/raid1/www/Hosts/bankrupt/TCRAP_Public/230414.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
Friday, April 14, 2023, Vol. 26, No. 76
Headlines
A U S T R A L I A
ALLEGIANCE COAL: Panel Taps Whiteford Taylor & Preston as Counsel
CREMORNE CLUB: In Receivership; Creditors' Meeting Set for April 21
FAST CABINETS: Second Creditors' Meeting Set for April 19
IN2FOOD MANUFACTURING: Second Creditors' Meeting Set for April 19
J & G ENTERPRISES: First Creditors' Meeting Set for April 18
MOKSHA CONSTRUCTIONS: Second Creditors' Meeting Set for April 19
PLUMBFIRST GROUP: Placed Into Voluntary Administration
TAURUS TRUST 2023-1: Moody's Assigns B2 Rating to AUD2MM F Notes
WATTS UP: First Creditors' Meeting Set for April 19
C H I N A
CBAK ENERGY: Delays Filing of 2022 Annual Report
HUARONG INDUSTRIAL: Fitch Affirms 'B-' LT Foreign Currency IDR
REMARK HOLDINGS: Delays Filing of 2022 Annual Report
SINO-OCEAN GROUP: Fitch Cuts LT Foreign Currency IDR to 'B-'
SUNAC CHINA: Shares Plunge After Year-Long Suspension Ends
I N D I A
ABCN MANUFACTURING: Insolvency Resolution Process Case Summary
ADITYA CHEMTEC: Insolvency Resolution Process Case Summary
ADORATION CERAMICA: ICRA Withdraws B+ Rating on INR16.18cr Loan
AKASH SPINNING: CARE Lowers Rating on INR14.26cr LT Loan to B
AKR CONSTRUCTION: Insolvency Resolution Process Case Summary
ANSAL HOUSING: ICRA Reaffirms D Rating on INR50cr ST Loan
BSR POULTRY: CRISIL Moves B Debt Ratings to Not Cooperating
CHEMICALS AND FERRO: CARE Lowers Rating on INR110.70cr Loan to B+
COIMBATORE ROLLER: CRISIL Moves B+ Debt Rating to Not Cooperating
CUMBUM VALLEY: CRISIL Moves B Debt Ratings to Not Cooperating
DEVANSHI PLYBOARD: CRISIL Moves B Debt Ratings to Not Cooperating
DGP STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category
FUTURE RETAIL: Creditors Seek 90 Days Extension to End Insolvency
G S BIOTECH: Insolvency Resolution Process Case Summary
GARG SPINNING: CARE Lowers Rating on INR14.09cr LT Loan to B
IRAA CLOTHING: CRISIL Moves B- Debt Rating to Not Cooperating
IVRCL CHENGAPALLI: CARE Keeps D Debt Rating in Not Cooperating
JAI MAHARASHTRA: ICRA Keeps D Debt Rating in Not Cooperating
JAYALAKSHMI SPINTEX: CRISIL Moves B+ Ratings to Not Cooperating
LEATHER LINKERS: CRISIL Moves B+ Debt Rating to Not Cooperating
MAHARANA CHAINS: CRISIL Moves B+ Debt Ratings to Not Cooperating
P.P. AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating
POORNIMA HANDICRAFTS: CARE Keeps B/A4 Rating in Not Cooperating
RAJARAMBAPU PATIL: ICRA Keeps B+ Debt Rating in Not Cooperating
RENAISSANCE INDUS: NCLT Admits Insolvency Resolution Bid vs. Firm
REVATHI ENGINEERING: CARE Keeps B- Debt Ratings in Not Cooperating
SAIL-SCL KERALA: Insolvency Resolution Process Case Summary
SAINATH TEXTILES: CRISIL Moves B- Debt Ratings to Not Cooperating
SHAKTI CONSULTANCIES: Insolvency Resolution Process Case Summary
SHANMUGA MODERN: Insolvency Resolution Process Case Summary
SHIVA TRADING: CRISIL Moves B+ Debt Ratings to Not Cooperating
SION PANVEL: Insolvency Resolution Process Case Summary
SN ENGINEERING: Insolvency Resolution Process Case Summary
SRAVANTHI ENERGY: ICRA Withdraws D Rating on INR633.75cr Loan
SUPERIOR INDUSTRIES: Insolvency Resolution Process Case Summary
SUSEE TRUCKS: ICRA Reaffirms B Rating on INR6.0cr Cash Debt
TEAM INTERVENTURE: Insolvency Resolution Process Case Summary
VICEROY BANGALORE: Dharampal Satyapal, Salarpuria Submit Plans
VINTAGE COMTRADE: Insolvency Resolution Process Case Summary
N E W Z E A L A N D
20 TWENTY: Creditors' Proofs of Debt Due on May 5
A H CONSTRUCTION: Sells Off 350 Diggers, Excavators in Auction
CPMC VICTORIA: Creditors' Proofs of Debt Due on May 19
SCARBRO BUILD: Creditors' Proofs of Debt Due on May 17
SWANSON PROJECT: Court to Hear Wind-Up Petition on April 21
WAIKLEEN WATERBLASTING: Court to Hear Wind-Up Petition on April 28
S I N G A P O R E
HEALTHVEGIE HOLDING: Creditors' Proofs of Debt Due on May 12
HUNTINGTON GROUP: Court Enters Wind-Up Order
KREUZ SUBSEA: Placed in Provisional Liquidation
PYH (RP): Commences Wind-Up Proceedings
THRIVE FAMILY: Court to Hear Wind-Up Petition on April 21
S O U T H K O R E A
DAEWOO DEVELOPMENT: Prosecutors Raid Firm Over Accounting Fraud
- - - - -
=================
A U S T R A L I A
=================
ALLEGIANCE COAL: Panel Taps Whiteford Taylor & Preston as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Allegiance Coal USA Limited and its affiliates
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Whiteford Taylor & Preston, LLP as its counsel.
The firm will render these services:
(a) advise the committee regarding its rights, powers and duties
as a committee elected pursuant to Bankruptcy Code Sec.
1103;
(b) attend meetings and negotiate with representatives of the
Debtors, the secured and unsecured creditors, equity holders,
employees, and other parties in interest;
(c) prepare and file necessary legal papers;
(d) appear before this court, other courts, and the Office of the
United States Trustee to protect and represent the interests
of the committee and the committee's constituents;
(e) advise the committee regarding any contemplated sale of
assets
or business combinations;
(f) advise the committee in investigating the acts, conduct,
assets, liabilities, and financial condition of the Debtors,
their operations, and the desirability of the continuance of
any portion of those operations, and any other matters
relevant to these cases or to the formulation of a plan;
(g) advise the committee on the issues concerning the appointment
of a trustee or examiner under section 1104 of the
Bankruptcy Code;
(h) advise the committee in the evaluation of claims and on any
litigation matters;
(i) advise the committee regarding prepetition and post-petition
financing and cash collateral arrangements and negotiate
documents relating thereto;
(j) advise the committee on matters relating to the Debtors'
assumption, assumption and assignment and rejection of
executory contracts and unexpired leases;
(k) advise the committee on matters relating to the ordinary
course of business;
(l) review the nature and validity of any liens asserted
against the Debtors' property and advise the committee
concerning the enforceability of such liens;
(m) negotiate and participate in the preparation of the
Debtors' plan(s) of reorganization, related disclosure
statement(s) and other related documents and agreements
and advise and participate in the confirmation of
such plan(s);
(n) perform all other necessary legal services and provide
all necessary legal advice to the committee in
connection with the Chapter 11 cases; and
(o) handle such other matters as may be requested by the
committee and to which Whiteford agrees.
The hourly rates of the firm's counsel and staff are as follows:
Partners and Counsel $510 - $790
Associates $350 - $470
Paraprofessionals $365 - $415
In addition, the firm will seek reimbursement for expenses
incurred.
Whiteford also provided the following statements in response to the
request for additional information set forth in Part D.1. of the
U.S. Trustee Appendix B Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: No
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: Not Applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period.
Response: As committee counsel, Whiteford anticipates that the
committee's professionals' fees will be initially governed by the
court's various Orders approving the Debtors' use of cash
collateral, Debtor-in-Possession Financing, and other relevant
orders, (although such orders may not limit the professional fees
incurred by the committee), subject to any rights that the
committee may have to object if an agreement cannot be reached
between the Debtors and the committee. The committee and its
professionals reserve all rights to seek approval of committee
professional fees.
