/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230405.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, April 5, 2023, Vol. 26, No. 69 Headlines A U S T R A L I A DYNAFIX COMMERCIAL: First Creditors' Meeting Set for April 11 MOTORWAY CIVIL: First Creditors' Meeting Set for April 12 S56 PTY: First Creditors' Meeting Set for April 11 SUNSHINE DOOR: Second Creditors' Meeting Set for April 11 C H I N A CHINA EVERGRANDE: Inks Debt Restructuring Deal With Key Creditors TIGER ATTITUDE: Sequoia-Backed Bakery Brand Denies Bankruptcy I N D I A BHOLA NATH RAKESH: CRISIL Withdraws C Rating on INR6.02cr Debt BHOLA NATH: CRISIL Withdraws C Rating on INR3.85cr Cash Credit BISHNU FEED: CRISIL Keeps D Debt Rating in Not Cooperating CENTECH ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating CUBATIC PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating DWARKADHISH UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating ELLY REALCON: Insolvency Resolution Process Case Summary FRANCO LEONE: Liquidation Process Case Summary FRONTAGE MEDIA: Insolvency Resolution Process Case Summary GENGA MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating INFINITI TECHLABS: Insolvency Resolution Process Case Summary ISANGO INDIA: Voluntary Liquidation Process Case Summary KRISHNA NUTRITIONS: CRISIL Keeps D Ratings in Not Cooperating MBAF SERVICES: Voluntary Liquidation Process Case Summary METALITE ECO: Insolvency Resolution Process Case Summary NIKHIL FOOTWEARS: Insolvency Resolution Process Case Summary NITEEN PARULEKAR: Insolvency Resolution Process Case Summary R. L. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating RAMACHANDRAPURAM EDUCATION: CRISIL Keeps D Ratings in Not Coop. RASHMI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating RAVIRAJ GINNING: CRISIL Keeps D Debt Rating in Not Cooperating ROJER MATHEW: CRISIL Keeps D Debt Ratings in Not Cooperating RUDRANEE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating S.M. RAMCOAL IMPORTERS : Liquidation Process Case Summary SHALAK EATABLE: CRISIL Keeps D Debt Ratings in Not Cooperating SHANKER COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating SHATABDI SHIKSHA: CRISIL Keeps D Debt Rating in Not Cooperating SHIVIN CA: CRISIL Keeps D Debt Rating in Not Cooperating Category SHREE MURUGAN: Liquidation Process Case Summary SKYHIGH HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating SOUTHERN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating SOUTHERN BATTERIES: Liquidation Process Case Summary SUBHKARAN AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating SWADESHI ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating TASK AUDIT: Voluntary Liquidation Process Case Summary VENTURES NAGPUR: CRISIL Keeps D Debt Ratings in Not Cooperating VIRAMAN BUILDCON: Liquidation Process Case Summary WIND WORLD: CRISIL Lowers Rating on INR15.4cr Loan to D M A L A Y S I A REACH ENERGY: Falls Into Practice Note (PN17) Status N E W Z E A L A N D GOLDEN 5R: Creditors' Proofs of Debt Due on May 5 KRUMBLED FOODS: Creditors' Proofs of Debt Due on May 5 MY TREAT: Creditors' Proofs of Debt Due on May 26 SHARDEN HOLDINGS: Creditors' Proofs of Debt Due on April 29 TYSON KARAKA: Khov Jones Limited Appointed as Receivers S I N G A P O R E HB GLASS: Court Enters Wind-Up Order KS DISCOVERER: First Creditors' Meeting Set for April 14 MA2 SHOP: Creditors' Meetings Set for April 11 SEMBCORP MARINE: Files Notice of 3 Straight Years of Losses VOODOO GAMES: Creditors' Proofs of Debt Due on May 4 T H A I L A N D THAI AIRASIA: To Have Rehabilitation Plan Ready This Month - - - - - ================= A U S T R A L I A ================= DYNAFIX COMMERCIAL: First Creditors' Meeting Set for April 11 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Dynafix Commercial Pty. Limited will be held on April 11, 2023, at 10:30 a.m. via virtual facilities only. Graeme Robert Beattie of Worrells was appointed as administrator of the company on March 28, 2023. 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. S56 PTY: First Creditors' Meeting Set for April 11 -------------------------------------------------- A first meeting of the creditors in the proceedings of S56 Pty Ltd will be held on April 11, 2023, at 11:00 a.m. via Zoom meeting. Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed as administrators of the company on March 28, 2023. SUNSHINE DOOR: Second Creditors' Meeting Set for April 11 --------------------------------------------------------- A second meeting of creditors in the proceedings of Sunshine Door 2Pack Pty Ltd has been set for April 11, 2023 at 11:30 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. Richard Rohrt of Kennedy Ryan Advisory was appointed as administrator of the company on March 2, 2023. ========= C H I N A ========= CHINA EVERGRANDE: Inks Debt Restructuring Deal With Key Creditors ----------------------------------------------------------------- Bloomberg News reports that China Evergrande Group said it has clinched an offshore restructuring deal with a key creditor group, laying a cornerstone in the property developer's debt overhaul road. According to Bloomberg, members of an ad hoc group of investors holding Evergrande offshore notes signed three restructuring support agreements, according to a Hong Kong stock exchange filing late on April 3. The plan allows bond holders to receive new notes or a combination of new debt and instruments tied to shares of subsidiaries. While Evergrande, the world's most indebted developer, hailed the restructuring plan as a "substantial milestone", it will have to win over more creditors for the overhaul to proceed, the report notes. Bond holders are also awaiting the release of financial results for the past two years to assess the financial state of the group, including its property management and electric vehicle units. Bloomberg says the debt restructuring for Evergrande, the developer central to China's property crisis, is one the country's largest ever and carries broad implications for its financial system. The proposal also serves as a reference point for other defaulted Chinese builders working to revamp their leverage loads. The ad hoc group represents holders of more than 20 per cent and 35 per cent of aggregate outstanding principal amount of existing notes issued by Evergrande and its unit, Scenery Journey, respectively, Bloomberg discloses. Creditors will receive a consent fee for 0.25 per cent of outstanding principal of the respective debts if they agree to the proposal by 5pm Hong Kong time on April 27. Bloomberg relates that Evergrande expects to implement its debt restructuring through so-called schemes of arrangement in the Cayman Islands, Hong Kong and/or other jurisdictions. Under such court-overseen processes, approval of at least 75 per cent of creditors in value are needed for debt overhauls to proceed. Trading in shares of Evergrande will remain suspended until