/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230322.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, March 22, 2023, Vol. 26, No. 59 Headlines A U S T R A L I A 351 PROPERTY: Second Creditors' Meeting Set for March 23 AUSTRALIAN STRATEGIC: Dubbo Project Faces Steep Financial Losses BAM CREATIVE: Second Creditors' Meeting Set for March 24 BREW STILL: First Creditors' Meeting Set for March 24 PURELY BYRON: Cosmetique Chief Revealed as Potential Buyer REX OPAL: First Creditors' Meeting Set for March 27 TSKJD PTY: Second Creditors' Meeting Set for March 24 I N D I A BALAJI ENTERTAINMENTS: Liquidation Process Case Summary CASTALL TECHNOLOGIES: Liquidation Process Case Summary DUFLON INDUSTRIES: CRISIL Lowers Rating on LT/ST Debts to D G S RADIATORS: Insolvency Resolution Process Case Summary H.S. RAMESH: CRISIL Keeps D Debt Ratings in Not Cooperating HAFIZ CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating HARSHNA AGRO: CRISIL Keeps C Debt Rating in Not Cooperating HARSHNA FRUITS: CRISIL Keeps C Debt Rating in Not Cooperating HOTEL MILESTONNEZ: Liquidation Process Case Summary HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating IMPS EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating JANARDHAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating JEET HOME: CRISIL Keeps D Debt Rating in Not Cooperating Category JHARKHAND MEGA: CRISIL Keeps D Debt Rating in Not Cooperating JMV ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating MAHARASHTRA CRICKET: CRISIL Keeps D Ratings in Not Cooperating MANGALAGIRI TEXTILE: CRISIL Keeps D Ratings in Not Cooperating MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating NAYAK INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating NEXANT INDIA: Voluntary Liquidation Process Case Summary NEXUS ELECTRO: CRISIL Keeps D Debt Ratings in Not Cooperating NV AUTOSPARES: CRISIL Keeps D Debt Ratings in Not Cooperating OM DIAGNOSTICS: Voluntary Liquidation Process Case Summary ONEWORLD CREATIONS: CRISIL Keeps D Ratings in Not Cooperating ONEWORLD INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating OPAL LUXURY: CRISIL Keeps D Debt Ratings in Not Cooperating P C GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating PANCHAM JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating PANDURONGA TIMBLO: CRISIL Keeps D Debt Ratings in Not Cooperating PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating PRAKASAM HEAVY: CRISIL Keeps D Debt Ratings in Not Cooperating RELIANCE CAPITAL: SC Refuses to Stay Second E-Auction STATESTREET MANAGED: Voluntary Liquidation Process Case Summary SURYACHAKRA POWER: Liquidation Process Case Summary TAISEI ONCHO: Voluntary Liquidation Process Case Summary TREND ELECTRONICS: Liquidation Process Case Summary ULTIMO FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating VEDANTA LTD: $150M Bank Debt Trades at 16% Discount VEDANTA LTD: $50M Bank Debt Trades at 16% Discount M A L A Y S I A KHEE SAN: Court Rejects Interim JM Application for Remuneration SAPURA ENERGY: Finds White Knight; May Get Capital Injection M O N G O L I A MANDAL DAATGAL: A.M. Best Affirms 'B' Finc'l. Strength Rating N E P A L HIMALAYAN REINSURANCE: A.M. Best Reviews 'B' Fin. Strength Rating N E W Z E A L A N D COLORFLOORING LIMITED: Creditors' Proofs of Debt Due on May 1 CPH SERVICES: Grant Bruce Reynolds Appointed as Liquidator MY TREAT: Court to Hear Wind-Up Petition on March 27 THREE GOLD: Court to Hear Wind-Up Petition on March 24 TITANIUM TRUSTEE: Receivers Appointed to Serepisos-Owned Firm ULTIMATE CONTRACTING: Creditors' Proofs of Debt Due on April 21 S I N G A P O R E CO HAI: Court to Hear Wind-Up Petition on March 31 EFG ASSET: Commences Wind-Up Proceedings HWA HONG: Court Dismisses Evercore's to Wind Up Company PARK BENCH: Creditors' Meetings Set for March 29 SPORTS BUILDER: Creditors' Meetings Set for March 28 T9 LOGISTICS: First Creditors' Meetings Set for April 3 S O U T H K O R E A SK INNOVATION: S&P Places 'BB+' Issuer Rating on Watch Negative S R I L A N K A SRI LANKA: IMF Approves US$2.9 Billion Bailout - - - - - ================= A U S T R A L I A ================= 351 PROPERTY: Second Creditors' Meeting Set for March 23 -------------------------------------------------------- A second meeting of creditors in the proceedings of 351 Property Management & Maintenance Pty Ltd has been set for March 23, 2023 at 10:00 a.m. at Ground Floor, Cnr Bathurst and Argyle Street in Hobart and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 22, 2023 at 4:00 p.m. Shelley-Maree Brooks of Rodgers Reidy (Tas) was appointed as administrators of the company on Feb. 17, 2023. AUSTRALIAN STRATEGIC: Dubbo Project Faces Steep Financial Losses ---------------------------------------------------------------- ABC News reports that a billion-dollar mining project will be financially unsustainable unless the company receives more funding, an independent auditor has found. More than 1,000 jobs are riding on the Dubbo Project, a proposed rare earth minerals mine by the company Australian Strategic Materials (ASM). According to ABC News, the company's most recent accounts, audited by PricewaterhouseCoopers (PwC), show the company needs to raise more money in order to continue operating. The company's interim report, which was released this week, found its overall loss increased 38% from June to December 2022, ABC News discloses. "The continuing viability of the group and its ability to . . . meet its debts and commitments as they fall due are dependent on the group [raising more capital, sourcing new customers, and qualifying for financial support]," the report found. The Dubbo Project aims to mine rare earth and critical minerals in Toongi, near Dubbo, and export them to Korea. The company has estimated the construction phase will cost AUD2.5 billion and employ 1,000 workers, with 270 full-time jobs expected when the mine is up and running. According to ABC News, a company spokesperson said ASM had AUD230 million in net assets and AUD70 million in cash, which it said was sufficient to take the project through to the next phase of development when, as planned, further funding would be sought for the Dubbo Project. In a statement, a company spokesperson said they were confident it would be able to secure additional funding, ABC News relays. "We continue to undertake positive discussions with potential equity and debt partners, including governments, to source funding to develop Dubbo," ABC News quotes a spokesperson as saying. "Dubbo is a world-class project with strong financials that will generate great returns for shareholders and opportunities for the Dubbo region." The report noted the company's loss included AUD3.5 million from the reduction in Korean raw materials prices, ABC News adds. BAM CREATIVE: Second Creditors' Meeting Set for March 24 -------------------------------------------------------- A second meeting of creditors in the proceedings of Bam Creative Pty Ltd has been set for March 24, 2023 at 10:30 a.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 23, 2023 at 5:00 p.m. Mervyn Jonathan Kitay of Worrells was appointed as administrator of the company on Feb. 17, 2023. BREW STILL: First Creditors' Meeting Set for March 24 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Brew Still Pty Ltd will be held on March 24, 2023, at 11:00 a.m. at Level 1, 160 Pacific Highway and via virtual meeting technology. Paul William Gidley of Shaw Gidley was appointed as administrator of the company on March 14, 2023. PURELY BYRON: Cosmetique Chief Revealed as Potential Buyer ---------------------------------------------------------- Jessica Yun at The Sydney Morning Herald reports that the chief of cosmetics clinic chain Cosmetique has emerged as a potential owner of collapsed skincare brand Purely Byron, as administrators enter into talks with interested buyers for the business co-founded by Elsa Pataky and backed by her husband, Hollywood star Chris Hemsworth. Purely Byron slid into administration this month, less than a year after its first product launch and just months after embattled beauty group BWX, which owns 47% of Purely Byron, wrote down the value of its stake by AUD2.8 million, SMH discloses. SMH relates that Dr. Vivek Eranki, the founder and CEO of the injection and fillers clinic chain, said he was hoping to double Cosmetique's footprint of 20 clinics by mid-2024 and would seek to sell Purely Byron products in-store and online. Dr. Eranki founded Cosmetique in Perth in 2017. "Cosmeceuticals [is] something that we are actively looking at entering," the report quotes Dr. Eranki as saying. "We could either acquire our way in the sector or we could potentially set up our own brand and let it grow organically. In the interest of speed, we are very open to any business that is established in this sector." He believes Purely Byron's collapse was likely not due to an inferior product or weak marketing, pointing to recent comments on social media of customers inquiring whether they would still be able to purchase products. Purely Byron products are currently not available for purchase and are listed on the website as "coming soon". "People