/raid1/www/Hosts/bankrupt/TCRAP_Public/230403.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, April 3, 2023, Vol. 26, No. 67
Headlines
A U S T R A L I A
AGRIFUNDER HOLDINGS: Second Creditors' Meeting Set for April 11
COVENTRY BOND 2023-1: S&P Assigns Prelim. B Rating on F Notes
LLOYD GROUP: Enters Voluntary Administration
MOTORWAY CIVIL: First Creditors' Meeting Set for April 12
PORTER DAVIS: Goes Into Liquidation Impacting 1,700 Projects
PROGRESS TRUST 2023-1: S&P Assigns BB Rating on Class E Notes
RENAISSANCE WEDDING: First Creditors' Meeting Set for April 12
STAMINALIFT INTERNATIONAL: Commences Wind-Up Proceedings
WEST END CRAFT: First Creditors' Meeting Set for April 12
C H I N A
COUNTRY GARDEN: Reports First Annual Loss Since 2007 IPO
SUNAC CHINA: Posts US$2 Billion Core Loss in 2022
H O N G K O N G
LAMBDA INDUSTRIAL: Receivers Seizes Owner's HK Property
I N D I A
BALIBOINA SIVAPRASAD: CRISIL Keeps D Ratings in Not Cooperating
BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating
BHILAI INSTITUTE: CRISIL Keeps D Debt Rating in Not Cooperating
CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating
ERODE CRITICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MANTRI DEVELOPERS: NCLT Initiates Insolvency Proceedings vs. Firm
NEW HORIZONS: CRISIL Keeps D Debt Ratings in Not Cooperating
PARAS FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
PK GLOBAL: CRISIL Keeps D Ratings in Not Cooperating Category
PRAGATI MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
RAIHAN HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
RAKESH FOLDING: CRISIL Keeps D Debt Ratings in Not Cooperating
RAOS EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating
RASANDIK AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
THANDEKKATTU VARKEY: CRISIL Keeps D Ratings in Not Cooperating
TIMBLO DRYDOCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIMURTI FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
TRYCON INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
V. M. STAR: CRISIL Keeps D Debt Rating in Not Cooperating
V.R.N. ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
VALLABH TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
VALLI MURUGAN: CRISIL Keeps D Debt Ratings in Not Cooperating
VEDSIDDHA PRODUCTS: CRISIL Keeps D Ratings in Not Cooperating
VINDHYABASINI RICE: CRISIL Keeps D Ratings in Not Cooperating
ZEE ENTERTAINMENT: Settles Loan Default Dispute With Indusind Bank
N E W Z E A L A N D
AH CONSTRUCTION: Assets to be Auctioned on April 13
BLACK ROBIN: Creditors' Proofs of Debt Due on May 15
BOYDIE'S BUILDING: Creditors' Proofs of Debt Due on May 4
DINSDALE FOOD: Creditors' Proofs of Debt Due on April 17
ELITE FREIGHT: Court to Hear Wind-Up Petition on April 27
PAPA PUTAIAO: Creditors' Proofs of Debt Due on April 26
P A K I S T A N
PAKISTAN: China Rolls Over US$2B Billion Loan
S I N G A P O R E
EQONEX LIMITED: Court Enters Judicial Management Order
ERSA TECHNOLOGIES: Court to Hear Wind-Up Petition on April 14
GEO MILLENIUM: Placed in Provisional Liquidation
RICHE OHANA: Commences Wind-Up Proceedings
TELARIX SINGAPORE: Creditors' Proofs of Debt Due on May 1
- - - - -
=================
A U S T R A L I A
=================
AGRIFUNDER HOLDINGS: Second Creditors' Meeting Set for April 11
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Agrifunder
Holdings Pty Ltd has been set for April 11, 2023, at 11:00 a.m. via
virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 6, 2023, at 4:00 p.m.
Keith Alexander Crawford of McGrathNicol was appointed as
administrator of the company on March 2, 2023.
COVENTRY BOND 2023-1: S&P Assigns Prelim. B Rating on F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Corporate Trust Ltd. as trustee for Coventry Bond Trust
2023-1. Coventry Bond Trust 2023-1 is a securitization of prime
residential mortgage loans originated by BC Securities Pty Ltd.
(BCS).
The preliminary ratings assigned to the floating-rate RMBS reflect
the following factors.
The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents of Australia, to
self-managed superannuation fund borrowers, and to expatriate
borrowers, and the credit support provided to each class of rated
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk considers BCS's
underwriting standards and approval process as well as its
servicing quality.
The rated classes of notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.
S&P's ratings also take into account the counterparty exposure to
Australia and New Zealand Banking Group Ltd. as the bank account
provider.
