/raid1/www/Hosts/bankrupt/TCRAP_Public/230327.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, March 27, 2023, Vol. 26, No. 62
Headlines
A U S T R A L I A
HIBURN DEMOLITION: Second Creditors' Meeting Set for March 29
INTERGEN ENERGY: Callide C Co-Owner Goes Into Administration
MENTOR EDUCATION: First Creditors' Meeting Set for March 29
MISCAMBLE COMPANY: First Creditors' Meeting Set for March 30
OPENPAY LTD: Receivers Seek Buyers for Consumer Finance Platform
RURAL INDIGENOUS: Second Creditors' Meeting Set for March 28
TRIBE BREWING: Rich Lister Among Company's Creditors Owed AUD61MM
X2166 PTY: Second Creditors' Meeting Set for March 29
C H I N A
SHANDONG AIRLINES: Air China Extends Lifeline to Carrier
I N D I A
ADARSH PROPERTY: Ind-Ra Cuts Long Term Issuer Rating to BB-
AKSHARA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating
AYUSHMAN MERCHANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
BABA AKHILA: ICRA Keeps D Debt Ratings in Not Cooperating
CHILAKALURUPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
ELURU MUNICIPAL: ICRA Keeps B+ Issuer Rating in Not Cooperating
ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
FASHION FLARE: ICRA Keeps D Debt Ratings in Not Cooperating
FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating
FUTURE RETAIL: CoC Invite New Bids, Divide Assets into 5 Clusters
GOPINATHJI AGENCIES: ICRA Keeps B+ Ratings in Not Cooperating
GOPINATHJI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
IMAGICAAWORLD ENTERTAINMENT: ICRA Keeps D Rating in Not Coop.
JANA HOLDINGS: Ind-Ra Cuts NonConvertible Debts Rating to B-
JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating
KHEDUT SOLVEXP: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
KIMAYA FASHIONS: Insolvency Resolution Process Case Summary
LAKSHMINARASIMHA WAREHOUSING: ICRA Keeps B Rating in Not Coop.
N KUMAR HOUSING: Insolvency Resolution Process Case Summary
NARASARAOPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
NAV VIDYA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
NEW CITIZEN: ICRA Keeps D Debt Ratings in Not Cooperating
PERIYAR ARGO: Liquidation Process Case Summary
RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
RAYANI SPINTEX: ICRA Keeps B Debt Ratings in Not Cooperating
SHIVAM CONTINENTAL: Insolvency Resolution Process Case Summary
SHIVASHAKTI SUGARS: Ind-Ra Affirms BB+ LongTerm Issuer Rating
SWOSTI PREMIUM: Ind-Ra Hikes Long Term Issuer Rating to BB
TADEPALLIGUDEM MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
TOSHALI CEMENTS: ICRA Lowers Rating on INR14cr LT Loan to D
VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
VENKATESWARA WAREHOUSING: ICRA Keeps B Debt Ratings in Not Coop.
VIRAAJ PROJECTS: Insolvency Resolution Process Case Summary
J A P A N
TOSHIBA CORP: Board Accepts JIP Buyout Proposal
M A L A Y S I A
1MDB: Ex-Goldman Banker Gets 10 Years, Ordered to Forfeit $35.1MM
N E W Z E A L A N D
ACCOUNTANTS ON CALL: Court to Hear Wind-Up Petition on May 12
BRIGHTSIDECO INSURANCE: A.M. Best Affirms 'B' Fin. Strength Rating
CLAN CONSTRUCTION: Creditors' Proofs of Debt Due on April 21
CLAN CONSTRUCTION: Goes Into Liquidation; Owes NZD2 Million
MJ RETAIL: Court to Hear Wind-Up Petition on April 4
NEW ZEALAND SCHOOL: Creditors' Proofs of Debt Due on April 19
PORSE FRANCHISING: Placed in Receivership
S I N G A P O R E
AXA INVESTMENT: Creditors' Proofs of Debt Due on April 25
DEVELOPMENT 83: Members' Final Meeting Set for April 24
FINLYNC PRIVATE: Court Enters Judicial Management Order
JUNTOSTARC PTE: Creditors' Meetings Set for April 5
ZIPMEX PTE: Court to Hear Scheme of Arrangement Bid on March 30
S O U T H K O R E A
DAEWOO SHIPBUILDING: China, Singapore OK Hanwha's Takeover Plan
- - - - -
=================
A U S T R A L I A
=================
HIBURN DEMOLITION: Second Creditors' Meeting Set for March 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Hiburn
Demolition Pty Limited has been set for March 29, 2023 at 2:30 p.m.
virtually via Zoom.
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 28, 2023 at 5:00 p.m.
Scott Andersen of Worrells was appointed as administrator of the
company on Feb. 21, 2023.
INTERGEN ENERGY: Callide C Co-Owner Goes Into Administration
------------------------------------------------------------
Mark Ludlow at Australian Financial Review reports that the
co-owners of the Callide C coal-fired power station in Central
Queensland have gone into voluntary administration.
AFR relates that amid ongoing uncertainty over the power station -
which has been beset by delays following an explosion at its C4
unit in May 2021 - Deloitte confirmed on March 26 it had been
appointed to Intergen Energy's companies relating to Callide C.
Intergen Energy Limited provides water treatment services. The
Company sources, conceives, develops, executes EPC contracts, and
government tenders.
MENTOR EDUCATION: First Creditors' Meeting Set for March 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Mentor
Education Pty Ltd will be held on March 29, 2023, at 10:00 a.m. via
Zoom conference.
Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of the company on March 20, 2023.
MISCAMBLE COMPANY: First Creditors' Meeting Set for March 30
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Miscamble
Company Pty Ltd will be held on March 30, 2023, at 11:00 a.m.
virtually by Microsoft Teams teleconference.
Lindsay Stephen Bainbridge and Timothy James Bradd of Pitcher
Partners were appointed as administrators of the company on March
21, 2023.
OPENPAY LTD: Receivers Seek Buyers for Consumer Finance Platform
----------------------------------------------------------------
Receivers of Openpay Pty Ltd are seeking expressions of interest
for the highly differentiated Openpay B2C 'Buy Now, Pay Later'
embedded consumer finance platform, with global application having
been operational in the United States, Australia and the United
Kingdom.
The sale process represents an opportunity to purchase the B2C
Openpay platform on an exclusive basis or non-exclusive basis.
Key investment highlights include; a loan management system, east
of access through native consumer applications and integrations, as
well as a merchant portal, all having proven transaction volume at
scale.
Openpay Pty Ltd was a fintech company that develops online payment
solutions that feature buy now, pay later services.
Barry Kogan, Jonathan Henry & Robert Smith of McGrathNicol were
appointed as receivers of Openpay Group on Feb. 4, 2023.
RURAL INDIGENOUS: Second Creditors' Meeting Set for March 28
------------------------------------------------------------
A second meeting of creditors in the proceedings of Rural
Indigenous Water Services Pty Ltd has been set for March 29, 2023
at 3:30 p.m. at the offices of Vincents - Brisbane at Level 34, 32
Turbot Street in Brisbane and via Zoom.
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 28, 2023 at 5:00 p.m.
Nick Combis of Vincents Chartered Accountants was appointed as
administrator of the company on Feb. 21, 2023.
TRIBE BREWING: Rich Lister Among Company's Creditors Owed AUD61MM
-----------------------------------------------------------------
Simon Evans at Australian Financial Review reports that creditors
of the collapsed Tribe Brewing are owed a combined AUD61 million
and include the charity foundation of Kathmandu founder Jan
Cameron, the Visy operations owned by billionaire Rich Lister
Anthony Pratt, and the Australian Taxation Office.
AFR relates that the craft brewing group went into administration
on February 28 and FTI Consulting is running a sale process for the
business which had annual revenues of about AUD40 million. It is
sifting through "multiple offers" for Tribe after a deadline closed
on March 16.
X2166 PTY: Second Creditors' Meeting Set for March 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of X2166 Pty Ltd
has been set for March 29, 2023 at 11:00 a.m. at the offices of
O'Brien Palmer at Level 9, 66 Clarence Street in Sydney 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 28, 2023 at 4:00 p.m.
Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on March 6, 2023.
=========
C H I N A
=========
SHANDONG AIRLINES: Air China Extends Lifeline to Carrier
--------------------------------------------------------
Yicai Global reports that Air China has acquired a majority stake
in Shandong Aviation Group, the parent firm of Shandong Airlines,
and is offering to buy up shares in the bankrupt carrier from other
shareholders in a bid to save it.
Air China paid CNY33 million (USD4.8 million) to hike its stake in
Shandong Aviation to 51.7 percent from 49.4 percent through the
acquisition of the 2.3 percent equity held by Shansteel Financial
Holdings Asset Management (Shenzhen) and Qingdao Qifa Commerce and
Trade, the country's flagship carrier said on March 22.
This gives it indirect ownership of an over 30 percent stake in
Jinan, eastern Shandong province-based Shandong Airlines which
meets the threshold for a tender offer.
