S T R A L I A
=================
BECKCON COMMERCIAL: First Creditors' Meeting Set for Feb. 15
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Beckcon
Commercial Pty Ltd will be held on Feb. 15, 2023, at 11:00 a.m. via
virtual meeting technology.
Brent Leigh Morgan and Neil Stewart McLean of Rodgers Reidy were
appointed as administrators of the company on Feb. 3, 2023.
EASY CLEAN: First Creditors' Meeting Set for Feb. 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of Easy Clean
GC Pty Ltd, trading as Surfwork, will be held on Feb. 17, 2023, at
1:00 p.m.
Terrence John Rose and Matthew Bookless of SV Partners were
appointed as administrators of the company on Feb. 7, 2023.
HYAMP SOLUTIONS: First Creditors' Meeting Set for Feb. 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Hyamp
Solutions Pty Ltd ATF The De Beer Family Trust will be held on Feb.
15, 2023, at 10:30 a.m. via videoconference only (Microsoft
Teams).
Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Feb. 3, 2023.
R AND C CIVIL: First Creditors' Meeting Set for Feb. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of R and C
Civil Group Pty Ltd, formerly known as "Randc Civil Group Pty.
Ltd." will be held on Feb. 17, 2023, at 11:00 a.m. via Virtual
Meeting by Microsoft Team.
Gavin Moss and Henry Kwok of Chifley Advisor were appointed as
administrators of the company on Feb. 7, 2023.
REGENCY MEDIA: First Creditors' Meeting Set for Feb. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Regency
Media Pty Limited will be held on Feb. 15, 2023, at 11:00 a.m. via
teleconference.
David Ross of I & R Advisory was appointed as administrator of the
company on Feb. 3, 2023.
SUCCESS RESOURCES: First Creditors' Meeting Set for Feb. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Success
Resources Australia Pty Limited will be held on Feb. 15, 2023, at
12:30 p.m. via videoconference and teleconference facilities.
Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Feb. 3, 2023.
TRITON BOND 2023-1: S&P Assigns Prelim B(sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2023-1 Series 1.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises mortgage
lenders insurance covering 12.4% of the loans in the portfolio as
well as note subordination for all rated notes.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all rated and
class G notes, subject to a floor of 0.10% of the initial invested
amount of all notes, principal draws, and a loss reserve that
builds from excess spread, are sufficient under its stress
assumptions to ensure timely payment of interest.
-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS, should any be entered into after transaction
close.
Preliminary Ratings Assigned
Triton Bond Trust 2023-1 Series 1
Class A1-MM, A$135.00 million: AAA (sf)
Class A1-AU, A$210.00 million: AAA (sf)
Class A1-4.5Y, A$80.00 million: AAA (sf)
Class A2, A$35.00 million: AAA (sf)
Class AB, A$15.75 million: AAA (sf)
Class B, A$8.50 million: AA (sf)
Class C, A$7.00 million: A (sf)
Class D, A$3.60 million: BBB (sf)
Class E, A$2.40 million: BB (sf)
Class F, A$1.20 million: B (sf)
Class G, A$1.55 million: Not rated
=================
H O N G K O N G
=================
GOME RETAIL: Founder's Stake May Swell to Up to 30%
---------------------------------------------------
Yicai Global reports that Huang Guangyu, founder and major
shareholder of Gome Retail Holdings, may raise his stake in the
Chinese home appliances retailer to as much as 30% if a proposed
debt-to-equity swap is approved, a company source said.
Huang is trying to replenish the Beijing-based firm's cash flow
through interest-free unsecured loans, the person told Yicai
Global, adding that if the debt-to-equity proposal is approved, his
stake would increase to between 20% and 30%.
By converting the debt into Gome shares, Huang plans to raise the
combined stake that he and his affiliates own in the retailer to
25.66%, the company said on Jan. 18. The plan is still subject to
approval by shareholders and the Hong Kong stock exchange, the
report notes.
Huang's companies provided HKD780 million (USD99.4 million) of
interest-free unsecured loans to Gome between December and this
January.
According to Yicai Global, Gome, which used to be one of the
biggest electronics retail chains in China, has been on a downward
spiral since Huang was jailed for insider trading and graft in
2010. With a huge store network, the firm stumbled amid stiff
competition from the likes of e-commerce giants Alibaba and JD.Com,
while business has been hit hard by Covid-19 outbreaks that forced
stores to close and stymied deliveries.
Huang is no longer the firm's controlling shareholder; no one is,
Gome affiliate Beijing Centergate Technologies Holding said on Feb.
3, the report adds.
About GOME Retail
GOME Retail Holdings Limited (HK:0493) -- https://www.gome.com.hk/
-- together with its subsidiaries, engages in the retail of
electrical appliances, consumer electronic products, and general
merchandise in the People's Republic of China. The company also
sells its products online through self-operated and platform
models. In addition, it is involved in the provision of logistics
and procurement, storage and delivery, IT development, and business
management services; retailing of mobile phones and accessories;
and property holding activities. As of December 31, 2021, it
operated 4,195 stores in 1,439 cities. The company was formerly
known as GOME Electrical Appliances Holding Limited and changed its
name to GOME Retail Holdings Limited in 2017. GOME Retail Holdings
Limited was founded in 1987 and is headquartered in Central, Hong
Kong.
=========
I N D I A
=========
AADI POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Aadi
Polymers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 4.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 2.50 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aadi Polymers Private Limited (APPL) was incorporated in the year
2004 by the Jain family. The company is engaged in the
manufacturing of Polyrethane (PU) Foam. The company commenced its
operations from its manufacturing unit located at Sikandrabad in
Ghaziabad with the installed capacity of 3000 MTPA. In FY16, the
company shifted its manufacturing unit to Surajpur, Greater Noida
with an installed capacity of 7000 MTPA. The company has installed
2 foaming machines, one of which was imported from Germany from
Hennecke GmBH. Apart from this the company has installed one batch
foaming machine, two vertical cutting machines and three circular
cutting machines.
ADANI GROUP: To Pay $1.1BB Loan After Share Collateral Plummets
---------------------------------------------------------------
The Wall Street Journal reports that the ports-to-energy
conglomerate controlled by Indian billionaire Gautam Adani said its
founders will prepay a US$1.1 billion loan that was backed by
shares of some of its companies, a move to shore up investor
confidence after a rout in its stock prices over the past two
weeks.
The Journal relates that the Adani Group said Feb. 6 that its
so-called promoters - a term used to describe controlling
shareholders - have posted amounts to pay off the loan ahead of its
maturity in September 2024. The loan was backed by shares in
several Adani companies, all of which have fallen dramatically
since U.S. short seller Hindenburg Research published a scathing
report on the Adani Group on Jan. 24.
The fall in their share prices continued on Feb. 6, although it was
stemmed after the country's stock exchanges moved to slow the
declines by reducing the amount the stocks could rise or fall each
day, the Journal says.
Since the rout began last month, India's stock-market operators
have gradually reduced the maximum amount that Adani stock prices
can fall. The maximum move of Adani Green Energy Ltd.'s shares,
which have more than halved in value since the Hindenburg report
was published, was reduced to 5% from 10% before trading commenced
on Feb. 6. The limit for Adani Total Gas Ltd. was cut to the same
level on Feb. 3. Both stocks fell the maximum amount on Monday,
alongside other Adani companies.
ADVANSYS (INDIA): CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Advansys
(INDIA) Private limited (APL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.64 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 2,
2021, placed the rating(s) of APL under the ‘issuer
non-cooperating' category as APL 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. APL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 18, 2022, September 28, 2022, October
8, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in 2002, Advansys (India) Private Limited (AIPL) is
Mumbai based company promoted by the Mr. Pankaj Inder Balwani and
his wife Mrs. Shakuntala Balwani. The company was earlier engaged
into manufacturing and export of all types of healthcare equipment,
fitness equipment, rehabilitation equipment, diagnostics
equipment's and electrical appliances to European and USA. Post
2010 entire business was transferred to their group company namely
Xplore Lifestyle Solutions Private Limited (XLSPL) as Advansys
(India) Private Limited (AIPL) could not generate business. During
2014-15 AIPL rented its owned manufacturing unit to Brose India
Automotive Systems Private Limited by entering into five years
agreement. Later on September 1, 2018 AIPL decided to venture into
construction business and construct building of 41,946 square
meteres, situated at Raisoni industrial Partk, Village Mann, Taluka
Mulshi, and District Pune.
AGRO INDUS: ICRA Reaffirms B+ Rating on INR10cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Agro
Indus Credits Limited (AICL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 10.00 [ICRA]B+ (Stable); reaffirmed
fund based–
Cash credit
Long-term 9.00 [ICRA]B+ (Stable); reaffirmed
fund based–
Working capital
term loan
Short-term 5.00 [ICRA]A4; reaffirmed
fund based–
Overdraft
Rationale
The ratings factor in AICL's senior management's experience in the
retail finance business and the company's low leverage with a
gearing of 0.4x as on September 30, 2022. The ratings continue to
factor in AICL's modest scale, weak asset quality and the risks
associated with its geographically concentrated operations. The
company has limited external borrowings and it is crucial for it to
diversify its funding profile as the business expands.
