/raid1/www/Hosts/bankrupt/TCRAP_Public/230330.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, March 30, 2023, Vol. 26, No. 65
Headlines
A U S T R A L I A
ALLEGIANCE COAL: Wins Cash Collateral Access Thru April 14
ALT FINANCIAL: Fined for Failing to Lodge Financial Reports
CENTRE FOR INDIGENOUS: Second Creditors' Meeting Set for April 3
EDEN AND BELL: Goes Into Voluntary Liquidation; Axes All Jobs
EEC PTY: First Creditors' Meeting Set for April 4
HEXHAM STEIGER: Second Creditors' Meeting Set for April 4
INFRABUILD AUSTRALIA: Fitch Affirms LongTerm IDR at B-, Outlook Neg
MAKERSPACE & COMPANY: Second Creditors' Meeting Set for April 4
NEWAY HOLDINGS: Second Creditors' Meeting Set for April 3
NICKEL INDUSTRIES: Fitch Alters Outlook on 'B+' IDR to Stable
PIALLIGO ESTATE: Iconic Restaurant and Wedding Venue Closes
C H I N A
MASS AVE: Liquidates China and Asia-Focused Funds
SUNAC CHINA: Sweetens Restructuring Offer for US$9.1-BB Debt
[*] China Spent US$240-BB Bailing Out 'Belt and Road' Countries
I N D I A
ALECTRONA ENERGY: Liquidation Process Case Summary
ALPINE POLY: ICRA Keeps B+ Debt Ratings in Not Cooperating
ANABATIC TECHNOLOGIES: Voluntary Liquidation Process Case Summary
ANIIRUDH CIVIL: Insolvency Resolution Process Case Summary
AQUA DEVELOPERS: ICRA Keeps B+ Rating in Not Cooperating Category
ARDEE INFRASTRUCTURE: Insolvency Resolution Process Case Summary
ASHOKA DISTILLERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
ATLAS CYCLES: ICRA Keeps D Debt Ratings in Not Cooperating
BANSAL DIAMONDS: Liquidation Process Case Summary
DEEGEE ORCHARDS: Insolvency Resolution Process Case Summary
DREAMZ INFRA: Insolvency Resolution Process Case Summary
ECI INFRA: Liquidation Process Case Summary
FAIRDEAL MULTIFILAMENT: Insolvency Resolution Process Case Summary
FUTURE ENTERPRISES: Insolvency Resolution Process Case Summary
GEETA REFINERY: Insolvency Resolution Process Case Summary
GOYAL MOTOCORP: ICRA Keeps B Debt Ratings in Not Cooperating
GREENWORLD INT'L: Liquidation Process Case Summary
H R BUILDERS: ICRA Keeps B+ Rating in Not Cooperating Category
HEATH VIEW: ICRA Withdraws B Rating on INR3cr Cash Credit
HYBRO FOODS :Insolvency Resolution Process Case Summary
INDOUNIQUE FLAME: Insolvency Resolution Process Case Summary
JANA CAPITAL: Ind-Ra Cuts NonConvertible Debts Rating to B-
JOY HOMECREATION: Insolvency Resolution Process Case Summary
MAGIC HOSPITALITIES: Voluntary Liquidation Process Case Summary
MAHALAXMI AGRO: Liquidation Process Case Summary
MAXWORTH PLYWOODS: ICRA Keeps D Debt Ratings in Not Cooperating
MERCATOR LIMITED: Liquidation Process Case Summary
N.K TRADING: ICRA Keeps B+ Ratings in Not Cooperating Category
NIROZ INSULATIONS : Insolvency Resolution Process Case Summary
ONGOLE MUNICIPAL: ICRA Keeps B+ Issuer Rating in Not Cooperating
PARAG AGRO: Ind-Ra Assigns BB+ Long Term Issuer Rating
PICCADILY HOLIDAY: ICRA Keeps B+ Debt Rating in Not Cooperating
PILOT 2: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
PROMETRIK ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
RAM PROTEINS: ICRA Lowers Rating on INR31cr LT Loan to D
RANA HEAVY: Insolvency Resolution Process Case Summary
SABARI KRISHNA: ICRA Keeps B Debt Ratings in Not Cooperating
SAFEFLEX INTERNATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
SAGAR E-SHOP: Insolvency Resolution Process Case Summary
SAI MAATARINI: Ind-Ra Moves D Term Loan Rating to Non-Cooperating
SANVI MILK: Liquidation Process Case Summary
SERVOCONTROLS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHEKAR LOGISTICS: ICRA Keeps D Ratings in Not Cooperating
SIDDHBALI STEEL: Insolvency Resolution Process Case Summary
SRINIVASA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUDHIR CONSTRUCTIONS: Insolvency Resolution Process Case Summary
SURYA SRI: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
TELEVISION HOME: Insolvency Resolution Process Case Summary
VALUE PHARMA: ICRA Keeps B+ Debt Ratings in Not Cooperating
J A P A N
TOSHIBA CORP: S&P Puts 'BB+' LongTerm ICR on Watch Negative
TOSHIBA: 5 Ex-Execs Ordered to Pay Damages Over Accounting Scandal
M A L A Y S I A
SCOMI GROUP: Securities to be Delisted by Bursa on March 31
N E W Z E A L A N D
DMDPLUS LIMITED: Court to Hear Wind-Up Petition on May 12
MARQUE HOSPITALITY: Court to Hear Wind-Up Petition on April 4
MKOD DEVELOPMENTS: Court to Hear Wind-Up Petition on April 4
TOTAL HELP: Thomas Lee Rodewald Appointed as Liquidator
VAST BILLBOARDS: Court to Hear Wind-Up Petition on April 4
P A K I S T A N
PAKISTAN: Shoud Met External Financing Commitments Before IMF Fund
S I N G A P O R E
JAKUBSTADT HOLDINGS: Court to Hear Wind-Up Petition on April 14
MICROSOFT SINGAPORE: Members' Final Meeting Set for April 28
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A U S T R A L I A
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ALLEGIANCE COAL: Wins Cash Collateral Access Thru April 14
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The U.S. Bankruptcy Court for the District of Delaware authorized
Allegiance Coal USA Ltd. and its debtor-affiliates to use cash
collateral on an interim basis in accordance with the budget.
The Debtors require the use of cash collateral to, among other
things, fund the orderly continuation of their business, maintain
the confidence of their customers and vendors, pay their operating
expenses, and preserve their going-concern value.
As of the Petition Date, the majority of the Debtors' liabilities
consists of senior secured funded indebtedness.
On May 24, 2022, Debtor ACUSA and non-Debtor AHQ entered into the
Convertible Note Agreement with Collins St Convertible Notes Pty
Ltd ACN 657 773 754, as trustee for The Collins St Convertible
Notes Fund ABN 30 216 289 383, dated May 24, 2022. Under the
Collins Note Agreement, ACUSA issued to the Prepetition Lender two
tranches of convertible notes:
(i) Tranche 1, with a face value of $30.7 million, and
(ii) Tranche 2, with a face value of $12.157 million.
As of the Petition Date, the aggregate principal amount outstanding
under the Collins Notes is approximately AUD42.857 million.
On October 26, 2020, NECC entered into the Promissory Note in favor
of Cline Mining Corporation in the amount of $35.120 million. The
Cline Note has a maturity date of July 1, 2030.
As of the Petition Date, the aggregate principal amount outstanding
under the Cline Note was approximately US$26 million.
As adequate protection, Warrior Met Coal Land, LLC and the
prepetition lender are granted replacement liens on the proceeds of
the Debtors' mineral leases and unencumbered assets, as well as
superpriority claims.
Warrior Met Coal Land, LLC also has valid, perfected security
interests, liens, or mortgages on the Debtor's cash collateral.
The Debtors' right to use cash collateral pursuant to the Interim
Order will terminate on any of the following:
a. April 14, 2023 (without prejudice to future or amended
orders granting extensions of such date); or
b. Any of the following happens in respect of the Debtors'
chapter 11 cases: (i) appointment of a chapter 11 trustee
or examiner, or (ii) conversion of the cases to chapter 7.
A copy of the order is available at https://bit.ly/3noCXU4 from
PacerMonitor.com.
A copy of the budget is available at https://bit.ly/3JKxRJ5 from
PacerMonitor.com.
The Debtor projects total cash flow, on a weekly basis, as
follows:
$2,049,000 for the week ending March 24, 2023;
$3,252,000 for the week ending March 31, 2023;
$2,710,000 for the week ending April 7, 2023; and
$2,710,000 for the week ending April 14, 2023.
About Allegiance Coal USA Limited
Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21,
2023. In the petition signed by Jonathan Romcke, chief executive
officer, the Debtor disclosed up to $100 million in assets and up
to $50 million in liabilities.
Judge Craig T. Goldblatt oversees the case.
Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
represents the Debtor as legal counsel.
ALT FINANCIAL: Fined for Failing to Lodge Financial Reports
-----------------------------------------------------------
ALT Financial Group Ltd has been convicted on multiple charges,
including failing to lodge annual financial reports with ASIC, and
fined a total of AUD123,000.
The fine is one of the largest handed down for these breaches and
reflects the seriousness of the offences and the potential impact
it may have had on shareholders and creditors being denied
information that would have enabled them to make informed decisions
about their investments or dealings with the company.
The company failed to appear before the Downing Centre Court on
Feb. 21, 2023 and was convicted in its absence on 13 ASIC charges
for failing to:
* lodge annual financial reports with ASIC for the 2018 to 2021
financial years;
* report to members for the 2018 to 2021 financial years;
* hold an annual general meeting (AGM) in 2018 to 2021; and
* comply with the requirement to have at least three directors,
excluding alternate directors.
ASIC will continue to prosecute companies that are negligent in
their reporting responsibilities aimed at assisting shareholders,
creditors and members of the public make informed decisions.
ALT Financial Group Ltd is the holding company of a larger group of
companies that operate as an alternative asset management business.
Section 319 of the Corporations Act requires a disclosing entity
and registered scheme to lodge the complete financial reports
within three months after the end of the financial year. All other
entities are required to lodge their financial reports within four
months after the end of the financial year.
CENTRE FOR INDIGENOUS: Second Creditors' Meeting Set for April 3
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Centre for
Indigenous Policy Pty Ltd has been set for April 3, 2023 at 10:30
a.m. via teleconference.
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 31, 2023 at 4:00 p.m.
Terry Grant van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of the company on Feb. 7, 2023.
EDEN AND BELL: Goes Into Voluntary Liquidation; Axes All Jobs
-------------------------------------------------------------
News.com.au reports that staff have been terminated on the spot and
weddings are believed to have been impacted after a popular Sydney
flower shop collapsed.
Last week, Eden and Bell, based in Surry Hills, went into voluntary
liquidation.
Eden and Bell provided flowers to its customers both online and
through the store and offered same day delivery services.
The florist business also catered to weddings and other events,
with a minimum spend rule in place.
News.com.au understands weddings have been impacted while all 11
workers have been let go.
Richard Albarran of insolvency firm Hall Chadwick was appointed as
the liquidator last Tuesday, March 21, news.com.au discloses.
The company owes AUD530,000 to 85 creditors.
Some of those creditors are employees and customers.
"The company ceased to trade its business prior to the liquidation
on or around March 17, 2023 and previously operated from a studio
workshop in Banksmeadow NSW providing floral arrangements for
corporate events (and) weddings and also held an online retail
store for flowers and gifts," Mr. Albarran told news.com.au.
He said Eden and Bell had very few assets and that "it is unlikely
that creditors will receive any return in the liquidation of the
company".
Covid-19 was ultimately blamed for the company's demise, as the
liquidator cited rising costs of living as well as a downturn in
sales because of the pandemic as the reason for its closure.
The firm's social media accounts have since been shuttered but its
website remains online, news.com.au notes.
Eden and Bell was founded in 2018 by husband and wife duo Sophie
and Dom Geisser, a stylist and builder respectively.
EEC PTY: First Creditors' Meeting Set for April 4
-------------------------------------------------
A first meeting of the creditors in the proceedings of EEC Pty Ltd
will be held on April 4, 2023, at 10:00 a.m. via virtual meeting.
Christopher Robert Powell of DuncanPowell was appointed as
administrator of the company on March 23, 2023.
HEXHAM STEIGER: Second Creditors' Meeting Set for April 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Hexham Steiger
Plant & Equipment Pty. Ltd. has been set for April 4, 2023 at 10:00
a.m. via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 3, 2023 at 4:00 p.m.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Feb. 27, 2023.