Air China is offering to buy equity in Shandong Airlines from small
and medium shareholders at a price of HKD2.62 (USD0.33) a share, it
said, Yicai Global discloses. This is considerably less than the
firm's closing price of HKD4.73 on March 23, but the tender offer
was determined in June last year when Air China first announced
that it would bail out Shandong Airlines based on the weighted
average price of the carrier's shares in the 30 days before the
announcement was made. The bid is valid until April 21, it added.
Air China also plans to invest a further CNY6.6 billion (USD966.2
million) in Shandong Aviation to give it a 66 percent stake, the
report says. Another stakeholder, Shandong Hi-Speed, is infusing an
additional CNY3.4 billion, and will own the remaining equity
together with Shandong Finance Investment Group. After the cash
injection, Shandong Aviation's registered capital will jump to
CNY10.5 billion from CNY580 million.
Shandong Airlines accrued losses of CNY1.8 billion (USD263 million)
in 2021 and its debt-to-asset ratio reached 102.81 percent, making
the carrier technically insolvent and triggering a warning from the
stock exchange, Yicai Global discloses citing an earlier earnings
report.
Shandong Airlines, although listed on the Shenzhen stock exchange,
is traded in Hong Kong dollars which are known as B-shares. New
listings and refinancing in the B-share market ceased in 2000,
making it difficult for Shandong Airlines to raise the funds it
needs to get out of this crisis.
Shandong Airlines owns 134 Boeing 737 aircraft and operates over
290 passenger and freight routes. Apart from domestic destinations,
it also flies to South Korea, Japan, Thailand, India and Cambodia.
=========
I N D I A
=========
ADARSH PROPERTY: Ind-Ra Cuts Long Term Issuer Rating to BB-
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Adarsh Property
Developments' (APD) Long-Term Issuer Rating to 'IND BB-' from 'IND
BB+' and has simultaneously migrated it to the non-cooperating
category. The Outlook was Stable. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR290 mil. Term loan* due on January 2031 downgraded and
migrated to non-cooperating category with IND BB- (ISSUER NOT
COOPERATING) rating.
*lease rental discounting
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
Key Rating Drivers
The downgrade reflects APD's low revenue visibility following the
exit of lessee, Life Style International Private Limited during
FY23, which could lead to deterioration in the company's EBITDAR,
credit metrics and liquidity in FY23.
Ind-Ra has migrated the ratings to the non-cooperating category
because the issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency and has
not provided all the material information pertaining to new lease
agreements, business plan and projections for the next three
years.
Company Profile
APD is a part of the Adarsh Developers and is engaged in the
leasing of rental premises. Adarsh Group was established in 1988
and has completed 26 projects in Bengaluru. The group currently has
12 ongoing projects.
AKSHARA MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long term and short term rating of Akshara
Motors Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.01 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 37.00 [ICRA]A4; ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 0.30 [ICRA]A4 ISSUER NOT
Non Fund Based- COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2007, Akshara Motors Private Limited (AMPL) is
engaged in passenger car dealership for HCIL. It presently
operates three showrooms (at Kanakapura, Mekhri Circle and
Indranagar) and two workshops (at Kanakapura and Yeshwanthpur) in
Bangalore. The showroom in Indranagar, Bangalore has been set up in
leased premises while the other showrooms and the two service
outlets are owned by AMPL and its promoter Group. AMPL has been
promoted by Mr. M.P. Shyam, who had started his business with the
dealership of Kinetic Honda in 1991-92. The promoter Group
currently also holds dealerships for other passenger car OEMs,
commercial vehicles and two-wheelers through separate entities.
ANANT PROMOTERS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the short term rating for the bank facilities of
Anant Promoters and Fincon Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2011, Anant Promoters And Fincon Pvt. Ltd. has been
engaged in trading of timber logs, veneers and plywood. The
directors of the company are Mr. Rajiv Agarwal & Mr. Yash Agrawal
who have extensive experience of two decades in manufacturing
plywood, block board and trading of timber. The company is part of
the Deccan Group, which has a history of about two decades in the
plywood business. All the group companies are involved in plywood
and Veneer related business.
AYUSHMAN MERCHANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Ayushman
Merchants Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 31.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.00 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based Rating Continues to remain
Others under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
AMPL, incorporated in 2007, is involved in the trading of polymers.
The company is a DCA/CS of CSL, which is a part of the Sanmar Group
and GIL. The company deals in PET chips, PVC resin, CP and is also
into trading of calcium and mineral powder. It is managed by Mr.
Manoj Dugar, who has an experience of around 15 years in the
polymer industry.
BABA AKHILA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Baba Akhila Sai Jyothi Industries Private Limited in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 18.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 12.35 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 8.45 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in May 2005, Baba Akhila Sai Jyothi Industries Private
Limited (BASJIPL) is into manufacturing of sponge iron. The sponge
iron plant is located at village Chikka Bagnal in Koppal district
of Karnataka and the plant commenced operations from April 2009.
The installed capacity of the plant was 100TPD which was increased
to 200 TPD from April 2011. The company s
managed by Mr. V Krishna Murthy who has more than 15 years of prior
experience in the sponge iron industry.
CHILAKALURUPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
--------------------------------------------------------------
ICRA has retained the long term rating for the Issuer rating of
Chilakalurupet Municipality in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues to
remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
The CPM was upgraded to a first grade municipality in 2001 and is
governed as per the Andhra Pradesh Municipal Act, 1994. The
municipality manages the municipal services in Chilakalurupet town,
situated in the Guntur district of Andhra Pradesh and covers an
area of 18.13 square kilometre (Sq. Km.), serving a population of
101,398 (as per Census 2011). The major functions
of the CPM include water supply, solid waste management and
construction, repair and maintenance of roads and streetlights in
its area. The CPM is divided into 34 municipal wards and is
supervised by an elected body, the Council, consisting of ward
councillors, who further elect a Chairperson. The Commissioner is
appointed by the State Government and is the principal
executive officer of the municipality.
DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Datacom
Products (India) Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
'Issuer Not Cooperating'
Category
Short term– (1.25) [ICRA]D; ISSUER NOT
COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 4.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Datacom Products (India) Private Limited (DPIPL) was established in
1990 and grew over the years to become an independent system
integration company with dealership of products from companies like
Avaya India, Tadiran, Cisco, Extreme and other international
companies. It is an enterprise communication provider and solution
integrator delivering customized communication solutions for
organizations. The company has three major lines of business -
Unified Communications, Call
Centre & CRM Solutions and Customer Service.
ELURU MUNICIPAL: ICRA Keeps B+ Issuer Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long term rating for the Issuer Rating of
Eluru Municipal Corporation in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues to
remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
In the year 1866, the urban local body (ULB) in Eluru was
established as a Municipality and, subsequently, the Municipality
was upgraded to a Municipal Corporation in April 2005. The
functioning of Eluru Municipal Corporation (EMC) is governed by the
Andhra Pradesh Municipal Corporation Act, 1994 (Act), which is
administered by the Municipal Administration and Urban
Development Department (DMA), Government of Andhra Pradesh (GoAP).
EMC is primarily responsible for providing basic civic services and
amenities to the inhabitants of the city. The key services extended
by the Corporation are construction and maintenance of roads,
drains and streetlights, solid waste management, and creation and
maintenance of amenities such as shopping stalls, community hall,
playgrounds, parks/gardens etc.
ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and Short-term rating of Encarta
Pharma Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 25.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 12.50 [ICRA]D; ISSUER NOT OOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long-term/ 2.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2001, EPPL is engaged in distribution of medical
devices, implants, equipment and biotechnology products. The
company is headquartered in Bangalore and distributes medical
devices of various renowned global companies such as MedtronicInc,
Draeger Medical and Lifetech Scientific among others. Product
profile of the company consists of cardiac
stents, balloons, valves, pacemakers and oxygenators among others.
FASHION FLARE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long term and short-term rating for the bank
facilities of Fashion Flare International Private Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Continues to remain under the
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Formed in 1998, FFIPL is engaged in the manufacturing and export of
woven readymade garments (RMG) for women (western style) that
account for the most part of the production. Small portion of sales
is also for knitted RMGs. The company has been into direct exports
since commencement of operations. The company operates a unit in
Okhla which has a built-up area of 50,000 sq. ft. The manufactured
products are in the economy segment with a price range between $4-8
(average realization $6 per piece - billing rate for FFIPL). The
garments supplied by the firm are designed in-house, after getting
samples approved by customers and incorporating changes, if any.
The firm's sewing facilities are at small scale with about 200
sewing machines which and total production capacity of 8.5 lac
pieces per annum. The designing, sampling, cutting and packaging
processes are done in-house. The company purchases grey as well as
dyed/ printed fabric on a credit of up to 30 days.
FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Foods and Feeds in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 13.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/CC Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in January, 2014, Foods and Feeds (F&F) is a
partnership concern engaged in trading of wheat flour and soyabased
products like liquid lecithin, DOC (D Oil Cake) and Acid Oil. Until
FY14, the business was carried out through the proprietorship firm
in the name of Mr. Sandeep Maniyar since 2007. In Apr-14, the
assets and liabilities of the proprietorship concern was taken over
by F&F. The ownership of the firm continues to be with the Maniyar
family with Raj Maniyar and Brij Maniyar being the other two
partners, apart from the erstwhile proprietor.
FUTURE RETAIL: CoC Invite New Bids, Divide Assets into 5 Clusters
-----------------------------------------------------------------
Business Standard reports that the creditors of Future Retail Ltd
have now invited new expressions of interest where the prospective
buyers can bid for the debt-ridden firm "as a going concern or
individual cluster or a combination of clusters" of its assets as
it failed to attract a resolution plan in over four months.
Despite finalising 11 prospective bidders like Reliance and Adani
group' JV April Moon Retail, FRL against which the corporate
insolvency resolution process (CIRP) was initiated on July 20,
2022, failed to receive any bids until Feb. 20, 2023 despite two
extensions in deadline for submissions, according to the report.
Following this, lenders have decided to divide the assets into
clusters to make them more attractive to buyers, Business Standard
says.
"... the last date of receipt of resolution plans was December 15,
2022, which was subsequently extended to January 16, 2023 and
thereafter to February 20, 2023. However, no resolution plans were
received for FRL by the due date of submission of resolution plans
for the Corporate Debtor.
"Subsequent to the above, the RP, in terms of approval by the CoC,
hereby issues this invitation for expression of interest (IEOI) for
submission of EOI for Corporate Debtor as a going concern or
individual Cluster or a combination of Clusters of the assets of
FRL," it said.
According to Business Standard, the Resolution Professional (RP)
has now issued a new invitation for expression of interest (IEOI)
for FRL, where the prospective buyers can bid FRL "as a going
concern or individual Cluster or a combination of clusters" of its
assets.
Under the new IEOI, for which the last date for submission for the
eligible prospective resolution applicants (PRA) is April 7, 2023,
the Committee of Creditors (CoC) has provided two options, says
Business Standard.
In the first option, PRA could bid for the acquisition of FRL as a
whole, including its shareholding interest in its subsidiaries.
While under the second option, FRL business has been distributed in
five clusters diving business, in which PRAs can bid for "any
individual cluster or any combination of clusters".
Giving its reasons, the new IEOI said "having regard to the
complexity and scale of operations of FRL, the RP has, in
consultation with and prior approval of the CoC of FRL, categorized
the business of the Corporate Debtor in 5 clusters," Business
Standard relays.
Earlier on March 15, FRL had informed that almost one and a half
months after resigning from the suspended board of FRL, Kishore
Biyani has withdrawn his resignation, the report notes.
This came after the RP had raised objections to the contents of
Biyani's resignation letter and had requested him to recall it.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer. According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.
GOPINATHJI AGENCIES: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long term rating of Shree Gopinathji Agencies
in the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 19.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1988, Shree Gopinathji Agencies commenced
operations as an Exide battery dealer, subsequently it was
appointed as an authorized service outlet ancillary dealer of
General Motors India Private Limited (GMIPL). Later, in the year
2000 it was awarded the authorized dealership of automobiles for
GMIPL. With the closure of GMIPL operations in 2 India, the firm
commenced operations as an authorised dealer of Renault India
Private Limited (RIPL) in FY2017. However, from H2FY2018 the
company discontinued the RIPL operations with its revenues
currently being derived from lease rentals and sales of after sale
services. SGA was promoted and is currently headed by Mr. Mayur C
Gandhi, who has an extensive experience in the auto dealership
business.
GOPINATHJI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long term rating of Shree Gopinathji Cars
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.11 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 8.40 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shree Gopinathji Cars Pvt. Ltd., a private limited company,
commenced operations in October 2014. SGCPL is engaged in the sale
of passenger vehicles of Honda Cars India Limited and has an
authorised dealership in Bharuch and Baroda. It is promoted by Mr.
Mayur C Gandhi along with other directors. Mr Gandhi has extensive
experience in the auto dealership business.
IMAGICAAWORLD ENTERTAINMENT: ICRA Keeps D Rating in Not Coop.
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Imagicaaworld Entertainment Limited (erstwhile Adlabs Entertainment
Limited) at the request of the company and based on the No
Objection certificate (NOC) received from its banker. However, ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities have not been
captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1,100.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Imagicaaworld Entertainment Limited, is an entertainment
destination, which is a combination of a theme park, a water park,
a snow park and Novotel, a 5-star hotel – all under the Imagicaa
umbrella- at Khopoli, spread over an area of 110 acres. The company
has recently been acquired by Malpani Group. The project was
started in April 2011. The theme park commenced partial operations
and after a soft launch on April 18, 2013, it commenced full scale
operations from November 1, 2013. The water park was commissioned
from October 1, 2014, and the first phase of the hotel, comprising
116 rooms, commenced in September 15, 2015 and the balance rooms
got operational since September 2018 and as on date entire Hotel is
operational. The snow park started operating from April 2016.
JANA HOLDINGS: Ind-Ra Cuts NonConvertible Debts Rating to B-
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Jana Holdings Limited's (JHL) non-convertible debentures (NCDs) to
'IND B-' from IND B+ while placing it on Rating Watch with Negative
Implications as follows:
-- INR5.48 mil. (reduced from INR6.3 mil.) NCDs* downgraded;
placed on Watch with Negative Implications with IND B-/Rating
Watch with Negative Implications.
*Details in Annexure
Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of the credit profiles of JHL and its 100%
parent Jana Capital Limited (JCL, debt rated at IND B-/Rating Watch
with Negative Implications) as both the entities have a
cross-default clause with each other's indebtedness. The rating
considers the credit profile of Jana Small Finance Bank (JSFB;
42.84% stake held by JHL), using Ind-Ra's Parent-Subsidiary Linkage
criteria.
JCL, a non-deposit taking non-bank finance company-core investment
company, holds 100% stake in JHL. JHL, a subsidiary of JCL, has
limited financial strength. It is a non-operating financial holding
company of JSFB (42.88% stake held by JHL at end-December 2022) and
the value of its investments is derived solely from its
shareholding in JSFB. The value of the stake in JSFB is largely
subject to the bank's incremental performance (banking operations
commenced in March 2018).
The rated NCDs are held by Manipal Health Systems Pvt. Ltd. and TPG
Asia VI SF Pte Ltd and are junior to JHL's other issues.
The downgrade and Rating Watch with Negative Implications reflect
the consistently deteriorating financial risk profile of JCL as
well as JHL's, which is a 42.88% shareholder of JSFB (JCL holds
100% in JHL) with net losses, weak capitalization, stretched
liquidity and high refinancing risks over the near term, given the
limited financial flexibility of the company to repay its near-term
debt maturities in May 2023. A major portion of JHL's and JCL's
near-term debt maturities is held by its key shareholders. The
group is exploring refinancing to ensure the timely repayment of
the maturing NCDs. The agency also notes that minimum promoter
shareholding of 40% in the bank to be held for five years after the
commencement of operations expires at end-March 2023. The Rating
Watch will be resolved before the near-term debt maturities are due
in May 2023.
A common independent director serving on the Boards of Ind-Ra and
JCL/JHL did not participate in the meeting of their Board of
Directors or in the meeting of the rating committee, when the
securities of such rated client were being discussed.
Key Rating Drivers
High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be repaid to
the extent of the principal and the rate of return promised to the
investors. JHL has sizable repayments of INR15.3 billion due in May
2023. Ind-Ra will continue to monitor the repayment efforts taken
by the company in the near term.
Weak Standalone Financial Profile for JHL: JHL's earnings profile
remains weak with a net loss of INR2,469 million in 9MFY23 (net
loss of INR2,433.2 million in FY22). Moreover, JHL is not meeting
the minimum consolidated capital adequacy ratio (CAR) of 15% and
the standalone leverage ratio of 1.25x as per the regulatory
requirements for a non-operating financial holding company. It is
also not meeting the minimum net owned funds requirement. The
auditor's report on JHL for FY22 mentions the material uncertainty
related to a going concern, considering the accumulated losses, the
resultant erosion in the net worth and the breaches in the
regulatory financial parameters as stated above.
Liquidity Indicator for JHL - Poor: JHL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinance among other options, before the maturity date of the
respective instruments. The agency expects no/limited dividend
income from JSFB over the medium term. JHL holds a 42.88% stake in
JSFB and is in the process of listing the bank. JHL and JCL are
also in the process of getting merged for which the consent from
the 90% creditors is pending. Ind-Ra expects this merger to be
completed over the near term. Furthermore, the debt raised by both
the holding companies are in the form of zero-coupon bonds that
would have lumpy pay-outs on maturity, adding to the liquidity
demands.
Bank's Portfolio Mix in Favor of Secured Loans: JSFB is
strategically shifting towards a secured loan portfolio and the
share of secured portfolio in its portfolio increased to 55% at
end-9MFY23 from 47% at end-March 2022. JSFB has also been lowering
its group loan exposure continuously, which came down to 5% at
end-9MFY23 from around 16% at end-March 2022. Ind-Ra believes the
group loan portfolio will continue to decline with the share of
secured portfolio going up. Ind-Ra believes this will improve the
asset quality of the bank over the medium term.