Whiteford has not received any retainer or payment from the Debtors
or the committee.
Michael Roeschenthaler, Esq., a partner at Whiteford, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael J. Roeschenthaler, Esq.
Kenneth J. Lund, Esq.
Whiteford Taylor & Preston, LLP
11 Stanwix Street, Suite 1400
Pittsburgh, PA 15222
Telephone: (412) 618-5600
Email: mroeschenthaler@wtplaw.com
klund@wtplaw.com
About Allegiance Coal USA
Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.
Allegiance and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10234) on
Feb. 21, 2023. In the petition signed by its chief executive
officer, Jonathan Romcke, Allegiance disclosed up to $100 million
in assets and up to $50 million in liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Robert J. Dehney, Esq., at Morris, Nichols,
Arsht & Tunnell, LLP as bankruptcy counsel; Plante & Moran, PLLC as
tax services provider; and CRS Capstone Partners, LLC as investment
banker and financial advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Whiteford Taylor & Preston, LLP.
CREMORNE CLUB: In Receivership; Creditors' Meeting Set for April 21
-------------------------------------------------------------------
News.com.au reports that the Cremorne Club, a trendy gym in the
Melbourne suburb of Richmond, has become the latest in a string of
fitness centres to go bust, leaving clients in limbo.
News.com.au says the club, which was becoming known as a celebrity
hangout, had seen the likes of Real Housewives of Melbourne star
Lydia Schiavello and retired NRL legend Nate Myles through its
doors.
Celebrity realtor and Survivor alumni Fraser Lack, swimwear
entrepreneur Erin Deeringm, Bondi Sands tanning products founder
Shaun Wilson and models Tess Shanahan and Lulu Liberman are also
among the clientele.
At a premium fee of AUD430 per month, the gym offers a boutique
health and fitness experience complete with pre-workout drinks and
post-workout protein shakes.
However, on April 11, clients received messages notifying them that
their memberships were voided and all direct debits and membership
payments had ceased, news.com.au reports citing the Daily Mail.
Administrators Brooke and Bird sent out a notice, following up on
the text, notifying members that the gym was now in voluntary
receivership, the report relates.
"At present, we have suspended all memberships to the gym and
temporarily halted trading at the premises pending our review of
the company's financial position," the notice said.
"Those with prepaid memberships are considered 'unsecured
creditors,' and they were advised a separate email will be sent
about their situation."
According to the report, the collapse of the Cremorne Club has left
clients feeling frustrated and disappointed, with some unsure if
they will be able to recover the money they had paid for their
memberships. "It's just a bit of a kick in the teeth," said one
client, who preferred to remain anonymous, told the Daily Mail.
"I've been going there for a while now, and it's frustrating to
have my membership suddenly suspended like this. I just hope I'll
be able to get my money back."
Administrators for the Cremorne Club have expressed hopes that a
buyer could be willing to take over the gym, news.com.au relays.
"We have also commenced talks with a party interested in acquiring
the gym to reopen shortly," the letter stated.
News.com.au adds that corporate watchdog ASIC said there would be
an online meeting of creditors scheduled for April 21, where those
wishing to attend would have to provide proof of the debts incurred
by 4:00 p.m. on April 20.
FAST CABINETS: Second Creditors' Meeting Set for April 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of Fast Cabinets
Pty Ltd has been set for April 19, 2023 at 11:00 a.m. via virtual
meeting only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 18, 2023 at 4:00 p.m.
Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on March 6, 2023.
IN2FOOD MANUFACTURING: Second Creditors' Meeting Set for April 19
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of:
- In2food (Manufacturing) Pty Ltd;
- In2food (Industrial) Pty Ltd;
- In2food (Operations) Pty Ltd; and
- In2food (WA) Pty Ltd
has been set for April 19, 2023 at 12:00 p.m. at Georges River Room
- L1, Bankstown Sports, 8 Greenfield Parade in Bankstow and via
virtual meeting.
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 18, 2023 at 5:00 p.m.
Matthew Levesque-Hocking and Todd Andrew Gammel of HLB Mann Judd
were appointed as administrators of the company on March 7, 2023.
J & G ENTERPRISES: First Creditors' Meeting Set for April 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of J & G
Enterprises Australia Pty Ltd will be held on April 18, 2023, at
10:30 a.m. via virtual meeting only.
Matthew Hutton and Robert Smith of McGrathNicol were appointed as
administrators of the company on April 4, 2023.
MOKSHA CONSTRUCTIONS: Second Creditors' Meeting Set for April 19
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Moksha
Constructions Pty Ltd has been set for April 19, 2023 at 10:00 a.m.
at the offices of Pilot Partners at Level 10, 1 Eagle Street in
Brisbane.
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 18, 2023 at 5:00 p.m.
Bradley Vincent Hellen of Pilot Partners was appointed as
administrator of the company on March 6, 2023.
PLUMBFIRST GROUP: Placed Into Voluntary Administration
------------------------------------------------------
Sarah Sharples at news.com.au reports that a major Australian
business has become the latest casualty due to worsening economic
conditions and rising prices as it collapsed risking 170 jobs.
The plumbing and electrical contracting firm, Plumbfirst Group, and
six related business have been placed into voluntary administration
after it blamed rising material costs for its demise.
WLP Restructuring Partners, Alan Walker and Glenn Livingstone, were
appointed on April 12 as administrators and are urgently seeking an
injection of funds or a buyer for the group, news.com.au relates.
According to the report, Mr. Walker said the decision to appoint
administrators was made by the group's directors after rising
materials costs adversely impacted its financial performance.
"The group comprises one of the largest plumbing and electrical
contracting operations across southeast Australia with a
well-established 170 strong workforce and customer base," the
report quotes Mr. Walker as saying. "We are confident that a
process to sell or recapitalise the group can move ahead quickly
with the objective to maximise recoveries for creditors and
minimise disruption for staff and customers.
"We are already working closely with management, employees and
other stakeholders to do everything we can to continue to trade the
group on a business-as-usual basis while we seek viable options to
secure its future."
The administrators will continue trading the group with no
interruption to ordinary operations expected at this stage, they
added.
Currently, it is unclear how much debt and the number of creditors
that are impacted by the collapse, news.com.au notes.
Plumbfirst Group's related businesses also include Bblautofirst Pty
Ltd, Comfyfirst Pty Ltd, Elecfirst Pty Ltd, Firstaction Group Pty
Ltd, Plumbfirst Pty Ltd, and Plumbfirst Elecfirst Comfyfirst NSW
Pty Ltd.
The first statutory meeting of creditors will be held on April 24,
the report adds.
TAURUS TRUST 2023-1: Moody's Assigns B2 Rating to AUD2MM F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by BNY Trust Company of Australia Limited in its capacity as
the trustee of the Taurus 2023-1 Trust.
Issuer: Taurus 2023-1 Trust
AUD120.00 million Class A1 Notes, Assigned Aaa (sf)
AUD1.66 million Class A1-X Notes, Assigned Aaa (sf)
AUD35.80 million Class A2 Notes, Assigned Aaa (sf)
AUD23.00 million Class B Notes, Assigned Aa2 (sf)
AUD2.60 million Class C Notes, Assigned A2 (sf)
AUD5.20 million Class D Notes, Assigned Baa2 (sf)
AUD4.80 million Class E Notes, Assigned Ba2 (sf)
AUD2.00 million Class F Notes, Assigned B2 (sf)
The AUD6.60 million Class G Notes are not rated by Moody's.
The Taurus 2023-1 Trust (Taurus 2023-1) transaction is a static
cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia by Taurus
Finance Holdings Pty Limited (Taurus, unrated). Taurus is a finance
company that originates retail auto loans and provides floorplan
finance to automotive dealers. Taurus was founded in 2016 and
started originating retail auto loans in October 2019. As of March
5, 2023, Taurus has a loan portfolio of AUD601 million of retail
and commercial auto loans.
RATINGS RATIONALE
The ratings take into account, among other factors, an evaluation
of the underlying receivables and their expected performance, an
evaluation of the capital structure and credit enhancement provided
to the notes, the availability of excess spread over the life of
the transaction, the liquidity facility in the amount of 1.50% of
the rated notes balance subject to a floor of AUD201,660, the legal
structure, and the experience of Taurus as servicer.
According to Moody's, the transaction benefits from the prime
nature of the obligors and the strong historical performance of
Taurus's loan portfolio with delinquencies and losses lower than
comparable auto loan originators over the observation period.