S&P also has factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.
Preliminary Ratings Assigned
Coventry Bond Trust 2023-1
Class A1-MM, A$109.00 million: AAA (sf)
Class A1-AU, A$196.06 million: AAA (sf)
Class A1-4.5Y: A$40.00 million: AAA (sf)
Class A2, A$20.30 million: AAA (sf)
Class AB, A$8.00 million: AAA (sf)
Class B, A$10.50 million: AA (sf)
Class C, A$9.00 million: A (sf)
Class D, A$5.80 million: BBB (sf)
Class E, A$3.50 million: BB (sf)
Class F, A$2.20 million: B (sf)
Class G, A$1.64 million: Not rated
LLOYD GROUP: Enters Voluntary Administration
--------------------------------------------
News.com.au reports that Victorian-based construction firm Lloyd's
Group has gone under with 59 projects and 200 staff impacted.
News.com.au relates that Lloyd's Group, which specialises in
building schools and other government infrastructure, had six
companies placed into voluntary administration with Deloitte
working urgently to try and rescue the firm and find a buyer.
According to news.com.au, Melbourne's Bayside City Council revealed
a number of projects were impacted by Lloyd's Group's demise.
"Council is working with Deloitte to clarify the next steps for our
projects under construction which are the Dendy Street Beach
Pavilion and Tulip Street Basketball Stadium expansion," the
council said.
News.com.au says the construction firm had projects in both
Victoria and NSW, including the Willowdale Sports Pavilion in
property giant Stockland's Willowdale community near Leppington and
a major sports facility in Schofields in Sydney.
News.com.au relates that Deloitte said it was undertaking an urgent
assessment of the company's books to see where costs could be
recouped.
"Like others in the construction sector, and despite significant
effort, Lloyd Group has been unable to overcome increasingly
challenging circumstances over recent months that have eroded
project margins, culminating in our appointment today," Deloitte
said.
"We do appreciate that this news will be unsettling and potentially
disruptive for employees and project stakeholders, contractors, and
suppliers.
"In these early days, we will be undertaking an urgent assessment
of the business's financial position and project-by- project
status, and immediately commence communication with project
principals and stakeholders.
"We will also immediately commence an accelerated sale process and
hold discussions with parties that might be interested in taking on
individual projects."
MOTORWAY CIVIL: First Creditors' Meeting Set for April 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Motorway
Civil Pty Ltd will be held on April 12, 2023, at 11:00 a.m. via
Zoom teleconference facilities.
Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin
were appointed as administrators of the company on March 29, 2023.
PORTER DAVIS: Goes Into Liquidation Impacting 1,700 Projects
------------------------------------------------------------
News.com.au reports that Australia's thirteenth largest home
builder Porter Davis Homes has collapsed suddenly placing 1,700
projects in jeopardy across Victoria and Queensland.
According to the report, Porter Davis Homes, which employs 470
staff members, appointed liquidators on March 31 after failing to
find someone to save the firm.
Said Jahani, Matt Byrnes and Cameron Crichton of Grant Thornton
Australia were appointed liquidators of 14 companies and revealed
work would cease immediately on all projects being conducted by the
group of companies in Victoria and Queensland, news.com.au
discloses.
Porter Davis Homes (PDH) had over 1,500 current homes in progress
in Victoria and a further 200 homes in Queensland.
There are also 779 signed contracts with customers where building
has yet to commence.
Investigations are continuing as to what went wrong and the reasons
for the collapse, a spokesperson from Grant Thornton said,
news.com.au relays.
"The extremely challenging environment for residential home
building has directly contributed to the PDH Group's financial
position, with rising input costs, supply chain delays, labour
shortages, and a drop in demand for new homes in 2023 impacting the
group's liquidity," news.com.au quotes a spokesperson as saying.
"Notwithstanding the financial support from shareholders and
lenders, the group has exhausted options to secure the further
funding required to allow Porter Davis to continue to operate
viably, and the directors were left with no option but to place the
companies into liquidation."
Porter Davis had been forecasting revenue of $555 million in this
financial year, the liquidators added.
Yet, how much debt is outstanding is not yet clear, news.com.au
notes.
A small subsidiary of Porter Davis, a boutique luxury builder
called Englehart Homes in Queensland which was acquired by the
group in late 2021, will not be impacted and continue to operate,
the liquidators said.
According to news.com.au, Grant Thornton said it was working
urgently to determine if a solution can be found to support
customers and some employees, including engaging with key
stakeholders and potential interested parties who may be willing to
take over the current customer contracts.
The PDH Group board of directors said they regretted the current
circumstances and that their efforts to secure a funding solution
for the group could not be achieved.