further notice, the company said, the report notes. The Hong Kong-listed shares have not been traded since March 2022. Once halts reach 18 months, exchange rules say a firm's listing can be cancelled. According to the report, the company's 2021 financial statements were held back as unit Evergrande Property Services Group disclosed that CNY13.4 billion of its deposits were used as security for pledge guarantees and seized by banks. The developer's debt proposal, released 15 months after the firm's first public bond default, allows bond holders to receive new notes maturing in 10 to 12 years or a combination of new debt and instruments tied to shares of Evergrande's property services unit, its electric vehicle division or the builder itself, Bloomberg relays. The firm also set a December deadline for the debt restructuring plan to take effect. Bloomberg adds that Evergrande had earlier said it expected to enter one or more restructuring support agreements with the bond holder group by the end of March, progress that led to the adjournment of a winding-up court hearing to July 31. Dollar bonds sold by Evergrande and Scenery Journey barely moved on April 4 and were traded at around 8 cents and 9 cents on the dollar respectively, Bloomberg notes. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at the end of June 2021. Once China's biggest developer by sales, Evergrande fell into distress as cash dried up and the group overstretched itself on borrowings and ventures into car manufacturing. Evergrande hired outside financial advisers Houlihan Lokey and Admiralty Harbour Capital in September 2021 to engage with creditors soon after it ran into a liquidity squeeze. It has since worked with more advisers in the past two months by turning to China International Capital Corp, BOCI Asia and Zhong Lun Law Firm on its debt workout plan. As reported in the Troubled Company Reporter-Asia Pacific in October 2022, Moody's Investors Service has withdrawn China Evergrande Group's (Evergrande) corporate family rating and senior unsecured ratings, the CFRs of Hengda Real Estate Group Company Limited and Tianji Holding Limited, and Scenery Journey Limited's backed senior unsecured ratings. TIGER ATTITUDE: Sequoia-Backed Bakery Brand Denies Bankruptcy ------------------------------------------------------------- Yicai Global reports that China's Tiger Attitude Chartered Pastry Bank, a Sequoia-backed bakery startup, refuted a rumor about bankruptcy amid liquidity issues. Tiger Attitude is striving to recover, including solving its capital chain problems, a person in charge of the Shanghai-based company said to Yicai Global on March 31. According to Yicai Global, the retailer of Chinese-style pastries, targeting young consumers, was on March 30 rumored on social media to be ready for liquidation as its capital chain was said to be broken. The firm allegedly owes CNY200 million (USD29 million) in pay to its workers. Two Tiger Attitude branches in Shanghai are currently temporarily closed while 10 branches are in business, based on Yelp-like Dianping. Tiger Attitude closed its latest round of financing in January. Sequoia Capital and GGV Jiyuan Capital participated in the fundraising that amounted to tens of millions of Chinese yuan. In December 2022, rumors of unpaid salaries and supplier payments came to light. On Dec. 27, the startup said to Yicai Global that it has temporarily adjusted the salaries of some non-first-tier workers because of the pandemic, making up a small share of the total. Moreover, it was negotiating with a renovation supplier about a final payment due to a construction dispute. But the firm would return to normal in the short-term, it added. Yicai Global says Chinese bakery brands have been struggling amid the Covid-19 pandemic over the past years. Another snack seller, Dim Sum Bureau of Momo, has not been able to gain new funding in one and a half years after a total of five rounds in 2020 and 2021. Meanwhile, Christine, a traditional brand of cakes and bread, has closed all outlets and founder Luo Tianan has said that the firm should start bankruptcy liquidation procedures as soon as possible, Yicai Global says. ========= I N D I A ========= BHOLA NATH RAKESH: CRISIL Withdraws C Rating on INR6.02cr Debt -------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Bhola Nath Rakesh Kumar (BNRK; part of the Harshna group) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.02 CRISIL C/Issuer Not Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with BNRK 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 BNRK. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on BNRK is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has Continued the ratings on the bank facilities of BNRK to 'CRISIL C Issuer not cooperating'. To arrive at the rating, CRISIL Ratings has combined the business and financial risk profiles of Bhola Nath Naresh Kumar (BNNK), Harshna Fruits (HF), Harshna Ice & Cold Storage (HICS), and BNRK. This is because all these entities, collectively referred to as the Harshna group, are in the same line of business, have close intra-group operational and financial linkages, including fungible cash flows, and are under a common management. The Harshna group was established in 1993 by Mr Rakesh Bhola Nath Kohli and Mr Naresh Bhola Nath Kohli, with the establishment of BNRK and BNNK. Both the firms are commission agents for trading in apples at Delhi's Azadpur mandi. To establish its own cold storage facility in Sonipat (Haryana), the group set up HICS in 1999. HICS has a multi-product cold-storage facility, with capacity of 11,500 tonne, along with ripening chambers. In 2004, the group set up HF, which supplies fruits to retail stores. BHOLA NATH: CRISIL Withdraws C Rating on INR3.85cr Cash Credit -------------------------------------------------------------- CRISIL Ratings has withdrawn its rating on the bank facilities of Bhola Nath Naresh Kumar (BNNK; part of the Harshna group) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.85 CRISIL C/Issuer Not Cooperating (Withdrawn) Proposed Long Term 0.15 CRISIL C/Issuer Not Bank Loan Facility Cooperating (Withdrawn) CRISIL Ratings has been consistently following up with BNNK 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 BNNK. This restricts CRISIL Ratings' ability to take a forward looking view on the credit quality of the entity. CRISIL Ratings believes that rating action on BNNK is consistent with 'Assessing Information Adequacy Risk'. CRISIL Ratings has Continued the ratings on the bank facilities of BNNK to 'CRISIL C Issuer not cooperating'. For arriving at the rating, CRISIL Ratings has combined the business and financial risk profiles of BNNK, Harshna Fruits (HF), Harshna Ice & Cold Storage (HICS), and Bhola Nath Rakesh Kumar (BNRK). This is because all these entities, collectively referred to as the Harshna group, are in the same line of business, have close