go 'oh my god, can I still buy it?' That is a good problem to have," he said. "At first glance, it doesn't seem that the issue lies with the formula, the product, [or] the branding. I think, if I were to hazard a guess, this may have gone to administration because of the parent company [BWX]." Earlier this month, BWX - which manufactures brands such as Sukin and Zoe Foster Blake's Go-To - revealed it lost more than $100 million in the first half of the financial year after slashing asset valuations, while sales revenue plunged below AUD80 million. If Dr. Eranki becomes skincare brand's new owner, he will seek to keep Ms. Pataky on as an ambassador to continue leveraging her significant social media following of more than five million people, SMH relays. "When you have a good product that is represented by a very reputable ambassador, such as in this case, it makes our job a lot easier in order to sell it." Ms. Pataky is not listed as a director of the business, according to company documents filed to ASIC. SMH adds that the cosmetics chain chief intends to keep product formulations as is but did not rule out altering the formula if his team of advisers said there was clear value for the customer. REX OPAL: First Creditors' Meeting Set for March 27 --------------------------------------------------- A first meeting of the creditors in the proceedings of Rex Opal Pty Ltd will be held on March 27, 2023, at 10:30 a.m. via virtual facilities. Philip Campbell Wilson and John McInerney of Grant Thornton Australia were appointed as administrators of the company on March 15, 2023. TSKJD PTY: Second Creditors' Meeting Set for March 24 ----------------------------------------------------- A second meeting of creditors in the proceedings of TSKJD Pty Ltd has been set for March 24, 2023 at 11:00 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 23, 2023 at 4:00 p.m. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on Feb. 16, 2023. ========= I N D I A ========= BALAJI ENTERTAINMENTS: Liquidation Process Case Summary ------------------------------------------------------- Debtor: Shri Balaji Entertainments Private Limited B-10 Veera Ind Estate New Link Road Andheri West Mumbai MH 400053 Liquidation Commencement Date: February 3, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Sandeep Bishan Swaroop Goel 1604, Verona ,Hiranandani Gardens, Powai, Mumbai Suburban, Maharashtra ,400076 Email: goelsandeeg60@yahoo.com 304, Conwood Paragon, Plot No.6, Walbhat Road, Near Hub Mall, Goregaon East, Mumbai Suburban, Maharashtra, 400063 Mobile: 9821186339 Email: balajiliquidation@gmail.com Last date for submission of claims: March 22, 2023 CASTALL TECHNOLOGIES: Liquidation Process Case Summary ------------------------------------------------------ Debtor: M/s. Castall Technologies Private Limited A-55, Ida, Gandhinagar, Balanagar, Hyderabad, Telangana - 500037 Liquidation Commencement Date: February 17, 2023 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Mr. Madasa Kumar Plot No. 717, Road No. 2, Journalist Colony, Banjara Hills, Hyderabad - 500034 Email: Kumarmadas@gmail.com Phone: 9866512519 Last date for submission of claims: March 20, 2023 DUFLON INDUSTRIES: CRISIL Lowers Rating on LT/ST Debts to D ----------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Duflon Industries Private Limited (DIPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' based on publicly available information. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Short Term Rating - CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with DIPL for obtaining information through letters and emails dated July 12, 2022 and August 30, 2022 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of DIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on DIPL is consistent with 'Assessing Information Adequacy Risk'. DIPL, incorporated in 1988, promoted by Mr Shailesh H Mehta, manufactures PTFE products such as nozzles, valves, and lined pipes, which are used mainly in the pumps and valves industry. Company has two manufacturing locations which at Raigad Maharashtra & other at Ahmedabad Gujrat. G S RADIATORS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: G S Radiators Limited G S Estate G T Road Ludhiana Punjab PB 141003 India Insolvency Commencement Date: February 16, 2023 Estimated date of closure of insolvency resolution process: August 15, 2023 (180 Days) Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Mr. Vivek Bansal Sco-134, 2nd Floor Feroze Gandhi Market, Ludhiana-141001, Punjab, India Email: irp.vivekhansalca@gmail.com Email: cirp.gsrl@gmail.com Last date for submission of claims: March 2, 2023 H.S. RAMESH: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of H.S. Ramesh (HSR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with HSR for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HSR, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HSR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HSR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. HSR, set up as a proprietorship firm in 2010 by Mr H S Ramesh. Is engaged in construction and maintenance of roads. The firm is based in Mysuru, Karnataka, and execute orders in the state, where it is registered as a first class contractor. HAFIZ CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hafiz Construction Company Private Limited (HCCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 30 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 21 CRISIL D (Issuer Not Facility Cooperating) Term Loan 5.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HCCPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HCCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HCCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. HCCPL was incorporated in 2008 and, it is based out of Srinagar (Jammu and Kashmir). HCCPL is owned & managed by Mr. Tariq Ahmad Hafiz, Mr. Feroz Ahmad Hafiz and Mr. Farooq Ahmad Hafiz. HCCPL is engaged in civil construction works. HAJI SHEIK: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Haji Sheik Ismail Educational and Charitable Trust (HSIET) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 10.58 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.42 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with HSIET for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HSIET, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HSIET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HSIET continues to be 'CRISIL D Issuer Not Cooperating'. HSIET was set up by Mr. Mohamed Jahangeer in 2007. In 2008, the trust set up Haji Sheik Ismail Polytechnic College, which offers polytechnic courses. In 2013, Haji Sheik Ismail Engineering College was established to provide engineering courses. Both these colleges are located in Nagapattinam, Tamil Nadu. HARSHNA AGRO: CRISIL Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Harshna Agro Fresh Private Limited (HAFPL; part of the Harshna group) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HAFPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HAFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HAFPL continues to be 'CRISIL C Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of HAFPL, Bhola Nath Naresh Kumar (BNNK), Harshna Fruits (HF) and Bhola Nath Rakesh Kumar (BNRK). This is because all these entities, collectively referred to as the Harshna group, are in the same business, have operational and financial linkages, including fungible cash flows, and are under common management. The Harshna group was established in 1993 by Mr Rakesh Bhola Nath Kohli and Mr Naresh Bhola Nath Kohli through BNRK and BNNK. The firms are commission agents for trading in apples in Delhi's Azadpur mandi. In 1999, the group decided to start its own cold storage facility in Sonipat, Haryana, for which it set up HAFPL. The company, HAFPL, has a multi-product cold storage facility, with capacity of 11,500 tonne, along with ripening chambers. In 2004, the group set up HF, which supplies fruits to retail stores. HARSHNA FRUITS: CRISIL Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Harshna Fruits (HF; part of the Harshna group) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HF for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HF, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HF continues to be 'CRISIL C Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of HF, Bhola Nath Naresh Kumar (BNNK), Harshna Ice & Cold Storage Pvt Ltd (HICS) and Bhola Nath Rakesh Kumar (BNRK). This is because all these entities, collectively referred to as the Harshna group, are in the same business, have operational and financial linkages, including fungible cash flows, and are under common management. The Harshna group was established in 1993 by Mr Rakesh Bhola Nath Kohli and Mr Naresh Bhola Nath Kohli through BNRK and BNNK. The firms are commission agents for trading in apples in Delhi's Azadpur mandi. In 1999, the group decided to start its own cold storage facility in Sonipat, Haryana, for which it set up HICS. The company, HICS, has a multi-product cold storage facility, with capacity of 11,500 tonne, along with ripening