INFRABUILD AUSTRALIA: Fitch Affirms LongTerm IDR at B-, Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has affirmed InfraBuild Australia Pty Ltd.'s
Long-Term Issuer Default Rating (IDR) at 'B-' with a Negative
Outlook. The senior secured rating is affirmed at 'B+' with a
Recovery Rating of 'RR2'.
The Negative Outlook reflects refinancing risk associated with
USD325 million in senior notes due October 2024. Fitch expects
InfraBuild to have sufficient funds to repay the notes in the
absence of refinancing, but operating conditions may weaken,
reducing its liquidity buffer and dampening financial flexibility.
InfraBuild has proposed the acquisition of US-based Liberty Steel
USA (LS USA), an electric arc furnace (EAF) long steel producer and
GFG Alliance subsidiary, for USD600 million. The acquisition will
be funded through a USD350 million asset-based credit facility
(ABCF) and USD300 million deferred settlement funded by amortising
notes issued to GFG Alliance. Completion of the acquisition would
demonstrate InfraBuild's access to external funding. However, the
deferred settlement includes USD75 million per year in amortisation
payments, which will affect InfraBuild's financial flexibility.
KEY RATING DRIVERS
High Refinancing Risk: Fitch believes contagion risks from
Infrabuild's linkage to GFG Alliance continue to affect its
financial flexibility and access to capital markets. The company
may not have restored its access to debt markets following its
debut issuance in October 2019 and did not secure refinancing for a
AUD250 million syndicated asset-based lending (ABL) facility prior
to its maturity in October 2022. The current volatile and uncertain
conditions for capital markets present further challenges to the
refinancing of the October 2024 notes.
US Expansion Plans: The LS USA acquisition, proposed in November
2022, will pave the way for Infrabuild to add geographic
diversification to its portfolio of vertically integrated
low-carbon long steel products. The move will integrate its core
capabilities in steel manufacturing, distribution and other
competencies, but Fitch expects direct synergies to be limited.
Fitch believes the acquisition would materially contribute to
revenue and EBITDA growth. The US entities acquired would become
restricted subsidiaries, making them guarantors of the existing
USD325 million senior notes. The successful completion and
integration of the business would, however, be directly dependent
on the finalisation of the ABCF. Fitch expects the acquisition to
increase InfraBuild's EBITDA net leverage, although it is forecast
to remain below 2.2x in the financial year ending June 2023 (FY23)
and gradually drop to 0.4x by FY26.
Strong Operating Performance: Fitch estimates InfraBuild's revenue
growth and EBITDA will stabilise from the highs in FY21-FY22. A
rise in construction activity, stable engineering and
non-residential value of work done, and higher agricultural
spending are likely to support stable volume growth over the next
two-three years. Its vertical integration, flexible operating costs
driven by its EAF facilities and cost pass-through model protect
its margins and provide stability through the steel commodity
cycle. Fitch believes this has allowed the company to outperform
some of its domestic peers.
Liquidity Constrains Rating: The rating is constrained by its
liquidity and elongated refinancing process. Strong steel demand
and pricing conditions enabled InfraBuild to build a healthy cash
buffer of AUD325 million (excluding restricted cash) by
end-December 2022. However, the USD75 million per annum
amortisation deferred payments tied to the acquisition, if not
supported by LS USA's cash flows, could erode InfraBuild's cash
buffer. This will heighten its liquidity risk and reduce its cash
buffers, which could otherwise be used to repay the notes in
October 2024.
Increased Related-Party Transactions: InfraBuild has been
increasing the scale of its recycling and EAF steel operations by
acquiring affiliates under the common control of GFG Alliance. It
bought US and Polish recycling assets for AUD60 million in FY22
before the LS USA announcement. The acquisitions contribute to
better geographical diversification, but Fitch believes having
assets in different regions limit synergies to only knowledge
transfer and corporate office services.
InfraBuild has increased the frequency and materiality of the
common controls over its existing businesses, such as recycling and
EAF steel production, in recent years. The performance and
integration of these assets will be critical towards ensuring that
they contribute to the company, which has been a steady
cash-generative business.
Market Leadership: InfraBuild is Australia's sole EAF steel
long-product manufacturer and operates the country's second-largest
ferrous and non-ferrous recycling business. It has maintained a
large volume share of domestic steel long products over the last
decade, despite stiff competition from imports. This is helped by
its flexible operations, reliable supply and broad product
offerings compared with imports. It is also well-protected amid the
environmental issues that blast-furnace steel producers currently
face.
DERIVATION SUMMARY
InfraBuild's financial and business profiles are comparable with
that of its peers in the 'BB' rating category, such as Commercial
Metals Company (BB+/Positive). Commercial Metals and InfraBuild
have flexible operating structures due to their EAF production and
vertically integrated business models, reducing the volatility in
their profitability. They also share similar end-markets. However,
InfraBuild is smaller in terms of annual shipments and its rating
reflects its weaker liquidity and increased refinancing risk.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer:
- Declining steel and scrap prices over the next two-three years
- Moderate volume growth of 1%-2.5% over the next two-three years
across segments
- Operating expenditure savings via continuous cost-improvement
measures, such as overhead fixed-cost restructuring, freight
and logistics recovery, headcount reduction and other
efficiency measures, leading to margin improvement
- Fitch-adjusted EBITDA margin to drop to about 9% over
FY23-FY24 before increasing to about 10% over FY25-FY26
- Elevated capex in FY23-FY24, driven by growth capex in
Infrabuild Australia and LS USA
- Acquisition of LS USA in 4QFY23 for a total consideration
of USD600 million
KEY RECOVERY RATING ASSUMPTIONS
Recovery analysis for InfraBuild is on a going-concern (GC) basis
in the case of a bankruptcy and assumes that the company would be
reorganised and not liquidated. Fitch has assumed a 10% discount to
the enterprise value (EV) to account for bankruptcy-related
administrative claims.
GC Approach
The GC EBITDA estimate of AUD470 million reflects Fitch's view of a
sustainable, post-reorganisation EBITDA upon which Fitch bases the
EV. The GC EBITDA is based on FY22 performance and includes the
benefits of the company's continuous cost improvement measures
since 2019. It also includes sustainable EBITDA contribution from
its proposed acquisition of LSG.
An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganisation EV. The choice of this multiple
takes into consideration the EV/EBITDA multiple used in M&A
transactions in the sector through the cycle, as well as
InfraBuild's strategic value and strong market position.
The assumptions result in a recovery rate corresponding to the
'RR2' Recovery Rating. The senior secured notes rated 'B+'/'RR2'
are considered category 2 first-lien debt, which translates into a
two-notch uplift from the IDR of 'B-' under its Corporates Recovery
Ratings and Instrument Ratings Criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- The Outlook may be revised to Stable following the refinancing of
the USD325 million notes due October 2024 together with
InfraBuild's ability to maintain a sound liquidity profile, should
the acquisition be completed.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Failure to obtain the ABCF, which would imply the company's
access to capital markets is limited.
- InfraBuild's cash buffers deteriorate due to the deferred
amortisation payments on the US acquisition as the US target
assets' cash flow is insufficient;
- Deterioration in liquidity for any other reason.
LIQUIDITY AND DEBT STRUCTURE
Modest Liquidity: Fitch expects the company to have modest
liquidity from cash on the balance sheet of above AUD250 million to
meet short-term requirements over the next 12 months. InfraBuild's
next significant debt maturity is the US dollar senior secured
notes due October 2024.
InfraBuild was unable to refinance the ABL facility prior to its
maturity in October 2022 and is currently reliant on cash in the
bank and operating cash flows for its working-capital requirements,
reducing its financial flexibility. Its refinancing and liquidity
risks may increase if it is unable to secure the ABCF facility
associated with the acquisition or if the acquisition target's cash
flow is insufficient to support the amortisation on the deferred
settlement payments.
ISSUER PROFILE
Infrabuild comprises the manufacturing, product mill, distribution
and recycling assets of the former Arrium Group that were taken
over by GFG Alliance in 2017. It is Australia's sole vertically
integrated manufacturer, processor and distributor of steel long
products, including reinforcing steel, supplying over 15,000 active
customers nationally.
ESG CONSIDERATIONS
InfraBuild has an ESG Relevance Score of '5' for Governance
Structure due to Sanjeev Gupta's concentrated ownership and board
independence, which has a negative impact on the credit profile.
There has been improvement in the participation of independent
directors, from two out of seven in its last review to three out of
six in the current review. However, this does not outweigh the
other factors that are highly relevant to the rating, resulting in
the Negative Outlook.
InfraBuild has an ESG Relevance Score of '4' for Group Structure
due to it being a part of the complex GFG Alliance and the large
number of related-party transactions with affiliates, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
InfraBuild
Australia Pty Ltd. LT IDR B- Affirmed B-
senior secured LT B+ Affirmed RR2 B+
MAKERSPACE & COMPANY: Second Creditors' Meeting Set for April 4
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Makerspace &
Company Foundation Limited has been set for April 4, 2023 at 2:00
p.m. virtually via teleconference.
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 April 3, 2023 at 12:00 p.m.
Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on Feb. 28, 2023.
NEWAY HOLDINGS: Second Creditors' Meeting Set for April 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Neway Holdings Pty. Limited;
- NT ACT Pty Ltd;
- NT Queensland Pty Ltd;
- N.T. Southaus Pty Ltd;
- NT VIC Pty Ltd; and
- NT Westaus Pty Ltd
has been set for April 3, 2023 at 2:30 a.m. at the offices of BRI
Ferrier at Level 30, Australia Square, 264 George 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 31, 2023 at 4:00 p.m.
Peter Paul Krejci & Andrew John Cummins of BRI Ferrier were
appointed as administrators of the company on Feb. 27, 2023.
NICKEL INDUSTRIES: Fitch Alters Outlook on 'B+' IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Nickel Industries Limited
(NIC) to Stable from Negative, and affirmed the Long-Term Issuer
Default Rating at 'B+'. Fitch has also affirmed NIC's USD325
million senior unsecured notes at 'B+' with a Recovery Rating of
'RR4'.
The Outlook was revised due to the easing of liquidity risks
following an average 12% increase in Fitch's nickel spot price
forecast between 2023 and 2025 in March 2023. This reflects the
structurally higher market prices and a rebound in stainless steel
production on China's reopening.
The affirmation reflects its expectation that NIC will generate
stronger operating cash flow, with operating margins of 27%-34%,
between 2023 and 2026, than in 2022. Fitch expects NIC to maintain
its EBITDA leverage below 1.9x and EBITDA interest coverage above
4.4x through to 2026.
KEY RATING DRIVERS
Alleviated Liquidity Risk: Fitch expects NIC to generate operating
cash flow of around USD600 million per year in 2024 and 2025 on
production increases at the Oracle Nickel Project (ONI) and stable
margins, driven by strong nickel prices. This will more than cover
the liquidity requirements for the USD325 million senior unsecured
notes due 2024 and USD225 million senior secured debt, including
scheduled amortisation, due 2025.
Fitch expects a total funding gap of around USD800 million over
2024-2025 if NIC decides to exercise its option to embark on the
Excelsior Nickel Cobalt Project (ENC), formerly known as the DAWN
HPAL+ Project, in the absence of additional project funding.
However, Fitch believes the gap is manageable as NIC would only
undertake the project if it has the appropriate funding. NIC is
backed by a record of frequent equity raising, most recently
raising over USD200 million since January 2023. Its rating also has
leverage headroom should it decide to fund the project with debt.
Battery Supply-Chain Strategy: NIC signed an agreement with
Shanghai Decent Investment (Group) Co., Ltd (SDI) in January 2023
to acquire a 10% stake in the Huayue Nickel Cobalt Project (HNC)
for USD270 million from an SDI affiliate and another 10% in ONI for
USD75 million. It also acquired options to collaborate with SDI on
battery nickel - USD25 million to participate in the ENC and USD15
million in a high-grade nickel matte converter to convert low-grade
nickel matte from ONI into high-grade nickel matte, with capacity
of 50,000 tonnes per annum (tpa).
Product, Counterparty Diversification: The acquisitions will
increase NIC's product diversification and exposure to higher-grade
nickel, and reduce dependence on the Tsingshan group as its sole
off-taker. NIC estimates its class 1 nickel output can rise to
50%-78% of total attributable production, with all of the metal
sold to customers not affiliated with Tsingshan. NIC's operations
and cash flow were stable in 2022 despite Tsingshan's significant
loss on its nickel short position in March 2022. Tsingshan said it
has secured facilities with its consortium banks and will exit its
position in an orderly manner.
