/raid1/www/Hosts/bankrupt/TCRAP_Public/230301.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, March 1, 2023, Vol. 26, No. 44
Headlines
A U S T R A L I A
C & S PLUMBING: First Creditors' Meeting Set for March 3
GREEN CAFFEEN: Second Creditors' Meeting Set for March 6
HIBURN DEMOLITION: First Creditors' Meeting Set for March 3
ROLCO PTY: Second Creditors' Meeting Set for March 6
SCHRAMM AUSTRALIA: First Creditors' Meeting Set for March 7
C H I N A
CHINA EVERGRANDE: Foreign Bondholders Push Back as Hearing Looms
SHANGQIU PUBLIC: Struggles Highlight Local Fiscal Woes
I N D I A
AAA PAPER: CRISIL Keeps D Debt Rating in Not Cooperating
ACHIEVERS BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category
ANISHA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
AYG REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
BADHRI COTTON: CARE Keeps D Debt Ratings in Not Cooperating
BESCO LIMITED: CARE Withdraws C Rating on LT/ST Debts
CENTAUR INDIA: Voluntary Liquidation Process Case Summary
DEHRADUN HIGHWAYS: Liquidation Process Case Summary
DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
DLS PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
FORMEL D: Voluntary Liquidation Process Case Summary
HUBTOWN BUS: CARE Keeps D Debt Rating in Not Cooperating Category
JOGMA LAMINATES: Liquidation Process Case Summary
KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating
KYORA METTALIKS: Insolvency Resolution Process Case Summary
LANDSCAPE REALITY: CRISIL Keeps D Debt Rating in Not Cooperating
LAVASA HOTEL: Liquidation Process Case Summary
LOVELY ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
LYRUS LIFE: CARE Lowers Rating on INR39.50cr LT Loan to D
MAHARSHEE GEOMEMBRANE: CRISIL Keeps D Ratings in Not Cooperating
MANGALSIDDHI MULTIPURPOSE: CRISIL Keeps D Rating in Not Cooperating
MEENA JEWELS: CARE Keeps D Debt Rating in Not Cooperating Category
MEENAKSHI FISHING: CRISIL Keeps D Debt Ratings in Not Cooperating
NAJMUDDIN TRADING: CARE Keeps C Debt Rating in Not Cooperating
NIRUPAM ASSOCIATES: CARE Keeps C Debt Ratings in Not Cooperating
OMSAI UDYOG: CARE Keeps C Debt Ratings in Not Cooperating Category
REXON LABORATORIES: CARE Lowers Rating on INR1.0cr LT Loan to C
RUDRANI HEALTH: Liquidation Process Case Summary
SAUMIL IMPEX: CRISIL Withdraws D Rating on INR34.56cr LOC
SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
V. T. ADASKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating
VOLON CYBER: Voluntary Liquidation Process Case Summary
YOGESHWARI SUGAR: CRISIL Moves D Debt Ratings to Not Cooperating
M A L A Y S I A
PHARMANIAGA BHD: Falls Under Practice Note 17 Category
N E W Z E A L A N D
HCS ENGINEERING: Creditors' Proofs of Debt Due on March 24
I HOME: Creditors' Proofs of Debt Due on April 10
TALLENTYRE TRUSTEE: Creditors' Proofs of Debt Due on March 24
VATOCEL (PTY): Court to Hear Wind-Up Petition on March 17
Z Y WELLINGTON: Court to Hear Wind-Up Petition on April 4
P A K I S T A N
PAKISTAN: Central Bank May Hike Rates Another 200 bps
S I N G A P O R E
CAPRICE HOLDINGS: Members' Final Meeting Set for March 31
PERX TECHNOLOGIES: Court to Hear Wind-Up Petition on March 10
PETRO-DIAMOND SINGAPORE: Members' Final Meeting Set for March 29
RH TAMPINES: Members' Final Meeting Set for March 30
THREE ARROWS: Liquidators to Sell Expansive List of Seized NFTs
UNITECH HIGH: Creditors' Proofs of Debt Due on March 28
VAULD: Gets Further Extension for Restructuring Plan
S O U T H K O R E A
EASTAR JET: To Resume Flights This Month With AOC Approval
X X X X X X X X
HAMEE INDIA: Voluntary Liquidation Process Case Summary
- - - - -
=================
A U S T R A L I A
=================
C & S PLUMBING: First Creditors' Meeting Set for March 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of C & S
Plumbing Pty. Ltd. will be held on March 3, 2023, at 2:30 p.m. at
Level 15, 350 Collins Street in Melbourne and via virtual meeting
technology.
Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on Feb. 21, 2023.
GREEN CAFFEEN: Second Creditors' Meeting Set for March 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Green Caffeen
Pty Ltd has been set for March 6, 2023 at 10:30 a.m. at the offices
of Worrells at Level 2 AMP Building, 1 Hobart Place in Canberra and
via virtual meeting technology.
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 March 3, 2023 at 5:00 p.m.
Stephen John Hundy of Worrells was appointed as administrator of
the company on Jan. 30, 2023.
HIBURN DEMOLITION: First Creditors' Meeting Set for March 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hiburn
Demolition Pty Limited will be held on March 3, 2023, at 10:30 a.m.
at Level 14, 570 Bourke Street in Melbourne and via virtual meeting
technology.
Scott Andersen of Worrells was appointed as administrator of the
company on Feb. 21, 2023.
ROLCO PTY: Second Creditors' Meeting Set for March 6
----------------------------------------------------
A second meeting of creditors in the proceedings of Rolco Pty Ltd
has been set for March 6, 2023 at 10:30 a.m. at 52/41-49 Norcal
Road, Nunawading in Victoria.
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 March 3, 2023 at 5:00 p.m.
Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Jan. 26, 2023.
SCHRAMM AUSTRALIA: First Creditors' Meeting Set for March 7
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Schramm
Australia Holding Pty Limited and Airdrill Hammers and Bits Pty Ltd
will be held on March 7, 2023, at 9:30 a.m. 3:30 p.m. respectively,
via virtual meeting technology.
Hayden Leigh White, Paul Stuart Harlond, and Ian Charles Francis of
FTI Consulting were appointed as administrators of the companies on
Feb. 22, 2023.
=========
C H I N A
=========
CHINA EVERGRANDE: Foreign Bondholders Push Back as Hearing Looms
----------------------------------------------------------------
The Wall Street Journal reports that China Evergrande Group is
struggling to reach a deal with foreign bondholders, raising the
possibility that a court will tell the company to wind down.