"They further acknowledged the group's employees for their hard
work and commitment to Porter Davis, and were hopeful that a
solution could be found to support Porter Davis customers in
completing their homes," the liquidators added.
The construction firm was ranked the 13th largest home builder in
Australia with building started on 1,734 homes in the 2020/21
financial year, according to Housing Industry Association figures.
PROGRESS TRUST 2023-1: S&P Assigns BB Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress 2023-1 Trust. Progress
2023-1 Trust is a securitization of prime residential mortgages
originated by AMP Bank Ltd.
S&P said, "The ratings reflect our view of the credit risk of the
underlying collateral portfolio and the credit support provided to
each class of rated notes are commensurate with the ratings
assigned. Credit support is provided by subordination, lenders'
mortgage insurance (LMI), and excess spread, if any. Our assessment
of credit risk considers AMP Bank's underwriting standards and
approval process, which are consistent with industrywide practices,
the servicing quality of AMP Bank, and the support provided by the
LMI policies on 3.7% of the portfolio.
"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
interest-rate swap, the mechanism for trapping excess spread into
an excess reserve, the provision of a liquidity reserve, and the
provision of an income reserve--funded by AMP Bank at closing to
cover extraordinary expenses--sized at a level consistent with the
ratings. All rating stresses are made on the basis that the trust
does not call the notes at or beyond the first call-option date,
and that all rated notes must be fully redeemed via the principal
waterfall mechanism under the transaction documents.
"Our ratings also consider the counterparty exposure to Australia
and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank
account providers and to BNP Paribas as fixed-rate swap provider.
The fixed-rate swap is provided to hedge the fixed-rate mortgage
loans and the floating-rate obligations on the notes. The
transaction documents include downgrade remedies consistent with
our counterparty criteria. The legal structure of the trust is
established as a special-purpose entity and meets our criteria for
insolvency remoteness."
Ratings Assigned
Progress 2023-1 Trust
Class A, A$690.000 million: AAA (sf)
Class AB, A$30.230 million: AAA (sf)
Class B, A$11.400 million: AA (sf)
Class C, A$7.500 million: A (sf)
Class D, A$3.675 million: BBB (sf)
Class E, A$3.595 million: BB (sf)
Class F, A$3.600 million: Not rated
RENAISSANCE WEDDING: First Creditors' Meeting Set for April 12
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Renaissance
Wedding Reception & Event Centre Pty Ltd will be held on April 12,
2023, at 10:30 a.m. via virtual meeting.
Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on March 29, 2023.
STAMINALIFT INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------------
Members of Staminalift International Limited on March 31, 2023,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Mark Lieberenz
Heard Phillips Lieberenz
PO Box 3432
Rundle Mall, SA
WEST END CRAFT: First Creditors' Meeting Set for April 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of West End
Craft Brewery Pty Ltd, trading as Parched Craft Brewery, will be
held on April 12, 2023, at 11:00 a.m. via virtual meeting
technology.
Anne Meagher and David Michael Stimpson of SV Partners were
appointed as administrators of the company on March 29, 2023.
=========
C H I N A
=========
COUNTRY GARDEN: Reports First Annual Loss Since 2007 IPO
--------------------------------------------------------
Caixin Global reports that Country Garden Holdings Co. Ltd.
reported its first annual loss since its Hong Kong IPO in 2007,
highlighting the plight of the country's builders amid a prolonged
slump in the real estate sector plagued by sluggish home sales and
a shortage of funds.
The Foshan-based developer logged a net loss of close to CNY6.1
billion (US$885 million) in 2022, a stark contrast to the previous
year's profit of CNY27 billion, according to its earnings report
released on March 30, Caixin relates.
Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.
As reported in the Troubled Company Reporter-Asia Pacific in
September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'. The negative
outlook on Country Garden reflects the risk that the company's
liquidity buffer and leverage could further deteriorate due to
weaker sales and a high amount of construction expenditure.
SUNAC CHINA: Posts US$2 Billion Core Loss in 2022
-------------------------------------------------
Reuters reports that major property developer Sunac China on March
31 logged a net narrowing core loss of CNY13.86 billion (US$2.02
billion) in 2022, as the debt-laden firm slowed its project
construction and incurred higher interest expenses.
Over the last two years, property firms in China have either
struggled to sell new houses or have sold them at lower prices than
expected, though a series of supportive policies from the
government drove expectations of a faster recovery of the sector,
Reuters says.
Last year's core net loss, which excludes the revaluation of assets
and financial instruments and foreign exchange loss, compares to a
CNY25.30 billion loss reported in 2021.
According to Reuters, Sunac also published its overdue 2022 interim
results on March 31, posting a core loss of CNY11.06 billion.