However, the limited historical availability of the performance
data, with just under three and a half years of meaningful
performance data available presents a challenge as the future
performance of auto loans could be subject to greater variability
than the current data indicates.
KEY PORTFOLIO AND STRUCTURAL FEATURES
Once step-down conditions are satisfied, all notes, excluding
Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 30% subordination to
the Class A2 Notes and no unreimbursed charge-offs.
A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming no
prepayments.
BNY Trust Company of Australia Limited (BNY), a wholly owned
subsidiary of The Bank of New York Mellon (Aa1/P-1) is a back-up
servicer. If Taurus is terminated as servicer, BNY will take over
the servicing role in accordance with the standby servicing deed
and its back-up servicing plan.
KEY MODEL AND PORTFOLIO ASSUMPTIONS
Moody's base case assumptions are a mean default rate of 3.50%, a
recovery rate of 30.0%, and a Aaa portfolio credit enhancement
("PCE") of 18.00%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.
Moody's assumed mean default rate is stressed compared to observed
levels of default, with only twenty loans that were written off
between October 2019 and February 2023. To address the limited
performance history Moody's have benchmarked Taurus' portfolio
performance, portfolio characteristics, underwriting and credit
policies to comparable originators. Moody's have also overlaid
additional stresses into Moody's loss assumptions to account for
the limited origination and operational history.
The PCE of 18.00% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iii) servicer quality, (iv) certain pool characteristics, such as
asset concentration.
Key pool features are as follows:
The pool consists of 83.8% consumer loans and 16.2% of commercial
loans.
Interest rates in the portfolio range from 4.0% to 15.0%, with a
weighted average interest rate of 7.8%.
The weighted average seasoning of the portfolio is 8.1 months,
while the weighted average remaining term of the portfolio is 60.1
months.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
WATTS UP: First Creditors' Meeting Set for April 19
---------------------------------------------------
A first meeting of the creditors in the proceedings of Watts Up QLD
Pty. Ltd. will be held on April 19, 2023, at 11:00 a.m. at the
offices of Jirsch Sutherland at Level 9, 120 Edward Street in
Brisbane, and via virtual facilities.
Christopher John Baskerville and Aleksandar Stojic of Jirsch
Sutherland were appointed as administrators of the company on April
5, 2023.
=========
C H I N A
=========
CBAK ENERGY: Delays Filing of 2022 Annual Report
------------------------------------------------
CBAK Energy Technology, Inc. filed a Form 12b-25 with the
Securities and Exchange Commission with respect to its Annual
Report on Form 10-K for the year ended Dec. 31, 2022.
The Company has not finalized its financial statements for the
fiscal year ended Dec. 31, 2022. As a result, the Company is
unable to file its Annual Report on Form 10-K within the prescribed
time period without unreasonable effort or expense. The Company
anticipates that it will file the Form 10-K within the fifteen-day
grace period provided by Exchange Act Rule 12b-25.
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.
In its Quarterly Report for the three months ended Sept. 30, 2022,
CBAK said, "The Company has accumulated deficit from recurring net
losses incurred for the prior years and significant short-term debt
obligations maturing in less than one year as of September 30,
2022. These conditions raise substantial doubt about the Company
ability to continue as a going concern. The Company's plan for
continuing as a going concern included improving its profitability,
and obtaining additional debt financing, loans from existing
directors and shareholders for additional funding to meet its
operating needs. There can be no assurance that the Company will
be successful in its plans or in attracting equity or alternative
financing on acceptable terms, or if at all."
HUARONG INDUSTRIAL: Fitch Affirms 'B-' LT Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Huarong Industrial Investment &
Management Co., Ltd.'s Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B-'. The Outlook is Stable.
Huarong Industrial's ratings incorporate a two-notch uplift from
its Standalone Credit Profile (SCP) of 'ccc' under the strong
parent, weak subsidiary approach in its Parent and Subsidiary
Linkage Rating Criteria. Fitch assesses the linkage factors of
legal incentives as 'Medium', strategic incentives as 'Weak' and
operational incentives as 'Medium'. Huarong Industrial is a wholly
owned subsidiary of China Huarong Asset Management Co., Ltd. (China
Huarong, BBB+/Stable).
At the same time, Fitch has chosen to withdraw Huarong Industrial's
ratings for commercial reasons.
KEY RATING DRIVERS
'Medium' Legal Incentive for Parental Support: The shareholder
loans of Huarong Industrial's parent, China Huarong, accounted for
67% of Huarong Industrial's total debt as of end-1H22. The parent
also guaranteed 10% of Huarong Industrial's external debt. However,
Huarong Industrial said that there is no cross default in the two
companies' debt.
'Weak' Strategic Incentive for Parental Support: Huarong
Industrial's financial contribution to the parent is low,
accounting for only 1%-3% of China Huarong's profit and assets.
Most distressed assets are resolved by the group, rather than
through subsidiaries. Huarong Industrial provides the parent with
cost advantages, rather than competitive advantages, as some
property-related work can theoretically be outsourced to other
developers or consultants. Fitch believes Huarong Industrial's
growth potential is moderate in the short term, as the property
industry is in the trough of a business cycle.
'Medium' Operational Incentive for Parental Support: Huarong
Industrial develops distressed property assets acquired from the
parent and advises on distressed property management resolution.
Over 70% of its land bank is sourced from the parent. Huarong
Industrial sometimes helps China Huarong value distressed asset
packages before they are acquired by the parent. Huarong
Industrial's management decisions and product and services branding
are full integrated with those of the parent.
Reliant on Parent for Liquidity: Huarong Industrial reported CNY1.7
billion in available cash at hand at end-1H22. This was
insufficient to cover CNY30.0 billion in short-term debt. Fitch
believes China Huarong will continue to provide extensive liquidity
support to Huarong Industrial, as stated explicitly by the parent
in Huarong Industrial's annual report.
Weak SCP Assessment: The weak SCP stems from Huarong Industrial's
small scale and unsustainably high leverage compared with peers. It
generated CNY492 million in contracted sales in 2021, while
January-July 2022 sales were around CNY100 million. Total land bank
is around 4.5 million square metres, of which 44% is a project in
Xiangtan - a tier-three city in Hunan province - acquired from
China Huarong's subsidiary in 2011. Huarong Industrial does not run
a commercial homebuilding business and relies entirely on China
Huarong operationally and financially.
ESG - Management Strategy: Huarong Industrial's ESG Relevance Score
for Management Strategy is '4' amid the parent's strategy of
focusing on distressed-asset management and divesting non-core
businesses. Risks of deviation from or failure of the strategy have
a negative impact, and is relevant to the ratings in conjunction
with other factors. The scoring is in line with that of the
parent.
ESG - Governance: Huarong Industrial's ESG Relevance Score for
Governance Structure is '4' following the recapitalisation and
introduction of new strategic shareholders for its parent.
Governance under the new shareholding structure may have a positive
or negative impact, and is relevant to the ratings in conjunction
with other factors. The scoring is in line with that of the
parent.
ESG - Financial Transparency: Huarong Industrial's ESG Relevance
Score for Financial Transparency is '4', following the resolution
of its audit issue and the subsequent publication of the 2020
annual report for both the subsidiary and the parent. Limited
transparency over the subsidiary or the parent's asset quality has
a negative impact, and is relevant to the ratings in conjunction
with other factors. The scoring is in line with that of the
parent.
DERIVATION SUMMARY
Huarong Industrial is rated two notches above its SCP. The ratings
are supported by its linkage with its parent, China Huarong. The
linkage is similar to that between Yuexiu Property Company Limited
(YXP, BBB-/Stable) and Guangzhou Yuexiu Holdings Limited (GYX).
GYX's legal incentive to support YXP is 'Weak', the operational
incentive is 'Medium' and the strategic incentive is 'Medium'.
Fitch believes China Huarong's legal incentive to support Huarong
Industrial is stronger due to the large amount of shareholder loans
extended, but the strategic incentive is weaker due to Huarong
Industrial's much smaller contribution to its parent.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- CNY150 million in property development contracted sales
in 2022 and CNY800 million in 2023;
- Property development gross profit margin of 30% in
2022-2023 (2021: 42%);
- No land acquisitions from 2022 in the medium term, in
line with management forecast.
RATING SENSITIVITIES
No longer relevant, as the ratings have been withdrawn.
ISSUER PROFILE
Huarong Industrial is China Huarong's property-development
platform, and one of three "first-level" subsidiaries of China
Huarong's distressed asset-management business. It develops
distressed property projects and provides property-related advisory
services to the parent.
