/raid1/www/Hosts/bankrupt/TCRAP_Public/230215.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 15, 2023, Vol. 26, No. 34
Headlines
A U S T R A L I A
ALAN STEGGLES: Second Creditors' Meeting Set for Feb. 21
BIG UN: Former CEO Charged With Insider Trading
CONCEPT MARKETING: First Creditors' Meeting Set for Feb. 22
EQ CONSTRUCTIONS: Enters Administration Owing Up to AUD50MM
FOURTEEN CONSULTING: First Creditors' Meeting Set for Feb. 21
GRIFFIN COAL: WA Offers AUD19.5 Million to Keep Mine Operational
OPAL AUSTRALIA: To Close With Loss of Up to 200 Jobs
RETURNED & SERVICE: First Creditors' Meeting Set for Feb. 20
SAI LAM: First Creditors' Meeting Set for Feb. 22
I N D I A
1TO1 HELP: Voluntary Liquidation Process Case Summary
AB SOYA: Voluntary Liquidation Process Case Summary
ADANI GROUP: Taps Grant Thornton for Independent Audits
ALEXANDER ASSOCIATES: Voluntary Liquidation Process Case Summary
CAC INDIA: Voluntary Liquidation Process Case Summary
CANGO NETWORKS: Voluntary Liquidation Process Case Summary
CHARTERED INSTITUTE: Liquidation Process Case Summary
DIFFERENTIATED & SUSTAINABLE: CARE Keeps C in Not Cooperating
EVERSHINE SOLVEX: Liquidation Process Case Summary
GANGOTRI MANAGEMENT: Voluntary Liquidation Process Case Summary
GANGZUR ADVENTURE: Voluntary Liquidation Process Case Summary
GLOBAL AUTOMOBILES: Voluntary Liquidation Process Case Summary
GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
GTP TUNGSTEN: L iquidation Process Case Summary
HARI EQUIPMENTS: CARE Keeps D Debt Ratings in Not Cooperating
IL&FS SECURITIES: CARE Reaffirms D Rating on INR525cr ST Loan
INDUSTRICALS ONLINE: Liquidation Process Case Summary
INEXO CAST: ICRA Withdraws B+ Rating on INR5.0cr LT Loan
J.K. LUNGIE: Voluntary Liquidation Process Case Summary
JAIPRAKASH ASSOCIATES: CARE Reaffirms D Rating on LT Loan
KAMBALA HOSPITALITY: Liquidation Process Case Summary
KARANJA TERMINAL: ICRA Lowers Rating on INR406.48cr LT Loan to D
KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating
LEXUS GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
MADARKHAT TEA: CARE Keeps C Debt Rating in Not Cooperating
MAHARAJA PAPER: CARE Keeps C Debt Rating in Not Cooperating
MANPASAND MARKETING: Voluntary Liquidation Process Case Summary
MCLEOD RUSSEL: Khaitans to Thwart Firm's Insolvency Process
MILSHA AGRO: ICRA Lowers Rating on INR9.75cr LT Loan to D
MONDAL CYBERNETICS: Liquidation Process Case Summary
PATIDAR EXIM: Liquidation Process Case Summary
PLUTUS INFRAVENTURES: Liquidation Process Case Summary
PROTHOM INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating
RADHA KRISHNA: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
RAM PROTEINS: ICRA Places B+ Debt Ratings on Watch Negative
SAISONS TRADE: CARE Lowers Rating on INR35cr LT Loan to D
SALELINK ECOM: Liquidation Process Case Summary
SALEM DISTRICT: ICRA Withdraws B+ Rating on INR60cr LT Loan
SARDA AGRO: Liquidation Process Case Summary
SGS MARINE: CARE Lowers Rating on INR14cr LT Loan to D
SHIRANI AUTOMOTIVE: Liquidation Process Case Summary
SREEREDDY PROPERTIES: CARE Cuts Rating on INR5.34cr LT Loan to D
SREI GROUP: Kanorias' Offer to Pay Off Dues Rejected
SUPRA PETRO: Liquidation Process Case Summary
SV SVS PROJECTS: Liquidation Process Case Summary
TAPSTIA INDUSTRIAL: Liquidation Process Case Summary
URBANEDGE HOTELS: ICRA Withdraws C+ Rating on INR54.37cr Loan
VHV BEVERAGES: CARE Keeps D Debt Rating in Not Cooperating
VIDARBHA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
VINKED CLOTHS: Voluntary Liquidation Process Case Summary
VIOM INFRA: Liquidation Process Case Summary
VISA RESOURCES: Liquidation Process Case Summary
WELWORTH SOFTWARE: Liquidation Process Case Summary
YOJANA POULTRY: ICRA Moves B+ Debt Ratings to Not Cooperating
N E W Z E A L A N D
BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category
C. & E. LIMMER: Court to Hear Wind-Up Petition on Feb. 24
GENIUS RESIDENTIAL: Creditors' Proofs of Debt Due on March 8
GREENBELL ENVIRONMENTAL: Creditors' Proofs of Debt Due on March 24
NASHCON LIMITED: Creditors' Proofs of Debt Due on Feb. 24
SAVVY MARKETING: Creditors' Proofs of Debt Due on April 9
SMILING FACE: Zespri Moves to Liquidate Illegal Kiwifruit Grower
S I N G A P O R E
25SNAP PTE: Court to Hear Wind-Up Petition on Feb. 24
APEX PRINTING: Court to Hear Wind-Up Petition on Feb. 24
GOLDEN MOUNTAIN: Mann & Associates Appointed as Judicial Manager
HSI MEDICAL: Court to Hear Judicial Management Bid on Feb 20
TDI INTERIOR: Court to Hear Wind-Up Petition on March 3
S R I L A N K A
SRILANKAN AIRLINES: S&P Cuts Rating on Gov't-Guaranteed Bond to 'D'
- - - - -
=================
A U S T R A L I A
=================
ALAN STEGGLES: Second Creditors' Meeting Set for Feb. 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of Alan Steggles
Potato Processing Pty Ltd has been set for Feb. 21, 2023 at 11:00
a.m. at Apollo 1 Room, Best Western Plus Apollo International
Hotel, 290 Pacific Highway in Charlestown and via virtual meeting
technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 20, 2023 at 5:00 p.m.
Adam Shepard of Setter Shepard was appointed as administrator of
the company on Jan. 16, 2023.
BIG UN: Former CEO Charged With Insider Trading
-----------------------------------------------
The former CEO of Big Un Limited, Mr. Richard Evans, also known as
Richard Simon Evertz, has appeared via his lawyer in the Downing
Centre Local Court charged with insider trading.
ASIC alleges that Mr. Evans communicated inside information about
Big Un to a shareholder on or around Jan. 10, 2017. The information
concerned the number of customers who had already been onboarded to
purchase Big Un's promotional 'TV Show' package at a cost of
AUD12,000, together with a AUD20 million funding arrangement with
'Finstro', a product of Sydney-based financier First Class Capital,
which allowed customers to make this purchase on deferred payment
terms.
Big Un was one of the top performing shares listed on the ASX in
2017. Its shares were suspended from trading in February 2018 after
information about Big Un's funding arrangement with First Class
Capital was released. Big Un was placed in voluntary administration
and delisted from the exchange in August 2018. It is now in
liquidation.
The matter has been listed for mention at the Downing Centre Local
Court on April 11, 2023.
The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions following a referral from ASIC.
ASIC's investigation concerning Big Un and its officers and
executives is ongoing.
Communicating inside information is an offence under section
1043A(2) of the Corporations Act. At the time of the alleged
offending, the maximum penalty was 10 years imprisonment and/or a
fine of 4,500 penalty units or, if the court can determine the
total value of the benefits that have been obtained by one or more
persons and are reasonably attributable to the commission of the
offence, three times that total value. The maximum penalty is now
15 years imprisonment and/or a fine of 4,500 penalty units.
ASIC has previously taken action against the auditor of Big Un, Mr
Graham Rothesay Swan, who was convicted for failing to conduct the
2017 audit of Big Un Limited in compliance with auditing standards.
The Companies Auditors Disciplinary Board (CADB) also suspended the
registration of Mr. Jakin Leong Loke for 12 months due to his
involvement in the 2017 audit of Big Un.
CONCEPT MARKETING: First Creditors' Meeting Set for Feb. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Concept
Marketing Pty Ltd will be held on Feb. 22, 2023, at 11:00 a.m. at
the offices of WA Insolvency Solutions, Level 6, 109 St Georges
Terrace in Perth and via teleconference facilities.
Jimmy Trpcevski and David Hurt of WA Insolvency Solutions were
appointed as administrators of the company on Feb. 10, 2023.
EQ CONSTRUCTIONS: Enters Administration Owing Up to AUD50MM
-----------------------------------------------------------
News.com.au reports that a major apartment developer in NSW has
collapsed owing at least AUD40 million to AUD50 million with the
construction industry continuing to be impacted by a crisis that
began playing out last year.
EQ Constructions - which was responsible for a number of large
projects including high rise apartments and luxury apartment blocks
- went into administration earlier this month.
Shumit Banerjee from Westburn Advisory has been appointed to handle
the administration and told news.com.au that there are between 400
to 500 creditors owed money, while there are also current projects
in various states of completion.
"There are ongoing projects and these are at different stages -
some are at defect liability period and some halfway through, so
it's a mixed bag," news.com.au quotes Mr. Banerjee as saying.
"There's quite a major project in Bowral, there's a large apartment
block in Parramatta and the rest are scattered throughout NSW.
"The director is looking to restructure the company and offer a
deed of company arrangement and no staff have been laid off - there
are approximately 40-odd staff."
The company, which had been in operation for more than five years,
had been impacted by "historical" factors, Mr. Banerjee said.
"Based on what I know, there a lot is historical events where they
haven't recovered from the impacts of Covid, incremental weather
and the shutdown during Covid had an impact on their revenue
stream, so that is a large portion of the issues," he said, note
the report. "We are trying to work extremely hard to ensure that
everyone keeps their job and employees receive the highest possible
return."
EQ Constructions' website and Facebook account currently appear to
be unavailable.
Back in 2018 the company, which is also known as EQ Projects,
reportedly won the rights to build a AUD600 million residential
development in Sydney's inner city suburb of Zetland to construct
hundreds of apartments.
FOURTEEN CONSULTING: First Creditors' Meeting Set for Feb. 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fourteen
Consulting Services Pty Ltd will be held on Feb. 21, 2023, at 11:00
a.m. at Suite 38, 3 Box Road in Caringbah and via teleconference
facilities
Darren John Vardy of Insolvency Options was appointed as
administrator of the company on Feb. 10, 2023.
GRIFFIN COAL: WA Offers AUD19.5 Million to Keep Mine Operational
----------------------------------------------------------------
Rebecca Trigger at ABC News reports that the WA government said it
has offered a struggling overseas-owned coal miner almost AUD20
million to continue operations in a bid to protect the state's
electricity supply.
Griffin Coal went into receivership in September owing close to
AUD1.5 billion to creditors.