Rising Production: Fitch estimates NIC's production will more than
double to above 100,000 tonnes (t) of nickel metal by 2023 (2022:
70,000t). This is supported by subsidiary PT Angel Nickel Industry
(ANI) operating at full capacity since 4Q22 and a ramp-up at ONI,
which will reach full production in 3Q23 with all four lines to be
fully commissioned by end-March 2023. The SDI agreement also
provides more growth opportunities. NIC estimates combined
attributable production of 156,000 tpa if the SDI options are
exercised, making it one of the six-biggest producers worldwide.
Improving Asset Diversification: ANI's higher production helps
NIC's asset diversification, as ANI is located in the Indonesia
Weda Bay Industrial Park (IWIP). NIC's current assets, including
ONI, are in the Indonesia Morowali Industrial Park (IMIP). ANI
achieving full operation in 4Q22 increased NIC's production
capacity to 66,000t per year, from 30,000t in 2021. ONI expects to
progressively reach full production by end-2023, which will further
raise NIC's capacity to 120,000tpa.
Solid EBITDA Margin: NIC's solid cash cost position at its NPI
facilities and construction of its own power stations at ANI and
ONI should help it weather the impact of commodity price
fluctuations on its selling prices and input costs. Fitch estimates
NIC's EBITDA margin will improve in 2023 to around 33% (2022: 27%),
although this does not account for the effect of ONI operating at
full capacity and the switching of two lines at ANI to produce
higher-grade nickel matte. Fitch expects an EBITDA margin of around
27%-34% over 2024-2026 under Fitch's nickel price assumptions.
NIC's margin will also be supported by ANI's and ONI's similar
economic models. NIC's other rotary kiln electric furnace
processing facilities - PT Hengjaya Nickel Industry (HNI) and PT
Ranger Nickel Industry (RNI) - are strategically located at IMIP.
Indonesia is one of the largest nickel producers globally and the
Morowali regency has some of the country's largest nickel ore
deposits. A ban on raw ore exports and close proximity to ore
supply give NIC the advantages of cheaper raw-material prices and
low logistic costs.
DERIVATION SUMMARY
Fitch believes NIC has a better credit profile than Guangyang Antai
Holdings Limited (B/Stable). Guangyang Antai's larger operational
scale and revenue generation, as China's third-largest
stainless-steel producer, are offset by NIC's solid cash cost
position and credit metrics. Guangyang Antai's business profile and
margin are weighed down by its increasing exposure to the
lower-margin trading business.
NIC's cash flow generation is significantly better, with an average
EBITDA margin of above 30%, supported by a strong cash cost
position. In comparison, Guangyang Antai's EBITDA margin is less
than 5%. Fitch expects NIC's EBITDA net leverage to be lower than
Guangyang Antai's above 2.5x.
JSW Steel Limited (BB/Stable) has a stronger credit profile than
NIC. JSW Steel, as the biggest steelmaker in India, has a larger
operational scale, wider diversification and a greater proportion
of higher-value-added products. It also has a robust financial
profile with margins and EBITDA leverage that are largely similar
to that of NIC.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Nickel spot prices in line with the Fitch price deck as of
March 2023
- Stable production at HNI, RNI and ANI in 2023-2026 and
full production at ONI to commence in 3Q23
- EBITDA margin of between 27% and 34% in 2023-2026
- Around USD450 million to be paid in 2023 for new
acquisitions, including USD270 million for the 10%
stake in HNC
- Incremental capex of around USD1.4 billion in total
over 2024 and 2025 for the ENC project
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- An increase in production scale while demonstrating
improvement in customer diversification; and
- Sustained decrease in EBITDA leverage below 2.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Sustained increase in EBITDA leverage above 3.5x;
- Sustained decrease in EBITDA interest coverage
below 4.0x;
- Weakening of funding access;
- Weakening of Tsingshan's ability to make timely
payments to NIC.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: NIC had USD144 million in cash as of
end-December 2022. Its USD325 million senior unsecured notes will
mature in 2024, and USD225 million senior secured debt, including
scheduled amortisation, is due 2025. Fitch believes NIC has the
capacity to repay the notes from its strong cash generation over
2023-2025 and fund up to 40% of its share of the ENC, with the
balance to be funded from external sources and most likely debt, if
it decides to exercise the option.
The proposed acquisition of projects and options, if approved by
shareholders, will be equity-funded via a recently completed
institutional share placement and purchase plan, and a conditional
placement that will also be subject to shareholder approval in
April 2023.
ISSUER PROFILE
NIC is a producer of NPI and nickel matte, with four smelter assets
and one mining asset in Indonesia. NIC holds 80% of HNI, RNI and
ANI, with the remaining 20% owned by SDI, a Tsingshan group
company. NIC also holds a 70% share in ONI, with the remaining 30%
owned by SDI. NIC also holds an 80% share in PT Hengjaya
Mineralindo, a nickel and cobalt deposit in the Morowali area.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Nickel Industries
Limited LT IDR B+ Affirmed B+
senior
unsecured LT B+ Affirmed RR4 B+
PIALLIGO ESTATE: Iconic Restaurant and Wedding Venue Closes
-----------------------------------------------------------
Chloe Whelan at news.com.au reports that another iconic Aussie
restaurant will close its doors after a tough few years battling
fires, a pandemic and skyrocketing cost of living.
Canberra-based eatery Pialligo Estate, a haven for foodies and
brides-to-be, has "finally succumbed" to outside financial
pressures, owner John Russell said in a statement to the business
website on March 28, news.com.au relays.
The restaurant faced a number of struggles in its 10 years of
operation, culminating most recently in interest rate rises and
cost of living pressures, Mr. Russell said.
It was ravaged by two fires in two years in 2016 and 2017, which
gutted its smokehouse and restaurant, and from which Mr. Russell
said it had never recovered.
"It is with a heavy heart that this evening I have to announce that
Pialligo Estate has ceased trading," he said in the heart-wrenching
message.
"Pialligo Estate is a small local business and we are very much
hurting for all those affected by its closure. Please understand we
did everything in our power to try and keep the business running.
"Over the 10 years we've had so many setbacks, including two fires,
the impact of the NSW bushfires, lost vintages, the extended impact
of Covid-19, and most recently the rapidly escalating interest
rates.
"Unfortunately, we have finally succumbed to the impact of these
events."
According to news.com.au, the iconic eatery sat on a sprawling
estate and included a restaurant, outdoor garden, four pavilions,
an olive grove, a vineyard and an orchard.
It opened in 2013 and quickly became a foodie and function mecca,
and was particularly popular as an idyllic wedding venue.
According to the report, Mr. Russell said financiers would take
possession of Pialligo Estate on March 29 and begin seeking new
owners.
"I have been unable to make an official announcement until now due
to the ongoing negotiations with our financiers," he wrote.
"Unfortunately we could not negotiate with the financiers to
continue to trade at Pialligo Estate. The future of Pialligo Estate
is now in their hands. I hope that the next owner of the estate
will love and care for it as much as we all did.
"We wish the future owners success and we hope that the Canberra
community will continue to support them in their new business
operations in the future."
Mr. Russell thanked the "Pialligo staff family", whom he said he
kept on for as long as possible, adding: "Without your hard work
and dedication we would not have made it this last 10 years,"
news.com.au relays.
=========
C H I N A
=========
MASS AVE: Liquidates China and Asia-Focused Funds
-------------------------------------------------
Reuters reports that Mass Ave Global, a New York-based hedge fund
with $1.1 billion of assets under management, has decided to close
its China and Asia-focused funds, letters to investors seen by
Reuters showed.
The firm is also winding down its office in Hong Kong, four sources
familiar with the matter said, Reuters relays.
"After careful consideration, we have determined that it is in the
best interest of the master fund, the offshore fund and the U.S.
fund that all investors will be compulsorily redeemed and
withdrawn," said one of the letters, dated March 2, to investors of
its flagship Mass Ave Global Partners Fund.
According to Reuters, the letter did not cite a specific reason for
the liquidations, which it said were expected to completed by June
30. It noted that Ray Guo, also known as Yirui Guo, co-founder of
the company, resigned as head of research in February and Justin
Dew, president, chief operating officer and chief compliance
officer also left the firm last month.
The first distribution of proceeds to investors will start before
June 30, the letter added.
The news followed a bruising year for China-focused managers in
2022 with many logging heavy losses as economic growth slowed, hurt
by the country's now-abandoned zero-COVID policy and geopolitical
tensions, Reuters says.
A filing with U.S. regulators last month showed Mass Ave's
U.S.-listed holdings valued at $342.4 million, with e-commerce
giant Alibaba Group Holding Ltd the top holding.
Mass Ave launched its China/Asia-focused flagship fund in October
2019 as a long/short equity hedge fund, according to data provider
Preqin.
The fund lost 16% in 2022 after gains of 15% in 2021 and 51% in
2020. It was up 5% in January, Reuters discloses citing data from
HSBC.
SUNAC CHINA: Sweetens Restructuring Offer for US$9.1-BB Debt
------------------------------------------------------------
South China Morning Post reports that Sunac China Holdings has
sweetened a restructuring offer to holders of US$9.1 billion of its
offshore debt as it seeks to get back on its feet as soon as
possible.
The Post relates that the company has reached an agreement with a
group of offshore creditors representing over 30 per cent of its
outstanding debt, it said in a filing to Hong Kong's bourse on
March 28, becoming the latest of China's big developers to propose
a restructuring.
"The contemplated restructuring is intended to provide the company
with a long-term, sustainable capital structure, allow adequate
financial flexibility and sufficient runway to stabilise the
business, and protect the rights and interests, and maximize value,
for all stakeholders," the Post quotes chairman Sun Hongbin as
saying in the filing.
Sunac China called on other debt holders who had not consented to
the company's previous restructuring proposal to agree to the
latest offer, the Post says.
According to the report, the Beijing-headquartered company has
proposed exchanging US$1 billion of offshore debt into nine-year
bonds that are convertible into its shares.
The conversion price is HK$20 a share during the first 12 months
after the restructuring takes effect. After that, they will no
longer carry any conversion rights and will be redeemed when the
new bond matures.
Alternatively, debt holders can elect to swap their debt claims
into a zero-coupon, five-year bond, subject to a cap of US$1.75
billion, the report notes.
This new bond is convertible to the company's shares at HK$10 each
within six months of the effective date of the restructuring. The
conversion is subject to a cap of 25 per cent of the outstanding
value of the new bond.
Other holders of the new bond can choose to convert their holding
into shares later, but the conversion price – not less than
HK$4.58 – will vary according to the average market price over 90
trading days prior to notification of conversion.
The Post says the remaining holders of the new bond must convert
their debt into shares when it matures.
Sunac's new bond holders also have the option to exchange their
debt claims into shares of its property management unit Sunac
Services. The exchange price will be 2.5 times the average over 60
trading days, subject to a minimum of HK$17 per share.
Under the latest restructuring proposal, for those creditors that
choose not to exchange their debt into shares, their debt will be
swapped into new senior notes that will mature in two and nine
years, with different interest rates respectively, according to the
Post.
Sun Hongbin, the developer's controlling shareholder, has agreed to
convert US$450 million of shareholder loans into its shares. The
property tycoon founded the home builder in 2003.
Given that the latest proposal has already received 30 per cent
support from creditors, it should eventually secure over 75 per
cent support, a source familiar with the deal said, the Post
relays.
Back in December, the company proposed to convert US$3 billion to
US$4 billion of debt into the company's shares, and offered to
exchange the rest of the outstanding debt into bonds with
maturities of two to eight years.
Sunac, China's fourth-biggest developer by sales in 2021 and 11th
in 2022, officially defaulted in May after failing to pay US$29.5
million in interest on a US-dollar bond earlier, falling into
default after a 30-day grace period, the Post notes.
Shares of the developer have not traded since April 2022 after it
failed to publish its annual results by the end of March, as
required by the Hong Kong stock exchange.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn Sunac China
Holdings Limited's Ca corporate family rating and its C senior
unsecured ratings. Prior to the withdrawal, the rating outlook was
negative. Moody's has decided to withdraw the ratings because it
believes it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.
[*] China Spent US$240-BB Bailing Out 'Belt and Road' Countries
---------------------------------------------------------------
Reuters reports that China spent $240 billion bailing out 22
developing countries between 2008 and 2021, with the amount soaring
in recent years as more have struggled to repay loans spent
building "Belt and Road" infrastructure, a study published on March
28 showed.