ESG CONSIDERATIONS
Huarong Industrial has ESG Relevance Scores of '4' for Management
Strategy, Governance Structure and Financial Transparency for the
reasons outlined above. The scores are in line with the parent's
scores. The factors may have a negative impact on the credit
profile and are highly relevant to the rating.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
Entity/Debt Rating Prior
----------- ------ -----
Huarong Industrial
Investment &
Management Co., Ltd. LT IDR B- Affirmed B-
LT IDR WD Withdrawn B-
REMARK HOLDINGS: Delays Filing of 2022 Annual Report
----------------------------------------------------
Remark Holdings, Inc. was unable to file its Annual Report on Form
10-K for the year ended Dec. 31, 2022 without unreasonable effort
or expense due to delays in obtaining and compiling information for
inclusion in the Report. The Company expects to be able to file
the Report on or before the fifteenth calendar day following its
original prescribed due date.
Remark expects revenue for the year ended Dec. 31, 2022 to be
significantly less than the revenue for the year ended Dec. 31,
2021. Such significant decrease in revenue primarily results from
a decrease in the Company's U.S. revenue because an
artificial-intelligence-based data intelligence service and
advertising contract the Company completed in 2021 did not repeat
in 2022. The Company also expects to report decreased revenue from
China, primarily as a result of ongoing COVID-19-related
restrictions in China. The Company also expects significant
changes in the components of its total cost and expense, primarily
due to changes in marketing-related activities, provision for bad
debt, use of consultants and interest expense.
The Company said, "We are not able to quantify such changes at this
time as the audit of our consolidated financial statements is still
in process. We further anticipate a loss of approximately $26.4
million on our investment in the common stock of an unrelated
entity as compared to a gain of approximately $43.6 million on the
same investment during the year ended December 31, 2021, resulting
from a significant decline in the stock price of such unrelated
entity."
About Remark Holdings
Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that help organizations monitor, understand, and act on
threats in real-time. Remark consists of an international team of
sector-experienced professionals that have created video analytics.
The Company's GDPR-compliant and CCPA-compliant solutions focus on
market sectors including retail, federal and state governmental
entities, public safety, hospitality, and transportation. Remark
maintains its headquarters in Las Vegas, Nevada, with an additional
North American office in New York and New York and international
offices in London, England, and Chengdu, China.
As of Sept. 30, 2022, the Company had $16.69 million in total
assets, $31.38 million in total liabilities, and a total
stockholders' deficit of $14.69 million.
Remark Holdings' working capital deficit was US$16.5 million at
September 30, 2022. The working capital was US$30.1 million as of
December 31, 2021, the Company disclosed in its Quarterly Report
for the period ended September 30, 2022. The Company further said,
"Our history of recurring operating losses, working capital
deficiencies and negative cash flows from operating activities give
rise to substantial doubt regarding our ability to continue as a
going concern."
SINO-OCEAN GROUP: Fitch Cuts LT Foreign Currency IDR to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Sino-Ocean
Group Holding Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'B-' from 'B+' and its senior unsecured rating to
'B-' with a Recovery Rating of 'RR4', from 'B+'. Fitch has also
downgraded Sino-Ocean's USD600 million subordinated perpetual debt
to 'CCC', with a Recovery Rating of 'RR6', from 'B-'. All ratings
remain on Rating Watch Negative (RWN).
The downgrade reflects increasing uncertainty over Sino-Ocean's
financial flexibility, following missed payment of amortisation on
syndicated loans on 31 March 2023, though the payment is voluntary
and does not constitute a default according to the company. The RWN
reflects material uncertainties over Sino-Ocean's liquidity
situation and whether imminent meaningful support from its parents
is forthcoming, a lack of which would likely lead to the removal of
the one-notch support.
Sino-Ocean is rated one notch above its Standalone Credit Profile
(SCP) of 'ccc+', benefitting from support from its largest
shareholder, China Life Insurance Company Limited (A/Stable), in
accordance to Fitch's Parent and Subsidiary Linkage (PSL) Rating
Criteria.
KEY RATING DRIVERS
Amortisation Not a Contractual Obligation: There were recent market
reports that Sino-Ocean's subsidiary Sino-Ocean Land (Hong Kong)
Ltd. missed an amortization payment on 31 March of several
syndicated loans that are guaranteed by Sino-Ocean. These
amortization payments were reportedly added to the repayment
schedule in exchange for a waiver granted by the lenders for
certain financial covenant breaches. Sino-Ocean confirmed with
Fitch on the non-payments, but stated that such amortisation is
voluntary and is not a legal financial obligation to the company,
thus the non-payment does not constitute an event of default nor
will it trigger any cross-default with the company's other debt
obligations.
Limited Margin of Safety: Sino-Ocean's available cash balance
dropped sharply to CNY4.6 billion by end-2022 from CNY14.6 billion
at 1H22 after sales dropped and it repaid debt and supply-chain
asset-backed securities. Fitch believes the available cash on hand
cannot sufficiently cover capital-market debt due over the next 12
months, equivalent to about CNY15 billion-CNY16 billion over
2Q23-1Q24. The company is in the process of refinancing some
syndicated loans due mid-2023 and disposing of some assets, which
could support the debt repayment in 2023, although Fitch believes
the execution risk is higher following the before-mentioned
incident.
Sino-Ocean has another CNY7.7 billion in puttable privately placed
notes, asset-backed notes and corporate bonds, and USD700 million
in senior notes due for the rest of 2024. The estimated amount does
not include syndicated loan maturities which are expected to be
similar to the amount due in 2023. Sino-Ocean's auditor
reclassified CNY12.1 billion in debt with a scheduled repayment
date beyond one year as short-term due to the terms in the relevant
loan agreements, which require potential repayment on demand. The
company is in negotiations with the lenders and believes the
repayment schedule will not be affected. Fitch will reassess its
liquidity, depending on the outcome.
Reassessing One-Notch Support: China Life and its related entities
have supported the homebuilder by subscribing to its onshore and
offshore bonds, contributing to asset acquisitions and providing
secured loans. China Life's management has also publicly confirmed
its willingness to support in its recent annual results briefing on
30 March 2023. However, Fitch is assessing China Life's actual
support to Sino-Ocean following the recent string of negative
incidents. Any sign of weakening in China Life's incentive or
ability to support Sino-Ocean may lead to the removal of one-notch
support.
ESG - Group Structure: Sino-Ocean has high exposure to JVs and
associates, which appear to have much weaker liquidity and funding
access. This has led to material cash outflows over the past year
and could further weaken Sino-Ocean's financial flexibility if
these projects continue to require its support. The company's
complex group structure and opacity have a negative impact on the
ratings. Sino-Ocean's auditor also highlighted uncertainties in
relation to certain interest and transactions with Sino-Ocean
Capital Holding Limited (SOC), Sino-Ocean's 49%-owned associate,
and other related entities.
ESG - Financial Transparency: Sino-Ocean previously did not
disclose the existence of the amortisation arrangement for the
syndicated loans. The company's auditor is also investigating the
large receivables balance from SOC on whether the balance was
properly classified and whether the impairment loss of CNY2.75
billion recognised in the consolidated income statement for 2022
was properly determined in relation to the recoverability of the
gross receivable balance due from the related party as at 31
December 2022.
DERIVATION SUMMARY
Sino-Ocean's ratings reflect increasing uncertainty over its
liquidity position and whether there will be imminent meaningful
support from its parents given the current situation.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Flat total contracted sales in 2023 (2M23: 2% yoy), given
company's focus in higher-tier cities and low base in 2022.
- Cash collection rate of 75% in 2023 (2021: 77%).
- Limited land expenditure in 2023, based on the company's
conservative land-acquisition strategy.
- Consolidated construction expenditure of CNY30 billion-
CNY35 billion in 2023.
- Average EBITDA margin after land appreciation tax of around
5% in 2023 (2022: -5%).
- Interest rate of 6.5% for new borrowings (2022: 5.16%).
The interest rate is higher than its existing average
borrowing cost, as Fitch thinks Sino-Ocean's funding cost
may rise due to its weakening financial profile.
KEY RECOVERY RATING ASSUMPTIONS
Liquidation Approach
- The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during bankruptcy or insolvency proceedings and
distributed to creditors.
- Advance rate of 80% applied to account receivables.
This treatment is in line with its Recovery Rating criteria.
Account receivables constitute a very small percentage of total
assets for Sino-Ocean, which is typical to the Chinese homebuilding
industry.