intra-group operational and financial linkages, including fungible cash flows, and are under a common management. The Harshna group was established in 1993 by Mr Rakesh Bhola Nath Kohli and Mr Naresh Bhola Nath Kohli, with the establishment of BNRK and BNNK. Both the firms are commission agents for trading in apples in Delhi's Azadpur mandi. In 1999, the group decided to establish its own cold storage facility in Sonipat (Haryana), for which it set up HICS in the same year. HICS currently has a multi-product cold-storage facility, with capacity of 11,500 tonne, along with ripening chambers. In 2004, the group set up HF, which supplies fruits to retail stores. BISHNU FEED: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Bishnu Feed Industries (SBFI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.35 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SBFI 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 SBFI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SBFI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBFI continues to be 'CRISIL D Issuer Not Cooperating'. SBFI was established in 1995 as a proprietorship concern by Mr Bharatji Prasad. The firm produces poultry feed, cattle feed, and hatched chicks. It also trades in maize grain and soya bean de-oiled cakes. Its manufacturing facility is in Howrah, West Bengal. CENTECH ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Centech Engineers Private Limited (CEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.75 CRISIL D (Issuer Not Cooperating) Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.81 CRISIL D (Issuer Not Cooperating) Letter of Credit 1.19 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.22 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 1.25 CRISIL D (Issuer Not of Credit Cooperating) Term Loan 1.28 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CEPL 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 CEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. CEPL was incorporated in 2006-07 (refers to financial year, April 1 to March 31) as Contec Airflow Engineers Pvt Ltd by Mr. C Rama Krishna. Centech designs, consults, and commissions HVAC and mechanical, electrical, and plumbing projects. Its operations are currently managed by Mr. C Rama Krishna's son Mr. Pawan Kumar. CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Chintapally Sai Baba Energy Private Limited (CSEPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CSEPL 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 CSEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CSEPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in August 2013 and promoted by Mr Sanjeev Kumar, Ms Indu Mouli, Vainavi Energy Ventures Pvt Ltd, and Mr Panati Radha Krishna Reddy, CSEPL has set up a 2-megawatt power plant in Nalgonda, Telangana. CUBATIC PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Cubatic Projects Private Limited (CPPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CPPL for obtaining information through letters and emails dated December 30, 2022 and February 28, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CPPL continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in May 2013, by Mr TS Babu, Mr Srinivasa Rao and Mr Sathi Konda Reddy, CPPL undertakes residential real estate projects. The company is based out of Madhapur, Hyderabad. DWARKADHISH UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Dwarkadhish Udyog Private Limited (SDUPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SDUPL 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 SDUPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SDUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SDUPL continues to be 'CRISIL D Issuer Not Cooperating'. SDUPL is based in Ranchi (Jharkand) and was incorporated in 2012. The company trades in steel, cement, and other construction materials such as electrical items and sanitary ware. It started operations in July 2012. The company is promoted by Mr Amit Sarawgi and Mr Gyan Prakash Sarawgi, who have experience of more than 15 years in trading of steel and cement products. ELLY REALCON: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s. Elly Realcon Private Limited 1/3571 Ram Nagar Extension, Shahdra, East Delhi, Delhi-110032, India Insolvency Commencement Date: March 14, 2023 Estimated date of closure of insolvency resolution process: September 10, 2023 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-III Insolvency Professional: Agmit Agrawal H-63, Vijay Chowk, Laxmi Nagar,Delhi – 110092 Email: amitagcs@gmail.com Email: ellyrealcon.amitagcs@gmail.com Mr. Manoj Kumar Purbey Office No. 3, 2nd Floor, B-32, Madhav Complex, Subhash Chowk, Laxmi Nagar, Delhi- 110092 Email: purbey31@gmail.com Mr. Ankit Agrawal 62A, KK Hospital Road, Near Swamvar Wedding Hall, (RAJENDRA NAGAR), Bareilly, Uttar Pradesh-243122 Email: ankitagarwalcs@gmail.com Mr. Pradeep Kumar Ray WZ 108, Shadipur. Main Bazar, New Delhi 110008 Email: pkrayip@gmail.com Last date for submission of claims: March 30, 2023 FRANCO LEONE: Liquidation Process Case Summary ---------------------------------------------- Debtor: M/s Franco Leone Limited Registered Office: RZ-142, New Vishnu Garden Ext, New Delhi-110018 Principal Office: Plot No. 20, Sector-17, H.S.I.I.D.C. Footwear Park Industrial Area, Bahadurgarh, Jhajjar, Haryana-124507 Liquidation Commencement Date: March 15, 2023 Court: National Company Law Tribunal, New Delhi Bench-IV Liquidator: Anil Kholi ARCK Resolution Professionals LLP Flat No. 409, 4th Floor, Ansal Bhawan, 16 Kasturba Gandhi Marg, Connaught Place, New Delhi, 110001 Email: insolvency@arck.in Submission of claims: April 14, 2023 FRONTAGE MEDIA: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Frontage Media Private Limited Shop No. 605, Takshishila Commercial Complex, RHB Road, Mulund West, Mumbai, Mumbai City, MH-400080 India Insolvency Commencement Date: March 15, 2023 Estimated date of closure of insolvency resolution process: September 11, 2023 Court: National Company Law Tribunal, Mumbai Bench-V Insolvency Professional: Mr. Manish Lalji Dawda 205-A, 2nd Floor, Plot No 408, Hiren Light Industrial Estate , Bhagoji Keer Marg, Near Paradise Cinema, Mahim , Mumbai City, Maharashtra ,400016 Email: ip.dawdamanish@gmail.com 144, Mittal Court, B Wing, Nariman Point, Mumbai, Maharashtra – 400002 Email : frontage.ibc@gmail.com Last date for submission of claims: March 31, 2023 GENGA MILLS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Genga Mills Private Limited (SGMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.2 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 3.3 CRISIL D (Issuer Not Cooperating) Working Capital 1.5 CRISIL D (Issuer Not Term Loan Cooperating) CRISIL Ratings has been consistently following up with SGMPL 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 SGMPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SGMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Incorporated in 1999 and promoted by Mr.E Ramaswamy, SGMPL manufactures cotton yarn. Operations are managed by Mr. R Srinivasan. INFINITI TECHLABS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: M/s. Infiniti Techlabs LLP Plot No. 65, Gunrock Enclave, Staff Road, Secunderabad, Telangana - 500009 Insolvency Commencement Date: March 3, 2023 Estimated date of closure of insolvency resolution process: September 9, 2023 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Kedari Narsimha Rao H No 16-2-721/3/1, Akbar Bagh, Malakpet Colony, Hyderabad 500036 Email: kedarinarsimha@yahoo.com Plot no: 717, Journalist Colony, Road No.2, Banjara Hills, Hyderabad 500034 Email: infiniteclabs.cirp@gmail.com Last date for submission of claims: March 27, 2023 ISANGO INDIA: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Isango India Private Limited Unit No. 817, 8th Floor in Pearl Omaxe Tower Netaji Subhash, Place, Pitampura, New Delhi - 110034 Liquidation Commencement Date: March 14, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Cs Sanjay Khandelwal E-7/12, LGF, Malviya Nagar, New Delhi - 110017 Email: sanjay918@gmail.com Tel No. -9899516433/9289444666 Deadline for submission of claims: April 13, 2023 KRISHNA NUTRITIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Krishna Nutritions India Private Limited (SKNIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.69 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.81 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SKNIPL 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 SKNIPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SKNIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SKNIPL continues to be 'CRISIL D Issuer Not Cooperating'. SKNIPL was set up in October 2010, by the promoters, Mr Vijay Kumar Mittal and Mr Satendra Kumar Jalan. The company, which manufactures cattle and poultry feeds, commenced commercial operations from June 2012. It sells cattle feed under the brands, Doodh Sagar and Doodh Dhara, and poultry feed under the brands, Baba, Ultima and Prima. MBAF SERVICES: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: MBAF Services Private Limited 704- 708, Shapath- V, Opp. Karnavati Club, S.G Highway, Ahmedabad, Gujarat - 380015 Liquidation Commencement Date: March 16, 2023 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Arun Gupta S-34, LGF, Greater Kailash-II, New Delhi-110048 Email: arungupta2211@gmail.com Email: mbafservices.vol.liq@gmail.com Tel No: 011-41066313 Submission of claims: April 15, 2023 METALITE ECO: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s Metalite Eco Future Labs Private Limited 4417/7, Ansari Road, Daryaganj New Delhi-110002 Insolvency Commencement Date: March 4, 2023 Estimated date of closure of insolvency resolution process: September 10, 2023 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-III Insolvency Professional: Sunil Kumar Agrawal E-205, LGF, Greater Kailash-II, New Delhi- 110048 Email: aggarwalsk21@yhaoo.com 904, GF, Sector-7C, Fadirabad- 121006 Email: cirpmetaliteeco2023@gmail.com Last date for submission of claims: March 28, 2023 NIKHIL FOOTWEARS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Nikhil Footwears Pvt. Ltd Registered Office: 98, Shahzada Bagh, Industrial Area, Old Rohtak Road, Delhi - 110035 Works at: (1) Plot No. 6, Sector-17, HSIIDC Bahadurgarh-176 Pin-124507 (2) Plot No. 52, HSIDC, Estate Kundli, Sonepat Pin-131028 (3) G-11, Udyog Nagar, New Delhi 110041 Insolvency Commencement Date: February 28, 2023 Estimated date of closure of insolvency resolution process: August 27, 2023 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Shiv Nandan Sharma 129 Navjeevan Vihar, Near Auronindo College, New Delhi-110017 Email: sharmasn@gmail.com Email: cirp.nfpl@gmail.com Last date for submission of claims: March 31, 2023 NITEEN PARULEKAR: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Niteen Parulekar Architects Private Ltd. 203 Silver Pearl, 2nd Flr The Bandra Panchsheel CHSL, Plot no. 213 Water Field Road Bandra West Mumbai 400050 Insolvency Commencement Date: February 17, 2023 Estimated date of closure of insolvency resolution process: August 16, 2023 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Rajeev Mannadiar 401, Darshan CHS Ltd., Raghunath Dadaji Street, Fort, Mumbai 400001 Email: Rajeev@integroip.com Email: npal.cirp@gmail.com Last date for submission of claims: March 3, 2023 R. L. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. L. Agro Industries (RLAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.13 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 2.37 CRISIL D (Issuer Not Cooperating) Warehouse Financing 2.5 CRISIL D (Issuer Not Cooperating) Warehouse Financing 4 CRISIL D (Issuer Not Cooperating) Warehouse Financing 4 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RLAI 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 RLAI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RLAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RLAI continues to be 'CRISIL D Issuer Not Cooperating'. RLAI, a partnership firm set up by Mr Krishan Gopal and Mr Chanchal Kumar in 2010, mills and processes basmati and non-basmati rice, which it sells in the domestic market. Its plant is in Gurdaspur, Punjab. RAMACHANDRAPURAM EDUCATION: CRISIL Keeps D Ratings in Not Coop. --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of The Ramachandrapuram Education Society (TRES) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.79 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.21 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with TRES 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 TRES, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on TRES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TRES continues to be 'CRISIL D Issuer Not Cooperating'. TRES was established in 1965 and offers polytechnic, degree, engineering and post-graduation courses. The engineering college, VSM College of Engineering, started operations in 2009. Operations are managed by Mr Narayanamurthy (President) along with other members. RASHMI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Rashmi Realty Builders Private Limited (RRBPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 32 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RRBPL 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 RRBPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RRBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RRBPL continues to be 'CRISIL D Issuer Not Cooperating'. RRBPL was promoted in 2010 by the Bosmiya family of Mumbai and undertakes development of residential real estate properties. The Bosmiya family has been undertaking residential and commercial real estate development projects and broking and contractual construction since 1993 through its various group companies, collectively referred