Almost 80% of the lending was made between 2016 and 2021, mainly to
middle-income countries including Argentina, Mongolia and Pakistan,
Reuters relates citing report by researchers from the World Bank,
Harvard Kennedy School, AidData and the Kiel Institute for the
World Economy.
According to Reuters, China has lent hundreds of billions of
dollars to build infrastructure in developing countries, but
lending has tailed off since 2016 as many projects have failed to
pay the expected financial dividends.
"Beijing is ultimately trying to rescue its own banks. That's why
it has gotten into the risky business of international bailout
lending," Reuters quotes Carmen Reinhart, a former World Bank chief
economist and one of the study's authors, as saying.
Chinese loans to countries in debt distress soared from less than
5% of its overseas lending portfolio in 2010 to 60% in 2022, the
study found.
Argentina received the most, with $111.8 billion, followed by
Pakistan with $48.5 billion and Egypt with $15.6 billion. Nine
countries received less than $1 billion, Reuters discloses.
The People's Bank of China's (PBOC) swap lines accounted for $170
billion of the financing, including in Suriname, Sri Lanka and
Egypt. Bridge loans or balance of payments support by Chinese
state-owned banks and companies was $70 billion. Rollovers of both
kinds of loans were $140 billion.
Reuters says the study was critical of some central banks
potentially using the PBOC swap lines to artifically pump up their
foreign exchange reserve figures.
China's rescue lending is "opaque and uncoordinated," said Brad
Parks, one of the report's authors, and director of AidData, a
research lab at The College of William & Mary in the United States,
Reuters relays.
China's government hit back at the criticism, saying its overseas
investments operated on "the principle of openness and
transparency".
"China acts in accordance with market laws and international rules,
respects the will of relevant countries, has never forced any party
to borrow money, has never forced any country to pay, will not
attach any political conditions to loan agreements, and does not
seek any political self-interest," Reuters quotes foreign ministry
spokesperson Mao Ning as saying at a news conference on March 28.
The bailout loans are mainly concentrated in the middle income
countries that make up four-fifths of its lending, due to the risk
they pose to Chinese banks' balance sheets, whereas low income
countries are offered grace periods and maturity extensions, the
report, as cited by Reuters, said.
Reuters says China is negotiating debt restructurings with
countries including Zambia, Ghana and Sri Lanka and has been
criticised for holding up the processes. In response, it has called
on the World Bank and International Monetary Fund to also offer
debt relief.
=========
I N D I A
=========
ALECTRONA ENERGY: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/s. Alectrona Energy Private Limited
3rd Floor, Block A, Bannari Amman Towers,
No. 29, Dr. Radhakrishnan Road, Mylapore,
Chennai 600004, TN
Liquidation Commencement Date: March 7, 2023
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Radhakrishnan Dharmarajan
C/o RDH Co., Flat No. 31, 59, 'Krishna',
1st Avenue, 100-Ft. Road,
Ashok Nagar, Chennai 600083
E-mail: cirp.alectrona@gmail.com
E-mail: cirp.alectrona@gmail.com
Last date for
submission of claims: April 8, 2023
ALPINE POLY: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Alpine
Poly Rub Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 4.00 [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 June 2002 by Mr. Inder Chhabra and Mrs. Rita
Chhabra, APRPL manufactures Ethylene Vinyl Acetate (EVA) slippers
for men, women and kids which is sold under the brand name 'APL'.
The manufacturing unit of the company situated at Nathupura area in
Haryana. The total installed capacity of the company is 130 lakh
pairs per annum The main markets for the company include Delhi,
Haryana and Punjab, Uttar Pradesh and South India and few parts of
Nepal.
ANABATIC TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Anabatic Technologies India Private Limited
No. 11, 2nd Floor, Castle Street,
Ashok Nagar Bangalore – 560025,
Karnataka
Liquidation Commencement Date: March 3, 2023
Court: National Company Law Tribunal, Bangaluru Bench
Liquidator: Mr. Joby Chacko
Pride Sunrise, Second Floor,
Flat No. 1044A
Next to Pride Vatika Layout,
Jigani Hobli Bengaluru – 560 083
Email: jobykc@gmail.com
Tel No: +91 96633 08656
Last date for
submission of claims: April 2, 2023
ANIIRUDH CIVIL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aniirudh Civil Engineers and Contractors Private Limited
B-11, Sita Estate, Aziz Baug Mahul Road,
Chembur Mumbai - 400074
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 29, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. S. Gopalakrishnan
203, The Ghatkopar Nilkanth CHS,
Jethabhai Lane, Ghatkopar (East)
Mumbai - 400077
Email: gopi63.ip@gmail.com
Email: sparkresolutions.gopal2gmail.com
Last date for
submission of claims: March 18, 2023
AQUA DEVELOPERS: ICRA Keeps B+ Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long term rating for the bank facilities of
Aqua Developers in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Rajkot based Aqua Developers (AQUA) was established in 2016. The
promoters have experience of more than two decades in the real
estate segment and five ongoing projects. The current project AQUA
~ Majestic Living, consists of four towers of 13 floors and two
basements, which has 104 units covering a total saleable area of
286,000 sq. ft. The construction has been started from April 2017
and expected to be completed by December 2019.
ARDEE INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Ardee Infrastructure Ventures Private Limited
16th Floor, Dr. Gopal Das Bhawan,
28, Barakhamba Road,
New Delhi-110001 India
Insolvency Commencement Date: March 6, 2023
Estimated date of closure of
insolvency resolution process: September 2, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench-V
Insolvency
Professional: Munish Kumar Sharma
AAF-14, Shipra Krishna Azure,
Kaushambi, Ghaziabad,
UttarPradesh - 201012
Email: munish@mksadvisors.com
Email: cirp.ardeeinfra@gmail.com
Mr. Pramod Kumar Gupta
B-1/10, Lower Ground Floor, Hauz Khas,
Delhi-110016
Email: variety.financial@gmail.com
Mr. Sunil Prakash Sharma
E-25, Lajpat Nagar-3,
New Delhi-110024
Email: adv.sunilprakash@gmail.com
Mr. Naveen Singal
302, Tower 5, Valley View Estate,
Gwal Pahari, Fadirabad Road,
Gurgaon, Haryana-122003
Email: naveen.singal@yahoo.co.in
Last date for
submission of claims: March 21, 2023
ASHOKA DISTILLERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Ashoka
Distillers & Chemicals Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 12.35 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 10.65 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- 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 1987, ADCPL is engaged in the manufacturing of
Country Liquor, Indian Made Foreign Liquor and ENA. The plant is
located at Hatin, Haryana and has an annual capacity to produce
25,000 kilo bulk litres of spirit. The company is also involved in
contract bottling arrangements with Pernod Ricard. ADCPL has been
promoted by the Ajay Kumar Modi family. Mr Ajay Kumar Modi who
holds a B. Com degree has prior experience of managing Patiala
Distilleries & Manufacturers Limited, Patiala, Punjab.
ATLAS CYCLES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Atlas
Cycles (Haryana) Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 45.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 22.20 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Long Term- 2.30 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term– 15.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating moved to the 'Issuer Not
Cash Credit 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.
ACL was started by Mr. Janki Das Kapur in 1950. The company started
with manufacturing bicycle saddles in 1951 and bicycles in 1952.
Currently, it is one of the top bicycle manufacturers in India by
virtue of its strong brand. The company manufactures bicycles from
its units at Sonepat (Haryana), Sahibabad (Uttar Pradesh) and
Malanpur (Madhya Pradesh) besides a steel tube manufacturing unit
at Bawal (Haryana). As part of a family settlement, Mr. Janki Das
Kapur's three sons signed an MoU, under which the company was
divided into three profit centres, each under the management of one
of his sons or their families. In late 2014, however, the Malanpur
unit was shut down. The bicycles manufactured by the company range
from necessity bicycles to high-end bicycles, including the e-Bike
segment.
BANSAL DIAMONDS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: M/s Bansal Diamonds Private Limited
2502, Main Gurudwara Road,
Karol Bagh, New Delhi - 110005
Liquidation Commencement Date: March 2, 2023
Court: National Company Law Tribunal, New Delhi Principal Bench
Liquidator: Reetesh Kumar Agarwal
Unit no 531, S.G. Shopping Mall,
D.C. Chowk, Sector-09,
Rohini, Delhi: -110085
E-Mail: carkagarwal@gmail.com
E-Mail: resolvebdpl@gmail.com
Last date for
submission of claims: April 2, 2023
DEEGEE ORCHARDS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Deegee Orchards Private Limited
Deegee House, Jaistambh Chowk, rallies plot,
Amravati Maharashtra - 444601
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 30, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Jagdish Kumar
B-56, Wallfort City,
Ring Road No. 1, Raipur,
Chhattisgarh 492013
Email: jkparulkar.ip@gmail.com
GS-2, CSIDC Commercial Complex,
Raipura Chowk
Raipur - 492001
Email: deegee.orchards@truproinsolvency.com
Last date for
submission of claims: March 18, 2023
DREAMZ INFRA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Dreamz Infra India LTD. (Project Dreamz Sneh)
577/B, 2nd Floor, Outer Ring Road,
Teachers Colony,
Koramangala Bangalore Ka
560034 India
Insolvency Commencement Date: February 21, 2023
Estimated date of closure of
insolvency resolution process: August 20, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Ms. Ramanathan Bhuvaneshwari
C-006, Pioneer Paradise,
24th Main Road, 7th Phase
JP Nagar, Bangalore-560078
Email: bhoona.bhuvan@gmail.com
Email: dreamzsneh.cirp@gmail.com
Shri. Narayana Kamma
Shri. T.Narayana Swamy
Shri. G.S Narisimha Prasad
Last date for
submission of claims: March 14, 2023
ECI INFRA: Liquidation Process Case Summary
-------------------------------------------
Debtor: M/s ECI Infra Towers
Registered Office:
Plot No. A-12 & A-13, Panchavati Township,
Manikonda, Hyderabad, TG-500089 India
Survey No. 334/A, 3/1 A & 1B, 332/A 333/A, 7,
8A & 8B, NH9, Kaveli Village, Sangareddy
(Earlier Medak) District-502325
Liquidation Commencement Date: February 28, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Kalpana .G
H.No. 16-11-19/4, G-1, Sri LaxmiNilayam,
Saleem Nagar Colony, Malakpet,
Hyderabad, Telangana - 500036
Email: kalpanagonugunta1@gmail.com
MSKM Group
11th Floor, 1209 Vasavi MPM Grand,
Yellareddyguda Road,
Ameerpet, Hyderabad - 500038
Email: kalpanagonugunta1@gmail.com
Email: ipeciinfra@gmail.com
Last date for
submission of claims: April 1, 2023
FAIRDEAL MULTIFILAMENT: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Fairdeal Multifilament Private Limited
Block No 49, Nr Gopinath Industrial Park,
Chacharwadi, Vasana,
Sanand Ahmedabad 382110, Gujarat
Insolvency Commencement Date: February 21, 2023
Estimated date of closure of
insolvency resolution process: August 19, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Sachin Naveen Sinha
N-203, Parshwanath Metro City,
Nr. H.B. Kapdia School,
Sakar Street, T.P. 44, Chandkheda,
Ahmadabad-382424, Gujarat
Email: sachinsinhaassociates@gmail.com
A/25, O/o Ashutosh, Silver Arc,
Opp Pansikura Hotel,
B/h Townhall, Ellisbridge Road,
Ahmedabad-380009, Gujarat
Email: faridealcirp@gmail.com
Last date for
submission of claims: March 6, 2023
FUTURE ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Future Enterprises Limited
Knowledge House, Shyam Nagar,
Jogeshwari-Vikroli Link Road,
Jogeshwari (East), Mumbai 400060
Maharashtra
Insolvency Commencement Date: February 27, 2023
Estimated date of closure of
insolvency resolution process: August 26, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench-III
Insolvency
Professional: Mr. Jitender Kothari
702, Orchid A Wing, Evershine Park CHS,
Off Veera Desai Road, Andheri (West),
Mumbai-400053
Email: jitenderkothari@rediffmail.com
Email: irp.future@gmail.com
Last date for
submission of claims: March 21, 2023
GEETA REFINERY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Geeta Refinery Private Limited
Gut No 175, Rammurthi Village,
Mantha Road, Jalna,
Maharashtra 431203
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 30, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Hari Kishan Bhoklay
905 E, Raheja Residency,
Off General A K Vaidya Marg,
Malad East, Mumbai, Mumbai Suburban,
Maharashtra, 40009
Email: bhoklay.hk@hotmail.com
Unit # 207, Kshitij,
Near Azad Nagar Metro Station,
Veera Desai Road, Andheri West,
Mumbai - 400053
Email: cirp.geetarefinery@gmail.com
Last date for
submission of claims: March 17, 2023
GOYAL MOTOCORP: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term rating of Goyal Motocorp 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- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [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. 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 noncooperation
by a rated entity available at www.icra.in.