chambers. In 2004, the group set up HF, which supplies fruits to retail stores. HOTEL MILESTONNEZ: Liquidation Process Case Summary --------------------------------------------------- Debtor: Hotel Milestonnez India Private Limited 34, Santha Velur, Sugavarchatram PO, Sriperumbudur, Kanchipuram - 602106 Liquidation Commencement Date: February 16, 2023 Court: National Company Law Tribunal, Chennai Bench Liquidator: Amier HamsaAli Abbas Rawther R094, SBIOA Unity Enclave, Mambakkam P O, Chennai - 600127 Email: amierhamsa@gmail.com Last date for submission of claims: March 19, 2023 HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hyderabad Handloom Centre (HHC) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL C (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HHC for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HHC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HHC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HHC continues to be 'CRISIL C Issuer Not Cooperating'. Set up in 1984 as a partnership firm HHC runs five retail textile show rooms in Bengaluru. The firm is promoted by Ms. Jamunabhai and family. IMPS EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of IMPS Educational Trust (IET) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.01 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.45 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with IET for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of IET, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on IET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IET continues to be 'CRISIL D Issuer Not Cooperating'. IET, founded by West Bengal based Mr Bablu Bhattacharjee in 2000, currently operates three college viz. IMPS Polytechnic College in Jalpaiguri, IMPS College of Engineering and Technology in Malda and Trinity B. Ed College in Siliguri. The trust also operates Delhi Public World School in Malda. JANARDHAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Janardhan Industries Limited (JPIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Proposed Fund- Based Bank Limits 1.35 CRISIL D (Issuer Not Cooperating) Term Loan 0.80 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JPIL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JPIL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JPIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JPIL continues to be 'CRISIL D Issuer Not Cooperating'. JPIL, incorporated in 1987 by Mr Anil Goel, manufactures and trades different grades of plyboard. It was taken over by Mr Gaurav Singhal, Mr Vijender Shah, Mr Sanjay Taneja, and Mr Deepak Sudheja in 2011. Its manufacturing facility is in Dehradun, Uttarakhand. JEET HOME: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jeet Home Solutions Private Limited (JHSPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 9 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JHSPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JHSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JHSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JHSPL continues to be 'CRISIL D Issuer Not Cooperating'. JHSPL, incorporated in 2010, develops real estate in Varanasi, Uttar Pradesh. The company is promoted by Mr Jitendra Kumar Sinha and Mr Lallan Prasad Sinha. JHSPL currently has one residential project, Jeet Rivera, under construction. JHARKHAND MEGA: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jharkhand Mega Food Park Private Limited (JMFPPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 33.95 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JMFPPL for obtaining information through letters and emails dated December 30, 2022 and February 28, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JMFPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JMFPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JMFPPL continues to be 'CRISIL D Issuer Not Cooperating'. JMFPPL was incorporated in 2009 as a special-purpose vehicle (SPV) by a group of entities, the primary stakeholders are GenX Venture Capital Inc, Empower India Limited, Patanjali Avurved Ltd, Ranchi Industrial Area Development Authority, and Green Coast Nurseries India Pvt Ltd. JMV ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of JMV Ispat Private Limited (JMV) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Cash Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.0 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with JMV for obtaining information through letters and emails dated December 30, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JMV, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JMV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JMV continues to be 'CRISIL D Issuer Not Cooperating'. JMV was incorporated in 2011 by Mr. Aslam Qureshi and Mr. Niraj Saini. The company manufactures mild steel ingots at its unit in Haridwar (Uttarakhand). MAHARASHTRA CRICKET: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharashtra Cricket Association (MCA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 70 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 60 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) Term Loan 26.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MCA for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MCA, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MCA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCA continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 1935, MCA is affiliated to BCCI and is one of its full-time members. The association's primary objective is to promote, develop, control, and regulate cricket in Maharashtra. It is the cricket controlling body for Maharashtra, with the exception of Vidharbha, Mumbai, and Thane. MANGALAGIRI TEXTILE: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mangalagiri Textile Mills Private Limited (MTMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Long Term Loan 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 11 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with MTMPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MTMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MTMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MTMPL continues to be 'CRISIL D Issuer Not Cooperating'. MTMPL was incorporated in 2006, promoted by Dr G Nagasaina Rao and his family. Based in Mangalagiri, Andhra Pradesh, the company primarily produces cotton yarn. MUTHUMARI CHARITABLE: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Muthumari Charitable and Educational Trust (SMCET) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SMCET for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SMCET, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SMCET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SMCET continues to be 'CRISIL D Issuer Not Cooperating'. SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a trust registered under the Indian Trust Act, 1881.The trust offers undergraduate courses in engineering and teacher education courses and also runs a school. The operations of the trust are managed by Mr.Periyasamy. NAYAK INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nayak Infrastructure Private Limited (NRM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 81 CRISIL D (Issuer Not Cooperating) Bank Guarantee 29 CRISIL D (Issuer Not Cooperating) Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Bank Guarantee 10 CRISIL D (Issuer Not Cooperating) Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Cash Credit 24 CRISIL D (Issuer Not Cooperating) Proposed Long Term 53 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with NRM for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of NRM, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NRM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in December 2007 by reconstituting a partnership firm as a private limited company, NIPL is a Class I contractor for NEFR and constructs bridges and tunnels, undertakes earthwork, cuts hills, and designs layout of railway tracks in Northeast India. NEXANT INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Nexant India Private Limited Neologic, 1st Floor, S/NO.105/1/1, Opp Hotel Orchid Mumbai Banglore Bypass, Baner Pune MH 411045 India Liquidation Commencement Date: February 17, 2022 Court: National Company Law Tribunal, Pune Bench Liquidator: Anagha Anasingaraju 1-2, Aishwarya Sankul, 17 G.A. Kulkarni Path, Opp. Joshi's Railway Museum, Kothrud Pune - 411038 Email: rp.anagha@kanjcs.com Tel No: 020-25466265/65204591 Last date for submission of claims: March 19, 2023 NEXUS ELECTRO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nexus Electro Steel Limited (NESL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Bill Discounting 2 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 23 CRISIL D (Issuer Not Cooperating) Proposed Long Term 16 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 22.5 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with NESL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of NESL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NESL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NESL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. NESL, incorporated