/raid1/www/Hosts/bankrupt/TCRAP_Public/230302.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
Thursday, March 2, 2023, Vol. 26, No. 45
Headlines
A U S T R A L I A
ALICE MCCALL: Owes AUD1MM to Creditors Including ATO and Landlords
BLAKE BROS: First Creditors' Meeting Set for March 9
BROSA DESIGN: Customers Furious They Must Pay for Delivery
EQ CONSTRUCTIONS: Second Creditors' Meeting Set for March 10
FORCE FITNESS: First Creditors' Meeting Set for March 10
KOBLE PROJECTS: First Creditors' Meeting Set for March 9
LONGRIVER GROUP: Placed in Liquidation
MY BABY: Second Creditors' Meeting Set for March 9
THINK TANK 2023-1: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
I N D I A
BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating
BODUPPAL MUNICIPAL: ICRA Lowers Issuer Rating to B+
CEEJAY FINANCE: ICRA Keeps B+ Debt Rating in Not Cooperating
COLOR ROOF: NCLT Admits for Insolvency Proceedings
DURGA MARUTHI: ICRA Moves B+ Debt Ratings to Not Cooperating
FARMICO COMMODITIES: ICRA Keeps B+ Ratings in Not Cooperating
FERROUS INFRASTRUCTURE : Insolvency Resolution Process Case Summary
HANDLOOM BHANDAR: ICRA Keeps B Debt Ratings in Not Cooperating
HIMANGI FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
HONEST DERIVATIVES: ICRA Keeps D Debt Ratings in Not Cooperating
INTERNO DOORS: ICRA Withdraws B Rating on INR25.20cr Term Loan
JAIN AGENCIES: ICRA Keeps B+ Debt Rating in Not Cooperating
JAY FORMULATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
JAYALAXMI ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
JITF URBAN: ICRA Withdraws B+ Rating on INR26.83cr LT Loan
KAVI PROTEIN: Insolvency Resolution Process Case Summary
KIMAYA INDUSTRIES: Insolvency Resolution Process Case Summary
KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
MANDALIA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
MP JAYVEE: Voluntary Liquidation Process Case Summary
MY AUTO: ICRA Keeps B Debt Rating in Not Cooperating Category
NATURE CARE: Voluntary Liquidation Process Case Summary
PIK RESOURCE: Insolvency Resolution Process Case Summary
PR CASTALLOYS: Insolvency Resolution Process Case Summary
PRATIBHA KRUSHI: Liquidation Process Case Summary
R J BUILDCON: ICRA Withdraws D Rating on INR6cr ST Loan
RAJALAKSHMI EDUCATION: ICRA Withdraws B Rating on INR15cr Loan
RAVI IRON: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SAIKRUPA FIBRES: ICRA Withdraws D Rating on INR16cr Loan
SHYAM TEXTILES: ICRA Keeps B+ Debt Rating in Not Cooperating
SINTEX PLASTICS: NCLT Admits Insolvency Plea Against Firm
TRIMULA INDUSTRIES: ICRA Hikes Rating on INR118.84cr Loan to D
ZAVERI EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
I N D O N E S I A
MERPATI AIRLINES: Indonesia Approves Carrier's Dissolution
N E W Z E A L A N D
JACKSCO CIVIL: GM Starts New Company 3 Days After Firm's Collapse
KIRWEE HOLDINGS: Court to Hear Wind-Up Petition on March 23
ON POINT: Court to Hear Wind-Up Petition on April 21
PHLIP IT: Court to Hear Wind-Up Petition on March 10
REDCURRENT LTD: Owes More Than NZD5 million, Liquidators Reveal
SANDERS MANUFACTURING: First Creditors' Meeting Set for March 6
WAIPARA WINDS: Court Appoints KPMG as Receivers
S I N G A P O R E
ALPHA DX: Court to Hear JM Order Petition on March 15
BINTAI KINDENKO: Creditors' Meeting Set for March 14
ORORI PTE: Final Meeting Set for March 31
SHINRYO SINGAPORE: Creditors' Proofs of Debt Due on March 25
SWIBER MARINE: Commences Wind-Up Proceedings
- - - - -
=================
A U S T R A L I A
=================
ALICE MCCALL: Owes AUD1MM to Creditors Including ATO and Landlords
------------------------------------------------------------------
Alex Turner-Cohen at news.com.au reports that collapsed fashion
label Alice McCall owes more than AUD1 million to creditors.
On February 17, the prestige retailer, which was founded by
eponymous fashion designer Alice McCall, went into liquidation.
Matthew Kucianski of Worrells was appointed as the liquidator and
has now revealed to news.com.au that the company had racked up a
seven figure debt.
The debt "will exceed AUD1 million" according to Mr. Kucianski at
this early stage of his investigation, news.com.au relays.
Creditors are largely the ATO and the landlords of Alice McCall's
14 stores across Sydney, Melbourne and Brisbane.
All the stores have since been shut down, the report says. Alice
McCall clothes are sold through several online resellers including
at mega e-commerce site The Iconic.
The liquidator is currently dealing with stock and a number of
clearance sales are underway, news.com.au adds.
BLAKE BROS: First Creditors' Meeting Set for March 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Blake Bros.
(Incorporating L. Blake) Proprietary Limited, formerly trading as
"Blake Bros." and "Memorial Art", will be held on March 9, 2023, at
2:00 p.m. via virtual meeting technology.
Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on Feb. 27, 2023.
BROSA DESIGN: Customers Furious They Must Pay for Delivery
----------------------------------------------------------
News.com.au reports that customers owed millions of dollars from a
collapsed furniture retailer are furious to learn they will have to
pay onerous delivery fees if they want to receive items that are
rightfully theirs.
That's despite these customers already paying the full amount,
including the delivery cost, prior to the company's demise.
In December, embattled Australian furniture seller Brosa went into
administration and then on January 31, it went into liquidation.
The failed firm reportedly owes AUD24 million, including AUD10
million to customers from unfulfilled orders, news.com.au
discloses. Other customers have also been left disappointed after
discovering that stock originally promised to them in the wake of
the company's collapse has seemingly disappeared. They are likely
to be left with nothing - no furniture and no refund.
Lucy Smith, from the Sydney suburb of Ryde, spent AUD2278 on a
couch in November and fears she has fallen into that category.
"I've never seen anything so disorganised in my life, no one wants
to accept responsibility," she told news.com.au.
Within a week of their appointment in December, Brosa's
administrators, from insolvency firm KordaMentha, sold some
business assets to e-commerce retail giant Kogan.com for AUD1.5
million, news.com.au notes.
At the time it was dubbed as a "white knight" rescue but now
customers are saying it's anything but.
According to news.com.au, Kogan.com has not absorbed any of Brosa's
reported AUD24 million of debts, but they did agree to deliver
goods to customers if they were already in the storehouse.
However, unsecured creditors have been critical of Kogan.com's
handling of the situation.
Ms. Smith was at first informed by the administrators that she was
one of the lucky few whose grey sofa was in the warehouse, meaning
she would get the item she had paid for after all, the report
relays.