Reuters relates that the Beijing-based firm said its shares, which
are under a year-long halt, are expected to resume trading in April
this year. They had been suspended pending the release of its
financial results.
Sunac is among the many Chinese developers that defaulted last year
as the sector reeled under a debt crisis. It started recording
losses in the second half of 2021, Reuters says.
Reuters adds that the property developer said earlier last week it
had reached agreements with a group of offshore creditors to
convert its debt into new notes and convertible bonds backed by its
Hong Kong-listed shares, and shares in its property management unit
Sunac Services.
Its chairman Sun Hongbin told investors the developer has been
actively working with asset managers and applying for official
funding to ensure developments are completed.
"The Group will strive to complete the necessary legal procedures
for the offshore debt restructuring within 2023," Hongbin said in a
statement, Reuters relays.
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.
=================
H O N G K O N G
=================
LAMBDA INDUSTRIAL: Receivers Seizes Owner's HK Property
-------------------------------------------------------
South China Morning Post reports that Chen Hongtian, a low-profile
mainland Chinese tycoon, who was the talk of the town in Hong Kong
for purchasing a house on The Peak for a record price almost seven
years ago, has had at least three of his assets worth a total of
about HK$7 billion (US$891.7 million) at time of purchase seized by
lenders.
The house, a 9,212 sq ft property at 15 Gough Hill Road, was seized
this month by receivers appointed by Bank of East Asia (BEA), the
Post discloses citing government records. Chen bought it through
Lambda Industrial – a firm he owns with two others, one of whom
is believed to be his wife – for a record HK$2.1 billion in 2016.
It was mortgaged twice with BEA in the first half of 2019, the Post
recalls.
The Post relates that BEA appointed Deloitte China partners Derek
Lai Kar-yan and Ivan Chan Man-hoi as receivers and managers earlier
this month, according to sources. In a receivership, the receiver
will act primarily in the interest of the creditor who appoints
them. This often results in the company being liquidated or
dissolved, and may mean that other creditors are not repaid.
"We are looking for a buyer for the Gough Hill Road property," the
report quotes Lai as saying.
=========
I N D I A
=========
BALIBOINA SIVAPRASAD: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baliboina
Sivaprasad (BS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 1.85 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.69 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Short Term Loan 6.46 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BS for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BS
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2007 by Mr. Siva Prasad, Siva Prasad is involved in
construction and sale of residential and commercial property. The
firm is based out of Vijayawada, Andhra Pradesh.
BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bharuch Jilla
Kaival Kelavani Mandal (BJKKM) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.74 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BJKKM for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BJKKM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BJKKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BJKKM continues to be 'CRISIL D Issuer Not Cooperating'.
BJKKM is an Kheda, Gujarat based trust which is establishing a
non-granted school named 'My Shannen School' and is promoted by Mr.
Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr. Dharmesh
Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr. Mahendrabhai
Maganbhai Patel, Mrs. Lataben Naginbhai Patel and Mrs. Ushabahen
Patel with the capacity of approximately 3138 students in both
English and Gujarati Medium in the general and science stream from
K.G. to Std. 12.
BHILAI INSTITUTE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhilai
Institute of Technology Trust (BITT) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9.75 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with BITT for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BITT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BITT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BITT continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1986, BITT manages BITD (started in 1986) and BITR
(started in 2009). BITD offers a variety of graduate and
post-graduate courses in engineering, business administration, and
computer applications, as well as a doctorate in engineering,
chemistry, environmental science, and applied physics; BITR offers
graduate courses in engineering.
CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Captab Biotec
Unit - II (CBU) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 1.37 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CBU for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CBU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBU continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
CBU was incorporated as partnership firm in 2014 by Mr Shubham Goel
and his brother, Mr Kapish Goel. The firm executes contract
manufacturing as well as its own manufacturing and marketing of
pharmaceuticals such as tablets, injections, capsules and syrups
under its own brand. The manufacturing unit is at Baddi, Himachal
Pradesh.
ERODE CRITICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Erode
Critical And Emergency Care Centre Private Limited (ECCPL) continue
to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 14 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with ECCPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ECCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECCPL continues to be 'CRISIL D Issuer Not Cooperating'.
ECCPL, incorporated in 2013, runs a multispecialty hospital in
Erode, Tamil Nadu. Dr Mutukrishnan, manages the day to day
operations of the company.
MANTRI DEVELOPERS: NCLT Initiates Insolvency Proceedings vs. Firm
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has directed initiating insolvency proceedings against
Bengaluru-based real estate firm Mantri Developers admitting the
plea filed by Indiabulls Housing Finance Ltd. A two-member bench
has also suspended the board of Mantri Developers and appointed
Ahsan Ahmad as the interim resolution professional for the
company.