AICL's asset quality {overall 90+ days past due (dpd)}, although
weak, improved to 36.5% as on September 30, 2022 (36.1% as on March
31, 2022) vis-à-vis 45.7% as on September 30, 2021 (52.0% as on
March 31, 2021) due to the increasing share of gold loans in the
loan portfolio. The 90+ dpd for the gold loan portfolio was 15.4%
as on September 30, 2022 and 10.9% as on March 31, 2022 (17.4% as
on September 30, 2021 and 24.4% as on March 31, 2021), while the
entire non-gold book was in the 180+ dpd bucket. Timely recovery
from the overdue accounts is a key monitorable as the sustained
weak asset quality would impact the earnings and capital profile.
In view of the above, maintaining adequate liquidity would be key
from a rating perspective.
Key rating drivers and their description
Credit strengths
* Experience of key managerial personnel in retail lending: AICL's
senior management consists of personnel with average experience of
more than a decade in the banking sector. The company's Chief
Executive Officer, Mr. C.P. Sasidharan, has over 30 years of
experience in banking and non-banking financial services. Mr.
Muraleedharan Kesavan, the Chairman and Managing Director of the
Abu Dhabi-based SFC Group of Companies, is AICL's major promoter
holding a 77.1% stake along with his spouse. The promoters have
been infusing equity over the last few years (Rs. 5 crore infused
during FY2022-23) and have also subscribed to the majority of the
non-convertible debentures (NCDs) issued by the company.
* Moderate capitalisation; recoveries in non-gold segment key
monitorable: The company's capitalisation profile is moderate,
characterised by net non-performing advances (NPA)/net worth of
27.2% as on September 30, 2022 and 30.2% as on March 31, 2022
(33.1% as on March 31, 2021). ICRA notes that compulsorily
convertible debentures (CCDs) of INR2 crore each were converted to
equity in FY2022 and H1 FY2023, shoring up the net worth to an
extent in view of the weak earnings. Although the 90+ dpd as a
proportion of net worth, improved to 50.4% as of September 2022
(48.5% as of March 2022) from 76.8% as of March 2021 (63.0% as of
March 2020), it remained higher than the March 2019 level of 21.1%.
Going forward, further recoveries from the non-gold segments would
remain monitorable from a capitalisation and funding perspective.
Credit challenges
* Modest scale and regionally concentrated operations: AICL's
portfolio improved to INR82.9 crore as on September 30, 2022 (Rs.
77.2 crore as on March 31, 2022) from INR63.8 crore as on September
30, 2021 (Rs. 84.5 crore as on March 31, 2021), largely due to the
growth in the gold loan portfolio on account of increasing gold
prices. However, the portfolio compound annual growth rate (CAGR)
during FY2020-22 remained low at 4% due to stiff competition in the
gold loan segment and the rundown of the mortgage loan portfolio.
Given its modest scale, AICL's portfolio remains concentrated in
two states with 26 branches in Kerala and 32 branches in Tamil
Nadu. The portfolio consisted of gold loans (75%), mortgage loans
(21%) and vehicle loans (4%) as on September 30, 2022. Going
forward, the share of gold loans in the overall portfolio is
expected to increase as disbursements for mortgage loans and
vehicle loans were stopped since FY2020.
* Weak asset quality indicators; improvement due to increasing
share of gold loans: The asset quality has improved with the
overall 90+ dpd at 36.5% as on September 30, 2022 (36.1% as on
March 31, 2022) vis-à-vis 45.7% as on September 30, 2021 (52.0% as
on March 31, 2021) due to increasing share of gold loans in the
loan portfolio. The 90+ dpd for the gold loan portfolio was 15.4%
as on September 30, 2022 and 10.9% as on March 31, 2022 (17.4% as
on September 30, 2021 and 24.4% as on March 31, 2021) while the
entire non-gold book was in the 180+ dpd bucket. The company's
gross NPA (on a 180+ dpd basis) stood at 24.9% as on September 30,
2022 (28.3% as on March 31, 2022) vis-à-vis 34.3% as on September
30, 2021 (25.9% as on March 31, 2021) largely due to limited
collections in the mortgage and vehicle loan segments. The ability
to recover from the mortgage and vehicle loans and keep the asset
quality under control would be crucial, going forward.
* Subdued profitability; pressure expected because of asset
quality, going forward: The company's return on assets improved to
1.4% (provisional) in H1 FY2023 from the loss of 1.8% in FY2022
(profit of 0.04% in FY2021). This was due to the reversal in
provisions, resulting in credit cost of -0.3% in H1 FY2023
vis-à-vis 2.6% in FY2022 (1.5% in FY2021), and the improvement in
the net interest margin to 11.7% in H1 FY2023 from 9.4% in FY2022
(11.4% in FY2021). However, the margin remains lower than the
pre-Covid-19 pandemic level mainly because of the decline in the
net interest margin, given the stiff competition in the gold loan
segment and interest reversal on NPA accounts. Although the
provision cover improved to 20.9% as of September 2022 (20.6% as of
March 2022) from 13.5% as of March 2021 for NPAs (180+ dpd basis),
it remains low.
Credit costs could increase, considering the low provision cover
and the high overdues, if the same is not recovered. AICL had
closed a few branches in FY2021, resulting in Iower operating costs
of 10.4% in H1 FY2023 and 9.4% in FY2022 compared to the
pre-pandemic level of 13.1% in FY2020. The asset quality
performance would be critical for incremental profitability,
considering the high overdues.
Liquidity position: Adequate
AICL had cash and undrawn bank lines of INR6.7 crore as on December
31, 2022 while repayment of term loan and nonconvertible debentures
(NCDs) of INR3.3 crore (including interest) is due over the next
six months. It currently has working capital limits of INR15 crore
with three banks and average utilisation was around 51% in H1
FY2023. AICL's funding is largely from banks (75% of the total
borrowings as of September 2022), NCDs and unsecured loans from
promoters/directors and their relatives (25%). ICRA notes that
around 70% of the gold loans is rolled over on the respective due
dates, post the receipt of interest accrued, thereby limiting the
inflows from this segment. Also, collections are expected to remain
limited from the non-gold loan segment as all the loans are in the
180+dpd bucket. Going forward, the company's ability to maintain
adequate liquidity and secure incremental funding from diverse
sources would be critical from a rating perspective.
Rating sensitivities
Positive factors – The ratings could be upgraded if AICL
demonstrates profitable business growth and improvement in the
asset quality by achieving a 90+dpd of less than 5.0% while
maintaining a prudent capital structure.
Negative factors – ICRA could downgrade AICL's ratings on a
significant weakening in the liquidity profile or further
deterioration in the asset quality.
Agro Indus Credits Limited (AICL) is a non-deposit taking
non-banking financial company (NBFC) incorporated in January 1997.
It was acquired by the current promoters, Mr. Muraleedharan, Mrs.
Beena Muraleedharan and others, in 2010. At present, AICL offers
gold loans while mortgage loans and vehicle loans were sanctioned
earlier. It operates mainly in Tamil Nadu and Kerala through its
branches, with its head office in Kochi (Kerala). The company has
58 branches in Kerala and Tamil Nadu, including 32 in Tamil Nadu.
Its total portfolio outstanding was INR82.9 crore and INR77.2 crore
as of September 2022 and March 2022, respectively.
AICL reported a net profit of INR0.6 crore (provisional) on a total
asset base of INR91.3 crore in H1 FY2023, while it reported a net
loss of INR1.7 crore on a total asset base of INR90.0 crore in
FY2022.
AK EDU: Insolvency Resolution Process Case Summary
--------------------------------------------------
Debtor: AK EDU Technologies Private Limited
563 East Mohan Nagar-A,
Amritsar - 143001 (Punjab)
Insolvency Commencement Date: January 23, 2023
Estimated date of closure of
insolvency resolution process: July 22, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Gurdev Bassi
1629 Progressive Housing Society,
Sector 50-B, Chandigarh, 160047
Email: ipgurdevbassi@gmail.com
Plot No, D-190, 3rd Floor, Sector-74,
Phase-8B, SAS Nagar, Mohali – 160071, Punjab
Email: irpakedu@gmail.com
Last date for
submission of claims: February 6, 2023
ANKITA IMPEX: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ankita
Impex (AI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.52 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.92 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 24,
2021, placed the rating(s) of AI under the ‘issuer
non-cooperating' category as AI 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. AI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 9, 2022, November 29, 2022, January
18,2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ankita Impex (AI) is a proprietorship firm established in 2005 by
Mrs. Anuj Dhand. AI is engaged in the manufacturing of fabric and
readymade garments for women, men and kids at its manufacturing
facility located at Ludhiana, Punjab. The product line of the firm
mainly comprises sweaters, coats, jackets, tops, sports-wear,
shirts, trousers, kurtis, etc.