Then on Feb. 23, after Kogan staff did a stock intake, Ms. Smith
got another email from the liquidators that crushed her hopes.
It warned her that her couch could not be located. She never
received a link for her to pay the delivery fee, which reinforced
her fear that her chances of seeing the couch were over.
"I'm left in absolute limbo," the report quotes Ms. Smith as
saying. "I'm getting more and more stroppy, where is my lounge? I
still have an air mattress as a lounge, I've had to go to a physio
as a result of it."
News.com.au relates that another customer who preferred to remain
anonymous pointed out that some customers might find themselves
unable to receive a charge back from their banks because they
believed that their stock would be delivered to them.
Luckily, Ms. Smith said her bank gives her up to 120 days for a
charge back.
Then there's the issue of delivery, the report states.
News.com.au understands one customer has been charged nearly
AUD1,000 for their item to be delivered. Another was left fuming
over a AUD200 delivery fee issued to them in the past week, even
though their original purchase was for AUD600.
A Kogan spokesperson said the company "never received any proceeds
for any orders" and insisted the firm "has passed on the wholesale
cost of each delivery with zero mark-up," news.com.au relays.
Customers are also allowed to abandon the stock at any time should
they decide the delivery fees are too much.
News.com.au understands that Kogan.com spends AUD100 million on
shipping a year and that it's more expensive to deliver to some
parts of Australia than others, particularly bulkier items.
EQ CONSTRUCTIONS: Second Creditors' Meeting Set for March 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Eq
Constructions Pty Ltd has been set for March 10, 2023, at 11:00
a.m. at the offices of Westburn Advisory, Level 5, 115 Pitt Street,
in Sydney.
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 9, 2023, at 4:00 p.m.
Shumit Banerjee and Rajiv Ghedia of Westburn Advisory were
appointed as administrators of the company on Feb. 3, 2023.
FORCE FITNESS: First Creditors' Meeting Set for March 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Force
Fitness 24-7 Pty Ltd will be held on March 10, 2023, at 2:00 p.m.
via a telephone call.
Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on Feb. 27, 2023.
KOBLE PROJECTS: First Creditors' Meeting Set for March 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Koble
Projects (Vic) Pty Ltd will be held on March 9, 2023, at 11:00 a.m.
at the offices of Chartered Accountants Australia and New Zealand,
Level 18 Bourke Place, 600 Bourke Street, in Melbourne.
Adrian John Warry and Shane Leslie Deane of Dye & Co. Pty Ltd were
appointed as administrators of the company on Feb. 27, 2023.
LONGRIVER GROUP: Placed in Liquidation
--------------------------------------
Australian Financial Review reports that construction industry
failures could overtake last year's total last month, as the rising
costs of materials, labour and financing increase the squeeze on
businesses, with Melbourne-based developer Longriver becoming the
latest large corporate collapse.
Figures from the Australian Securities and Investments Commission
published on Feb. 28 show the number of liquidations, receiverships
and administrations in the sector had risen to 1,236 for the year
to date, just 48 short of last year's total of 1,284, and there are
still more than four months until the end of the financial year,
AFR discloses.
According to AFR, the figures published two weeks in arrears do not
yet include actions taken against Longriver Group and Longriver
Group Holdings, entities that have completed large commercial
projects in Melbourne including the 205-unit La Trobe Tower at 323
La Trobe Street in the CBD - the country's tallest prefabricated
tower.
But they will be counted this month, along with the likely failure
of other businesses, at a time when stresses across the residential
and commercial construction chains are rising, as higher costs
increasingly leave builders and contractors unable to claw back
sufficient escalation costs and also leave them saddled with
increasingly expensive loan commitments, the report states.
The conditions are worsening across the economy - insolvency
numbers in the final quarter of last year rose above pre-pandemic
levels for the first time. In construction alone, 471 companies
entered into administration, a 42 per cent increase over the same
three-month period of 2021, ASIC figures show.
"In construction, they'll continue to climb, because of the
pressure the sector is under," Brad Walters, the head of product
and ratings services at data company Equifax, told The Australian
Financial Review on Feb. 27. "For another six to 12 months, it's
going to continue to be a tough environment in the construction
industry."
About half the construction businesses going insolvent had asset
deficiencies - or liabilities exceeding assets - of half a million
dollars, which created risks for other companies down the chain,
Mr. Walters said.
"Nine out of 10 unsecured creditors get nothing back," he said,
notes the report. "A lot of people are watching the construction
industry very particularly because of the trends we're seeing
gather momentum."
In November, Longriver defaulted on payments to its builder and
other service providers on a AUD155 million hotel development at
130 Russell Street in central Melbourne, prompting non-bank lender
Merricks Capital to appoint administrators to the project, AFR
recalls.
Last month, non-bank lender Qualitas said rising rates and falling
land values would prompt some developers – more so than had been
the case in the past - to give up sites they had bought.
"There will be parties out there that say, 'It's hard to make these
things work and we ought to cut these investments'," the report
quotes Qualitas managing director Andrew Schwartz as saying.
In 2021, Longriver, led by Andrew Yu, completed the 301-unit East
Central Tower at 820-824 Whitehorse Road in Box Hill.
In November, the company sold a site at 157-173 Lonsdale Street for
more than $50 million to developer V-Leader.
Other projects linked to the company include a tower at 874-878
Whitehorse Road in Box Hill and a 34-storey tower at 843 Whitehorse
Road, which it reportedly agreed with China-backed developer Poly
in 2020 to jointly develop.
After requesting written questions from The Australian Financial
Review on Feb. 27, Mr. Yu replied with a one-line answer saying
Longriver had quit the East Central Tower project last year. He did
not answer questions about other projects linked to the company.
MY BABY: Second Creditors' Meeting Set for March 9
--------------------------------------------------
A second meeting of creditors in the proceedings of My Baby HQ Pty.
Ltd., trading as Baby HQ, has been set for March 9, 2023, at 11:00
a.m. via Microsoft Teams.
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 8, 2023, at 5:00 p.m.
Rajiv Goyal and Andrew McCabe of Wexted Advisors were appointed as
administrators of the company on Feb. 2, 2023.
THINK TANK 2023-1: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of residential mortgage-backed, floating rate,
pass-through notes to be issued by BNY Trust Co. of Australia Ltd.
as trustee of Think Tank Residential Series 2023-1 Trust.
Think Tank Residential Series 2023-1 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises note
subordination for each class of rated note.
-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, and the principal draw
function.
-- The extraordinary expense reserve of A$150,000, funded from day
one by Think Tank, available to meet extraordinary expenses.
-- The reserve will be topped up via excess spread if drawn.
-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.
-- The counterparty exposure to Commonwealth Bank of Australia as
bank account provider and National Australia Bank Ltd. as liquidity
facility provider. The transaction documents for the bank account
and liquidity facility include downgrade language consistent with
our counterparty criteria.