Incorporated in 2013, Goyal Motocorp Private Limited (GMPL) is an
authorised dealer of cars manufactured by Hyundai Motor India
Limited (HMIL). The company sells vehicles and provides ancillary
services that include vehicle servicing and sale of spare parts and
accessories from its showroom based in Raigarh, Chhattisgarh. The
company has another small showroom at Pathalgaon, which falls under
Jashpur district of Chhattisgarh, offering vehicle sales as well as
servicing.
GREENWORLD INT'L: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Greenworld International Private Limited
Registered Office:
B-92, WHS Kirti Nagar, West Delhi-110015
Principal Office:
Plot No 60-61, Ganpati Dham,
Industrial Area, Sankhol,
Bahadurgarh, Haryana 124507
Liquidation Commencement Date: February 28, 2023
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Sunil Kumar Gupta
B-10, Magnum House-1,
Karampura Commercial Complex,
New Delhi - 110015
Email: caskg82@gmail.com
Mobile No: 9953999077
Email: green.cirp@gmail.com
Email: Caskg82@gmail.com
Last date for
submission of claims: March 30, 2023
H R BUILDERS: ICRA Keeps B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of H R Builders 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- 8.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 23.81 [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 January 1981 by Mr. Hansraj Dhankar, HR Builders
(HRB) is a proprietorship concern which is engaged in the
construction of roads and buildings. The scope of work executed by
the firm under the roads segment includes repair, maintenance and
rehabilitation of existing roads as well as construction of new
roads. Under the building construction segment, the services
offered by the firm include construction of structural work for
buildings, furniture and fixtures fittings, plumbing, electrical,
firefighting, flooring, marble laying etc. The level of complexity
involved in these projects is generally low as the specifications
(architecture, design, material to be used, vendors etc.) for the
contract are provided by the client and the firm is required to
execute the projects as per these specifications. The client
profile of the firm largely includes public sector clients like
DSIIDC, Public works department, National Highway Authority of
India, DMRC etc.
HEATH VIEW: ICRA Withdraws B Rating on INR3cr Cash Credit
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Heath View Holiday Resorts Limited at the request of the company
and based on the No Due Certificates/Closure Certificate received
from the bankers. The Key Rating Drivers, Liquidity Position,
Rating Sensitivities, Key Financial indicators have not been
captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Short Term- 0.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Withdrawn
Incorporated in 1993, Heath View Holiday Resorts Limited (HVHRL)
was established with the purpose of construction and operation of a
hotel at Mahabaleshwar. The company was established by the Patel
Group and was taken over by Evershine Builders in 2004. Evershine
Group then commenced construction of the hotel property, which was
completed by May 2010. Meanwhile, a hotel operating agreement was
signed between HVHRL and Berggruen Hotels Private Limited (BHPL)
assigning the rights of management and operations of hotel to BHPL
under the Keys brand name. The hotel commenced operations in
October 2010.
HYBRO FOODS :Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Hybro Foods Private Limited
Sr. No. 247, Lahe Village, Taluka Shahapur,
District Thane 421601, Maharashtra
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 30, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Pankaj Sham Joshi
Block 9, Sudarsan CHS,
Mahant Road, Vile Parle (East),
Mumbai 400 057, Maharashtra
Email: pjoshi.ip@gmail.com
Email: cirp.hybrofoods@gmail.com
Last date for
submission of claims: March 17, 2023
INDOUNIQUE FLAME: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Indounique Flame LTD
Kothari Building 1st Floor 301 WHC
Road Dharampeth Nagpur, MH 440010
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: September 2, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mrs. Megha Agrawal
001, Shivranjini Apartments
In Circle Of Congress Nagar Garden,
Congress Nagar, Nagpur - 440012 (M.S.)
Email: ip.meghaagrawal@gmail.com
Plot no. 702,
c/o Dr. Prakashe, Opp. Dew Trinity Hospital,
Hindustan Colony, Near Sai Mandir,
Wardha Road, Nagpur 440015
Email: cirp.iufl@gmail.com
Last date for
submission of claims: March 20, 2023
JANA CAPITAL: Ind-Ra Cuts NonConvertible Debts Rating to B-
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Jana Capital Limited's (JCL) non-convertible debentures (NCDs) to
IND B- from IND B+ while placing it on Rating Watch with Negative
Implications as follows:
-- INR2.5 mil. NCDs* downgraded, placed on Rating 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 JCL and its 100%
subsidiary Jana Holdings Limited (JHL; 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 has limited financial
strength. It is a non-operating financial holding company of JSFB
(42.84% stake held by JHL) 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 INR2.5 billion NCDs, issued to TPG Asia VI India Markets
Pte. Ltd, are junior to all other issues raised by JHL.
Nevertheless, the NCDs raised by JHL and JCL have a cross-default
clause with each other's indebtedness. The NCDs are created in the
favor of Catalyst Trusteeship Limited and are subservient to the
first ranking pledge created for the benefit of the holders of the
NCDs issued by JHL over the equity shares of JSFB held by JHL until
the senior instruments are paid-off on their due dates.
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 high rate of return promised to
the investors. JCL's NCDs have a cross-default clause with the
existing indebtedness of JHL. JHL has sizable repayments of INR15.3
billion and JCL of INR3 billion due in May 2023. Ind-Ra will
continue to monitor the repayment efforts taken by the company over
the near term.
Liquidity Indicator for JCL - Poor: JCL 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 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. Furthermore, the debt raised by both the
holding companies are in the form of zero-coupon bonds that is
leading to lumpy pay-outs on maturity in May 2023.
Weak Standalone Financial Profile for JCL: JCL's earnings profile
remains weak with a net loss of INR2,800 million in 9MFY23 (FY22:
net loss of INR2,748.5 million). Moreover, JCL is not meeting the
minimum consolidated capital adequacy ratio (CAR) of 15% as per the
regulatory requirements for an non-banking financial institute-core
investment company (NBFI- CIC). The auditor's report on JCL for
FY22 indicates concerns related to the going concern principle for
JCL considering the accumulated losses, the resultant erosion in
the net worth and the breaches in the regulatory financial
parameters as stated above.
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 JCL, due to either their
nature or the way in which they are being managed by the entity.
Company Profile
JCL was incorporated on March 26, 2015 to carry on the business of
an investment company and to invest, buy, sell or deal in any
share, stock, and debenture. The company received a certificate of
registration dated 24 March 2017 from the Reserve Bank of India as
a non-banking financial institution – non-deposit taking –
systematically important core investment company under section 45IA
of the Reserve Bank of India Act, 1934. JSFB had total advances of
INR161 billion and a diversified presence across 23 states and
union territories in India at end-December 2022.
JOY HOMECREATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Joy Homecreation Limited
Registered Office:
306 Madhva Madhya Comml Premisplot
No-C/4 E Block Bandra Kurla Complex Bandra
East Mumbai, 400051
Address where books are maintained:
Block 1, Aashiana Plot No 24, Azadnagar CHS Ltd,
N.S Road No.1 JVPD Scheme,
Vile Parle- West, Mumbai 400056
Insolvency Commencement Date: February 1, 2023
Estimated date of closure of
insolvency resolution process: July 31, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: CA Kshitiz Gupta
F-52, First Floor, Centrium Mall,
Lokhandwala Township, Akurli Road,
Kandivali East, Mumbai Suburban- 400101
Maharashtra India
Email: joyhomecreation.ibc@gmail.com
Email: kshitiz.ca@gmail.com
Ms. Sujata Chattopadhyay
Mr. Manish Motilal Juju
Mr. Yatinkumar S Shah
Last date for
submission of claims: March 22, 2023
MAGIC HOSPITALITIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Magic Hospitalities Private Limited
W-5/19, Western Avenue Sainik Farms
New Delhi-110062
Liquidation Commencement Date: February 27, 2023
Court: National Company Law Tribunal, Allahabad Bench
Liquidator: Mr. Govind Kumar Seth
2nd Floor, Moolchand Towers I-Block,
Sector-22, Noida- 201301;
Email: VL.magichosp@gmail.com
Mobile: 9953881620
Last date for
submission of claims: March 29, 2023
MAHALAXMI AGRO: Liquidation Process Case Summary
------------------------------------------------
Debtor: Shree Mahalaxmi Agro Farms Private Limited
Flat No. 101, Vishvkarma Complex K Building,
Devkar Panand Vasahat Kolhapur - 416012
Liquidation Commencement Date: February 24, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Kamal Kishor Gurnani
Flat No. 402, Building No. 23E, Palazzio CHS Ltd.,
Mahada Housing Society, Powai,
Mumbai - 400076
Email Id: kamalgurnaniip@gmail.com
101, Kanakia Atrium 2, Cross Road A,
Chakala MIDC, Andheri East,
Mumbai - 400093
Email: liq.mahalaxmiagro@rirp.co.in
Last date for
submission of claims: March 26, 2023
MAXWORTH PLYWOODS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Maxworth Plywoods 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– 3.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term/ 3.00 [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.
Maxworth Plywoods Private Limited was incorporated in the year 1995
in Visakhapatnam by Mr. Rajiv Agarwal and Ms. Nidhi Agarwal. The
company is engaged in manufacturing of plywood, block boards, flush
doors and is also engaged in trading of veneers, timber and resins
& chemicals.
MERCATOR LIMITED: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Mercator Limited
83-87, 8th floor, Mittal Tower, B Wing,
Nariman Point, Mumbai - 400021
Liquidation Commencement Date: February 21, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Girish Siriram Juneja
22 Dignity Apartments, Bon Bon Lane,
7 Bungalows, Versova,
Andheri (West), Mumbai - 400053
E-mail id: junejagirish31@gmail.com
1221, Maker Chamber V, Nariman Point,
Mumbai - 400021
E-mail id: liquidator.mercator@gmail.com
Last date for
submission of claims: April 7, 2023
N.K TRADING: ICRA Keeps B+ Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long term and short term rating of N.K
Trading Co 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- 22.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.50 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- 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. 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 noncooperation
by a rated entity available at www.icra.in.
N.K Trading Co is a partnership firm promoted by Mr. V. Satheesan
and Ms. Sheeja Satheesan. The entity commenced its operations in
1986 and is currently engaged in the distribution of tiles,
granites, sanitary ware, kitchen ware and wall paints. The firm
caters to institutional customers, individual builders and
retailers located in Kollam, Trivandrum, Ernakulam and Alleppey
districts of Kerala. The main showroom of the firm is in
Kalluvathukkal in Kollam, along with a warehouse facility, spread
across an area of 1,10,000 sq. ft.
NIROZ INSULATIONS : Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Niroz Insulations Private Limited
Plot No. 801, Shop No. 4 and 5, Shastri Nagar,
Dadabari, Kota - 324009
Insolvency Commencement Date: March 2, 2023
Estimated date of closure of
insolvency resolution process: August 29, 2023
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Jai Prakash Rawat
22-B, New Colony, Chandi Chowk,
Jhotwara, Jaipur- 302012 (Rajasthan)
Email: ipjprawat@gmail.com
Email: cirp.niroz@gmail.com
Last date for
submission of claims: March 20, 2023
ONGOLE MUNICIPAL: ICRA Keeps B+ Issuer Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long term rating for the Issuer Rating of
Ongole 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. 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 noncooperation
by a rated entity available at www.icra.in.
Ongole Municipal Corporation (OMC), established in 2012, is
governed as per the Andhra Pradesh Municipal Corporations Act 1994
(Act). OMC manages the municipal services in Ongole town, the
headquarter of the Prakasam district in Andhra Pradesh, is located
20 km from the Bay of Bengal. The Ongole Municipality, established
in 1876, was upgraded to a Municipal Corporation in 2012 and its
jurisdiction was expanded by merging the surrounding villages with
the town. It is the prominent commercial centre of the Prakasam
district. OMC covers an area of 132.45 square kilometer (sq. km.)
and serves a population of 2.53 lakh (as per Census 2011). The
major functions include water supply, solid waste management, and
construction, repair and maintenance of roads and streetlights in
its area. OMC is divided into six municipal divisions and 50
municipal wards and in the absence of the Council, is currently
governed by a Special Officer appointed by the Government of Andhra
Pradesh (GoAP), who enjoys the powers and functions of the Council.
The administrative division is headed by the commissioner of OMC.