BALAJI FIBER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Balaji Fiber Reinforce Private Limited
Survey No. 293, Sakarda Badrva Road,
Near S D Finechme Village Poicha Ta
Savli Vadodara 391780 (Gujarat)
Insolvency Commencement Date: May 11, 2022
Estimated date of closure of
insolvency resolution process: November 7, 2022
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Mr. Jignesh Ajit Ganatara
701, Sai Heritage CHS.,
Opposite Ebenezer Society,
Ashok Nagar, Nahur Road,
Mulund West, Mumbai - 400080
Email: ganatraj@gmail.com
Email: balajicirp@gmail.com
Last date for
submission of claims: May 25, 2022
BLUE LIFE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Blue Life Infra Private Limited
(Formerly Known as Sam Pacific
Engineers Private Limited)
C-148, Focal Point Phase-V,
Near Dry Port,
Ludhiana 141010 Punjab
Insolvency Commencement Date: January 25, 2023
Estimated date of closure of
insolvency resolution process: July 24, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Arvind Kumar
#303, 3rd Floor, Plot No. D-190,
Phase 8B, Sector 74 Industrial Area,
SAS Nagar Mohali, 160071, Punjab
Email: sankhyain@gmail.com
Email: cirpbluelife@gmail.com
Last date for
submission of claims: February 8, 2023
BRAHMA TEJA: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
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.
CHAITANYA CHEMICALS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term ratings of Chaitanya Chemicals in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.85 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Chaitanya Chemicals is a partnership firm started by Mr. S.V. Rama
Moorthy (Managing Partner) and hisfamily members (5 partners in
total) in 1990; each partner having equal share in the firm's
profit. The firm is located in Kadapa district of Andhra Pradesh
which is the only place in India where mining of barytes ore is
done and has the single largest deposit of barytes in the world.
CRYSTAL FACILITIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Crystal Facilities Management Private Limited
Flat No 2, F-50 B Madhu Vihar Extension,
New Delhi (East) - 110092
Insolvency Commencement Date: January 19, 2023
Estimated date of closure of
insolvency resolution process: July 18, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Amit Vijay Karia
Flat 202, Padmalaya Apartments,
Pandit Colony Lane 1,
Behind Ananda Laundry,
Nashik - 422002 (Maharashtra)
Email: amit.karia@yahoo.co.in
405 - 407, Hind Rajasthan Building,
D. S. Phalke Road, Dadar East,
Mumbai – 400014
Email: cirp.crystal@gmail.com
Last date for
submission of claims: February 6, 2023
DILEEP ESSENTIALS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Dileep
Essentials Private Limited to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Dileep Essentials Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.
DEPL was incorporated in 2018 and is a part of the Dileep Group,
which is involved in the manufacturing, trading and export of
wooden handicraft items since 1988. DEPL was formed as joint
venture between DEPL and BCCL with the latter having 50%
shareholding of the company and the remaining being held by
promoters. However, the agreement between DEPL and BCCL was
terminated in FY2020 and BCCL's currently has a 12% stake and the
rest is held by the promoters. DEPL purchases majority of the
products from its group companies and the rest from local market
and sells them in the domestic market. The different types of
products include tableware, kitchenware, serveware, gifting,
furniture & lighting and décor. The company sells these products
through various modes of channel, including its three owned retail
shops in Mumbai, Bangalore and Rajasthan. It sells online through
the Ellementary website, besides having shop-in-shop stores,
franchisee stores and B2B sales.
ENRICH RD: ICRA Keeps C+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Enrich RD
Infraprojects Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 7.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 5.00 [ICRA]C+/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Enrich RD Infraprojects Private Limited (ERDIPL) was initially
established as a proprietorship firm - R D Electricals by Mr.
Dashrath Redekar in 1986 and converted to a private limited company
in 2007. The operations of the company are collectively managed by
the directors of the company- Mr. Sunil Agrawal and Mr. Deepak
Redekar. ERDIPL is engaged in executing turnkey projects involving
designing, supply, erection, testing and commissioning of the
overhead electrification1 for railways. The company is also engaged
in the trading of steel items such as MS Angles, plates, channels
and electrical fittings like GPRS modules and others.
GOOD-DAY FOODS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Good-Day Foods Pvt. Ltd
A-61/62, Road No. 22, Wagle Indl
Estate, Thane, MH - 400 604
Insolvency Commencement Date: January 5, 2023
Estimated date of closure of
insolvency resolution process: July 5, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Jeetendra Rajpal Daryani
B-504, Atlantis, Hiranandani Gardens,
Main Street, Powai, Mumbai - 400076
Email: nikhil564@yhaoo.com
Email: ip.gooddayfoods@gmail.com
Last date for
submission of claims: January 23, 2023
HAMBRO TECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Hambro Tech IndiaPrivate Limited
Khata No.402/143, MitroDeeghot Road,
Village Deeghot Tehsil
Hodalpalwal Faridabad
HR 121105 India
Insolvency Commencement Date: December 7, 2022
Estimated date of closure of
insolvency resolution process: June 5, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Harjinder Singh
75 Dyal Singh Colony Karnal
(Haryana) 132001
Email: corporatesar@gmail.com
Email: cirp.hambro@gmail.com
Last date for
submission of claims: December 21, 2022
HEATH VIEW: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Heath View
Holiday Resorts Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1993, Heath View Holiday Resorts Limited (HVHRL)
was established with the purpose of construction and operation of a
hotel at Mahabaleshwar. The company was established by the Patel
Group and was taken over by Evershine Builders in 2004. Evershine
Group then commenced construction of the hotel property, which was
completed by May 2010. Meanwhile, a hotel operating agreement was
signed between HVHRL and Berggruen Hotels Private Limited (BHPL)
assigning the rights of management and operations of hotel to BHPL
under the Keys brand name. The hotel commenced operations in
October 2010.
HIMALAYAN VEGEFRUIT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Himalayan Vegefruit Limited
1536, Sector - 33 D
Chandigarh - 160033
Insolvency Commencement Date: January 10, 2023
Estimated date of closure of
insolvency resolution process: July 9, 2023 (180 Days)
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Mr.Priya Bhushan Sharma
1299, Sector 15-B, Chandigarh, 160015
Email: bhushansharma@hotmail.com
Mobile No. 98780-29920
Sco-818, 1st Floor, Above Yes Bank,
NAC, Manimajra, Chandigah-160101
Email: cirp.himalayan@gmail.com
Mobile No. 77194-02001
Last date for
submission of claims: January 24, 2023
HOSPITALITY EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hospitality
Education Services International (HESI) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 11.50 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 16,
2021, placed the rating(s) of HESI under the 'issuer
non-cooperating' category as HESI 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. HESI
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).
Hospitality Education Services International (HESI) was established
in 2002 by Mr. Rohit Bhatia as a proprietorship firm to provide
education in hotel management. HESI are running its institutes
under the brand name of RIG Institute of Hospitality & Management
since 2007. HESI are also engaged in providing consultancy to
various hospitality management colleges like Hotel and Tourism
Management Institute (HTMi), Switzerland. HES have campuses at
three locations that is Greater Noida, Dwarka and Rohini. The
courses offered by HES are specifically designed for hotel
management and recognized by Indira Gandhi National Open University
(IGNOU).
HRIDAYNATH CONSULTANCY: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Hridaynath Consultancy Private Limited
Flat No-B-906, 9th Floor, New Sarvottam CHS,
Irla Bridge, Andheri (west),
Mumbai-400058, India
Insolvency Commencement Date: January 20, 2023
Estimated date of closure of
insolvency resolution process: July 18, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ms. Sudha Bhushan
B Wing-701, Julian Alps,
Bhakti Park,
Wadala East, Sion,
Mumbai, Maharashtra - 400037
Email: sudhag999@gmail.com
Office No. 27, 3rd Floor,
BGTA Narmada Building
(BGTA-6), Wadala East, Mumbai,
Maharashtra-400037, India
Email: cirp.hcpl@gmail.com
Last date for
submission of claims: February 7, 2023
INDICARB LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Indicarb Limited
No. 69/5a, II Floor, Swamy Krupa Building,
Next To Bhanu Nursing Home, Bommanahalli, Banglore
Karnataka 560068 India
Insolvency Commencement Date: January 5, 2023
Estimated date of closure of
insolvency resolution process: July 3, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Venkataraman Jayagopal
E-003, Victoria Haven,
Patel Ram Reddy Road,
Domlur 1st stage,
Bangalore-560071
Email: cirp.indicarb@gmail.com
Tel. No.: 9341240595
Email: gopal_venus@hotmail.com
Last date for
submission of claims: February 10, 2023
JAY PALGHAR: ICRA Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Jay Palghar Net Co. in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.75 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in January 2015, Jay Palghar Net Co. (JPNC) is into
manufacturing of Fishing Nets, Sports Nets and Safety Nets with its
production facilities located in Porbandar, Gujarat with a total
installed manufacturing capacity of 2000 kgs per day. The
commercial production of the firm started from February 2016. The
firm was started by Mr. Suresh Lodhari along with his son Mr. Jay
Lodhari. Mr. Suresh Lodhari has a long experience in this line of
business.
JEKIN ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jekin
Enterprise (JE) continue 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
Short Term Bank 20.00 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 January 3,
2022, placed the rating(s) of JE under the 'issuer non-cooperating'
category as JE 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. JE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2022, December 9, 2022, January 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jekin Enterprise (JE) is a partnership firm set up by Mr. Mukesh B.