Preliminary Ratings Assigned
Think Tank Residential Series 2023-1 Trust
Class A1, A$400.00 million: AAA (sf)
Class A2, A$58.50 million: AAA (sf)
Class B, A$13.50 million: AA (sf)
Class C, A$10.75 million: A (sf)
Class D, A$7.50 million: BBB (sf)
Class E, A$4.50 million: BB (sf)
Class F, A$2.75 million: B (sf)
Class G, A$2.50 million: Not rated
=========
I N D I A
=========
BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short-term ratings of Bindu
Food Processors Private Limited in the ' Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C+/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 6.00 [ICRA]C+; ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under ' Issuer Not
Cooperating' category
Fund based- 1.35 [ICRA]C+; ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under ' Issuer Not
Cooperating' category
Long Term/ 0.65 [ICRA]C+/[ICRA]A4; ISSUER NOT
Short Term- COOPERATING; Rating continues to
Unallocated remain under ' Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Bindu Food Processors Private Limited (BFPPL) had set up its cold
storage unit in West Medinipur, West Bengal in 1997 to carry out
the business of storage and preservation of potatoes. BFPPL has a
storage capacity of 21,326 metric tonnes (MT). The cold storage
unit of the company is operating under the name Purnima Cold
Storage.
BODUPPAL MUNICIPAL: ICRA Lowers Issuer Rating to B+
---------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Boduppal Municipal Corporation, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Downgraded from
[ICRA]BB+ (Stable) ISSUER NOT
COOPERATING and continues to
remain under ' Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Boduppal Municipal Corporation performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Boduppal Municipal Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance and
ICRA has been sending repeated reminders to the entity for payment
of surveillance fee that became due but despite repeated requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
Boduppal Municipal Corporation (BMC), an ULB, was initially
established as a Municipality in 2016 by merging Boduppal and
Chengicherla Gram Panchayats of Rangareddy district, Telangana. The
ULB's status was upgraded to a Municipal Corporation in 2019. The
ULB provides urban infrastructure services to the city of Boduppal
and is governed by the Telangana Municipalities Act 2019. The BMC
covers an area of 20.53 sq. km. and serves a population of 1.45
lakh (projected as of 2021). Its main functions include solid waste
management and construction, repair and maintenance of roads and
streetlights. The ULB has 28 municipal wards and is governed by an
elected body (Council) headed by a Mayor, while the Commissioner
acts as the chief executive, overseeing its everyday functioning.
CEEJAY FINANCE: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Ceejay Finance Limited at the request of the company and based on
the No Objection Certificate/Closure Certificate received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Ceejay Finance Limited, incorporated in 1993 as Heritage Packaging
Limited, is an Ahmedabad-based deposit-taking NBFC (asset financing
company registered with the RBI) that is primarily in the vehicle
financing business. The company's name was changed to Ceejay
Finance Limited in August 2001. It is a part of the C.J. Group,
which manufactures and markets beedis, tobacco and tendu leaves and
also has a presence in the commercial and residential real estate
segment.
In FY2020, the company reported a net profit of INR4.82 crore on a
total asset base of INR79.45 crore compared to a net profit of
INR4.82 crore on a total asset base of INR72.53 crore in FY2019. In
9M FY2021, the company had reported a net profit of INR4.39 crore.
COLOR ROOF: NCLT Admits for Insolvency Proceedings
--------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has admitted Mumbai-based KLT Group's subsidiary, Colour
Roof India (CRIL), under the corporate insolvency resolution
process and appointed Hemant Kumar Shah as the insolvency
resolution professional.
The NCLT's Mumbai bench admitted the company in an application
filed by Phoenix ARC, which had approached the tribunal after the
company allegedly failed to repay its dues of over INR166 crore, ET
relates.
"There is a default by the corporate debtor in the payment of the
debt amount. Therefore, we are of the considered view that the
present petition deserves to be admitted under Section 7 of the
(Insolvency and Bankruptcy) Code for initiation of CIRP against the
corporate debtor," said a division bench of judicial member Kishore
Vemulapalli and technical member Prabhat Kumar.
Colour Roof India (CRIL) is involved in design, development and
supply of roof and wall cladding sheets.
DURGA MARUTHI: ICRA Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Sri Durga
Maruthi Automotive Pvt. Ltd (SDMAPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.86 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Term loans the 'Issuer Not Cooperating'
Category
Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SDMAPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
Incorporated in 2016, SDMAPL is an authorised dealer of MSIL for
the Anantpur district of Andhra Pradesh for the Nexa range of
four-wheelers and spares, accessories and services. The company is
promoted by Mr. Venkateshwar Rao. The company has five showrooms
and workshops in Anantapur and is planning to open additional
workshops in nearby districts.
FARMICO COMMODITIES: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Farmico
Commodities Limited (erstwhile Wadhwani Commodities Trading Pvt.
Ltd.) in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- (2.00) [ICRA]B+ (Stable) ISSUER NOT
Interchangeable COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 9.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Farmico Commodities Limited (erstwhile Wadhwani Commodities Trading
Pvt. Ltd.) was incorporated in 2006 by the Nagpurbased Wadhwani
family for trading in different agricultural commodities like
spices and dry fruits. The product profile of the company consists
of betel nuts, almonds, turmeric powder, white poppy seeds, cloves,
rice, chili powder, etc. The Wadhwani Group has been in the
business of chili trading and spice processing since 1942. It also
provides 2 services such as that of a chili commission agent and
operates cold storage units specifically for storing chilies at
major chili trading centers like Nagpur (Maharashtra), Guntur
(Andhra Pradesh) and Warangal (Telangana).
FERROUS INFRASTRUCTURE : Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Ferrous Insfrastructure Private Limited
B-22, Lower Ground Floor
Jangpura Extension
New Delhi 110014
Insolvency Commencement Date: February 7, 2023
Estimated date of closure of
insolvency resolution process: August 6, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Narender Kumar Sharma
Plot No. 112A
Phase-V, Udyog Vihar
Gurugram, Haryana 122016
Email: nksharma.fcs@gmail.com
Email: cirp.ferrousinfra@gmail.com
Insolvency
Professional
Class Representatives: Sunil Sethi
Sanjay Singhal
Rahul Maheshwari
Last date for
submission of claims: February 21, 2023
HANDLOOM BHANDAR: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Handloom Bhandar in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.20 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.80 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1983 by Mr. Iqbal Ahmed, HB is a partnership firm
which processes textiles by way dyeing, printing, waterproofing
etc. The products have application in manufacturing of bags, rug
sacks, defence clothes etc. The firm's manufacturing unit is based
out of Shekhpur in Unnao district of UP.
HIMANGI FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Himangi
Foods Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.13 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 10.27 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in the year 2006, Himangi Foods Private Limited (HFPL)
is primarily engaged in the milling of wheat to manufacture refined
flour, whole wheat flour, semolina and bran. The company is
promoted by Mr.Om Prakash along with other directors. HFPL's flour
milling unit is located at Kanpur in Uttar Pradesh.