PARAG AGRO: Ind-Ra Assigns BB+ Long Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Parag Agro Foods
And Allied Products Private Limited (PAFAPPL) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR1,750.50 bil. Fund-based working capital limits assigned
with IND BB+/Stable/IND A4+ rating; and
-- INR1,249.50 bil. Term loans due on FY31 assigned with IND BB+
/Stable rating.
Key Rating Drivers
Liquidity Indicator - Stretched: PAFAPPL's average maximum monthly
utilization of the fund-based limits was 61.44% for the 12 months
ended January 2023. The net working capital days remained
elongated but improved to 262 days in FY22 (FY21: 494 days), owing
to a decline in its inventory holding period to 358 days (644
days). Ind-Ra expects the net working capital cycle to improve
marginally in FY23 due to a further decline in inventory days. The
cash flow from operations turned positive at INR244.86 million
during FY22 (FY21: negative INR242.98 million) due to favorable
changes in the working capital. The cash and cash equivalents stood
at INR43.52 million at FYE22 (FYE21: INR16.12 million). PAFAPPL has
scheduled debt repayments of INR140.51 million in FY23, INR287.23
million in FY24 and INR287.13 million in FY25. The company had
taken a loan of INR573.30 million during FY22 for installing a 45
kiloliter per day (KLPD) distillery unit. The cash flows generated
from ethanol production, which offers better margins than sugar
sales, are likely to lead to an improvement in the liquidity
position during FY23 and over the medium term.
The debt service coverage ratio improved to 1.71x in FY22 (FY21:
1.11x) due to an increase in the absolute EBIDTA. The agency
expects the debt service coverage ratio to improve further in FY23
and over the medium term, owing to higher realizations from
ethanol sales and the absence of any significant debt-funded capex
plans.
Credit Metrics Remain Weak: PAFAPPL's credit metrics continued to
be weak but improved in FY22 due to an increase in the absolute
EBITDA to INR483.16 million (FY21: INR273.34 million). The interest
coverage (operating EBITDA/gross interest expense) was 1.71x (FY21:
1.11x) and net financial leverage (adjusted net debt/operating
EBITDA) was 7.26x (11.19x). Ind-Ra expects the metrics to improve
further in FY23, owing to a likely increase in the absolute EBITDA
and the absence of any major debt funded capex plans.
EBIDTA Margins Continue to be Modest: Despite an increase in the
cost of goods sold to 77% in FY22 (FY21: 74%), PAFAPPL's EBITDA
margins improved slightly to 14.86 % (14.80 %) owing to better
absorption of administrative costs, led by revenue growth. The ROCE
was 10.1% in FY22 (FY21: 4.3%). While realizations from ethanol
sales are likely to improve, it accounts for only 20% of the
revenue; the balance is derived from sugar sales, which yield thin
margins. Consequently, Ind-Ra expects the EBTIDA margin to be
stable during FY23 and in the medium term.
Growth in Revenue: PAFAPPL's revenue rose to INR3,250.57 million in
FY22 (FY21: INR1,846.67 million; FY20: INR2,299.31 million), led by
an increase in the number of crushing days with a recovery rate of
11.49% (11.08%). PAFAPPL is an integrated player in the industry,
with a sugar division, distillery division (45KLPD; commenced
operations from April 2022) and co-generation division (14MW unit).
The sugar division contributed 90% to the sales in FY22 (FY21:
80%), while the co-generation division accounted for 3% (6%).
Furthermore, the company has installed an incineration boiler to
treat the hazardous waste from the distillery unit, where bagasse
is used as fuel. During the initial period of commencement of
operations at the distillery unit, the company produced rectified
spirit of four million liters. Accordingly, the output was sold to
various industrial players. However, the company has started to
produce ethanol from the ongoing season of 2022-23 and has entered
into agreements with Indian Oil Corporation Ltd. (IND AAA/Stable),
Bharat Petroleum Corporation Limited, Hindustan Petroleum
Corporation Limited (IND AAA/Stable) to supply ethanol from b-heavy
molasses and from sugar syrup. The weight-related issues in the
crop during the ongoing harvesting season could have a marginal
impact on the revenue in FY23; however, the same is likely to be
offset by ethanol sales. While Ind-Ra expects the revenue to be
stable in FY24, it is to be noted that the company's income is
significantly dependent on climatic conditions and the availability
of crop.
Government Push on Ethanol Production: The government of India has
brought forward its 20% ethanol blending with petrol target to 2025
from 2030, resulting in healthy demand prospects for ethanol
producers such as PAFAPPL. The company has tied up with Indian Oil
Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum
Corporation to supply 10 million liters of ethanol from b-heavy
molasses (4.5 million liters at the rate of INR59/liter) and
ethanol from sugar syrup (5.5 million liters at the rate of
INR65/liter) during 2023. As of January 2023, PAFAPPL had already
produced and sold 4.5 million liters to entities in the oil
industry. Of the remaining 5.5 million liters of ethanol from sugar
syrup, approximately 50% of the sales is scheduled to be delivered
by end-March 2023. Given that ethanol yields higher margins, Ind-Ra
expects the company's absolute EBIDTA to rise during FY23 and FY24,
which would lead to an improvement in the leverage and liquidity to
a certain extent.
Strategic Location Aids Exports by Quota Transfer System: PAFAPPL
benefits from location advantage as it has access to ports as well
as sugarcane producing areas. During FY22, the company had made
approximately 40% of its sales as deemed exports (under open
general license). However, during the current season, considering
the quota system put in place, the company has contracted to export
244,000 quintals of sugar, out of which 154,000 quintals had
already been exported as of January 2023. Furthermore, considering
the favorable international prices, the margins of export sales are
likely to improve in FY23.
Rating Sensitivities
Negative: Substantial deterioration in the scale of operations or
deterioration in credit metrics or the net financial leverage
remaining above 6x will be negative for the ratings.
Positive: Substantial improvement in the balance sheet structure,
along with an improvement in the liquidity and credit metrics, with
the net financial leverage falling below 4x, all on a sustained
basis, will be positive for the ratings.
Company Profile
PAFAPPL is registered under the Companies Act, 1956, and was
incorporated in 2013. Its registered office is in Mumbai. The
company commenced its operations in 2017 by setting up a sugar mill
at Ravadewadi, Maharashtra, with a crushing capacity of 3,500 tons
of cane per day (TCD). Subsequently, the crushing capacity was
increased to 4,500TCD, with a 14MW cogeneration plant, a 45KLPD
distillery, and an incineration boiler.
PICCADILY HOLIDAY: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term ratings of Piccadily Holiday
Resorts Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 28.00 [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.
PHRL was incorporated in 1982 with an objective to run hotels,
cinemas and other similar activities. The company established its
first hotel in 1986, 'Hotel Piccadily Manali' in Manali, Himachal
Pradesh. Subsequently, in October 2006, PHRL commenced operations
at its Lucknow hotel, 'The Piccadily Lucknow'. Both the properties
are managed and operated by the company itself. As a part of a
family settlement, Piccadily Cinema in Sector 34, Chandigarh, which
was earlier owned by Piccadily Hotels Private Limited (PHPL) was
merged into PHRL w.e.f. April 2006 and PHRL then set up a
three-screen mall-cum-multiplex project named 'Piccadily Square' at
this location, which commenced operations in September 2012. The
project is developed on a 2500 square yards plot which was
initially allotted on a 99-year lease to PHPL in 1973 by the
Chandigarh administration. As a part of the demerger scheme between
the promoter families, the Sector 34 property was demerged from
PHPL and merged into PHRL. Piccadily Holiday Resorts Limited has
recently acquired Kausauli Resorts Private Limited, which has a
hotel property located at Kasauli under the name 'Kasauli Resorts'
with a room capacity of 33.
PILOT 2: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the Long-Term ratings of Pilot 2 Wheelers Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 23.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
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.
Incorporated in 2001 by Mr. Jagjeet Singh, PWPL is an authorised
dealer for Honda's two-wheelers in Chembur, Mumbai. The company is
a family-run business whose daily operations are managed by Mr.
Jagjeet Singh and his son, Mr. Karanjiv Singh. Prior to the Honda
dealership, the promoters were engaged in spare parts trading and
were also the authorised dealers for Daewoo Motors until 2001. PWPL
currently operates three showroom-cumworkshops at Chembur, Bhandup
and Byculla in Mumbai.
PROMETRIK ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Prometrik Engineering Limited (formerly Andhra Sinter
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
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.5 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 12.50 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
Short Term- 5.00 [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.
Prometrik Engineering Limited (PEL) formerly known as Andhra Sinter
Limited was incorporated in the year 1985 and is involved in the
manufacturing of high precision components and assemblies which
cater to the needs of defence, automotive and other general
engineering industries. PEL is equipped with tool room machines,
CNC production machines, production general machines and host
specialized facilities for task like, metalizing equipment (PTA),
welding (Arc, MIG, TIG), short peening and vibro finishing. The
company is one of the two suppliers for batch clutch plates to be
used in battle tanks (T72 and T90) for Ministry of Defence.
RAM PROTEINS: ICRA Lowers Rating on INR31cr LT Loan to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shree
Ram Proteins Limited (SRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 31.00 [ICRA]D; downgraded from
[ICRA]B+
Fund based Removed from Rating watch with
Cash Credit Negative Implications
Long-term– 6.15 [ICRA]D; downgraded from
[ICRA]B+
Fund based Removed from Rating watch with
Term Loan Negative Implications
Short term 0.10 [ICRA]D; downgraded from
non-fund- [ICRA]A4, Removed from Rating
based Bank watch with Negative Implications
Guarantee
Rationale
The ratings downgrade reflects the irregularities in debt servicing
by SRPL on account of a significant deterioration in the company's
liquidity. Along with the downgrade of the ratings, the Rating
Watch with Negative Implications assigned to the earlier ratings
have been removed. The stretched liquidity of the company was
further impacted by an increase in its working capital intensity
due to high debtor and inventory levels. Additionally, the
company's accruals reduced due to a significant decline in its
sales. Consequently, the company witnessed a cash flow mismatch
amid limited accruals, fully utilised bank limits and lack of
support from the promoters against term loan repayments. As
confirmed by the banker, the delay in debt servicing started in
October 2022. While the EMI payments till January 2023 have been
cleared, repayments due in February 2023 and March 2023 are overdue
as on date. ICRA has been receiving the No Default Statement (NDS)
from SRPL regularly in the prior months, which did not suggest
irregularity in debt servicing. However, the latest information
suggests instances of delays in debt servicing.
The ratings continue to remain constrained by SRPL's modest scale
of operations, low profit margin and high working capital intensive
nature of its operations. The company's elongated working capital
cycle, reflected in the high receivables and inventory levels,
resulted in a poor liquidity and is likely to remain at this level
in the near term. SRPL remains exposed to intense competition and
fragmented nature of the edible oil industry. The company's
operations are exposed to price volatility and regulatory changes
by the Government with respect to foreign trade policy and
incentive structure. ICRA's ratings also reflect SRPL's exposure to
fluctuations in foreign exchange rates in the absence of any
hedging policy. ICRA also notes the risks associated with
agro-commodities such as seasonality, climatic conditions and
global demand-supply balance.
Earlier in January 2023, the company was admitted under the
Corporate Insolvency Resolution Process (CIRP) by National Company
Law Tribunal (NCLT) against the application from one of its
operational creditors. Later, in the same month, it had received a
stay order from the National Company Law Appellate Tribunal (NCLAT)
on the NCLT's order. ICRA would continue to seek clarity from the
company regarding the latest updates to completely evaluate the
impact on its credit profile. Further, ICRA would continue to
monitor the developments and take appropriate rating action as and
when more clarity emerges.
Key rating drivers and their description
Credit strengths
* Extensive experiences of promoters and established relationships
with customers: SRPL's promoters have over a decade long experience
in the seed processing industry. Apart from this, the promoters
have experience in other businesses, which include ginning,
spinning, tea etc. Additionally, the company's long operational
track record has helped establish relationships
with customers in the market. This ensures repeat business with the
existing clientele and provides future revenue visibility.
* Location-specific advantages: The company's manufacturing unit is
located at Rajkot, Gujarat, which is a key cotton growing
region of the country, along with the presence of many ginning
units around it. Hence, the company benefits from lower
transportation costs and easy access to quality raw materials
(cotton seeds).
Credit challenges
* Delay in debt servicing: SRPL has been irregular in servicing of
its term loans and cash credit limit. As confirmed by the banker,
the delay started in October 2022. While the EMI payments till
January 2023 have been cleared, repayments due in February 2023 and
March 2023 are overdue, as on date.