According to ET, Indiabulls Housing Finance Ltd (IHFL) had moved
the Bengaluru bench of the NCLT claiming a default of INR456.68
crore by Mantri Developers, part of the Mantri Group of Companies
engaged in the real-estate business in Bengaluru, as on Jan. 1,
2022.
"In view of the facts and circumstances . . . the present petition
being complete and having established the default in payment of the
financial debt and for the default amount being above INR1 crore,
the petition is admitted in respect of respondent -- Mantri
Developers Private Ltd -- under Section 7 of the I&B Code, 2016,"
said NCLT.
ET relates that the NCLT bench consisting of Manoj Kumar Dubey and
T Krishnavalli in its order delivered on March 28, 2023, also
declared a moratorium under the Insolvency & Bankruptcy Code (IBC)
protecting it from any suits, judgment, decree of court or sale and
transfer of its assets during the CIRP.
IHFL had sanctioned five loans and aggregate disbursed loan amount
of INR574.20 crore.
However, Mantri Developers failed to comply with the provisions of
the Loan agreements. Accordingly, the financial creditor issued
five separate notices on June 29, 2021, with respect to each loan
account.
Neither the corporate debtor (CD) nor its co-borrowers made any
payment of the outstanding amounts, following which IHFL moved NCLT
under section 7 of the I&B Code.
ET says NCLT also observed that Mantri Developers has availed loan
facilities from the financial creditor against payment of interest
and it defaulted in repayment of such 'financial debt' which has
become due and payable.
The real estate firm in its reply contended that despite its
continuous efforts to complete its projects on time, they were
unable to do so, due to IHFL's failure in disbursing the loan
amount on time, ET relays.
It further contended that the company is having sufficient assets
and means to meet its debts, and thus it cannot be liquidated
summarily merely at the instance of a frivolous creditor and the
corporate debtor cannot be held liable for such debts and since
there is a clear indication of settlement, the discretion must be
exercised to facilitate such settlement to conclusively close the
transactions between the parties.
Rejecting it, NCLT said: "However, we are of the considered view
that the said contentions are not tenable in law".
It also rejected Mantri Developers' contentions that out of five
sanctioned loan facilities, three loans were sanctioned not only to
the Mantri Developers but also to other co-borrowers, who were not
made parties in this present petition and thus it is not
maintainable, adds ET.
The aggregate amount claimed to be in default is INR456.68 crore in
five loans, adds ET.
Mantri Developers Pvt. Ltd. is a real estate company in India. Its
constructions are used for residential, commercial, retail,
hospitality, office, senior-living and educational purposes.
NEW HORIZONS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Horizons
Asphalt Private Limited (New Horizons; Formerly known as GP Global
Asphalt Private Limited) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 40 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 25 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 20 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 49.97 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 9.45 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with New Horizons
for obtaining information through letters and emails dated December
31, 2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of New Horizons, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on New Horizons is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of New Horizons continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
New Horizons was originally established in 2009 by the Gulf
Petrochem group as Aspam Petroenergy, a proprietorship concern of
Mr. Ayush Goel (son of the promoter of GPFZCH, Mr Ashok Goel). The
firm was reconstituted as a private limited company, Gulf Asphalt
Pvt Ltd, in 2011, and renamed New Horizons Asphalt Private Ltd. in
January 2016. New Horizons Asphalt Private Ltd. is currently the
leading importer of bulk and packed bitumen in India and operates
from the Kandla and Mundra ports, both in Gujarat. It had acquired
a manufacturing facility at Vadodara of specialised bitumen from
Shell India in fiscal 2014.
PARAS FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Paras Foods
(PF) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PF for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PF
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2003 as a partnership between Mr Ujwal Pagariya, Mr
Ulhas Pagaria, and Mr Umesh Pagaria, PF, based in Nagpur
(Maharashtra) is a wholesale trader of agricultural products.
PK GLOBAL: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PK Global
Power Private Limited (PKGPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.25 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.96 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PKGPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PKGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PKGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PKGPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PKGPL started operations as a proprietorship firm in 2000 and was
reconstituted as a private limited company in 2017. The company
manufactures electro porcelain disc insulators for high extension
wires. It has been promoted by Mr Prashant Gupta, based out of
Bhopal.
PRAGATI MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pragati
Marine Services Private Limited (PMSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.82 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.68 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMSPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 2009 by Mr Amrendra Kumar Singh, PMSPL provides crew
and manning services for the shipping industry. It also leases
tugs, barges, and undertakes dredging contracts. Operations are
managed by the promoter with a team of professionals.
RAIHAN HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raihan
Healthcare Private Limited (RHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 32 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RHPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RHPL continues to be 'CRISIL D Issuer Not Cooperating'.