The WA government in December flagged it would offer Griffin Coal
some kind of bail out grant but had refused to disclose the amount,
ABC recalls.
Griffin Coal supplies the Japanese-owned Bluewaters Power station
which feeds into Western Australia's main electricity network, the
South West Interconnected System (SWIS).
According to ABC, on Feb. 14 State Development Minister Roger Cook
revealed to parliament the government had offered Griffin AUD19.5
million so far to ensure the stability of the electricity supply to
the state.
But he said the company had not yet drawn down on the fund.
"Griffin has a role to play in supporting a stable energy system
while we continue to transition away from coal-fired power
generation," ABC quotes Mr. Cook as saying.
"It is the McGowan Government's firm belief that Griffin Coal and
its receivers should come to a commercial arrangement with their
customers to pay a fair price for coal that will ensure longer term
stable operations.
"Commercial parties have not yet done so, requiring the state
government to take a proactive approach and seek a solution that
guarantees stability of operations, worker entitlements,
environmental obligations and a stable energy system.
"While ideally the government would not have to intervene in this
way, we will not put the stability of our energy system at risk."
ABC relates that Mr. Cook said the government expected the money to
be paid back to the government from operations revenue "once
commercial arrangements are resolved".
"Customers are expected to pay an appropriate price for coal that
reflects the true cost of production," Mr. Cook said.
Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing. Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth. The Company is
producing more than three million tons of coal per year. Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.
OPAL AUSTRALIA: To Close With Loss of Up to 200 Jobs
----------------------------------------------------
ABC News reports that Australia's last white paper manufacturer
will permanently close after months of speculation about the
company's future.
Documents seen by the ABC show Opal Australia, based in Maryvale in
Victoria's Latrobe Valley, will withdraw from the graphic paper
business.
While the documents don't show how many jobs will be lost, unions
believe about 200 people may become unemployed, ABC relates.
Opal Australian Paper manufactures fine printing and communication
papers, as well as packaging papers.
RETURNED & SERVICE: First Creditors' Meeting Set for Feb. 20
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Returned &
Service League of Australia will be held on Feb. 20, 2023, at 10:30
a.m. virtually at the office of Worrells at Suite 12, 36 Grafton
Street in Cairns.
John Joseph Goggin of Worrells was appointed as administrator of
the company on Feb. 8, 2023.
SAI LAM: First Creditors' Meeting Set for Feb. 22
-------------------------------------------------
A first meeting of the creditors in the proceedings of Sai Lam Taan
Pty Ltd will be held on Feb. 22, 2023, at 12:00 p.m. via virtual
Meeting on Zoom.
Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on Feb. 10, 2023.
=========
I N D I A
=========
1TO1 HELP: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: 1TO1 Help Circadian India Private Limited
No. 2728, Ground Floor, Adjacent ADE Compound,
80 Feet Road, HAL 2nd Stage,
Indira Nagar,
Banglore - 560038, Karnataka
Liquidation Commencement Date: January 9, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Venkata Subbarao Kalva
#41/1, 11th Cross, 8th Main,
2nd Block, Jayanagar, Bengaluru-560011
Email: subbaraocs@gmail.com
Mob: +91-8147238639
Last date for
submission of claims: February 8, 2023
AB SOYA: Voluntary Liquidation Process Case Summary
---------------------------------------------------
Debtor: AB. Soya Private Limited
House No 4, 2nd Floor Chander Lok,
Pitampura, New Delhi - 110034
Liquidation Commencement Date: January 17, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Deepak Gupta
607, 6th Floor, Rattan Jyoti Building,
Rajendra Place,
New Delhi-110008
Email: deepak@drassociates.org
Tel No: 011-45063990, 47775059
Last date for
submission of claims: February 16, 2023
ADANI GROUP: Taps Grant Thornton for Independent Audits
-------------------------------------------------------
Reuters reports that Adani Group has appointed accountancy firm
Grant Thornton for independent audits of some of its companies in a
bid to discredit claims by short-seller Hindenburg Research that
have battered its stocks and bonds, two people familiar with the
matter said on Feb. 13.
Reuters relates that the appointment marks the first major effort
by Adani Group to defend itself in the wake of a Jan. 24 report by
Hindenburg that accused it of improper use of offshore tax havens
and stock manipulation.
According to the report, the conglomerate, led by billionaire
Gautam Adani, has strongly denied the allegations but investors
remain concerned. Shares in the group's seven listed subsidiaries
have cumulatively lost about $120 billion in market value in the
last three weeks.
Adani Group said last week it was considering independent
evaluation of issues relating to legal compliance, related party
transactions and internal controls following the Hindenburg report,
Reuters relays. The appointment of Grant Thornton is reported in
Reuters for the first time.
Grant Thornton has been hired to conduct independent audits of some
Adani Group companies, said the sources, declining to be named as
the appointment is confidential.
One of the sources added that Grant Thornton would look at whether
related-party transactions at the Adani Group complied with
corporate governance standards, Reuters relays.
According to Reuters, Adani Group sought to reassure investors on
Feb. 13, saying it had strong cashflows, its business plans were
fully funded and that it was "confident in the continued ability of
our portfolio to deliver superior returns to shareholders."
But regulatory pressure has been increasing, the report says.
India's market regulator confirmed on Feb. 13 it was investigating
the report by Hindenburg, as well as market activity immediately
before and after the report was published, Reuters reports.
Reuters notes that the U.S. short-seller's report said it had
identified numerous "undisclosed related party transactions" by
both listed and private Adani companies, alleging it was in
violation of Indian disclosure laws.
In its rebuttal, Adani had said "all related party transactions are
at arm's length, properly disclosed and reviewed/audited by
statutory independent auditors," Reuters notes.
ALEXANDER ASSOCIATES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Alexander Associates Private Limited
26, Sultanpur Estate Mandi Road, Mehrauli,
New Delhi South West Delhi DL 110030India
Liquidation Commencement Date: January 6, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Atul Mital
163, Balco Apartments,
Plot No. 58, IP Extn.,
Patparganj, Delhi-110092
Email: a.mittalmc@gmail.com
Tel No: 9871830777
Last date for
submission of claims: February 5, 2023
CAC INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: CAC India Private Limited
175, Kagalwala House, 2nd Floor,
Vidyanagri Marg, Santacruz (E),
Behind Honda SR, Metro E,
Kalina, Mumbai - 40098,
Maharashtra, India
Liquidation Commencement Date: September 29, 2022
Court: NationaL Company Law Tribunal, Mumbai Bench
Liquidator: Shashikant Shravan Dhamne,
10, Shreeban, Opp. Police Ground,
F.C Road, Shivajinagar,
Pune-411016, Maharashtra,
Email: ssdhamne@yahoo.co.in
Tel No: 020-25665551
Last date for
submission of claims: October 29, 2022
CANGO NETWORKS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Cango Networks Private Limited
Old No.3, New No. 4, Cheran Street,
Rani Anna Nagar, Arumbakkam,
Chennai TN 600106 India
Liquidation Commencement Date: January 16, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Akhil Ahuja
B-29, Lower Ground Floor,
Lajpat Nagar III,
New Delhi - 110024
Email: caakhilahuja@gmail.com
Email: cango.Voluntary.liquidation@gmail.com
Tel No: 9911331599
Last date for
submission of claims: February 15, 2023
CHARTERED INSTITUTE: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Chartered Institute of Insurance and
Financial Services Private Limited
101, 1st Floor, Vindhya Commercial Complex,
Plot 1, Sector 11, CBD Belapur,
Navi Mumbai Thane Maharashtra 400614
Liquidation Commencement Date: January 9, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Bharat Ramakant Upadhyay
507, 5th floor, c2 Wing
Skyline Wealth Space, Skyline Oasis Complex,
Premier Road, Near Vidyavihar Station,
Ghatkopar- West, Mumbai -400086
Tel No: 9833284483
Email: brupadhyay@hotmail.com
Email: brupadhyay.irp@gmail.com
Last date for
submission of claims: February 7, 2023
DIFFERENTIATED & SUSTAINABLE: CARE Keeps C in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Differentiated & Sustainable Solutions LLP (DSSL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 11,
2021, placed the rating(s) of DSSL under the 'issuer
non-cooperating' category as DSSL 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. DSSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 27, 2022, October 7, 2022, October 17,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Differentiated & Sustainable Solutions LLP (DSSLLP) was established
as a partnership firm in December 2015 with an intention to develop
and manufacture differentiated products for the epoxy segments.
DSSLLP has developed and is planning to manufacture and market
Thermoset Systems - mainly Epoxy resin and Hardener formulations,
which finds application in the transportation, defence, electronic,
electricals, adhesives, and coating industry. Its products would
include Epoxy Resin Formulations, Polyurethane Formulations,
Benzoxazine Formulations, Hardener Formulations, Amine Hardeners -
Active Molecules, Resin - Active Molecules and others.
EVERSHINE SOLVEX: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/S Evershine Solvex Private Limited
Jalalabad Road, Muktsar,
Punjab - 152026 India
Liquidation Commencement Date: January 23, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Mr. Mohit Chawla
SCO 293536, First Floor,
Sector 22 C, Chandigarh - 160022
Email: ipservices@embeegroup.in
Email: ip.evershine@gmail.com
Last date for
submission of claims: February 22, 2023
GANGOTRI MANAGEMENT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Gangotri Management Private Limited
304, 3rd Floor, Bhanot Corner,
Pamposh Enclave,
Greater Kailash-I, New Delhi-110048
India
Liquidation Commencement Date: January 3, 2023
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Parveen Kaushik
H. No. 175, Ground Floor, Pocket-22,
Sector-24, Rohini,
New Delhi-110085
Email: Praveen.liquidatorgangotri@gmail.com
Mobile No: 9811717900
Last date for
submission of claims: February 2, 2023
GANGZUR ADVENTURE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Gangzur Adventure Lodge Private Limited
89, Upper Namshan Stok Jammu
and Kashmir Leh- LH 194101 India
Liquidation Commencement Date: January 10, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: A903, Reflections Society, Dange Chowk
Near Shell Petrol Pump, Wakad, Pune-411033
Email: liquidatorgangzur@gmail.com
Mobile No: +91 9665022275
Last date for
submission of claims: February 9, 2023
GLOBAL AUTOMOBILES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: SRI Global Automobiles Limited
Plot No. 3, 2n Floor, IDA
Ramanayyapeta, Kakinada,
East Godavari District,
Andhra Pradesh 533005, India
Liquidation Commencement Date: December 12, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Koteswara Rao Karuchola
K.K. Rao & Associates,
2-B Samrat Residential Complex.
#5-9-12, Opp. A.Gs Office. Saifabad,
Hyderabad, Telangana – 500004
Email: kkraoirp@gmail.com
Telephone No: 040-668 42 359
Last date for
submission of claims: February 9, 2023
GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gondia
Education Society (GES) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; 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 20,
2022, placed the rating(s) of GES under the 'issuer
non-cooperating' category as GES 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. GES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2022, December 16, 2022, December
26, 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).