- Advance rate of 62% applied to net property inventory.
Sino-Ocean's inventory consists mainly of completed properties held
for sale, properties under development (PUD), and
deposits/prepayments for land acquisition. Different advance rates
were applied to these different inventory categories to derive the
blended advance rates for net inventory.
- 75% advance rate to completed properties held for sale. Completed
commodity housing units are closer to readily marketable inventory
and typically have high recovery values. Fitch cuts the advance
rate to the middle of the range (normally 70%-80%) on its
expectation of weaker, but still in line with industry,
profitability for the property-development business, excluding
one-off items. The advance rate also considers the company's asset
locations, which are mainly in higher-tier cities.
- 50% advance rate to PUD (lower end of the usual 50%-60% range).
PUDs are more difficult to sell than completed projects. These
assets are also in various stages of completion. The PUD balance --
prior to applying the advance rate -- is net of margin-adjusted
customer deposits. The lower-end advance rate is applied given the
company's large PUD asset base, which may be harder to liquidate
and require larger discounts in a distressed scenario.
- 90% advance rate to deposits/prepayments for land acquisitions.
Similar to completed commodity housing units, land held for
development is closer to readily marketable inventory. Sino-Ocean's
land is mostly in higher-tier cities, which means a higher advance
rate than the typical 50% mentioned in the criteria was
considered.
- Advance rate of 50% applied to property, plant and equipment,
which consist mainly of buildings with insignificant value.
- 80% advance rate to investment properties. Sino-Ocean's
investment properties are mostly located in Tier one cities and of
high quality. The portfolio has an average rental yield of around
5%. Fitch considers the 80% advance rate conservative, as the
implied rental yield on the liquidation value for the
investment-property portfolio would be around 6%.
- 50% advance rate to JV net assets, which typically include a
combination of completed units, PUDs and land bank. Fitch applied
the 50% the baseline advance rate for inventory, although around
one-third of the JVs are investment properties that have a higher
advance rate, because the asset base is large and may require wider
discounts in a distress scenario, similar as its consideration on
PUDs.
Fitch considered CNY10.6 billion in receivables from SOC as part of
JV net assets. Fitch understands the company's auditor is
investigating "whether the balance of such receivables was properly
classified as at 31 December 2022, and whether the impairment loss
of CNY2.75 billion recognised in the consolidated income statement
for the year ended 31 December 2022 was properly determined in
relation to the recoverability of the gross receivable balance due
from the related party as at 31 December 2022." Any material
reduction in such receivables could lead to a weaker recovery rate
than its current expectation.
- Advance rate of 0% applied to excess cash after netting the
amount of note payables and trade payables (construction fees and
retention payables). Fitch does not assume available cash in excess
of outstanding trade payables would be available for other
debt-servicing purposes and therefore the advance rate for excess
cash is 0%.
The allocation of value in the liability waterfall results in
recovery corresponding to 'RR4' for the senior unsecured offshore
bonds, and 'RR6' for subordinated perpetual securities.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- The RWN will be removed if the negative triggers are not met.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- No imminent meaningful support from parents.
- Evidence of further deterioration in liquidity.
LIQUIDITY AND DEBT STRUCTURE
Tight Liquidity: Sino-Ocean reported unrestricted cash of CNY4.6
billion at end-2022 against short-term debt obligations of CNY38.1
billion, including the CNY12.1 billion debt reclassified as short
term. Fitch estimates the liquidity buffer has been materially
reduced. Sino-Ocean has sizable capital-market maturities of CNY13
billion in 2023, including syndicated loans and bilateral loans
scheduled to be repaid in the year, and CNY18.2 billion in 2024
(not accounting for syndicated loans), of which CNY8.9 billion is
puttable.
ISSUER PROFILE
Sino-Ocean is a multi-regional property developer headquartered in
Beijing, with a focus on Tier 1 and 2 cities. The company is listed
on the Hong Kong Stock Exchange and its major shareholders include
China Life and Dajia Life Insurance Co., Ltd.
ESG CONSIDERATIONS
Sino-Ocean has an ESG Relevance Score of '5' for Group Structure as
some of its JVs and associates have an aggressive approach to
financial management, which could lead to cash flow pressure.
Sino-Ocean also has an ESG Relevance Score of '5' for 'Financial
Transparency' due to undisclosed amortisation arrangement on
syndicated loans and auditor investigation on related party
receivables. These have a negative impact on Sino-Ocean's credit
profile and are highly relevant to the rating.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Sino-Ocean
Group Holding
Limited LT IDR B- Downgrade B+
senior
unsecured LT B- Downgrade RR4 B+
Sino-Ocean
Land Treasure
Finance I
Limited
senior
unsecured LT B- Downgrade RR4 B+
Sino-Ocean
Land Treasure
III Limited
subordinated LT CCC Downgrade RR6 B-
Sino-Ocean Land
Treasure IV
Limited
senior
unsecured LT B- Downgrade RR4 B+
Sino-Ocean Land
Treasure Finance
II Limited
senior
unsecured LT B- Downgrade RR4 B+
SUNAC CHINA: Shares Plunge After Year-Long Suspension Ends
----------------------------------------------------------
Reuters reports that Sunac China Holdings Ltd's shares fell 45% on
April 13 after resuming trade following a suspension of more than a
year as it looks to restructure its debt after a default.
The share slump comes a day after the company said in a statement
to the Hong Kong stock exchange that it was to resume trading and
was implementing a debt restructuring plan, Reuters discloses.
Shares were down by nearly 60% in pre-market trading but trimmed
losses after the market opened.
"The stock was catching up with the decline in the property sector
during the year of suspension," Reuters quotes Steven Leung, a
sales director at UOB Kay Hian, as saying.
"It's a good sign that the company could resume trading as it
suggested that the company is able to meet the required criteria
for a trading resumption," he added.
Sunac is among many Chinese developers that defaulted last year as
the property sector reeled under a debt crisis, the report notes.
Over the last two years, property firms in China have struggled to
sell new houses or have sold them at lower prices than expected.
Beijing began rolling out supportive policies late last year as a
result.
According to the report, Sunac said in late March that 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.
Sunac published its overdue 2022 interim results last month,
showing a core loss of CNY11.06 billion ($1.61 billion).
Reuters notes that the property industry faces an uneven recovery,
with some developers like Sunac and China Evergrande Group striking
debt restructuring deals, while others face delisting, said Yan
Yuejin, an analyst at the E-house China Research and Development
Institution in Shanghai.
Earlier this month, the Hong Kong stock exchange cancelled the
listing of Chinese developer Cinic Holdings after it failed to meet
trading resumption requirements in the time allotted.
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.
=========
I N D I A
=========
ABCN MANUFACTURING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: ABCN Manufacturing Private Limited
7th Floor, Unit No. 12 Center 1 Building World,
Trade Center Complex, Cuffe Parade,
Mumbai - 400005
2nd Floor Plot No. 31 Wanda Chambers
Next To You Execute Hotel,
Opp Malco Market Sampada (W),
Navi Mumbai-400706
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 17, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Dr. Anil Gunderao Anikhindi
F-101, The Icon 1st Floor,
1730 Rajampuri 6th Lane,
Kolhapur - 4160085 Maharashtra
Email: anilcost@gmail.com
Email: abcnrnfg.ibc@gmail.com
Last date for
submission of claims: April 7, 2023
ADITYA CHEMTEC: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aditya Chemtec Private Limited
G-6l3, IIIRD Floor, Malviya Nagar,
New Delhi1 10017
Insolvency Commencement Date: March 28, 2023
Estimated date of closure of
insolvency resolution process: September 24, 2023
Court: National Company Law Tribunal, New Delhi Bench V
Insolvency
Professional: Sanjay Chopra
3-4,211681, Ghavri Chambers,
3rd floor, Faiz Road,
Karol Bagh New Delhi 110005
Email : casanj aychopra@rediffmail.com
Email: cirp.adityachemtec@email.com
Last date for
submission of claims: April 11, 2023
ADORATION CERAMICA: ICRA Withdraws B+ Rating on INR16.18cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Adoration Ceramica Pvt. Ltd., at the request of the company and
based on the No Dues Certificate received from the banker, and in
accordance with ICRA's policy on withdrawal. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed. The key rating drivers,
liquidity position, rating sensitivities and key financial
indicators have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based–
Cash Credit 7.50 [ICRA]B+ (Stable); Withdrawn
Fund-based–
Term Loan 16.18 [ICRA]B+ (Stable); Withdrawn
Non-fund Based-
Bank Guarantee 2.50 [ICRA]A4; Withdrawn
Adoration Ceramica Pvt. Ltd. (ACPL) was incorporated as a private
limited company in February 2017. Its manufacturing facility is in
Morbi, Rajkot (Gujarat). The company manufactures polished glaze
vitrified tiles of sizes 600" x600" and 600" x1200" at an
installed capacity of ~28.8 lakh boxes per annum. The commercial
operations of ACPL started in May 2019.