RHPL, incorporated in 2014, is operating a super-specialty hospital
in Erattupetta (Kerala). Operations are managed by Dr Mohammed
Ismail and Dr Satheesh.
RAKESH FOLDING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rakesh
Folding Works (RFW) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 0.33 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.67 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RFW for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RFW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFW continues to be 'CRISIL D Issuer Not Cooperating'.
RFW was established in 1998 by Mr. Rakesh Koyani. The firm is
engaged in dying, bleaching, printing and folding of grey fabric.
RAOS EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raos
Educational Society (RES) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 10 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RES for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RES continues to be 'CRISIL D Issuer Not Cooperating'.
Rao's Group is one of the leading educational organization in
Telangana and Andhra Pradesh prominent states in India. Established
in the year 1985 and has expanded to 32 schools and junior college.
RES was incorporated by Mr.Prabhakar Rao and currently has
Mr.Nidhin Rao Polsani as its managing director.
RASANDIK AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rasandik Auto
Components Private Limited (RACPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.75 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 0.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 9.4 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.73 CRISIL D (Issuer Not
Cooperating)
Term Loan 4.8 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with RACPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RACPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2005, RACPL is primarily a manufacturer of motor
cycle frames used in TVS Motor Company Limited's (TVS') motor cycle
model, Apache. The company also manufactures other motor cycle
parts for Apache, Vevo and Jupiter models of TVS, apart from
four-wheeler components for Ashok Leyland.
THANDEKKATTU VARKEY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thandekkattu
Varkey Kunhu Benoy (TSSS) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Working Capital 2.25 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with TSSS for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSSS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Thandekkattu Varkey Kunhu Benoy is a Wayanad (Kerala) based civil
construction firm involved in construction of roads and bridges for
Kerala Public Works Department (PWD). The day to day operations of
the firm are managed by the proprietor Mr. TV Benoy.
TIMBLO DRYDOCKS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Timblo
Drydocks Private Limited (TDPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 50 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 15 CRISIL D (Issuer Not
of Credit Cooperating)
CRISIL Ratings has been consistently following up with TDPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TDPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Established in 1973, TDPL is engaged in shipbuilding. It started
manufacturing cylinders in fiscal 2017. Its daily operations are
managed by Mr Sarvesh Pramod Timblo, elder son of founder Mr Pramod
Panduronga Timblo.
TRIMURTI FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trimurti
Foodtech Private Limited (TFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Funded Interest 0.86 CRISIL D (Issuer Not
Term Loan Cooperating)
Proposed Long Term 2.54 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.19 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.14 CRISIL D (Issuer Not
Cooperating)
Working Capital 6.11 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with TFPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TFPL continues to be 'CRISIL D Issuer Not Cooperating'.
TFPL, incorporated in 2007 at Aurangabad, manufactures frozen food,
including jellies, fruit pulp, and snacks. Mr Atul Banginwar, the
promoter, also owns the Pet Pooja chain of restaurants, which it
lets out on franchise basis for selling snacks. The products are
sold both in the domestic and global markets.
TRYCON INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trycon
Infrastructure Private Limited (TRYCON) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with TRYCON for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TRYCON, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
TRYCON is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of TRYCON continues to be 'CRISIL D Issuer Not
Cooperating'.
Trycon, based in Bihar, was established in 2006 by Mr. Manas Kumar
and Mr. Ravi Ranjan. The company is engaged in distribution of
mobile phones primarily of Micromax Informatics Ltd and recently
ventured into distributorship of Reliance mobile products and
accessories with the launch of Reliance Jio Infocomm Limited
products.
V. M. STAR: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V. M. Star
(VM) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase- 15 CRISIL D (Issuer Not
Discounting Cooperating)
Facility
CRISIL Ratings has been consistently following up with VM for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VM
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 1993 in Mumbai by Mr. Mahesh Adani
and Mr. Vasant Doshi, VM trades in diamonds.
V.R.N. ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V.R.N.
Enterprises Private Limited (VRN) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VRN for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VRN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VRN continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2010, in Bengaluru Mr. Hemanth Kumar and Mr. Lalith
Kumar, - V.R.N trades in silk yarn and fabric.
VALLABH TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vallabh
Textiles Company Limited (VTCL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 80 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 5.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5.97 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 64.69 CRISIL D (Issuer Not
Cooperating)
Term Loan 14.66 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.78 CRISIL D (Issuer Not
Cooperating)
Term Loan 18.45 CRISIL D (Issuer Not
Cooperating)
Term Loan 18.20 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VTCL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VTCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VTCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VTCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VTCL, incorporated in June 2002, manufactures terry towels and bath
robes. The company is part of the Vallabh group, founded by Mr
Kapil Jain in 1981.
