/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230306.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 Monday, March 6, 2023, Vol. 26, No. 47 Headlines A U S T R A L I A ALLEGIANCE COAL: Court OKs Interim Cash Collateral Access CLEAR EDGE: First Creditors' Meeting Set for March 9 CYBER INTELLIGENCE: First Creditors' Meeting Set for March 7 FORCE FITNESS: First Creditors' Meeting Set for March 10 HEXHAM RAIL: First Creditors' Meeting Set for March 10 LENDI GROUP: Lays Off 100 Staff as Home Lending Slows MAKERSPACE & COMPANY: First Creditors' Meeting Set for March 10 SCOTTS REFRIGERATED: Supermarket, Union Row Over Company Collapse C A M B O D I A NAGACORP LTD: Moody's Puts 'B2' CFR on Review for Downgrade C H I N A ZOTYE AUTO: Equity Fails to Attract a Single Bidder at 3rd Auction H O N G K O N G GOME RETAIL: Reveals USD1BB of Overdue Loans, Units' Equity Frozen LAI FUNG HOLDINGS: Fitch Affirms Then Withdraws 'B-' FC IDR I N D I A AADARSH INFRAMAX: Insolvency Resolution Process Case Summary ABAN OFFSHORE: CARE Reaffirms D Rating on INR374.66cr LT Loan ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category ANNAPOORANI YARNS: CARE Keeps D Debt Rating in Not Cooperating ARABIAN PETROLEUM: Ind-Ra Moves BB+ Rating to Non-Cooperating ASTM SKILLS: Insolvency Resolution Process Case Summary AVANTHA POWER: NCLAT Dismisses Plea Challenging Insolvency B. KHERA FINANCIAL: Voluntary Liquidation Process Case Summary BASIC FIRST LEARNING: Insolvency Resolution Process Case Summary BLACK PEPPER: Insolvency Resolution Process Case Summary CUCKU ENTERPRISES: CARE Lowers Rating on INR7.50cr Loan to D DENTORTH INDIA: Insolvency Resolution Process Case Summary DIMYRA INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating EATAGE AGRO: CARE Moves D Debt Rating to Not Cooperating Category EMPEE SUGARS: Liquidation Process Case Summary EXCEL TIMBERS: Insolvency Resolution Process Case Summary FABEX STEEL: Ind-Ra Assigns 'BB+' Long Term Issuer Rating GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating GROMA INFRASTRUCTURE: Ind-Ra Cuts Long Term Issuer Rating to 'BB' GUWAHATI CONSTRUCTIONS: Liquidation Process Case Summary HALDIRAM FINCAP: Insolvency Resolution Process Case Summary HINDUSTAN AGENCIES: Ind-Ra Moves BB+ Rating to Non-Cooperating ILASAKAA STEELS: CARE Lowers Rating on INR29cr LT Loan to D JSR MULBAGAL: CARE Assigns D Rating to INR98.64cr LT Loan KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating LOGANAYAGI TIMBERS: CARE Keeps C Debt Rating in Not Cooperating MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating MCRAYGOR MECHANICALS: Insolvency Resolution Process Case Summary N KUMAR HOUSING: NCLT Admits Insolvency Plea Against Company NUTRIONEX MANUFACTURERS: CARE Keeps D Rating in Not Cooperating OCTAL SALES: CARE Keeps D Debt Rating in Not Cooperating Category OGD SERVICES: Insolvency Resolution Process Case Summary OM SHAKTHY: Insolvency Resolution Process Case Summary P.G. ICE: CARE Keeps D Debt Rating in Not Cooperating Category R.S. COMMODITIES: Voluntary Liquidation Process Case Summary RATTAN POULTRIES: Insolvency Resolution Process Case Summary REXON LABORATORIES: CARE Lowers Rating on INR1.0cr LT Loan to C RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category SARADAMBIKA POWER: Liquidation Process Case Summary SCL HEALTHCARE: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable SECURE INDUSTRIES: Ind-Ra Keeps BB+ Rating in Non-Cooperating SHANKHESHWAR PROPERTIES: Insolvency Resolution Process Case Summary SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating SHREE RAMRAJYA: Insolvency Resolution Process Case Summary SRIPATHI PAPER: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating SRIUS BUSINESS: Insolvency Resolution Process Case Summary TANISHKA AUTOMOTIVES: Insolvency Resolution Process Case Summary TOPTRADE MERCANTILES: Insolvency Resolution Process Case Summary ULTRA SPACE: CARE Keeps D Debt Rating in Not Cooperating Category UPAL BUILDTECH: Insolvency Resolution Process Case Summary VARDHMAN ESTATES: Insolvency Resolution Process Case Summary VETRIVEL FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating VINDHYAVASINI STEEL: Insolvency Resolution Process Case Summary ZEE LEARN: Insolvency Resolution Process Case Summary I N D O N E S I A TITAN INFRA: $20M Bank Debt Trades at 16% Discount N E W Z E A L A N D BIG SKY: Court to Hear Wind-Up Petition on March 9 MTF OPALA 2023: Fitch Assigns 'B+sf' Final Rating to Class F Notes SANDERS MANUFACTURING: Garry Whimp Appointed as Administrator SKY STONE: McCullagh and Lawrence Appointed as Liquidators SOLUTION DRIVEN: Creditors' Proofs of Debt Due on March 28 WAIPARA WINDS: Keen and Norman Appointed as Receivers and Managers P A K I S T A N PAKISTAN WATER: Moody's Cuts CFR to Caa3, Alters Outlook to Stable PAKISTAN: China Approves US$1.3 Billion Loan Rollover PAKISTAN: Markets Brace for Default Risk as $7 Billion Debt Looms S I N G A P O R E BLOCKFI INC: Slows Down Effort to Return Customers' Crypto CSSC TECHNOLOGY: Court to Hear Wind-Up Petition on March 17 GREENWICH CARPARK: Commences Wind-Up Proceedings SARMENT WINE: Creditors' Proofs of Debt Due on April 3 SIONG HENG: Final Meeting Set for April 3 VICTORY AUTOMOTIVES: Final Meeting Set for April 4 S R I L A N K A SRI LANKA: Raises Interest Rates, Relaxes Currency Band SRI LANKA: Tax Hikes to Help Regain Creditor Confidence, IMF Says V I E T N A M PETROVIETNAM GAS: Fitch Assigns 'BB' Foreign Curr. IDR, Outlook Pos - - - - - ================= A U S T R A L I A ================= ALLEGIANCE COAL: Court OKs Interim Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Allegiance Coal USA Ltd. and its debtor-affiliates to use cash collateral on an interim basis in accordance with the budget. The Debtors require the use of cash collateral to, among other things, fund the orderly continuation of their business, maintain the confidence of their customers and vendors, pay their operating expenses, and preserve their going-concern value. As previously reported by the Troubled Company Reporter, as of the Petition Date, the majority of the Debtors' liabilities consists of senior secured funded indebtedness. On May 24, 2022, the Debtor ACUSA and non-Debtor AHQ entered into the Convertible Note Agreement with Collins St Convertible Notes Pty Ltd ACN 657 773 754, as trustee for The Collins St Convertible Notes Fund ABN 30 216 289 383, dated May 24, 2022. Under the Collins Note Agreement, ACUSA issued to the Prepetition Lender two tranches of convertible notes: (i) Tranche 1, with a face value of $30.7 million, and (ii) Tranche 2, with a face value of $12.157 million. As of the Petition Date, the aggregate principal amount outstanding under the Collins Notes is approximately AUD42.857 million. On October 26, 2020, NECC entered into the Promissory Note in favor of Cline Mining Corporation in the amount of $35.120 million. The Cline Note has a maturity date of July 1, 2030. As of the Petition Date, the aggregate principal amount outstanding under the Cline Note was approximately US$26 million. As adequate protection, the Debtor's prepetition lender is granted replacement liens on the proceeds of the Debtors' mineral leases and unencumbered assets, as well as superpriority claims. The Debtors' right to use cash collateral pursuant to the Interim Order will terminate upon any of the following: a. March 4, 2023 (without prejudice to future or amended orders granting extensions of such date); or b. Any of the following happens in respect of the Debtors' chapter 11 cases: (i) appointment of a chapter 11 trustee or examiner, or (ii) conversion of the cases to chapter 7. A copy of the order is available at https://bit.ly/3Sv7Mlf from PacerMonitor.com. About Allegiance Coal USA Limited Allegiance Coal USA Limited is a listed Australian company focused on seaborne met coal mine development and operations, with operating mines in southeast Colorado, central Alabama, as well as a development project in northwest British Columbia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21, 2023. In the petition signed by Jonathan Romcke, chief executive officer, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtor as legal counsel. CLEAR EDGE: First Creditors' Meeting Set for March 9 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Clear Edge Offices 350 Collins Pty Ltd and Clear Edge Offices 555 Bourke Street Pty Ltd will be held on March 9, 2023, at 10:30 a.m. via Zoom conference and via online video conferencing. Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were appointed as administrators of the company on Feb. 28, 2023. CYBER INTELLIGENCE: First Creditors' Meeting Set for March 7 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Cyber Intelligence Tech Pty Ltd will be held on March 7, 2023, at 11:00 a.m. at the offices of Jirsch Sutherland, Level 30, 140 William Street in Melbourne and via Zoom. Andrew Mattinson of Jirsch Sutherland was appointed as administrators of the company on Feb. 24, 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 10:00 a.m. at Level 2, 68 St Georges Terrace in Perth and via virtual meeting technology. Mathieu Tribut of GTS Advisory was appointed as administrator of the company on Feb. 27, 2023. HEXHAM RAIL: First Creditors' Meeting Set for March 10 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Hexham Rail Pty. Ltd. will be held on March 10, 2023, at 2:30 p.m. at the offices of Hamilton Murphy Advisory at Level 21, 114 William Street in Melbourne and via virtual meeting technology. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on Feb. 28, 2023. LENDI GROUP: Lays Off 100 Staff as Home Lending Slows ----------------------------------------------------- News.com.au reports that a major mortgage broker firm - that boasts backing from the Commonwealth Bank - has slashed 100 roles from its operations as home loan lending slows amid rising interest rates and falling house prices. News.com.au relates that the brutal sackings at Lendi have hit both senior executives and more junior staff and also include roles at its Aussie Home Loans brand - with sources telling The Australian they were "cut that". Employees facing redundancy were asked to ship back their equipment at their own expense before receiving their payout and being reimbursed, according to the sources. According to the report, Lendi has experienced tough times with a AUD2.5 million loss for the 12 months ending June 30 recorded in statements lodged with ASIC, which was a huge jump from the AUD87,432 loss it suffered the year earlier. High profile redundancies from the group include Queensland state manager Cameron Baseley, Victoria and Tasmania state manager Glenn Edwards, chief executive of lending David Smith, business strategy manager Liz Fowler and head of operations and non-mortgage lending Brett Graham, the newspaper reported, news.com.au relays. Marketing, media and IT roles have also been cut while the Aussie Home Loans office in Parramatta has been shuttered, with Lendi acknowledging a change to its operating structure to "support the group's growth". Lendi merged with Aussie Home Loans in 2021 and its chief executive David Hyman said a new structure had seen some operational teams slashed, the report recalls. However, he added that the company had increased staff numbers on a net basis by hundreds of roles since the two firms came together. "While this has had an impact on some roles, the change has also opened up dozens of new roles across the group," the report quotes Mr. Hyman as saying. ANZ and Macquarie Group also own stakes in Lendi, but CBA is the biggest shareholder, the report notes. MAKERSPACE & COMPANY: First Creditors' Meeting Set for March 10 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Makerspace & Company Foundation Limited will be held on March 10, 2023, at 10:00 a.m. via virtual teleconference. Jarvis Lee Archer of Revive Financial was appointed as administrator of the company on Feb. 28, 2023. SCOTTS REFRIGERATED: Supermarket, Union Row Over Company Collapse ----------------------------------------------------------------- News.com.au reports that more than 1,500 people have lost their jobs and there are warnings of a worsening "supply chain crisis" after a refrigerated logistics operator collapsed. A war of words has erupted after Scotts Refrigerated Logistics was put into liquidation with receivers unable to find a buyer for the major company. According to news.com.au, the Transport Workers Union has called out ALDI for what it says is the supermarket giant's part in Scotts RL's downfall by "profiting off the razor-thin margins of operators". "There will be 1,500 devastated families today as workers stare down the direct consequences of wealthy companies like ALDI squeezing the life out of transport contracts," the report quotes TWU national secretary Michael Kaine as saying. "Scott's Refrigerated Logistics is a major casualty of an industry-wide crisis that's pushing operators and drivers to the brink, which will have an enormous impact on our essential grocery supply chains." News.com.au relates that ALDI has strongly rebuked the TWU's statements, saying it "had hoped the challenges facing Scott's could have been overcome". "Statements made by the TWU with regard to our business results and our supplier relationships are categorically untrue, baseless and damaging," ALDI Australia said via a spokesperson, notes the report. "We refute this commentary from the TWU in its entirety." According to the report, the supermarket said it comprised only three per cent of Scott's business. Receivers KordaMentha had said earlier last week that they anticipated a "high level of interest in this business and its assets, given its significance in the cold chain supply system in Australia," news.com.au relays. However, no buyer has stepped up to the plate. Supermarkets have been left scrambling to minimise the impact to their supply chains, with concerns the shutdown could affect what's inside their fridges and freezers. Coles have said they are "working hard to minimise disruption for customers and our farmers," news.com.au relates. "Our focus remains on continued availability of refrigerated products in stores and online for customers," a spokesperson said. "We are working quickly to transition to our other transport partners and are closely monitoring deliveries across our supply chain." Woolworths said it was working with impacted suppliers to "maintain continued products to our distribution centres". According to the TWU, almost 200 transport companies have become insolvent in the 2021-22 financial year, news.com.au relays. "Scott's is not the first transport company to be pushed out of the market by profit-hungry clients at the top of supply chains, and it won't be the last unless we enact reform to ensure those clients are accountable for fair, safe and sustainable transport contracts," Mr. Kaine said. About Scott's Refrigerated Scott's Refrigerated Logistics operates Australia's largest and most extensive national cold chain road and warehousing network. The company employs around 1,500 people and its customers include major grocery retailers, independent supermarkets, food manufacturers and exporters. Scott Langdon, Kate Conneely, Michael Korda and John Mouawad of KordaMentha were appointed receivership of Scott's Refrigerated Logistics Group on Feb. 27, 2023. KordaMentha was appointed by a secured creditor as a consequence of Scott's Refrigerated Logistics entering into voluntary administration earlier on Feb. 27, 2023. KordaMentha's Scott Langdon said an orderly sales process for Scott's Refrigerated Logistics would commence immediately. =============== C A M B O D I A =============== NAGACORP LTD: Moody's Puts 'B2' CFR on Review for Downgrade ----------------------------------------------------------- Moody's Investors Service has placed NagaCorp Ltd.'s B2 corporate family rating and the B2 senior unsecured rating on the company's US dollar bond on review for downgrade. The bond is unconditionally and irrevocably guaranteed by the major operating subsidiaries of NagaCorp. At the same time, Moody's has changed the outlook to ratings under review from negative. "The ratings review reflects the likelihood of a downgrade if NagaCorp fails to make substantial progress over the next three months to refinance its outstanding $472 million bond coming due in July 2024," says Yu Sheng Tay, a Moody's Analyst. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS NagaCorp is exposed to heightened refinancing risks given its $472 million bond maturing in July 2024 and tight funding conditions. The bond is the company's only debt in its capital structure, excluding lease liabilities. NagaCorp also has limited sources of liquidity given its lack of bank facilities and divestible non-core assets. Moody's expects NagaCorp's earnings to improve over the next two years as Cambodia's tourism sector continues to recover and benefit from the return of tourists from China. Consequently, the rating agency estimates NagaCorp will generate EBITDA of around $370 million in 2023 and $485 million in 2024, compared with $245 million last year. Such levels remain below its earnings in 2019. Despite the earnings improvement, Moody's believes NagaCorp will likely rely on external financing to repay its bond. As of December 31, 2022, the company had cash and deposits of $175 million. Together with expected operating cash flows of around $535 million through to June 2024, this is inadequate to cover the company's cash uses, which include the bond maturity and discretionary spending such as dividends and development capital expenditure. NagaCorp has the flexibility to significantly reduce or defer its discretionary spending to shore up liquidity and repay the bond through internal cash flows. Nonetheless, Moody's expects the company to continue incurring capital expenditure for its Naga 3 development project at this juncture, having outlined its construction targets for the year. NagaCorp declared scrip dividends in lieu of cash in 2022, which Moody's views as credit positive, but the company has not made any public commitments on whether it would maintain scrip dividends or revert to cash in 2023. Moody's review will focus on NagaCorp's ability to address its bond maturity over the next three months. An upgrade of NagaCorp's ratings is unlikely, given the review for downgrade. However, Moody's could confirm the ratings if the company addresses its refinancing risk. Moody's could downgrade NagaCorp's ratings if the company (1) is unable to address its refinancing risk; or (2) undertakes a liability management exercise that Moody's views to be an avoidance of default that results in economic loss for its bondholders. The principal methodology used in these ratings was Gaming published in June 2021. NagaCorp Ltd. was incorporated in the Cayman Islands in 2003 and listed on the Hong Kong Stock Exchange in 2006. It owns and manages NagaWorld, the largest integrated casino and hotel complex in Phnom Penh, Cambodia. NagaCorp was founded by Tan Sri Dr. Chen Lip Keong, its chief executive officer and largest shareholder with a 69% stake in the company as of December 31, 2022. ========= C H I N A ========= ZOTYE AUTO: Equity Fails to Attract a Single Bidder at 3rd Auction ------------------------------------------------------------------ Yicai Global reports that no bidders came forward in the third auction of some of Zotye Automobile's equity, even though the Chinese carmaker, which has come through bankruptcy restructuring, knocked 40 percent off the stock's market value. According to the report, the 50 million Zotye shares previously owned by former largest shareholder Tech-New Group, equal to 1 percent of the firm's total share capital, were put up for sale at CNY132 million (USD19.1 million) on Alibaba Group Holding's auction platform on Feb. 27. The equity also failed to sell at a previous auction last month and in January. The shares were offered at CNY2.64 (38 US cents) apiece, while the Yongkang-based company's Shenzhen-listed stock fell 2.4 percent on March 2 to CNY4.09, the same as the closing price on the day of the auction, the report discloses. Yicai Global notes that Zotye ran into financial difficulties in the second half of 2019. Tech-New Group filed a petition for bankruptcy and restructuring in September 2020 because of the huge slump in the carmaker's sales and subsequent deficit. At the end of 2021, Zotye received a capital injection from Jiangsu Shenshang Holding Group, which is now the largest shareholder with a 14.7 percent stake. Bankrupt Tech-New Group is Zotye's second-largest shareholder, with 14.4 percent. But more than 80 percent of its shares are pledged. Zotye announced last October that it would resume car production after an almost three-year gap, Yicai Global recalls. The first auto it has made the T300, the small-sized sport utility vehicle it launched in 2017. Last month, Zotye's brand Jiangnan also unveiled a mini electric vehicle, the U2, priced at between CNY56,800 and CNY98,800 (USD8,240 and USD14,330) each. Zotye's revenue was relatively low last year, it said in an annual earnings update at the end of January. The firm expects its net loss to have widened to between CNY740 million and CNY1 billion (USD107 million and USD145 million) from CNY705.5 million the previous year, Yicai Global discloses. ================= H O N G K O N G ================= GOME RETAIL: Reveals USD1BB of Overdue Loans, Units' Equity Frozen ------------------------------------------------------------------ Yicai Global reports that Gome Retail's shares fell after the cash-strapped Chinese home appliances retailer said it had outstanding overdue loans of about CNY6.9 billion (USD1 billion) as of Feb. 3 and the equity of a number of its subsidiaries, including Gome Supply Chain Technology, has been frozen. The Beijing-based company is actively negotiating with lenders on refinancing or extending repayment periods, it said on Feb. 28. Yicai Global, citing data previously released by Gome Retail, discloses that overdue loans as of Sept. 30, 2022 tallied about CNY3 billion, an amount that has doubled in less than half a year. Yicai Global relates that Gome Retail also said that the units with frozen equity were non-material subsidiaries, and it currently retains full control and ownership of them. The frozen equity of these companies will not affect Gome Retail's financial status or operations, it said. On Feb. 10, at a meeting with suppliers, Gome executives admitted that because of a cash flow problem in the sales department, the company had defaulted on payments due to them, Yicai Global relays. Yicai Global says Gome will find a way to solve this problem as soon as production resumes, they said after a number of suppliers filed for bankruptcy liquidation applications against Gome in court due to the payment arrears. In addition, amid a gradual reduction in its shareholding since September 2021, Beijing Centergate Technologies, an affiliate of Gome Retail, announced on Feb. 3 that Gome founder Huang Guangyu is no longer the controlling shareholder of Gome Retail, leaving the retailer with no controlling shareholder, adds Yicai Global. About GOME Retail Headquartered in Hong Kong, GOME Retail Holdings Limited (HK:0493) -- https://www.gome.com.hk/-- together with its subsidiaries, engages in the retail of electrical appliances, consumer electronic products, and general merchandise in the People's Republic of China. The company also sells its products online through self-operated and platform models. In addition, it is involved in the provision of logistics and procurement, storage and delivery, IT development, and business management services; retailing of mobile phones and accessories; and property holding activities. As of Dec. 31, 2021, it operated 4,195 stores in 1,439 cities. The company was formerly known as GOME Electrical Appliances Holding Limited and changed its name to GOME Retail Holdings Limited in 2017. LAI FUNG HOLDINGS: Fitch Affirms Then Withdraws 'B-' FC IDR ----------------------------------------------------------- Fitch Ratings has affirmed Hong Kong-based Lai Fung Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-'. The Outlook is Negative. Fitch has also affirmed Lai Fung's senior unsecured rating and the rating on its USD2 billion medium-term note programme, issued under Lai Fung MTN Limited, at 'B-', with a Recovery Rating of 'RR4'. At the same time, Fitch has chosen to withdraw Lai Fung's ratings for commercial reasons. KEY RATING DRIVERS Rated on Standalone Basis: Fitch assesses Lai Fung's Standalone Credit Profile (SCP) as similar to that of the consolidated credit profile of its parent, Lai Sun Development Company Limited (LSD). LSD's consolidated investment-property (IP) EBITDA interest coverage dropped to 0.7x in the financial year ended July 2022 (FY22) from 1.1x in FY21 due to lower rental income in Hong Kong amid a weak retail environment. Fitch does not expect significant improvement in LSD's IP EBITDA in FY23. As such, Fitch rates Lai Fung based on its SCP, which is unchanged at 'b-', in accordance with our Parent and Subsidiary Linkage Rating Criteria. Low Interest Coverage: Fitch expects Lai Fung's IP EBITDA interest coverage to remain at 0.5x-0.6x in FY23, as rental income from its existing properties may remain under pressure due to pandemic-related restrictions. Fitch also expects insignificant rental contribution from new office buildings in Shanghai and Guangzhou in FY23. Fitch expects these new office buildings to ramp up to around 80% occupancy in FY25, which will drive interest coverage to 0.7x-0.8x in FY25, but the pace of the improvement remains uncertain. Pre-Leasing of New IPs: The Shanghai Skyline Tower was completed in September 2022, but pre-leasing activities have been affected by pandemic restrictions. About 8% of commercial and office area has been pre-leased as of October 2022. Fitch expects its take-up rate to be gradual in light of the competition and new office supply in the city. The Lai Fung International Center in Guangzhou was completed in early November 2022, and about 20% of commercial and office area has been pre-leased as of October 2022. Fitch expects these two IPs to contribute about CNY200 million in rental income in FY26, making up 20%-25% of Lai Fung's rental income in FY22. Weak Performance for Novotown: Fitch expects EBITDA from the theme park at Novotown to remain negative in FY23 given continued weak tourist visitation. Fitch expects hotel EBITDA and visitation for the theme park to improve from FY24 as domestic tourism picks up gradually. Retail revenue at Novotown was reduced by the early termination of one tenant in FY23. Zhuhai Duty Free Group has been added as a new tenant, bringing overall occupancy for the commercial area at Novotown to 77%. Fitch expects the negative EBITDA from Novotown to be offset by positive cash flows from development-property sales. Moderating Capex: Fitch estimates that HKD3 billion-4 billion of capex for the development of Phase II of Novotown will be spent in the next three years. Phase II should be completed by 2024. Fitch expects the capex to be mostly funded by onshore construction loans. Fitch believes Lai Fung may slow its construction for Phase II in light of the uncertainties over a recovery in tourism demand. DERIVATION SUMMARY Lai Fung is rated higher than Lippo Malls Indonesia Retail Trust (LMIRT, CCC+). Lai Fung has larger scale and higher-quality IP assets in Shanghai and Guangzhou, and lower refinancing risks than LMIRT. KEY ASSUMPTIONS Not applicable, given the withdrawal of the ratings. RATING SENSITIVITIES Not applicable, given the withdrawal of the ratings. LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: At end-July 2022, Lai Fung had unrestricted cash of HKD2.1 billion and undrawn committed bank facilities of HKD1,985 million, sufficient to cover its short-term debt of HKD3.8 billion. Lai Fung has repaid its USD350 million in senior notes due January 2023 in full using internal cash and drawdown of bank facilities. ISSUER PROFILE Lai Fung's core businesses include the investment and development of serviced apartments, residential, office and commercial properties and the development and operation of - and investment in - cultural, leisure, entertainment and related facilities in China. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Lai Fung Holdings Limited LT IDR B- Affirmed B- LT IDR WD Withdrawn B- LC LT IDR B- Affirmed B- LC LT IDR WD Withdrawn B- senior unsecured LT B- Affirmed RR4 B- senior unsecured LT WD Withdrawn RR4 B- Lai Fung MTN Limited senior unsecured LT B- Affirmed RR4 B- senior unsecured LT WD Withdrawn RR4 B- ========= I N D I A ========= AADARSH INFRAMAX: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Aadarsh Inframax Developers Private Limited 698 Vijay Path Devi Nagar, New Sanganer Road Jaipur 302019 Rajasthan - and - Meadows Villas Khasra No. 811, 952, 957, 958, 959, 959/1493 Village - Lohagarh Distt Ajmer (Raj.) 305004 Insolvency Commencement Date: January 13, 2023 Estimated date of closure of insolvency resolution process: July 12, 2023 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Vikas Rajvanshi H-15 Chitranjan Marg C-Scheme, Jaipur Rajasthan 302001 Email: vikasrajvanshi.jaipur@gmail.com Email: cirp.aadarshinfra8@gmail.com Last date for submission of claims: January 31, 2023 ABAN OFFSHORE: CARE Reaffirms D Rating on INR374.66cr LT Loan ------------------------------------------------------------- CARE Ratings has reaffirmed ratings on certain bank facilities of Aban Offshore Ltd (AOL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 374.66 CARE D Reaffirmed Cumulative Redeemable Preference Shares- Series-I 105.00 CARE D Reaffirmed Cumulative Redeemable Preference Shares- Series-II 156.00 CARE D Reaffirmed Cumulative Redeemable Preference Shares- Series-III 20.00 CARE D Reaffirmed Rationale and key rating drivers The ratings assigned to bank facilities and preference share issues of AOL factor in the instances of delays in debt servicing. The reduction in long-term bank facilities is due to closure of a term-loan through one-time settlement (OTS). Rating sensitivities: Factors likely to lead to rating actions Positive factors * Satisfactory track record of timely servicing of debt obligation on a sustained basis Analytical approach: Standalone Key weaknesses * Continuous moderation in financial performance: The company has seen continued decrease in the utilization of fleet which had resulted in significant drop in the revenue over the past few years. In FY21 and FY22, with the outbreak of pandemic resulted in reduced consumption of oil and reduced demand for drilling. However, the situation is now better with improved exploration activities and increase in crude price. On account of losses reported and continuous underutilization of fleets, there are ongoing delays in debt servicing. During FY22 and FY23, the company has sold about 9 rigs and the proceeds of the same has been used for OTS of term loan from Central Bank of India. The sale of idle assets is expected to help in better utilization of fixed costs. Liquidity: Poor On account of low fleet utilization, AOL has been experiencing liquidity issues resulting in delays in debt servicing. Key strengths * Experience of Promoters: AOL, largest private player in India in the offshore drilling industry was promoted in 1986 by Aban Constructions Private Limited, in collaboration with Chiles Offshore Inc. (COI), USA, an offshore drilling company in the Gulf of Mexico. Company's management team includes by Mr. Reji Abraham (Managing Director), Mr. C P Gopalakrishnan, (CFO& Deputy MD) and Mr. P Venkateswaran, (Vice-Chairman & Non-executive Independent Director). Aban Offshore Limited (AOL), the flagship company of Aban group, provides offshore drilling services to companies engaged in exploration and production of oil and gas. AOL is the largest private player in India in the offshore drilling industry and is one of the largest in the world. The company and its wholly owned subsidiaries had a total of four operational assets by the end of December 2022. ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Alom Poly Extrusions Limited (APEL) 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 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. ANNAPOORANI YARNS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Annapoorani Yarns (AY) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 18, 2022, placed the rating(s) of AY under the 'issuer non-cooperating' category as AY 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. AY continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 4, 2022, December 14, 2022, December 24, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Annapoorani Yarns (AY) was established as a partnership concern in 2000 by Mr. R Jayachandran and Ms. J Thavamani with equal profit-sharing ratio. AY is engaged in trading of blended yarns like poly cotton, poly viscose etc. and grey and finished fabric. The yarn is purchased from suppliers located in New Delhi, Punjab and Tamil Nadu. The firm deals with 20s-40s counts of yarn. The yarn purchased is fabricated into grey cloth and finished fabric on job work basis and sold to customers located in Tamil Nadu. The registered office of the firm is located in Tirupur, Tamil Nadu. ARABIAN PETROLEUM: Ind-Ra Moves BB+ Rating to Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Arabian Petroleum Limited Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR170 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING)/ A4+ (ISSUER NOT COOPERATING) rating; and -- INR39.30 mil. Term loans due on January 2025 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating. Note: Issuer Not Cooperating: The ratings were last done on January 11, 2022. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Company Profile Arabian Petroleum is a Maharashtra-based company incorporated in 2006. The company is engaged in manufacturing of industrial and automotive lubricants. ASTM SKILLS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Astm Skills Private Limited 45 Chimbai Road, Behind St. Andrews Church Off Hill Road, Bandra (West) Mumbai MH 400050 India Insolvency Commencement Date: February 9, 2023 Estimated date of closure of insolvency resolution process: August 8, 2023 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Prashant Jain A501 Shanti Heights Plot No. 2,3,9B/10, Sector 11 Koparkharine, Thane Navi, Mumbai 400709 Email: ipprashantjain@gmail.com - and - SSARVI Resolution Services LLP B-610, BSEL Techpark Sector 30 A, Opp. Vashi Railway Station Navi, Mumbai 400703 Email: astm.cirp@gmail.com Last date for submission of claims: March 1, 2023 AVANTHA POWER: NCLAT Dismisses Plea Challenging Insolvency ---------------------------------------------------------- Business Standard reports that the National Company Law Appellate Tribunal (NCLAT) has set aside the petition filed against the initiation of corporate insolvency resolution process against Avantha Power and Infrastructure, which was a corporate guarantor for loans availed by Korba West Power Company. Business Standard relates that the appellate tribunal dismissed the plea by Anil Bhargava, director of the suspended board of Avantha Power and Infrastructure Ltd (APIL), and said it was "fully in agreement with the reasons assigned" by the NCLT for admitting the insolvency plea. The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on August 16, 2021, had admitted an insolvency plea against APIL, over a petition filed by Axis Bank claiming a due of INR480.54 crore, the report notes. The loan pertained to Korba West Power Company Ltd (KWPCL), which was the principal borrower, and the funds were for setting up a 2x600 MW Thermal Power Plant in Chhattisgarh. To part finance the project, KWPCL had availed loan facilities from a consortium of lenders led by Axis Bank. This included loan facility aggregating to INR2,150 crore by entering into a Common Rupee Loan Facility Agreement dated June 24, 2009. Besides, KWPCL also took additional facilities aggregating to INR193 crore and INR315.45 crore along with a working capital facility aggregating to INR446.90 crore, Business Standard says. APIL acted as a corporate guarantor in respect of two out of the aforesaid four financial facilities. However, KWPCL defaulted in loan repayment and approached NCLT under section 10 to get CIRP initiated against it, Business Standard states. KWPCL, had also listed about it committing default in repaying loan facilities for which APIL was the corporate guarantor. Axis Bank issued loan recall and invocation to KWPCL and the corporate debtor -- APIL. Axis Bank recalled the principal amount of INR2,459.80 crore being outstanding as on April 30, 2018. While for AIPL, Axis Bank invoked both the guarantees under Incremental Debt and Rupee Loan Facility-II and raised a demand for INR480.54 crores being the amount allegedly outstanding. This was opposed by AIPL before NCLT contending that there is no independent and separate default by it, Business Standard relates. Moreover, default under both the facilities for which it stood as a guarantor is already being sought to be restructured. Moreover, the NCLAT observed the deeds of guarantee were invoked by Axis Bank on June 5, 2018, prior to the order dated July 26, 2018, when NCLT had passed the order initiating insolvency proceedings against KWPCL under section 10 Petition and prior to the Resolution Plan of the Principal Borrower being approved, according to Business Standard. Thus, in light of the settled position of law, since the default by the Corporate Debtor has duly quantified in the Section 7 Petition and since the same is above the minimum threshold of INR1 crore, the Appellant's submission is contrary to law and cannot be a ground for any interference with the Impugned Order, said a NCLAT bench comprising Justice Anant Bijay Singh and Shreesha Merla, relates Business Standard. Section 10 of IBC allows a debtor to initiate an insolvency resolution process against itself if it has committed any default. B. KHERA FINANCIAL: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: B. Khera Financial Services Private Limited B-5/172, Basement Safdarjung Enclave New Delhi-110029 Liquidation Commencement Date: February 8, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Sachin Sapra 2/11B, Basement Jangpura Block-A New Delhi 110014 Mobile: 9910219977 Email: sachinsapracs@yahoo.com Last date for submission of claims: March 10, 2023 BASIC FIRST LEARNING: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Basic First Learning (OPC) Private Limited 1st Floor, H.No-463/A, Ashok Nagar Ranchi, JH 834004 Insolvency Commencement Date: January 12, 2023 Estimated date of closure of insolvency resolution process: June 13, 2023 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: S V Ramani Anandalok Building, Room No. 207 227 AJC Bose Road, Kolkata 700020 Email: ramanisv56@gmail.com Last date for submission of claims: January 27, 2023 BLACK PEPPER: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Black Pepper Technologies Private Limited No. 1004, 1st Floor, 9th Main Sector, HRS Layout Bangalore, Karnakata 560102 Insolvency Commencement Date: January 31, 2023 Estimated date of closure of insolvency resolution process: July 30, 2023 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Addanki Haresh No. 36/1, 2ND Floor Munivenkatappa Complex, Bellary Road Ganga Nagar, Bangalore 560032 Email: addanki.haresh@gmail.com Email: cirp.bptl@gmail.com Last date for submission of claims: February 22, 2023 CUCKU ENTERPRISES: CARE Lowers Rating on INR7.50cr Loan to D ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Cucku Enterprises Private Limited (CEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Stable Long Term/ 6.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category and Revised from CARE C; Stable/ CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 15, 2021, placed the rating(s) of CEPL under the 'issuer non-cooperating' category as CEPL 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. CEPL 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 and February 20, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of CEPL have been revised on account of non-availability of requisite information. The rating revision also considers the delays in debt servicing recognised from publicly available information. i. e. CIBIL check. Delhi-based CEPL was incorporated in 2008 and is currently being managed by Mr. Chirag Goel and Mr. Chaman Goel. The company is engaged in processing of spices such as whole, grounded and blended spices at its processing unit in Delhi. Besides this, the company is also engaged in trading of rice. The company procures the raw material such as turmeric, coriander, chillies, black pepper, ginger powder and mustard powder from suppliers located in Delhi region and nearby areas and traded good i.e. rice is procured from brokers in Haryana and Punjab. The company sells its products domestically and also exports the products to UK, Australia, Canada, USA and South Africa. DENTORTH INDIA: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Dentorth India Private Limited No. 677, 1st Floor, Suite #123, 27th Main 13th Cross, HSR Layout, Sector 1, Bangalore 560102 Karnakata, India Insolvency Commencement Date: January 31, 2023 Estimated date of closure of insolvency resolution process: July 30, 2023 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Vasudevan Gopu G.V. Enclave, 18/30, Ramani Street K.K. Pudur, Saibaba Colony (4th Right Opp. Road to Saibaba Colony Hotel Annapoorna Road) Coimbatore 641038 Tamilnadu, India Email: vasudevanacs@gmail.com vasudevangopu.ip@gmail.com Last date for submission of claims: February 22, 2023 DIMYRA INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Dimyra International (DI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 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 January 31, 2022, placed the rating(s) of DI under the 'issuer non-cooperating' category as DI 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. DI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 17, 2022, December 27, 2022, January 6, 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). Dimyra International (DIN) is a proprietorship firm established in April, 2016 by Mrs. Sheela Jain. DIN is engaged in manufacturing and trading of fabric and readymade garments for women, men and kids at its manufacturing facility located at Ludhiana, Punjab, which has a total installed capacity of manufacturing 5.5 lakh pieces of textiles per annum, as on January 31, 2018. The product line of the firm mainly comprises sweaters, coats, jackets, tops, sports-wear, shirts, trousers, kurtis, etc. EATAGE AGRO: CARE Moves D Debt Rating to Not Cooperating Category ----------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Eatage Agro Private Limited (EAPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.52 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from EAPL to monitor the rating(s) vide e-mail communications/letters dated January 4, 2023, February 15, 2023, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. 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. Further, EAPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on EAPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. 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 takes into account delays in servicing of the term loan due to poor liquidity position. Analytical approach: Standalone Detailed description of the key rating drivers At the time of last rating on December 1, 2021, the following were the rating weaknesses (updated for the information received from Registrar of Companies). Key weaknesses * Delays in debt servicing: The repayment of term loan was earlier scheduled to start from June 2020 or after 3 months from the scheduled Date of Commercial Operation (DCCO). However, the bank set a revised project implementation schedule as per which the commercial operation was scheduled to start from May 2021 and repayment of term loan was scheduled to start from June 30, 2021. However, due to second wave of COVID-19, EAPL applied for restructuring of the account in June 2021. There were delays in repayment of term loan, pending approval of restructuring. EAPL was incorporated in April 2017 as a Private Limited Company by Mr. Binod Kumar and Ms. Poonam Kumari. The company is engaged in milling of flour (Atta) on job-work basis for ITC Ltd. The company has set up a flour milling unit for this purpose with an installed capacity of 300 Tonnes per Day (TPD). The commercial operation of the unit has started from March 2021. EAPL processes flour on job work basis from ITC Limited and is the first such unit in Bihar to Process ITC flour under its renowned brand 'Aashirvaad'. EAPL has signed an MOU with ITC Ltd. on February 15, 2018, to process their product. Mr. Binod Kumar is a renowned businessman in the region having business experience of more than 10 years in the field of biscuit manufacturing, flour mill and bakery businesses under different associate entities. EMPEE SUGARS: Liquidation Process Case Summary ---------------------------------------------- Debtor: Empee Sugars and Chemicals Limited Ayyapareddipalemnadupet Mandal Nellore Dist A.P., AP 524126 India Liquidation Commencement Date: February 10, 2023 Court: National Company Law Tribunal, Bangalore Bench Liquidator: Pankaj Srivastava No-5, 5th Cross Navya Nagar, Jakkur Bangalore, Karnataka 560064 Email: psri@live.com - and - No. 29, 1st Floor, SN Complex 14th Main Road, E-Block Extension Sahakara Nagar, Bengaluru 560092 Email: ip.empee@gmail.com Last date for submission of claims: March 17, 2023 EXCEL TIMBERS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/s Excel Timbers Private Limited Room No Fp 6/175 Kodampuzha Road Petta Feroke P O Kozhikode 673631 Kerala, India Insolvency Commencement Date: February 10, 2023 Estimated date of closure of insolvency resolution process: August 12, 2023 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: CA Jasin Jose Ponmattam Madaserry Mookannoor Po 683577 Angamaly, Kerala India Email: jasinjoseponmattam@gmail.com - and - 5D Skyline Riverscape Thottumugham, Aluva Kerala 683101 Email: cajasinexcalrp@gmail.com Last date for submission of claims: February 27, 2023 FABEX STEEL: Ind-Ra Assigns 'BB+' Long Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Fabex Steel Structures Private Limited (FSSPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Positive. The instrument-wise rating actions are: -- INR160 mil. Fund-based working capital limits assigned with IND BB+/Positive/IND A4+ rating; -- INR70 mil. Non-fund-based working capital limits assigned with IND A4+ rating; -- INR211 mil. Term loan due on March 2030 assigned with IND BB+/ Positive rating; -- INR129 mil. Proposed fund-based working capital limits assigned with IND BB+/Positive/IND A4+ rating; and -- INR128 mil. Proposed non-fund-based working capital limits assigned with IND A4+ rating. The Positive Outlook reflects the considerable growth in FSSPL's revenue in FY22 and a continued order flow reflected by an order book of INR1,915 million. Key Rating Drivers The ratings reflect FSSPL's medium scale of operations, as highlighted by revenue of INR1,434.63 million in FY22 (FY21: INR344.33 million). The revenue grew in FY22 led by the increased inflow of orders post COVID-19 and the timely execution of existing orders. Till 9MFY23, the company booked revenue of INR1,930 million (including GST). The management expects the revenue to scale up in FY23 and FY24, backed by unexecuted orders in hand amounting to INR1,915 million which will be executed till July 2023. Liquidity Indicator - Stretched: FSSPL's average maximum utilization of fund-based facilities and non-fund-based facilities were 65.84% and 77.98% respectively, in the 12 months ended December 2022. The working capital cycle was elongated at 107 days in FY22 (FY21: 108 days). Also, the cash flow from operations and free cash flows worsened in FY22, amounting negative INR106.82 million (FY21: negative INR7.97 million) and INR247.32 million (negative INR163.36 million), respectively, owing to a change in the working capital requirements as creditor days decreased to 39 days (70 days). FSSPL relies on banks and financial institutions for working capital requirements and does not have access to capital markets. FSSPL's liquidity is also funded by advances from customers which amounted to INR302 million as on 31 March 2022. The firm has principal repayment obligations of INR45.29 million and INR43.35 million for FY23 and FY24, respectively. FSSPL has a capex plan of INR75 million for setting up another office in Hyderabad which will be funded through a bank debt of INR54.9 million and equity and unsecured loans from the promoters. The ratings however factor in FSSPL's healthy, but volatile operating margins, which stood at 10.01% in FY22 (FY21: 13.73%). The EBITDA margins declined due to an increase in the cost of operations. The company's return on capital employed stood at 33.20% in FY22 (FY21: 33.80%). Till 1HFY23, FSSPL achieved EBITDA of 15% (INR137 million). In the near term, Ind-Ra expects the EBITDA margin to remain healthy as the management is planning to manufacture some materials in house and developing a supply chain facility to procure raw materials. The ratings also reflect FSSPL's healthy credit metrics, as reflected by interest coverage (operating EBITDA/gross interest expense) of 5.84x in FY22 (FY21: 8.44x) and the net leverage (total adjusted net debt/operating EBITDAR) of 2.25x in FY22 (2.19x). The deterioration in credit metrics is attributed to an increase in the overall debt to INR333.60 million (FY21: INR108.69 million). Ind-Ra expects FSSPL's credit metrics to deteriorate in the near term, as the company has taken term loan of INR54.90 million in FY23 for setting up another office in Hyderabad office, hence the long-term debt will increase. The ratings are also supported by the company's promoters' experience of more than two decades in the pre-engineering building industry, which has led to established relationships with customers and suppliers. Rating Sensitivities Positive: Sustainability in the operational profits, while achieving a higher scale of operations and along with maintaining its overall credit metrics with net leverage remaining below 3x and an improvement in the liquidity, all on a sustained basis, could lead to a positive rating action. Negative: A significant decline in the scale of operations and profitability, leading to deterioration in the overall credit metrics, with the net leverage exceeding 3x and/or deterioration in the liquidity, could lead to the Outlook being revised to Stable. Company Profile Incorporated in 2019, FSSPL is based put of Hyderabad and is engaged in the design, detailing, fabrication and installation of pre-engineered buildings/steel structures and engineering services (design & detailing) for several industries such as warehouse, sugar processing, aerospace, heavy manufacturing, FMCG, electrical, food processing, automobiles. GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Ganeswara Rice Tech (SGRT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 36.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 17, 2022, placed the rating(s) of SGRT under the 'issuer non-cooperating' category as SGRT 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. SGRT continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 3, 2022, December 13, 2022, December 23, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Andhra Pradesh based, Sri Ganeswara Rice Tech (SGRT) is a partnership firm started in June, 2007 by Mr. Manukonda Sathi Reddy along with his wife Mrs. Manukonada Padmavathi. The firm is engaged in milling and processing of rice and trading of paddy. The rice mill is situated at Biccavolu village in East Godavari District of Andhra Pradesh. Currently, SGRT has as installed capacity of boiled rice of 12 tons per hour and raw rice of 14 tons per hour. The firm is mainly supplying rice in Kerala, Andhra Pradesh and Dubai. Mr. Manukonda Sathi Reddy is the Managing Partner of the firm and has experience of around 30 years in same line of business. During FY19, 60% of the revenue comprise of sales from domestic market and remaining 40% comprised from exports. The firm has also entered a 14 months agreement with Civil Supply, Andhra Pradesh for which it has availed the BG facility. GROMA INFRASTRUCTURE: Ind-Ra Cuts Long Term Issuer Rating to 'BB' ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Groma Infrastructure Limited's (GIL) Long-Term Issuer Rating to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- INR220 mil. Fund-based working capital limit downgraded with IND BB (ISSUER NOT COOPERATING) rating; -- INR760 mil. Non-fund-based working capital limit downgraded with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Proposed fund-based working capital limit downgraded with IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the best available information Key Rating Drivers The downgrade is pursuant to Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, any issuer with an investment grade rating remaining non-cooperative with a rating agency for more than six months should be downgraded to a sub-investment grade rating. The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)' may not reflect GIL's credit strength as the company has been non-cooperative with the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. Company Profile Incorporated in 2003, GIL (erstwhile MVPR Infrastructure Limited) is a civil works contractor engaged in executing water supply works (lift irrigation) contracts and electrical works contracts in Karnataka, Telangana and Andhra Pradesh. GUWAHATI CONSTRUCTIONS: Liquidation Process Case Summary -------------------------------------------------------- Debtor: Guwahati Constructions Private Limited Suren Paradise Opposite Hanumsa Mandir, G.S. Road Guwahati, Assam 0781007 India Liquidation Commencement Date: February 10, 2023 Court: National Company Law Tribunal, Guwahati Bench Liquidator: CA Purshotam Gaggar P Gaggar & Associates Chartered Accountants Advika, 3rd Floor Opp. Ferry Ghat, M.G.Road, Pan Bazar Guwahati, Assam 781001 Email: purshotamgaggar@hotmail.com Last date for submission of claims: March 12, 2023 HALDIRAM FINCAP: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Haldiram Fincap Private Limited AG-32 Shalimar Bagh Delhi, North Delhi 110068 Insolvency Commencement Date: February 14, 2023 Estimated date of closure of insolvency resolution process: August 13, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Prabhakar Kumar No.1 Shiva Enclave 3rd Floor, Pitampura New Delhi, National Capital Territory of Delhi 110034 Email: cirp.haldiram@gmail.com prabhakar_acs@rediffmail.com Last date for submission of claims: March 1, 2023 HINDUSTAN AGENCIES: Ind-Ra Moves BB+ Rating to Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Hindustan Agencies' (HA) Long-Term Issuer Rating to the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- The IND BB+ rating on the INR296 mil. Fund-based working capital limits* migrated to the non-cooperating category and withdrawn; and -- The IND A4 rating on the INR4 mil. Non-fund-based working capital limits# migrated to the non-cooperating category and withdrawn. *Migrated to IND BB+ (ISSUER NOT COOPERATING) before being withdrawn. # Migrated to IND A4+ (ISSUER NOT COOPERATING) before being withdrawn Key Rating Drivers Ind-Ra has migrated the ratings to the non-cooperating category because the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to the sanctioned bank facilities and utilization, business plans, financials and projections for the next three years, and information on corporate governance. Ind-Ra is no longer required to maintain the ratings, as the agency has received no-objection Certificate from the lender. This is consistent with Ind-Ra's Policy on Withdrawal of Rating. Ind-Ra will no longer provide analytical and rating coverage for HA. Company Profile HA distributes food items, mainly tin food items, for companies such as Dabur, MDH, Britania, Nestle, Himalaya, Vicco, Coco Cola, Mother Dairy, Tata Tea, Kellogg's and many others, with an exclusivity arrangement for Bhubaneshwar and also for some other brands. HA is the super stockist for Orrisa as a whole. ILASAKAA STEELS: CARE Lowers Rating on INR29cr LT Loan to D ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ilasakaa Steels Limited (ISL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 29.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE A4 Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 3, 2021, placed the rating(s) of ISL under the 'issuer non-cooperating' category as ISL 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. ISL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 19, 2022, October 29, 2022, November 8, 2022 and February 20, 2023. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of ISL have been revised on account of non-availability of requisite information. The rating revision also considers delays in debt servicing recognised from publicly available information i.e., Possession notice issued by the lender. Ilasakaa Steels Limited was established in January 2009 by Mr. Ashwani Kumar Sharma, Mr. Ashok Kumar Jain, Mr. Anand Kumar Bindal, and Mr. Ajay Kumar Bindal (brother of Mr. Anand Kumar Bindal). The company is engaged into manufacturing steel CR strips and sheets and has its plant located in Bahadurgarh (Haryana). JSR MULBAGAL: CARE Assigns D Rating to INR98.64cr LT Loan --------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of JSR Mulbagal Tollways Private Limited (JSRMTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 98.64 CARE D Assigned Rationale and key rating drivers The rating assigned to the bank loan facilities of JSRMTPL considers the ongoing delays in the repayment of the debt obligations as the road stretch built by the company is witnessing lower traffic than anticipated. Rating sensitivities: Factors likely to lead to rating actions. Positive factors * Timely repayment of the debt obligations without any delays for three consecutive months led by sustained improvement in the toll collection or infusion of long term funds to ensure that such delays won't recur. * Winning of the ongoing arbitration claim with NHAI in favour of the company. Analytical approach: Standalone Key weaknesses * Ongoing continuous delays in meeting the debt obligations since inception: The company is not able to meet the debt obligations on a timely basis on account of the lower traffic movement than the anticipated, which resulted to mismatch in the cash flows. During FY23, JSRMPL have shown slight improvement in the tariff movement on the underlying road stretch. During 9MFY23, the total tariff movement was 36.79 lakh vehicles as compared to 34.55 lakh vehicles during FY22. However, this improvement in the traffic is much lower to the traffic anticipated. Going forward, the improvement in the cash flows of the company is primarily dependent on the traffic movement of the toll road. * Timely resolution of claim/arbitration award from NHAI, crucial: The company has filed claims with NHAI amounting to Rs.2279.63 crores (which includes loss of return envisaged by the concessionaire because of default of the authority of Rs. 1900.10 Crore) which is under arbitration. The arbitration is under process and meeting postponed to April 2023 during the last meeting. Timely receipt of the same at envisaged level is a key rating sensitivity. Liquidity: Poor The company's liquidity is poor due to consistently low traffic levels leading to lower cash profit generation vis-a-vis debt repayments. The company is dependent upon the unsecured loans from its sponsor company for meeting the debt obligations. Going forward, ability of the company to generate adequate cash accruals for timely meeting its debt obligations is a key rating metric. Incorporated in 2012, based in Bangalore, JSRMTL is an SPV floated by JSR Constructions Private Limited (Sponsor, which holds 70% stake in the company) to undertake construction, operation and maintenance of section of NH-4 on Design, Build, Finance, Operate and Transfer (DBFOT) Toll basis. The Stretch was to augment the existing two-lane road that starts from Andhra Pradesh border at Km 216.912 and ends at Km 239.100, Mulbagal, Kolar District, Karnataka (approximately 22.188 Km) with a total project cost of Rs.154 crore. The project was awarded by NHAI to JSRCPL (contractor-cum-main sponsor) and JSRCPL has since promoted JMTPL, which has entered into the Concession Agreement as Concessionaire with NHAI. The concession period is 29 years, which included construction period of 365 days from the appointed date (May 22nd 2013). The project received provisional completion certificate on June 9th, 2015, and commercial operations of the company were started from June 11th, 2015 (PCOD- I for 79.26%) and November 2, 2016 (PCOD for 100%). KOVAI KALAIMAGAL: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kovai Kalaimagal Educational Trust (KKET) continues 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) LOGANAYAGI TIMBERS: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Loganayagi Timbers (SLT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.60 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 6.00 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 20, 2022, placed the rating(s) of SLT under the 'issuer non-cooperating' category as SLT 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. SLT 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). Analytical approach: For arriving at the ratings, CARE has combined the business and financial risk profiles of Sri Loganayagi Timbers and Sri Balaji Timber Mart. This is because both the entities, have business synergies, common promoters and fungible cash flows. Outlook: Stable Sri Loganayagi Timbers was established in 2003 as a partnership firm by Mr. I.S. Murugan, Ms. M. Arunachala Vadivu and Mr. M. Shivgan Balaji. Mr. Shunmugam Murugan (Managing Partner) who is the key managerial personnel for Sri