The Journal says Evergrande, once China's largest property
developer by sales, sold more than $20 billion of dollar bonds
during a debt-fueled spending spree. The company defaulted on its
foreign debt in late 2021, and has since been embroiled in a
difficult negotiation with international bondholders. The latest
bone of contention: whether Evergrande should be allowed to use its
assets outside of China to pay debt incurred within the mainland.
According to the Journal, Evergrande's creditors in mainland China
are pushing the company to use some of its assets in Hong Kong and
elsewhere to pay them back, putting them in direct conflict with
holders of its U.S. dollar bonds. Evergrande's dollar bonds are now
held by a mix of distressed funds and real-money investors.
The Journal notes that the company's representatives are due to
appear before Hong Kong's High Court on March 20.
Evergrande was sued last June by a small creditor, which asked the
court to wind up the company, the Journal recalls.
Evergrande won a reprieve from the court at a hearing in November
and it could be given more time again, but negotiations since the
last extension have made little progress, the people said, the
Journal relays. Evergrande has until March 6 to file evidence that
would persuade the judge to grant it another extension.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
SHANGQIU PUBLIC: Struggles Highlight Local Fiscal Woes
------------------------------------------------------
Caixin Global reports that a bus operator in a city in central
China said it would suspend services due to mounting losses
stemming from the pandemic and dwindling subsidies, before
rescinding the decision after the government stepped in,
highlighting the fiscal headaches of local authorities nationwide.
Caixin relates that the losses at Shangqiu Public Transportation
Co. Ltd. had been so severe that it couldn't afford to pay
salaries, social insurance contributions for its employees,
electricity bills to charge its buses, or vehicle insurance,
according to screenshots of an announcement from the company on
Feb. 23 that made the rounds on social media.
After consideration, the company had decided to suspend the
operation of inner-city bus routes starting March 1, it said in the
announcement, which was removed within a few hours, notes the
report.
According to the report, while the matter was later resolved,
incidents like this have taken place in localities across China,
allowing people some rare insights into just how strained local
governments' fiscal resources have become.
"Our company has suffered heavy losses due to fallout from the
pandemic, changes in the country's new-energy vehicle (NEV) subsidy
policy, and a lack of fiscal subsidies," wrote Shangqiu Public
Transportation in the announcement, notes Caixin.
After the removal of the announcement, the company published
another statement through a government social media account around
noon on the same day, claiming that it will "overcome difficulties
to ensure that buses won't stop running and the public's mobility
won't be affected," Caixin relates.
The company apologized for the "negative influence" its previous
announcement had on the public.
Around the same time, the government of Shangqiu said that the city
has sent a task force to the bus company to examine the matter and
help resolve its difficulties. The city government has been
subsidizing Shangqiu Public Transportation since it was privatized
from a state-owned enterprise in 2006, the government said, notes
the report.
Shangqiu Public Transportation, the largest bus operator of the
city, had at least 1,868 people on its payroll in 2021, according
to public business records, Caixin notes.
=========
I N D I A
=========
AAA PAPER: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of AAA Paper
Limited (APL) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 28 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with APL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of APL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APL continues to be 'CRISIL D Issuer Not Cooperating'.
APL was incorporated as Shardaji Duplex Boards Ltd in 1995, renamed
AAA Paper Marketing Ltd in 2005, and got its current name in
February 2017. Mr Pramod Agarwal and his son, Mr Apuve Goel, are
the promoters. The company trades in waste paper procured from
domestic and international markets.
ACHIEVERS BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Achievers
Builders Private Limited (ABPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 21.82 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in March 1999 and promoted by Mr. J L Bhatia and Mr.
Vijay Bhardwaj and their family members, ABPL undertakes real
estate development in Faridabad.
AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AISIRI Agro
Private Limited (AAPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.00 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 December 14,
2021, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL 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. AAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 30, 2022, November 9, 2022, February 14,
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).
AISIRI Agro Private Limited (erstwhile ISIRI Agro Private Limited)
is a private limited company incorporated in the year December 23,
2015 by Mr. Gowrishankar Uday Kumar, Mrs. Vimala Uday Kumar, Mr.
Annaiah, Mr. S Devanand and Ms. K. Lalitha as its Directors. The
AAPL started its commercial operations in January 2016. In FY19,
the company has reconstituted by changing its name from ISIRI agro
Private Limited to AISIRI Agro Private Limited and continued its
operations under new name. The company is engaged in providing
services like assisting farmers in protected cultivation in poly
houses / greenhouses by undertaking poly houses construction and
providing help in cultivation activities.
ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alom Poly
Extrusions Limited (APEL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 0.65 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 9,
2021, placed the rating(s) of APEL under the 'issuer
non-cooperating' category as APEL 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. APEL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 25, 2022, February 14, 2023, February
16, 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).
Alom Poly Extrusions Limited (APEL) was incorporated in June 1990
and currently it is managed by Mr. Ajay Prakash Jhunjhunwala, Mr.
Shree Prakash Jhunjhunwala, Mr. Pravin Agarwal, Mr. Anil Kumar Seth
and Mr. Arnav Jhunjhunwala. The company is into manufacturing of
corrugated polyethylene pipes for sewage, drainage and cables
protection. The company is manufacturing of Double Wall Corrugated
(DWC) High Density Polyethylene (HDPE) Pipes in diameters upto 1000
MM. The manufacturing facility of the company is located at
Banganagar, West Bengal, with an installed capacity of 1000 metric
tones per annum (MTPA), has the latest plant and machinery and
fully equipped QA laboratory for testing and establishment of
highquality products.
ANISHA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anisha
Enterprises (AE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 January 13,
2022, placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE 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. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2022, December 9, 2022, December 19, 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).
Anisha Enterprises (AE) was established and started the commercial
operations in the year May 2017 by Mr. Srimannarayana as a
proprietorship concern. Initially, the firm was engaged in the
business of trading of Tobacco, Pulses and Shrimp. At present
the firm is engaged in the wholesale and retail trading of
different kinds of pulses and shrimp. The firm generates 95% of the
revenue from the trading of pulses and remaining 5% from sale of
shrimp. The firm sells both pulses and shrimp in the states
of Andhra Pradesh and purchases the same from the farmers located
around Prakasham district, Andhra Pradesh.
AYG REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AYG Realty
Private Limited (AYG) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 14 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AYG for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AYG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AYG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AYG continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
AYG, incorporated in 1993, undertakes civil construction projects
for various departments of the Maharashtra and Rajasthan
governments, and subcontracts work. It is a Class A contractor with
the Public Works Department, Maharashtra. Mr Anand Gupta and Mr
Yogesh Gupta manage operations.