* High working capital intensity and stretched liquidity: The
working capital intensity has been high over the years and has
remained around 50% during the past years mainly owing to the
stretched debtor and high inventory levels. The debtor days stood
at 104 as on March 31, 2021, and at around 80 (adjusted for the
cheque not realised and shown as bank balance) as on March 31,
2022, mainly owing to adverse market conditions. A substantial
portion of the total debtors remains outstanding for more than 180
days, full and timely realisation of which remains crucial for the
company's liquidity.
* Intense competition and fragmented nature of the industry: The
edible oil industry is characterised by intense competition due to
the presence of small and unorganised players and availability of
cheap substitutes such as palm oil. Tough competition limits the
company's bargaining power with customers and suppliers and exerts
pressure on its margins.
* Exposure to agro-climatic conditions and regulatory changes:
SRPL, being in the agro-commodity business, remains exposed to the
domestic and global crop position as prices and availability are
subject to seasonality and crop harvest. Regulatory changes like
import duty structure, fluctuations in foreign exchange rates and
minimum support price amendments have a bearing on the
profitability of solvent extraction units. The company's profits
are also exposed to the fluctuations in prices of raw cotton, oil
seeds and oil imports, which in turn depend on global demand-supply
situations and export policies.
Liquidity position: Poor
The liquidity position of SRPL is poor due to the high working
capital intensity. Elongated working capital cycle, reflected in
the high receivables and inventory levels and almost fully utilised
working capital limits indicate stretched liquidity position of the
company. SRPL has a repayment obligation of INR2.05 crore in FY2023
for the existing term loans. Further, the company is undertaking a
capex of around INR25.0 crore, which is proposed to be partly
funded by a fresh debt. The repayment of the existing and future
loans, along with the elongated working capital cycle, would
continue to exert pressure on the company's liquidity. The
promoter's contribution in case of any cash flow mismatch will
remain crucial to support the company's liquidity.
Rating sensitivities
Positive factors – The ratings could be upgraded if the debt
servicing of the company is regularized on a sustained basis, as
per ICRA's policy of Default Recognition.
Initially incorporated as Shree Ram Proteins Private Limited in
August 2008 by Rajkot-based Mr. Lalit Vasoya, Mr. Lavji Savaliya
and their family members for processing cotton seeds and carrying
out related trading activities, it was converted into a public
limited company in 2017, and its name was changed to Shree Ram
Proteins Limited. The company was listed on the NSE in 2020, prior
to which it was listed on the NSE Emerge Platform (SME) since 2018.
At present, the company's processing plant operations include
cotton seed de-linting, de-hulling, cotton seed oil extraction and
cotton seeds DOC. The company also deals in rapeseed oil, oil cake,
soya oil, groundnut oil, mustard seeds/oil, rice bran and soya
cake.
RANA HEAVY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Rana Heavy Engineering Limited
7th K.M Stone Meerut Road Muzaffarnagar
Uttar Pradesh UP 251002 India
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 30, 2023 (180 Days)
Court: National Company Law Tribunal, Allahabad Bench
Insolvency
Professional: Hemi Gupta
24, Medi Center,
Opp. Eves Petrol Pump,
Hapur Road, Meerut (U.P)-250002
Email: hemigupta@rediffmail.com
B-84, Takshila Colony, Garh Road,
Near Medical College,
Meerut(U.P) – 250004
Email: cirp.ranaheavyeng@gmail.com
Last date for
submission of claims: March 17, 2023
SABARI KRISHNA: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Sabari Krishna Enterprise 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- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 14.00 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 2.25 [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.
Sabari Krishna Enterprises (SKE) is a Hyderabad based construction
firm engaged in execution of civil & electrical contract works for
Indian Railways. The company is currently executing projects on
electrification and maintenance of new and existing railway lines
for southern division of Indian Railways.
SAFEFLEX INTERNATIONAL: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Safeflex International 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- 35.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.20 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain
Cash Credit under issuer not cooperating
category
Short Term- 3.00 [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.
Safeflex International Limited has been set up by Mr Jitesh Agarwal
in 2006 who has long experience in the poly woven sacks/FIBC
industry. Mr Jitesh Agarwal is a B.Tech (Textiles) from IIT Delhi
(1984 batch) and is a first generation technocrat promoter. Mr
Agarwal was working as Head of production at Flexituff
International since 1995, India's leading FIBC manufacturer, where
he was instrumental in establishing all FIBC plants of the company
and also assumed marketing responsibilities for exports. Prior to
Flexituff, Mr Agarwal was working with erstwhile Paharpur Plastics,
once one of the leading poly woven sack manufacturers in the
country. SIL has a 100% export oriented unit in Pithampur (MP) SEZ,
near Indore to manufacture 4800 MTPA of FIBC. The company initially
set up capacity of 2400 MTPA, which became operational in Aug 2008,
which was later expanded to 4800 MTPA in Oct 2009. Subsequently the
company has set up another manufacturing facility at Pithampur
(M.P.) with a capacity of 8700 MTPA which started commercial
production from Oct 2012. The capacity expansion took place in
three phases with the completion of the final phase in FY16 with an
installed capacity of 4800 MTPA. Hence, the total capacity of all
the three plants stands at 25,450 MTPA. The company's plants are
ISO 9001:2000 certified.
SAGAR E-SHOP: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sagar E-shop Private Limited
D-201, Chandresh Chhaya Chs. Ltd.,
Kalyan Shil Road,
Nilje Village, Dombivali East,
Thane, Maharashtra - 421204
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 30, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Arunava Sikdar
C-10, LGF, Lajpat Nagar Part III,
New Delhi - 110024
Email: asikdar1990@gmail.com
Email: cirpsagareshop@gmail.com
Last date for
submission of claims: March 17, 2023
SAI MAATARINI: Ind-Ra Moves D Term Loan Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sai Maatarini
Tollways Limited's term loans' rating to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR13,973.5 bil. Term loans (Long-term) due on October 1, 2027
migrated to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 19, 2022. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.
Company Profile
Sai Maatarini Tollways is a special purpose vehicle, incorporated
to implement a 166.17km-lane expansion (two-to-four laning) between
Panikolli and Rimuli in Odisha on National Highway 215, under a
24-year concession agreement from the National Highways Authority
of India ('IND AAA'/Stable). The project was terminated on January
28, 2020 due to non-completion of balance construction works.
SANVI MILK: Liquidation Process Case Summary
--------------------------------------------
Debtor: Sanvi Milk and Milk Products Private Limited
(In Liquidation)
A/P-Mayani, Tal-Khatav Dist-Satara,
Maharashtra- 417102 India
Liquidation Commencement Date: February 24, 2023
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Indrajit Mukherjee
Flat No. B.405, Siddhivinayak Twins,
Plot No. 9, Sector 17,
Roadpali, Kalamboli,
Navi Mumbai, Raigad,
Maharashtra, 410218
Email: indrajitmukherjee15@yahoo.com
Unit #207, Kshitij, Near Azad Nagar Metro Station,
Veera Desai Road, Andheri West, Mumbai - 400053
Email: sanviliquidation@gmail.com
Last date for
submission of claims: March 26, 2023
SERVOCONTROLS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Servocontrols and Hydraulics (I) 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
---------- ----------- -------
Short Term- 3.40 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others 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
Long Term- 0.83 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- (0.75) [ICRA]A4 ISSUER NOT
Interchangeable COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
Servocontrols & Hydraulics (I) Private Limited (SHIPL), is an ISO
9001:2000 company head quartered in Belgaum, is involved in
designing and manufacturing of hydraulic valves, servo valves,
manifold block systems, hydraulic servo actuators, temposonic
sensors etc. The company also manufactures hydraulic power packs
(comprising of joysticks) and wire harnessing systems for
construction equipment industry. The company is promoted by Mr.
Deepak Dhadoti and his brother Mr. Dinesh Dhadute who are qualified
engineers with extensive experience in the engineering industry.
The company started its operations in 2005 with commissioning of
its manufacturing facility in Udyambag Belgaum. SHIPL has built its
technical capabilities over the years working in collaboration with
reputed companies like Hydraforce Hydraulics, UK and MTS Systems
Corporation, USA. The company presently is operating out of a
manufacturing set up built over 25000 sq ft of area in Udyambag,
Belgaum with more than 120 employees. The company's products find
application across wide range of industries and sectors like
automotive, construction equipment & mining, and power generation.
SHEKAR LOGISTICS: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-term ratings of Shekar
Logistics Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 8.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 3.00 [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 2001, Shekar Logistics Private Limited (SLPL) is a
logistics service provider for Tata Steel Limited (TSL) and its
services includes transportation and handling of various materials
like steel coils, rods, sheets, TMT bars etc for Tata Steel
Limited. SLPL handles TSL's materials from TSL's stock yards to
respective TSL's customer destinations as per TSL's requirement. It
handles distribution of TSL's steel products across South India
from TSL's stock yards in Vijayawada, Chennai, Bangalore, Hubli and
Hyderabad and owns transport fleet of 136 vehicles. The company is
an ISO 9001-2008 Certified company by QMS certification services.
SIDDHBALI STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Siddhbali Steels and Strips Private Limited
1401-D Building, Marvel Albero Society Khadi Machine
Chowk Pune Pune, Maharashtra 411048 India
Insolvency Commencement Date: February 27, 2023
Estimated date of closure of
insolvency resolution process: August 26, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Bimal Ashok Desai
217,Florence Pride,
Opp. Corporation Garden, Sun Pharma Road,
Vadodara, Gujarat - 390 020, India
Email: bimal.a.desai@icai.org
Last date for
submission of claims: March 13, 2023
SRINIVASA RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term ratings of Sri Srinivasa Rice Mill
(Mahendrawada) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.00 [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.
Founded in 1978, SSRM is involved in the milling of paddy and
produces raw and boiled rice. The rice mill is located at
Mahendrawada village, Anaparthi Mandal in East Godavari district of
Andhra Pradesh. Its installed production capacity is 30,000 metric
tonnes per annum. The firm sold its products under the brand name
of Umbrella.
SUDHIR CONSTRUCTIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sudhir Constructions Infraspace Private Limited
Samashish Bhavan, 18- Mulik Complex,
Tenement Wardha Road,
Somalwada, Nagpur - 440025
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 30, 2023
Court: National Company Law Tribunal, Mumbai Bench-V
Insolvency
Professional: Ram Ratan Kanoongo
708, Raheja Centre, Nariman Point,
Mumbai - 400021, Maharashtra
Email: rrkanoongo@gmail.com
Email: cirpsudhir@gmail.com
Last date for
submission of claims: March 17, 2023
SURYA SRI: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long term rating for the bank facilities of
Surya Sri Rice Mill in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.51 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 41.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.34 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 1.15 [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. 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 noncooperation
by a rated entity available at www.icra.in.
Surya Sri Rice Mill (SSRM) was established in the year 2005 and is
engaged in the milling of paddy and produces raw and boiled rice.
It was promoted by Mr. Vishwanadha Reddy. The firm has a milling
unit in Koppavaram-East Godavari district of Andhra Pradesh with an
installed capacity of 108,000 MTPA.
TELEVISION HOME: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Television Home Shopping Network Limited
Registered Office:
102, Eshaanm Ghantali Road,
Naupada, Mumbai,
Mumbai City MH 400602 India
Corporate Office:
Basement and Mezzanine Floor at A-48, Sector 67
Gautam Buddha
Nagar Noida-201301 UP India
Insolvency Commencement Date: March 3, 2023
Estimated date of closure of
insolvency resolution process: August 30, 2023
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Mr. Sushil Kumar Agrawal
B 803, Building No. 10,
25 Poddarwadi, Shahji Raje Marg,
Near Thakkar Bakery,
Koldongri, Vile Parle (East),
Mumbai City, Maharashtra, 400057
Email: avafca@gmail.com
144, Mittal Court, B Wing, Nariman Point,
Mumbai, Maharashtra - 400002
Email: televisionhome.ibc@gmail.com
Last date for
submission of claims: March 17, 2023
VALUE PHARMA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long term rating for the bank facilities of
Value Pharma Retail (Hyd) Pvt. Ltd in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 13.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of noncooperation
by a rated entity available at www.icra.in.
Incorporated in the year 2010, VPRIPL operates a chain of pharmacy
and optical retail stores in Hyderabad and Bengaluru. Based out of
Hyderabad, the company is promoted by Mr. Byra Dileep Chakravarthy.
VPRIPL currently operates about 50 stores currently in the leased
premises.