Impact of COVID-19 Continues to Weigh on JSFB's Asset Quality;
Seasoning of the Secured Portfolio to be Seen: JSFB's asset quality
deteriorated to 6.4% at end-December 2022 from 5.0% at end-March
2022 largely on account of its gross non-performing assets (GNPAs)
increasing to INR10.60 billion from INR7.56 billion, with maximum
coming from unsecured individual loan (46% of GNPAs). JSFB had
written off assets worth INR5.85 billion in 2022 with most of it
coming from unsecured loans (group loan). The net non-performing
assets (NNPAs) stood at 3.2% at end-December 2022 (FYE22: 3.4%,
FYE21: 5%, FYE20: 1.4%). The provision has been increased to
INR4.78 billion in December 2022 from INR2.43 billion in March 2022
because of which JSFB's provision coverage ratio (PCR) ratio
improved to 45% in December 2022 from 32% in March 2022; however,
the ratio is still moderately low. Given the increasing proportion
of secured loans in the portfolio, the bank is likely to increase
the provision cover modestly over the medium term.
Modest Profitability Expectations, Credit Costs from Secured
Portfolio to be Seen: At end-9MFY23, the company reported
improved-but-modest profit of INR1.75 billion (FY22: INR0.05
billion, FY21: INR0.84 billion, FY20: INR0.3 billion). The bank
credit cost increased to 3.6% in 9MFY23 from 2.5% in March 2020,
mainly due to write-offs from the unsecured portfolio. The agency
believes the bank has the scale to be modestly profitable and
expects the credit costs to moderate with the rise of secured loans
in the portfolio, which could boost the profitability over the
medium term.
Capital Ratios of JSFB remain Constrained: At end-9MFY23, JSFB
reported a tier-1 capital ratio of 11.75% (FY22: 11.83%; FYE21:
11.75%) and a total capital adequacy ratio of 15.6% (15.26%;
15.51%), both lower than its peers'. Furthermore, since the bank's
provisioning levels are low and its net NPA/equity was high at 34%
at end-9MFY23 (March 2022: 42.7%), it will need to build higher
capital buffers, especially if the recovery slows. JSFB has been
supported by regular equity infusions in the past from investors
with the capital infusion from January 2022 to December 2022
standing at INR4.03 billion. The bank had also raised INR3.40
billion equity in FY20, INR10.90 billion in FY19 and INR16.40
billion in FY18 from the existing and new investors. As per the
licensing guidelines, the bank was going to list itself on the
stock exchanges (Bombay Stock Exchange/National Stock Exchange) by
March 2021. However, it has been delayed due to the pandemic and
thus is still under process.
Liquidity Indicator for JSFB – Adequate: JSFB maintained excess
statutory liquidity reserves of INR50.63 billion in FY22 and
INR50.23 billion in 9MFY23, in addition to the cash reserves that
it needs to maintain as part of the regulatory requirement. The
bank's liquidity coverage ratio stood at 450% at end-December 2022
(FYE22: 555%; FYE21: 1,199.67%). The bank also had unutilized lines
worth INR5 billion from refinancing institutions at end-December
2022.
JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR120 billion in 9MFY23 (FY22:
INR104.8 billion), and the current and savings accounts to INR31.8
billion (INR30.5 billion). The total deposits stood at INR152.26
billion at end-9MFY23, of which, more than 80% have a tenor of more
than one year. Given the substantial traction in low-cost deposits,
the cost of funds for JSFB was stable at 7.1% in 9MFY23 (FY22:
7.1%, FY20: 7.6%). The cost of funds was also supported by a
rollover of 50%-60% of its fixed deposits which was raised at high
interest rates two-to-three year earlier. Ind-Ra expects the share
of the current account saving account to decline over the medium
term with a rise in the interest rates putting some pressure on the
cost of funds.
Rating Sensitivities
The Rating Watch with Negative Implications indicates that the
ratings may either be downgraded or affirmed upon more clarity on
the repayments of the upcoming NCD maturities. The agency will
continue to monitor the developments across the arrangements for
the same.
ESG Issues
ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on JHL, due to either their
nature or the way in which they are being managed by the entity.
Company Profile
JHL is registered as a non-operating financial holding company
according to the regulatory guidelines, and is promoted by JCL, to
hold the promoter stake in JSFB.
JET AIRWAYS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Jet Airways (India) Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 4,970.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Bonds/NCD/LTD 698.90 [ICRA]D; ISSUER NOT COOPERATING;
Rating Continues to remain under
issuer not cooperating category
Long-term 700.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long-term– 645.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 3,950.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1992 as a private limited company, Jet Airways
(India) Limited commenced operations as an Air Taxi Operator in May
1993, with a fleet of four leased Boeing 737 aircraft. The company
was granted scheduled airline status in January 1995. Jet Airways
was founded by Mr. Naresh Goyal. Post infusion of Rs. 2,057.6 crore
by Etihad Airways in November 2013, Mr.
Nreash Goyal held 51% stake in the company, with 24% held by Etihad
Airways. Due to the liquidity constraints faced by the company, its
aircraft had to be grounded starting December 2019 due to
non-payment of lease rentals to the lessors. Subsequently, the
company announced temporary shutdown of its operations from April
18, 2019. Pursuant to an Order dated 20 June, 2019 of the National
Company Law Tribunal, Mumbai Bench, Corporate Insolvency Resolution
Process ("CIRP") has
been initiated for Jet Airways (India) Limited ("Company" or
"Corporate Debtor") as per the provisions of the Insolvency and
Bankruptcy Code, 2016. Mr. Ashish Chhawchharia was appointed as the
Interim Resolution Professional ("IRP") for the Company, via order
dated 20 June 2019. Upon initiation of CIRP, the powers of the
Board of Directors of the Company have been suspended and shall be
exercised by the Interim Resolution Professional. The final
resolution plan put to vote in the 17th CoC meeting held on 03rd
October 2020 and submitted by the Jalan Fritsch Consortium was
approved by CoC. The application for Plan approval was filed with
Hon'ble National Company Law Tribunal (NCLT) dated November 5, 2020
and subsequently has been approved/allowed by the Hon'ble NCLT.
Hence, the CIRP of the Company was concluded and Mr. Ashish
Chhawchharia has ceased to be the resolution professional of the
Company, effective on and from June 25, 2021. Further, as per the
terms of the approved Resolution Plan, a Monitoring Committee was
constituted to supervise the daily operations and the management of
the Company shall be carried out by the Monitoring Committee until
the closing date as defined in the Resolution Plan.
KHEDUT SOLVEXP: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Khedut Solvexp
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR680 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)/
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR70 mil. Term loan due on March 2025 migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 17, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Company Profile
KSPL, which was established in 1991, is a manufacturer, exporter,
and trader of refined oil, rapeseed oil, groundnut oil, and
groundnut cake.
KIMAYA FASHIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kimaya Fashions Private Limited
2, Asha Colony, Juhu Tara Road,
Juhu, Mumbai,
Maharashtra 400049
Insolvency Commencement Date: February 17, 2023
Estimated date of closure of
insolvency resolution process: August 21, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Sandeep D. Maheshwari
1, Shree RamLaxmi Niwas CHS,
Near Anthony Bakery,
Kolbad, Thane,
Maharashtra 400601
Email: ayunish@yahoo.com
Stress Credit Resolution Private Limited, G-7,
Satyam Shivam Sunderam CHS, Sion Circle,
Sion East, Mumbai 22
Email: kimaya.cirp@gmail.com
Last date for
submission of claims: March 8, 2023
LAKSHMINARASIMHA WAREHOUSING: ICRA Keeps B Rating in Not Coop.
--------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Lakshminarasimha Warehousing in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.15 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term 0.85 [ICRA]B (Stable); ISSUER NOT
Unallocated COOPERATING; Rating Continues
to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Lakshminarasimha warehousing a partnership concern was established
on 10th of October, 2015 and is mainly engaged in the activity of
construction of go-downs and leasing out to FCI/CCI. The firm has
availed a term loan from Corporation Bank to build and lease grain
storage godowns which is being built at Gajalpuram village,
Thripuraram Mandal of Nalgonda district. The present capacity of
the godowns being constructed the firm is 8,000 MT and is expected
to commence its operations from April, 2017.