Gondia Education Society (GES) was established on December 8, 1958.
The society was formed by Late Shri Manoharbhai Patel in the region
of Bhandara and Gondia district of Maharashtra. Currently, the
society is managed by its president Mrs. Varsha Prafulbhai Patel
who has around 20 years of experience in the field of education.
GTP TUNGSTEN: L iquidation Process Case Summary
-----------------------------------------------
Debtor: GTP Tungsten Powder Recycling India Private Limited
Lot No. 56, Uluberia Industrial Growth Centre Birshibphur,
Uluberia Howrah West Bengal 711316
Liquidation Commencement Date: April 21, 2022
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Manisha Lath
87 Dumdum Road, Club Town Estate,
Block 4, Flat 3A,
Kolkata 700074
Email: manisha.lath910@gmail.com
Tel No: 9007123601
Last date for
submission of claims: May 20, 2022
HARI EQUIPMENTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hari
Equipments Private Limited (HEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 26,
2021, placed the rating(s) of HEPL under the 'issuer
non-cooperating' category as HEPL 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. HEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 12, 2022, October 22, 2022, November 1,
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 1971, Hari Equipments Private Limited (HEPL) was
promoted by Mr Kishanlal Choudhary who has more than three decades
of experience in the Iron and Steel Industry. He is ably supported
by his son Mr. Sunil Choudhary, who is the managing director and
chief executive officer with an overall experience of 20 years.
HEPL is part of Narayani group; the group comprises of five
companies namely Narayani Steels Limited (NSL), Narayani Ispat
Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath
Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar
Private Limited (ATVPL). Narayani group is engaged in trading of
blooms, billets, TMT bars, pellets, wire coils and manufacturing of
TMT bars and other long products such as rounds, flats, angles,
channels, etc. Further, the group has a wide network for the sales
and distribution of the products across Andhra Pradesh, Telangana
and other states in India.
IL&FS SECURITIES: CARE Reaffirms D Rating on INR525cr ST Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
IL&FS Securities Services Limited (ISSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank 525.00 CARE D; Reaffirmed
Facilities
Rationale and key rating drivers
The reaffirmation of rating of bank facilities of ISSL considers
continued instances of irregularities in servicing of debt by the
company. In August 2019, CARE had revised the ratings of ISSL to
'CARE D' due to the company defaulting on its payment obligations
towards its trading members following inability to find resolution
related to certain disputed trades. ISSL's inability to make
payments led to disabling of the trading terminal by the stock
exchange and invocation of guarantee by the exchange clearing
house. The non-fund-based facilities have now got converted into
fund based and continue to be out of order. The operations of the
company are solely dependent on the outcome of the ongoing
litigation going on in the court of law and resolution plan of the
company.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely servicing of debt for a period of three consecutive
months
Negative factors: Not Applicable
Analytical approach: CARE has taken a view based on the standalone
financial profile of ISSL, factoring in the parentage and
operational linkages with IL&FS Ltd.
Liquidity: Poor
The liquidity profile of the company is severely constrained
leading to the company continuing to default on its debt
obligations.
ISSL, incorporated in July 2006, is a subsidiary of Infrastructure
Leasing & Financial Services Limited (IL&FS), rated ['CARE D'
(Single D)] which currently holds a stake of 81.24% in the company.
It was a Strategic Business Unit of IL&FS offering Securities &
Transaction advisory services before it was hived off as a separate
company in FY 2007. The other shareholders are IL&FS Employee
Welfare Trust (9.01%), and a private equity fund, Croupier Prive
Mauritius (5.00%). ISSL is a Professional Clearing Member (PCM) for
the equity derivatives and currency derivatives segment on various
exchanges like BSE, NSE and MSX. It also offers capital market
services like custodial services, depository services, transaction
processing, etc.
INDUSTRICALS ONLINE: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Industricals Online Private Limited
Gala No.5, Aabeerrlndl Est,
Opp. 114 B D D Chawl Near Mahindra Tower,
G M Bhosale Marg, Worli
Mumbai City MH 400018
Liquidation Commencement Date: January 17, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Mr. Vighneshwar Bhat
No. 202, A Block Sree Laxmi Nivas Apartments,
Wilson Garden 13th Cross,
Near Wilson Manor Apartments,
Bangalore, Karnataka, 560027
Email: bhatvighnesh@gmail.com
Tel No: +91 95902 52851
Last date for
submission of claims: February 16, 2023
INEXO CAST: ICRA Withdraws B+ Rating on INR5.0cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Inexo Cast Metal Solutions Pvt Ltd at the request of the company
and based on the No Objection certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+(Stable); ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Inexo Cast Metal Solutions Private Limited is engaged in the
manufacture of foundry chemicals such as Exothermic Sleeves,
Insulating Sleeves, Coating Agents and other foundry products. The
entity was started as partnership firm with Mr Ramasamy Jagan as a
founding Partner in the year 1989 under the name of Inexo Feed
Industries. The partnership firm was converted into a private
limited company in the year 1997 under the name Inexo Chemicals
Private Limited and in 2005 the company was renamed as Inexo Cast
Metal Solutions Private Limited.
J.K. LUNGIE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: J.K. Lungie Handloom Private Limited
40/5, Strand Road, Kolkata-700001,
West Bengal
Liquidation Commencement Date: January 23, 2023
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Neeraj Kejriwal,
P-178 CIT Scheme VI M Phoolbagan,
3rd Floor, Kolkata
West Bengal - 700054
Email: liq.jklh@gmail.com
Tel No: 6291470523
Last date for
submission of claims: February 22, 2023
JAIPRAKASH ASSOCIATES: CARE Reaffirms D Rating on LT Loan
---------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Jaiprakash Associates Ltd (JAL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 20,867.57 CARE D Reaffirmed
Long Term/
Short Term
Bank Facilities 4,619.21 CARE D/CARE D Reaffirmed
Short Term
Bank Facilities 1,475.00 CARE D Reaffirmed
Non Convertible
Debentures 90.00 CARE D Reaffirmed
Non Convertible
Debentures 100.00 CARE D Reaffirmed
Non Convertible
Debentures 500.00 CARE D Reaffirmed
Non Convertible
Debentures 248.00 CARE D Reaffirmed
Non Convertible
Debentures 248.23 CARE D Reaffirmed
Rationale and key rating drivers
The ratings of the bank facilities and instruments of JAL continue
to factor in the delays in debt servicing by the company due to its
weak liquidity.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely track record of debt servicing by the company for
continuous 3 months
* Sustainable improvement in the financial and business performance
of the company
Key weaknesses
* Weak financial performance in FY22: During FY22 (standalone), the
company reported loss of INR1231.88 crore on total operating income
of INR4223.23 crore as against loss of INR257.17 crore on total
operating income of INR4346.47 crore during FY21. On account of
deterioration in the company's financial performance over the past
few years, the liquidity position of the company has continued to
remain weak, leading to ongoing delays in debt servicing.
* Defaults in debt servicing post the approved restructuring
exercise of debt: The lenders have approved a deep restructuring of
the company's debt in Joint lender's forum dated 22.06.17 with the
cut-off date being 30.09.16 for the outstanding amount of debt in
JAL (including JCCL) as on September 30, 2016 of INR31,646 Cr (JAL
INR29,037 Cr. and JCCL INR2,609 Cr respectively). With an objective
to make debt sustainable, the total debt has been classified into 2
buckets- Bucket 1, consisting of debt already transferred to UTCL
(Ultra Tech Cement Ltd) of INR 11,689 crore, while bucket 2A,
consisting of the amount of residual debt to be retained in JAL
(Rs.6,367 crore) and bucket 2B, to be transferred to a new SPV (a
specified Real Estate undertaking of JAL) of INR 13,590 crore. Debt
in bucket 2A is being retained in JAL and would be serviced as per
the restructured terms. For the debt in bucket 2B, proposed to be
transferred to Jaypee Infrastructure Development Limited (JIDL)
upon approval of Scheme of arrangement by Hon'ble NCLT, Allahabad,
Optionally convertible debentures (OCDs) shall be issued by JIDL
for a tenor of 20 years, with redemption in 5 years commencing from
the 16th year. The restructuring exercise is yet to be fully
concluded. Master Restructuring Agreement (MRA) dated Oct 31, 2017,
has been executed by lenders for sustainable portion of debt and
since Q4 FY18; JAL has started servicing of debt under Bucket 2A as
per the above restructuring plan. However, there are defaults in
servicing of the restructured debt as well since December 2018. For
Bucket 2B, NCLT approval is still awaited. Since the restructuring
exercise has not been fully executed, the rated debt amounts are
considered prior to giving the effect of restructuring.
Key strengths
* Plans for sale of assets for debt reduction: The company has
intimated on the stock exchange regarding their plans to sell
Cement, Clinker and Power Plants having aggregate cement capacity
of 9.4 million tonnes per annum (MnTPA) along with clinker capacity
of 6.7 MnTPA (which includes 2.00 MnTPA cement capacity belonging
to associate company Jaiprakash Power Ventures Limited (JPVL)) and
a thermal power plant of aggregate capacity of 280 MW to Dalmia
Group. As per the exchange announcement, the enterprise value for
the transaction is proposed to be at INR5666 crore. For the
aforementioned divestment the definitive agreement is yet to be
executed. The divestment under reference is the part of company's
continuing endeavor to reduced its debt. The transaction is
proposed to be executed on a slump sale basis.
Liquidity: Poor
The liquidity position of the company is under stress due to weak
cash accruals vis-à-vis large debt obligations.
Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. Jaypee Group was
one of the leading cement manufacturers with an installed capacity
of ~28 million tonnes per annum (mtpa) and under implementation
capacity of ~5 mtpa on a consolidated basis as on March 31, 2017.
JAL is also engaged in the construction business in the field of
civil engineering, design and construction of hydro-power, river
valley projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.
KAMBALA HOSPITALITY: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Kambala Hospitality Private Limited
4th Floor, Raghuleela Megamall,
Off S.V Road,
Kandivali(West) Mumbai 400067
Liquidation Commencement Date: January 5, 2023
Court: NationaL Company Law Tribunal, Mumbai Bench
Liquidator: Rajeev Mannadiar
401, Darshan CHS Ltd.,
Raghunath Dadaji Street,
Fort, Mumbai - 40001
Email: rajeev@integroip.com
Mobile: 8591095341
Email: khpl.cirp@gmail.com
Last date for
submission of claims: February 17, 2023
KARANJA TERMINAL: ICRA Lowers Rating on INR406.48cr LT Loan to D
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Karanja Terminal & Logistics Private Limited (KTLPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based– 406.48 [ICRA]D; downgraded from
Long Term [ICRA]B (Stable)
Term Loan
Fund based- 49.30 [ICRA]D; downgraded from
Long term– [ICRA]B (Stable)
FITL
Fund based- 9.38 [ICRA]D; downgraded from
Long term– [ICRA]B (Stable)
GECL
Unallocated 1.84 [ICRA]D; downgraded from
limits-Long [ICRA]B (Stable)
term
Issuer rating - [ICRA]D; downgraded from
[ICRA]B (Stable)
Rationale
The rating action factors in the delay in the interest payment
obligation for the month of January 2023 due to cash flow
mismatches arising from delays in receivable realisation from some
customers. ICRA notes that the liquidity profile of the company
remains poor due to a subdued financial performance on the back of
slower-than-expected customer addition and ramp-up in volumes,
coupled with lack of working capital limits. The subdued ramp up in
business was partly on account of adverse impact of Covid-19
pandemic.