HONEST DERIVATIVES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Honest
Derivatives Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 58.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 17.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
The Tradco Group comprises three companies - STIPL, HDPL and STDPL
- and is primarily involved in maize trading and manufacturing of
starch and derivatives. Maize trading contributed ~76.8% to the
Group's revenues in FY2019, with starch and derivative
manufacturing comprising ~21.1%. In addition, it generates revenue
from chemical trading and windmill business (13.5 MW capacity). The
Tradco Group is promoted by Mr. Rajratan Agarwal, who manages its
operations, growing his business by a CAGR of ~12.5% from FY2014 to
FY2019. STIPL, the Group's flagship company, was incorporated in
2006. The Group has two maize processing facilities, one each at
Dhule (for STDPL) and Jalgaon (for HDPL), with a processing
capacity of 1,05,000 metric tonne per annum (MTPA) each.
INTERNO DOORS: ICRA Withdraws B Rating on INR25.20cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the rating assigned to Interno Doors India
Private Limited. The rating has been withdrawn at the company's
request and in accordance with ICRA's policy on withdrawal of
credit rating. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed Term
loan 25.20 [ICRA]B(stable); withdrawn
Proposed Non-
Fund Based
Facility 8.30 [ICRA]B(stable); withdrawn
Proposed Fund
Based Facility 7.50 [ICRA]B(stable); withdrawn
Promoted by Mrs. Seema Anand along with her son, Mr. Anamol Anand,
Interno Doors India Private Limited was incorporated on May 2018.
The company is planning to set up a new manufacturing facility of
31,200 doors per annum for producing premium wooden doors to cater
to the needs of premium segment builders, corporates, hotels, IT
parks and high net-worth individuals at Rangasamudram, Farooqnagar,
Ranga Reddy district, Telangana.
JAIN AGENCIES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term ratings of Jain Agencies in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in August, 2012, Jain Agencies is an authorised
distributor of Samsung Electronics India Limited in Sivasagar,
Jorhat, Dibrugarh, Tinsukia and Nagaon districts of Assam. The firm
sells consumer durables such as television, refrigerator, air
conditioners, etc. The firm is promoted by the Guwahati-based Jain
family, who have long experience in the distribution business
through various group entities.
JAY FORMULATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Jay
Formulations Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 13.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 13.25 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Short Term–
Interchangeable (8.50) [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 0.07 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Jay Formulations Limited (JFL) incorporated in 1988, is a
professionally managed public limited pharmaceutical company and is
engaged in contract manufacturing of a wide range of pharmaceutical
formulations. The company was set up by Mr. Ashwin J Patel and
operates out of the WHO approved and ISO, cGMP certified
manufacturing facility located in GIDC Bavla, Gujarat which has
installed capacity of manufacturing ~68 crores of tablets/capsules
per annum. The company's product portfolio consists of generic drug
formulations such as Ibuprofen, Ampicillin, Azythromycin,
Diclofenac and Amoxyllin etc. in tablet, capsules and dry syrup
forms. The company is currently managed by Mr. Rakshit Patel who
has taken over the company from his father Mr. Ashwin Patel. The
current management has shifted focus from institutional sales
(Government bodies) to contract manufacturing for MNCs and export
market players to ensure growth and stability of operations.
JAYALAXMI ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Jayalaxmi
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/[ICRA] A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 1.25 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 6.25 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- (2.00) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1998, Jayalaxmi Enterprises is a partnership firm
promoted by Mr. Vittalaraya Hegde and family.JE is engaged in
processing of raw cashew nuts (RCNs) to plain cashew kernels and
trading of RCNs and processed kernels. JE has its processing unit
in Hosmar in Udupi District, Karnataka with an installed capacity
of 1300 MT per annum. The firm sources www.icra .in Page |2 about
50-60% of its RCN requirements through imports from Eastand West
African countries and the rest from the traders and resellers in
Kerala and Karnataka. During 2015-16, the firm derived about 60% of
its revenues from exports to the Middle Eastern countries. Trading
of RCNsand processed kernels contributed to about 75% of the
revenues during 2015- 16.Besides Jayalaxmi Enterprises, the
promoters also own two other firms named Laxmidevi Cashews and
Manglagowri Exports, also engaged in the cashew processing, with an
installed processing capacity of 250 2 MT and 225 MT per annum
respectively. JE uses the facilities of its associates for cashew
processing. With its associates, JE has an aggregate manufacturing
capacity of 1775 MT per annum.
JITF URBAN: ICRA Withdraws B+ Rating on INR26.83cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of JITF
Urban Waste Management (Bathinda) Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 26.83 [ICRA]B+ (Negative); withdrawn
Fund Based-
Term Loan
Rationale
The long-term rating assigned to the bank facilities of JITF Urban
Waste Management (Bathinda) Limited has been withdrawn at the
request of the company and based on the no due certificate received
from the bankers, and in accordance with ICRA's policy on
withdrawal.
The Key rating drivers, Liquidity position, Rating sensitivities,
Key financial indicators have not been captured as the rated
instruments are being withdrawn.
JITF-B is a special purpose vehicle (SPV) promoted by JITF Urban
Infrastructure Limited (JUIL) to develop and implement municipal
solid waste (MSW) management system in Bathinda. JITF-B entered
into a 25-year CA with MCB in 2011, which allowed it to develop and
implement a sustainable MSW management system to scientifically
manage MSW and utilise it to produce compost, refuse derived fuel
(RDF) and dispose the residual matter in an environment-friendly
manner. However, due to the ongoing dispute, the CA has been
terminated and the operations have been suspended. JITF-B is a part
of the infrastructure vertical of the PR Jindal Group, which is
housed in the listed company—JITF Infralogistics Ltd (JIL).
KAVI PROTEIN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kavi Protein and Feed Private Limited
No. 26 Sindhi Colony, Second Floor
1st Cross, J.C. Road
Bangalore, Karnataka 560002
Insolvency Commencement Date: January 24, 2023
Estimated date of closure of
insolvency resolution process: July 23, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Pavitra Vyas
CCB 52, 3rd Floor, Opp. Shivaji Garden
Dr. SPM Road, Khade Bazar
Shahapur, Belagavi 590003
Email: cspavitravyas@gmail.com
- and -
F-1, Manoj Arcade, Guruwarpeth,
Tilakwadi 590006
Email: kpfpcirp@gmail.com
Last date for
submission of claims: February 21, 2023
KIMAYA INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kimaya Industries Private Limited
C-22/7, Road No. 15
Hojiwala Industrial Estate
Sachin Palsana Road
Sachin Surat, GJ 363421
India
Insolvency Commencement Date: February 3, 2023
Estimated date of closure of
insolvency resolution process: August 2, 2023 (180 Days)
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: A-1103, Iscon Riverside, Opp. Police Stadium
Shahibaug, Ahmedabad 380004
Email: iprajendragjain@gmail.com
- and -
9-B, Vardan Tower, Lukhudi Circle
Navrangpura, Ahmedbad 380014
Email: cirp.kimaya@gmail.com
Last date for
submission of claims: February 2, 2023
KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kissan
Poultry (India) Private Limited in the ' Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.61 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
It is engaged in manufacturing of poultry feed and trading of day
old chicks and Eggs. The unit is in Jind District of Haryana. The
company started its commercial production in 2010 and has
production capacity of 210 tons per day. The day-to-day operations
of the company are managed by Mr. Tejbir Singh.