N KUMAR HOUSING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: N Kumar Housing & Infrastructure Private Limited
1st Floor B, Poonam Chambers, Byramji Town,
Chhindwara Road, Nagpur MH 440013
Insolvency Commencement Date: February 24, 2023
Estimated date of closure of
insolvency resolution process: August 23, 2023
Court: National Company Law Tribunal, Nagpur Bench
Insolvency
Professional: Minita Dhirajlal Raja
Plot No. 138, Charukeshi Apartment, Flat No. 18,
Khare Town, Dharampeth Nagpur, 440010
Email: minita_9raja@rediffmail.com
Email: ip.nkhipl@gmail.com
Mr. Swapnil Mukund Agrawal
Ms. Pinkush Jaiswal
Mr. Prasad Kamalakar Dharap
Last date for
submission of claims: March 10, 2023
NARASARAOPET MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
------------------------------------------------------------
ICRA has retained the long-term rating for the Issuer Rating of
Narasaraopet Municipality in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues to
remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
NPM, established in 1980, is a Municipality, governed under the
Andhra Pradesh Municipal Act, (APMC Act) 1994. NPM manages the
municipal services of Narasaraopet town, which is located in the
Guntur district of Andhra Pradesh (AP). The town is one of the
major trading and business centres of the Guntur district of AP.
Narasaraopet is also the head quarter town for two other taluks,
namely, Vinukonda and Palanadu. The NPM covers an area of 7.65
square kilometre (Sq. Km.) and serves a population of 117,568 (as
per Census 2011). The major services provided by NPM include water
supply, solid waste management, repair and maintenance of roads and
street lighting in its area. The city has 34 municipal wards. The
Commissioner is the Chairman of the municipality and overseas the
functioning of the local body.
NAV VIDYA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Nav Vidya Society For Education Research & Training in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 54.35 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Nav Vidya Society for Education, Research & Training (NVS) had
entered into an agreement with GD Goenka Pvt. Ltd. for establishing
a school campus in the name of G D Goenka Public School, Gurgaon.
The society has rights to serve as exclusive franchise of GD Goenka
Public School (CBSE board) in Gurgaon. The promoter group has
significant experience in the education sector, as it already
operates the Rohini branch of GD Goenka Public School since the
year 2007, and reputed colleges in Delhi, namely Maharaja Agrasen
Institute of Technology (MAIT), Maharaja Agrasen Institute of
Management Studies (MAIM) and Maharaja Agrasen Institute of
Advanced Studies (MAIA). It has also recently started operations in
Sarita Vihar branch of GD Goenka Public school from April 2015
onwards.
NEW CITIZEN: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term rating of New Citizen Cars in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 5.00 [ICRA]D; ISSUER NOT
COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait) as
a proprietorship firm in Bangalore, New Citizen Cars is a private
pre-owned car (POC) dealer which primarily deals in high-end range
of cars. The major car brands include Ford, Honda, Hyundai, Rolls
Royce, Bentley, Land Rover, Toyota, Benz, BMW, Audi, Bugatti,
Harley Davidson, Lamborghini, Jaguar, Volkswagen, Chevrolet and
Skoda. The firm has one showroom in Banswadi, which has a capacity
of keeping ~60 cars. It has a sister concern, called Citizen Cars,
which is also a private POC dealer and operates out of a showroom
with a capacity of keeping ~110 cars in Hebbal, Bangalore.
PERIYAR ARGO: Liquidation Process Case Summary
----------------------------------------------
Debtor: M/s Periyar Agro Food Industries Pvt. Ltd
1/812, ABC Chundamala West Vengola
P O Chundamala, Perumbavoor,
Kochi Ernakulam-683556, Kerala India
Liquidation Commencement Date: February 17, 2023
Court: National Company Law Tribunal, Kochi Bench
Liquidator: Mr. Easwara Pillai Kesavan Nair
Vijayakumar & Easwaran, Chartered Accountants,
6th Floor, Amrita Trade Towers,
S.A Road, Pallimukku,
Kochi, Kerala - 682016
Email: keaswaran@gmail.com
Email: keaswaran@aaainsolvency.com
Email: periyaragro.ibc@gmail.com
Last date for
submission of claims: March 24, 2023
RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
Raichur Laboratories Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 15.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Raichur Laboratories Pvt. Ltd (RLPL) was incorporated in the year
2013 by Mr. P. Giridhar Gopal and Dr. M. Vijender for setting up a
drug intermediate and API's manufacturing unit. The manufacturing
unit of the company is located at Industrial Growth Centre in
Raichur District of Karnataka. The company has a total reactor
capacity of 75,000 KL.
RAYANI SPINTEX: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
Rayani Spintex Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 14.40 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 16.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 0.60 [ICRA]B (Stable); ISSUER NOT
Non-Fund Based- COOPERATING; Rating Continues
Others to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Rayani Spintex Private Limited (RSPL) was established by Mr. Rayani
Venkateswarlu, Mr. Borra Uma Maheshwara Rao and Mr. Unnava Subba
Rao in 2007 and is based in Guntur, Andhra Pradesh. RSPL has
commissioned the cotton spinning mill of 11,520 spindles in
November 2011 and further increased to 14,400 spindles in May 2015.
The company caters to domestic as well as international markets and
is largely into manufacturing of 32s to 40s counts of cotton yarn.
SHIVAM CONTINENTAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shivam Continental Pvt Ltd
116-117, Leather Complex, Kapurthala Road,
Jalandhar, Punjab 144001, India
Insolvency Commencement Date: February 23, 2023
Estimated date of closure of
insolvency resolution process: August 22, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Ms. Shalu Khanna
A-16/9, Vasant Vihar,
New Delhi - 110057
Email: skhanna@llca.net
Email: scpl.rp@llca.net
Last date for
submission of claims: March 9, 2023
SHIVASHAKTI SUGARS: Ind-Ra Affirms BB+ LongTerm Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shivashakti Sugars
Limited's (SSL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable. The instrument-wise rating actions are as follows:
-- INR2,300.0 bil. Fund-based limits affirmed with IND BB+/Stable
rating; and
-- INR200.0 mil. Term loan due on February 2030 affirmed with IND
BB+/Stable rating.
Key Rating Drivers
The affirmation reflects SSL's continued weak credit metrics,
resulting from the high working capital-intensive and seasonal
nature of its business. In FY22, the company's gross interest
coverage (operating EBITDAR/gross interest expense + rents) stood
at 1.53x (FY21: 1.3x) and net leverage at 8.82x (9.15x) owing to
its high debt levels of INR7,491.20 million (INR6,713.44 million).
The debt increased in FY22 due to the debt-funded capex undertaken
by the company in the preceding years, coupled with the loans
borrowed to meet the high working capital requirement. SSL is
planning to enhance its crushing capacity to 15,000 tons of cane
per day (TCD) in FY24 from 10,000TCD. The total project cost is
likely to be INR1,212.3 million, of which INR909.2 million is to be
funded by a term loan from banks/financial institutions and balance
INR303.1 million by promoter's contribution. Ind-Ra expects the
credit metrics to deteriorate marginally year-on-year in FY24,
owing to the company's upcoming capex plans.
Liquidity Indicator - Stretched: The cash and cash equivalents
stood at INR216.3 million in FY22 (FY21: INR74.17 million). The
company does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The cash flow from operations remained negative at INR611.80
million (FY21: negative INR1,088.42 million), owing to unfavorable
changes in the working capital. SSL's maximum average use of the
fund-based limits was 58% over the 12 months ended January 2023.
The company has scheduled debt repayments of INR392.96 million in
FY23 and INR259.63 million in FY24 as against net cash accruals of
INR220.30 million in FY22. The company's working capital cycle,
though improved slightly, remained elongated at 324 days in FY22
(FY21: 369 days) due to its high inventory days of 359 (419).
The ratings reflect SSL's improved revenue of INR6,005.80 million
in FY22 (FY21: INR4,002.7 million). The revenue increased owing to
an increase in sugar sales to INR4,516.1 million in FY22 (FY21:
INR2,752.4 million). Sugar accounted for 75% of the total revenue
in FY22 (FY21: 68%), followed by molasses sale at 14% (13%). SSL
commenced its crushing from 15 October 2021 and ended on March 12,
2022, with a recovery rate of 11.8%. The company achieved a revenue
of INR8,926.2 million during 10MFY23. The scale of operations is
medium. Ind-Ra expects the revenue to be higher on a yoy basis in
FY23owing to an increase in sugar sales and further in FY24 post
the planned expansion.
The ratings also reflect SSL's modest EBITDA margins, owing to the
regulated nature of the sugar industry. The margin fell to 13.74%
in FY22 (FY21: 18.13%), due to the absence of export and buffer
stock subsidies and an increase in the purchase cost and the volume
of sugarcane availability. Though the EBITDA margins declined in
FY22, the absolute EBITDA improved to INR825.0 million (FY21:
INR725.68 million), owing to an increase in the revenue and is
likely to sustain at same levels in FY23 and FY24. The return on
capital employed was 8.1% in FY22 (FY21: 7.8%). The company
achieved an EBITDA of INR1,075.3 million and an EBITDA margin of
12.05% during 10MFY23.
The ratings remain supported by the promoters' experience of more
than two decades in the sugar industry.
Rating Sensitivities
Positive: The sustainability of the revenue and profitability, the
interest coverage increasing above 2x, and an improvement in the
overall liquidity position, all on a sustained basis, could lead to
a positive rating action.