BADHRI COTTON: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Badhri
Cotton Mills Private Limited (BCMPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.51 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 15,
2021, placed the rating(s) of BCMPL under the 'issuer
non-cooperating' category as BCMPL 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. BCMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 31, 2022, November 10,
2022, November 20, 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).
Badhri Cotton Mills Private Limited (BCMPL) (Earlier known as
Reddies Textile Industries Private Limited) started its commercial
operations from December 2012. The company is engaged in cotton
yarn spinning (with a capacity of 31,248 spindles) at its
manufacturing facilities located at Prakasam district, Andhra
Pradesh. The key raw material being cotton bales is procured from
local suppliers. BCMPL sells the cotton yarn to dealers and traders
based at Maharashtra, Tamil Nadu, Telangana and Andhra
Pradesh.
BESCO LIMITED: CARE Withdraws C Rating on LT/ST Debts
-----------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
C; Issuer Not Cooperating/CARE A4; Issuer Not cooperating' assigned
to the bank facilities of BESCO Limited with immediate effect. The
action has been taken at the request of BESCO Limited and 'No
Objection Certificate' received from the bank that has extended the
facilities rated by CARE Ratings Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities - Reaffirmed at CARE C; Issuer
Not Cooperating and withdrawn
Short Term Bank
Facilities - Reaffirmed at CARE A4; Issuer
Not Cooperating and withdrawn
Incorporated on December 13, 1928, as The Hukumchand Electric Steel
Company Ltd., the name of the company was changed to Bhartia
Electric Steel Company Ltd. in 1941 and finally to BESCO Ltd. in
1993. BESCO Ltd. is a railway equipment manufacturer, catering to
the requirements of the Indian Railways (IR). It is one of the
oldest wagon manufacturers with a captive foundry division in
India.
After a family settlement in December 2004, followed by a Company
Law Board (CLB) order in April, 2006, the foundry division came
into the faction of Mr. A.K. Tantia (AKT group) and wagon division
went to the faction of his elder brother Mr. O.P Tantia (OPT
group). However only physical demerger of the divisions was
completed as per the certificate dtd June 10, 2006 submitted by the
Special Officer (appointed by CLB) to the Chairman of CLB.
Accordingly, both the companies - BESCO Ltd. (Foundry division;
belonging to AKT Group) and BESCO Ltd. (Wagon division; belonging
to OPT group) are operating separately. Since the physical
demerger, AKT group has been operating BESCO Ltd. (Foundry
Division), which is engaged in manufacturing of steel casting
products (bogies, couplers, draft gears, crossings, side buffers
and coil springs) with a plant capacity of 14,000 MTPA in Baruipur,
Kolkata. The division also has a unit in Faridabad where steel to
rubber bonded components are manufactured.
CENTAUR INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Centaur India Steels and Stools Private Limited
1226-1230, 12th Floor, JMD Megapolis
Sohna Road, Sector 48
Gurgaon 122018, Haryana
Liquidation Commencement Date: February 3, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Mr. Naveen Narang
H-3/63, First Floor
Vikaspuri, New Delhi 110018
Email: nnarang.associates@gmail.com
Phone: +91 98180225476
Phone: +91 11 45113039
Last date for
submission of claims: March 4, 2023
DEHRADUN HIGHWAYS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: M/s Dehradun Highways Project Limited
B-292, Chandra Kanta Complex
Shop No. 2 & 3, Near Metro Pillar No. 161
New Ashok Nagar, New Delhi 110096
Liquidation Commencement Date: January 23, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Anil Kohli
ARCK Resolution Professionals LLP
409, 4th Floor, Ansal Bhawan
16 Kasturba Gandhi Marg
Connaught Place, New Delhi 110001
Email: insolvency@arck.in
Last date for
submission of claims: February 22, 2023
DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhruv Cottons
(DC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DC for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of DC
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2006, DC gins cotton at its unit in Bhainsa,
Telangana. Managing partner, Mr. C Maruti, has experience of more
than 30 years in the cotton segment.
DLS PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DLS Papers
Private Limited (DPPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.22 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 6,
2021, placed the rating(s) of DPPL under the 'issuer
non-cooperating' category as DPPL 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. DPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 22, 2022, November 1, 2022, November 11,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Muzaffarnagar, Uttar Pradesh, based, DLS Paper Private Limited
(DLSPPL) was incorporated in March, 2013 and started its commercial
operation in October, 2015 by Mr. Laxman Singh and Mr. Dinesh
Kumar. The company is being managed by Mr Laxman Singh, Mr Dinesh
Kumar, Mr. Aamir Ahmed and Mr. Arshad Ali. The company is engaged
in manufacturing of craft paper at its manufacturing facility
located in Muzaffarnagar.
FORMEL D: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Formel D India Private Limited
Prime 12, Flat No. 2,
1st Floor Plot No. H-1,
Sector No. 26
Nigdi Pradhikaran, Pune 411044
Liquidation Commencement Date: January 30, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: C Dwarakanath
No. 31, Vidya Bhavary
3rd FloorRear Block
Opp. Karanji Anjaneya Temple
West Anjaneya Temple Street
Basavanagudi, Bengaluru 560004
Email: dwarakanath.c@gmail.com
Tel: 080-41203012
Last date for
submission of claims: March 6, 2023
HUBTOWN BUS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hubtown Bus
Terminal (Adajan) Private Limited (HBTPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 41.67 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 9,
2021, placed the rating(s) of HBTPL under the 'issuer
non-cooperating' category as HBTPL 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. HBTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 25, 2022, November 14,
2022, February 14, 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).
Hubtown Bus Terminal (Adajan) Pvt Ltd (HBTAdPL) is a special
purpose vehicle formed by Hubtown Ltd. (formerly known as Akruti
City Ltd) with an objective to develop bus terminal at Adajan,
Surat, Gujarat, as per the concession agreement with Gujarat State
Road Transport Corporation. The Hubtown group is in business of
developing real estate since more than two decades, commencing with
the incorporation of Akruti Nirman Private Limited on February 16,
1989 which was subsequently converted into a public limited company
on April 11, 2002. Company was renamed to Akruti City Limited in
2008 and further renamed to Hubtown Ltd in 2012.