in 1998, manufactures cut, winding, core and coil assembly laminations used in distribution and power transformers, and generators. Its facilities are in Puducherry and Mumbai. NV AUTOSPARES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of NV Autospares Private Limited (NV) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Funded Interest 1.55 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 4.2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.52 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 4.23 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with NV for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of NV, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on NV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NV continues to be 'CRISIL D Issuer Not Cooperating'. NV, incorporated in 2005, is promoted by Mr Ahire. The company manufactures seat frames and press parts. Its manufacturing facility is at Nashik in Maharashtra. OM DIAGNOSTICS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Om Diagnostics Lab Private Limited 304, Centre Point Bldng, 18th & 20th Rd Corner, Chembur, Mumbai, Maharashtra-400071, India Liquidation Commencement Date: February 23, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Balaji Shrirang Sagar Sr. No. 21/5, Opp. Creative Camio, Near PCMC D Ward Office, Aundh – Ravet Road, Rahatani, Pune - 411027 India Email: balajisagar381973@gmail.com Tel No: +91- 9561071705 Last date for submission of claims: March 25, 2023 ONEWORLD CREATIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Oneworld Creations Private Limited (OCPL; part of Oneworld group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Cash 3 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Cash 6 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Long Term 35 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 16 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with OCPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of OCPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OCPL continues to be 'CRISIL D Issuer Not Cooperating'. Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the Oneworld group trades in textile materials. It also sells ready-made garments, manufacturing of which is outsourced. Registered office is in Mumbai. OCPL, incorporated in April 2012, trades in ready-made garments. OIPL, ORPL, OS, UFPL, WF, TIPL, MDC, WOT, ODS, and ZF are engaged in trading of different types of fabrics. ONEWORLD INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Oneworld Industries Private Limited (OIPL; part of Oneworld group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 95 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with OIPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of OIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OIPL continues to be 'CRISIL D Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of OIPL, Worldstar Fabrics LLP (WF), Oneworld Creations Private Limited (OCPL), Oneworld Retail Private Limited (ORPL), Ultimo Fabrics Private Limited (UFPL), Oneworld Sourcing (OS), Tissori India Fabrics Pvt Ltd (TIPL), Maison De Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP (WOT), Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This is because all these entities, together referred to as the Oneworld group, are in the same line of business and under a common management, and have operational synergies. Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the Oneworld group trades in textile materials. It also sells ready-made garments, manufacturing of which is outsourced. Registered office is in Mumbai. OIPL, incorporated in May 2012, trades in fabric. WF, ORPL, OS, UFPL, TIPL, MDC, WOT, ODS, and ZF are engaged in trading of different types of fabrics while OCPL is engaged in trading of ready-made garments. OPAL LUXURY: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Opal Luxury Time Products Limited (OLTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with OLTPL for obtaining information through letters and emails dated December 30, 2022 and February 28, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of OLTPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on OLTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OLTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Based in Pune (Maharashtra), OLTPL was incorporated in 2007. The company was listed on the National Stock Exchange's SME (small and medium enterprise) platform in fiscal 2013. The business was earlier carried out under a partnership firm, Opal Industries, established in 1996. OLTPL manufactures a variety of premium wall clocks under its registered brands, Opal and Caliber. P C GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of P C Global Merchandising Private Limited (PCG; part of the Plaza group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 6.42 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.58 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PCG for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PCG, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PCG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCG continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of PCG and Plaza Computers (PC). This is because the two entities, together referred to as the Plaza group, are in the same business, and have a common management team and marketing network. PC, set up in 1994-95 as a proprietorship firm by Mr. Sudeep Goel, manufactures and exports women's readymade garments and its facility is at Devli in New Delhi. Mr. Goel set up PCG in 2003. Its manufacturing facility is in Noida, Uttar Pradesh. PANCHAM JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pancham Jewellers Private Limited (PJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Standby Line 1 CRISIL D (Issuer Not of Credit Cooperating) CRISIL Ratings has been consistently following up with PJPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PJPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PJPL continues to be 'CRISIL D Issuer Not Cooperating'. PJPL is a manufacturer and wholesale dealer of gold-, precious-stone- and diamond-studded jewellery. The company was established in 2005 and is promoted by Mr. RK Aggarwal and his family. PJPL has its showroom in Rajpura (Punjab). The wholesale business contributes to around 95 per cent of its revenue. PANDURONGA TIMBLO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Panduronga Timblo Industrias (PTI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Proposed Long Term 20 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with PTI for obtaining information through letters and emails dated December 30, 2022 and February 28, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PTI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PTI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PTI continues to be 'CRISIL D Issuer Not Cooperating'. Established as a partnership concern in 1961, PTI is engaged in iron-ore mining in Goa for nearly five decades. The firm owns five operational mines in Goa. It also operates two jetties. The day to day operations of the firm are presently being managed by Mr. Sarvesh pramod Timblo elder son of Mr. Pramod Panduronga Timblo. PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PCI Limited (PCI; part of the Prime group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of credit 32 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 20 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Rupee Term Loan 1.31 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 4.62 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PCI for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PCI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCI continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of PCI and its fully owned subsidiaries-PCI Middle East FZE, PCI Europe GmbH, and PCI Asia Pacific Pvt Ltd. This is because all these entities, collectively referred to as the Prime group, have common promoters, the same marketing network, and strong business and financial linkages with each other. CRISIL has not combined Prime Hi-tech Engineering Ltd (PHEL) although the company is a 51% subsidiary of PCI, because of management's stance that PCI and PHEL do not provide any financial support to each other. The two companies operate at arm's length. PCI, set up in 1986 by Mr Surinder Mehta, is the flagship company of the Prime group. It provides technology-related solutions to various industries, especially the power sector. Its activities include marketing, distribution, and after-sales service support for power testing, maintenance, and conditioning equipment, and machine tools. Furthermore, it owns three windmills with combined capacity of 4.5 megawatt in Kutch, Gujarat. PRAKASAM HEAVY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prakasam Heavy Engineering Private Limited (PHEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 22.