MANDALIA OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Mandalia
Overseas Corporation in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.05 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/CC Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Short-term (4.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Continues to remain under the
'Issuer Not Cooperating'
Category
Long-term/ 0.95 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 1971, as a partnership firm, Mandalia Overseas
Corporation trades in variety of packed food and agricultural
commodities such as mango pulp, spices, pulses, wheat and bajra.
The firm has its office located in Mumbai and has two rented
warehouses in Navi Mumbai- one in Vashi and the other one in
Mahape. Mahape warehouse is to stock export orders.
MP JAYVEE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: M/s. MP Jaypee Coal Fields Limited
Jaypee Nagar Rewa, Madhya Pradesh 486450
Liquidation Commencement Date: February 6, 2023
Court: National Company Law Tribunal, Delhi Bench
Liquidator: Mr. Amit Agrawal
H-63, Vijay Chowk, Laxmi Nagar, Delhi-110092
Email: amitagcs@gmail.com
Contact No: 01143019279
Last date for
submission of claims: March 8, 2023
MY AUTO: ICRA Keeps B Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-Term rating of My Auto World (Kanpur)
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
My Auto World (Kanpur) Pvt Ltd (MAWPL) was incorporated in the year
2012 as a fully owned subsidiary of My Car Private Limited. MAWPL
has a dealership of Tata Motors Limited (TML)'s Medium and Heavy
commercial vehicles and spare parts, Suzuki Two- wheelers and is
also a distributor of Samsung Mobile Phones in Uttar Pradesh. The
company has dealership of TML in 6 of the total 75 districts of
Uttar Pradesh. It has 2 showrooms for automobile dealerships and 1
retail café and a network of 150 dealers for Samsung
Distributorship. Dealership of commercial vehicles constitutes
around 75-80% of the sales, followed by Samsung mobile phones
(18-23%) and Suzuki Two Wheelers (2%).
NATURE CARE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Nature Care Health Services Private Limited
H.NO-701, Saini Vihar
Mundka, Delhi 110041
Liquidation Commencement Date: February 6, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Lekhraj Bajaj
107 Agarwani Prestige Mall
Adjoining to M2k
Pitampura, New Delhi 110034
Email: naturecareliquidation@gmail.com
Telephone No: 9810109335
Last date for
submission of claims: March 8, 2023
PIK RESOURCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Pik Resource India Private Limited
F-99, North Bombay CHS LTD.
Juhu Tara Road, Juhu Ville Parle (West)
Mumbai 400049
- and -
Plot No. 402, GIDC Dist, Valsad
Valsad, Gujarat 396171
India
Insolvency Commencement Date: February 6, 2023
Estimated date of closure of
insolvency resolution process: August 5, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Manish Sukhani
B 213, Orchard Road Mall
Royal Palms, Aarey Colony
Gorregaon (East), Mumbai
Maharashtra, India 400065
Email: ca.m.sukhani@gmail.com
Email: priplibc@gmail.com
Last date for
submission of claims: February 20, 2023
PR CASTALLOYS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: PR Castalloys Private Limited
Row House No. 45
Sahyadri Hills, Garkheda
Aurangabad, Maharashtra 431001
Insolvency Commencement Date: February 1, 2023
Estimated date of closure of
insolvency resolution process: July 31, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Hemant Shripad Shetye
206, 2nd Floor Tantia Jogani Industrial Estate
J.R. Boricha Marg. Opp. Lodha Excelus
Lower Parel East, Mumbai 400011
Email: irp@hspnassociates.in
Email: prcastalloys.cirp@gmail.com
Last date for
submission of claims: February 15, 2023
PRATIBHA KRUSHI: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Pratibha Krushi Prakriya Limited
Office No. 110, West Wing Aurora Towers
Camp, Pune 411001
Liquidation Commencement Date: February 7, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Jitender Kumar Jain
Level 9, Platina, C-59
G Block, BKC
Bandra (East), Mumbai 400051
India
Email: pkpl.liq@gmail.com
Last date for
submission of claims: March 8, 2023
R J BUILDCON: ICRA Withdraws D Rating on INR6cr ST Loan
-------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of R
J Buildcon Private Limited at the request of the company and based
on the No Objection Certificate/Closure Certificate received from
its banker. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Cash Credit
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Term Loan
Short-term 6.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Withdrawn
Limits
Incorporated in 2008, R J Buildcon Private Limited (RJBPL) is
involved in executing contracts for roads, irrigation systems and
buildings for state government and civil bodies. The company is a
class I(A) contractor with Public Works Department (PWD) of
Government of Maharashtra and an approved contractor for various
government and civil bodies.
RAJALAKSHMI EDUCATION: ICRA Withdraws B Rating on INR15cr Loan
--------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank lines of
Rajalakshmi Education Services Private Limited (RESPL). The rating
has been withdrawn at the company's request and based on the
no-objection received from the bank. The rating action is in
accordance with ICRA's policy on withdrawal of credit rating.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
term loan 15.0 [ICRA]B(stable); withdrawn
Unallocated
Limits 5.0 [ICRA]B(stable); withdrawn
Incorporated in 2008, RESPL owns and leases the canteen block and
the parking spaces to an educational institution – REC, which is
run by Rajalakshmi Educational Trust (a Group trust) in lieu of
rental income. RESPL is promoted by Mr. S. Meganathan and his
family. The promoters are also the trustees at RET. REC remains an
established engineering college in Chennai.
RAVI IRON: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Ravi Iron Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 24.40 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1997 by Mr. Ravindra Kumar Garg and his son, Mr.
Manu Garg, RIL is a part of the Ghaziabad-based Garg Group that has
operations in various sectors like education, steel, publication,
real estate, etc. The company trades in long and flat steel
products. Its product portfolio includes various products such as
mild steel bars, plates, angles, structures, rounds, and channels.
The company procures steel primarily from Steel Authority India
Ltd. and Rashtriya Ispat Nigam Ltd. in Ghaziabad and other large
traders.
SAIKRUPA FIBRES: ICRA Withdraws D Rating on INR16cr Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Saikrupa Fibres Private Limited at the request of the company and
based on the No objection certificate/Closure certificate received
from the banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial Indicators have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based–
Cash Credit 9.00 [ICRA]D; Withdrawn
Unallocated
Limits 16.00 [ICRA]D/[ICRA]D; Withdrawn
Saikrupa Fibres Private Limited was incorporated in 2011, it is a
100% family owned company engaged in ginning and pressing of raw
cotton. The factory is located at Wani (Yavatmal district in
Maharashtra). The company is equipped with an annual installed
capacity of 97,500 MT. SFPL procures its raw material i.e. cotton
from local farmers and brokers in the Wani region, Maharashtra and
sells the cotton bales and cotton seed directly to end users like
spinning mills and local ginners. In the nonpeak season, it also
trades in Toor, Chana and Moong.