Loganayagi Timbers and Sri Balaji Timber Mart. Both the firms are engaged in trading and processing of different types of timber logs, sawn timber and timber products. The timber logs are imported from Malaysia, Singapore, Burma, Brazil etc., which are subsequently sized into various commercial sizes as per requirement of the customers and sells the end products to wholesalers, retailers and others. The firm's has presence and widespread distribution network in the states of Tamil Nadu, Kerala and Karnataka. MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maruti Nandan Food Products Private Limited (MNFPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 10, 2021, placed the rating(s) of MNFPPL under the 'issuer non-cooperating' category as MNFPPL 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. MNFPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 26, 2022, November 5, 2022, November 15, 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). Maruti Nandan Food Products Pvt. Ltd (MNFPPL), incorporated in July, 2007, was promoted by two brothers Shri Abhimanyu Kumar Singh and Shri Abhijeet Kumar Singh of Patna to set up a flour mill (both Roller Flour Mill and Atta 'Chakki'). The company is engaged in manufacturing of different flour qualities like "Atta", "Maida" and "Suzi". MNFPPL commenced commercial production on February 9, 2011, upon commissioning of its plant at Arrah (Bihar). MNFPPL's manufacturing facility is well equipped with modern amenities which have been reflected from the ISO 22000:2005 certification that it has received for maintaining a standard quality system. MNFPPL procures wheat from wholesalers and commission agents present in local grain markets and sell its products to wholesale traders in the states of Bihar, Orissa and West Bengal. The day-to-day affairs of the company are looked after by Shri Abhimanyu Kumar Singh, with adequate support from other two directors and a team of experienced personnel. MCRAYGOR MECHANICALS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Mcraygor Mechanicals Private Limited 1402, Sector-6 Bahadurgarh HR 124507 India Insolvency Commencement Date: February 8, 2023 Estimated date of closure of insolvency resolution process: August 6, 2023 Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Naveen Kumar Jain 2236 Sector 46 Gurugram Haryana 122001 Email: cirp.mcraygor@gmail.com insolvencyprofessional@rediffmail.com Last date for submission of claims: February 22, 2023 N KUMAR HOUSING: NCLT Admits Insolvency Plea Against Company ------------------------------------------------------------ The Times of India reports that the Mumbai bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition against N Kumar Housing and Infrastructure Limited which was a corporate guarantor for Poonam Resorts Limited which has defaulted on a loan amounting to over INR60 crore. Details of the insolvency petition show that the company which is the principal borrower and the one that stood as corporate guarantor had the same director - N Kumar, TOI relates. According to the report, the petition was filed by the erstwhile Allahad Bank, now merged into Indian Bank, for non-payment of over INR60 crore. The company which stood as the corporate guarantor and the one which got the loan both have N Kumar Harchandhi, a prominent realtor of the city, as director. The NKumar Group is known for having constructed buildings like Poonam Mall, Inox and other major high-end properties in the city. TOI notes that the loan was granted in March 2011 to Poonam Resorts for construction of a luxury club house and resort at a total project cost of INR93 crore. The loan became a non-performing asset (NPA) on March 2017. A notice under the Securitization Act of 2002 was issued to the borrower and guarantor but they failed to comply, says the plea. As the bank went ahead to take action and also filed an application with the debt recovery tribunal, the borrower, aggrieved by the action, filed a separate application in the tribunal and the petition is pending, TOI relates. With the petition getting admitted, a corporate insolvency resolution process can be initiated against the company for which an independent professional is appointed. In this case, Minita Raja, a chartered accountant, has been appointed as the independent resolution professional (IRP), TOI discloses. The IRP's job is to bring the company back on track within a specified time. In case any plan does not work out, liquidation can be initiated. Till pendency of th resolution process, the management of the company remains with the IRP. NUTRIONEX MANUFACTURERS: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nutrionex Manufacturers Limited (NML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1,133.27 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 13, 2021, placed the rating(s) of NML under the 'issuer non-cooperating' category as NML 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. NML 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. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Nutrionex Manufacturers Limited (NML) (previously known as Shri Lal Mahal Limited) was established in year 1907 with presence mainly in rice segment. The two main companies of the group are Nutrionex Manufacturers Limited (NML) and Kannu Aditya India Limited (NML) having similar nature of operations, common management and promoters. NML also has a wholly owned subsidiary Lal Mahal Retail Limited. The group is primarily engaged in milling, processing and selling of rice primarily basmati rice. The company has an established Brand 'Empire' for its Basmati Rice. Other major brands of the Company are "Supreme", Mughalai, Heena, for Exports, and Diamond, Tibar, Dubar and Mogra for the Domestic sales. It also engages in trading (both export and domestic) of various agro and non-agro commodities and also has wind power generation capacity of 12.5MW and Gold jewellery SEZ unit at Noida under NML. OCTAL SALES: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Octal Sales Private Limited (OSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 28, 2021, placed the rating(s) of OSPL under the 'issuer non-cooperating' category as OSPL 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. OSPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated December 3, 2022, February 20, 2023, February 21, 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). Octal Sales Pvt Limited (OSPL) was incorporated in 1997 by Mr. Aditya Sarda and family with main objective of trading of jute. In February 2016, OSPL has entered into the agreement with Government of Bihar for mining lease for stones and thus from FY17 it started mining of stones. OGD SERVICES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: OGD Services Limited 34 Floor 3, 731/2 Air Condition Market Building Pandit Madan Mohan Malviya Marg Tardeo Mumbai Mumbai City MH 400034 India Insolvency Commencement Date: February 9, 2023 Estimated date of closure of insolvency resolution process: August 8, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Vikas Prakash Gupta G-19 Shreewardhan Complex Mezzanine Floor, Besides Landmark Building Ramdaspeth, Wardha Road Nagpur, Maharashtra 440010 - and - 12-B, 1st Floor, Khatau Building Alkesh Dinesh Modi Marg Near Bombay Stock Exchange Fort, Mumbai 400001 Email: cirp.ogdservices@gmail.com vikas.gupta@bngca.com Last date for submission of claims: February 28, 2023 OM SHAKTHY: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Om Shakthy Agencies (Madras) Private Limited N-1 Jawaharlal Nehru Road Ekkattuthangal, Chennai 600032 Insolvency Commencement Date: February 13, 2023 Estimated date of closure of insolvency resolution process: August 12, 2023 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Geetha Sridhar Block 3, 7 E Rani Meyammai Towers MRC Nagar, Chennai 600028 Email: gs.gsconsultants@gmail.com omshakthycirp@gmail.com Last date for submission of claims: March 1, 2023 P.G. ICE: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P.G. Ice And Cold Storage Private Limited (PICSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.19 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 15, 2021, placed the rating(s) of PICSPL under the 'issuer non-cooperating' category as PICSPL 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. PICSPL 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). Uttar Pradesh based P.G. Ice and Cold Storage Private Limited (PGICS) (CIN No. U15435UP2015PTC070434) was incorporated in April, 2015 and started its commercial operations from February, 2017. The company is currently managed by Mr. Mohan Datt & Mr. Ram Gopal. The company is engaged in renting of its cold storage facility for potatoes to the local farmers in Uttar Pradesh. R.S. COMMODITIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: R.S. Commodities Private Limited 4735/22, Room No 219, Prakash Deep Building 2nd Floor, Delhi Medical Association Road Darya Ganj, Delhi 110002 Liquidation Commencement Date: February 7, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Sachin Sapra 2/11B, Basement Jangpura Block-A New Delhi 110014 Mobile: 9910219977 Email: sachinsapracs@yahoo.com Last date for submission of claims: March 9, 2023 RATTAN POULTRIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Rattan Poultries Private Limited Barnala Road, Malerkotla Distt. Sangrur 148023 (Punjab) Insolvency Commencement Date: February 7, 2023 Estimated date of closure of insolvency resolution process: Augusr 6, 2023 (180 Days) Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Sanjay Kumar Aggarwal #C-20, Block-C, Wave Estate Sector 85 SAS Nagar, Mohali 160055 (Punjab) Email: sanjayaggarwal.fcs@gmail.com Email: ip.rattanpoultries@gmail.com Mobile No: 98761 05414 Last date for submission of claims: February 21, 2023 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 6, 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. RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RMJ Modern Rice Mill (RMRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.89 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated December 23, 2021, placed the rating(s) of RMRM under the 'issuer non-cooperating' category as RMRM 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. RMRM continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 8, 2022, November 18, 2022, November 28, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). RMRM, engaged in rice milling business, was established in June 2006, by Mr. J. Thangapandi and Mr. J. Sundarapandian as a partnership firm sharing profits and losses equally. The raw material, paddy is procured from farmers in and around the districts of Madurai, Theni, Usulampati and Sivagangai. SARADAMBIKA POWER: Liquidation Process Case Summary --------------------------------------------------- Debtor: Saradambika Power Plant Private Limited Plot No. 15, Radha Krishna Nagar Colony Near Konna Street, Opp. PSNMH School Srikakulam AP 532001 India Liquidation Commencement Date: February 3, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Charudutt Pandhrinath Marathe Gomed, 915, Khare Town Dharampeth, Nagpur 440010 Email: CharuduttM@yahoo.co.in liquidator.saradambika@gmail.com Last date for submission of claims: March 5, 2023 SCL HEALTHCARE: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed SCL Healthcare Private Limited's (SCLHPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR1.527 bil. (increased from INR1.220 bil.) Term loan due on March 2032 affirmed with IND BB/Stable rating; and -- INR60 mil. Fund-based working capital limits affirmed with IND BB/Stable/IND A4+ rating. Key Rating Drivers The affirmation reflects the commencement of commercial operations at SCLHPL from April 2022 and achieving of breakeven in November 2022. In 10MFY23, SCLHPL booked revenue of INR914.8 million. Management expects the company to achieve revenue of around INR1,216.32 million in FY23, despite offering discounts. Furthermore, management estimates the occupancy to be around 38% in FY23 and around 48% in FY24. Ind-Ra expects the revenue to increase in FY23-FY24 on account of increased occupancy and efficiency in operations. The scale of operation is likely to be medium. SCLHPL reported an EBITDA loss of INR50.27 million in 10MFY23. However, management expects the EBITDA to turn positive by the end of FY23. Ind-Ra expects the EBITDA margins to remain modest in FY23 and improve significantly in FY24 on account of improved operating leverage. The credit metrics are modest as the company incurred EBITDA losses in 10MFY23. Ind-Ra expects the credit metrics to remain modest in FY23 as SCLHPL has taken a term loan of INR1,420 million and a guaranteed emergency credit line of INR107 million, for which principal repayments will start from April 2023. Further, SCLHPL availed a fund-based limit of INR60 million. Liquidity indicator - Stretched: The total project cost increased to INR2,500 million from INR1,991 million as the project evolved over time to increase more critical departments and facility based on market demand. Of the total project costs, 61% was funded by bank debt, and the remaining from the promoters in the form of equity (30.65%) and unsecured loans (8.35%). Moreover, the company does not have access to the capital market and has bank lines from a single bank. However, the ratings continue to benefit from the collaboration of various doctor partners having an experience of over two decades in the healthcare industry. The ratings also remain supported by SCLHPL's project being a multi super-specialty hospital in Faridabad, Haryana, with limited competition from nearby areas. Rating Sensitivities Negative: A lower-than-expected occupancy leading to a lower revenue, resulting in a decline in profitability, liquidity and credit metrics could be negative for the ratings. Positive: An improvement in occupancy, leading to a significant increase in scale of operation and an improvement in the credit metrics with the net leverage below 3.5x, along with an improvement in the liquidity could be positive for the ratings. Company Profile Incorporated on November 20, 2017, SCLHPL operates a 380-bed multi-specialty hospital in Faridabad under the name Accord Super Specialty Hospital. It provides specialized tertiary care services in all super specialties. Dr. Prabal Roy, Dr. Rohit Gupta, Dr. Rishi Gupta, Mr. Niranjan Prasad, Dr. Sabita Kumari and Dr. Ram Chandra Soni are the promoters. SECURE INDUSTRIES: Ind-Ra Keeps BB+ Rating in Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Secure Industries Private Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating actions are: -- INR180.00 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn; and -- INR68.90 mil. Term loan** due on May 2021 maintained in non- cooperating category and withdrawn. *Maintained at 'IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being withdrawn Key Rating Drivers Ind-Ra has maintained the ratings in the non-cooperating category because the issuer did not participate in the rating exercise, despite requests by the agency and has not provided information pertaining to full-year financial performance for FY22, sanctioned bank facilities and utilization levels, business plan and projections for the next three years, information on corporate governance, and management certificate. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lenders. This is consistent with Ind-Ra's Policy on Withdrawal of Rating. Ind-Ra will no longer provide analytical and rating coverage for the company. Company Profile Incorporated in 1999, Secure Industries manufactures caps and closures for polyethylene terephthalate bottles used for packaging carbonated soft drinks, fruit juice and water at its 12-million-cap-per-day site in Telangana. SHANKHESHWAR PROPERTIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------------- Debtor: Shankheshwar Properties Private Limited A/6 Sunil Sadan, Central Avenue Road MDS Marg, Near Chembur RailwayStation Chembur, Mumbai 400071 Insolvency Commencement Date: February 3, 2023 Estimated date of closure of insolvency resolution process: August 1, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. S. Gopalakrishnan 203 The Ghatkopar Nilkanth CHS Jethabhai Lane, Ghatkopar (East) Mumbai 400077 Email: gopi63.ip@gmail.com sparkresolutions.gopal@gmail.com sp.cirp@gmail.com Last date for submission of claims: February 23, 2023 SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Shivam Industries (SSI) continues 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. SHREE RAMRAJYA: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Shree Ramrajya Cotex Private Limited A-63, New Sardar Marketing Yard Bypass Gondal, NH-8B, Gondal 360311 Gujarat, India Insolvency Commencement Date: February 3, 2023 Estimated date of closure of insolvency resolution process: August 2, 2023 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Keyur Jagdishbhai Shah 1007 Sun Avenue One, Bhudarpura, Ayonjannagar, Manekbaug, Ahmedabad, Gujarat 380015 Email: cs.keyurshah@gmail.com cirp.ramrajya@gmail.com Last date for submission of claims: February 20, 2023 SRIPATHI PAPER: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sripathi Paper & Boards Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR 1.80 bil. Fund-based working capital limits migrated to non-cooperating category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; -- INR685 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR775 mil. Term loans due on Mar-25 migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING) rating. Company Profile Sripathi Paper & Boards manufactures kraft paper, duplex board, writing and printing paper, and newsprint at its manufacturing units in Sivakasi and Sathyamangalam, Tamil Nadu. The company is wholly-owned by the founders and their families. SRIUS BUSINESS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Srius Business Solutions Private Limited Plot No. 520, Road No. 27 Near MCR HRD Institute Jubilee Hills Hyderabad, Telangana India 500033 Insolvency Commencement Date: February 3, 2023 Estimated date of closure of insolvency resolution process: August 2, 2023 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Artham Someswara Rao # Wayside Residency, Flat No. 301 Tirumala Hills Colony, Manikonda Near Golden Temple Road, Road No. 7 Hyderabad, Telangana 500089 Email: somesh_a2000@yahoo.com Email: cirpsrius@gmail.com - and - Ayyappa Arcade, Flat No. 301 3rd Floor, H. No. 12-1-508/70 Shanthi Nagar, Laxmi Nagar North Lalaguda, Hyderabad 500017 Telanga Last date for submission of claims: February 17, 2023 TANISHKA AUTOMOTIVES: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Tanishka Automotives Private Limited Village Basdhera Post Office Basdhera Tehsil UNA, 174315 Himachal Pradesh - and - VPO Tharu Near New Prem Petrol Pump Tehsil Nagrota Bagwan Distt Kangra, HP 176056 Insolvency Commencement Date: December 23, 2022 Estimated date of closure of insolvency resolution process: June 21, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Ritu Rastogi D-1B, Flat No. 9A Janakpuri D Block New Delhi 110058 Email: ritu_rastogi1@yahoo.co.in Email: cirptanishkaauto@gmail.com Last date for submission of claims: January 16, 2023 TOPTRADE MERCANTILES: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Toptrade Mercantiles Private Limited 205 Sujata Chambers 2nd Floor, 1/3 Abhichand Gandhi Marg Off Katha Bazar Masjd(W), Mumbai MH 400009 India Insolvency Commencement Date: January 25, 2023 Estimated date of closure of insolvency resolution process: July 30, 2023 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Navin Khandelwal 206 Navneet Plaza 5/2 Old Palasia Indore 452018 Email: navink25@yahoo.com Email: ibc.toptrade@gmail.com Last date for submission of claims: February 14, 2023 ULTRA SPACE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ultra Space Developers Private Limited (USDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 200.00 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 3, 2021, placed the rating(s) of USDPL under the 'issuer non-cooperating' category as USDPL 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. USDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated October 19, 2022, October 29, 2022, November 8, 2022. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ultra Space Developers Private Limited (USDPL) is a Mumbai-based private limited company, engaged in the real estate development and construction. It develops residential and commercial spaces. The company was incorporated on August 20, 2008. USDPL operates as a subsidiary of RKW Developers Private Limited (RKW) which is the real estate arm of Wadhawan Group. The projects under RKW are marketed under the brand name "Dheeraj Realty". RKW has six premium residential projects at prime locations in Mumbai such as the Bandra-Kurla Complex, Juhu and Chembur. USDPL is currently implementing a residential cum commercial project "Insignia" spread over a land area of 1,06,284 sqft at Kalina in Santacruz East, Mumbai. UPAL BUILDTECH: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s Upal Buildtech Private Limited Office No. 303, 3rd Floor, Balaji Chamber D-246/10 Street No. 10, Laxmi Nagar New Delhi 110092 Insolvency Commencement Date: January 25, 2023 Estimated date of closure of insolvency resolution process: July 24, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Anup Kumar Ch. No. 734, Lawyers Chamber Block Western Wing, Tiz Hazari Court Delhi 11054 Email: sachanlawanalyst@gmail.com - and - C-708, I Thum Tower-C Plot No. A-40, Sector 62 Noida, UP 201301 Email: irpupalbuildtech@gmail.com Representative of Creditors in a class: Mr. Prabhat Ranjan Singh, IP 119 C.K. Daphtary Block Supreme Court of India, Tilak Lane New Delhi-110092 Mr. Pradeep Kumar Verma, IP C-1-504, Cleo Country, Sector 121 Noida 201301 Mr. Deepak Kumar Agarwal, IP B-27, Sector 47, Gautam Buddha Nagar, Uttar Pradesh 201301 Last date for submission of claims: February 16, 2023 VARDHMAN ESTATES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: M/s Vardhman Estates And Developers Private Limited 401 4th Floor Shahpuri Tirath Singh Tower C-58 Janakpuri, New Delhi South West Delhi, DL 110058 India Insolvency Commencement Date: February 7, 2023 Estimated date of closure of insolvency resolution process: August 5, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mukesh Gupta F-1 Milap Nagar, Uttam Nagar New Delhi 110059 Email: camukeship@rediffmail.com Email: cirp.vedpl@gmail.com Representative of Creditors in Class: Mr. Mukesh Chand Jain F-703, Munirka Apartments Sector-9, Plot-11 Dwarka, New Delhi 110075 Email: mcjain.jmca@gmail.com Mr Suman Kumar Verma RZ-26P/205E, Lane No. 10 Indra Park, Palam Colony New Delhi 110045 Email: vedpl.ar@gmail.com Ms. Deepa Gupta B-2/110, Sector-16 Rohini, Delhi 110089 Email: advocate.deepa.gupta@gmail.com Last date for submission of claims: February 24, 2023 VETRIVEL FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vetrivel Forgings (VF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 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 22, 2021, placed the rating(s) of VF under the 'issuer non-cooperating' category as VF 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. VF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated November 7, 2022, November 17, 2022, November 27, 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). Vetrivel Forgings (VF) was established in January 2007 as a proprietorship concern by Mrs T N Sabithadevi in Chennai, Tamil Nadu. The firm is engaged in manufacturing of iron and steel forgings which finds its application primarily in automotive, mining, power sectors and engineering industries. The product range of the firm is well diversified which includes Shells, Inconel, Rollers, Link Plates, rods, brake flanges, hooks, levers, joint couplings, flywheels, cam Shafts, etc. The firm manufactures closed die forgings in all types of steels like Carbon, low-alloy & stainless. The firm has its registered office and manufacturing facility located in Chennai, Tamil Nadu. The firm has three associate concerns namely Thillai Engineering Works (Engaged in manufacturing of forgings), Vetrivel Auto Components and Sathya Forging Agencies (Engaged in machining and fabrication works) in Chennai, Tamil Nadu. VINDHYAVASINI STEEL: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s. Vindhyavasini Steel Corporation Private Limited Flat No. 101, OG-III, Oberoi Garden Thakur Village Off Western Express Highway Kandivali (E), Mumbai City MH 400101 Insolvency Commencement Date: January 20, 2023 Estimated date of closure of insolvency resolution process: July 19, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Naren Sheth 1014-1015, Prasad Chamber Tata Road No. 1, Opera House Charni Raod (East), Mumbai 400004 Mobile: 09821133426 Telephone: 022 66322870 Email: mkindia58@gmail.com Email: cirp.vvspl@gmail.com Last date for submission of claims: February 7, 2023 ZEE LEARN: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Zee Learn Limited 135, Continental Building Dr. Annie Besart Road Worli, Mumbai 400018 Insolvency Commencement Date: February 10, 2023 Estimated date of closure of insolvency resolution process: August 9, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Rohit Mehra Tower A-3403, Oberoi Woods Oberoi Garden City, Goregaon East, Mumbai 400063 Email: rohitmehra@hotmail.com - and - 135, Continental Building, Dt. Annie Besant Road, Worli, Mumbai 400018 Email: ip.zeelearn@gmail.com cirp.zl@in.ey.com Last date for submission of claims: February 24, 2023 ================= I N D O N E S I A ================= TITAN INFRA: $20M Bank Debt Trades at 16% Discount -------------------------------------------------- Participations in a syndicated loan under which Titan Infra Energy PT is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, March 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $20 million facility is a Term loan that is scheduled to mature on February 26, 2034. The amount is fully drawn and outstanding. PT Titan Infra Energy operates as an energy infrastructure and logistic company. The Company offers exploration, construction, production, hauling, barging, and transshipment services. Titan Infra Energy serves customers worldwide. ===================== N E W Z E A L A N D ===================== BIG SKY: Court to Hear Wind-Up Petition on March 9 -------------------------------------------------- A petition to wind up the operations of Big Sky Food Limited will be heard before the High Court at Christchurch on March 9, 2023, at 10:00 a.m. Bush Inn Shopping Centre Limited filed the petition against the company on Jan. 23, 2023. The Petitioner's solicitor is: Tracey Preston Level 7, 18 Shortland Street Auckland MTF OPALA 2023: Fitch Assigns 'B+sf' Final Rating to Class F Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to MTF Opala Trust 2023's pass-through floating-rate notes. The notes are backed by a pool of first-ranking New Zealand automotive loan receivables originated by Motor Trade Finance Limited (MTF). The notes were issued by Trustees Executors Limited as trustee for the trust. The final ratings on classes D and F are one notch higher than the expected ratings, as final note margins were lower than the modelled indicative margins. This increased the excess spread available to cover losses. The total collateral pool at the 31 January 2023 cut-off date was NZD280 million and consisted of 17,258 receivables with weighted-average (WA) seasoning of seven months, WA remaining maturity of 39 months and an average contract balance of NZD16,223. Entity/Debt Rating Prior ----------- ------ ----- MTF Opala Trust 2023 Class A NZOPATFAT017 LT AAAsf New Rating AAA(EXP)sf Class B NZOPATFBT023 LT AAsf New Rating AA(EXP)sf Class C NZOPATFCT039 LT Asf New Rating A(EXP)sf Class D NZOPATFDT045 LT BBB+sf New Rating BBB(EXP)sf Class E NZOPATFET050 LT BBsf New Rating BB(EXP)sf Class F NZOPATFFT065 LT B+sf New Rating B(EXP)sf Seller LT NRsf New Rating NR(EXP)sf KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch derived borrower risk-tier-specific default base-case expectations using historical loss data since 2006. Its default assumptions (and AAAsf default multiples) are 1.0% (7.25x), 2.7% (5.50x) and 7.5% (4.00x) for low, medium and high, respectively, with a WA of 2.7% (5.77x). The recovery base case is 45.0%, with a 'AAAsf' recovery haircut of 50.0%. Fitch stressed the asset pool to the transaction's portfolio parameters, which apply during the initial 18-month revolving period. Transaction performance is supported by New Zealand's continued economic growth - 2.7% GDP growth for the year to September 2022 - and tight labour market, with unemployment at 3.4% in December 2022. This is despite increasing interest rates. Fitch expects GDP growth to slow to 1.0% in 2023, with unemployment increasing to 4.8%, reflecting the global slowdown and the lagged impact of aggressive monetary tightening by the Reserve Bank of New Zealand. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers, liquidity facility provider or transaction account bank fall below a certain level. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Low Operational and Servicing Risk: All receivables are originated by MTF, a large New Zealand motor-vehicle financier established in 1970. Fitch undertook an operational review and found that the operations of the originator and servicer were consistent with market standards for auto and equipment lenders in New Zealand. Servicer disruption risk is mitigated by standby servicing arrangements, with Verofi Limited the nominated standby servicer. No Residual Value Risk: There is no residual value exposure in this transaction. However, there is a small exposure to balloon-payment loans. Rated Above Sovereign: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating of 'AA+', supporting the 'AAAsf' rating on the class A notes. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Notes: A / B / C / D / E / F Rating: AAAsf / AAsf / Asf / BBB+sf / BBsf / B+sf 10% increase in defaults: AA+sf / AA-sf / A-sf / BBBsf / BBsf / B+sf 25% increase in defaults: AAsf / A+sf / BBB+sf / BBB-sf / BB-sf / Bsf 50% increase in defaults: A+sf / Asf / BBBsf / BB+sf / Bsf / less than Bsf 10% decrease in recoveries: AA+sf / AAsf / Asf / BBBsf / BBsf / Bsf 25% decrease in recoveries: AA+sf / AA-sf / A-sf / BBBsf / BB-sf / less than Bsf 50% decrease in recoveries: AA+sf / A+sf / BBB+sf / BBB-sf / Bsf / less than Bsf 10% increase in defaults/10% decrease in recoveries: AA+sf / AA-sf / A-sf / BBBsf / BB-sf / Bsf 25% increase in defaults/25% decrease in recoveries: AA-sf / Asf / BBBsf / BB+sf / Bsf / less than Bsf 50% increase in defaults/50% decrease in recoveries: Asf / BBB+sf / BB+sf / BB-sf / less than Bsf / less than Bsf Factors that could, individually or collectively, lead to positive rating action/upgrade: Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A notes are at the highest level on Fitch's scale and cannot be upgraded. The ratings of classes B to F will be constrained from upgrades above the 'AAsf' category due to the trust's exposure to transaction account bank and liquidity facility provider counterparty risk after the class A notes have been paid in full. Upgrade Sensitivities Notes: B / C / D / E / F Rating: AAsf / Asf / BBB+sf / BBsf / B+sf 10% decrease in defaults/10% increase in recoveries: AA+sf / A+sf / A-sf / BB+sf / BB-sf DATA ADEQUACY As part of its ongoing monitoring, Fitch reviewed a small targeted sample of MTF's origination files and found the file information to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment of the asset portfolio information, but none was available for this transaction. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. SANDERS MANUFACTURING: Garry Whimp Appointed as Administrator ------------------------------------------------------------- Garry Whimp on Feb. 22, 2023, were appointed as administrators of Sanders Manufacturing Limited. The administrator may be reached at: c/- Blacklock Rose Limited PO Box 6709 Auckland 1142 SKY STONE: McCullagh and Lawrence Appointed as Liquidators ---------------------------------------------------------- Christopher Carey McCullagh and Stephen Mark Lawrence of PKF Corporate Recovery & Insolvency on Feb. 24, 2023, were appointed as liquidators of Sky Stone Sunnynook Central Limited. The liquidators may be reached at: PKF Corporate Recovery & Insolvency (Auckland) Limited PO Box 3678 Auckland 1140 SOLUTION DRIVEN: Creditors' Proofs of Debt Due on March 28 ---------------------------------------------------------- Creditors of Solution Driven Management Limited 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 Feb. 23, 2023. The company's liquidators are: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 WAIPARA WINDS: Keen and Norman Appointed as Receivers and Managers ------------------------------------------------------------------ Elizabeth Helen Keene and Luke Norman of KPMG on March 30, 2022, were appointed as receivers and managers of Waipara Winds Limited. The receivers may be reached at: KPMG Christchurch Level 5, 79 Cashel Street PO Box 1739 Christchurch 8140 =============== P A K I S T A N =============== PAKISTAN WATER: Moody's Cuts CFR to Caa3, Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service has downgraded Pakistan Water and Power Dev Authority's (WAPDA) corporate family rating to Caa3 from Caa1 and Baseline Credit Assessment (BCA) to caa3 from caa1. At the same time, Moody's has changed the outlook to stable from negative. This rating action follows Moody's rating action on the Government of Pakistan (Caa3 stable) on February 28, 2023. "The rating action on WAPDA reflects the close linkage of its credit quality with that of the Government of Pakistan, given the government's full ownership and direct supervision of the company, as well as the fact that WAPDA operates solely in Pakistan," says Yong Kang, a Moody's Analyst. RATINGS RATIONALE WAPDA's Caa3 CFR is primarily driven by its caa3 BCA, and Moody's assessment of a high likelihood of support from, and a very high dependence on, the Government of Pakistan when needed, under Moody's Joint Default Analysis (JDA) for government-related issuers. As a dominant hydropower supplier in Pakistan receiving recurring financial support from the government, WAPDA's BCA considers the sovereign's weak credit quality and default risks consistent with a Caa3 rating. The company's weak financial profile reflects an unpredictable regulatory framework and an inability to sufficiently recover costs in a timely manner, leading to delayed tariff decisions and long receivable cycle. Moody's projects WAPDA's funds from operations (FFO) to debt ratio will remain weak at the low-single-digit percentage over the next one to two years. At the same time, its liquidity will continue to be weak because of its substantial current borrowings and large capital spending. WAPDA did not repay certain government loans as per the agreed repayment schedule, and Moody's expects such situation to continue. Moody's expectation of a high likelihood of government support for WAPDA considers the Pakistani government's full ownership and direct supervision of the company. It also reflects the company's strategic importance to the government as it is an important platform that (1) constructs and operates hydropower assets to supply affordable electricity in Pakistan, and (2) builds water storage facilities to help address the country's acute water challenges. However, such considerations are offset by the risks stemming from the government's low policy predictability and transparency. In addition, the financial challenges faced by the government, as reflected in its Caa3 ratings, indicate its limited capacity to provide support to WAPDA. In terms of environmental, social and governance (ESG) factors, Moody's has considered that WAPDA is exposed to environmental risks because of physical climate risks in the form of extreme weather patterns and risks related to water management and natural capital. As for social risk considerations, Moody's has factored in the weak track record of timely tariff adjustments, driven by affordability concerns. Moody's has also considered WAPDA's governance risks, arising from the company's high financial leverage, relatively weak risk management as indicated by the technical fault and cost overrun, and concentrated ownership. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook on the rating mirrors the stable outlook on Pakistan's sovereign ratings based on Moody's expectation that the relationship between WAPDA and the government remains intact at least over the next 12-18 months. Moody's could upgrade WAPDA's rating if the agency upgrades the sovereign ratings and there is no material change in the relationship between WAPDA and the government. Conversely, Moody's could downgrade WAPDA's rating if Pakistan's sovereign rating is downgraded. The methodologies used in these ratings were Regulated Electric and Gas Utilities published in June 2017. WAPDA, established through an Act of Parliament in 1958, is an autonomous and statutory body under the administrative control of the Federal Government of Pakistan, which fully owns the company. It constructs and operates hydropower generation assets to generate affordable and clean electricity, and builds water storage and related facilities to help address Pakistan's acute water challenges. As of June 2022, WAPDA's total installed hydropower capacity amounted to about 9.4 gigawatts, comprising 24 hydropower units and representing around 90% of the country's hydropower. PAKISTAN: China Approves US$1.3 Billion Loan Rollover ----------------------------------------------------- Reuters reports that Industrial and Commercial Bank of China Ltd on March 3 approved a rollover of a $1.3 billion loan for cash-strapped Pakistan, which will help shore up its depleting foreign exchange reserves, Finance Minister Ishaq Dar said. The facility will be disbursed in three instalments, the report says. The first one of $500 million has been received by Pakistan's central bank, Dar said in a tweet. "It will increase forex reserves," he said, notes the report. Reuters relates that the money, which Dar said has been repaid by Pakistan to the ICBC in recent months, is crucial for the South Asian economy, which is facing a balance of payment crisis, with its central bank foreign exchange reserves dropping to levels barely able to cover three weeks of imports. Pakistan has already received a $700 million loan from China to help boost its forex reserves, according to Reuters. Dar said the total $2 billion is in effect Pakistan borrowing back the debt repayments it has paid to Beijing for previously agreed loans. He said Pakistan will need $5 billion external financing to close its financing gap this fiscal year, which ends in June, Reuters relays. Reuters adds that more external financing will be coming to Pakistan only after Islamabad signs a deal with the International Monetary Fund (IMF), which the minister said should be done by next week. The lender has been negotiating the deal with Pakistan since early last month to clear its ninth review, which if approved by its board will issue over $1 billion tranche of $6.5 billion bailout agreed in 2019, Reutes states. "We will, God willing, take this country out of this quagmire," Dar said, dismissing concerns of a default risk, adds the report. 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 March 3, 2023, Moody's Investors Service has downgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa3 from Caa1. Moody's has also downgraded the rating for the senior unsecured MTN programme to (P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the outlook to stable from negative. The decision to downgrade the ratings is driven by Moody's assessment that Pakistan's increasingly fragile liquidity and external position significantly raises default risks to a level consistent with a Caa3 rating. PAKISTAN: Markets Brace for Default Risk as $7 Billion Debt Looms ----------------------------------------------------------------- Bloomberg News report that bondholders are bracing for a potential default by Pakistan as the beleaguered nation struggles to meet billions of dollars in debt repayments by June. Bloomberg relates that the nation's dollar bonds due next year slid to the lowest since November on March 2 as investors weighed its ability to honor $7 billion of repayments in the coming months, including a Chinese loan of $2 billion due in March, according to Fitch Ratings. The rupee slumped 6.7% to 285.09 per dollar at close, according to State Bank of Pakistan. According to Bloomberg, Pakistan was downgraded deeper into junk by Moody's Investors Service last week as the country faced its worst economic crisis in decades, with foreign reserves plummeting and inflation soaring to a record high. Authorities in Pakistan are relying on a bailout loan from the IMF to stave off a default, which has remained elusive. "There is definitely a higher risk for a default as negotiations with the Fund keep getting drawn out longer than expected while reserves continue to dwindle to precarious levels," Bloomberg quotes Edwin Gutierrez, London-based head of emerging-market sovereign debt at abrdn plc, as saying. Pakistan's 8.25% bond due April next year dropped 2.2 cents lower to 49.8 cents on the dollar, down for a third straight day. The nation's external financing needs are estimated to be around $11 billion for the fiscal year ending June, including $7 billion in external debt payments, Moody's said in a note March 1, Bloomberg relays. The nation needs to repay about $3 billion dues in the upcoming payments while $4 billion is expected to be rolled-over, the nation's central bank Governor Jameel Ahmad said in an analyst briefing, adding that the nation is committed to make all debt payments, Bloomberg adds. "In the current extremely fragile balance of payments situation, disbursements may not be secured in time to avoid a default," Moody's analysts led by Grace Lim said in a statement on Feb. 28, when the firm cut Pakistan's credit rating to Caa3. 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 March 3, 2023, Moody's Investors Service has downgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa3 from Caa1. Moody's has also downgraded the rating for the senior unsecured MTN programme to (P)Caa3 from (P)Caa1. Concurrently, Moody's has also changed the outlook to stable from negative. The decision to downgrade the ratings is driven by Moody's assessment that Pakistan's increasingly fragile liquidity and external position significantly raises default risks to a level consistent with a Caa3 rating. ================= S I N G A P O R E ================= BLOCKFI INC: Slows Down Effort to Return Customers' Crypto ---------------------------------------------------------- Steven Church of Bloomberg News reports that BlockFi Inc. slowed down its effort to give certain digital coins back to customers while the bankrupt company negotiates with creditors over who can immediately recover their assets. US Bankruptcy Judge Michael Kaplan agreed to put on hold BlockFi's request to return cryptoassets held in customer wallets. The company will try to settle with creditors who have opposing views on key issues, including whether some crypto in customer wallets should be seized because the demand to return those assets is inappropriate bankruptcy claims. About BlockFi Inc. BlockFi is building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year. Kirkland & Ellis is also advising Celsius and Voyager in their separate Chapter 11 cases. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC as strategic and communications advisor. Kroll Restructuring Administration, LLC is the notice and claims agent. CSSC TECHNOLOGY: Court to Hear Wind-Up Petition on March 17 ----------------------------------------------------------- A petition to wind up the operations of CSSC Technology (Singapore) Pte Ltd will be heard before the High Court of Singapore on March 17, 2023, at 10:00 a.m. RHB Bank Berhad filed the petition against the company on Feb. 22, 2023. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 GREENWICH CARPARK: Commences Wind-Up Proceedings ------------------------------------------------ Members of Greenwich Carpark Pte Ltd, on Feb. 24, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Goh Tiong Hong 120 Robinson Road #16-01 Singapore 068913 SARMENT WINE: Creditors' Proofs of Debt Due on April 3 ------------------------------------------------------ Creditors of Sarment Wine & Spirits Holding Pte. Ltd. are required to file their proofs of debt by April 3, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 28, 2023. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SIONG HENG: Final Meeting Set for April 3 ----------------------------------------- Members and creditors of Siong Heng Realty Pte Ltd. will hold their final meeting on April 3, 2023, at 11:00 a.m., via video conference. At the meeting, Lim Soh Yen and Lynn Ong Bee Ling, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. VICTORY AUTOMOTIVES: Final Meeting Set for April 4 -------------------------------------------------- Members and creditors of Victory Automotives Pte. Ltd. will hold their final meeting on April 4, 2023, at 10:00 a.m., via Zoom. At the meeting, Gary Loh Weng Fatt, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ================= S R I L A N K A ================= SRI LANKA: Raises Interest Rates, Relaxes Currency Band ------------------------------------------------------- Reuters reports that Sri Lanka's central bank raised interest rates on March 3 to tackle inflation and said it would relax its currency band to move towards a market-determined exchange rate as it seeks to secure a bailout from the International Monetary Fund. The bank raised its standing deposit facility rate and standing lending facility rate by 100 basis points each to 15.50% and 16.50%, respectively, it said in a statement, Reuters relays. Reuters says the country is awaiting approval of a $2.9 billion IMF bailout package as it endures its worst financial crisis since independence from Britain in 1948. According to the report, central bank Governor P. Nandalal Weerasinghe said with the rate increase all "prior actions" have been fulfilled and he was hopeful of the IMF bailout being approved within this month. Despite the increase in rates, the central bank expects market rates will continue to reduce, while on the currency front the country will gradually move towards a market-driven exchange rate regime, Weerasinghe added. To that end, he said guidance on the currency band would be removed from next Tuesday [March 7]. The bank has been gradually widening the band throughout last week, to LKR10 either side of the spot rate for March 3. Reuters notes that the island nation's economy has been squeezed by the financial crisis, with growth contracting by an estimated 9.2% last year amid soaring inflation that hit 50% in February. The central bank raised rates by a record 950 basis points last year to tame inflation and then kept them steady until March 3's 100 basis point increase. "There have been some differences between the CBSL and IMF staff on the inflation outlook," the Central Bank of Sri Lanka (CBSL) said in its statement. "Given the necessity of fulfilling all the 'prior actions' in order to move forward with the finalisation of the IMF Extended Fund Facility (EFF) arrangement, the Monetary Board and the IMF staff reached consensus to raise the policy interest rates," it added. Sri Lanka has to restructure its debt before IMF disbursements can begin, Reuters notes. "It indicates that the IMF staff are pushing to complete any and all possible domestic actions, hoping they can convince IMF board for approval of the program," Reuters quotes Thilina Panduwawala, head of research at Colombo-based Frontier Research, as saying. "It will probably leave the market confused in the near term than confident. But depends on whether the market reads this as positive for getting IMF (bailout) in March." Sri Lanka is seeking IMF approval under a special Lending Into Official Arrears policy, which allows the global lender to green-light the program without formal prior financing assurances from China, Weerasinghe, as cited by Reuters, said. India and the Paris Club of creditors, the island nation's other major lenders have already given their support, adds Reuters. About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, and southeast of the Arabian Sea; it is separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka shares a maritime border with India and the Maldives. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. Sri Lanka has been mired in turmoil amid surging inflation, a plummeting currency and an economic crisis that has left the country short of the hard currency it needs to import food and fuel, according to Bloomberg News. Public anger has boiled over into violent protests and led the government to announce in April 2022 it would halt payments on its US$12.6 billion pile of foreign debt to preserve cash for essential goods. That marks the nation's first sovereign debt default since it gained independence from Britain in 1948, Bloomberg said. Its bonds are among the worst performers in the world in 2022 and trade deep in distressed territory, with holders bracing for losses approaching 60 cents on the dollar. Sri Lanka's crisis sparked months of mass protests and eventually forced then president Gotabaya Rajapaksa to flee the country. On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's new head of state backed by a majority of lawmakers from ousted leader Gotabaya Rajapaksa's party. Sri Lanka is in talks with the International Monetary Fund for a bailout and needs to negotiate a debt restructuring with creditors. As reported in the Troubled Company Reporter-Asia Pacific in December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted Default). Fitch typically does not assign Outlooks to ratings of 'CCC+' or below. Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed on July 14, 2022, following the publication of the updated Sovereign Rating Criteria. SRI LANKA: Tax Hikes to Help Regain Creditor Confidence, IMF Says ----------------------------------------------------------------- Uditha Jayasinghe at Reuters reports that Sri Lanka's recent tax rises are in line with international comparisons and needed to help creditors regain confidence, the International Monetary Fund said on March 2, backing the crisis-hit country's effort to lock down a $2.9 billion bailout. An IMF statement said the hikes, which included an up to 36% rise in income taxes, were essential to tackle revenue collection that has been low by global standards, Reuters relays. External financing would not bridge the gap needed to fund essential expenditure, the statement added. Efforts to increase tax revenues should be pursued in a growth-friendly manner while protecting the poor and most vulnerable," the IMF said. "It is however also important that those who can most afford it make commensurate contributions to the financing of the necessary government expenditures." Reuters notes that the South Asian island country is grappling with its worst economic crisis since gaining independence from Britain in 1948, beset by inflation above 50%, a shortage of foreign exchange, a plummeting currency and a steep recession. The government has also raised electricity tariffs by two thirds as it bids to put its public finances and debt in order and qualify for the $2.9 billion IMF bailout provisionally agreed in September. Reuters says public sector unions have called for a fairer tax regime, and around 2,000 port workers, already staging a work-to-rule, on Wednesday held a demonstration in support of that demand during their lunch break in the commercial capital Colombo. About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, and southeast of the Arabian Sea; it is separated from the Indian subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka shares a maritime border with India and the Maldives. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. Sri Lanka has been mired in turmoil amid surging inflation, a plummeting currency and an economic crisis that has left the country short of the hard currency it needs to import food and fuel, according to Bloomberg News. Public anger has boiled over into violent protests and led the government to announce in April 2022 it would halt payments on its US$12.6 billion pile of foreign debt to preserve cash for essential goods. That marks the nation's first sovereign debt default since it gained independence from Britain in 1948, Bloomberg said. Its bonds are among the worst performers in the world in 2022 and trade deep in distressed territory, with holders bracing for losses approaching 60 cents on the dollar. Sri Lanka's crisis sparked months of mass protests and eventually forced then president Gotabaya Rajapaksa to flee the country. On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's new head of state backed by a majority of lawmakers from ousted leader Gotabaya Rajapaksa's party. Sri Lanka is in talks with the International Monetary Fund for a bailout and needs to negotiate a debt restructuring with creditors. As reported in the Troubled Company Reporter-Asia Pacific in December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted Default). Fitch typically does not assign Outlooks to ratings of 'CCC+' or below. Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed on July 14, 2022, following the publication of the updated Sovereign Rating Criteria. ============= V I E T N A M ============= PETROVIETNAM GAS: Fitch Assigns 'BB' Foreign Curr. IDR, Outlook Pos ------------------------------------------------------------------- Fitch Ratings has assigned PetroVietnam Gas Joint Stock Corporation (PV Gas) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB'. The Outlook is Positive. Fitch assesses PV Gas's Standalone Credit Profile (SCP) as 'bb+', but its IDR is capped by parent Vietnam Oil and Gas Group's (PVN, BB/Positive) IDR under its Parent and Subsidiary Linkage (PSL) Rating Criteria. Fitch assesses both legal ringfencing and PVN's access to and control of PV Gas's cash and other assets as 'Open' under the criteria's stronger subsidiary path, and rates PV Gas based on the parent's consolidated credit profile. PV Gas's SCP of 'bb+' reflects a strong market position as the sole midstream gas distributor and the first liquefied natural gas (LNG) importer in the country, as well as diversified earnings from a regulated liquefied petroleum gas (LPG) business, where it holds a 70% market share. Its position as the sole long-term gas supplier for a majority of its customers and long-term contracts with price protection provide a stable earnings source. PV Gas is well-positioned to benefit from PVN's plans for significant upstream expansion to increase gas production volumes. KEY RATING DRIVERS 'Open' Legal Ringfencing: Fitch assesses that PV Gas is not ringfenced from PVN and does not have any covenant restrictions in existing debt - primarily bank loans - to limit PV Gas's cash outflow to PVN. PV Gas pays regular dividends to PVN and they have remained consistent at about VND6 trillion-8 trillion, even during 2020-2021 when PV Gas's performance was adversely affected by reduced demand from the power sector amid the Covid-19 pandemic. 'Open' Access and Control: PVN owns 95.8% of PV Gas and drives most of the subsidiary's key policies, defines overall strategy and approves all major projects with a total investment value of over VND1.5 trillion. PVN also appoints PV Gas's senior management and board members, underpinning our assessment of 'Open' effective control of PV Gas by PVN. Fitch assesses PV Gas's funding and cash management policy as 'Porous'. PV Gas has a separate treasury, but Fitch believes the parent can have significant influence on the funding and cash management strategy, if such a need arises. High Earnings Visibility: PV Gas has high earnings visibility from its dry gas segment, due to a combination of long-term tariff-based contracts for gas transportation and gas sales contracts with a minimum selling price set at the wellhead price. This floor price mechanism, which the prime minister approves, ensures stable profitability with upside risk under a high oil price environment. The gas segment, including dry gas, condensate and self-produced LPG, will account for 90% of PV Gas's gross profit in 2023, before gradually declining to 70% in 2027. LNG import and distribution will become PV Gas' second largest earnings contributor from 2025, accounting for around 20% of gross profit by 2026. This segment's earnings visibility is high, as the contracts will allow for the pass-through of LNG prices to customers. In addition, PV Gas's LPG business - with a diverse counterparty profile - is regulated by a cost pass-through mechanism and provides a steady source of diversified earnings. Favourable Gas Demand Growth: PV Gas's stable cash flow generation is further bolstered by its low volume risk, as the demand for gas and LNG as sources of electricity is expected to increase according to Vietnam's National Energy Master Plan. The plan aims to reduce reliance on coal and achieve net-zero emissions by 2050. Counterparty Profile Constraint: Fitch estimates that a sizeable portion of PV Gas's gross profit is attributed to two main counterparties, Vietnam Electricity (BB/Positive) and PetroVietnam Power Corporation - Joint Stock Company (BB/Positive), as PV Gas is the sole gas supplier to their gas-fired power plants. PV Gas is also the sole distributor of gas for PVN's fertiliser plant and has a business cooperation contract with PetroVietnam Oil Corporation, another PVN subsidiary, to sell its condensate. As a result, PV Gas's key counterparties, which contribute majority of its earnings, have 'BB' ratings. Its SCP assessment of 'bb+' recognises the counterparty diversification although it is constrained by the high exposure to 'BB' rated entities, which limits its assessment at the current level. Robust Financial Profile Despite High Capex: Fitch expects PV Gas's capex to remain high over the next four years, particularly during the construction of the next phase of LNG terminals in 2025-2026. Fitch anticipates capex to be between VND3.6 trillion-8.8 trillion in 2023-2024, rising to VND17.7 trillion in 2025 before declining to VND14.7 trillion in 2026. Fitch expects its financial profile to remain robust, maintaining its current net cash position, despite high capex. This strong financial profile provides ample cushion for the SCP, even in the face of significant capex. DERIVATION SUMMARY PV Gas's SCP of 'bb+' is at the same level as the SCP for PT Perusahaan Gas Negara (BBB-/Stable). Both entities are national monopolies in gas distribution and owned by their respective national oil companies. Fitch thinks PV Gas's business profile is comparable with that of PGN. PGN's business profile does benefit from a better counterparty profile with more diversification, although its SCP assessment is constrained by higher regulatory risks. PGN's earning margins are affected by the state's control over the volumes it sells at capped prices, reducing earnings visibility compared with that of PV Gas. Still, PV Gas's SCP assessment is constrained by its high exposure to 'BB' rated counterparties. Both entities have a conservative financial profile for their SCP assessments. PV Gas's rating is assessed based on the consolidated credit profile of its parent, PVN, in line with Fitch's PSL criteria following the strong subsidiary-weak parent path. The rating reflects its assessment of 'Open' legal ringfencing as well as 'Open' access and control by PVN over PV Gas. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Oil Price assumptions in line with Fitch's Brent price deck of USD85/barrel (bbl) in 2023, USD65/bbl in 2024 and USD53/bbl in 2025 and beyond; - VND/USD conversion rate of VND25,250 per US dollar in 2023 and VND24,500 in 2024 and beyond; - Gas supply volumes from existing fields in line with management guidance, which factors in the reserve and field development plan. Upcoming Block B project volumes at 10% discount 2026. LNG import volume at a 5% discount compared with management guidance; - LPG volumes to increase by 5% a year; - Dry gas sales price in line with the contracts, which are typically higher than the market-driven price and wellhead price (buying price); - Transportation tariff in line with contract prices adjusted for inflation. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Positive rating action on PV Gas's parent, PVN. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Negative rating action on PV Gas's parent, PVN. PVN's ratings are linked and capped by that of the Vietnamese sovereign (BB/Positive), based on Fitch's Government-Related Entities Criteria. LIQUIDITY AND DEBT STRUCTURE Strong Liquidity: PV Gas's liquidity is strong. The company had about VND36.7 trillion in cash and cash equivalents, including term deposits with maturity within 12 months, as of June 2022, and only VND22.5 billion in short-term debt. PV Gas also maintained a net cash position with a total debt of VND8.2 trillion PV Gas maintains banking relationships with both domestic and international banks, with a total credit limit of VND11.0 trillion as of December 2022. ISSUER PROFILE PV Gas is a 95.8%-owned subsidiary of PVN, Vietnam's national oil and gas company. PV Gas, established in 1990, focuses on gathering, transporting, storing, processing and distributing gas and gas products, as well as distributing LPG. It also leads the development of the country's LNG import market. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS PV Gas's rating is directly linked to parent PVN's credit quality. A change in Fitch's assessment of the credit quality of the parent would automatically result in a change in PV Gas's rating. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating ----------- ------ PetroVietnam Gas Joint Stock Corporation LT IDR BB New Rating ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***