to as the Rashmi group. The management of the group rests with four brothers of the Bosmiya family: Mr. Deepak Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra Bosmiya, and Mr. Ashok Bosmiya. RAVIRAJ GINNING: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Raviraj Ginning Pressing and Oil Industries (RGPAOI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RGPAOI 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 RGPAOI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RGPAOI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RGPAOI continues to be 'CRISIL D Issuer Not Cooperating'. RGPAOI was established in 2005 by Mr Mahendra Jhalariya and Mr Kalyanji Jhalariya. The firm, based in Morbi, Gujarat, undertakes cotton ginning and pressing. ROJER MATHEW: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Rojer Mathew and Company (RMC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with RMC 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 RMC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on RMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RMC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Set up as a partnership firm in Kochi (Kerala), RMC executes civil contracts for Kerala Public Works Department. Operations of the firm are managed by key partner, Mr. Rojer Mathew. RUDRANEE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rudranee Infrastructure Limited (Rudranee) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Bank Guarantee 20 CRISIL D (Issuer Not Cooperating) Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Cash Credit 49 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Cash Credit 13 CRISIL D (Issuer Not Cooperating) Cash Credit 35 CRISIL D (Issuer Not Cooperating) Proposed Cash 30 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Cash 5 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Letter 66 CRISIL D (Issuer Not of Credit & Cooperating) Bank Guarantee CRISIL Ratings has been consistently following up with Rudranee 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 Rudranee, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Rudranee is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Rudranee continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Rudranee was originally set up in 1993 as a partnership firm, which was reconstituted as a public limited company in 2007. On June 30, 2011, Supreme Infrastructure India Ltd bought 51 per cent of Rudranee's equity shares for Rs.180 million, thereby making Rudranee its subsidiary. The companyexecutes projects in the roads, irrigation, civil construction, and water management segments. S.M. RAMCOAL IMPORTERS : Liquidation Process Case Summary --------------------------------------------------------- Debtor: S.M. Ramcoal Importers Private Limited No.93C/6Y/B/1, Palai Road West (Teachers Colon, Tuticorin, Thoothukudi, Tamil Nadu-628008 Liquidation Commencement Date: November 2, 2022 Court: National Company Law Tribunal, Chennai Bench Liquidator: R Venkatakrishnan "Rajparis Trimeni Towers" First Floor, 147, G N Chetty Road, T. Nagar, Chennai - 600017, Tamil Nadu E-Mail: rvk(ci)rvkassociates.com E-Mail: smramcoal.lig(ci)gmail.com Tel. No.: +91-44-28150540 / 28150541 /28150542 Last date for submission of claims: March 19, 2023 SHALAK EATABLE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shalak Eatable Products Private Limited (SEPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Standby Overdraft 1.5 CRISIL D (Issuer Not Facility Cooperating) Term Loan 14.66 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SEPPL 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 SEPPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SEPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. SEPPL was set up in 2008, by the promoters, Mr Rajesh Bansal and Mr Yogesh Bansal. The company manufactures and trades in 2D and 3D pellet snacks. In fiscal 2019, the product profile was diversified to include food products such as pasta and macaroni. The manufacturing facility is in Mohammadpur (Lucknow). SHANKER COTGIN: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shanker Cotgin Industries (SCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) CRISIL Ratings has been consistently following up with SCI 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 SCI, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCI continues to be 'CRISIL D Issuer Not Cooperating'. SCI is a partnership firm set up in 2005. It gins and presses cotton, and extracts cotton oil at its unit in Sirsa (Haryana). The firm is owned and managed by Mr Ramesh Kumar and family. SHATABDI SHIKSHA: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shatabdi Shiksha Prasar Sabha (SSPS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SSPS 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 SSPS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SSPS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSPS continues to be 'CRISIL D Issuer Not Cooperating'. SSPS was established in 1992 by Late Dr. Rampal Singh Nehra to set up educational institutes in Meerut, Uttar Pradesh. The society runs seven colleges and one school in Mohinidinpur, Meerut. The school is affiliated to the CBSE while the colleges are affiliated to Chaudhary Charan Singh University, Meerut. Presently, Mr. Amit Nehra is managing the affairs of the society. SHIVIN CA: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shivin CA Store (Shivin) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with Shivin 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 Shivin, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on Shivin is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Shivin continues to be 'CRISIL D Issuer Not Cooperating'. Established in 2017, Shivin, a partnership firm of Mr Shivin Chauhan and Ms Shyna Chauhan, has set up a controlled atmosphere, 24-chamber cold storage in Rohru, which will provide storage facility for apples and seasonal vegetables. SHREE MURUGAN: Liquidation Process Case Summary ----------------------------------------------- Debtor: Shree Murugan Flour Mills Private Limited Registered Office: No 5, Vinayagar Koil Street Krishnaswamy Nagar Coimbatore - 641045, Tamil Nadu, India Plant and Machines at: No 77, Sathy Rd, Ganeshapuram, Coimbatore, Tamil Nadu 641107 Liquidation Commencement Date: March 5, 2023 Court: National Company Law Tribunal, Chennai Bench-I Liquidator: Mr. P. Eswaramoorthy No, 44, 5th Street , Ramalingajothi Nagar Near Corporation Office, Nanjundapuram Road, Ramanathapuram, Coimbatore - 641045, Tamil Nadu, India Email : eswarfcs@gmail.com Email: shreemuruganmills@gmail.com Tel No: 0422–2322333, 3500466 Last date for submission of claims: April 8, 2023 SKYHIGH HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Skyhigh Hospitality Private Limited (SHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SHPL for obtaining information through letters and emails dated December 30, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SHPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SHPL continues to be 'CRISIL D Issuer Not Cooperating'. SHPL was set up in 2008 by Gurugram-based Mr Ramesh Khurana and Mr S N Virmani. The company runs a boutique hotel, Treehouse Queens Pearl, in Gurugram. SOUTHERN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Southern Auto Products Co. (SAPC) 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 6.