JOGMA LAMINATES: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Jogma Laminates Industry Private Limited
Shop No 5 & 6
Krishna Plaza Apartment Near Lakadganj Gaden
Lakadganj Nagpur MH 440008
India
Liquidation Commencement Date: November 16, 2022
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Rajas Shreeram Bodas
Survey No 997/18, Satsang Society
Suraksha Apartments
Navi Peth, Near Vaikunth
Pune 411030
Email: rajasbodas1@gmail.com
Email: jogmaliquidation@gmail.com
Last date for
submission of claims: December 31, 2022
KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kovai
Kalaimagal Educational Trust (KKET) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.66 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.14 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 17,
2021, placed the rating(s) of KKET under the 'issuer
non-cooperating' category as KKET 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. KKET
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 2, 2022, November 12, 2022, November
22, 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).
Kovai Kalaimagal Educational Trust (KKET) was set up as a
charitable trust under section 12A of Income Tax Act by Mr
K.AChinnaraju and Mrs P. Shanmugadevi of Coimbatore, Tamil Nadu in
the year 1992. The trust currently operates four
educational institutes:
1. Kovail Kalaimagal College of Arts & Science (KKCAS)
2. Coimbatore Institute of Management & Technology (CIMAT)
3. Coimbatore Institute of Engineering & Technology (CIENT)
4. Kovai Kalaimagal Matriculation School (from K-10)
KYORA METTALIKS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kyora Mettaliks Private Limited
Shop No. 09, Sankalp Residency
Plot No. 43, Sector No. 19
Kamothe Navi
Mumbai Raigarh MH 410209
Insolvency Commencement Date: January 27, 2023
Estimated date of closure of
insolvency resolution process: July 26, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Neeraja Kartik
202 Padmasani Apartments, 58/2
Shivaji Nagar, Near Shivaji Park,
Nagpur, Maharashtra 4400l0
Email: neerajakartikip@gmail.com
- and -
Nakshatra Insolvency Resolution
Professionals Ltd.
3rd Floor, 377, Gandhinagar,
Ambazari Road, Nagpur 440010
Email: kyoramettaliks@gmail.com
Last date for
submission of claims: February 10, 2023
LANDSCAPE REALITY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Landscape
Reality (LR) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 67 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LR for
obtaining information through letters and emails dated November 24,
2022 and January 30, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LR
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2010 in Pune as a limited liability partnership firm, LR
is currently executing a residential project in Pune. The firm is
promoted by Dajikaka Gadgil Developers Pvt Ltd, which in turn
belongs to Gadgil family of Pune (promoters of PN Gadgil Jewellers
Pvt Ltd).
LAVASA HOTEL: Liquidation Process Case Summary
----------------------------------------------
Debtor: Lavasa Hotel Limited
Hincon House Lal Bahadur Shastri Marg
Vikhroli West Mumbai City 400083 (MH)
- and -
Plot No 7, Dasve Circle, Village Dasve,
Taluka Mulshi, Pune 412112
Liquidation Commencement Date: January 23, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Pramod Kumar Dokania
T54-1101, Flat No 1101,
Tower 54, Future Towers, Sector R-11
Amanora Park Town, Hadapsar,
Pune 411028, Maharashtra
Email: ippramod.dokania@gmail.com
- and -
Office No. 513, 5th Floor, Gandharv Galexia
Malwadi Mundhwa Road,
Hadapsar Pune 411036
Email: cirplavasahotel@gmail.com
Last date for
submission of claims: March 10, 2023
LOVELY ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lovely
Enterprises Private Limited (LEPL; part of the Lovely group)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 22 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with LEPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LEPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of Lovely International Pvt
Ltd (LIPL) and LEPL. This is because the two companies, together
referred to as the Lovely group, are in the same line of business
and under a common management.
The Kolkata-based Lovely group was promoted by Mr Kishan Gopal
Biyani and his son, Mr Samir Biyani. Lovely International Pvt Ltd
(LIPL), incorporated in 1999, trades in sawn timber and timber
logs. LEPL, which was set up in 2003, also trades in other
commodities such as marble, and iron and steel products; however,
timber remains the group's main product.
LYRUS LIFE: CARE Lowers Rating on INR39.50cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lyrus Life Sciences Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 39.50 CARE D Revised from CARE BB;
facilities Stable
Short-term bank
Facilities 20.50 CARE D Revised from CARE A4
Rationale and key rating drivers
The revision in the ratings of the bank facilities of Lyrus takes
into account delays in debt servicing of the term loan facilities
availed by the company due to cash flow mismatches on account of
the delayed payment from its customers.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Improvement in the liquidity position of the company, thereby no
overdrawals/delays in the rated facilities for minimum of three
consecutive months and also turnaround in operations which would
ensure such instances does not recur.
Negative factors – Not applicable
Analytical approach: Standalone
Key weaknesses
* Delays in debt servicing: As per FY22 audited annual report, the
auditor has reported delays in debt servicing. The same are still
continuing as per the term loan account statements shared by the
company. These delays are due to poor liquidity position of the
company due to elongated receivables' cycle. The company has been
incurring losses historically due to high R & D expenditure being
incurred for developing its own products.
Liquidity: Poor
The liquidity of the company is poor due to continuous losses on
account of high R&D expenses and is dependent on its parent
company, Nokha Trading LLP/promoters, to fund its losses and debt
repayments.
Incorporated in June 2015, Lyrus Life Sciences Private Ltd (Lyrus)
is promoted by C P Bothra and his family members, and is engaged in
contract research and development works at its R&D unit in Hoskote,
Karnataka, along with trading of pharmaceutical products. The
products include tablets, capsules, soft gels, topicals, such as
ointments, sachets, liquid orals, sprays, injectables, etc. Lyrus
exports its traded products majorly to Australia and United Kingdom
(UK). Under contract R&D division, Lyrus provides services
including developing of products, analytical methods and its
validations, compiling of product dossiers, replying to regulatory
queries, etc., and has over 65 scientists spread across several
teams, such as ideation team, formulation development team,
analytical development team, regulatory team, etc. As of March 31,
2022, Lyrus had employee strength of 118 professionals having a
combined experience of more than 300 years.
MAHARSHEE GEOMEMBRANE: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharshee
Geomembrane India Private Limited (MGPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.45 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Inland/Import
Letter of Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 6.03 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MGPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2005 in Vadodara and promoted by Mr. Rajnikant
Swain, MGPL manufactures HDPE, LDPE, and polypropylene films known
as geomembrane, geotextiles, and geo-composite.
MANGALSIDDHI MULTIPURPOSE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mangalsiddhi
Multipurpose Multistate Sah. Sangh Limited (MMMSSL) continues to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MMMSSL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MMMSSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MMMSSL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MMMSSL continues to be 'CRISIL D Issuer Not
Cooperating'.
MMMSSL is co-operative society promoted by Mr Rajendra Tambile.