AKASH SPINNING: CARE Lowers Rating on INR14.26cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Akash Spinning Mills (ASM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.26 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 8,
2022, placed the rating(s) of ASM under the 'issuer
non-cooperating' category as ASM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ASM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 25, 2022, January 4, 2023, January 14,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Akash Spinning Mills (ASM) was established as a partnership firm in
April 2017 by Mr. Rajiv Garg and Mrs. Reena Garg as its partners,
sharing profits and losses equally. ASM is engaged in the
manufacturing of cotton yarn (in counts of 4-10s) at its
manufacturing facility located at Panipat, Haryana having a total
installed capacity of manufacturing 144 lakh kg of cotton yarn
per annum as on November 30, 2019. The yarn manufactured by the
firm is of coarser counts and is primarily used in the
manufacturing of bath mat, home furnishings, etc. The other group
concerns are Akash Home Furnishings Private Limited, engaged in the
manufacturing of 3d bed sheets (established in 2009) and Shiv
Trading Company, engaged in the trading of cotton waste and cotton
yarn (established in 2012).
AKR CONSTRUCTION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: AKR Construction Limited
Plot No.8-2-684/13, 1st Floor,
Bhavani Nagar Colony,
Kanakadurga Temple Lane, Road No. 12,
Banjara Hills Hyderabad - 500034
Insolvency Commencement Date: March 23, 2023
Estimated date of closure of
insolvency resolution process: September 19, 2023
Court: National Company Law Tribunal, Hyderabad Bench V
Insolvency
Professional: Mr. Rajesh Chillale
B-713, Western Plaza,
O. U Colony, H.S. Darga,
Hyderabad, Telengana - 500 008
Email: chillalerajesh@yahoo.co.in
Email: akr.cirp@gmail.com
Last date for
submission of claims: April 12, 2023
ANSAL HOUSING: ICRA Reaffirms D Rating on INR50cr ST Loan
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Ansal
Housing Limited (AHL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term–
Fund-based 23.23 [ICRA] D; Reaffirmed
Short-term–
Non-fund based 50.00 [ICRA] D; Reaffirmed
Rationale
The rating action considers the continued irregularities in debt
servicing by AHL, on account of poor liquidity of the company led
by weak project collections. The cash inflows from projects have
remained inadequate to meet the required obligations on time.
Although, the pending collections are sufficient to cover the cost,
generation of incremental sales and improvement in collections will
remain critical for AHL to ensure timely debt servicing from its
operating cash flows.
ICRA notes that the company, at a consolidated level, has been
incurring net losses over the last six years on account of low cash
flow generation and high interest cost burden. Going forward,
timely debt servicing, along with generation of adequate
collections and incremental sales would remain the key rating
monitorable.
ICRA, however, takes into account the promoters' long presence in
the industry, which have helped the Group to establish strong
relationships with the customers and key suppliers. This has
resulted in a diversified project portfolio in terms of micro
markets, which helps to cater to a wide clientele.
Key rating drivers and their description
Credit strengths
* Experienced promoters with established track record in real
estate industry: The Ansal Group and its promoters have been
involved in the real estate industry for more than four decades.
The promoters' long presence in the industry resulted in strong
relationships with the key suppliers which has enabled the company
to diversify its project portfolio in terms of micro-markets which
helps to cater a wide clientele. The company has presence in metro
cities and tier-1 and tier-2 cities as well namely Delhi, Mumbai,
Gurgaon, Ghaziabad, Agra, Meerut, Indore, Alwar, Ajmer, etc.
Credit challenges
* Delays in debt servicing: There has been delays in debt servicing
by the company owing to weak collections from its projects. Its
cash flows are inadequate to meet the required obligations on
time.
* High reliance on incremental sales and collections to meet debt
obligations: While the pending collections of INR459 crore were
sufficient to cover the pending cost of around INR364 crore as of
December 2022, generation of incremental sales and collections will
remain critical for the company to ensure timely debt servicing
from its operating cash flows.
* Net losses during last six years: The company has been incurring
net losses over the last six years on account of low cash flow
generation and high interest cost burden.
* Environmental and social risks: The real estate segment is
exposed to risks of increasing environmental norms impacting
operating costs, including higher costs of raw materials such as
building materials and cost of compliance with pollution control
regulations. Environmental clearances are required for commencement
of projects and lack of timely approvals can impact business
operations. Impact of changing environmental regulations on
licenses taken for property development could also create credit
risks. In terms of the social risks, the trend post-pandemic has
been favorable to real-estate developers as demand for quality home
with good social infrastructure has increased. Further, rapid
urbanization and a high proportion of workforce population (aged
25-44 years) will support demand for real-estate in India and, in
turn, benefit AHL.
Liquidity position: Poor
The liquidity of the company is poor on account of deficit in cash
flows due to slow sales velocity and weak customer collections.
Further, ICRA notes that the company has repayments of around
INR431 crore due in FY2024 and the generation of incremental sales
and collections will remain critical to ensure timely debt
servicing from operating cash flows.
Rating sensitivities
Positive factors – ICRA could upgrade the rating if the company
is able to regularize its debt servicing on a sustained basis along
with improvement in its sales and cash flow on a sustained basis.
Negative factors – Not Applicable
Incorporated in 1983, AHL is a part of the Ansal Housing Group. The
company develops residential as well as commercial real estate
properties. AHL has already completed various projects encompassing
an area of about 76 million square feet (msf) in Delhi, Mumbai,
Meerut, Lucknow and Ghaziabad, among others, and currently has more
than 26.8 msf area under Development.
BSR POULTRY: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of BSR
Poultry Farm (BSR) to 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 3.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with BSR for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of BSR to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from BSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on BSR is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of BSR
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 1990 in Devangere, Karnataka, as a partnership firm
by Mr. Reddy. BSR is engaged in the poultry business. Operations
are managed by Mr. D Brahamananda Reddy.
CHEMICALS AND FERRO: CARE Lowers Rating on INR110.70cr Loan to B+
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Chemicals and Ferro Alloys Private Limited (CFAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 110.70 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 28,
2022, placed the rating(s) of CFAPL under the 'issuer
non-cooperating' category as CFAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. CFAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 14, 2022, December
24, 2022, January 3, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of CFAPL have been
revised on account of non-availability of requisite information.
The rating also considers the decline in scale of operations and
profitability in FY21 and FY22 compared to FY20.
Incorporated in the year 1961, Chemicals and Ferro Alloys Private
Limited is involved in manufacturing of ferro alloys and
investment castings. The company is a part of Neterwala Group. The
manufacturing facilities are located at Dharwad (Karnataka) and
Tumsar (Maharashtra). The company is promoted by Mr. Feroze
Neterwala.
COIMBATORE ROLLER: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Coimbatore Roller Flour Mills Private Limited (CRFM) to 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with CRFM for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CRFM to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from CRFM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on CRFM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of CRFM
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
Incorporated in 1962, Tamil Nadu-based CRFM manufactures and sells
processed wheat products such as atta, maida, bran and sooji. The
day-to-day operations of the company are managed by the promoter,
Mr. Devendra Kumar Gupta.
CUMBUM VALLEY: CRISIL Moves B Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Cumbum
Valley Winery Private Limited (CVWPL) to 'CRISIL B/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.7 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 21.19 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 17.50 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 6.61 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with CVWPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CVWPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from CVWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on CVWPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of CVWPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.
CVWPL, incorporated in 2009, manufactures red wine and fortified
wine at its winery in Cumbum (Tamil Nadu). Mr. R Raghu is the
promoter.
DEVANSHI PLYBOARD: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Devanshi Plyboard Industries Private Limited (DPIPL) to 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.08 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Fund-Based 1.46 CRISIL B/Stable (ISSUER NOT
Facilities COOPERATING; Rating Migrated)
Funded Interest 0.29 CRISIL B/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
Working Capital 4.17 CRISIL B/Stable (ISSUER NOT
Term Loan COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with DPIPL for
obtaining NDS through letters / emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of DPIPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from DPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on DPIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of DPIPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.