SHYAM TEXTILES: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Shyam
Textiles Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 35.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 6.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1984, STL is a part of the Shyam Group of
companies. It is primarily involved in manufacturing mosquito nets
and monofilament yarn. The company also acts as a DCA for GAIL –
Karnataka for trading in plastic granules. In addition, it trades
in plastic granules as and when it finds opportunities in the
market. The Shyam Group of companies has interests in diverse
businesses, such as polymer processing and trading, and non-banking
financing activities. The Group traces its roots to the business
set up in 1986 by Mr. Ram Awtar Ramsisaria in Kolkata. It
eventually shifted its operational base to Bangalore during the
1980s and started trading in plastic granules through different
entities. Since then, the Group has expanded its operations by
several fold, and at present includes multiple trading and
investment companies.
SINTEX PLASTICS: NCLT Admits Insolvency Plea Against Firm
---------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) has admitted the insolvency plea against Sintex Plastics
Technology Ltd (SPTL), a leading maker of water storage tanks and
plastic-based interiors.
Business Standard relates that the Ahmedabad bench of NCLT admitted
the application filed by its Financial creditor Asset
Reconstruction Company (India) Ltd claiming an outstanding amount
of INR350.28 crore, which includes INR215.77 crore principal amount
and INR134.50 crore towards interest.
The NCLT appointed Kshitiz Chhawchharia as the Interim Resolution
Professional for the company, the report discloses.
Insolvency proceedings against SPTL were triggered as it was a
corporate guarantor of loans given to Sintex BAPL Ltd (SBL). SBL is
presently going through Corporate Insolvency Resolution Process
(CIRP), and a bid of INR1,251 crore is pending for approval.
However, NCLT said the claim of the Financial Creditor is not fully
met in the CIRP of SBL, hence it also directed to initiate
insolvency against SPTL, Business Standard relays.
SPTL is a holding company of SBL, which had taken a loan of INR250
crore from Axis Bank.
In this SPTL, the corporate debtor had executed "irrevocable,
absolute and unconditional" deed of guarantee in favour of the
Financial Creditor and secured the entire credit facility granted
to the SBL, according to Business Standard.
It also executed a letter of comfort and undertaking on September
13, 2017, undertaking that it shall cause to ensure that SBL
fulfils the said debt service obligation in favour of Axis Bank.
Meanwhile, NCLT initiated insolvency proceedings against SBL on
Dec. 18, 2020, over a petition moved by one of its operational
creditors Zielem Industries, Business Standard recalls.
Thereafter, on Dec. 20, 2020, SPTL, being the holding company of
SBL filed an appeal before the National Company Law Appellate
Tribunal (NCLAT) challenging the admission of the order dated
December 18, 2020, of NCLT on the grounds that a settlement had
arrived between the Operational Creditor and SBL.
NCLAT on Jan. 4, 2021, asked SPTL to approach NCLT and placed on
record the terms of the settlement. However, at NCLT, this was
opposed by KKR India Financial Services, one of the financial
creditors of SBL.
Later NCLT on June 29, 2021, withdrew insolvency proceedings
against SBL.
Now this time, KKR India Financial Services challenged NCLT's order
of withdrawal of insolvency before the appellate NCLAT, Business
Standard relates.
According to Business Standard, the appellate tribunal took note of
the fact that other financial creditors and operational creditors
had large claims pending for payment by the borrower Corporate
Debtor SBL.
Therefore on July 12, 2021, NCLAT stayed the NCLT order dated June
29, 2021, and directed the status quo ante of the order and
insolvency against proceeded again SBL.
In the meanwhile, KKR India Financial Services also filed a
separate insolvency plea against SBL before NCLT, which was
admitted on July 19, 2021, says Business Standard.
This was again challenged in NCLAT by one of the ex-director of
SBL, on which NCLAT said two simultaneous CIRPs cannot be permitted
and thereby set aside the order dated July 19, 2021, and the
earlier one continued.
During the pendency, Axis Bank assigned its debt to Asset
Reconstruction Company, which become the main financial creditor.
Since SBL committed a default in repaying the outstanding loan
amount, the Financial Creditor invoked the Deed of Guarantee and
called upon SPTL, the guarantor Corporate Debtor to repay the
entire outstanding amount.
During the course of the hearing on Jan. 3, 2023, SPTL's counsel
submitted that it was not in a position to pay the default amount,
Business Standard reports.
A Resolution Plan for SBL worth INR1,251 crores was filed by
Resolution Professional. However, Asset Reconstruction Company
(India) Ltd, is a Secured Creditor in SBL and holds 9.28 per cent
voting rights.
Asset Reconstruction Company voted against the Resolution Plan of
SBL.
"The amount claimed by dissenting Secured Financial Creditors, who
did not vote in favour of the Resolution Plan is around Rs. 793.07
crores while an amount of INR392.4 crores is provided to such
dissenting Creditors who did not vote in favour of the Resolution
Plan," said NCLT order, Business Standard relays.
"Though the approval of the Resolution Plan in the case of borrower
company (SBL) is still pending for approval by this NCLT, it is
noted that the claim of the Financial Creditor in this application
is not fully met in CIRP and as such the present application which
is filed within the limitation period and defect free, deserves to
be admitted," it said.
About Sintex Plastics
Sintex Plastics Technology Limited provides plastic storage and
material handling products. The Company offers water tanks,
electrical pillar boxes, connection boards, mater boxes, motors,
pumps, cables, plates, ladders, panels, insulated crates,
containers, home furnishing, and other related products. Sintex
Plastics Technology operates in Asia, Europe, America, and Africa.
TRIMULA INDUSTRIES: ICRA Hikes Rating on INR118.84cr Loan to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Trimula
Industries Limited (TIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-TL 118.84 Downgraded to [ICRA]D from
[ICRA]B+(Stable) ISSUER NOT
COOPERATING and simultaneously
upgraded to [ICRA]C; removed
from ISSUER NOT COOPERATING
category
Fund Based-CC 70.00 Downgraded to [ICRA]D from
[ICRA]B+(Stable) ISSUER NOT
COOPERATING and simultaneously
upgraded to [ICRA]C; removed
from ISSUER NOT COOPERATING
category
Non-fund based- 52.39 Downgraded to [ICRA]D from
BG [ICRA]B+(Stable) ISSUER NOT
COOPERATING and simultaneously
upgraded to [ICRA]C; removed
from ISSUER NOT COOPERATING
category
Unallocated 8.77 Downgraded to [ICRA]D from
[ICRA]B+(Stable) ISSUER NOT
COOPERATING and simultaneously
upgraded to [ICRA]C; removed
from ISSUER NOT COOPERATING
category
Rationale
The rating downgrade notes the irregularity in debt servicing by
TIL in the past, while the simultaneous upgrade of the rating
factors in the regularisation of debt servicing for the past six
months. The latest information suggests that there were instances
of delay in repayment of debt obligations in the past, however, the
debt servicing has been timely during the last six months.
The rating is further constrained by the weak financial risk
profile of the entity, as reflected by negative net cash accruals
(NCA) for the past few years, except in FY2022, when the NCA was
positive due to the large non-operating income. Weak profitability
and high debt position adversely impacted the debt coverage
indicators of the entity. The company required continuous support
from the promoters to meet its debt-servicing obligations. While
the revenue is likely to increase in the current fiscal, ICRA
expects the liquidity to remain stretched owing to high debt
servicing requirement for which continuous and timely support from
promoters will be required and would remain a key monitorable.