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with PHEPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of PHEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on PHEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PHEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Established in February 2010, PHEPL is promoted by Mr Anil Kumar and his family members. The company started operations as an electrode manufacturer but subsequently became an electrical contractor for carrying out projects for various state governments and local authorities. RELIANCE CAPITAL: SC Refuses to Stay Second E-Auction ----------------------------------------------------- Financial Express reports that rejecting a petition filed by Torrent Group, the Supreme Court on March 20 refused to stay a National Company Law Appellate Tribunal (NCLAT) order that permitted holding of a second e-auction for debt-laden Reliance Capital (RCap). According to the report, the move enables RCap's committee of creditors (CoC) to proceed with its plans of inviting expressions of interests from resolution applicants and hold the proposed extended challenge mechanism. However, the outcome of the auction will depend on the apex court's final order, with the matter listed for hearing again in August. The bench comprising justices Sanjiv Khanna and MM Sundresh did not pass any order, FE says. The CoC was likely to meet later on March 20 to finalise the date to hold the extended challenge mechanism, now slated for March 29. Earlier, the lenders had decided to hold the e-auction on March 20 itself, but decided to wait till the apex court pronounces its order. FE relates that senior advocate Mukul Rohatgi appeared on behalf of Torrent Investments, a group company through which the Gujarat-based Torrent Group had placed its bid for the entire assets of RCap. Earlier this month, Torrent Group moved the Supreme Court against NCLAT's order that permitted holding an extended auction for the debt-laden firm. Vistra ITCL (India), a member of the CoC was the respondent to the case. According to FE, the appellate tribunal had permitted holding the second e-auction allowing the lenders' plea to "maximise value" of debt-laden firm as the bids received were "sub-optimal and unsatisfactory". On March 2, the NCLAT overturned the National Company Law Tribunal's order that had permitted holding a second e-auction, FE recalls. The appellate tribunal had also told the CoC to take steps for further negotiations with resolution applicants as per the relevant clauses of the resolution plan. The order enabled the CoC to negotiate and call for higher bids. In February, NCLT's Mumbai bench had declared the proposed second e-auction as a violation of bankruptcy rules, FE notes. Further, the bankruptcy court had also termed Torrent Group as the highest bidder under the first challenge mechanism and directed the administrator to take the process to its "logical conclusion". About Reliance Capital Headquartered in Mumbai, India, Reliance Capital Limited -- https://www.reliancecapital.co.in/ -- a non-banking financial company, primarily engages in lending and investing activities in India, Singapore, and Mauritius. The company operates through Finance & Investment, General Insurance, Life Insurance, Commercial Finance, Home Finance, and Others segments. It offers life, health, and general insurance products; brokerage and distribution services, including stock broking, wealth management, and third party distribution; and commercial and home finance services, such SME, retail, microfinance, renewable, affordable housing, and home loans, as well as loans against property and construction finance. The company also provides asset reconstruction, institutional broking, and proprietary investments services, as well as other financial and allied services. The company was formerly known as Reliance Capital & Finance Trust Limited and changed its name to Reliance Capital Limited in January 1995. On Nov. 29, 2021, the Reserve Bank of India superseded Reliance Capital's board following payment defaults and governance issues, and appointed Nageswara Rao Y as the administrator for the bankruptcy process, Financial Express said. The regulator also filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against the company before the National Company Law Tribunal's (NCLT) Mumbai bench. In an order dated Dec. 6, 2021 of the National Company Law Tribunal, Mumbai (NCLT), corporate insolvency resolution process has been initiated against Reliance Capital as per the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. Reliance Capital owes its creditors over INR19,805 crore, majority of the amount through bonds under the trustee Vistra ITCL India, The Economic Times of India said. In February 2022, RBI appointed administrator invited EoIs for sale of Reliance Capital assets and subsidiaries. STATESTREET MANAGED: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: StateStreet Managed Accounts Services India Private Limited Level 7, MFAR Greenheart, Manyata Tech Park Outer Ring Road, Hebbal, Bangalore- 560045 Liquidation Commencement Date: February 6, 2022 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Vikram Kumar J-6A, Kailash Colony, New Delhi 110048 Tel No: +919818119504 Email: vikramau@gmail.com Email: liquidator.statestreet@gmail.com Last date for submission of claims: March 8, 2023 SURYACHAKRA POWER: Liquidation Process Case Summary --------------------------------------------------- Debtor: Suryachakra Power Corporation Limited Suryachakra House, Plot No: 304-L-III, Road No: 78 Jubilee Hills Hyderabad TG 500033 Liquidation Commencement Date: September 1, 2022 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Mr. Anup Kumar Singh 162/D/702 Lake Gardens, Kolkata, West Bengal-700045 Email: anup_singh@stellarinsolvency.com Suite 1B, 22/28A Monahorpukar Road, Deshopriya Park, Kolkata, West Bengal-700029 Email: ip.suryachakra@gmail.com Last date for submission of claims: March 12, 2023 TAISEI ONCHO: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Taisei Oncho India Private Limited Flat No. 905, 9th Floor Chranjiv Tower, Building No. 43, Nehru Place New Delhi- 110019 Liquidation Commencement Date: February 24, 2023 Court: National Company Law Tribunal, Delhi Bench Liquidator: Hardev Singh 101, Plot No. 6, LSC Vardhaman Rajhani Plaza, New Rajdhani Enclave, Delhi-110092 Email: singh_hardev@rediffmail.com Tel No: 9810331425 Last date for submission of claims: March 26, 2023 TREND ELECTRONICS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Trend Electronics Limited 20, KM Stone, Aurangabad- Beed Road, Village: Bhalgaon, Aurangabad - 431210 Liquidation Commencement Date: February 10, 2023 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Divyesh Desai B2 402B, Marathon Innova, 4th Floor, Off Ganpatrao Kadam Marg, Lower Parel Mumbai 400 013 Email: divyeshdesai@singhico.com Last date for submission of claims: March 12, 2023 ULTIMO FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ultimo Fabrics Private Limited (UFPL; part of Oneworld group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 35 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Cash 15 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Cash 9.88 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 1.12 CRISIL D (Issuer Not Cooperating) Term Loan 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with UFPL for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of UFPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on UFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of UFPL , Oneworld Creations Pvt Ltd (OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS), Worldstar Fabrics LLP (WF), Tissori India Fabrics Pvt Ltd (TIPL), Maison De Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP (WOT), Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This is because all these entities, together referred to as the Oneworld group, are in the same line of business and under a common management, and have operational synergies. Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the Oneworld group trades in textile materials. It also sells ready-made garments, manufacturing of which is outsourced. Registered office is in Mumbai. UFPL (Formally known as Oneworld Retail division and converted into Private Limited Company with effect to March 2016) incorporated on October 2015. VEDANTA LTD: $150M Bank Debt Trades at 16% Discount --------------------------------------------------- Participations in a syndicated loan under which Vedanta Ltd is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, March 17, 2023, according to Bloomberg's Evaluated Pricing service data. The $150 million facility is a Term loan that is scheduled to mature on July 26, 2026. The amount is fully drawn and outstanding. Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha. The Company's country of domicile is India. VEDANTA LTD: $50M Bank Debt Trades at 16% Discount -------------------------------------------------- Participations in a syndicated loan under which Vedanta Ltd is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, March 17, 2023, according to Bloomberg's Evaluated Pricing service data. The $50 million facility is a Term loan that is scheduled to mature on July 26, 2026. The amount is fully drawn and outstanding. Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha. The Company's country of domicile is India. =============== M A L A Y S I A =============== KHEE SAN: Court Rejects Interim JM Application for Remuneration --------------------------------------------------------------- The Edge reports that the High Court on March 20 dismissed the application for remuneration filed by the interim judicial manager of Practice Note 17 (PN17) company Khee San Bhd's wholly-owned unit, Khee San Food Industries Sdn Bhd (KSFI). The application for remuneration by Datuk Adam Primus Varghese Abdullah was dealt with as a preliminary issue of the judicial management application filed against KSFI by Maybank Islamic Bhd, said Khee San in a bourse filing, The Edge relays. According to The Edge, the group said the court also ordered the return of KSFI's money that is being kept by the interim judicial manager's solicitors, Zaid Ibrahim & Co (Zico). "The court had also given an order that KSFI's monies be transferred to and kept by its solicitor pending the disposal of appeal (which will be filed by the interim judicial manager) and/or any application filed before the court (application for direction to release KSFI's monies," the filing, as cited by The Edge, read. According to court documents sighted by The Edge, the interim judicial manager had transferred MYR2.33 million in KSFI funds to Zico's account, while another MYR106,809 in transfers remained pending. About Khee San Khee San Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, manufactures sweets and confectionery products. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17) company after its wholly-owned subsidiary was placed under judicial management. In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd, via its solicitor Messrs Shook Lin & Bok, had filed an application to place its unit Khee San Food Industries Sdn Bhd under the court-supervised restructuring, theedgemarkets.com said. SAPURA ENERGY: Finds White Knight; May Get Capital Injection ------------------------------------------------------------ The Edge reports that Sapura Energy Bhd has found a white knight in its bid to recover from its beleaguered financial position. In court documents sighted by The Edge, the company said it had received a "formal letter from a white knight" last month that indicated it would provide financial support to Sapura Energy, subject to certain conditions. The financial support is in the form of a MYR1.8 billion capital injection. With the emergence of the white knight, Sapura Energy has filed a new proposal to restructure its MYR10.3 billion debt owed to nine lenders grouped under financiers of its multi-currency financing (MCF) facilities, The Edge says. It owes another MYR5.12 billion to its vendors. "On Feb 15, 2023, Sapura Energy received a formal letter from a white knight supporting Sapura Energy's restructuring initiatives to preserve the Malaysian oil and gas (O&G) ecosystem. The financial support from the white knight will be in the form of investment into Sapura Energy, subject to the following conditions: (1) the amount and terms to be discussed and finalised by the white knight and Sapura Energy; (2) agreement to the schemes with the multi-currency financing (MCF) financiers," one of the court filings read. The court documents did not name the white knight, The Edge notes. According to The Edge, several sources said the white knight is likely to be an O&G company from the Middle East. "There has been talk since last November that Sapura Energy is in discussions with two O&G companies from the Middle East to come in as a white knight," said a source. Another source pointed out that the white knight is a much needed part of the remedy for a turnaround of Sapura Energy at a time when the O&G sector is on the upswing, The Edge relays. Sapura Energy did not respond to The Edge's queries on the white knight. "If and when we have new information to share pertaining to the ongoing debt restructuring exercise, we will keep the regulators, market and media posted, subject to corporate governance requirements," The Edge quotes a Sapura Energy spokesman as saying. The Edge says the court documents were part of Sapura Energy and 22 of its subsidiaries' affidavits of support to gain new convening and restraining orders that effectively halt new, or suspend ongoing, legal actions or proceedings by their creditors. On March 15, the court granted Sapura Energy and its 22 subsidiaries fresh orders to hold court-convened meetings with creditors within three months. It also allowed a three-month restraining order on the company's creditors. The orders - effective until June 10 - will give the group more time to restructure its debt, The Edge reports. In a March 8 statement, Sapura Energy group CEO Datuk Anuar Taib said, "We acknowledge the lengthy negotiation process and would like to thank our financiers and trade creditors for their cooperation during the past year. This has been an uphill journey and we have now come to a crossroad, The Edge relays. "We need to offer a fair landing to our financiers, and at the same time ensure that our trade creditors, which include small and medium Malaysian enterprises, are not short-changed." The previous convening and restraining orders granted to Sapura Energy on March 10, 2022, were extended on June 8 last year, and expired on March 10, 2023, adds The Edge. About Sapura Energy Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is engaged in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Sapura Energy Bhd announced on May 31 that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. Sapura Energy has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50 per cent of its share capital of MYR10.9 billion. =============== M O N G O L I A =============== MANDAL DAATGAL: A.M. Best Affirms 'B' Finc'l. Strength Rating ------------------------------------------------------------- AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Mandal Daatgal JSC (Mandal) (Mongolia). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best's interactive rating process. The ratings reflect Mandal's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. Mandal's balance sheet strength is supported by its risk-adjusted capitalization, which AM Best estimated to be at the very strong level as of year-end 2022, as measured by Best's Capital Adequacy Ratio (BCAR); however, the absolute size of its capital base remains small at MNT 29.1 billion (USD 8.3 million). Mandal's operating performance has been strong and consistent, with key operating metrics generally outperforming those of its regional peers. This is attributed to the company's history of profitable underwriting and investment, as demonstrated by a five-year average combined ratio of approximately 95% and an average operating ratio of 72% (2018-2022). During fiscal year 2022, the company's combined ratio exceeded 100%, mainly due to higher personnel expenses amid high inflation, as well as a higher-than-expected number of large losses in both the motor physical damage line and the commercial property line. In response, Mandal has implemented various initiatives to stabilize and improve its prospective underwriting performance, which AM Best expects will help strengthen Mandal's underwriting and operating results. Mandal is a leading non-life insurer in Mongolia, which underwrites property and casualty insurance in both the personal and commercial segments. For fiscal year 2022, the company's gross premium written (net of premium refunds) amounted to MNT 67.7 billion, which supported its position as a leading player in the country's non-life insurance market. In AM Best's opinion, Mandal's business profile currently benefits from its strong control over its distribution, low-acquisition cost structure, and expertise in the risks that it intends to underwrite and retain in its domestic market. However, these advantages are partly offset by several risk factors, which include the company's limited scale and high business concentration risk associated with its narrow geographical focus. ========= N E P A L ========= HIMALAYAN REINSURANCE: A.M. Best Reviews 'B' Fin. Strength Rating ----------------------------------------------------------------- AM Best has placed under review with positive implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Himalayan Reinsurance Limited (Himalayan Re) (Nepal). The Credit Ratings (ratings) of Himalayan Re have been placed under review with positive implications because of AM Best's expectation that the company will complete a public listing over the near term. The under review with positive implications status reflects the anticipated improvement in the company's balance sheet strength assessment associated with successful capital raising. In addition to improved financial flexibility, shareholders' equity is expected to more than double following the successful completion of its initial public offering, in the form of an increase of NPR 3 billion in paid-up capital and