Negative: Any significant decline in the revenue or profitability,
leading to a further stretch in the liquidity position or any
deterioration in the credit metrics or an inability to tie-up
sanction for upcoming capex, could result in a negative rating
action.
Company Profile
SSL was incorporated in 1995 by Dr. Prabhakar B Kore, who has more
than two decades of experience in the sugar industry. The company
has a sugar unit with a crushing capacity of 10,000TCD and a 37MW
cogeneration plant.
SWOSTI PREMIUM: Ind-Ra Hikes Long Term Issuer Rating to BB
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Swosti Premium
Ltd.'s Long-Term Issuer Rating to 'IND BB' from IND BB-'. The
Outlook is Positive.
The instrument-wise rating actions are:
-- INR10 mil. Fund-based facilities upgraded with IND BB/Stable
rating; and
-- INR2,017.98 bil. Term loan due on December 2037 upgraded with
IND BB/Stable rating.
The upgrade reflects the improvement in SPL's revenue,
profitability and credit metrics in FY22. The Positive Outlook
reflects Ind-Ra's expectation of an improvement in the company's
revenue and profitability post the likely completion of the
construction of its new beach resort in FY24.
Key Rating Drivers
SPL's revenue rose significantly to INR347.3 million in FY22 (FY21:
INR150.67 million), led by an increase in the average occupancy
levels of the hotel business to 39% (19.62%), resulting from an
improvement in tourism demand post covid. The scale of operations
remained small. SPL booked revenue of INR441 million in 9MFY23
itself, with an average occupancy of 53%. Ind-Ra expects the
revenue to improve further during FY23-FY24 due to the ongoing
recovery in the tourism industry.
SIPL's credit metrics improved in FY22 due to an improvement in the
absolute EBITDA to INR132.30 million (FY21: INR29 million). The
interest coverage (operating EBITDA/gross interest expenses) was
3.2x in FY22 (FY21: 0.85x) and the net leverage (adjusted net
debt/operating EBITDAR) was 5.14x (19.17x). In FY23, Ind-Ra expects
the credit metrics to deteriorate marginally, as the company has
taken bank loans of INR120 million to fund its capex to construct a
new 125-room beach resort.
SPIL has launched a project to build a five-star category beach
resort hotel at Puri, Odisha, on a total area of 8,170 square
meters (about 2.02 acres). The total cost of the project is
INR1,650 million, of which INR1,180 million would be funded through
bank loans and the remaining through promoter funds and internal
accruals. During 11MFY23, the company incurred expenditure of
INR320 million on the project, with the total capex likely to touch
INR370 million by the end of the year.
SPL's EBITDA margins remained modest but rose to 38.09% in FY22
(FY21: 19.25%) due to better absorption of fixed costs, supported
by revenue growth. The ROCE was 3.1% in FY22 (FY21: negative ROCE).
In FY23, the EBITDA margins are likely to remain at similar
levels.
Liquidity Indicator – Stretched: SPL's average maximum
utilization of the fund-based limits was 32.83% during the 12
months ended December 2022. The net working capital cycle shortened
to 232 days in FY22 (FY20: 296 days) as a result of a decrease in
inventory holding period to 223 days (FY21: 384 days; FY20: 78
days). The cash flow from operations turned positive at INR100.2
million in FY22 (FY21: negative INR36.28 million) due to an
improvement in the fund flow from operations to INR98.5 million
(INR2.35 million). The company has scheduled debt repayment
obligations of INR79.3 million in FY23 and INR139.2 million in FY24
The cash and cash equivalents stood at INR200.6 million at FYE22
(FYE21: INR167.49 million). SPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.
The ratings are supported by the promoters' experience of nearly
three decades in the hotel and tourism industry.
Rating Sensitivities
Negative: Cost and/or time overruns of the beach resort project or
higher-than-expected debt funded capex plan or weaker-than-expected
operating performance at the current operational hotel, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position, affecting the debt servicing ability of the
company, could lead to a negative rating action.
Positive: Better-than-expected credit profile and an improvement in
the liquidity profile, all on a sustained basis, could lead to a
positive rating action.
Company Profile
SPL was incorporated as a public limited company in 1997 and
commenced operations in 2000. The company operates a five-star
hotel named Swosti Premium, which has with 147 rooms, in
Bhubaneswar. It also operates a resort by the name of Swosti
Chilika Resort by the Chilika lake in Odisha. SPL is also venturing
into a new project to build a five-star rated beach resort at Mauja
Sipasurubuli, Puri, with a total capacity of 125 guest rooms and
other leisure facilities. The project will consist of 116 luxury
suites, five premium executive rooms and three presidential suites,
lobby and lounge, restaurant, bar, coffee shop, banquet halls and
conference halls, three lawns designed for large gatherings, health
club/spa, shops, and a rooftop swimming pool.
TADEPALLIGUDEM MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
--------------------------------------------------------------
ICRA has retained the long term rating for the Issuer Rating of
Tadepalligudem Municipality in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues to
remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Tadepalligudem Municipality was established in the year 1958. The
functioning of the municipality is governed by the Andhra Pradesh
Municipalities Act, 1965, which is administered by the Municipal
Administration and Urban Development Department (DMA), Government
of Andhra Pradesh (GoAP). TPM was upgraded to a selection grade
municipality in 2010. TPM is primarily responsible for providing
basic civic services and amenities to the inhabitants of the
Tadepalligudem Town. The key services
extended by the Corporation are construction and maintenance of
roads, drains and streetlights, solid waste management, and
creation and maintenance of amenities such as shopping stalls,
community hall, playgrounds, parks/gardens etc.
TOSHALI CEMENTS: ICRA Lowers Rating on INR14cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Toshali
Cements Private Limited (TCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based/ Rating downgraded from
CC [ICRA]B (Stable)
Long-term– 1.10 [ICRA]D; ISSUER NOT
COOPERATING;
Non Fund based Rating downgraded from
Term Loan [ICRA]B (Stable) and continues
to remain under
Long Term/ 14.90 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Unallocated from [ICRA]B (Stable)/[ICRA]A4
Rationale
The downgrade of ratings for TCPL's considers the delays in debt
servicing in the recent past, driven by continued pressure on its
profitability amid elevated input prices, thereby impacting the
liquidity position. ICRA has been receiving the No Default
Statement (NDS) from TCPL regularly in the prior months, which did
not suggest irregularity in debt servicing. However, the latest
information suggests instances of delays in debt servicing by TCPL,
as confirmed by the lender. Further, the rating continues to remain
constrained by the company's weak financial profile as reflected by
its modest scale of operations and continued operating losses owing
to the high cost of production, moderate capacity utilisation and
high regional concentration with a major portion of its sales
restricted to Odisha, Andhra Pradesh (AP) and the cyclical nature
of the cement industry, which leads to variability in profitability
and cash flows. ICRA notes the proximity of TCPL's plant (Ampavalli
clinker unit) to rich limestone reserves, raw materials such as
slag and gypsum, along with established linkages with suppliers.
Key rating drivers and their description
Credit strengths
* Location-specific advantage with proximity of the plant to key
raw materials: TCPL has a 1,000-TPD clinker production unit and a
700-TPD cement grinding unit at Ampavalli, Odisha and a 1,200-TPD
cement grinding unit at Choudwar, Odisha. While the company does
not have captive limestone mines, the clinker unit located in
Ampavalli is well connected to sources of raw materials, along with
established linkages with suppliers.
Credit challenges
* Recent instances of delays in debt servicing: The company
reported delays in servicing of its debt obligations in the recent
past due to weakening of the liquidity position, considering the
continued pressure on its profitability amid rising input costs.
TCPL's scale of operations remained moderate with a turnover of
around INR131.78 crore in FY2022, limiting the economies of scale.
It reported operating losses in FY2022 owing to the high cost of
production and moderate capacity utilisation. The coverage
indicators remained weak and it is likely to remain weak in FY2023,
given the operating losses and high debt levels.
* High geographical concentration: The company's operations remain
exposed to high geographical concentration with a major portion of
cement sales confined to Odisha and Andhra Pradesh. In FY2022, 35%
of the sales has been to AP, 29% to Odisha and the rest 36% to
other states.
* Vulnerability of revenues to cyclicality in economy and stiff
competition; susceptibility of profitability to fluctuations in
input prices: The cement industry in India is a fragmented one with
a combination of large and small cement plants. TCPL faces intense
competition from the established large players, apart from various
regional players, which limits its pricing ability. It remains
exposed to demand and pricing dynamics in the cement industry,
which are influenced by cyclical economic trends and capacity
additions by the players during such periods. TCPL's operating
profitability is susceptible to fluctuations in input prices. The
profitability is likely to remain under pressure in the near term,
given the elevated prices of coal and pet coke.
Liquidity position: Poor
TCPL's liquidity is poor on account of worsening cost structure.
The company is delaying in meeting its repayment obligations.
Rating sensitivities
Positive factors – The ratings could be upgraded if the debt
servicing is regularised, for a sustained period, as per ICRA's
policy.
Negative factors – Not applicable.