ICRA notes that, as part of the RBI's one-time restructuring (OTR)
scheme related to Covid-19, the company got its debt restructured
in June 2021. Under the OTR, the company's loan tenure was extended
and the interest rates were reduced. As per the terms of OTR, the
interest payment had commenced from March 2022 and the principle
payment commenced from quarter ending December 2022. While, the
company had been meeting is obligations as per terms of OTR till
December 2022, due to the aforementioned reasons there was delays
in meeting interest payment for January 2023.
Key rating drivers and their description
Credit strengths
* Strategic location of terminal with good connectivity: KTLPL's
port and logistics facility is strategically located at Karanja
Creek in Navi Mumbai, in proximity to the industrial hinterland and
two major ports – JNPT and Mumbai Port. Further, the facility
comes under the Jawaharlal Nehru Customs House (JNCH), which does
the clearing for JNPT. This, coupled with good connectivity to the
state and national highways, no evacuation restrictions and less
congestion, should help attract bulk and container cargo. Further,
there are several infrastructure projects which are going
on/planned in the vicinity, which will provide opportunity for bulk
cargo for these projects. The facility has currently leased around
25 acres of the 100 acres of reclaimed land developed for phase 1
of the project for 40 months, which provides a stable rental
income. KTLPL has approvals in place to develop 200 acres of
reclaimed land and the lease with Maharashtra Maritime Board (MMB)
is till 2059. The company is currently in the process of getting
approval for additional land reclamation, which should aid future
expansion of the project.
* Tariff flexibility from being a non-major port: The company is a
non-major port and has the flexibility to set the tariff based on
market conditions and competition. The tariff charged will depend
on the services provided and may include any discounts for
committed volumes with specific customers.
Credit challenges
* Delay in debt servicing: The company has delayed the payment of
interest for January 2023 due to insufficient cash flows.
* Weak financial profile: The facility commenced operations on
September 2019, when it achieved CoD after facing several delays
and cost escalations in project execution. The ramp-up in volumes
has been subdued and the financial performance remains weak with a
moderate revenue growth of INR22.6 crore in FY2022 against INR10.2
crore in FY2021, with major contribution from rental income from
leased land. The company also continued to report operating losses.
In the current fiscal, while there has been some ramp-up in cargo
volumes and revenue, the financial profile remains subdued.
* Risk of stabilisation of operations; ability to attract cargo
volumes: Post the commencement of operations, the ramp-up in cargo
volumes has been subdued, partly on account of impact of Covid-19
pandemic. It is crucial for the company to achieve a healthy
ramp-up in cargo volumes and service contracts to improve its
financial profile and meet its debt servicing obligations. However,
while the company is in talks with several customers, it now has
only a few contracted customers with committed volumes. Its ability
to attract new customers and the quantum of volume and
profitability from such contracts remain the key monitorables.
Liquidity position: Poor
The company's liquidity position is poor due to inadequate ramp-up
in volumes and financial performance, while the repayment
obligations have increased in the current fiscal with the
commencement of interest payment since March 2022 and the
moratorium on the principal getting over in December 2022. The
company also does not have access to working capital limits, which
constrains its liquidity position. The company faced cash flow
mismatches that delayed the interest payment for January 2023.
Rating Sensitivities
Positive factors – The rating may be upgraded if the liquidity
profile of the company improves, resulting in regular debt
servicing on a sustained basis.
Negative factors – Not Applicable
Karanja Terminal & Logistics Private Limited (KTLPL) is an SPV
formed by Mercantile Ports and Logistics Limited (MERCPL; erstwhile
SKIL Ports and Logistics Limited) to develop an all-weather port
and a logistics facility at Karanja Creek, Chanje village, Raigad
district, Maharashtra. A concession agreement (CA) was entered into
between KTLPL and Maharashtra Maritime Board (MMB) on August 31,
2009, granting KTLPL the right to develop the Karanja port on a
built-own-operate- transfer (BOOT) basis for a total lease period
of 30 years (including two years construction period).
Subsequently, in May 2018, MMB gave an in-principle approval to
extend the concession to 50 years. The approvals are for 200 acres
of reclaimed land and 1,000m waterfront. However, at present, 100
acres of land have been reclaimed and developed, with 800m of
berthing space. The port has a draft of 6m and can accommodate
vessels of up to 5,000 DWT at the port and 60,000 DWT at
anchorage.
KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kedarnath
Commotrade Private Limited (KCPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 26,
2021, placed the rating(s) of KCPL under the 'issuer
non-cooperating' category as KCPL 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. KCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 12, 2022, October 22, 2022, November 1,
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).
Kedarnath Commotrade Private Limited (KCPL) was incorporated in
February 2009 and commenced the commercial operations in December
2015. The company is promoted by Mr Kishanlal Choudhary who has
more than 3 decades of experience in the Iron and Steel Industry.
He is supported by his son Mr. Sunil Choudhary, who is the managing
director and chief executive officer with an overall experience of
20 years.
LEXUS GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the INR68.88 Crore bank facilities
and INR15.00 crore Non-Convertible Debentures of Lexus Granito
(India) Limited in the 'ISSUER NOT COOPERATING' category. The
ratings are now denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 26.68 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 36.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short term– 21.00 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term (15.75) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Short term– 6.20 [ICRA]D; ISSUER NOT
COOPERATING;
Non fund based Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Non-convertible 6.40 [ICRA]D; ISSUER NOT COOPERATING;
Debentures (NCD) Rating continues to remain under
'Issuer Not Cooperating' category
Proposed NCD 8.60 [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.
Incorporated in 2010, Lexus Granito (India) Limited is an
established player in the ceramics industry with presence in the
domestic and international markets. The company manufactures
vitrified tiles and operates through its own plant in Morbi with an
installed capacity to produce 48,00,000 boxes of vitrified tiles
per annum in three sizes - 600X600 mm, 1200X600 mm and 800X1200 mm.
In June 2017, the company commenced the manufacture of wall tiles
(which was earlier manufactured under its Group concern, Lexus
Ceramic Private Limited). The wall tiles manufacturing unit is
located in LGL's existing facility. The unit has an installed
capacity to produce 64,80,000 boxes of wall tiles per annum in
three sizes - 300X600 mm, 300X450 mm and 300X300 mm. The company is
managed by Mr. Babulal Detroja, Mr. Anil Detroja, Mr. Nilesh
Detroja and Mr. Hitesh Detroja.
MADARKHAT TEA: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Madarkhat
Tea Co Private Limited (MTCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.80 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 26,
2021, placed the rating(s) of MTCPL under the 'issuer
non-cooperating' category as MTCPL 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. MTCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 12, 2022, October 22,
2022, November 1, 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).
Madarkhat Tea Company Pvt Ltd (MTCPL) was incorporated during 1954
at Dibrugarh in Assam. The company is primarily involved in
cultivation of green tea leaves and processing them into different
types of black tea with an aggregate tea processing capacity of
12.0 lakh kg per annum. MTCPL owns three tea estate at Madarkhat,
Lahoalbari and Parbatipur in Dibrugarh, Assam. The aggregate area
under cultivation is 487.24 hectares, having yielding capacity of
4.44, 2.08 and 3.17 lakh kg per annum of green leaf, respectively,
from 3 gardens. It mainly sells products through auctions.
MAHARAJA PAPER: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maharaja
Paper Industries Private Limited (MPIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.06 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of MPIPL under the 'issuer
non-cooperating' category as MPIPL 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. MPIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 9, 2022, October 19,
2022, October 29, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Maharaja Paper Industries Private Limited (MPIPL) was incorporated
in the year 1999 and promoted by Mr. P. V. Ramakrishna Raju and
their relatives. The company was incorporated as Rolex Paper Mills
Limited and later on, the name was changed to current nomenclature.
MPIPL is engaged in the production of paper of all varieties viz.
newsprint, cream wove and kraft papers. The manufacturing
facilities are located at Chintaparru, Palakol Mandal, West
Godavari District, Andhra Pradesh.
MANPASAND MARKETING: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Manpasand Marketing PVT. LTD
304, 3rd Floor, Bhanot Corner,
Pamposh Enclave, Greater Kailash-I,
New Delhi-110048 India
Liquidation Commencement Date: January 3, 2023
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Parveen Kaushik
H. No. 175, Ground Floor, Pocket-22,
Sector-24, Rohini, New Delhi-110085
Email: Praveen.liquidatorgangotri@gmail.com
Mobile No: 9811717900
Last date for
submission of claims: February 2, 2023
MCLEOD RUSSEL: Khaitans to Thwart Firm's Insolvency Process
-----------------------------------------------------------
Financial Express reports that Khaitan family-led Williamson Magor
group will do "whatever is necessary" to thwart the initiation of
insolvency proceedings against debt-laden tea major McLeod Russel,
two sources familiar with the matter told FE.
According to FE, the admission of group company McLeod for a
corporate insolvency resolution process (CIRP) has wrecked
Khaitans' efforts to execute an "exclusivity agreement" with Carbon
Resources to negotiate a mutually agreeable mechanism to offer a
proposed "one-time settlement" of the company's debt to lenders.
FE relates that the Khaitans are likely to consider both the
options-approaching NCLAT and an out-of-court settlement-to pull
the company out of the insolvency process.
The Kolkata bench of the National Company Law Tribunal (NCLT) on
Feb. 10 admitted IL&FS Infrastructure Debt Fund's insolvency
petition for initiating CIRP against McLeod Russel India, the
country's largest tea producer, the report says.
IL&FS Infra Asset Management Limited (IIAML), an asset management
company, manages IL&FS Infrastructure Debt Fund (IIDF). IIDF, a
financial creditor to McLeod, filed the petition under Section 7 of
the Insolvency and Bankruptcy Code (IBC) against the company for a
default in payment of INR347.47 crore as on Nov. 12, 2019.
Passing the order on February 10, the tribunal appointed Ritesh
Prasad Adatiya as the interim resolution professional (IRP) of the
corporate debtor to carry out the functions as per the IBC, FE
discloses.
"Surely, the group will try to take McLeod out of CIRP either
judicially or through an out-of-court settlement. But it is too
early to comment on it. The promoters will get a month's time
before the formation of the committee of creditors (CoC). Within
this time, the group will do whatever is necessary," according to a
source.
A judicial approach to stop initiation of insolvency proceedings
against the tea company will require the Khaitans to move National
Company Law Appellate Tribunal (NCLAT) against the NCLT order, the
report notes.