additional share premium. The transaction is pending regulatory approval and is due to complete in March 2023. The ratings will remain under review until the successful completion of the initial public offering. ===================== N E W Z E A L A N D ===================== COLORFLOORING LIMITED: Creditors' Proofs of Debt Due on May 1 ------------------------------------------------------------- Creditors of Colorflooring Limited are required to file their proofs of debt May 1, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 9, 2023. The company's liquidator is: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Greenlane Auckland 1051 CPH SERVICES: Grant Bruce Reynolds Appointed as Liquidator ---------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on March 16, 2023, was appointed as liquidator of CPH Services Limited. The liquidators may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 MY TREAT: Court to Hear Wind-Up Petition on March 27 ---------------------------------------------------- A petition to wind up the operations of My Treat Limited will be heard before the High Court at Tauranga on March 27, 2023, at 10:00 a.m. Braun Bond and Lomas Limited filed the petition against the company on Dec. 23, 2022. The Petitioner's solicitor is: Kevin Ian Bond, Level 1, 127 Alexandra Street Hamilton 3204 THREE GOLD: Court to Hear Wind-Up Petition on March 24 ------------------------------------------------------ A petition to wind up the operations of Three Gold Trading Limited will be heard before the High Court at Auckland on March 24, 2023, at 10:00 a.m. Kiwi Treasure Trading Limited filed the petition against the company on Dec. 13, 2022. The Petitioner's solicitor is: Turner Hopkins 400 Lake Road Takapuna Auckland TITANIUM TRUSTEE: Receivers Appointed to Serepisos-Owned Firm ------------------------------------------------------------- Stuff.co.nz reports that receivers have been appointed to a company of former high-flying Wellington businessman Terry Serepisos, which owns property on Tory St. On March 17, Mr. Serepisos said the appointment was "mutually agreed" and he was working with the receivers and lender, Alceon Finance Pty, to find the best options for the future, Stuff relays. He said he welcomed the appointment and had a good relationship with both receivers and the lender. Mr. Serepisos is the sole shareholder and director of Titanium Trustee Management Ltd, Stuff discloses citing publicly available documents. Titanium owns the hotel units fronting Tory St in central Wellington. Mr. Serepisos said it had been empty for 10 months. "I personally think it would be leased up and sold as a hotel or serviced apartments complex," the report quotes Mr. Serepisos as saying. He had tried to sell the units individually last year but market changes put paid to that plan. Then the company tried to sell the hotel as a whole. Mr. Serepisos said there was a lot of interest but no agreement came out of it, Stuff relays. According to Stuff, a document on the Companies Office website said Alceon Finance Pty Ltd, as trustee of the Tory Street Trust, appointed receivers and managers of all the property and undertaking of Titanium Trustee Management. Alceon is an Australian based company. The appointment was made under the terms of a general security deed, according to public documents. The Companies Office website said a secured creditor can appoint a receiver to collect and sell one or more of a company's assets over which they have a financial claim, for example equipment or machinery that was offered as security against a loan. Last year, Mr. Serepisos confirmed he had bought back Distinction Wellington Century City hotel – the flagship of the high-flying property developer's portfolio before it was sold in 2011. ULTIMATE CONTRACTING: Creditors' Proofs of Debt Due on April 21 --------------------------------------------------------------- Creditors of Ultimate Contracting Limited and A J Civil Earthworks Limited are required to file their proofs of debt by April 21, 2023, to be included in the company's dividend distribution. The High Court at Auckland appointed Craig Sanson and Malcolm Hollis of PwC as liquidators on March 10, 2023. ================= S I N G A P O R E ================= CO HAI: Court to Hear Wind-Up Petition on March 31 -------------------------------------------------- A petition to wind up the operations of Co Hai Banh Mi Vietnamese Baguette NO 2 Pte Ltd will be heard before the High Court of Singapore on March 31, 2023, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on March 7, 2023. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 EFG ASSET: Commences Wind-Up Proceedings ---------------------------------------- Members of EFG Asset Management Holding (Singapore) Pte Ltd, on March 15, 2023, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Low Sok Lee Mona Teo Chai Choo c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 HWA HONG: Court Dismisses Evercore's to Wind Up Company ------------------------------------------------------- The Business Times reports that corporate financial adviser Evercore Asia (Singapore) has failed in its attempt to wind up Hwa Hong Corporation over an alleged debt of SGD8.7 million it is claiming as professional fees. It was ordered to pay SGD25,000 in legal costs to the property company for the unsuccessful liquidation bid, BT says. Justice Hoo Sheau Peng, in dismissing the winding-up application after a hearing on March 20, said that there are triable issues with respect to the debt that is being disputed by Hwa Hong, BT relates. Evercore Asia (Singapore) Pte. Ltd. filed the petition against the company on Feb. 6, 2023. PARK BENCH: Creditors' Meetings Set for March 29 ------------------------------------------------ Park Bench Delicatessen Pte Ltd, which is in provisional liquidation, will hold a meeting for its creditors on March 29, 2023, at 11:00 a.m., at 16 Collyer Quay #30-01, in Singapore and via teleconference. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims; b. to appoint Liquidators; c. to appoint a Committee of Inspection if deemed necessary; d. to resolve that the Liquidators be at liberty to open, maintain and operate any bank account or an account for monies received by him as Liquidators of the Company, with such bank as the Liquidators deem fit; e. to resolve that the Liquidators be at liberty to appoint a Solicitor to assist them in their duties, if required; and f. Any other business. The company's provisional liquidators are: Cameron Lindsay Duncan David Dong-Won Kim KordaMentha Pte Ltd 16 Collyer Quay, #30-01 Singapore 049318 SPORTS BUILDER: Creditors' Meetings Set for March 28 ---------------------------------------------------- Sports Builder Private Limited, which is in liquidation, will hold a meeting for its creditors on March 28, 2023, at 10:30 a.m., via Zoom. Agenda of the meeting includes: a. to update the creditors on the status of the liquidation of the Company; b. to approve the petitioner's costs incurred to wind up the Company; c. to approve the Liquidators' fees and disbursements; and d. discuss other business. The company's liquidators are: Gary Loh Weng Fatt Leow Quek Shiong c/o BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 T9 LOGISTICS: First Creditors' Meetings Set for April 3 ------------------------------------------------------- A first meeting of the creditors in the proceedings of T9 Logistics Management Pte Ltd will be held on April 3, 2023, at 11:00 a.m. via Zoom. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia Pte Ltd 50 Havelock Road #02-767 Singapore 160050 ===================== S O U T H K O R E A ===================== SK INNOVATION: S&P Places 'BB+' Issuer Rating on Watch Negative --------------------------------------------------------------- S&P Global Ratings placed its 'BBB-' long-term issuer credit rating and 'BB+' issue rating on SKI on CreditWatch with negative implications. Concurrently, S&P placed its 'BBB-' issuer credit rating on SK Geo Centric Co. Ltd. (SKGC) on CreditWatch Negative. S&P aims to resolve CreditWatch over the next 90 days, based on SKI management's progress on plans to reduce leverage. SKI's leverage ratios will remain elevated amid significant investments to expand production of electric vehicle (EV) batteries. The company plans Korean won (KRW) 10 trillion in capital expenditure (capex) in 2023, of which KRW7 trillion is related to expanding its EV battery production. SKI won't be able to finance these investments with just operating cash flow, and will bridge the gap with external financing. S&P said, "We estimate capex for 2024 will also stay elevated at KRW6 trillion-KRW7 trillion. As such, we project adjusted debt for the company will increase to KRW21 trillion-KRW23 trillion in 2023-2024, from KRW20 trillion in 2022, and KRW13 trillion in 2021. This will raise SKI's debt-to-EBITDA ratio to 3.9x-4.8x in 2023-2024, from 3.4x in 2022 and 3.6x in 2021. This would exceed our threshold of 4x debt leverage to maintain a 'BBB-' rating. "SKI's EV battery business reported operating losses of KRW990 billion in 2022 and KRW680 billion in 2021 because of higher costs