=========
J A P A N
=========
TOSHIBA CORP: S&P Puts 'BB+' LongTerm ICR on Watch Negative
-----------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term issuer credit rating
on Toshiba Corp. on CreditWatch with negative implications. S&P
also affirmed its short-term issuer credit and commercial program
ratings at 'B'.
The CreditWatch placement follows Toshiba's announcement that it
will support a tender offer that a special purpose company
established by Japan Industrial Partners Inc. (JIP) is planning to
commence in late July. S&P believes Toshiba's financial profile may
deteriorate materially if the tender offer is implemented. This is
because Toshiba would be obliged to repay a portion of debt that
the special purpose company raises to purchase the shares. The
CreditWatch placement also reflects the possibility that the
company's business performance and free cash flow in the next 12 to
18 months may be weaker than we previously expected amid difficult
economic conditions.
Implementation of the tender offer would lead to significant debt
obligations for Toshiba. The special purpose company will likely
need nearly JPY2 trillion for the purchase of the shares. It is
likely to raise the necessary funds with common equity as well as
other instruments, including preferred stocks, mezzanine loans, and
senior loans. The proportion of common equity within the funds
raised is unknown. S&P said, "If JIP's special purpose company
raises about JPY1 trillion as debt, as media have reported, we
expect Toshiba's net debt (debt plus leasing receivables net of
cash and deposits) will likely amount to nearly JPY1.3 trillion (it
was JPY211.1 billion as of Dec. 31, 2022). We expect the company's
EBITDA to stand slightly below JPY270 billion for fiscal 2022
(ending March 31, 2023)."
S&P said, "We also expect Toshiba's business performance to remain
under pressure in the next 12 to 18 months. We see growing
uncertainties over its performance on a consolidated basis and key
financial indicators. The company has announced a second downward
revision to its business performance forecast for fiscal 2022. Its
debt as of the end of fiscal 2022 is likely to increase more than
we had expected, partly because of deterioration of working
capital. Toshiba is taking time to shift increased costs due to
inflation into sales prices. Moreover, the impact of shortages of
parts and components is likely to persist in some of its
businesses, in our view. The hard disk drives for data centers
business has been affected by customers' reduced investments,
raising downside risk to business performance. Even if the tender
offer is not implemented, we believe Toshiba's debt to EBITDA would
likely deteriorate to almost 2.5x as of the end of fiscal 2023 from
about 1.4x as of the end of the current fiscal year, due to the
weaker performance.
"We will consider the impact of the tender offer on our rating on
the company by examining forecasts for performance and cash flow,
and progress of the offer. We will also examine prospects for the
company after the tender offer from the viewpoints of management
policy and composition of the team; its relationship with the
parent company (JIP); relationships with major customers; and
forecasts of key cash flow indicators and financial covenants
(including values of shares of Kioxia Corp., an equity-method
affiliate of Toshiba). We may lower the rating on Toshiba by one
notch regardless of the progress of the tender offer if results and
forecasts for fiscal 2023 (expected to be disclosed in May) are far
below our expectations. We will likely resolve the CreditWatch
placement once we can see the whole picture of operations and
finances after the tender offer, including Toshiba's resultant
debt. We may lower the current rating more than two notches if the
company's debt increases by more than JPY1 trillion."
TOSHIBA: 5 Ex-Execs Ordered to Pay Damages Over Accounting Scandal
------------------------------------------------------------------
The Japan Times reports that the Tokyo District Court on March 28
ordered five former Toshiba executives including former presidents
Norio Sasaki and Hisao Tanaka to pay a total of about JPY300
million in damages over their involvement in accounting
irregularities at the company.
According to the Japan Times, Presiding Judge Yoshihide Asakura
found that the five were responsible for accounting irregularities
related to U.S. infrastructure operations of the Japanese
electronics and machinery giant.
It is the first time that any former executive has been
individually found liable for compensation over accounting
irregularities at the firm, the report says.
The other three slapped with the damages order are former corporate
senior executive vice presidents Makoto Kubo, Hideo Kitamura and
Toshio Masaki.
The Japan Times meanwhile, reports that the court rejected the
compensation claim against deceased former President Atsutoshi
Nishida and nine other former executives over accounting
irregularities in the company's personal computer business.
Toshiba and its shareholders had filed the damages claims against
the 15 executives over the accounting scandal discovered in 2015.
According to the claims, Toshiba fraudulently padded its profits by
a total of JPY224.8 billion between fiscal 2008 and fiscal 2014 by
understating its loss provisions for infrastructure projects such
as the delivery of U.S. subway equipment and nuclear plant
construction, as well as by using so-called buy-sell transactions,
in which it sold parts at high prices to contractors and bought
finished products from them, in its personal computer business.
The Japan Times says Toshiba had demanded JPY3.2 billion in damages
from five former executives including Sasaki, while its
shareholders had requested that the remaining 10 defendants pay up
to JPY3.3 billion to the company.
In his ruling, Asakura said that buy-sell transactions "were at
least one of the possible accounting procedures at the time, and
cannot be found to have been in violation of accounting
standards."
On the other hand, the judge found that "not recording the
provisions (for the infrastructure projects) violated accounting
standards and was illegal."
The five former executives had failed in their duty to cease or
correct the accounting irregularities, and Tanaka had given
instructions that encouraged and facilitated the irregularities,
the ruling also said, the report relays.
According to the report, Asakura found a causal relationship
between their failures and damage faced by Toshiba, including the
payment of punitive surcharges, the payment of listing contract
penalties to the Tokyo Stock Exchange and damage to the company's
reputation. He ordered the five to pay compensation for part of the
damage.
Toshiba released a comment that it will examine the details of the
ruling and make a decision on how to deal with the issue after
consulting with its attorney, the Japan Times says.
The report adds the attorney for the shareholders said, "We feel
that our role as shareholders has been fulfilled because our claims
toward defendants against whom Toshiba had not filed a claim have
been accepted."
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
===============
SCOMI GROUP: Securities to be Delisted by Bursa on March 31
-----------------------------------------------------------
The Star reports that Bursa Malaysia has decided to delist Scomi
Group Bhd's securities from its official list pursuant to paragraph
8.04 of the Main Market Listing Requirements on March 31, 2023.
In a filing with Bursa Malaysia, Scomi said the local bourse had
dismissed the company's appeal for a further six-month extension to
submit its regularisation plan to the relevant authorities for
approval, The Star relays.
"Bursa has decided to reject Scomi Group's request to vary the
terms and conditions for the company to pay the sum of MYR8 million
to Maybank before March 15, 2023," it said.
About Scomi Group
Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.
In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN
17) status after shareholders' equity slipped below 25% of its
issued share capital and its equity dropped below MYR40 million
based on its financial results for the quarter ended June 30,
2019.
The company's shares were suspended on April 20, 2022, after Bursa
Securities rejected its request for a further extension of time to
submit its regularisation plan. The counter last traded at half a
sen on April 18, 2022.
=====================
N E W Z E A L A N D
=====================
DMDPLUS LIMITED: Court to Hear Wind-Up Petition on May 12
---------------------------------------------------------
A petition to wind up the operations of Dmdplus Limited will be
heard before the High Court at Auckland on May 12, 2023, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 8, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
MARQUE HOSPITALITY: Court to Hear Wind-Up Petition on April 4
-------------------------------------------------------------
A petition to wind up the operations of Marque Hospitality Limited
will be heard before the High Court at Auckland on April 4, 2023,
at 10:00 a.m.
90 Nine Limited filed the petition against the company on Dec. 22,
2022.
The Petitioner's solicitor is:
Brent James Norling
Nicole Ashleigh Saunders
Level 3, Building 2
61 Constellation Drive
Rosedale, Auckland
MKOD DEVELOPMENTS: Court to Hear Wind-Up Petition on April 4
------------------------------------------------------------
A petition to wind up the operations of MKOD Developments Limited
will be heard before the High Court at Auckland on April 4, 2023,
at 10:45 a.m.
United Builders Limited and Wolfgramm Contracting Limited filed the
petition against the company on Jan. 11, 2023.
The Petitioner's solicitor is:
Peter James Broad
Level 1, 1/208 Great South Road
Papatoetoe
Auckland
TOTAL HELP: Thomas Lee Rodewald Appointed as Liquidator
-------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting Limited on May 11, 2023,
was appointed as liquidator of Total Help Limited.
The liquidator may be reached at:
C/- Rodewald Consulting Limited
Level 1, The Hub
525 Cameron Road
PO Box 15543
Tauranga 3144
VAST BILLBOARDS: Court to Hear Wind-Up Petition on April 4
----------------------------------------------------------
A petition to wind up the operations of Vast Billboards Limited
will be heard before the High Court at Christchurch on April 4,
2023, at 10:00 a.m.
Simon James Riddell filed the petition against the company on Feb.
17, 2023.
The Petitioner's solicitor is:
Alex Summerlee
Level 1, 60 Cashel Street
Christchurch 8013
===============
P A K I S T A N
===============
PAKISTAN: Shoud Met External Financing Commitments Before IMF Fund
------------------------------------------------------------------
Reuters reports that the International Monetary Fund (IMF) wants
external financing commitments fulfilled from friendly countries
before it releases bailout funds, Pakistan's Prime Minister Shehbaz
Sharif said on March 28.
Reuters says the lender has been negotiating with Islamabad since
early February to resume $1.1 billion in funding held since
November, part of a $6.5 billion bailout agreed in 2019.
According to Reuters, the IMF funding is critical for Pakistan to
unlock other external financing avenues to avert a default on its
obligations. Its diminished central bank reserves barely cover four
weeks of imports.
"Now we are being told that the commitments from friendly countries
be fulfilled and God willing we will," Sharif told parliament in a
live telecast speech, Reuters relays.
Reuters relates that an IMF statement said substantial progress had
been made in discussions towards policies in recent days and
financial assurances were standard in IMF programs.
"All IMF program reviews require firm and credible assurances that
there is sufficient financing to ensure that the borrowing member's
balance of payments is fully financed in the next 12 months, with
good prospects for financing over the remainder of the program.
Pakistan is no exception," the statement to Reuters said.
Several friendly countries including Saudi Arabia, China and the
UAE, have made commitments to help Pakistan fund its balance of
payments.
An agreement would be signed once a few remaining points, including
a proposed fuel pricing scheme, are settled, an IMF official said
on March 24.
Earlier, Sharif had announced the government's plan to charge
affluent consumers more for fuel in order to subsidise prices for
the poor, who have been hard-hit by inflation, the report notes. In
February, it was the highest in 50 years.
The IMF's resident representative in Pakistan, Esther Perez Ruiz,
said the government had not consulted the fund about the scheme.
Reuters says the lender wants Islamabad to explain the fuel scheme
before any loan deal.
"Fund staff are seeking greater details on the fuel subsidy scheme
in terms of its operation, cost, targeting, protections against
fraud and abuse, and offsetting measures, and will carefully
discuss these elements with the authorities," the IMF said.
The IMF signalled it preferred boosting social support through the
country's large government poverty alleviation Ehsaas Kafalat
program.
"As a general matter, the IMF sees strengthening support to those
eligible for social assistance through the unconditional Kafalat
cash transfer scheme as the most direct way to help the neediest in
Pakistan," the statement, as cited by Reuters, said.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa3 from Caa1. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa3 from
(P)Caa1. Concurrently, Moody's has also changed the outlook to
stable from negative. The decision to downgrade the ratings is
driven by Moody's assessment that Pakistan's increasingly fragile
liquidity and external position significantly raises default risks
to a level consistent with a Caa3 rating.
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S I N G A P O R E
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JAKUBSTADT HOLDINGS: Court to Hear Wind-Up Petition on April 14
---------------------------------------------------------------
A petition to wind up the operations of Jakubstadt Holdings Pte Ltd
will be heard before the High Court of Singapore on April 14, 2023,
at 10:00 a.m.
TG (Balmoral) Pte Ltd filed the petition against the company on
March 16, 2023.
The Petitioner's solicitors are:
AM Legal LLC
10 Anson Road
#14-10 International Plaza
Singapore 079903
MICROSOFT SINGAPORE: Members' Final Meeting Set for April 28
------------------------------------------------------------
A final meeting of the sole member of Microsoft Singapore
Investments Pte. Ltd. will be held on April 28, 2023, at 10:00
a.m., at One Raffles Quay, North Tower Level 18, in Singapore.
At the meeting, Aaron Loh Cheng Lee, the company's liquidators,
will give a report on the company's wind-up proceedings and
property disposal.
*********
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
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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 ***