DPIPL, incorporated in 2011 is located in Kolkata. DPIPL is owned &
managed by Mr. Niraj Agarwal and Bipin Kumar Singh. DPIPL is
engaged in manufacturing/processing of plywood, flush doors and
block boards. It is also engaged in trading of timber. DPIPL has
its processing facilities in Kolkata.
DGP STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DGP Steel
Star Engineering Private Limited (DSSEPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 2,
2022, placed the rating(s) of DSSEPL under the 'issuer
non-cooperating' category as DSSEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.
DSSEPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated December 19, 2022, December 29, 2022, January 8,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
DGP Steel Star Engineering Private Limited was initially
established as a partnership firm by Mr. Partha Sarathi Mukherjee
and Mr. Sandip Mukherjee however, the same was converted into
private limited company in the year 1990 with its office located at
Durgapur, West Bengal. Since its inception the company is engaged
in civil engineering works mainly undertakes fabrication, piping
and various structural works on behalf of government departments
and other reputed public sector units Mr. Partha Sarathi Mukherjee
(Director) and Mr. Sandip Mukherjee (Director) has more than three
decades of experience in civil construction industry. They look
after the day to day operations of the entity along with other
technical and nontechnical professionals who are having long
experience in this industry.
FUTURE RETAIL: Creditors Seek 90 Days Extension to End Insolvency
-----------------------------------------------------------------
Business Standard reports that lenders of debt-ridden Future Retail
Ltd (FRL) has sought an extension of 90 days for concluding the
Corporate Insolvency Resolution Process (CIRP) of the company.
According to the report, the resolution professional of FRL has
filed an application before the Mumbai bench of the National
Company Law Tribunal (NCLT) "seeking exclusion of a period of 90
days from CIRP of FRL, and consequent extension from April 16,
2023, to July 15, 2023, for concluding the CIRP of FRL."
The CIRP was initiated against FRL by NCLT on July 20, 2022,
following loan default.
The Insolvency and Bankruptcy Code (IBC) time frame for resolution
is 330 days, inclusive of the time taken for litigation.
As per Section 12(1) of the Code, the CIRP shall be completed
within a period of 180 days from the date of initiation. However,
NCLT may grant a one-time extension of 90 days. The maximum time
within which CIRP must be mandatorily completed, including any
extension or litigation period, is 330 days.
Besides, the resolution professional has also filed an application
before the Mumbai bench of the NCLT, seeking directions with
respect to gaining access to the inaccessible stores and warehouses
of FRL, the company said in a regulatory filing, the report
relays.
In February 2022, Reliance Retail has taken over 200 Future Group
stores and had re-branded as Reliance stores, accordingly after the
Kishore Biyani-led group failed to make lease payments to the
landlords, Business Standard recalls.
Business Standard relates that Reliance Retail, the retail arm of
the oil-to-telecom conglomerate, had in August 2020 agreed to take
over the retail and logistics business of the Future Group for Rs
24,713 crore but the deal couldn't be closed as Future's warring
partner Amazon went to courts citing violation of some contracts.
Last week, lenders had informed that they have received Expression
of Interest (EoI) from 49 players, including Reliance Retail,
Jindal Power Ltd and Adani group for acquiring the assets of FRL,
reports Business Standard.
On March 23, 2023, FRL's lender had invited new expressions of
interest where prospective buyers can bid for the debt-ridden firm
"as a going concern or individual cluster or a combination of
clusters of its assets", as it failed to attract a resolution plan
in over four months, according to Business Standard.
Earlier, it had received EoI and finalised 11 prospective bidders,
including Reliance and April Moon Retail, but could not get a
resolution plan despite two extensions in the deadline for
submissions.
Business Standard says the Committee of Creditors had provided two
options in the EoI, for which the last date for submission was
April 7, 2023.
In the first option, the Prospective Resolution Applicant (PRA)
could bid for the acquisition of Future Retail as a whole,
including its shareholding interest in its subsidiaries. While
under the second option, Future Retail's business has been
distributed in five clusters diving business, in which PRAs can bid
for "any individual cluster or any combination of clusters."
As per the invitation, FRL currently has access to 302 leased
retail stores spread across 23 states and union territories,
consisting of 30 large format stores such as Big Bazaar and FBB
stores and 272 small format stores, adds Business Standard.
About Future Group
Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.
As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer. According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.
G S BIOTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: G S Biotech Limited
Plot No. 22 & 23 G S Estates Adilabad,
Telengana 504001, India
Insolvency Commencement Date: March 24, 2023
Estimated date of closure of
insolvency resolution process: September 20, 2023 (180 Days)
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Chillale Rajesh
B-713, Western Plaza,
O. U. Colony, H.S Darga,
Hyderabad 500 008 Telengana
Email: cillalerajesh@yahoo.co.in
Email: gsbiotech.cirp@gmail.com
Last date for
submission of claims: April 11, 2023
GARG SPINNING: CARE Lowers Rating on INR14.09cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Garg Spinning Mills (GSM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.09 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 9,
2022, placed the rating(s) of GSM under the 'issuer
non-cooperating' category as GSM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GSM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2022, January 5, 2023, January 15,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Garg Spinning Mills (GSM) belongs to the Rajiv group of Panipat,
Haryana, founded in 1993. GSM was established as a partnership firm
in September 2015 by Mr. Rajiv Garg and Mr. Chirag Garg as its
partners, sharing profits and losses equally. GSM is engaged in the
manufacturing of cotton yarn (in counts of 4-10s) at its
manufacturing facility located at Panipat, Haryana having a total
installed capacity of manufacturing 112 lakh kg of cotton yarn per
annum as on November 30, 2019. The yarn manufactured by the firm is
of coarser counts and is primarily used in the manufacturing of
bath mat, home furnishings, etc. The other group concerns are Akash
Home Furnishings Private Limited, engaged in the manufacturing of
3d bed sheets (established in 2009) and Shiv Trading Company,
engaged in the trading of cotton waste and cotton yarn (established
in 2012).
IRAA CLOTHING: CRISIL Moves B- Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of IRAA
Clothing Private Limited (IRAA) to 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Short Term Rating - CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with IRAA for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of IRAA to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from IRAA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on IRAA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of IRAA
migrated to 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'.
Incorporated in 2005 as Shagun Clothing Pvt Ltd, the company was
renamed IRAA Clothing Pvt. Ltd on May 05, 2016. The unit, located
in Maharashtra, processes denim garments from fabric. Mr. Sunil
Biyani and family manage operations.
IVRCL CHENGAPALLI: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IVRCL
Chengapalli Tollways Limited (ICTL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 861.90 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 19,
2022, placed the rating(s) of ICTL under the 'issuer
non-cooperating' category as ICTL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ICTL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2022, December 15, 2022, December
25, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ICTL, incorporated in February 2010, is a special purpose vehicle
(SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary
IVRCL Assets & Holdings Limited (IAHL), which has now been merged
with IVRCL. ICTL was implementing a road project (under NHDP
Phase-II programme) envisaging 4/6 laning of the road in
Chengapalli–Coimbatore–Walayar of NH-47 in the state of Tamil
Nadu (Total length: 54.83 km) on Design, Build, Finance, Operate
and Transfer (DBFOT) toll basis for a concession period of 27
years. The project stretch is divided into two sections; from Km
102.03 to Km 144.68 of 42.64 km (Section I) and from Km 170.88 to
Km 183.01 of 12.13 Kms (Section II). The project achieved
provisional Commercial Operational Date (COD) on October 9, 2015
and has started collecting toll revenue from October 14, 2015.
JAI MAHARASHTRA: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Jai
Maharashtra Nagar Development Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING" .
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 78.00 [ICRA]D ISSUER NOT COOPERATING,
Debenture (NCD) Rating continues to remain under
issuer not cooperating category
ICRA has been consistently following up with Jai Maharashtra Nagar
Development Private Limited for obtaining the monthly no-default
statement. However, the entity's management has remained
non-cooperative. Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. Please refer to the following link for
the previous detailed rationale that captures Key rating drivers
and their description, Liquidity position, Rating sensitivities,
Key financial indicators Click here. ICRA is unable to provide this
information due to noncooperation by the entity.