Established in 2010, the society processes and distributes milk
(pasteurised, homogenised, and standardised) to larger corporates
for sale under their brands. The society has a milk handling
capacity of around 1 lakh litres per day at Indapur in Pune,
Maharashtra. The society also processes milk and milk products such
as ghee, lassi, and curd under its Rajmangal brand.
MEENA JEWELS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meena
Jewels Exports (MJE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 10,
2022, placed the rating(s) of MJE under the 'issuer
non-cooperating' category as MJE 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. MJE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 26, 2022, December 6, 2022, December
16, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Meena Jewels Exports, incorporated in 2012, belongs to the Meena
Jewellers group (MJG) which is the jewellery arm of the Meena Bazar
group which has over 75 years of presence in the twin cities of
Hyderabad/Secunderabad. Meena Bazar group has varied business
interests consisting of retailing in sarees, textiles, garments and
jewellery, exhibition of films, construction, etc.
MEENAKSHI FISHING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Meenakshi
Fishing and Trading Co. (MFTC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.15 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.85 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MFTC for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MFTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFTC continues to be 'CRISIL D Issuer Not Cooperating'.
Meenakshi fishing and trading co (MFTC), is engaged in fishing and
providing ferry services for tourists of Andaman Islands. The
firm's entire operation is based out of Andaman Islands.
NAJMUDDIN TRADING: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Najmuddin
Trading Co. (NTC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2022, placed the rating(s) of NTC under the 'issuer
non-cooperating' category as NTC 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. NTC
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).
Dahod (Gujarat) based Najmudding trading Co. (NTC) is a
proprietorship firm established in 1975. Operations of NTC are
managed by proprietor Mr. Najmuddin. NTC is established for trading
of sugar pan India. NTC also established its branch in FY19 at
Kohlapur, Maharashtra.
NIRUPAM ASSOCIATES: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nirupam
Associates (NA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 20,
2022, placed the rating(s) of NA under the 'issuer non-cooperating'
category as NA 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. NA 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).
Bhopal (Madhya Pradesh) based NA was formed as a proprietorship
concern by Mr. Ram Babu Singh in 1997 with an objective to develop
real estate projects. NA is the renowned real estate developer in
Bhopal being present in the industry since 1997 and executed
multiple real estate projects in and around Bhopal city. It has
completed its Nirupam Royal Palms (NRP) in Bhopal project with
total 150 bungalows. The firm undertook expansion project of NRP
namely 'Nirupam Royal Palms - I' (NRP-I) and 'Nirupam Royal Palms
– II' (NRP-II). Further, it undertook one commercial project
'Nirupam Yadav Trade Centre' (NYTC) in Sehore (Madhya Pradesh).
OMSAI UDYOG: CARE Keeps C Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Omsai
Udyog India Private Limited (OUIPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 10.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated December 1,
2021, placed the rating(s) of OUIPL under the 'issuer
non-cooperating' category as OUIPL 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. OUIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 17, 2022, October 27,
2022, November 6, 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).
New Dew based Omsai Udyog India Private Limited (OSUIPL) was
incorporated in December, 2010 and started its commercial from
November, 2013. The company is managed by Mr Archit Sharma and Mr
Ankit Sharma. The company is engaged in manufacturing of Paper
Insulated Copper Conductors, Bare Copper Conductor and Over Head
Electrification. It procures its main raw material copper rods from
Hindalco industries Limited, Vedanta Limited and Carlo Colombo Spa,
Italy.
REXON LABORATORIES: CARE Lowers Rating on INR1.0cr LT Loan to C
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rexon Laboratories Limited (RLL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B-; Stable
Short Term 7.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 06,
2021, placed the rating(s) of RLL under the 'issuer
non-cooperating' category as RLL 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. RLL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 22, 2022, November 1, 2022, November 11,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of RLL have been revised
on account of non-availability of requisite information. The rating
revision also considers the net loss coupled with a leveraged
capital structure as a result of high overall debt in FY21.
The entity was initially established as a public limited company
under the name of 'Priya Drugs Limited' in 1995. Later on, in 2002,
the company got renamed to 'Rexon Laboratories Limited' (RXL). The
company is currently being managed by Mr. Rakesh
Sharma, Mr. Vijay Bharat and Mr. Pankaj Sharma. RXL is mainly
engaged in the trading of diversified products such as packaging
material (PVC film & Aluminium foil), allopathic medicines and
construction material (PVC panel) and is also involved in
manufacturing of pharmaceutical formulations which are available in
the form of injections at its manufacturing facility located in
Jalandhar, Punjab.
RUDRANI HEALTH: Liquidation Process Case Summary
------------------------------------------------
Debtor: Rudrani Health Care Services, Limited
267/3 Anandmayee Marg,
Udgir, Maharashtra 413517
Liquidation Commencement Date: January 27, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Sachin Shrinivas Bhattad
Flat No. 1A, 1st Floor
Vijay Towers 139, Railway Lines
Solapur, Maharashtra 413001
Email: sachinbhattadca@gmail.com
- and -
Stress Credit Resolution Pvt. Ltd.,
B-1305/6 Dosti Elite, Road No. 29,
Sion, Mumbai 400022
Email: rudrani.liq@gmail.com
Last date for
submission of claims: March 3, 2023
SAUMIL IMPEX: CRISIL Withdraws D Rating on INR34.56cr LOC
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Saumil Impex Private Limited
(SIPL) to 'CRISIL D/CRISIL D/Issuer not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of SIPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of SIPL from 'CRISIL
D/CRISIL D/Issuer Not Cooperating to 'CRISIL D/CRISIL D'. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING'; Rating
Withdrawn)
Foreign Exchange 0.75 CRISIL D (Migrated from
Forward 'CRISIL D ISSUER NOT
COOPERATING'; Rating
Withdrawn)
Funded Interest 1.54 CRISIL D (Migrated from
Term Loan 'CRISIL D ISSUER NOT
COOPERATING'; Rating
Withdrawn)
Letter of Credit 34.56 CRISIL D (Migrated from
'CRISIL D ISSUER NOT
COOPERATING'; Rating
Withdrawn)
Proposed Long Term 14.56 CRISIL D (Migrated from
Bank Loan Facility 'CRISIL D ISSUER NOT
COOPERATING'; Rating
Withdrawn)
Working Capital 13.84 CRISIL D (Migrated from
Term Loan 'CRISIL D ISSUER NOT
COOPERATING'; Rating
Withdrawn)
SIPL was set up in 1991, by Mr Kishore Parikh. The company, based
in Alang, Gujarat, is engaged in ship-breaking. The company buys
old ships and breaks them into steel plates and supplies to rolling
mills in Gujarat. Currently, they are in the process of closing
operations because of high volatility in business.
SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Shivam Industries (SSI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.99 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 2.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 28,
2022, placed the rating(s) of SSI under the 'issuer
non-cooperating' category as SSI 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. SSI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 14, 2022, December 24, 2022, January 3,
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).
Shree Shivam Industries (SSI) was established in March 2016 as a
partnership firm by Mr. Gulshan Agrawal and Mrs. Priyanka Agrawal.
The firm is engaged in rice milling, processing and trading of rice
and its by products business and started its commercial operations
since January 2017 at its plant, located at Dhamtari district of
Chhattisgarh with aggregate installed capacity of 2,400 metric ton
per month. Moreover, the firm has availed moratorium from its
lender under the terms of recent RBI circular.
V. T. ADASKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. T. Adaskar
and Company (VTAC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Term Loan 8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VTAC for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VTAC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VTAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VTAC continues to be 'CRISIL D Issuer Not Cooperating'.
Set up by Mr. Vinod Adaskar, VTAC is proprietorship firm engaged in
civil construction for real estate players. The promoters have also
ventured into real estate development. VTAC is currently,
undertaking a residential project, Shantai Greens, in Ravel
(Pune).
VARRON INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Varron
Industries Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.94 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 109.10 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 142.80 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 20,
2021, placed the rating(s) of VIPL under the 'issuer
non-cooperating' category as VIPL 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. VIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 5, 2022, November 15, 2022, November
25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Varron Industries Private Limited (VIPL) is engaged in the
manufacturing of alloy and aluminium based ingots, aluminium
castings and steel forgings utilized in the production of
automotive components and forgings. It manufactures aluminium
ingots of all grades by recycling of aluminium scrap material. The
manufacturing plant of the company is located at Ratnagiri,
Maharashtra, VAPL has installed eight furnaces for the
manufacturing of aluminium ingots.
VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Venta
Realtech Private Limited (VRPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated December 13,
2021, placed the rating(s) of VRPL under the 'issuer
non-cooperating' category as VRPL 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. VRPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 29, 2022, November 8, 2022, November 18,
2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Venta Realtech Private Limited was incorporated in June 5, 2010 as
Krrish Realtynirman Pvt Ltd (KRPL) was engaged in the development
of residential/group housing project in Gurgaon (Haryana). Company
was engaged in the construction and development of the project viz.
Monde De Provence (MDP). The project is a residential (group
housing) project on a land area measuring 12.36 acres situated at
Sector 2, Gwal Pahari, Gurgaon, Haryana and comprises of 174
residential units. Effective from March 8, 2018, the name of the
company has been changed to Venta Realtech Private Limited.
VOLON CYBER: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Volon Cyber Security Private Limited
F. No A/6, S. No. 30A 6/2/1, Krutika Apt
G.N. 09, Kothrud
Pune 411038
Maharashtra, India
Liquidation Commencement Date: February 2, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Mr. Girish Kambadaraya
No. 36, Chatura Homes, 2nd Main
Meenakshinagar, Basaveshwaranagar,
Bengaluru 560079, Karnataka
- and -
207, Bindu Galaxy
No. 2, 1st Main, Chord Road
Industrial Town, Rajajinagar
Bengaluru 560010, Karnataka
Email: cmagirish999@gmail.com
Mobile: 9980695702
Last date for
submission of claims: March 4, 2023
YOGESHWARI SUGAR: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Yogeshwari Sugar Industries Private Limited (YGSIL) to 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 40 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 3.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4.62 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 5.88 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with YGSIL for
obtaining information through letters and emails dated February 07,
2023 and February 11, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of YGSIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on YGSIL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of YGSIL to 'CRISIL D Issuer not cooperating'.
YGSIL was incorporated in 2000. YGSIL is promoted by Mr. Rohidas
Tatayasaheb Deshmukh.YGSIL manufactures sugar and has its plant at
Parbhani District in Maharashtra with installed capacity of 1500
tonnes crushing per day (TCD).
===============
M A L A Y S I A
===============
PHARMANIAGA BHD: Falls Under Practice Note 17 Category
------------------------------------------------------
The Sun Daily reports that Pharmaniaga Bhd has posted a net loss of
MYR607.32 million for the financial year ended Dec 31, 2022
(FY2022) against a net profit of MYR172.15 million in the previous
year, with a MYR552 million provision for "slow-moving stocks of
Covid-19 vaccines" pushing the company under the financially
troubled PN17 category.
Revenue tumbled 27.1 per cent to MYR3.51 billion from MYR4.82
billion as there was lower demand from the government for the
purchase of Covid-19 vaccines, Sun Daily discloses.
"However, the group achieved encouraging growth in the concession
business as additional products were added to the concession list
which took effect from the second half of 2021.
"In addition, there was also an improved contribution from the
private sector by approximately 50 per cent as a result of
aggressive sales efforts coupled with new products launched to the
market during the year," it said in a filing with Bursa Malaysia on
Feb. 28.
In terms of the local market prospects, the pharmaceutical company
said the government has extended the date for negotiations of the
group's concession agreement to June 2023, the report says.
It said the business would continue to operate as usual during the
final stages of negotiations.
According to Sun Daily, the company said that it had also
registered an encouraging 50 per cent year-on-year growth in the
private market and would target to maintain the growth in 2023.
In a separate statement, the company said that due to the
accounting treatment pursuant to Malaysia Financial Reporting
Standards requirements and Pharmaniaga's good governance practice,
the group had to provide for an amount of MYR552.3 million on the
stock of vaccines, Sun Daily reports.
It said that this provision inevitably triggered the criteria of
Practice Note 17 (PN17) for Pharmaniaga.
"Pharmaniaga experienced a challenging FY2022 attributed mainly to
the provision of the slow- moving stocks of Covid-19 vaccines with
shelf life in its inventory.
"This resulted in loss before taxation and zakat and loss after
taxation and zakat of MYR580.8 million and MYR605 million
respectively," it said.
Addressing the matter at hand, the group said that it is currently
in talks with various parties, both local and overseas to purchase
the vaccines and is optimistic about favourable outcomes from the
negotiations, according to Sun Daily.
"Notwithstanding this issue, the group assures all parties that it
is committed to working on a regularisation plan in accordance with
Bursa Malaysia's requirement within the stipulated time.
"The plan would focus on strengthening the group's financial
standing, as well as assuring that core business activities remain
viable with growth prospects," it said.