Shah and Mrs. Savita Shah in 2001. Later, in 2011, it was
reconstituted with Mr. Mukesh B. Shah and Mr. Jekin M Shah as the
partners of the firm. The firm was originally established as a
proprietary concern in the year 1990 The firm is engaged in
execution of civil construction projects which involve earth work,
road work, deep excavation, bridges, hard rock cuttings, blasting
operations, land development, drainage system, industrial building
(civil work) and various other infrastructure jobs for both private
as well as government departments whereby it gets orders through
bidding and tendering process. The firm also executes projects as
sub-contractor for government projects which are obtained through
private corporates. The firm has been classified as Class 1A
contractor by Public Works Department.
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.
KANANI POLYFAB: ICRA Withdraws B+ Rating on INR6.0r Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Kanani Polyfab Private Limited at the request of the company and
based on the No Due Certificates/Closure Certificate received from
the bankers. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term/ 7.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Withdrawn
Limits
Incorporated on 2nd March 2010, Kanani Polyfab Private Limited
(KPPL) was established by Mr. Manoj Pachlangia and Mr. Karan Kapoor
as a private limited company under the name of Padminish
Commodities Private limited. In July 2010, the company was acquired
by Mr. Vimal Kanani & Mr. Alpesh Kanani and subsequently changed
the company's name to Kanani Polyfab Private Limited on 1st
November 2010. The company is engaged in the business of yarn
processing. Fully drawn polyester yarn is processed by sizing the
same which is used as warp yarn in weaving of greige fabrics. The
company has its registered office in Opera House (Mumbai) and
manufacturing facility at Surat (Ankleshwar) with the total
installed capacity of 5000 MTPA. The manufacturing facility of KPPL
is located in Surat and is spread across an area of 25448 square
meters.
KCVR INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Kcvr
Infra Projects Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 13.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 88.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
Others under issuer not cooperating
category
Long Term/ 3.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
KCVR is involved in civil construction and related work, mainly
roads. In 1965, the partnership firm, K.C. Venkat Reddy & Co, was
formed, which was converted into a private limited company in 2011
by the name KCVR Infra Projects Private Limited. KCVR is promoted
by Mr. K.V. Jagan Mohan Reddy and his family members. The company
has also executed irrigation projects in the past. However, the
company has shifted its focus only towards execution of road
projects.
KOHINOOR EDUCATION: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Kohinoor
Education Trust in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 60.00 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Non Fund Based 1.00 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
KET was established in September 2007 as a Public Trust by the
Mumbai-based Kohinoor Group. The Group, founded in 1961 by Mr.
Manohar Joshi, is present in the education, real estate, healthcare
andhospitality sectors through various group companies. Mr. Unmesh
Joshi, who is the current chairman and managing director of the
Group, is also the managing trustee
of KET. Under KET, the Group established a management college with
a capacity of 480 students (for both years), an American School and
an Indian Certificate of Secondary Education (ICSE) school at Kurla
in Mumbai.
KSS LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: KSS Limited
Unit No. 101a and 102, 1st Floor,
Plot No. B-17 Morya Landmark II,
Andheri (WEST) Mumbai,
Maharashtra - 400053
Insolvency Commencement Date: January 24, 2023
Estimated date of closure of
insolvency resolution process: July 23, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Dharmendra Dhelariya
A/201, Suryadeep Tower,
Nr. Navneet Prakashan,
Gurukul road, Memnagar,
Ahmedabad, Gujarat - 380052
Email: dhelariya@gmail.com
B-605, Titanium Square,
Thaltej Cross Road, Thaltej,
Ahmedabad, Gujarat – 380054
Email: cirp.kssltd@gmail.com
Last date for
submission of claims: February 10, 2023
MAHESH HARDWARE: ICRA Lowers Rating on INR35cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mahesh
Hardware & Pipes Pvt Ltd (MHPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Overdraft from [ICRA]BB (Stable)and
continues to remain in the
'Issuer Not Cooperating'
Category
Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Demand Loan from [ICRA]BB (Stable)and
continues to remain in the
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade considers of lack of adequate information
regarding MHPPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Mahesh Hardware & Pipes Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Established as a proprietorship firm in 1989, MHPPL was
reconstituted as a private limited company in 2009. The company is
based out of Bangalore and is an authorised distributor of Supreme
for PVC pipes in Karnataka. The company has a network of 2000
dealers spread across Karnataka. Over the years, the company has
undertaken distributorship of other companies such as J.K. White
Cements, Berger Paints India Limited, Bosch Limited, C.R.I. Pumps
Private Limited, A.O. Smith India Water Heating Private Limited
etc. for various products such as paint, water heater, cement etc.
The company is owned and managed by Mr. Ashok Jain and his brother-
Mr. Mahendra Jain. The other companies in the Group include- Mahesh
Channel Partners LLP (distributor of home appliances), Steel Glow
Enterprises LLP (fabrication work of stainless furniture), Shubh
Ply and Veneers Pvt. Ltd. (manufacturing of plywood).
MANISHA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Manisha
Construction Co. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 15.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.50 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Manisha Construction Co. is a partnership firm established in 1985
and is engaged in civil construction work which comprises of
construction of petty roads such as stone pavement, cement concrete
pavement, paver blocks and asphalt road. The firm also undertakes
other civil works such as construction of sewerage lines, compound
wall and repairs of road, government buildings, culverts, trenches
and other mass earth work from BMC (Brihanmumbai Municipal
Corporation), MCGM (Municipal Corporation of Greater Mumbai) and
PWD (Public Work Department), Maharashtra. As per the management
sewerage construction works accounts for more than 50% of the total
turnover. The job work comprises of income through sub-contract
work and income through leasing of machinery and labour.
MARVEL SIGMA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Marvel Sigma Homes Private Limited
301-302, Jewel Tower,
Lane No. 5 Koregaon Park Pune,
Pune, Maharashtra 411001 India
Insolvency Commencement Date: January 24, 2023
Estimated date of closure of
insolvency resolution process: June 22, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench-V
Insolvency
Professional: Mr. Udayraj Patwardhan
Naman Midtown, B Wing. 1106, 11TH Floor,
Behind Kamgar Kala Kendra,
Senapati Bapat Marg,
Elphinstone West,
Mumbai City, Maharashtra, 400013
Email: ca.udayraj@viajure.in
Email: cirp.marvelsigma@gmail.com
Last date for
submission of claims: February 10, 2023
MEDILLOYD MEDICAMENT: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Medilloyd Medicament Private Limited
Side Lane of SBI, Hyderabad Kanika Chhak
Tulsipur Cuttack Odisha - 763008
Insolvency Commencement Date: January 23, 2023
Estimated date of closure of
insolvency resolution process: July 21, 2023 (180 Days)
Court: National Company Law Tribunal, Cuttack Bench
Insolvency
Professional: Umesh Chandra Sahoo
Plot No-4, Snowdrop Apartment,
2nd Floor Cuttak Road, (Near Indian Oil Petrol Pump)
Bhubaneswar-751006,
Odisha India
Email: info@nayadarshan.com
Email: medilloyd@nayadarshan.com
Last date for
submission of claims: February 6, 2023
MT EDUCARE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: MT Educare LTD
220, 2ND Floor, Flying Colors,
Pandit Din Dayal
Updhyan marg, LBS Cross Road,
Mulund (W) Mumbai - 400 800
Insolvency Commencement Date: December 16, 2022
Estimated date of closure of
insolvency resolution process: June 13, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ashwin Bhavanji Shah
001, Gautam Dhara CHS,
Edulji Road,
Charai Thane - 400601
Email: ashwin@caashwinshah.com
Email: mteducare.cirp@gmail.com
Last date for
submission of claims: January 7, 2023
OMKAR FABRICS: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Omkar
Fabrics Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.23 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 10.77 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Omkar Fabrics Pvt. Ltd. (OFPL) had been incorporated in 2010 by Mr.
Santosh Jhawar & family. However, manufacturing operations
commenced from February 2013. OFPL manufactures cotton greige
fabric which finds application in manufacturing of suiting and
shirting. The weaving activity is carried out through job workers
located nearby and the sizing of fabrics is carried out in-house.
Prior to the setting up of OFPL, Jhawar family has been involved in
the various segments of textile business such as cotton ginning and
pressing, trading of textile products and others for the past two
decades. The company has its registered office at Hingoli district
of Maharashtra. The manufacturing unit where the job work is done
is equipped with 200 rapier looms and can manufacture 7 lakh metres
of fabric per day. The manufacturing unit is currently operating at
80-85% utilization level.
OTAGO EXCAVATION: Owes NZD3.3 Million, Receiver Report Shows
------------------------------------------------------------
Otago Daily Times reports that Mosgiel-based Otago Excavation owes
creditors more than NZD3.3 million, the receivers' first report
showed.
Southland-based quarry company J. Crooks and Sons Ltd filed an
application in the High Court at Dunedin last year to place the
company in liquidation. Otago Excavation is owned by Burns Group
2018 Ltd and its sole director is listed as Dunedin man Malcolm
Burns.
BDO Christchurch was appointed as receivers on November 18 and its
first report has been prepared by joint receivers Colin Gower and
Diana Matchett, ODT says.