"A decision will have to be taken. Lawyers will have to go through
the order. Two options are available—approaching NCLAT and an
out-of-court settlement with IL&FS Infrastructure Debt Fund. We
will consider both the options," another source told FE.
This is the second instance when the tea maker being admitted for
insolvency proceedings, FE notes. In August 2021, NCLT, New Delhi,
had admitted an insolvency application filed by Techno Electric &
Engineering under IBC for a default on repayments of term loans of
around INR100 crore.
The tribunal later gave its approval to withdrawal of CIRP against
McLeod after the promoters reached a settlement with Techno
Electric, providing a major relief to financially-stressed
Williamson Magor group, FE relates.
McLeod Russel India Limited (MRIL), the tea plantation company of
the Kolkata-based B.M. Khaitan Group, was originally incorporated
as Eveready Company India Private Ltd. on May 5, 1998. MRIL was
formed after the demerger of the bulktea business from Eveready
Industries India Ltd. (EIIL) with effect from April 1, 2004. MRIL
has acquired several other companies like Williamson Tea Assam in
FY2006, Doom Dooma Tea Company in FY2007 and Moran Tea in FY2008.
These acquisitions helped MRIL increase the number of tea estates
to 53 in India with 33,723 hectares (Ha) of total land under tea
cultivation.
MILSHA AGRO: ICRA Lowers Rating on INR9.75cr LT Loan to D
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Milsha Agro Exports Pvt. Ltd. (MAEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.25 [ICRA]D; downgraded from
Fund based [ICRA]B (Stable)
Term Loan
Long-term 9.75 [ICRA]D; downgraded from
Fund-based– [ICRA]B (Stable)
Packing Credit
Long-term 5.00 [ICRA]D; downgraded from
Fund-based– [ICRA]B (Stable)
Foreign
Documentary
Bills for
Purchase
Short-term 1.00 [ICRA]D; downgraded from
Non-Fund-based– [ICRA]A4
Forward Contract
Limit
Rationale
The downgrade in the rating factors in the irregularities in debt
servicing by MAEPL caused by a deterioration in the liqidity
position on the back of a decline in exports. ICRA has been
receiving the No Default Statement (NDS) from MAEPL regularly in
the previous months, which did not suggest any irregularity in debt
servicing. However, the latest information suggests that there was
an instance of delay in repayment of debt obligations in the past.
The ratings are also constrained by MAEPL's weak financial profile,
as reflected by a low net worth position, adverse capital structure
and depressed coverage indicators. The company also remains
vulnerable to any adverse change in the export incentives in India
and the foreign trade policies of importing nations. Any
significant reduction in incentive by the Government or adverse
changes in the foreign trade policies of the importing nations may
affect the business profiles of all domestic entities in the shrimp
processing industry, including MAEPL. ICRA notes that the company
remains exposed to forex fluctuation risks with no hedging policy
in place. The company also remains susceptible to the inherent
risks in the seafood industry, such as disease outbreaks and
agro-climatic risks, which may impact raw material availability and
sales.
The ratings, however, positively factor in the long experience of
the promoters in the sea-food industry. The ratings also consider
the benefits arising from the favourable location of the company's
processing facilities in proximity to the major aquaculture region
of West Bengal.
Key rating drivers and their description
Credit strengths
* Long experience of the management: MAEPL was promoted by Mr. Ram
Milan Singh and is currently run by his son and
grandson, who have long experience in the sea-food industry.
* Location-specific advantages: The company's facilities are
located in proximity to the major aquaculture belt of West Bengal,
which meets the major portion of its raw material requirements,
resulting in regular availability of the same at a low landed
cost.
Credit challenges
* Irregularity in debt servicing: There are irregularities in debt
servicing by MAEPL on the back of a slowdown in orders received and
a poor liquidity position. ICRA notes that MAEPL's revenues from
the shrimp processing division plunged by ~57% on a YoY basis in 9M
FY2023 due to few orders. Moreover, high working capital intensity
of operations has kept MAEPL's liquidity poor over the years.
* Weak financial risk profile characterised by low net worth, an
adverse capital structure and depressed coverage indicators: The
company's capital structure remains leveraged, as characterised by
a gearing of 2.5 times as on March 31, 2022, due to its low net
worth base and high debt levels. The coverage indicators also
remain depressed, as reflected by the total debt/OPBDITA of 6.86
times and NCA/ TD of 9.3% in FY2022. Although there can be some
improvement in the capital structure in FY2023, the coverage
indicators are expected to deteriorate substantially in FY2023 due
to lower profitability amid a substantial decline in the overall
scale of operations.
* Vulnerability to adverse changes in export incentives,
international trade policies and forex risk: MAEPL derived ~80% of
its FY2022 sales from export markets and its profitability is
supported by the export incentives received from the Government of
India (GoI). Any significant reduction in incentives given by the
GoI or adverse changes in the foreign trade policies of the
importing nations may impact the business profiles of all domestic
shrimp processors, including MAEPL. The company is also exposed to
forex risks as it does not have any formal hedging policy.
* Fragmented nature of the industry and exposure to inherent
industry risks: The Indian shrimp export industry is highly
fragmented with a few large players and several small processors.
In addition to intense competition in the domestic market, Indian
exporters face competition from countries like Ecuador, Indonesia
and Vietnam, which are major global producers of shrimps. Stiff
competition and low value-added nature of the products limit
MAEPL's bargaining power and pricing flexibility, putting the
margins under check. Adverse agro-climatic conditions and virus
contamination can affect the quality of shrimps and consequently
affect the sales.
Liquidity position: Poor
MAEPL's liquidity remains poor, as reflected by delays in servicing
the debt obligations by the company.
Rating sensitivities
Positive factors – Improved liquidity position, leading to
regularisation of debt servicing on a sustained basis, may result
in a rating upgrade.
Negative factors – Not applicable.
Incorporated in 2009, Milsha Agro Exports Pvt. Ltd. (MAEPL) is
involved in processing and export of shrimps. Its processing unit
is in Kolkata with an installed processing capacity of 30 tonnes
per day and a storage capacity of 180 tonnes. The company also does
job work for entities involved in the same line of business. The
business was started by Mr. Ram Milan Singh in the 1970s through a
partnership firm, Veejay Impex.
MONDAL CYBERNETICS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Mondal Cybernetics Private Limited
Shop No. S, 3 Srong Plaza, 2nd Floor,
ISKCON Mandir Road, Siliguri,
Jalpaiguri, West Bengal-734001
Liquidation Commencement Date: January 2, 2023
Court: National Company Law Tribunal, Kolkata Bench
Liquidator: Tarun Kumar Ray
Flat No 1, First Floor,
Binayak, 28/2B, K M
Naskar Road, Kolkata-700040
Mobile: 8902759069
Email: tarun.ray123@yahoo.com
Last date for
submission of claims: February 1, 2023
PATIDAR EXIM: Liquidation Process Case Summary
----------------------------------------------
Debtor: Patidar Exim Private Limited
6-2-124/A, New Bhoiguda,
Secuderabad, AP., Telangana-50003, India
Liquidation Commencement Date: December 15, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Sunit Jagdishchandra Shah
801-802, 8th Floor, Abhijeet-1
Opp. Bhuj Mercanrtile Bank,
Mithakhali Six Roads, Navrangpura,
Ahmedabad-38009
Email: sunit78@gmail.com
Email: liquidation.pepl@gmail.com
Last date for
submission of claims: February 3, 2023
PLUTUS INFRAVENTURES: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Plutus Infraventures Private Limited
Paradise, Ring Road No.-1
Kaushal Ghri Nirman Samiti,
Raipura Chowk,
Raipur - 492001 Chhattisgarh
Liquidation Commencement Date: January 24, 2023
Court: National Company Law Tribunal, Cuttack Bench
Liquidator: Dr. Bankim Shukla
C/o ADB & Company, First Floor,
Mahavir Gaushala Complex, K.K. Road,
Moudhapara, Raipur (CG) - 492001
Email: bankimshukla2016@gmail.com
Email: liquidation.pipl@gmail.com
Last date for
submission of claims: February 23, 2023
PROTHOM INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the INR15.00 crore Non-Convertible
Debentures of Prothom Industries India Private Limited under
'ISSUER NOT COOPERATING' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Convertible Rating Continues to remain under
Debentures (NCD) the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Prothom Industries (India) Private Limited (PIPL) is a contract
manufacturer of toys for the global toy industry. Its plant is
situated at Dighi (Pune) and was commissioned in October 2014. The
company primarily engages in assembling toys at its plant, while
activities such as moulding and painting are outsourced to vendors
certified by the customers.
QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadros
Automark Private Limited (QAPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.68 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 17,
2022, placed the rating(s) of QAPL under the 'issuer
non-cooperating' category as QAPL 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. QAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 3, 2022, December 13, 2022, December
23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
QAPL incorporated in the year 2012 and is authorized dealer for
Renault India Private Limited (Renault) and covers the south Goa
region. QAPL is promoted by Mr Evencio Quadros and Mr Ramchandra
Shirodlar and are first generation entrepreneurs. QAPL being an
authorised dealer for Renault, also provides its spares and
services by virtue of being a '3-S' dealer. However, QAPL has
surrendered the dealership of Renault India Private Limited
(Renault) and acquired the dealership of Hyundai Motors.
RADHA KRISHNA: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Radha Krishna
Impex Private Limited's (RKIPL) Long-Term Issuer Rating of 'IND BB-
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn the same.
The instrument-wise rating actions are:
-- INR105 mil. Fund-based limits* maintained in non-cooperating
category and withdrawn; and
-- INR30 mil. Non-fund-based limits ^ maintained in non-
cooperating category and withdrawn.
*Maintained in IND BB- (ISSUER NOT COOPERATING) before being
withdrawn
^ Maintained in IND A4+ (ISSUER NOT COOPERATING) before being
withdrawn
Key Rating Drivers
Ind-Ra has maintained the ratings in the non-cooperating category
as RKIPL did not participate in the rating exercise despite
requests by the agency and has not provided information pertaining
to the full-year financial performance in FY22, sanctioned bank
facilities and utilization, business plan and projections for the
next three years, and information on corporate governance.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
Company Profile
RKIPL is engaged in the trading of processed food and fruits.
RAM PROTEINS: ICRA Places B+ Debt Ratings on Watch Negative
-----------------------------------------------------------
ICRA has placed the ratings on certain bank facilities of Shree Ram
Proteins Limited (SRPL), on watch with negative implications:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 31.00 [ICRA]B+ Rating Watch with
Fund-based– Negative Implications;
Cash Credit Outstanding
Long-term– 6.15 [ICRA]B+ Rating Watch with
Fund based Negative Implications;
term loan Outstanding
Short term 0.10 [ICRA]A4 Rating Watch with
non-fund- Negative Implications;
based Bank Outstanding
Guarantee
Rationale
Shree Ram Proteins Limited (SRPL) disclosed that it has received a
stay order (dated January 25, 2023) from the National Company Law
Appellate Tribunal (NCLAT) on the National Company Law Tribunal's
(NCLT) decision (order dated January 11, 2023) related to its
admission under the Corporate Insolvency Resolution Process (CIRP).