Sun Daily adds that the company said that its operational
activities for both concession business with the Health Ministry
and non-concession business with the private sector would not be
disrupted and continue to be intact.
"The group is committed to servicing all financial obligations to
lenders and other financial institutions, as well as formulating an
optimal cash flow plan," it added.
Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.
=====================
N E W Z E A L A N D
=====================
HCS ENGINEERING: Creditors' Proofs of Debt Due on March 24
----------------------------------------------------------
Creditors of HCS Engineering Solutions Limited are required to file
their proofs of debt by March 24, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Feb. 20, 2023.
The company's liquidator is:
Hamish John Pryde
CS Insolvency
c/- Coombe Smith (PN) Limited
168 Broadway Avenue
PO Box 788
Palmerston North
I HOME: Creditors' Proofs of Debt Due on April 10
-------------------------------------------------
Creditors of I Home Design Limited are required to file their
proofs of debt by April 10, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Feb. 17, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
TALLENTYRE TRUSTEE: Creditors' Proofs of Debt Due on March 24
-------------------------------------------------------------
Creditors of Tallentyre Trustee Company 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 Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators of the company on Feb. 24,
2023.
VATOCEL (PTY): Court to Hear Wind-Up Petition on March 17
---------------------------------------------------------
A petition to wind up the operations of Vatocel (Pty) Limited will
be heard before the High Court at Auckland on March 17, 2023, at
10:00 a.m.
Roei Reiss filed the petition against the company on Feb. 7, 2023.
The Petitioner's solicitor is:
Alden Ho
c/- Crimson Legal
Level 1, 19 Mauranui Avenue
Epsom
Auckland
Z Y WELLINGTON: Court to Hear Wind-Up Petition on April 4
---------------------------------------------------------
A petition to wind up the operations of Z Y Wellington Limited will
be heard before the High Court at Auckland on April 4, 2023, at
10:00 a.m.
Atlas Earth Moving Limited filed the petition against the company
on Dec. 19, 2022.
The Petitioner's solicitor is:
Douglas James Kauwhata Mitchell
Unit J1, 4 Antares Place
Mairangi Bay
Auckland
===============
P A K I S T A N
===============
PAKISTAN: Central Bank May Hike Rates Another 200 bps
-----------------------------------------------------
Reuters reports that Pakistan's central bank is widely expected to
raise its key policy rate by 200 basis points in an off-cycle
meeting on Feb. 23 as it struggles to unlock critical funding from
the IMF, a Reuters poll showed.
Investors had anticipated an emergency meeting, which is not
uncommon in Pakistan, Reuters says. The next meeting of the central
bank's monetary policy committee was originally scheduled for March
16.
All sixteen economists and market watchers surveyed said there
would be a hike -- 14 of them predicted 200 basis points (bps),
while two expected 250 bps, according to Reuters.
The State Bank of Pakistan (SBP) has raised rates by 725 bps since
January 2022, Reuters recalls.
In its last policy meeting in January, the bank raised the key rate
by 100 bps to 17 per cent, citing inflationary pressure. Inflation
has since increased, with the Consumer Price Index (CPI) clocking
in at 27.5 per cent in January.
"CPI for February will be approximately 29-30 per cent and the
policy rates need to be adjusted with respect to it," Reuters
quotes Saad Rafi, head of equities Al Habib Capital Markets, a
local brokerage firm, as saying.
According to Reuters, the cash-strapped country is undertaking key
measures to secure a $1 billion loan from the International
Monetary Fund (IMF), including raising taxes, and removing blanket
subsidies and artificial curbs on the exchange rate.
A consensus amongst most of the participants was that the meeting
had been brought forward to help meet IMF requirements of a rate
hike that have been reported by the media, and pushed for by the
government as it rushes to get a staff level agreement, Reuters
states.
"It is certainly damaging as far as the market perception is
concerned with regards to SBP's independence. The independence
probably from the government, and not the IMF," says Fahad Rauf,
head of research at Ismail Iqbal Securities, Reuters relays. He
said the market had already incorporated a 200 bps hike in the last
treasury bill auction where the government accepted bids with
yields more than 200 bps higher than the policy rate.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
20, 2023, Fitch Ratings has downgraded Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC-', from
'CCC+'. There is no Outlook assigned, as Fitch typically does not
assign Outlooks to ratings of 'CCC+' or below.
According to Fitch Ratings, the downgrade reflects further sharp
deterioration in external liquidity and funding conditions, and the
decline of foreign-exchange (FX) reserves to critically low levels.
While Fitch assumes a successful conclusion of the 9th review of
Pakistan's IMF programme, the downgrade also reflects large risks
to continued programme performance and funding, including in the
run-up to this year's elections. Default or debt restructuring is
an increasingly real possibility, in its view.
The TCR-AP reported in December 2022, that S&P Global Ratings
lowered its long-term sovereign credit rating on Pakistan to 'CCC+'
from 'B-', and the short-term rating to 'C' from 'B'. The outlook
on the long-term rating is stable. S&P also lowered its long-term
issue rating on Pakistan's senior unsecured notes to 'CCC+' from
'B-'.
=================
S I N G A P O R E
=================
CAPRICE HOLDINGS: Members' Final Meeting Set for March 31
---------------------------------------------------------
Members of Caprice Holdings Pte. Ltd will hold their final meeting
on March 31, 2023, at 11:00 a.m., at 80 Robinson Road #15-02, in
Singapore.
At the meeting, Najeeb Assan and Zalinah Samade, the company's
liquidator, will give a report on the company's wind-up proceedings
and property disposal.
PERX TECHNOLOGIES: Court to Hear Wind-Up Petition on March 10
-------------------------------------------------------------
A petition to wind up the operations of Perx Technologies Pte Ltd
will be heard before the High Court at Dunedin on March 10, 2023,
at 10:00 a.m.
Happy CP Company Limited (trading as CHOCO UP) filed the petition
against the company on Feb. 13, 2023.
The Petitioner's solicitors are:
Eldan Law LLP
6 Raffles Quay #15-01
Singapore 048580
PETRO-DIAMOND SINGAPORE: Members' Final Meeting Set for March 29
----------------------------------------------------------------
Members of Petro-Diamond Singapore (Pte) Ltd will hold their final
meeting on March 29, 2023, at 10:00 a.m., at 6 Shenton Way, OUE
Downtown 2, #33-00, in Singapore.
At the meeting, Lau Chin Huat, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
RH TAMPINES: Members' Final Meeting Set for March 30
----------------------------------------------------
Members of RH Tampines Pte. Limited will hold their final meeting
on March 30, 2023, at 11:00 a.m., at 50 East Coast Road, #B1-18
Roxy Square, in Singapore.