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SAPC 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 SAPC, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SAPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAPC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Kerala-based SAPC is promoted by Mr. James Emmanuel and is engaged in manufacturing of automobile spring leaf. SOUTHERN BATTERIES: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Southern Batteries Private Limited Plot No. 30, KIADB, Industrial Area, Bommasandra, Bangalore, Karnataka 560099 Liquidation Commencement Date: March 2, 2023 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Kanekal Chandrasekhar No 6, "Shree" 9th Cross, Bhuvaneshwari Nagar. Hebbalkempapura. H.A. Farm Post. Bengaluru-560024 Email: kanekal.chandru@gmail.com Echo Biotech Financial Consultants Pvt Ltd. No 350, 1st Cross, Canara Bank Layout, Kodigehalli, Vidyaranyapura Post. Bengaluru-560 097 Email: sbpl.liquidator@gmail.com Deadline for submission of claims: April 7, 2023 SUBHKARAN AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Subhkaran and Sons (SAS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 50 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SAS for obtaining information through letters and emails dated December 30, 2022 and February 28, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SAS, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAS continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in 1981 by Mr Vinod Jatia and Mr Prateek Jatia, SAS trades in iron and steel products such as hot- and cold-rolled coils, sheets, and plates, sponge iron lumps, and fines. SWADESHI ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Swadeshi Aluminium Company Private Limited (SACPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SACPL 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 SACPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SACPL continues to be 'CRISIL D Issuer Not Cooperating'. SACPL, based in Sonipat (Haryana), was established by Mr Shyam Sunder Nagpal, Mr Satpal Nagpal, Mr Sanjay Nagpal, and Mr Som Bhutani in 2000. It manufactures aluminium profiles used in the real estate sector. TASK AUDIT: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: M/s. Task Audit and Reporting Solutions Private Limited No. 137, 19th Block Ezhil Nagar, Thuraipakkam Chennai Chennai TN 600097 Liquidation Commencement Date: March 15, 2023 Court: National Company Law Tribunal Chennai Bench Liquidator: Mrs. Bhagyalakshmi B R No 10 Dr. Radhakrishnan Street Charles Nagar, Pattabiram, Chennai - 600072 Email: blassociates2003@gmail.com Tel No: 044 29570256 9840481702 Deadline for submission of claims: April 14, 2023 VENTURES NAGPUR: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Ventures - Nagpur (SV) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with SV 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 SV, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SV continues to be 'CRISIL D Issuer Not Cooperating'. Set up in 2011 in Nagpur as a proprietorship concern by Mr. Ujwal Pagariya, SV is engaged in wholesale trading of agricultural products. VIRAMAN BUILDCON: Liquidation Process Case Summary -------------------------------------------------- Debtor: Viraman Buildcon and Developers Private Limited Registered Office: Business Unit No. 530, 5th Floor, HBN Office D Mall, Plot D, District Centre, Paschim Vihar, West Delhi, New Delhi - 110087 Liquidation Commencement Date: February 28, 2023 Court: National Company Law Tribunal, New Delhi Bench-VI Liquidator: Pawan Garg 14054, ATS One Hamlet, Sector 104, Noida - 201304, Uttar Pradesh Email: cspawan.garg@gmail.com Email: viraman.cirp@gmail.com Last date for submission of claims: April 5, 2023 WIND WORLD: CRISIL Lowers Rating on INR15.4cr Loan to D ------------------------------------------------------- CRISIL Ratings has downgraded the ratings on the long-term bank loan facility of Wind World Wind Farms (Karnataka) Limited (WWWFPL) to 'CRISIL D' from 'CRISIL BBB+/Stable' due to recent instance of delay in servicing of term loan obligations. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 15.4 CRISIL D (Downgraded from Based Bank 'CRISIL BBB+/Stable') Limits Term Loan 12.6 CRISIL D (Downgraded from 'CRISIL BBB+/Stable') CRISIL Ratings understands from WWWFPL management that 35 of its 39 turbines have been non-operational since June 2022 due to non-renewal of land lease by forest department. As a result, the power generation has been impacted severely leading to suboptimal operating cash flows. Till November 2022, the company was using its surplus cash and bank balance to take care of maturing debt obligations in a timely manner. However, post that with drying of liquidity the company has not been able to service its debt obligations. While CRISIL Ratings had been in continuous touch with WWWFPL management over the past 6 months, the aforementioned information was shared by the company only recently. This led to delayed identification of the deterioration in company's liquidity profile. The rating reflects delays in servicing of term loan because of weak liquidity. Key Rating Drivers & Detailed Description * Delays in debt servicing: The company has delayed servicing of its quarterly principal repayment and interest since December 2022 due to poor liquidity caused by inadequate cash flows. * Operational Disruptions leading to suboptimal cashflows: Due to non-renewal of land lease by forest department, 35 out of the company's 39 turbines were non-operational since June 2022 leading to significantly low generation and subdued operating cashflows. Although the company is in discussion with the forest department to temporarily restart the operations, however, no timelines remain uncertain for the same. Sustained power generation and timely payments from BESCOM will remain a key monitorable over the medium term. * Exposure to timely realization from counterparty: BESCOM has currently held back Rs 7 crores of payments due to non renewal of land lease for WWWFPL. Continued delay in receipt of payment from counterparty could lead to further weakening of the liquidity of WWWFKL. * Exposure to inherent risks associated with renewable energy generation: Plant load factor (PLF) for wind power projects is heavily dependent on wind patterns, and generally vary as per climatic