As per the stay order, the NCLAT has directed the company to
deposit the principal disputed amount of INR1.22 crore against the
entire claim amount of INR4.82 crore (including interest@18% of
INR3.61 crore) within two weeks from January 25, 2023. Further, the
stay on NCLT's order dated January 11, 2023, will continue till the
next hearing on March 21, 2023. Consequently, the operations of the
company are likely to continue uninterrupted till the said next
hearing date. However, the company will remain exposed to risks
associated with any possible adverse outcome.
ICRA would continue to seek clarity from the company regarding the
latest updates to completely evaluate the impact on its credit
profile. Further, ICRA would continue to monitor these developments
and take appropriate rating action as and when more clarity
emerges.
Initially incorporated as Shree Ram Proteins Private Limited in
August 2008 by Rajkot-based Mr. Lalit Vasoya, Mr. Lavji Savaliya
and their family members for processing cotton seeds and carrying
out related trading activities, it was converted into a public
limited company in 2017, and its name was changed to Shree Ram
Proteins Limited. The company was listed on the NSE in 2020, prior
to which it was listed on the NSE Emerge Platform (SME) since 2018.
At present, the company's processing plant operations include
cotton seed de-linting, de-hulling, cotton seed oil extraction and
cotton seeds DOC. The company also deals in rapeseed oil, oil cake,
soya oil, ground nut oil, mustard seeds/oil, rice bran and soya
cake.
SAISONS TRADE: CARE Lowers Rating on INR35cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Saisons Trade & Industry Private Limited (STIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 26,
2021, placed the rating(s) of STIPL under the 'issuer
non-cooperating' category as STIPL 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. STIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 12, 2022, October 22,
2022, November 1, 2022, February 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers the
delays in debt servicing as recognized from publicly available
information i.e., NCLT order.
STPL incorporated in 1999, by Mr. Siddharth Shah, is engaged in
manufacturing of various electrical and engineering products like
electrical panel, fire panel & accessories, wire harness,
accessories for telecom tower and fabrication of various products.
SALELINK ECOM: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Salelink Ecom Private Limited
37, 3rd Floor, Plot No-115/117,
Trinity Chambers
Bora Bazar Street, Fort Mumbai
Mumbai City MH 400001 India
Liquidation Commencement Date: January 13, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Kamal Kishore Gumani
Fat No. 402, Building No. 23E,
Palazzio CHS Ltd. Mahada Housing Society,
Powai, Mumbai - 400076
Email: kamalgurnaniip@gmail.com
Renascenece Insolvency Resolution Professionals Pvt
Ltd.
101, Kanakia Atrium 2, Cross Road A, Chakala MIDC,
Andheri East, Mumbai - 400093
Email: liq.sep@rirp.co.in
Last date for
submission of claims: February 16, 2023
SALEM DISTRICT: ICRA Withdraws B+ Rating on INR60cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Salem District Co Operative Milk Producers Union Limited at the
request of the company and based on the No Due certificate (NDC)
received from its banker. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 60.00 [ICRA]B+(Stable); ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Salem District Cooperative Milk Producers Union Ltd, established as
cooperative society in 1983 is involved in processing and
manufacturing of milk and its byproducts. The Union sells products
such as Milks, curds, milk powder, ghee, butter, ice cream, sweets,
among others under the brand name “Aavin" predominantly in Tamil
Nadu. It has a milk processing capacity of 5 lakhs litres per day,
butter production capacity of 12 MT/day, ghee production capacity
of 6 MT/day, skimmed milk powder processing capacity of 8 MT/day.
The registered office is in Salem district, Tamil Nadu.
Salem District Cooperative Milk Producers Union Ltd (SDCMPUL) is
owned by Government of Tamil Nadu (51.8% shareholding) and 715 milk
societies of Erode District (48.2% shareholding). Tamil Nadu Dairy
Development Corporation Limited was formed in July 1972 to manage
the activities such as milk procurement, processing and marketing
of the milk and milk products. The Namakkal union was separated
from Salem union in FY2020 and hence share holdings of Namakkal
Union was withdrawn which resulted in reduction of public
shareholding from existing 57.5% to 48.2%. which resulted in
increase in government of Tamilnadu shareholding from existing
42.5% to 51.8% without any fresh capital infusion. The Department
of Dairy Development in Tamil Nadu was set up in 1958. The Tamil
Nadu Dairy Development Corporation Limited was formed in July 1972
to manage milk procurement, processing and marketing of milk and
milk products. Tamil Nadu Milk Producers' Federation (TNMF) was
formed in February 1981 as an apex body of three tier cooperatives
set up in Tamil Nadu and the district level milk producer unions
were formed in 1982. The commercial activities of Tamil Nadu Dairy
Development Corporation Ltd., were transferred to the newly
registered TNMF, popularly known as Aavin.
SARDA AGRO: Liquidation Process Case Summary
--------------------------------------------
Debtor: Sarda Agro Oils Limited
655, Satamrai, Gaganpahad,
Hyderabad, Telangana, India
Liquidation Commencement Date: January 9, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Madhusudhan Rao Gonugunta
7-1-285, Flat No. 103,
Sri Sai Swapnasampada Apartments,
Balkampet, Sanjeev Reddy Nagar,
Hyderabad, Telangana-500038
Email: madchus1@gmail.com
Email: sardaip@gmail.com
Last date for
submission of claims: February 23, 2023
SGS MARINE: CARE Lowers Rating on INR14cr LT Loan to D
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SGS Marine Habitability Private Limited (SMHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 24,
2021, placed the rating(s) of SMHPL under the 'issuer
non-cooperating' category as SMHPL 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. SMHPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 10, 2022, October 20,
2022, October 30, 2022, January 31, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).
The ratings assigned to the bank facilities of SMHPL have been
revised on account of delays in debt servicing recognized from
Audit report of FY22 available from register of companies.
SGS Marine Habitability Private Limited (SMHPL) was incorporated in
the year 2012 and commercial operations of the company started from
July 2013. SMHPL is promoted by Mr. Ghanshyam Sharma and family
members. The products of the company include doors & hatches and
services like providing modular accommodation which comprise of
supply, installation and commissioning all products, equipment,
machinery, cabins, galley (kitchen), doors, wall and ceiling
paneling, flooring, illumination, working area, dining halls,
messes, recreation spaces among others, for warships under
construction and ships in service for Indian Navy with various
shipyards in India. The company gets the orders through
participating in tenders. The company's register office and
manufacturing unit is located at Visakhapatnam and branches are
located at Cochin (Kerala), Port Blair (Andaman & Nicobar Islands),
Mumbai (Maharashtra) and Karwar (Karnataka).
SHIRANI AUTOMOTIVE: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Shirani Automotive Private Limited
K.20/2, Lasudia Mori,
A.B.Road Dewas Naka,
Indore MP 452010 India
Liquidation Commencement Date: January 20, 2023
Court: National Company Law Tribunal, Indore Bench
Liquidator: CS Mohd.Raees Shiekh
213, Azad Nagar,
Goli-Karkhana Indore 452001 (M.P)
Email: mrsheikh.pcs@gmail.com
H-3, Metro Tower Near Mumbasa Restaurant Vijay
Nagar Indore 452010 MP India
Email: csmrsheikh.ip@gmail.com
Last date for
submission of claims: February 19, 2023
SREEREDDY PROPERTIES: CARE Cuts Rating on INR5.34cr LT Loan to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SreeReddy Properties Private Limited (SPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.34 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. Had, vide its press release dated November 30,
2021, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL 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. SPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 16, 2022, October 26, 2022, November 5,
2022, February 1, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. Has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SPPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. CIBIL Check.
Bangalore (Karnataka) based, SreeReddy Properties Private Limited
(SPPL) was incorporated in the year 2009. Its promoters are Mr.
Sirish Kumar Reddy (Managing Director) and Mrs. Jamuna Sirish
Reddy. The company is engaged in the construction and development
of residential townships, apartments, shopping malls and commercial
complexes.
SREI GROUP: Kanorias' Offer to Pay Off Dues Rejected
----------------------------------------------------
The Economic Times reports that Srei administrator Rajneesh Sharma
has rejected the group promoters' offer under section 12A of
Insolvency and Bankruptcy Code (IBC) to pay off dues of around
INR32,000 crore to creditors to withdraw their companies from the
ongoing insolvency process, sources said on Feb. 13. Section 12A
allows erstwhile management of corporate debtors to settle matters
between creditors and withdraw cases under Corporate Insolvency.
Srei Equipment Finance Ltd and Srei Infrastructure Finance Ltd are
currently undergoing insolvency proceedings in NCLT. The RBI has
already superseded the respective boards earlier.
"The offer was rejected on technical grounds. The offer should have
been sent to the Reserve Bank of India which is the applicant to
NCLT for the insolvency proceedings and not to the administrator,"
a top source aware of the developments said, ET relays.
According to the report, the voting process on the three
resolutions is on track and it will continue till February 14. The
Committee of Creditors is expected to finalise one among the three
prospective resolution applicants who are in the fray for the Srei
twin companies.
"Both RBI and the Committee of Creditors (CoC) have to accept the
offer under the section. It is very unlikely that their offers will
be accepted. Back in 2020, there was a similar proposal from the
promoters under Section 230. But the offer was rejected, as there
are allegations of fraud," the source, as cited by ET, said.
ET says the latest offer from the Kanorias was the highest with a
net present value of INR7,000 crore, including upfront cash of
INR3,500 crore. While the rest of the entire debt will be repaid
through a combination of financial instruments such as cash,
non-convertible debentures, optionally convertible debentures, and
equity over a period of five years.
Reacting to the development, a spokesperson of the Kanorias said,
"While we have not received any formal intimation as yet, it would
be preposterous for the administrator or the bankers to reject a
proposal which is highest in value and merit. We have followed due
process after legal understanding by experts," ET relays.
After the completion of the challenge mechanism process, the Srei
companies received three bids. The state-backed National Asset
Reconstruction Company Ltd (NARCL) offered a Net Present Value bid
of INR5,555 crore. Authum Investment and Infrastructure's bid was
for INR5,526 crore while the consortium of Varde Partners and Arena
submitted a financial bid of approximately INR4,680 crore.
About SREI
SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.
On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times. The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.
The insolvency resolution process against the company started on
Oct. 8, 2021.
The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.