VALLI MURUGAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Valli Murugan
Tile Works & Chamber Bricks (VMTCB) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VMTCB for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VMTCB, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VMTCB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VMTCB continue to be 'CRISIL D Issuer Not Cooperating'.
Established in 2002, VMTCB is engaged in the manufacture of clay
bricks. The firm's operations are based in Surandai, Tamilnadu. The
day-to-day operations of the firm are managed by Mr. S Palani
Nadar.
VEDSIDDHA PRODUCTS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vedsiddha
Products Private Limited (VPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6 CRISIL D (Issuer Not
Cooperating)
Term Loan 13.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VPPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VPPL continues to be 'CRISIL D Issuer Not Cooperating'.
VPPL is promoted by Nagpur (Maharashtra)-based Mr Prabhudas Vyas
and Mr Niranjan Ranka. The company has set up a plant to
manufacture autoclaved aerated concrete blocks near Nagpur.
VINDHYABASINI RICE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vindhyabasini
Rice Mills Cluster Private Limited (VRMCPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with VRMCPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VRMCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
VRMCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of VRMCPL continues to be 'CRISIL D Issuer Not
Cooperating'.
Incorporated in January 2010 and promoted by Mr. Sunil Singh,
VRMCPL mills and processes parboiled rice and also started
operating a flour milling unit from May 2015 onwards.
ZEE ENTERTAINMENT: Settles Loan Default Dispute With Indusind Bank
------------------------------------------------------------------
Reuters reports that Zee Entertainment Enterprises Ltd and IndusInd
Bank Ltd told an Indian tribunal on March 29 that they have settled
a dispute over a loan default, paving the way for the media
company's merger with a local unit of Sony.
IndusInd started bankruptcy proceedings against Zee Entertainment
late last month over a default of INR830.80 million (US$10.10
million).
Zee Entertainment challenged the move in the National Company Law
Appellate Tribunal (NCLAT), which put the insolvency proceedings on
hold, according to Reuters.
Reuters relates that IndusInd Bank, on March 29, told the NCLAT
that it would also withdraw its objection to Zee Entertainment's
merger with a local unit of Japan's Sony.
Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.
=====================
N E W Z E A L A N D
=====================
AH CONSTRUCTION: Assets to be Auctioned on April 13
---------------------------------------------------
Scoop reports that more than 350 items belonging to AH Construction
Services, an Auckland-based company specialising in site
preparation for commercial builds, will go under the hammer on
April 13 to pay creditors.
AH Construction Services entered voluntary administration on
February 5 with BWA Insolvency appointed administrator. The
Administrator said that the company has not been compliant with its
obligation to Inland Revenue for many years and, given the scale of
the business, the sum owed has brought the company to its knees.
According to Scoop, BWA Insolvency principal Bryan Williams, who
has ordered the sale of assets, said the auction will be the
largest sale of plant and equipment of this type in New Zealand
since Covid disrupted original equipment manufacturer (OEM) supply
chains.
Items up for auction include a wide range of late-model
earthmoving, transport, and civil construction equipment. Mr.
Williams expects to see a high level of interest.
"The war in Ukraine and the ongoing impact from COVID-19 has seen
continued shortages of resources across all industries. We know
there is built-up demand for this kind of plant, and while we
expect to see some interested parties from within New Zealand, we
anticipate high interest will exist among offshore bidders."
Assets have been consigned to online auction platform Ritchie Bros.
IronPlanet, with bidding open until the auction ends on April 13,
Scoop relays. The event will be the first auction to be held at
Ritchie Bros.' Auckland yard, its first permanent site in New
Zealand.
"By offering a wide range of machinery for buyers to inspect onsite
at our new facility as well as bid online, we are making it easier
than ever for sellers to reach a large pool of potential buyers and
get the best possible value for their assets," says Dom McGlinchey,
regional sales manager at Ritchie Bros.
For support with registration and bidding, interested parties can
contact Ritchie Bros. on 0800-722-828 or international number at
+61-7-3382-4444.
BLACK ROBIN: Creditors' Proofs of Debt Due on May 15
----------------------------------------------------
Creditors of Black Robin Architecture Limited are required to file
their proofs of debt by May 15, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 22, 2023.
The company's liquidators are:
Daran Nair
Heiko Draht
Nair Draht Limited
97 Great South Road
Greenlane
Auckland 1051
BOYDIE'S BUILDING: Creditors' Proofs of Debt Due on May 4
---------------------------------------------------------
Creditors of Boydie's Building & Reno Limited and Boydie's Services
Limited are required to file their proofs of debt by May 4, 2023,
to be included in the company's dividend distribution.