conditions. Significant proportion of wind power generation (60-70%) takes place during the summer and monsoon. Hence, WWWFKL's cash flows remain highly sensitive to local wind conditions and technical performance of its wind assets. Liquidity: Poor Liquidity profile is weak, due to subdued operational cash flows expected in the near term. This indicated in ongoing delay in servicing of term debt obligations. The company does not have any working capital limits. Rating Sensitivity factors Upward factors * Track record of timely debt servicing for at least 90 days with visibility of sustained cashflows * Improvement in the financial risk and liquidity profiles WWWFPL was formed in 2000, as a special purpose vehicle (SPV) between Wind World India Ltd (WWIL; 51% stakeholder) and Enercon GmbH (49% stakeholder), to set up windmills. The company has its windmills in Chitradurga and Gadag districts in Karnataka with total of 24.2MW of installed capacity. Operations are managed by Mr Yogesh Mehra and Mr Ajay Mehra. =============== M A L A Y S I A =============== REACH ENERGY: Falls Into Practice Note (PN17) Status ---------------------------------------------------- Free Malaysia Today reports that Reach Energy Bhd saw its share price tank on April 4 after the company announced on April 3 it had fallen into the Practice Note (PN17) category. "The company (Reach Energy Bhd) has triggered Paragraph 2.1(e) of PN17 of the Bursa Malaysia Securities Bhd in respect of the company's unaudited financial statements for the financial year ended Dec 31, 2022 (FY2022)," it said. Additionally, the company's shareholders' equity on a consolidated basis is 50% or less of its share capital as announced on Feb 28, 2023. According to the report, Reach Energy's troubles are long standing, as the company has been in the red since FY2018. In FY2022, the group posted a net loss of MYR227.65 million or 0.21 sen per share, driven by higher taxes, finance cost, and impairments, Free Malaysia Today discloses. Year-on-year, their loss increased by 436% from MYR53.41 million or 0.05 sen per share for FY2021. In FY2020, the group posted a net loss of MYR128 million. Reach Energy owns a variety of assets, including a 60% equity interest in Paleontol B.B, which is the sole interest holder of Emir Oil LLP. Emir Oil holds the entire subsoil use rights to a concession block in Mangystau Oblast, the southwestern region of the Republic of Kazakhstan. Reach Energy is the operator of the Emir-Oil Concession Block having been awarded with exploration and production contracts up to the year 2036. In a filing on Feb. 28, the group was optimistic that "(Reach Energy) will generate an improved performance and growth moving forward," the report recalls. This improvement would be generated through drilling in more development wells, performing well workovers, production enhancement initiatives and implementing cost optimisation efforts, the report relates. "Emir-Oil had obtained a loan from Kazakhstan Bank amounting to US$9.3 million (MYR40.99 million) in January 2021 to finance its capital expenditure (capex) investment," it said. Free Malaysia Today says the group and Emir-Oil announced intentions to obtain an additional loan between US$25 million to US$30 million (MYR110.20 million to MYR132.24 million) in the next few years to finance capex and their expansion plans. Nonetheless, the group is working towards their regularisation plan in the more immediate term, the report relays. "The company is in the midst of formulating a plan to regularise its financial condition and the announcement on the same will be made in due course in accordance with the (Bursa's) Listing Requirements," it said. ===================== N E W Z E A L A N D ===================== GOLDEN 5R: Creditors' Proofs of Debt Due on May 5 ------------------------------------------------- Creditors of Golden 5R Transport Limited are required to file their proofs of debt by May 5, 2023, to be included in the company's dividend distribution. The High Court at Auckland appointed Simon Dalton and Matthew Kemp of Gerry Rea Partners as liquidators on March 24, 2023. KRUMBLED FOODS: Creditors' Proofs of Debt Due on May 5 ------------------------------------------------------ Creditors of Krumbled Foods NZ Limited are required to file their proofs of debt by May 5, 2023, to be included in the company's dividend distribution. The High Court at Auckland appointed Keaton Pronk and Iain McLennan of McDonald Vague Limited as liquidators on March 24, 2023. MY TREAT: Creditors' Proofs of Debt Due on May 26 ------------------------------------------------- Creditors of My Treat Limited are required to file their proofs of debt by May 26, 2023, to be included in the company's dividend distribution. The High Court at Tauranga appointed Thomas Lee Rodewald of Rodewald Consulting Limited as liquidator on March 27, 2023. SHARDEN HOLDINGS: Creditors' Proofs of Debt Due on April 29 ----------------------------------------------------------- Creditors of Sharden Holdings Limited are required to file their proofs of debt by April 29, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 29, 2023. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 TYSON KARAKA: Khov Jones Limited Appointed as Receivers ------------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones Limited on March 31, 2022, were appointed as receivers of Tyson Karaka. The Receivers may be reached at: Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= HB GLASS: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on March 24, 2023, to wind up the operations of HB Glass & Aluminium Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Ho May Kee Paresh Tribhovan Jotangia Grant Thornton Singapore 8 Marina View, #40-04/05 Asia Square Tower 1 Singapore 018960 KS DISCOVERER: First Creditors' Meeting Set for April 14 -------------------------------------------------------- A first meeting of the creditors in the proceedings of KS Discoverer 1 Pte Ltd, KS Discoverer 2 Pte Ltd, and KS Discoverer 4 Pte Ltd will be held on April 14, 2023, at 11:00 a.m., 11:30 a.m. and 12:00 p.m., respectively, via video-conference and/or tele-conference. The company's provisional liquidator is: Lim Loo Khoon c/o 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 MA2 SHOP: Creditors' Meetings Set for April 11 ---------------------------------------------- MA2 SHOP Pte Ltd, which is in provisional liquidation, will hold a meeting for its creditors on April 11, 2023, at 11:00 a.m., via via video conferencing (Microsoft Teams or Zoom). Agenda of the meeting includes: a. to lay before the creditors a full statement of the affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of Mr. Chan Yee Hong, licensed Insolvency Practitioner, of CLA Global TS Risk Advisory Pte. Ltd. as Liquidator of the Company for the purpose of such voluntary winding up and that the Liquidator's fees be based on his normal scale