SUPRA PETRO: Liquidation Process Case Summary
---------------------------------------------
Debtor: M/s. Supra Petro Chemicals Private Limited
Jegurupadu Village Kadiam Mandel
Kadiam Guntur Ap 533126 India
Liquidation Commencement Date: January 18, 2023
Court: National Company Law Tribunal, Amaravti Bench
Liquidator: Nethi Mallikarjuna Setty
Unit 113, Manjeera Trinity Corporate,
KPHB Phase-3, Kukatpally,
Hyderabad-500 072
Email: ip.spcpl@gmail.com
Mobile No: 9963606444
Last date for
submission of claims: February 23, 2023
SV SVS PROJECTS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: SV SVS Projects Private Limited
Plot No. 31, 2nd Floor, Phase-1, Kalyan Nagar,
Hyderabad-500038, Telangana
Liquidation Commencement Date: January 10, 2023
Court: National Company Law Tribunal, Hyderabad Bench-1
Liquidator: Golla Ramakantha Rao
Flat No. 1106, Block-4,
SMR Vinay Fountainhead,
Calvary Temple Road,
Hydernagar, Hyderabad-500 049
Email: gollarama@yahoo.com
Plot No.9, Flat No. 602,
6th Floor Vasista,
Barafbagh Colony Lower Tankbund,
Hyderabad-500029
Email: liquidation.snsvs@gmail.com
Last date for
submission of claims: February 9, 2023
TAPSTIA INDUSTRIAL: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Tapstia Industrial Micro Estate Landmark Auto
Engineering Consortium Limited
No. 203, New Tiny Sector, Park Road,
Ambattur Industrial Estate Chennai
Thiruvallur TN 600058 India
Liquidation Commencement Date: January 20, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: LV Shyam Sunda
No.17, Third Floor, Gandhi Road,
Alwarthirunagar, Chennai - 600087
Email: shvam.ascend@gmai1.com
Email: tapstiarp@pkfrevival.com
Mobile: 9884882326
Mobile: 9380284913
Tel No: 044-43535657
Last date for
submission of claims: February 19, 2023
URBANEDGE HOTELS: ICRA Withdraws C+ Rating on INR54.37cr Loan
-------------------------------------------------------------
ICRA has withdrawn rating assigned to the bank facilities of
Urbanedge Hotels Private Limited ('UHPL') at the
request of the company and based on closure letter and No Objection
Certificate received from the banker, and in accordance with ICRA's
policy on withdrawal of credit ratings. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key rating drivers,
Liquidity position, Rating sensitivities, Key financial indicators
have not been captured as the rated instruments are being
withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term
Fund-based–
Term loan 10.34 [ICRA]C+; withdrawn
Long term
Unallocated 54.37 [ICRA]C+; withdrawn
UHPL was incorporated in 2006 as a special purpose vehicle (SPV)
between Auromatrix Hotels Private Limited (Auromatrix 1.67% stake)
and CPI India I Limited (CPI). CPI, a fund managed by Apollo Global
Management LLC1, owns a 98.35% stake in UHPL. UHPL owns one hotel,
operated under franchisee with the 'Aloft' brand in Bengaluru
(Whitefield) with a total inventory of 166 rooms. The company had
operational hotels at Ahmedabad (SG Road), Coimbatore (Singanallur)
and Chennai (Old Mahabalipuram Road IT Expressway), which were sold
in December 2020, January 2022, and April 2022, respectively. The
hotel at Coimbatore (Singanallur) was sold for a total
consideration of INR55.5 crore, while the Chennai hotel (Old
Mahabalipuram Road IT Expressway) was sold for a total
consideration of INR46.7 crore.
VHV BEVERAGES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VHV
Beverages Private Limited (VBPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of VBPL under the 'issuer
non-cooperating' category as VBPL 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. VBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 9, 2022, October 19, 2022, October 29,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Haryana-based VHV was incorporated in 2012 and currently being
managed by Mr Vinod Sehwag, Mrs Homi and Mrs Pooja
Malhotra. The company is engaged in the manufacturing of fruit
beverages, soda and mineral water. The main raw materials, ie,
fruit pulp, along with others like plastic caps, bottles, carbon
dioxide are procured from manufacturers based in Haryana region.
The company is currently selling the product pan India covering
regions namely Haryana, Rajasthan, Punjab, Uttar Pradesh and Delhi,
Kerala, Maharashtra, Gujarat and West Bengal through a dealer
network under the brand name "XALTA".
VIDARBHA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the rating for the borrowings of Vidarbha
Industries Power Limited in the Issuer Not Co-operating category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2,654.24 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 500.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
cash credit 'Issuer Not Cooperating'
Category
Short-term 110.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
The rating is based on the limited cooperation from the entity
since the time it was rated in January 2022. As a part of its
process and in accordance with its rating agreement with Vidarbha
Industries Power Limited (VIPL), ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite cooperation
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, the company's rating continues to be in the
Issuer Not Cooperating category on fee.
The rating factors in the continuing delays in debt servicing by
VIPL to the lenders. VIPL is engaged with its lenders for the
resolution of its debt issues. The company's liquidity profile
continues to be poor as evident from its weak net cash accruals,
given the non-operational status of the plant since January 15,
2019. This was due to protracted delays in issuing regulatory
orders and lack of fuel supply for one of the units. Further, the
offtaker, Adani Electricity Mumbai Limited (AEML), issued a power
purchase agreement (PPA) termination letter to VIPL in April 2019,
citing below-threshold availability in certain years. While the
company had challenged the validity and legality of the termination
letter, it has received unfavourable rulings from the Maharashtra
Electricity Regulatory Commission (MERC) and the Appellate Tribunal
of Electricity (APTEL) and currently, the matter is pending at the
Supreme Court. Meanwhile, after the PPA termination notice by the
procurer, the lenders have exercised their right to substitute VIPL
with any other entity for operating the thermal station for the
recovery of their dues, as per the provisions of the PPA.
One of the lenders of VIPL has filed an application under the
provisions of the Insolvency & Bankruptcy Code (IBC), 2016, in
January 2020, seeking debt resolution of VIPL. The matter is still
pending for consideration by NCLT. VIPL has been pursuing debt
resolution with its lenders outside the corporate insolvency
resolution process.
Key rating drivers and their description
Credit strengths: Not applicable
Credit challenges
* Continuing delays in debt servicing: VIPL and its lenders signed
an ICA on July 6, 2019, basis which a standstill was achieved for
180 days for the submission and implementation of the resolution
plan. The ICA has expired on January 06, 2020, but the debt
resolution plan is yet to be finalised. Meanwhile, the company has
continued to delay the servicing of its debt obligations to the
lenders. The company is in continuous discussion with its lenders
for the resolution of its debt. However, one of the lenders of VIPL
has filed an application under the provisions of the IBC, 2016, in
January 2020, seeking debt resolution of VIPL. The matter is
currently pending for consideration by NCLT.
* Non-operational status of plant from January 15, 2019: The entire
capacity of the Butibori power plant (600 MW) has remained
non-operational from January 15, 2019 due to protracted delays in
issuing regulatory orders and lack of fuel supply for one of the
units. Subsequently, there has not been any income from the sale of
power, which has impacted the company's accruals and has resulted
in continuing delays in its debt servicing obligations.
* PPA termination notice by offtaker and subsequent exercise of
'substitution right' by lenders: The offtaker, AEML, has issued a
PPA termination letter to VIPL in April 2019, citing
below-threshold availability in certain years. While the company
had challenged the validity and legality of the termination letter,
it has received unfavourable rulings from MERC and APTEL and
currently, the matter is pending at the Supreme Court. Meanwhile,
post the PPA termination notice by the procurer, the lenders have
exercised their right to substitute VIPL with other entity for
operating the thermal station for recovery of their dues, as per
the provisions of the PPA.
Liquidity position: Poor
VIPL's liquidity position is poor as reflected in the ongoing
delays in debt servicing.
Rating Sensitivities
Positive factors – Regular debt servicing for minimum three
consecutive months would be a positive rating trigger.
Negative factors – Not applicable
VIPL, a subsidiary of Reliance Power Limited, belongs to the
Reliance Group promoted by Mr. Anil D Ambani. It operates a
domestic coal-based project with a capacity of 600 MW (2X300 MW) at
the Butibori Industrial Area in Nagpur, Maharashtra. The project
was awarded to the erstwhile Reliance Energy Limited (currently
R-Infra) in 2005 (which was subsequently transferred to R-Power) as
a group captive power project (GCPP) by the Maharashtra Industrial
Development Corporation (MIDC) on a competitive bidding basis.
Initially, the scope of the project involved developing a 1X300 MW
power plant; however, subsequently, to derive the economies of
scale through better utilisation of certain common facilities, the
company decided to change the scope of the project by doubling its
size to 600 MW (2 X 300 MW). Also, VIPL decided to operate the
entire project as an independent power producer (IPP) and signed a
PPA (approved by MERC) under a cost-plus regime for its entire
contracted capacity of 600 MW for the supply of power from April
01, 2014 onwards. The PPA was signed with Reliance Infrastructure
Ltd (R-Infra), a distribution licensee in Mumbai R-Infra and
subsequently assigned to Adani Electric Mumbai Limited (AEML)
following the acquisition of R-Infra's Mumbai licence area business
by AEML. The commercial operation date (CoD) for Unit I of VIPL was
declared on April 3, 2013, while the CoD for Unit II was declared
on March 28, 2014.
VINKED CLOTHS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Vinked Clothes Private Limited
16/18, Krishna Niwas,
Champa Galli Cross Lane,
Girilila Building, 1st Floor Backside,
Mumbai MH 400002 India
Liquidation Commencement Date: January 7, 2023
Court: NationaL Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Avinash Bagul
A-102, Ram Krupa CHS,
SV Road,Borivali (WEST),
Mumbai 400092
Email: avinash.bagul1959@gmail.com
Tel No: +91-98200-09316
Last date for
submission of claims: February 5, 2023
VIOM INFRA: Liquidation Process Case Summary
--------------------------------------------
Debtor: Viom Infra Ventures Limited
NAC Campus, NAC Road, Cyberabad, Kondapur (Post),
Hyderabad, Telangana - 500084 India
Principal Office:
Plot No. X-1, 2 & 3,
Block EP Sector V, Ground Floor,
Salt Lake City Kolkata 700091 WB
Liquidation Commencement Date: January 10, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Mr. Jitendra Lohia
2/7 Sarat Bose Road, Vasundhara Building,
2nd Floor, Kolkata – 700020
Email: jitulohia@knjainco.com
Mr. Jitendra Lohia
Klass Insolvency Resolution Professionals Private Limited,
2/7 Sarat Bose Road, Vasundhara Building,
2nd Floor Kolkata-700020, West Bengal,
Email: cirp.vivl@gmail.com
Last date for
submission of claims: February 9, 2023
VISA RESOURCES: Liquidation Process Case Summary
------------------------------------------------
Debtor: Visa Resources India Limited
5B, Express Tower, 42A, Shakespeare Sarani,
Kolkata-700017 & Visa House,
8/10, Alipore Road,
Old Kolkata-700071
Liquidation Commencement Date: January 3, 2023
Court: NationaL Company Law Tribunal, Kolkata Bench
Liquidator: Mr. Kapilendra Swain
303-Lata Enclave, Jail Road,
Laxmisagar, Bhubaneswar,
Khordha, Odisha, 751006
Email: cakswain@gmail.com
Plot No. 1037, Shanti Nagar,
Jharpada, Po Budheswari,
Near Ganesh Mandap Chowk,
Bhubaneswar, Odisha-751006
Email: cirp.visaresources@gmail.com
Last date for
submission of claims: February 2, 2022
WELWORTH SOFTWARE: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Welworth Software Private Limited
Rockline Centre, No. 54, 3rd Floor,
Richmond Road, Bangalore
Bangalore KA 560025 India
Liquidation Commencement Date: November 30, 2022
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Narayana Kamma
E 1807, Brigade Gateway, 26/1,
Dr. Rajkumar Road,
Malleshwaram West, Bangalore. 560055
Phone: 9844283398
Email: kln6019@gmail.com
Email: liquidator.welworth@gmail.com
Last date for
submission of claims: February 1, 2023
YOJANA POULTRY: ICRA Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Yojana
Poultry Pvt. Ltd. (YPPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.39 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating moved to
Cash Credit the 'Issuer Not Cooperating'
Category
Long Term- 13.66 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating moved to
Term Loan the 'Issuer Not Cooperating'
Category
Long Term/ 6.95 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Rationale
The rating is based on limited cooperation from the entity since
the time it was last rated in July 2022. As part of its process and
in accordance with its rating agreement with YPPL, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. However, despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the firm's rating has been moved to the "Issuer
Not Cooperating" category.