Since their appointment and following assessment of the company's
current position, they determined it was not viable for the company
to continue to trade.
Otago Excavation provided excavation services which consisted of
works required to support the forestry operations of related
companies and works for external clients on residential and
commercial developments.
It was managed from Mosgiel and operated across Otago and
Southland.
In a summary of assets as at November 18 last year, the report
listed receivables of NZD416,00, which included NZD363,000 which
was subject to litigation between related companies and the
company's debtor, ODT discloses.
The receivers were in the process of determining what monies, if
any, were due and collectable by the company.
Plant, equipment and vehicles were omitted from the list. Given the
receivers were in the process of realising the company's assets
through an independent auction process, the value of specific
assets had been omitted.
Including those assets would materially prejudice the exercise of
their functions and, in particular, their duty to obtain the best
price reasonably obtainable for the sale of receivership property,
the receivers, as cited by ODT, said.
According to ODT, the auction for the majority of the company's
vehicles, plant and equipment closed on January 18 and the auction
proceeds realised would be provided in the receivers' next report.
It was expected all company vehicles, plant and equipment would be
realised within the next reporting period.
As at the date of the receivers' appointment, the company had two
employees. Both were terminated when the receivers were appointed,
ODT notes.
Employee preferential claims were estimated to be about NZD20,000,
the report said. A preferential claim from Inland Revenue was yet
to be received.
However, the liquidator's first statutory report dated December 23
provided a figure of about NZD64,000 in relation to outstanding
PAYE and GST. However, that amount had not been verified and might
be subject to change, the most recent report said, ODT relays.
It was unlikely there would be sufficient funds available for a
distribution to preferential creditors and it was unlikely there
would be any funds available for unsecured creditors, which
totalled NZD304,000, the report said.
Colin Gower and Diana Matchett of BDO Christchurch on Nov. 18,
2022, were appointed as receivers and managers of Otago Excavation
Limited.
PRECIMEASURE CONTROLS: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of
Precimeasure Controls Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 0.19 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Precimeasure Controls Private Limited (PCPL) was established in the
year 1984 and is engaged in manufacturing and exporting of
winding/oil temperature indicators and controllers for power,
distribution and dry type transformers. These instruments are
mostly used for electronic monitoring and protective instruments in
transformers and other related equipment in power sector and
industrial process control equipment.
PRG BUILDCON: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of PRG
Buildcon India Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 15.87 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 213.13 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 37.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2014 as Naya Infrastructure Pvt Ltd (NIPL) and later
renamed as PRG Buildcon India Pvt. Ltd. (PRG), it is primarily
engaged in undertaking sub-contacting works in irrigation, building
and water supply projects in Andhra Pradesh and Telangana. PRG is
certified as a Special Class civil contractor by the Government of
Telangana. The day to day operations of the company are managed by
Mr. Sunil Kumar Bontha. Dr. G Prabhakar Rao (Founder & Chairman of
PRG) has been the Founder and Chairman of Prathima Group since its
inception which has investments in 7 different sectors. The
clientele of PRG includes Megha Engineering & Infrastructures Ltd,
Prathima Infrastructure Limited and Tata Projects Limited.
QI NETWORK: ICRA Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Qi Network
Enterprises Private Limited to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating’
Category
Short-term 8.00 [ICRA]A4 ISSUER NOT
Fund based COOPERATING; Rating Moved to
the 'Issuer Not Cooperating’
category
Long Term/ 8.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating moved to the 'Issuer
Not Cooperating' category
As part of its process and in accordance with its rating agreement
with Qi Network Enterprises Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
QNEPL provides IT services to a varied range of customers belonging
to different sectors such as telecom, automobile, power, business
process outsourcing, service providers, etc. It supplies and
installs routers, workstations, switches, firewalls, access points,
etc. After installing these devices, the company provides annual
maintenance contract services as well. In recent years, it has
ventured into the solar power generation equipment EPC business,
however the segment's contribution towards QNEPL's revenue and
profitability remains minimal till now.
RA INTERNATIONAL: ICRA Lowers Rating on INR13cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of RA
International (RAI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 13.00 [ICRA]B+ (Stable) ISSUER NOT
Fund based– COOPERATING; Rating downgraded
Export Packaging from [ICRA]BB+ (Stable) and
Credit continues to remain under
'Issuer Not Cooperating'
Category
Short-term 34.00 [ICRA]A4 ISSUER NOT
Non-Fund based– COOPERATING; Rating downgraded
Letter of Credit from [ICRA]A4+ and continues to
remain under 'Issuer Not
Cooperating' category
Issuer Rating - [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The Issuer Rating and ratings for the bank facilities of RAI has
been downgraded and remains under the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
The rating downgrade is because of lack of adequate information
regarding RA International performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.
As part of its process and in accordance with its rating agreement
with RA International, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
RA International (RAI) was established as a partnership firm in
1996 by three Kolkata-based individuals, namely, Mr. Jagdish Prasad
Agarwala, Mr. Sandeep Kumar Poddar and Mr. Siddhart Kumar Poddar.
The firm mainly exports readymade garments of men and women from
Bangladesh to European countries. Around 99% of the firm's sales
were made in Europe and the balance in Turkey in FY2021.
RELIANCE CAPITAL: Lenders Approach NCLAT Over 2nd Round of Auction
------------------------------------------------------------------
Press Trust of India reports that Reliance Capital lenders have
approached the National Company Law Appellate Tribunal (NCLAT) to
seek a second round of financial bids for the debt-ridden firm,
presently going through the insolvency resolution process.
Vistra ITCL (India) Ltd, one of the members of the Committee of
Creditors of Reliance Capital, has filed an appeal before the
appellate tribunal, the report says.
PTI relates that the petition has been listed before the bench
headed by Chairman Justice Ashok Bhushan for hearing on Feb. 7.
According to the report, earlier on Feb. 2, the Mumbai bench of the
National Company Law Tribunal (NCLT) had ruled against holding a
fresh round of auction for the takeover of Anil Ambani-promoted
Reliance Capital and said the challenge mechanism for financial
bids has already concluded.
It upheld the plea by Torrent Investments' plea challenging
bankers' decision to go for the second round of auctions in pursuit
of higher value for the bankrupt company.
PTI relates that NCLT in its order said the bench allows Torrent
Investment's application and declared that the challenge mechanism
for financial bids stood concluded as on December 21, 2022, with
the bid of the applicant at INR8,640 crore being the highest.
Torrent Investments had filed a plea on January 9, requesting the
tribunal to quash the lenders' plans to hold a fresh auction for
the takeover of Reliance Capital.
Torrent Investment was the highest bidder offering INR8,640 crore
in the last round of the 'challenge mechanism,' the report notes.
Reliance Capital has a consolidated debt of about INR40,000 crore.
About Reliance Capital
Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.
On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.
In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.
Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.
In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.
SAMRUDDHA RESOURCES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term rating of Samruddha Resources
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 25.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1997 and formerly known as Samruddha Overseas
Limited), SRL is involved in the mining and trading of iron ore
fines. The group is promoted by Mr Vinay Rohidas Patil, son of the
Mr Namdar DajiSaheb Rohidas Patil (former Minister of Agriculture
Maharashtra State and belonging to Dhule district of Maharashtra).
Prior to 1997, the promoters were engaged in the textile business.
SANAKA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sanaka
Educational Trust (SET) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 49.42 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 January 5,
2022, placed the rating(s) of SET under the 'issuer
non-cooperating' category as SET 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. SET
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 21, 2022, December 1, 2022, December
11, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SET, registered under Indian Trust Act, 1882, was established in
December 2006 by Durgapur-based Mr Tapan Kr Pobi along with his
family members for the purpose of imparting education and other
charitable purposes. Currently, SET had undertaken a project for
creating requisite infrastructure for setting up a Medical College
cum Hospital, Sri Ramkrishna Institute of Medical Sciences (SRIMS)
and Sanaka Hospitals in phases at Durgapur, West Bengal. They have
received permission to commence academic program for the year
2019-2020 for Sri Ramkrishna Institute of Medical Sciences (SRIMS)
and Sanaka Hospitals. Sanaka Hospitals started operations with 330
beds in January 2016.