rates and disbursements incurred be paid out of the Company's assets; c. to consider and if deemed fit appoint a Committee of Inspection; and d. Any other business. The company's provisional liquidator is: Chan Yee Hong CLA Global TS Risk Advisory c/o 80 Robinson Road #25-00 Singapore 068898 SEMBCORP MARINE: Files Notice of 3 Straight Years of Losses ----------------------------------------------------------- The Business Times reports that Sembcorp Marine has given notice that it continues to record pre-tax losses for three consecutive years. It, however, meets the financial entry criteria to avoid being placed on the Singapore Exchange's (SGX) watch list, as its six-month average daily market capitalisation as at March 31 was SGD4.77 billion, BT relates. BT, citing SGX listing rules, says mainboard-listed companies will be placed on the watch list under the financial entry criteria if they record pre-tax losses for the three most recently completed consecutive financial years, and fail to maintain an average daily market cap of at least SGD40 million over the last six months. Companies on the watch list must take active steps to satisfy the financial requirements within 36 months from the date they are placed on the watch list. That means recording a consolidated pre-tax profit for the most recently completed financial year, based on the latest full-year consolidated audited accounts, and having an average daily market cap of SGD40 million or more over the last six months. Otherwise, they will be delisted from the SGX, or have their trading suspended with a view to delisting. Sembmarine recorded a net loss of SGD261 million for fiscal 2022, compared with a net loss of SGD1.2 billion in FY2021, BT discloses. Headquartered in Singapore, Sembcorp Marine Ltd -- https://www.sembmarine.com/ -- an investment holding company, provides offshore and marine engineering solutions worldwide. Sembcorp Marine Ltd. is a subsidiary of Sembcorp Industries Ltd. For the full year ended Dec. 31, 2020, the group's net loss had widened to SGD582.5 million from SGD137.2 million a year ago. The group reported a net loss if SGD74.13 million in 2018. VOODOO GAMES: Creditors' Proofs of Debt Due on May 4 ---------------------------------------------------- Creditors of Voodoo Games Pte. Ltd. are required to file their proofs of debt by May 4, 2023, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 28, 2023. The company's liquidators are: Ho May Kee Paresh Tribhovan Jotangia Grant Thornton Singapore 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 =============== T H A I L A N D =============== THAI AIRASIA: To Have Rehabilitation Plan Ready This Month ---------------------------------------------------------- Simple Flying reports that Thai AirAsia X has announced that it will be putting its rehabilitation plan into place by the end of next month. The Chief Executive Officer of Thai AirAsia, Tassapon Bijleveld, has said that negotiations with various creditors are ongoing but should be completed by mid-April, the report relates. He hopes that if the negotiations are completed soon, then the airline can begin refunding and compensating passengers towards the end of this year. Thai AirAsia suspended operations two separate times, once in early 2020 and again in 2021, the report says. This was mostly due to the travel declines that were caused by the COVID-19 pandemic. Because of the suspension of operations, many customers were left with no immediate compensation for canceled flights. Some passengers have said that they have been waiting for refunds for up to three years. According to Simple Flying, Tassapon said that over 50% of refunds have been processed and that the airline looks to compensate the remaining passengers within the next four to five months. Passengers that have been waiting for their refunds will also be given additional compensation. Tassapon has said that those passengers will receive an additional flight voucher that equates to THB2,000 (USD58.00), the report relays. In May 2022, Thai AirAsia entered into bankruptcy protection, Simple Flying recalls. The airline stated that entering into bankruptcy protection would allow Thai AirAsia to better manage its debts that were caused by the suspension of operations and the COVID-19 pandemic. Chief Executive, Patima Jeerapaet, said at the time, "Thai AirAsia X has entered into rehabilitation at an appropriate time with tourism recovering and the nation reopening. We assure that this process will have no impact on our passenger services or flight plans. Passengers who have already booked or are looking to book our flights will be able to fly to South Korea and Japan starting this June 2022. Thai AirAsia X also has further plans for expansion and will be adding flight frequencies and new routes in line with demand." Although Thai AirAsia filed for bankruptcy protection, the airline began resuming various flights and working to expand its operations, the report notes. The airline resumed its service to Seoul Incheon and Tokyo Narita the next month and later relaunched service to Osaka Kansai and Sapporo Chitose later that year. The airline now flies to eight destinations in five different countries. Simple Flying relates that Tassapon said the current flight capacity for the airline is about 50% of the pre-pandemic levels. Additionally, the Association of Asia-Pacific Airlines (AAPA) Director General Subhas Menon spoke about the increasing numbers. Intra-Asia passenger numbers reached 16.9 million during the month of February 2023. This is up 645% from the previous year. Menon said, "Strong travel demand will continue to underpin recovery in passenger traffic, as pre-pandemic flight frequencies and city links are gradually restored in 2023." Prior to the COVID-19 pandemic, Thai AirAsia was flying 12 wide bodies. This had been reduced to five Airbus A330-300s after recently announcing one additional Airbus A330-300 would be removed from service. This out-of-service plane recently resulted in more flight cancelations, the report adds. About Thai AirAsia Thai AirAsia is a joint venture of Malaysian low-fare airline AirAsia and Thailand's Asia Aviation. It serves AirAsia's regularly scheduled domestic and international flights from Bangkok and other cities in Thailand. Thai AirAsia launched operations in February 2004. As reported in the Troubled Company Reporter-Asia Pacific on May 24, 2022, Thai AirAsia X, the long-haul budget airline under the AirAsia group, said its application for bankruptcy protection was accepted by Thailand's Central Bankruptcy Court. According to Forbes, the carrier said it is aiming to revamp its administration process and restructure its debts as part of its efforts to deliver greater efficiency and establish a solid platform for future growth. The company didn't disclose the figure for its debts. ********* 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 ***