Incorporated in 1998, YPPL is engaged in brooding of layer birds
and sales of eggs, birds, manure, medicine and feed. YPPL's
corporate office is in Pune, and it derives most of its sales from
the Pune region. Egg sales form the largest chunk of YPPL's
revenue. The company purchases eggs and chicks of layer birds,
which undergo brooding followed by the laying stage. YPPL has
commercial layer farms at Bhima, Ural, Malthan areas of Pune with a
current collective layer capacity of around 5,10,000 birds. The
eggs are sold under the brand, Power Eggs, which has considerable
brand recognition in and around Pune.
=====================
N E W Z E A L A N D
=====================
BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Beam Cox
Constructions Private Limited (BCCPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.50 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 November 19,
2021, placed the rating(s) of BCCPL under the 'issuer
non-cooperating' category as BCCPL 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. BCCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 5, 2022, October 15,
2022, October 25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
BCCPL was incorporated in the year 1994 by Mr Y Ravinder Reddy and
other three directors. The company is registered as Class-I
contractor with Andhra Pradesh government and is into execution of
civil works and construction contracts for government entities.
Major works of the company include construction of school
buildings, school and college hostel buildings, laying of cement
roads, laying of water pipelines, etc.
C. & E. LIMMER: Court to Hear Wind-Up Petition on Feb. 24
---------------------------------------------------------
A petition to wind up the operations of C. & E. Limmer Holdings
Limited will be heard before the High Court at Auckland on Feb. 24,
2023, at 10:00 a.m.
Arrowmasters Limited filed the petition against the company on Nov.
7, 2022.
The Petitioner's solicitor is:
Mike Whale
Kerry Puddle
TWA Legal Limited
38 Wyndham Street
Auckland 1010
GENIUS RESIDENTIAL: Creditors' Proofs of Debt Due on March 8
------------------------------------------------------------
Creditors of Genius Residential Limited, Orders Please Limited,
Facelift Creations Limited and City and Suburb Property Inspections
(2014) Limited are required to file their proofs of debt by March
8, 2023, to be included in the company's dividend distribution.
Genius Residential Limited commenced wind-up proceedings on Feb. 1,
2023.
Orders Please Limited, Facelift Creations Limited, and Ity And
Suburb Property Inspections (2014) commenced wind-up proceedings on
Feb. 7, 2023.
The liquidators may be reached at:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
GREENBELL ENVIRONMENTAL: Creditors' Proofs of Debt Due on March 24
------------------------------------------------------------------
Creditors of Greenbell Environmental Engineering Consulting Limited
and K-Dhar Living Limited are required to file their proofs of debt
by March 24, 2023, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Benjamin Francis and Simon
Dalton of Gerry Rea Partners as liquidators on Feb. 3, 2023.
NASHCON LIMITED: Creditors' Proofs of Debt Due on Feb. 24
---------------------------------------------------------
Creditors of Nashcon Limited are required to file their proofs of
debt by Feb. 24, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Feb. 1, 2023.
The company's liquidators are:
Trevor Laing
Emma Laing
Laing Insolvency Specialists Limited
PO Box 2468
Dunedin 9044
SAVVY MARKETING: Creditors' Proofs of Debt Due on April 9
---------------------------------------------------------
Creditors of Savvy Marketing Limited and Savvy Solutions Limited
are required to file their proofs of debt by April 9, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Feb. 9, 2023.
The company's liquidators are:
Elizabeth Helen Keene
Luke Norman
KPMG Christchurch
Level 5, 79 Cashel Street
PO Box 1739
Christchurch 8140
SMILING FACE: Zespri Moves to Liquidate Illegal Kiwifruit Grower
----------------------------------------------------------------
Stuff.co.nz reports that Kiwifruit marketer Zespri has successfully
applied to the High Court to liquidate the company of a kiwifruit
grower who illegally exported its gold kiwifruit cuttings to
China.
Smiling Face, its owner Haoyu Gao and Zespri had been in and out of
the courts since 2018, Stuff says.
Stuff relates that a Zespri spokesperson said in 2020, the High
Court found Gao had fraudulently offered to sell Zespri's kiwifruit
varieties and the right to licence them to parties in China.
Zespri was ordered to pay about NZD15 million in damages, the
spokesperson said.
This decision was upheld by the New Zealand Court of Appeal, and
leave to appeal to the Supreme Court was declined.
However the NZD15 million was reduced to NZD12.1 million after an
appeal by Gao in 2021.
According to the report, Zespri lawyer Katherine Evans said Zespri
had taken enforcement action against Smiling Face and Gao's assets
in New Zealand and continued to work with the court-appointed
liquidators throughout the process.
Zespri and the kiwifruit industry had invested significant amounts
of money in the development of innovative kiwifruit cultivars, she
said.
The decision also provided important clarification on the global
framework for plant variety rights, she said.
These were increasingly important for horticultural and seed
industries, Ms. Evans said.
Zespri continued to explore potential recognition and enforcement
of the New Zealand judgement in China, Ms. Evans said.
Stuff adds that Zespri chairperson Bruce Cameron said in an update
to shareholders last year that the latest estimates showed there
were about 7,000 hectares of unauthorised Gold 3 plantings in the
Sichuan Province in China, and another 3,000ha to 4,000ha grafted
in other growing regions outside of Sichuan.
Zespri previously alleged the breach of the New Zealand industry's
kiwifruit intellectual property put billions of dollars of future
exports at risk and threatened the livelihoods of almost 3.000
orchardists.
In the initial court case Zespri said Gao's agreement to supply
gold kiwifruit to a Chinese grower was an infringement of Zespri's
rights under the Plant Varieties Rights Act, the report relays.
During the court case Gao alleged he did not actually supply the
cuttings as he "got cold feet".
Zespri had hired private investigators to identify five Chinese
orchards that planted its G3 and G9 varieties, adds Stuff.
=================
S I N G A P O R E
=================
25SNAP PTE: Court to Hear Wind-Up Petition on Feb. 24
-----------------------------------------------------
A petition to wind up the operations of 25SNAP Pte Ltd will be
heard before the High Court of Singapore on Feb. 24, 2023, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 17, 2023.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
APEX PRINTING: Court to Hear Wind-Up Petition on Feb. 24
--------------------------------------------------------
A petition to wind up the operations of Apex Printing Pte Ltd will
be heard before the High Court of Singapore on Feb. 24, 2023, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Jan. 17, 2023.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
GOLDEN MOUNTAIN: Mann & Associates Appointed as Judicial Manager
----------------------------------------------------------------
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC on Feb. 2, 2023,
was appointed as judicial manager of Golden Mountain Textile and
Trading Pte Ltd.
HSI MEDICAL: Court to Hear Judicial Management Bid on Feb 20
------------------------------------------------------------
A petition to place the operations of HSI Medical Pte. Ltd. under
the judicial management of judicial managers will be heard before
the High Court of Singapore on Feb. 20, 2023, at 10:00 a.m.
TDI INTERIOR: Court to Hear Wind-Up Petition on March 3
-------------------------------------------------------
A petition to wind up the operations of TDI INTERIOR Pte Ltd will
be heard before the High Court of Singapore on March 3, 2023, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Feb. 6, 2023.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
=================
S R I L A N K A
=================
SRILANKAN AIRLINES: S&P Cuts Rating on Gov't-Guaranteed Bond to 'D'
-------------------------------------------------------------------
On Feb. 13, 2023, S&P Global Ratings lowered its long-term issue
rating on SriLankan Airlines' (SLA) foreign currency-denominated
bond maturing June 25, 2024, to 'D' (default) from 'CC'.
At the same time, S&P affirmed the other ratings on Sri Lanka,
including the 'SD' long-term foreign currency and 'CCC-' long-term
local currency sovereign credit ratings. The outlook on the
long-term local currency rating is negative.
Outlook
S&P's long-term foreign currency rating on Sri Lanka is 'SD'
(selective default). It does not assign outlooks to 'SD' ratings
because they express a condition and not a forward-looking opinion
of default probability.
The negative outlook on the long-term local currency rating
reflects a high risk to commercial debt repayments over the next 12
months in the context of Sri Lanka's economic, external, and fiscal
pressures.
Downside scenario
S&P could lower the long-term local currency ratings on Sri Lanka
if there are indications of nonpayment or restructuring of Sri
Lankan rupee-denominated obligations.
Upside scenario
S&P could revise the outlook to stable or raise the long-term local
currency sovereign credit rating if it perceives that the
likelihood of the government's local currency debt being excluded
from any debt restructuring has increased. This could be the case
if, for example, the government receives significant donor funding,
which gives it some time to implement immediate and transformative
reforms.
S&P could raise its long-term foreign currency sovereign credit
rating upon completion of the government's bond restructuring. The
rating would reflect Sri Lanka's creditworthiness
post-restructuring.
S&P's post-restructuring ratings tend to be in the 'CCC' or low 'B'
categories, depending on the sovereign's new debt structure and
capacity to support that debt
Rationale
S&P lowered the issue ratings on the SLA 2024 bond to 'D' from 'CC'
because both the issuer and government of Sri Lanka, as guarantor,
missed a coupon payment of about US$6.1 million. This payment was
originally due December 2022, and the grace period expired in
January 2023.
The bond, along with other international sovereign bonds (ISBs)
that the government issued, will remain at 'D', pending the
conclusion of current debt negotiations.
Negotiations for the SLA bond may be separate from those on the
government's other ISBs. S&P's rating on all of these is 'D'.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED
SRI LANKA
Sovereign Credit Rating
Foreign Currency SD/--/SD
Local Currency CCC-/Negative/C
Transfer & Convertibility Assessment
Local Currency CC
SRI LANKA
Senior Unsecured CCC-
Senior Unsecured D
DOWNGRADED
TO FROM
SRILANKAN AIRLINES LTD.
Senior Unsecured D CC
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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