SATWIKI PROTEINS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Satwiki Proteins Private Limited
Khasra No. 1118-1121,
Chomu Ajitgarh Road,
Village Markhi, Tehsil Shahpura,
Jaipur - 303601
Insolvency Commencement Date: January 13, 2023
Estimated date of closure of
insolvency resolution process: July 12, 2023
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Garima Diggiwal
91, Moji Colony, Malviya Nagar,
Jaipur, Rajasthan - 302017
Email: garima286@gmail.com
Email: cirp.satwikiproteins@gmail.com
Last date for
submission of claims: January 31, 2023
SECUREKLOUD TECH: CARE Reaffirms C Rating on INR18.78cr Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
SecureKloud Technologies Limited (SecureKloud), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 18.78 CARE C; Stable Reaffirmed
Rationale and key rating drivers
The ratings assigned to the bank facilities of SecureKloud are
constrained by moderate revenues, negative tangible net-worth,
continued operational losses, geographical concentration risk and
competitive nature of industry. The rating also takes into account
the receipt of order from the regulator SEBI on corporate
governance issues and irregularities in the financial statements of
the past. The rating, however, derives strength from the domain and
industry expertise of the company and tie-ups with public cloud
enterprises.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in profitability with PBILDT margins above 15%
* Reduction in client and geographical concentration risk
* Improvement in liquidity position
* Resolution of governance related issues and strengthening of the
corporate governance architecture in the company and management
Negative factors
* Any further tightening of liquidity position
* Further directions from regulatory authorities impacting the
operations of the company
Key weaknesses
* SEBI order and governance issues: Pursuant to receipt of certain
complaints alleging inter-alia financial
mis-reporting/irregularities by promoters and management of the
Company and the resignation of the Company's statutory auditor,
viz. Deloitte Haskins and Sells citing various corporate governance
issues including fraud relating to irregularities and
inconsistencies in financial statements and books of accounts of
the Company, SEBI had initiated an investigation and Grant Thornton
was appointed as forensic auditor. In this regard, SEBI has issued
a final order which gave certain directives and penalties to the
company and its officials - Mr. Suresh Venkatachari, Mr. R S Ramani
and Mr. Gurumurthy Jayaraman. Following this order, Mr. Suresh
Venkatachari, promoter has stepped down as the CEO and will now
hold the position of President without any involvement in any
policy decision making. The impact of the order and penalties on
operations and liquidity is yet to be seen and continues to be
critical from a credit perspective.
* Operational losses in FY22 and H1FY23: The company has been
incurring losses at operational level due to increased R&D spending
while the revenue from the same is expected to accrue over a period
of time. The company has spent about INR50 crore in R&D in FY22 as
against INR27 crore in FY21. Further, employee costs have also seen
a significant increase over the past 2 years. With the scale
continuing to being modest, the increase in costs has led to losses
for the company.
* Modest financial risk profile marked by negative tangible
net-worth: The company's scale remained moderate with a revenue of
INR350-400 crore over the past three years. The company's Tangible
Net-worth has also seen an erosion after the write-off INR624.95
crore of exceptional item in its Profit and Loss statement in FY20.
The major portion of the write-off was INR520.65 crore of
internally developed software which was earlier being capitalized.
While the tangible net-worth has seen some improvement in FY22 and
FY23 with the IPO and share issues in its step-down subsidiary in
US (Healthcare Triangle Inc; HCTI) and conversion of share warrants
of Mr Suresh Venkatachari, the Tangible Net-worth continues to be
negative due to continued losses. The net-worth including
intangible assets and goodwill was at INR107.30 crore as on March
31, 2022 as against INR40.97 crore as on March 31, 2021.
* Concentration in terms of geography: The company caters to USA
market primarily. In FY22, 98% of the consolidated revenue is from
the USA as against 95% in FY20 and 89% in FY19. This high
dependence on USA for revenue exposes the company to geographical
concentration risk especially with immigration issues and higher
employee costs. A slowdown in the US economy would impact the IT
spending of the clients in these geographies thereby impacting the
company. However, presence in the healthcare segment would mitigate
this to a certain extent. The company has been taking efforts to
diversify the geographical presence with company starting
operations in Singapore as well.
* Presence in highly competitive industry: The company has a
relatively moderate scale of operations in a highly competitive
industry which would restrict the company's bargaining power with
high value clients. It faces competition from IT giants and other
small-scale players. This leads to inherent industry risks like
non-ability to undertake large sized projects, employee attrition
and wage inflation. The company is also exposed to risks of
regulatory framework and immigration policy changes in USA. All of
the above would put pressure on the margins of the company.
Key strengths
* Domain and Industry expertise coupled with tie-ups with public
cloud enterprises: SecureKloud is focussed in cloud transformation
and data pipeline management services. Since its inception, the
company has developed in-house patented softwares such as CloudEz
platform and has continued to develop technology platforms like
DataEz, readbl.ai, blockedge.io and CloudAuth etc. Furthermore, the
company has also tied up as a service partner with public cloud
system providers such as AWS, Azure, Google Cloud Services, IBM
Smart Cloud and VMWare. Being in a highly regulated vertical like
healthcare, SecureKloud also has expertise and certified in
regulatory compliances such as HIPAA (Health Insurance Portability
and Accountability Act), HITRUST and GxP.
* Efforts for revenue growth: The company provides software
services (strategic advisory, implementation, and development
services), Managed Services and Support (post implementation
support and cloud hosting services) and platform services
(solutions delivery model). The Company has shifted its focus more
towards Managed Services and Support and Platform Services which is
of recurring nature when compared to Software Services segment
which is of non-recurring nature. The R&D the company has incurred
over the past two years is also towards improving its platform
services which would also provide recurring revenue for the company
with low additional costs. The improvement in revenue and margins
as a result of these efforts is expected over the next 2-3 years.
Liquidity: Poor
The liquidity of the company remained stretched with high working
capital utilisation at about 90% for the twelve months ended
November 2022. At consolidated level, the company's cash accruals
remain negative due to the R&D expenses, however these are funded
out of IPO and equity infusion at the step-down subsidiary level.
The company had free cash and bank balance of ₹ 36.97 crore as on
September 30, 2022 on a consolidated level. At a standalone level,
the company has started making positive GCA with INR1.7 crore in
H1FY23. The company's long term debt obligation as on March 31,
2022 stood at INR49.86 crore out of which INR41.29 crore is
unsecured loan from its erstwhile promoter, Mr. R S Ramani and has
been reduced to INR31.37 crore as on September 30, 2022. This was
paid out of the proceeds of share warrants of Mr. Suresh
Venkatachari converted of about INR9.18 crore in FY23. The company
had reported delays in monthly interest payment with regards to the
loan from Mr. R S Ramani from September 2022, however it has been
regular in servicing the debt obligations to bank.
SecureKloud Technologies Limited (SecureKloud) was originally
promoted as 8K Miles Software Services Limited by Mr Venkatachari
Suresh, Mr R. S. Ramani and Mr M. V Bhaskar in the year 2008. The
company provides software services (strategic advisory,
implementation, and development services), Managed Services and
Support (post implementation support and cloud hosting services)
and platform services (solutions delivery model). The company has
technological partnerships with Amazon Web Services, Microsoft
Azure, IBM, Google Cloud Platform and CA Technologies. They are one
of the preferred managed service partners for Amazon Web Services.
SUPERNOVA TECHNOLOGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Supernova Technologies Private Limited
Arvind House, New Sewree Police Station,
Quay Street, Mazgaon
Mumbai - 400010
Insolvency Commencement Date: January 21, 2023
Estimated date of closure of
insolvency resolution process: July 20, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Jignesh Ajit Ganatra
701, Sai Heritage CHS.,
Opp. Ebenezer Society, Ashok Nagar,
Nahur Road, Mulund (W),
Mumbai-400 080
Email: ganatraj@gmail.com
Email: supernovacirp@gmail.com
Last date for
submission of claims: February 4, 2023
SVSVS PROJECTS: ICRA Lowers Rating on INR48cr LT Loan to D
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of SVSVS
Projects Private Limited (SPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Long-term– 48.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating downgraded from
Others [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.
Impact of material event The rating is based on limited information
on the entity's performance since the time it was last rated on
November 2, 2021.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
SVSVS Projects Private Limited (SPPL) is a Hyderabad based
construction company engaged in executing construction of roads,
bridges, dams, buildings and irrigation works. The company is
currently executing projects on construction and maintenance of
roads for Road Construction Department of Bihar and Andhra
Pradesh.
VARUN ENTERPRISES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Varun Enterprises in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2009, Varun Enterprises is a proprietorship
concern, managed by Mr. Karthik K, having more than a decade's
experience in the trading business. The firm trades in cables,
wires and other electrical fittings, and is an authorised
distributor of KEI Industries Limited, Hager Electro Private
Limited, Jaguar & Company Private Limited and Indo Asian Switchgear
Private Limited in Karnataka. Varun's customers primarily include
electrical contractors and property developers based out of
Bengaluru.
VENKATESWARA AEROSPACE: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Sri
Venkateswara Aerospace (Private) Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.600 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.06 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 20.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
Others under issuer not cooperating
category
Long Term/ 1.34 [ICRA]B(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1998, Sri Venkateswara Aerospace (Private) Limited
is involved in the business of manufacture of various sub
assemblies and spare components for the aerospace and defence
sector. The company has a manufacturing unit in Anciliary
Industrial Estate in Ramchandrapuram, Hyderabad and a second unit
in Maheshwaram Mandal in the outskirts of Hyderabad. The company is
managed by Mr. C. Satyanarayana Reddy and his son Mr. C. Sandeep
Reddy. The company's clients include laboratories that form a part
of ISRO, DRDO etc.
VINIMAY PRIVATE: ICRA Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Jain
Vinimay Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B- (Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 2.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Jain Vinimay Private Limited was incorporated in 2004 and the
company started its operation in August 2011. The company is
involved in the manufacturing of cold rolled formed (CRF) sections,
which cater to railway wagon makers. The manufacturing facility is
located at Sankrail, West Bengal.