The High Court at Tauranga appointed Wendy Somerville and Malcolm
Hollis of PwC as liquidators on March 27, 2023.
DINSDALE FOOD: Creditors' Proofs of Debt Due on April 17
--------------------------------------------------------
Creditors of Dinsdale Food To Go Lunch Bar Limited are required to
file their proofs of debt by April 17, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 17, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
ELITE FREIGHT: Court to Hear Wind-Up Petition on April 27
---------------------------------------------------------
A petition to wind up the operations of Elite Freight International
Limited will be heard before the High Court at Christchurch on
April 27, 2023, at 10:00 a.m.
Bascik Transport Limited filed the petition against the company on
March 9, 2023.
The Petitioner's solicitor is:
Kelly-Marie Margaret Paterson
Buddle Findlay
Level 4, 83 Victoria Street
Christchurch
PAPA PUTAIAO: Creditors' Proofs of Debt Due on April 26
-------------------------------------------------------
Creditors of Papa Putaiao Limited are required to file their proofs
of debt by April 26, 2023, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Adam Botterill and Damien
Grant of Waterstone Insolvency as liquidators on March 24, 2023.
===============
P A K I S T A N
===============
PAKISTAN: China Rolls Over US$2B Billion Loan
---------------------------------------------
Reuters reports that Pakistani Finance Minister Ishaq Dar said on
March 31 China had rolled over a $2 billion loan that matured last
week, providing relief during the South Asian nation's acute
balance of payment crisis.
Locking in a rollover had been critical for Pakistan, where
reserves have dipped to just four weeks' worth of imports and talks
over an International Monetary Fund bailout tranche of $1.1 billion
have hit a stalemate, according to Reuters.
"I am happy to confirm that this had been rolled over on March 23,"
Dar told parliament, referring to the maturity date. He said all
concerned documentation had been completed.
Reuters says Dar's comments were the first official announcement of
the rollover after the loan matured. Dar did not give the new
maturity date or other terms of the arrangement.
A top finance ministry official told Reuters on March 29 that a
formal confirmation of the refinancing would be made after the
process was completed.
One of the IMF's conditions for the release of the next tranche is
assurance of external financing to fund Pakistan's balance of
payments.
Longtime ally Beijing has provided the only help Islamabad has got
so far, with refinancing of $1.8 billion credited last month to
Pakistan's central bank, Reuters says.
In its monthly Economic Update and Outlook, the Finance Division of
the government noted that Pakistan was currently confronted with
shortage in external liquidity.
Reuters says Islamabad has been negotiating with the IMF since
early February for the release of $1.1 billion from a $6.5 billion
bailout package agreed in 2019. To unlock the funding, the
government has cut back on subsidies, removed an artificial cap on
the exchange rate, added taxes and raised fuel prices.
"Through demand management policies, the government is trying to
limit the current account deficit, which will not transfer further
pressure on dwindling reserves," read the report.
It added that inflation, which is already running above 30%, a near
50-year high, is expected to stay elevated.
Reuters adds that the report cited market frictions caused by
relative demand and supply gaps of essential items, exchange rate
depreciation, and the recent upward adjustment in prices of prices
of fuel as reasons behind higher inflation expectations.
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.
=================
S I N G A P O R E
=================
EQONEX LIMITED: Court Enters Judicial Management Order
------------------------------------------------------
The High Court of Singapore entered an order on March 23, 2023, to
place the operations of Eqonex Limited under Judicial Management.
The company's Judicial Manager is Luke Anthony Furler.
ERSA TECHNOLOGIES: Court to Hear Wind-Up Petition on April 14
-------------------------------------------------------------
A petition to wind up the operations of Ersa Technologies Pte Ltd
will be heard before the High Court of Singapore on April 14, 2023,
at 10:00 a.m.
RHB Bank Berhad filed the petition against the company on March 24,
2023.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
GEO MILLENIUM: Placed in Provisional Liquidation
------------------------------------------------
Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman of AAG Corporate
Advisory on March 22, 2023, were appointed as provisional
liquidators of Geo Millenium System Pte Ltd.
RICHE OHANA: Commences Wind-Up Proceedings
------------------------------------------
Members of Riche Ohana Pte Ltd, on March 24, 2023, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Tee Wey Lih
c/o Guardian Advisory Pte Ltd
531A Upper Cross Street
#03-118 Singapore 051531
TELARIX SINGAPORE: Creditors' Proofs of Debt Due on May 1
---------------------------------------------------------
Creditors of Telarix Singapore Pte. Ltd. are required to file their
proofs of debt by May 1, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 24, 2023.
The company's liquidators are:
Victor Goh
Khor Boon Hong
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***