Further, the rating remains exposed to the cyclicality associated
with the steel industry, which is likely to keep its profitability
and cash flows volatile. ICRA, however, takes comfort from TIL's
experienced management and established presence in the steel
industry. Going forward, the company's ability to improve its
liquidity position as well as its profitability will be the key
rating sensitivities.
Key rating drivers and their description
Credit strengths
* Experienced management and established track record: The
promoters have over 15 years of experience in the sponge iron and
billet manufacturing business. The company has also established
relationships with raw material suppliers (iron ore and coal) and
customers of sponge iron and billet.
Credit challenges
* Weak financial profile with stretched liquidity position: TIL's
financial profile remains stretched owing to net cash losses
incurred in the past, except in FY2022, along with high debt
levels. Low earnings and high debt levels also resulted in
stretched coverage metrics and tight liquidity position, leading to
TIL's continued dependence on funding support from the promoters to
manage its cash flows and debt servicing. Tight liquidity resulted
in a delay in debtservicing in the past. While the company's debt
servicing has been timely in the past six months, ICRA expects that
continuous and timely support from promoters would be required,
given the high debt service obligations, and would remain a key
monitorable.
* Profitability remains susceptible to volatility in raw material
prices: The raw material prices have substantially fluctuated in
the past, which kept the company's profitability and cash flows
volatile.
* Exposure to inherent cyclicality in steel industry and intense
competition: The ratings continue to be impacted by the cyclicality
inherent in the steel industry, which are likely to keep the
margins and cash flows of all players in the steel industry,
including TIL, volatile. The sponge/billet business is
characterised by intense competition from across the value chain
due to low product differentiation and the consequent high
fragmentation. Also, low entry barriers limit the pricing
flexibility of the participants.
Liquidity position: Poor
TIL's liquidity position would remain poor due to the large
interest and principal repayment in the near term relative to its
cash flow generation. The cash generation from the business would
not be sufficient for the payment of principal and interest on
the borrowings. The company would continue to require timely
promoter support for the repayments.
Rating sensitivities
Positive factors – The rating can be upgraded if TIL is able to
improve its liquidity position, on a sustained basis, with healthy
improvement in its profitability level.
Negative factors – The rating may be revised downward if there is
a further deterioration in its liquidity position. Also, a decline
in profitability, resulting in weak cash accruals on a sustained
basis, could also be a trigger for a rating downgrade.
TIL was incorporated in 1996 in Varanasi, Uttar Pradesh. In FY2015,
Gulf Ispat Limited, a wholly-owned subsidiary of Gulf Petrochem
FZC, acquired a 50% stake in TIL. The company manufactures sponge
iron and billets at its manufacturing unit in Singrauli, Madhya
Pradesh. It has an installed capacity of 2,10,000 tonnes per annum
of sponge iron and 99,000 tonnes per annum of billets. TIL has also
installed a captive power plant of 38.5 megawatt (MW), which is
waste heat based and coal fired.
ZAVERI EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term ratings of Zaveri Exports Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Zaveri Exports Private Limited (formerly Zaveri Jewellers, ZEPL)
was incorporated as a private limited company in 2001 and is
promoted by Mr. Sunil Tayal. The company manufactures, and exports
studded and plain gold, silver and platinum jewellery. The
company's jewellery collection ranges from 22 karat gold jewellery
to 18 karat jewellery studded with diamonds, gemstones like rubies,
emeralds, sapphires, semi-precious stones. ZEPL sells all forms of
jewellery including earrings, necklaces, bangles, rings, anklets,
pendants, bracelets, brooches, pins and silverwares. The company
has 1 retail show room at Abids, Hyderabad.
=================
I N D O N E S I A
=================
MERPATI AIRLINES: Indonesia Approves Carrier's Dissolution
----------------------------------------------------------
ch-aviation reports that the Indonesian government has officially
authorised the dissolution of PT Merpati Nusantara Airlines, better
known as Merpati (Jakarta Soekarno-Hatta). While the airline
stopped flying in early 2014, it was only officially declared
bankrupt in mid-2022.
On Feb. 20, 2023, Indonesian President Joko Widodo signed
Government Regulation (PP) Number 8 of 2023, permitting the
airline's dissolution and spelling the end of any relaunch hopes,
the report says. "(Merpati) was dissolved because it was declared
bankrupt based on a decision (of the) commercial court at the
Surabaya District Court dated June 2, 2022," the official
dissolution notice read.
According to the report, liquidators have five years from the
bankruptcy declaration date to sell off any remaining assets, pay
out creditors, and wind up the company, with any surplus capital to
be returned to the Indonesian treasury.
Merpati Airlines was founded in 1962 and almost entirely
state-owned. Over its 30 plus years of flying, the airline operated
airframe types ranging from DC-9-30s to F28-1000s to B737-500s.
According to ch-aviation fleets history data, when it ceased
flying, Merpati had nine B737-300s, four B737-400s, one B737-500s,
eight DHC-8-300s, and thirteen MA-60s in its fleet.
Since flights halted nine years ago, various plans to restructure
and relaunch the airline have come and gone, ch-aviation states.
Despite sometimes reaching tentative agreements with investors to
inject capital, Merpati never received the funding it needed to
restart. Last year, during the court process to declare the airline
bankrupt, the court heard Merpati still owed its 1,283 creditors,
including many former employees, over IDR11 trillion (USD723.6
million dollars), ch-aviation relays. The bankruptcy declaration
allows liquidators to begin disposing off assets and settling
creditor's claims. The formal insolvency notice allows that process
to continue through to 2027, adds ch-aviation.
PT Merpati Nusantara Indonesia was a state-owned carrier that
services predominantly international routes.
=====================
N E W Z E A L A N D
=====================
JACKSCO CIVIL: GM Starts New Company 3 Days After Firm's Collapse
-----------------------------------------------------------------
Geraden Cann at Stuff.co.nz reports that on the same day
liquidators were appointed to wind up Jacksco Civil Ltd, the
company's general manager Adrian Warwick created a new holdings
company, WCC Holdings Ltd.
Three days after that, WCC Contractors was incorporated, and the
newly-founded site preparation company was understood to already be
operating, Stuff relates.
An employment contract offered to a construction worker by the
company has been sighted by Stuff.
According to Stuff, fortunes appear to have changed quickly for
Jacksco Civil - in June the construction company had a Porsche GT4
race car sign-written with director Simon Jacks' and Mr. Warwick's
names on the side, but come late-January the company collapsed with
$9 million owed to creditors.
WCC Holdings is classed as a holding company that makes "passive
investments in subsidiaries" and was incorporated on January 27. It
owns WCC Contractors, which was incorporated three days later.
In both cases, Adrian Warwick presented the incorporation
documents, and he is the sole director of both companies, Stuff
says.
Mr. Warwick also owns the holding company's parent company, Warwick
Building Trustees Ltd.
When Jacksco Civil failed, its sister company Jacksco Ltd, which
supplied equipment, was also put into liquidation. Two other
companies linked to JacksCo have also gone into voluntary
liquidation since, according to Stuff.