Toshali Cements Private Ltd (TCPL) was incorporated in 2002 and is
involved in manufacturing and sale of Portland Pozzolana Cement
(PPC), Ordinary Portland Cement (OPC-53 grade), Portland Slag
Cement (PSC), Ground Granulated Blast Furnace Slag (GGBS) and other
construction materials for binding such as 'nanofine' cement
additive. The company has a clinker production capacity of
1,000-tonnes per day (TPD) and a 700-TPD cement production
(grinding unit) capacity at its Ampavalli plant in Odisha. It has a
1,200-TPD grinding unit at Choudwar, Odisha. Overall, it has a
clinker production capacity of 1,000 TPD (around 0.33 mn MTPA) and
a cement production capacity of 1,900 TPD (0.63 mn MTPA). TCPL
sells its cement under the Gajapati brand name.
VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long term rating for the bank facilities of
Sri Venkateswara Rice Mill in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.25 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.08 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 0.67 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sri Venkateswara Rice Mill is a partnership firm established in
1999 and is involved in the milling of paddy for Production of
non-basmati rice products (raw rice and boiled rice). The milling
unit is located in East Godavari district, Andhra Pradesh with an
installed capacity of 8TPH.
VENKATESWARA WAREHOUSING: ICRA Keeps B Debt Ratings in Not Coop.
----------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
Sri Venkateswara Warehousing in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.73 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.27 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Sri Venkateswara Warehousing a partnership concern was established
on October 10, 2015 and is mainly engaged in the activity of
construction of go-downs and leasing out to FCI/CCI. The firm has
availed a term loan from Corporation Bank to build and lease grain
storage godowns which is being built at Gajalpuram village,
Thripuraram Mandal of Nalgonda district. The present capacity of
the godowns being constructed by the firm is 24,000 MT.
VIRAAJ PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Viraaj Projects (India) Private Limited
211, Nilanjali Society, Bhushan Aprts
Kalyani Nagar Pune
Pure MH 411014 India
Insolvency Commencement Date: February 23, 2023
Estimated date of closure of
insolvency resolution process: August 22, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Anil Jhendra Jhumkhawala
B, 402, Saraswati Towers,
Parsi Panchayet Road,
Opp Sona Udyog, Andheri East,
Mumbai Suburban, Maharashtra, 400069
Email: anil.jhumkhawala@gmail.com
1221, Maker Chamber V,
Nariman Point Mumbai - 400 021
Email: ip.viraaprojectsindia@gmail.com
Last date for
submission of claims: March 9, 2023
=========
J A P A N
=========
TOSHIBA CORP: Board Accepts JIP Buyout Proposal
-----------------------------------------------
The Japan Times reports that Toshiba Corp. has agreed to accept a
buyout offer on March 23 from a Japanese consortium led by the
investment fund Japan Industrial Partners (JIP), shedding light on
a possible exit from its trouble-prone path over the past several
years.
According to the Japan Times, multiple local media outlets reported
that Toshiba held its board of directors meeting on the same day
and made the decision with the buyout price projected to be around
JPY2 trillion.
It is expected to be funded by other Japanese firms such as Orix
and Chubu Electric, while some banks including Sumitomo Mitsui
Banking will be offering loans.
The Japan Times says JIP will likely buy shares from other
shareholders through its takeover bid and take Toshiba private in
an apparent effort to speed up the decision-making process focused
on rebuilding the struggling firm.
But whether Toshiba's foreign activist investors will go along with
the takeover bid remains unclear. In 2017, Toshiba raised JPY600
billion through overseas investors to improve its finance and avoid
being delisted.
Last April, Toshiba began accepting bids and proposals for
restructuring from investors and sponsors, the report recalls.
Toshiba reportedly selected four bidders in July - the consortium
led by JIP as well as private equity firms Bain Capital, CVC
Capital Partners and Brookfield Asset Management.
The firm apparently gave a preferential negotiation right to JIP,
which submitted a restructuring proposal last November. Toshiba
confirmed last month that it was assessing a buyout proposal by
JIP.
During a news conference to disclose its earnings report last
month, Toshiba Vice President and CFO Masayoshi Hirata said it was
unlikely that any buyout would happen by the end of March, saying
the process would take more time.
The Tokyo-based industrial conglomerate has faced a series of
problems and scandals over the past several years, including the
2015 case of accounting malpractice, the bankruptcy of troubled
U.S. nuclear unit Westinghouse and reports of weak corporate
governance, according to the report.
Toshiba's reputation was further damaged in 2021 after it was found
to have colluded with the government to influence foreign
investors' voting behavior at an annual shareholders meeting.
In the wake of these issues, Toshiba was forced to sell off and
withdraw from a number of businesses - including memory chips,
overseas nuclear construction and medical equipment - in order to
keep itself afloat.
Compared with their peak of over JPY7.6 trillion recorded in fiscal
2007, Toshiba sales had shrunk to less than half of that figure by
fiscal 2021.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
===============
M A L A Y S I A
===============
1MDB: Ex-Goldman Banker Gets 10 Years, Ordered to Forfeit $35.1MM
-----------------------------------------------------------------
Reuters reports that a U.S. judge on March 24 ordered former
Goldman Sachs Group Inc. banker Roger Ng to forfeit $35.1 million,
after sentencing him to 10 years in prison for helping loot
billions of dollars from Malaysia's 1MDB sovereign wealth fund.
According to Reuters, U.S. District Judge Margo Brodie in Brooklyn
rejected Mr. Ng's argument that he owned no more money after
forfeiting to Malaysia tens of millions of dollars of alleged
proceeds from his crimes.
Reuters relates that Mr. Ng's lawyer Marc Agnifilo also said his
client, a Malaysian national and Goldman's former head of
investment banking in Malaysia, had been drained of most of his
assets.
Brodie, however, said the $35.1 million forfeiture was not
constitutionally excessive.
She also said that even if Mr. Ng were less culpable than others,
"he played a role in one of the largest financial crimes of all
time," a scheme that caused "intangible harm to the public's
confidence in democracy and government," Reuters relays.
Reuters says Brodie imposed Ng's prison sentence on March 9, 11
months after jurors found him guilty of helping his former boss Tim
Leissner embezzle money from 1MDB, launder the proceeds, and bribe
government officials to win business.
Jho Low, a Malaysian financier and suspected mastermind of the
scheme, was also indicted but remains at large, the report notes.
Mr. Leissner faces a Sept. 6 sentencing. Goldman settled with
authorities in October 2020, agreeing to pay $2.9 billion and
having its Malaysian unit plead guilty to a corruption charge.
Former Malaysian Prime Minister Najib Razak is serving a 12-year
prison sentence after being convicted in a Malaysian court of
receiving $10 million from a former 1MDB unit. Najib has
consistently denied wrongdoing.
=====================
N E W Z E A L A N D
=====================
ACCOUNTANTS ON CALL: Court to Hear Wind-Up Petition on May 12
-------------------------------------------------------------
A petition to wind up the operations of Accountants On Call Limited
will be heard before the High Court at Auckland on May 12, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 1, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
BRIGHTSIDECO INSURANCE: A.M. Best Affirms 'B' Fin. Strength Rating
------------------------------------------------------------------
AM Best has removed from under review with negative implications
and downgraded the Long-Term Issuer Credit Rating to "bb" (Fair)
from "bb+" (Fair) and affirmed the Financial Strength Rating (FSR)
of B (Fair) of Brightsideco Insurance Limited (Brightsideco) (New
Zealand). The outlook assigned to 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 following exemption by the Reserve Bank
of New Zealand from the requirement to have an FSR.
These rating actions are the result of Brightsideco being placed
into run-off following the cancellation of its arrangement with the
New Zealand operations of Harvey Norman Holdings Limited, a large
electrical goods retailer based in Australia, to distribute
extended warranty insurance products. As a result, Brightsideco
lacks a competitive position or the ability to alter or re-price
its book of business, and, in AM Best's view, has a weaker business
profile.
The ratings reflect Brightsideco's balance sheet strength, which AM
Best assesses as adequate, as well as its marginal operating
performance, very limited business profile and appropriate
enterprise risk management.
Brightsideco's balance sheet strength is underpinned by its
risk-adjusted capitalization, which AM Best expects to remain at
the strongest level over the medium term, as measured by Best's
Capital Adequacy Ratio (BCAR). As insurance liabilities run off,
risk-adjusted capitalization is expected to improve further;
insurance risk is projected to reduce faster than the company's
capital base. Other balance sheet considerations include the
company's very small absolute capital base, which increases its
sensitivity to weaker-than-anticipated performance. Furthermore,
the balance sheet strength assessment factors a negative holding
company impact arising from Brightsideco's ultimate parent, ICF
Holdings Pty Ltd, following an assessment of consolidated
risk-adjusted capitalization.
Brightsideco's insurance liabilities are expected to run off until
2029. Over the medium term, the company is expected to report small
losses as the underwriting margin and investment returns are
insufficient to cover its fixed-cost base. Profitability is
supported by remediation measures undertaken five years ago, which
are now improving the loss ratio of the insurance book of business
and reducing uncertainty around projections.