and a slower ramp-up in production yield. We anticipate the performance of the business will improve over the next two to three years, potentially reaching break-even in 2024 or 2025. However, execution risks related to ramping up new capacity and production yield improvement are high. We note that it could take longer than we anticipate for the business to break even. "We project SKI's free operating cash flow (FOCF) will be negative in 2023-2024 because operating cash flow will not be able to cover the large capex burden. The company's EBITDA will decline to KRW4.8 trillion-KRW5.2 trillion in 2023, in our estimation, compared with KRW5.9 trillion in 2022. A lower loss in the battery business, and resilient petrochemical and lubricants earnings following China's reopening should support the company's profits to some extent." SKI's earnings were exceptionally strong in 2022 due to rising oil prices and strong spreads. That said, with oil prices declining from a high in 2022, the company could benefit from the working capital inflow, compared with sizable working capital outflow of more than KRW4 trillion in 2022 and KRW2.5 trillion in 2021, in S&P's assessment. SKI is working on several plans to reduce its debt leverage over the next 90 days. S&P awaits clarification on the Advanced Manufacturing Production Credit (AMPC) under the U.S. Inflation Reduction Act (IRA), which will be available in March-April 2023. If AMPC benefits are captured at the operating profit level, SKI estimates it could add KRW800 billion to the battery segment's operating profit. The company is also looking to raise new funds, including potential asset sales. If all these measures are executed as planned, it is more likely the company will be able to reduce leverage to slightly below 4.0x sustainably, in our assessment. S&P said, "We placed our rating on SKGC on CreditWatch with negative implications because we equalize the rating with that on its parent, SKI.SKGC is a wholly owned subsidiary of SKI, and its petrochemical plant is fully integrated into the parent's oil refinery complex in Ulsan, Korea. The rating equalization reflects our view that SKGC is a core subsidiary, given its integral role in SKI's oil and gas value chain, strong management ties, and closely aligned reputation with the parent group. Our approach also reflects our view that the trend of SKGC's overall credit metrics will largely track that of SKI, as seen in the past several years. "We also revised SKGC's stand-alone credit profile downward to 'bb+' from 'bbb-'.SKGC became more aggressive to diversify its business portfolio from commodity chemicals to specialty products and recycling. We estimate its debt-to-EBITDA ratio surged to 6x-7x in 2022 due to weak earnings and an elevated debt balance due to high capex. Although we expect operating performance to improve from last year, assuming demand from China starts to pick up from mid-2023, SKGC's debt-to-EBITDA ratio will remain at about 4x during the next one to two years." CreditWatch The CreditWatch placement with negative implications is based on the possibility of a one-notch downgrade over the next 90 days if SKI is unable to execute its plans to reduce its debt leverage in a relatively short period of time. S&P said, "We await clarity on the treatment of the AMPC, which could be as soon as this month or April. The company's non-debt financing efforts, including potential asset sales, could be another credit driver. "We placed the SKGC rating on CreditWatch to reflect our action on SKI. The rating on SKGC is tied to that on SKI, given the company's status as a core subsidiary of the parent. "We would lower the ratings on SKI if the company is unable to execute its debt reduction plans to reduce leverage to sustainably below 4.0x. "We would affirm the rating and remove it from CreditWatch with negative implications if SKI can complete a majority of its plans to raise new funds and maintain its debt leverage below 4x." SKI ESG credit indicators: E-4, S-2, G-3 Environmental factors are a negative consideration in our credit rating analysis of SKI. As a refining and petrochemical company, SKI is making efforts to reduce greenhouse gas emissions, but it will take time to get results. SKI has announced a net-zero target. The target includes reducing greenhouse gas emissions by about 25% by 2025, compared with the level in 2019. This initiative will require significant investments. Governance factors are a moderately negative consideration in S&P's analysis. In general, a meaningful legal dispute on a technology patent requires a significant sum to settle. SKGC ESG credit indicators: E-3, S-2, G-2 Environmental factors are a moderately negative consideration in S&P's credit rating analysis of SKGC. The company is materially exposed to greenhouse gas emissions and pollutants. However, it has a set of operational standards to mitigate these risks, putting its risk profile largely in line with peers'. SKGC and SKI plan to reduce greenhouse gas emission by 25% by 2025, compared with 2019 emission levels. ================= S R I L A N K A ================= SRI LANKA: IMF Approves US$2.9 Billion Bailout ---------------------------------------------- Agence France-Presse reports that Sri Lanka's president said on March 20 that the International Monetary Fund (IMF) has approved its request for a $2.9 billion bailout, raising hopes for an easing of the island nation's dire economic crisis. AFP relates that the IMF's board also confirmed it has signed off on the loan, which clears the way for the release of funds and kicks off a four-year programme designed to shore up the country's economy. But its managing director Kristalina Georgieva warned that Colombo must continue pursuing tax reform and greater social safety nets for the poor -- and rein in the corruption that has been partly blamed for the crisis. "I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda," AFP quotes President Ranil Wickremesinghe as saying in a statement. AFP notes that Sri Lanka defaulted on its foreign debt in April 2022 as the country plunged into its worst economic downturn since independence because of a major shortage of foreign currency reserves. The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest. Widespread protests over economic mismanagement, acute shortages of food, fuel and medicines, and runaway inflation forced president Gotabaya Rajapaksa to flee the country and resign in July. Rajapaksa was replaced by Wickremesinghe as president. He has implemented tough spending cuts and tax hikes in an attempt to secure the IMF assistance. According to AFP, IMF staff had provisionally approved the bailout in September, but the final green light was held up until China, the island's biggest bilateral lender, agreed to restructure its loans to Colombo. Beijing had said this year it was offering a two-year moratorium on its loans to Sri Lanka, but the concession fell short of IMF expectations for the sustainability of the island's debt. Wickremesinghe had said after China agreed to restructure its loans that he expected the first tranche of the IMF package would be made available within the month, AFP relates. Earlier on March 20, Wickremesinghe's office said he was seeking a 10-year moratorium on Sri Lanka's foreign debt as the country was out of foreign reserves to service its loans. AFP relates that officials involved in the negotiations said the terms of debt restructuring must be finalised and agreed by all parties before June, when the IMF was expected to review the bailout programme. "Sri Lanka will not be able to draw down the second tranche unless a debt restructuring plan is agreed with all creditors," said one of the officials, who asked not to be identified, AFP relays. AFP says Colombo is also banking on the IMF deal to unfreeze billions of dollars in foreign aid for projects suspended since Sri Lanka defaulted on its loans last year. The government has already doubled taxes, increased energy tariffs threefold and slashed subsidies in an effort to meet the preconditions of the IMF bailout, AFP notes. The austerity measures have also led to strikes that crippled the health and logistics sectors last week. Wickremesinghe has said he had no alternative but to go with an IMF programme. According to AFP, Ms. Georgieva said Sri Lanka must stick with its controversial tax reforms, manage government expenditure and do away with energy subsidies. In a statement, she said that "the momentum of ongoing progressive tax reforms should be maintained, and social safety nets should be strengthened and better targeted to the poor." She also urged Colombo to tackle endemic corruption, AFP relays. "A more comprehensive anti-corruption reform agenda should be guided by the ongoing IMF governance diagnostic mission that conducts an assessment of Sri Lanka's anti-corruption and governance framework," she said. Sri Lanka's economy shrank by a record 7.8% last year as it grappled with its worst foreign exchange shortage since independence from Britain in 1948. ********* 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. 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