VISAKHAPATNAM PORT: ICRA Reaffirms B- Rating on INR91.51cr Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Visakhapatnam Port Logistics Park Limited (VPLPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 91.51 [ICRA]B-(Stable) reaffirmed
Fund-based–
Term loan
Rationale
The rating reaffirmation considers VPLPL's weak financial profile
because of its small scale of operations, sizeable debt repayments
relative to the expected cash flow generation and the stated policy
of its parent, Balmer Lawrie & Company Limited (BLCL, rated
[ICRA]AA+/Stable/A1+), of not extending any financial support to
VPLPL at present. ICRA notes that VPLPL, which has developed a
multi-modal logistics hub (MMLH) at Visakhapatnam port, has
received the Letter of Intent (LOI) to operate a container freight
station (CFS) in November 2022 and is expected to receive the final
licence shortly. At present, the revenue sources of the company are
limited to rental receipts from the warehouse, open storage area,
cold storage and charges for using the railway siding, which are
expected to significantly increase once CFS starts operations. In
the current year, revenues are expected to be ~INR13-14 crore with
an operating margin of ~60%. Going forward, with the commencement
of CFS operations, the scale is expected to significantly increase,
given the experience of the parent entity in the logistics
industry. However, the expected cash generation is likely to remain
inadequate relative to the debt servicing requirement, thus
adversely impacting the already stretched liquidity position. In
FY2023, the company serviced its debt obligation by using the
operational cash flows and utilising a portion of the debt
servicing reserve account (DSRA). Going forward, till the CFS
operations are not stabilised, cash flows will remain low, leading
to inadequate liquidity position to service its debt obligations
and will remain a key rating monitorable.
Key rating drivers and their description
Credit strengths
* Established track record of parentsin logistics industry: VPLPL
is a joint venture of BLCL with a 60% stake and Visakhapatnam Port
Trust (VPT) with a 40% stake. BLCL is a mini-ratna public sector
company under the administrative control of the Ministry of
Petroleum and Natural Gas and has diversified operations across
industrial packaging, grease and lubricants, leather chemicals,
travel and vacations, logistics and refinery and oil field
services. As a part of its logistics vertical, BLCL operates CFS in
Chennai, Kolkata and Navi Mumbai. Over the medium-to-long term,
VPLPL stands to benefit from BLCL's existing relationships with
players in the logistics business.
* Expected increase in scale post the receipt of CFS licence: The
company achieved revenues of INR14 crore in FY2022, which is
expected to remain steady in the current year. VPLPL has received
the LOI for setting up the CFS in November 2022 and is expected to
receive the final licence shortly. After receiving the licence, the
scale is expected to increase significantly. However, successful
ramp-up of operations, resulting in improved cash flows, will be a
key monitorable.
Credit challenges
* Weak financial profile and sizeable debt repayments: VPLPL's
financial profile is weak, characterised by cash losses till
FY2021 and minor cash profits in FY2022. Moreover, the debt
repayments started from September 2022. The company serviced its
debt by using operational cash flows and utilising a portion of
DSRA in the current year. Post the expected commencement of CFS,
while the scale and profits are expected to increase in FY2024, the
cash generation is likely to remain inadequate relative to the
debt-servicing requirement, adversely impacting the already
stretched liquidity.
* Small scale of operations: VPLPL's scale of operation remains
small with an operating income of INR14 crore in FY2022 and
expected to remain steady in FY2023. The revenues are now
restricted to rental receipts from the warehouse, open storage
area, cold storage and charges for using the railway siding. Timely
receipt of the CFS licence, along with the ramp-up of CFS
operations, would remain a key monitorable.
Liquidity position: Stretched
The company's liquidity profile is stretched, characterised by high
debt repayments and interest expenses in the near term against weak
internal cash flows. While the company had maintained DSRA of INR3
crore as on March 31, 2022, a portion of the same has been used in
debt servicing in a timely manner in the current year. Going
forward, the liquidity is expected to remain stretched, given the
ballooning repayment structure and cash generation is expected to
remain inadequate.
Rating sensitivities
Positive factors – ICRA may upgrade VPLPL's rating upon ramp-up
of CFS operations post the receipt of licence, significantly
improving the cash accruals and profitability.
Negative factors – A rating downgrade is likely if the company is
unable to scale up its operations from the current level and
improve its profitability.
VPLPL is a joint venture between BLCL with a 60% stake and VPT with
a 40% stake. VPLPL was incorporated in 2014 to develop a
multi-modal logistics hub at Visakhapatnam port. The project
achieved the commercial operation date (CoD) in October 2019.
VODAFONE IDEA: Shares Surge After US$2 Billion Debt Conversion
--------------------------------------------------------------
Reuters reports that shares of Vodafone Idea Ltd jumped nearly 25%
on Feb. 6 after the Indian government allowed the carrier to
convert the $2 billion interest on dues owed to the sovereign into
equity, which could free up some cash flows in the near term.
India had in 2021 approved a bailout package for the debt-strapped
telecom companies, allowing them to convert interest on deferred
adjusted gross revenue owed to the government into equity, the
report recalls.
Vodafone Idea decided to avail that option and will issue 16.13
billion shares at INR10 a piece worth INR161.33 billion ($1.95
billion), the mobile carrier said late on Feb. 3.
The company's shares surged as much as 24.8% to INR8.55, to log
their best intra-day percentage gain in 16 months.
The government's nod comes after a "firm commitment" from the
co-promoter Aditya Birla Group to run the company and bring
necessary investment, India's telecom Minister Ashwini Vaishnaw
said in a statement on Feb. 3, according to Reuters.
"Despite dilution of shares, we consider the government debt
conversion to be near-term positive for Vodafone Idea as it would
free some cash-flows," Reuters quotes BofA Securities analysts as
saying in a note.
Vodafone Idea, a joint venture between Britain's Vodafone Group and
Aditya Birla Group's Idea Cellular, was formed in 2018 to take on
the intense price war unleashed by billionaire Mukesh Ambani's
wireless venture Reliance Jio.
Jio's price competition erased the profits of rivals, pushing the
industry into losses, the report states.
Reuters adds that the move by the government will only reduce about
7% of the company's INR2.2 trillion outstanding debt as of
September 2022, which would result in no immediate free cash flow
savings, Goldman Sachs analysts said in a note.
"Given the elevated debt profile, continued market share erosion
and meaningful network gap versus peers, we see a low probability
of Vodafone Idea raising a meaningful amount of external capital,"
Goldman analysts said.
Vodafone Idea Limited operates as a telecom service provider. The
Company offers 2G, 3G, and 4G mobile services, as well as mobile
payments, advanced enterprise offerings, and entertainment.
Vodafone Idea serves customers in India.
=========
J A P A N
=========
TOSHIBA CORP: Bidder Set to Win Commitments for US$10.6BB Loan
--------------------------------------------------------------
Bloomberg News reports that top Japanese banks are going to issue
commitment letters for a JPY1.4 trillion (US$10.6 billion) loan
that backs a Japan Industrial Partners-led (JIP) consortium's
takeover offer for Toshiba, according to people familiar with the
matter.
Lenders including Sumitomo Mitsui Financial Group have agreed to
issue the letters this week, said the people, who asked not to be
identified as the information is private, Bloomberg relates.
The banks are still demanding senior positions in Toshiba's
management for their representatives, should a takeover happen, the
people said.
Sumitomo Mitsui will commit to lending about JPY515 billion, while
Mizuho Financial Group will offer JPY460 billion in borrowing, the
people said. Sumitomo Mitsui Trust Holdings, Mitsubishi UFJ
Financial Group and Aozora Bank are also participating in the loan,
they added, Bloomberg relays.
According to Bloomberg, securing financing support from banks is a
crucial step in the JIP-led consortium's proposed takeover of
Toshiba, one of Japan's most iconic companies with businesses
ranging from nuclear reactors to power grids and refrigerators.
The lenders were initially looking to sign off by end-December on
the syndicated loan. Those negotiations were previously stalled
because of issues including covenants and collateral, Bloomberg
News has reported.
The discussions picked up again in the new year though they
extended the deadline last week, people familiar with the matter
have said.
JIP has also been in talks for about 1 trillion yen of financing
from 20 potential co-investors including chip maker Rohm and
financial services firm Orix, Bloomberg News has reported.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
=====================
N E W Z E A L A N D
=====================
GARDON LIMITED: D. C. Parsons Appointed as Liquidator
-----------------------------------------------------
Dennis Clifford Parsons of Indepth Forensic Limited was appointed
as liquidator of Gardon Limited on Feb. 3, 2023.
The company's liquidator may be reached:
D. C. Parsons
Indepth Forensic Limited
38 East Street
Claudelands, Hamilton 3214
JACKSCO CIVIL: Construction Firm Goes Into Liquidation
------------------------------------------------------
Stuff.co.nz reports that an Auckland-based construction firm and
building equipment supplier has gone bust, with recent weather
events noted as a contributing factor.
Jacksco Civil's phone number was not answered on Feb. 7 and the
company's website had been taken down, but records on The Wayback
Machine internet archived show in January the company claimed to
have more than 100 employees, Stuff says.
According to Stuff, liquidators Christopher McCullagh and Stephen
Lawrence wrote in their first report that the director had advised
the company suffered delays in completing contracts due to the
Covid-19 pandemic, staffing issues and more recently, weather
conditions.