AM Best views Brightsideco's business profile as very limited,
reflecting the company's run-off status, small operational size,
niche business portfolio and lack of geographic diversification.
The company also is exposed to high concentration risk, as almost
all of its policies were distributed through a large electrical
goods retailer in New Zealand.
CLAN CONSTRUCTION: Creditors' Proofs of Debt Due on April 21
------------------------------------------------------------
Creditors of Clan Construction Limited are required to file their
proofs of debt by April 21, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 7, 2023.
The company's liquidators are:
Trevor Edwin Laing
Emma Margaret Laing
Laing Insolvency Specialists Limited
PO Box 2468
Dunedin 9044
CLAN CONSTRUCTION: Goes Into Liquidation; Owes NZD2 Million
-----------------------------------------------------------
Daisy Hudson at Otago Daily Times reports that Clan Construction
Ltd has collapsed, owing more than NZD2 million and leaving eight
projects in limbo.
It comes as rising interest rates and falling house prices put
pressure on the building sector.
The Dunedin construction company went into liquidation on March 7,
and liquidators Trevor and Emma Laing have been appointed, ODT
discloses.
Material price increases and supply issues, Covid-19, a lack of
profit on contracts, and franchise fee commitments were all listed
as reasons for the company's failure, ODT says citing the first
liquidators' report.
It stated an estimated NZD1.29 million is owed in secured debt,
while an estimated NZD893,833.26 is owed to 40 unsecured creditors
and a further NZD50,000 is owed in preferential employee
entitlements, ODT relays.
The company has two directors, former Otago rugby player Brett
McCormack, who also holds 40% of the company's shares, and
businesswoman Michelle Macmillan, who holds 60% of the shares.
Ms. Macmillan was also a former shareholder of the former All
Blacks coach Laurie Mains-owned Clan Construction Commercial.
That company was placed into liquidation in 2017.
Clan Construction Ltd was incorporated in January 2005 and
undertook mainly residential new builds, initially under a
franchise arrangement with GJ Gardner Homes but more recently,
independently.
There were eight building contracts at various stages that were
left uncompleted due to the liquidation.
"The liquidators have been liaising with the various parties
involved with unfinished contracts with a view to putting
arrangements in place that will allow these contracts to be
completed," the report, as cited by ODT, stated.
MJ RETAIL: Court to Hear Wind-Up Petition on April 4
----------------------------------------------------
A petition to wind up the operations of MJ Retail Services Limited
will be heard before the High Court at Auckland on April 4, 2023,
at 10:45 a.m.
Food Brands Group Limited filed the petition against the company on
Jan. 19, 2023.
The Petitioner's solicitor is:
Bharat C. Bhanabhai
Level 2, 38 Whitaker Place
Auckland
NEW ZEALAND SCHOOL: Creditors' Proofs of Debt Due on April 19
-------------------------------------------------------------
Creditors of New Zealand School of Art and Fashion Limited are
required to file their proofs of debt by April 19, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 20, 2023.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
PORSE FRANCHISING: Placed in Receivership
-----------------------------------------
Brent Kijurina of Hall Chadwick on March 16, 2022, was appointed as
liquidators of Porse Franchising (NZ) Limited and The Rainbow
Corner Educational Trust Red Beach Limited.
The receiver may be reached at:
Chall Chadwick
Floor 26
188 Quay Street
Auckland 1010
=================
S I N G A P O R E
=================
AXA INVESTMENT: Creditors' Proofs of Debt Due on April 25
---------------------------------------------------------
Creditors of Axa Investment Managers Asia Holdings Private Limited
are required to file their proofs of debt by April 25, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on March 17, 2023.
The company's liquidators are:
Ong Kok Yeong David
c/o Tricor Singapore Pte. Ltd.
80 Robinson Road #02-00
Singapore 068898
DEVELOPMENT 83: Members' Final Meeting Set for April 24
-------------------------------------------------------
Members of Development 83 Pte Ltd. will hold their final general
meeting on April 24, 2023, at 11:30 a.m., at 11 Sam Leong Road,
#03-06 TRIO, in Singapore.
At the meeting, Tan Chin Ren, the company's liquidators, will give
a report on the company's wind-up proceedings and property
disposal.
FINLYNC PRIVATE: Court Enters Judicial Management Order
-------------------------------------------------------
The High Court of Singapore entered an order on March 15, 2023, to
place Finlync Private Limited under judicial management.
The company's Judicial Managers are Luke Anthony Furler and Ellyn
Tan Huixian of Quantuma (Singapore).
JUNTOSTARC PTE: Creditors' Meetings Set for April 5
---------------------------------------------------
Juntostarc Pte Ltd, which is in provisional liquidation, will hold
a meeting for its creditors on April 5, 2023, at 11:00 a.m., via
electronic means.
Agenda of the meeting includes:
a. to present a Statement of the Company’s affairs showing in
respect of assets the method and manner in which the
valuation of the assets was arrived at, together with a list
of the creditors and the estimated amount of the claims.
b. to consider the nomination of the Liquidators for the
Company and on the appointment of Mr Saw Meng Tee and Ms Lim
Bee Lian as the Liquidators of the Company pursuant to
Section 167(1) of the Insolvency, Restructuring and
Dissolution Act 2018 (Act 40 of 2018).
c. to consider the appointment of a Committee of Inspection
pursuant to Section 169(1) of the Insolvency, Restructuring
and Dissolution Act 2018 (Act 40 of 2018).
d. to consider any other matter which may properly be brought
before the meeting.
ZIPMEX PTE: Court to Hear Scheme of Arrangement Bid on March 30
---------------------------------------------------------------
An application for the approval of a Scheme of Arrangement dated
Feb. 6, 2023, proposed between Zipmex Pte Ltd, Zipmex Asia Pte Ltd,
and Zipmex Australia Pty Ltd and their Scheme Creditors will be
heard before the General Division of the High Court of the Republic
of Singapore on March 30, 2023, at 10:00 a.m.
The petition was filed on March 17, 2023.
The Petitioner's solicitor is:
Morgan Lewis Stamford LLC
10 Collyer Quay
#27-00 Ocean Financial Centre
Singapore 049315
=====================
S O U T H K O R E A
=====================
DAEWOO SHIPBUILDING: China, Singapore OK Hanwha's Takeover Plan
---------------------------------------------------------------
Yonhap News Agency reports that Hanwha Group has obtained approval
from China and Singapore for its plan to take over Daewoo
Shipbuilding & Marine Engineering Co. (DSME), company officials
said on March 22, leaving only South Korea and the European Union
pending decisions on the acquisition.
The latest approvals came after Vietnam gave its approval a day
earlier, the report says.
According to Yonhap, Hanwha announced the deal to buy the embattled
South Korean shipbuilder in September last year. Turkey was the
first to approve the plan, followed by Britain and Japan.
The EU is expected to deliver the result of its review on April 18,
according to industry sources.
South Korea's Fair Trade Commission (FTC) has not given a clear
position or timeline for its decision, Yonhap notes.
Yonhap relates that the FTC began to review the takeover plan on
Dec. 19 last year. Deliberation on such matters in South Korea
usually takes about a month, and it can be extended up to 120
days.
Hanwha signed an initial agreement with DSME for the acquisition
through a 2 trillion-won (US$1.53 billion) rights offering.
A formal agreement was clinched in December, under which Hanwha
Aerospace and five other Hanwha affiliates will acquire a 49.3%
stake and managerial control in DSME, Yonhap notes.
About Daewoo Shipbuilding
Headquartered in Seoul, South Korea, Daewoo Shipbuilding & Marine
Engineering Co. -- http://www.dsme.co.kr/-- is engaged in building
ships and offshore structures. Its product portfolio includes
commercial ships, such as liquefied natural gas (LNG) carriers, oil
tankers, containerships, liquefied petroleum gas (LPG) carriers,
pure car carriers; offshore structures, such as FPSO vessels,
drilling rigs, drillships and fixed platforms, and naval vessels,
including submarines, destroyers, rescue ships and patrol boats.
The state-backed Korea Development Bank first bailed out the
shipbuilder in 2000, after the larger Daewoo Group collapsed in the
wake of the Asian financial crisis, according Nikkei Asia. Since
then, over KRW7 trillion ($5.2 billion at current rates) of state
aid has been injected into Daewoo. KDB now holds a 55.7% stake in
the company.
The Nikkei related that KDB for years has sought a domestic buyer
for the embattled shipbuilder, with every attempt thwarted by
market downturns and antitrust concerns. The latest deal, reached
in March 2019 with Hyundai Heavy, was blocked by the European Union
in January 2022 on the grounds that the combined company would
control too much of the market for liquefied natural gas carriers.
Daewoo's finances have worsened in the meantime, the Nikkei said.
The company booked a KRW99.5 billion operating loss for the
April-June quarter. Its capital ratio, an indicator for financial
soundness, plunged to 13% as of the end of June from 37% at the end
of 2020. The company has struggled to pay for some materials,
stoking concerns over its ability to remain in business.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***