Stuff adds that Norling Law director Brent Norling said a director
or senior manager can legally start a new construction company
after another goes bust, provided certain rules are followed.
Typically heads of construction companies could start new companies
immediately, provided they did not breach phoenix company rules -
meaning they could not share the name of the original company, or
have a similar name that could be confused with the liquidated
company, Mr. Norling said.
Breaching these rules was an offence.
There may also be restraints in the contracts of directors or
managers, barring them from starting or joining competitors.
"The liquidators are able to enforce those restraints," the report
quotes Mr. Norling as saying.
There were also rules around whether directors could purchase the
equipment of the liquidated company, the report notes.
If a senior manager of a liquidated company could be deemed to have
a director-like influence on the company, the same rules applied.
The newly founded companies could also pick up the jobs of the
liquidated company, adds Stuff.
Jacksco Civil Ltd was an Auckland-based construction firm and
building equipment supplier. Jacksco Civil Limited and Jacksco
Limited commenced wind-up proceedings on Jan. 27, 2022.
KIRWEE HOLDINGS: Court to Hear Wind-Up Petition on March 23
-----------------------------------------------------------
A petition to wind up the operations of Kirwee Holdings Limited
will be heard before the High Court at Christchurch on March 23,
2022, at 10:00 a.m.
Keith Holmes, T/A Holmz Excavations & Ground Works filed the
petition against the company on Feb. 1, 2023.
The Petitioner's solicitor is:
Caitlin Grace Whitburn 't Hooft
Arrowsmith Law
163 West Street
Ashburton 7700
ON POINT: Court to Hear Wind-Up Petition on April 21
----------------------------------------------------
A petition to wind up the operations of On Point Construction
Limited will be heard before the High Court at Auckland on April
21, 2023, at 10:45 a.m.
Carters Building Supplies Limited filed the petition against the
company on Feb. 9, 2022.
The Petitioner's solicitor is:
Philip John Morris
Stace Hammond Lawyers
KPMG Building, Level 7
85 Alexandra Street
Hamilton 3240
PHLIP IT: Court to Hear Wind-Up Petition on March 10
----------------------------------------------------
A petition to wind up the operations of Phlip IT Limited (trading
as The Coffee Pottery Cafe) will be heard before the High Court at
Auckland on March 10, 2023, at 10:00 a.m.
Service Foods Limited filed the petition against the company on
Nov. 25, 2022.
The Petitioner's solicitors are:
Brookfields Lawyers
Tower One, 9th Floor
205 Queen Street
Auckland
REDCURRENT LTD: Owes More Than NZD5 million, Liquidators Reveal
---------------------------------------------------------------
Stuff.co.nz reports that homeware retailer Redcurrent Ltd owes more
than NZD5 million, the first liquidators' report has revealed.
The company was put into liquidation last month and EY insolvency
practitioners Larissa Logan and Rhys Cain were appointed.
Director Rebecca Kain started the store with her mother, Audrey
McHardy, more than 20 years ago.
Stuff relates that Redcurrent has 23 staff and the liquidators said
the Auckland and Christchurch shops, and the online store, would
remain open through the early stages of the liquidation.
The Queenstown shop had been scheduled to close on February 28 and
that was not expected to change. The Wellington and Havelock North
shops closed in mid February.
Mr. Kain attributed the failure of the company to the many
challenges to retail in recent years, "not least of all the effects
of Covid", the liquidators' report said, Stuff relays. "The
business became insolvent after its performance suffered due to
falling sales in its retail stores, significant ongoing lease
costs, increased costs during Covid to reposition the business to
an online model and changes to the supply chain causing delays to
seasonal deliveries."
Some of the total assets were yet to be determined, but the
company's total liabilities came to NZD5,026,560.70.
SANDERS MANUFACTURING: First Creditors' Meeting Set for March 6
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Sanders
Manufacturing Limited will be held on March 6, 2023, at 2:00 p.m.
at the offices of Martelli McKegg, at HSBC Tower, Level 20, 188
Quay Street, in Auckland.
The purpose of the meeting is to determine (1) whether to appoint a
creditor's committee, and if so, to appoint its members; and (2)
whether to replace the administrator.
Garry Whimp of Blacklock Rose Limited was appointed administrator
by the secured creditor of the company on Feb. 22, 2023.
WAIPARA WINDS: Court Appoints KPMG as Receivers
-----------------------------------------------
The High Court of New Zealand at Wellington on Feb. 20 appointed
Elizabeth Helen Keene and Luke Norman, both of KPMG, as receivers
and managers of Waipara Winds Limited (trading as Fiddler's Green
Vineyard & Bistro).
The Commissioner of Inland Revenue filed the petition against the
company.
The receivers may be reached at:
KPMG Christchurch
Level 5
79 Cashel Street (PO Box 1739)
Christchurch 8140
=================
S I N G A P O R E
=================
ALPHA DX: Court to Hear JM Order Petition on March 15
-----------------------------------------------------
A petition to place the operations of Alpha DX Group Limited under
the judicial management of judicial managers will be heard before
the High Court of Singapore on March 15, 2023, at 10:00 a.m.
Kydon Holdings Pte Ltd filed the petition against the company on
Jan. 12, 2023.
The Petitioner's solicitors are:
Rev Law LLC
39 Duxton Hill #04-01
Singapore 089617
BINTAI KINDENKO: Creditors' Meeting Set for March 14
----------------------------------------------------
Bintai Kindenko Private Limited (in provisional liquidation) will
hold a meeting for its creditors on March 14, 2023, at 2:30 p.m.,
via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint Liquidators;
c. to form a Committee of Inspection of not more than
5 members, if thought fit; and
d. any other business.
ORORI PTE: Final Meeting Set for March 31
-----------------------------------------
Members and creditors of Orori Pte. Ltd. will hold their final
meeting on March 31, 2023, at 10:00 a.m., at 204B Telok Ayer
Street, in Singapore.
At the meeting, Tam Chee Chong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
SHINRYO SINGAPORE: Creditors' Proofs of Debt Due on March 25
------------------------------------------------------------
Creditors of Shinryo Singapore Pte. Ltd. are required to file their
proofs of debt by March 25, 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:
Koh Swee Tian
7 Temasek Boulevard
#04-01 Suntec Tower One
Singapore 038987
SWIBER MARINE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Swiber Marine Pte Ltd and related entities on Feb. 20,
2023, passed a resolution to voluntarily wind up the company's
operations.
The related entities are:
- Equatoriale International Pte. Ltd.;
- Rawabi Swiber Offshore Marine Pte. Ltd.;
- Resiliant Offshore Pte. Ltd.;
- Southsea Offshore Pte. Ltd.;
- Swiber Capital Pte. Ltd.; and
- Whitmer Offshore Pte. Ltd.;
The company's liquidators are:
Chan Kwong Shing, Adrian
Bob Yap Cheng Ghee
Toh Ai Ling
KPMG Services
12 Marina View
#15-01 Asia Square Tower 2
Singapore 018961
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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*** End of Transmission ***