At the meeting, Tan Chin Ren, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
THREE ARROWS: Liquidators to Sell Expansive List of Seized NFTs
---------------------------------------------------------------
CoinDesk reports that Teneo, the liquidator for bankrupt crypto
hedge fund Three Arrows Capital (3AC) has published a notice
outlining its intent to sell an expansive list of non-fungible
tokens (NFT) estimated to be worth millions of dollars.
The Singapore-based firm filed for bankruptcy in July and estimated
its assets at around $1 billion, according to a document obtained
by The Block. The filing reportedly noted that assets included NFTs
worth about $22 million.
On Feb. 23, Teneo said it planned to sell certain seized NFTs "to
realize the value of the NFTs for the purposes of the liquidation."
CoinDesk relates that the liquidator said it will begin taking the
necessary steps to sell the NFTs within 28 days.
CoinDesk says Teneo noted that the NFTs listed were not related to
Starry Night Capital's NFT portfolio, a fund set up by 3AC in
partnership with well-known NFT collector Vincent Van Dough in
August 2021 to assemble "the world's finest collection of
CryptoArt," according to its now-defunct Twitter account. The NFTs
in that collection were moved to a Gnosis Safe in October and are
"presently subject to an application before the Eastern Caribbean
Supreme Court in the High Court of Justice in the British Virgin
Islands."
According to Feb. 23 filing, there are hundreds of NFTs subject to
the sale, including NFTs from the Bored Ape Kennel Club,
Autoglyphs, Chromie Squiggles, CryptoPunks, Fidenza, Nimbuds and
Ringers collections. Estimates for just a portion of the NFTs
listed by Teneo based on current floor prices are around $9.8
million as at Feb. 25, CoinDesk notes.
Liquidators managed to seize $35.6 million from 3AC's bank accounts
in Singapore in December though the firm still owes billions to
creditors, the report adds.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
UNITECH HIGH: Creditors' Proofs of Debt Due on March 28
-------------------------------------------------------
Creditors of Unitech High Precision Pte Ltd are required to file
their proofs of debt by March 28, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 27, 2022.
The company's liquidators are:
Yin Kum Choy
R S Ramasamy
M/s MIRAI Consulting SG
120 Lower Delta Road
#09-12 Cendex Centre
Singapore 169208
VAULD: Gets Further Extension for Restructuring Plan
----------------------------------------------------
Jamie Crawley at CoinDesk reports that Singapore-based
cryptocurrency lender Vauld has received another extension by a
court in Singapore to present its restructuring plan, giving it
protection from its creditors until March 24.
Vauld's existing legal protection expires on Feb. 28.
"The moratorium has been extended till 24-Mar-2023," a Vauld
spokesperson told CoinDesk via email. "There will be another
hearing scheduled before that to confirm the final decision about
approval of scheme."
The crypto lender filed for creditor protection in Singapore last
July after it suspended withdrawals, trading and deposits on its
platform. It initially had until Jan. 20 to work on a restructuring
plan.
Vauld has received takeover bids from two digital asset fund
managers, CoinDesk notes citing a Bloomberg report last month.
Fellow crypto lender Nexo had been the frontrunner to acquire
Vauld, but talks broke down at the start of this year.
As of July, Vauld owed creditors $402 million, 90% of which
originated from individual retail investor deposits, CoinDesk
discloses. Authorities in India froze assets worth INR3.7 billion
($44.7 million) a month after it filed for creditor protection.
About Vauld
Vauld is a Singapore-based crypto lending and trading platform.
Vauld was founded in 2018 by Darshan Bathija and Sanju Kurian to
enable crypto investors earn and borrow cryptocurrencies using
their own assets. The start-up is backed by popular investors
including Coinbase Ventures, PayPal co-founder and billionaire
investor Peter Thiel's Valar Ventures, CMT Digital, Gumi Cryptos,
Robert Leshner and Cadenza Capital.
As of July 2022, Vauld had assets worth around $330 million and
liabilities worth $400 million, Moneycontrol disclosed.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
2, 2022, the Singapore High Court granted the parent of troubled
crypto lender Vauld a three-month protection from creditors, giving
the company breathing room as it seeks to sell itself to rival
Nexo.
Justice Aedit Abdullah gave Defi Payments Ltd. a moratorium that
would last until Nov. 7, 2022, half of what the company had asked
for, according to a court hearing in the city-state on Aug. 1.
During this period, the company's 147,000 creditors will be barred
from taking legal action against it.
=====================
S O U T H K O R E A
=====================
EASTAR JET: To Resume Flights This Month With AOC Approval
----------------------------------------------------------
Yonhap News Agency reports that Eastar Jet Co., a South Korean
low-cost carrier (LLC), said Feb. 28 it will resume flights later
this month as it has received an air operator certificate (AOC)
from the transport ministry.
Eastar, a China-focused carrier, has suspended most of its flights
on domestic and international routes since March 2020 due to the
COVID-19 pandemic, and its AOC became ineffective in May that year,
according to Yonhap.
Yonhap relates that the budget carrier plans to resume services,
starting with flights on the Gimpo-Jeju route later this month, the
company said in a statement.
The carrier currently has three B737-800 chartered planes, sharply
down from 23 aircraft before the pandemic hit the airline industry
three years ago.
The 23 planes served a total of 38 domestic and international
routes before the pandemic.
Eastar applied for court receivership in January 2021 as it had
failed to find a strategic investor since July 2020, when Jeju Air
Co., the country's biggest budget carrier, scrapped its plan to
acquire Eastar amid the pandemic, Yonhap recalls.
In November 2021, local property developer Sung Jung Co. acquired
the entire stake in Eastar through a rights issue following the
carrier's overall stock cancellation worth KRW48.5 billion (US$40
million). Sung Jung injected KRW112 billion into Eastar.
In January this year, Sung Jung handed over its stake in Eastar to
VIG Partners and the local private equity fund injected KRW110
billion into the carrier, adds Yonhap.
===============
X X X X X X X X
===============
HAMEE INDIA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Hamee India Private Limited
F-143, Richmond Park DLF, Phase-IV
Gurugram 122002, Haryana, India
Liquidation Commencement Date: February 7, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Damodar Prasad Gupta
First Floor, 14 Rani Jhansi Road,
Near Jhandewalan Temple, New Delhi 110055
Email: sgsdel@gmail.com
Telephone No: +91 93122 07801
Last date for
submission of claims: March 9, 2023
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
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