"This led to significant cost increases on projects, resulting in
significant losses being incurred on some projects," the report
said.
"As a result, the company's cash reserves were depleted. Given the
slowdown in the construction industry, cash reserves seemed
unlikely to recover.
"Therefore, the company's shareholder resolved to put both Jacksco
and the company into liquidation, to conduct their orderly
wind-up."
Jacksco Civil utilised plant and equipment owned by the related
company, Jacksco, which was also put into liquidation, Stuff
notes.
Jacksco Civil was estimated to have a little over NZD3.7 million in
assets at the time of liquidation, which did not include the value
of materials, which was not yet known, Stuff discloses.
Jacksco Civil owed the Inland Revenue (IR) a little over
NZD350,000, more than NZD5.4 million to ASB, and a little over
NZD3.2 million to unsecured creditors, which included material
suppliers and tradespeople.
Jacksco, which also owned a civil construction plant, was estimated
to have assets of just over NZD2.15 million, although a large chunk
of this was in the form of a loan receivable from Jacksco Civil,
according to Stuff.
Stuff says the company was estimated to have more than NZD5.95
million in motor vehicles, machinery, portable buildings and
specialised equipment, although these were secured by the way of a
general security agreement.
The company owed ASB more than NZD5.4 million, owed IR more than
NZD132,000, and owed unsecured creditors over NZD422,000.
According to Stuff, Mr. Lawrence said he would be making no further
comment on the liquidation at this point.
Both companies list Simon Jacks as the sole director, and the
Jacksco website also lists him as the general manager.
PROPERTY SALES: McDonald Vague Appointed as Receivers
-----------------------------------------------------
Iain McLennan and Boris van Delden of McDonald Vague Limited on
Feb. 3, 2023, were appointed as receivers and managers of Property
Sales Direct Limited.
The Receivers and Managers may be reached at:
McDonald Vague Limited
Level 1, 136 Greenlane East
Greenlane, Auckland
PROTEMPO LIMITED: McGrathNicol Appointed as Receivers
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Conor John McElhinney and Kare Johnstone of McGrathNicol on Feb. 2,
2023, were appointed as receivers and managers of the property of
Protempo Limited.
The Receivers and Managers may be reached at:
McGrathNicol
Level 17
41 Shortland Street
Auckland
TRANSPORT ENGINEERING: Creditors' Proofs of Debt Due on March 3
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Creditors of Transport Engineering Limited are required to file
their proofs of debt by March 3, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 2, 2023.
The company's liquidator is David Thomas.
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S I N G A P O R E
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GEOSHIPPING PTE: Members' Final Meeting Set for March 9
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Members and creditors of Geoshipping Pte Ltd will hold their final
general meeting on March 9, 2023, at 2:00 p.m., at 141 Cecil
Street, #10-01 Tung, Ann Association Building, in Singapore.
At the meeting, Oscar Kong Ming Fai and Jeremy Kong Ming Tat, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
HODLNAUT PTE: Potential Buyers Circle Firm and its FTX Claims
-------------------------------------------------------------
Bloomberg News reports that potential buyers are inquiring about
purchasing the struggling crypto lender Hodlnaut and its claims
against bankrupt digital-asset exchange FTX.
"Various parties who are interested in acquiring" Singapore-based
Hodlnaut's crypto platform and FTX claims have contacted the
interim judicial managers overseeing the company after it sought
protection from creditors, according to an affidavit seen by
Bloomberg News.
The judicial managers are in the process of signing non-disclosure
agreements with the potential investors, the document shows. The
affidavit indicates that as of Dec. 9 Hodlnaut Group owed a
combined $160.3 million, or 62% of outstanding debt, to Algorand
Foundation, Samtrade Custodian, S.A.M. Fintech and Jean-Marc
Tremeaux.
Hodlnaut, which also has operations in Hong Kong, halted
withdrawals in August amid last year's crypto rout - one of many
lenders to hit the buffers. FTX accounted for about 72% of the
digital assets the platform deployed on centralized exchanges, with
an estimated market value of SGD18.5 million, according to a
November filing cited by Bloomberg.
Last month, key Hodlnaut creditors rejected a proposed
restructuring plan and said they preferred to liquidate the
company.
About Hodlnaut Trading
Hodlnaut Trading Limited -- https://www.hodlnaut.com/ -- is a
Singapore-based platform that provides innovative financial
services for individual investors who can earn interest on their
cryptocurrencies.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
6, 2022, the Singapore High Court granted judicial management to
Hodlnaut, giving the struggling crypto lender additional breathing
space to come up with a recovery plan. According to Bloomberg,
Justice Aedit Abdullah approved Angela Ee and Aaron Loh of EY
Corporate Advisors Pte as the interim judicial managers, Hodlnaut
said in a statement on its website on Aug. 30. In an earlier
application, Hodlnaut had proposed Tam Chee Chong of Kairos
Corporate Advisory Ltd. as the interim judicial manager. The court
announced the decision on Aug. 29, Hodlnaut added.
The TCR-AP reported in late January 2023 that key creditors of
Hodlnaut rejected a proposed restructuring plan and prefer to
liquidate the company. They said their interests are best served
by winding the firm up, according to a Jan. 11 filing by Hodlnaut's
court-appointed interim judicial managers seen by Bloomberg News.
LI JIE CONSTRUCTION: Creditors' Meeting Set for Feb. 21
-------------------------------------------------------
Li Jie Construction Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on Feb. 21, 2023, at 11:00
a.m., via videoconference.
Agenda of the meeting includes:
a. to receive an update on the status of the liquidation of the
Company; and
b. Any other business
The company's liquidator is:
Ng Suan Chiok
c/o 2 Venture Drive
#11-18 Vision Exchange
Singapore 608526
RISING ENGINEERING: Creditors' Meeting Set for Feb. 20
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Rising Engineering Pte Ltd will hold a meeting for its creditors on
Feb. 20, 2023, at 3:00 p.m. via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company’s affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint liquidator;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
UNIPRO SOFTWARE: Court to Hear Wind-Up Petition on Feb. 24
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A petition to wind up the operations of Unipro Software Pte Ltd
will be heard before the High Court of Singapore on Feb. 24, 2023,
at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Feb. 3,
2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
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S R I L A N K A
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SRI LANKA: Bondholders Ready for Debt Restructuring Talks
---------------------------------------------------------
Reuters reports that a group of overseas private creditors is ready
to hold debt restructuring talks with Sri Lanka consistent with the
International Monetary Fund's programme, their legal adviser said
on Feb. 3.
The group "stands ready to engage quickly and effectively with the
Sri Lankan authorities to design and implement restructuring terms
that would help Sri Lanka restore debt sustainability and allow the
country to re-gain access to the international capital markets,"
the creditor's legal adviser said in a letter to the
Washington-based lender, Reuters relates.
Global investment companies Amundi Asset Management, BlackRock, HBK
Capital Management, Morgan Stanley Investment Management and T.
Rowe Price Associates Inc. are among the group of around 30
creditors.
Reuters notes that the combination of the pandemic, which ruined
the tourist sector, the Ukraine war, which drove up the price of
imported fuel and food, and economic mismanagement pitched the
Indian Ocean island of 22 million people into its worst financial
crisis in more than seven decades. And having run out of foreign
currency to pay for basic imports, Sri Lanka defaulted on its
foreign debt in May.
The country secured a preliminary deal on a $2.9 billion extended
fund facility with the IMF in September, though no funds have been
disbursed yet because the bailout has to be approved by the Fund's
executive board, the report states.
To unlock IMF's cash disbursements, the government first needs to
secure financing assurances from key bilateral lenders such as
Japan, India and China. While India committed to help ease the debt
burden of neighbour as part of the IMF programme, China's EximBank
only offered a two-year moratorium, a move that for the United
States is not enough. The United States has the biggest share of
IMF votes.
The Paris Club of creditor nations, which includes Japan as a
second major lender to Sri Lanka, will provide financing assurances
in line with the Fund's bailout, people with direct knowledge told
Reuters on Feb. 2.
According to Reuters, Sri Lanka has to restructure debt payments of
about $13 billion on 11 outstanding bonds, approximately 50% of its
total foreign currency debt.
The group represents around 60% of all Sri Lanka's international
bondholders, according to a person close to the creditors, who
asked not to be named because details on the group composition are
not public, Reuters relays.
Bondholders have also called for Sri Lanka's domestic debt to be
"reorganised in a manner that both ensures debt sustainability and
safeguards financial stability," the statement added.
They also requested the opportunity to express their views on the
"overall design" of the IMF program, it added.
"The bondholders appear to be indirectly seeking a domestic debt
restructuring, which Sri Lanka is yet to agree to," Reuters quotes
Udeeshan Jonas, chief strategist at CAL Group, as saying.
"The requirement seems to be more tilted towards reprofiling the
domestic debt through maturity extensions rather for coupon or
principal haircuts," he added.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.
Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its US$12.6 billion pile of foreign
debt to preserve cash for essential goods.
That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world in 2022 and trade deep
in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.
Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.
On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.
Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with
creditors.
As reported in the Troubled Company Reporter-Asia Pacific in
December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below. Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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*** End of Transmission ***