Jai Maharashtra Nagar Development Private Limited is a special
purpose vehicle promoted by Shubh Group, a Mumbai-based developer
Group, for the redevelopment of the Jai Maharashtra Nagar
Co-operative Housing Federation Limited—a federation of eight
societies in Mumbai. The redevelopment project entailed
rehabilitation of the existing society tenants as part of the
free-sale component of the project, with a sale component of about
1.23 million square feet of saleable area. As on date, the
redevelopment agreement stands terminated.
JAYALAKSHMI SPINTEX: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Jayalakshmi Spintex (India) Private Limited (JSPL) to 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 15.63 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 5.20 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4.17 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with JSPL for
obtaining NDS through letters/emails dated January 31,
2023,February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of JSPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from JSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on JSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of JSPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
JSPL was incorporated in 1995. JSPL is engaged in manufacturing of
cotton yarn. JSPL manufacturing facility is located in Coimbatore,
Tamil Nadu with an installed capacity of 25,000 spindles. JSPL's
day to day operations are run by N.Sivakumar.
LEATHER LINKERS: CRISIL Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Leather Linkers Footwear Private Limited (LLFPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Purchase 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Packing Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with LLFPL for
obtaining NDS through letters / emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of LLFPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from LLFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on LLFPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LLFPL
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
LLFPL was incorporated in 1982 as Arora Overseas Pvt Ltd and got
its current name in 2001. The company manufactures and exports
leather footwear for men to the US, Germany, the UK, and Spain. Its
plant in Agra has installed capacity of around 2,000 pairs per
day.
MAHARANA CHAINS: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shri
Maharana Chains (SMC) to 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SMC for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SMC to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from SMC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SMC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SMC
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2006 and promoted by Mr. Chunasingh Dasana, SMC
manufactures gold chains at its facility in Mumbai.
P.P. AUTOMOTIVE: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.P.
Automotive Private Limited (PAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 4,
2022, placed the rating(s) of PAPL under the 'issuer
non-cooperating' category as PAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 21, 2022, December 31, 2022, January
10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
P.P. Automotive Private Limited (PPAPL) was set up in 2004 as a
partnership firm named P.P. Automotive by Mr Prem Lal Bhamba and Mr
Rajesh Bhamba, in Karnal. It was reconstituted as a private limited
company in 2009 by the name of PPAPL.
The company has an exclusive dealership business of Passenger
Vehicles and Commercial Vehicles for Mahindra & Mahindra Ltd in its
six showrooms in Haryana. The company also offers servicing of
vehicles and sale of spare parts and lubricants. PPAPL is a part of
the P.P group, which has other firms viz. Nirmal Motors (engaged in
the auto dealership business of Hero Motocorp Ltd.) and P.P.
Autotek Pvt Ltd (engaged in the auto dealership business of
Volkswagen).
POORNIMA HANDICRAFTS: CARE Keeps B/A4 Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Poornima
Handicrafts Private Limited (PHPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 1.50 CARE B; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 27,
2022, placed the rating(s) of PHPL under the 'issuer
non-cooperating' category as PHPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PHPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 13, 2022, December 23, 2022, January 2,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
"Poornima Handicrafts" which was established in 1974. The company
is engaged in manufacturing and export of readymade garments like
knitwear, kurtis and t-shirts, skirts, etc. for women and girls and
home furnishings like quilts, bed cover, chair pad, bed sheets,
curtains and table covers, etc at its manufacturing facility
located in Jaipur. The company is also engaged in trading of
finished goods which it purchases from its associate concern
"Raghuraj Exports Private Limited". PHPL is a 100% export-oriented
unit and products are supplied to various wholesalers located in
United Kingdom, USA, Italy, Japan etc.
RAJARAMBAPU PATIL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Rajarambapu Patil Sahakari Sakhar Karkhana Limited in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 500.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Rajarambapu Patil Sahakari Sakhar Karkhana Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance. Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
RPSSK was established in 1968 under the Maharashtra Co-operative
Society Act, 1960 as Walwa Taluka Sahakari Sakhar Karkhana Limited
to undertake sugar production in Sangli, Maharashtra. The name was
subsequently changed to Rajarambapu Patil Sahakari Sakhar Karkhana
Limited. RPSK is a part of the Sangli-based Rajarambapu Group,
which is present in businesses like sugar, dairy and co-operative
banking. RPSSK has sugar mills at four locations - Sakhrale,
Wategaon, Karandwadi and Jath - in Sangli with a total sugarcane
crushing capacity of 17,000 TCD along with a 75-KLPD distillery
plant and a 40-MW cogeneration unit. Further, the company is in the
process of expanding its distillery capacity to 100 KLPD from
75KLPD, which is likely to be operational from October 2022.
RENAISSANCE INDUS: NCLT Admits Insolvency Resolution Bid vs. Firm
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has admitted Renaissance Indus Infra under the corporate
insolvency resolution process (CIRP) following a plea by its
financial creditor Catalyst Trusteeship.
According to ET, the lender had moved the bankruptcy court after
the company defaulted on its dues worth nearly INR444 crore. The
tribunal's Mumbai bench has appointed Birendra Kumar Agarwal as the
insolvency resolution professional (IRP) to carry out the function
under the Insolvency & Bankruptcy Code, 2016, the report
discloses.
Renaissance Indus Infra Private Limited provides real estate
services. The Company owns and develops residential and commercial
properties. Renaissance Indus Infra serves customers in India.
REVATHI ENGINEERING: CARE Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Revathi
Engineering Private Limited (REPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/Short 2.50 CARE B-; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated January 17,
2022, placed the rating(s) of REPL under the 'issuer
non-cooperating' category as REPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. REPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 3, 2022, December 13, 2022, December
23, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hyderabad based, Revathi Engineering Private Limited (REPL) was
incorporated in the year 1982 as a partnership firm by Mr.
Phanindra. The company is primarily engaged in manufacturing of
high precision assemblies and components for the aerospace sector.
SAIL-SCL KERALA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sail-Scl Kerala Limited
Steel Nagar, P.B. No.42, Kolathara,
P.O. Kozhikode Kozhikode,
Kerala - 673655 India
Insolvency Commencement Date: March 23, 2023
Estimated date of closure of
insolvency resolution process: September 19, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Anish Agarwal
Vista - D, 1101, Godrej United,
Whitefield Main Road,
Near Phoenix Market City,
Hoodi Village, Hobli,
Mahadevapura,
Bengaluru, Karnataka – 560048
Email: ip.cispl@gmail.com
Email: rp.sailsclkl@gmail.com
Last date for
submission of claims: April 7, 2023
SAINATH TEXTILES: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Shree
Sainath Textiles Private Limited (SSTPL) to 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 11 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund-
Based Bank Limits 3.7 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with SSTPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SSTPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from SSTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on SSTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SSTPL
migrated to 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'.
Incorporated in fiscal 2017 by Mr. Sayaji Jadhao and Mr. Manish
Vaidya and their family members, SSTPL gins and presses cotton. It
is based in Nagpur, Maharashtra, and has a unit to convert single
yarn into double yarn.
SHAKTI CONSULTANCIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. Shree Shakti Consultancies Limited
Survey No. 59/3 Pimple Saudagar
Pune MH 411027 India
Insolvency Commencement Date: March 21, 2023
Estimated date of closure of
insolvency resolution process: September 17, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Malhar Rashmikant Mehta
404, W1, Opp. PSP Project House,
Off Iscon-Ambli Road,
Ahmedabad - 380058
Email: malhar_mehta@hotmail.com
Email: irpsscl@gmail.com
Last date for
submission of claims: April 4, 2023
SHANMUGA MODERN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shree Shanmuga Modern Rice Mills Private Limited
Deshihalli, K.G.F Road, Bangarpet
Bangarpet KA 563114 India
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 13, 2023
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Kanekal Chandrasekhar
No 6, "Shree" 9th Cross, Bhuvaneshwari Nagar,
Hebbalkempapura, H.A. Farm Post,
Bengaluru-560024
Email: kanekal.chandru@gmail.com
Email: shanmugacirp@gmail.com
Last date for
submission of claims: April 6, 2023
SHIVA TRADING: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Shiva
Trading Company (STC) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 3.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 3.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with STC for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of STC to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from STC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
CRISIL Ratings believes that rating action on STC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of STC
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
Established in 1991 as a proprietorship concern, Chennai-based STC
trades and processes a wide range of stainless steel coils and
strips. Mr. Vijay Kumar Gupta is the proprietor of the firm.
SION PANVEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sion Panvel Tollways Private Limited
"IVRCL House", 35 Suyojana,
C.H.F, Koregoan Park,
Pune - 411001
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 16, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Anand Pravin Pande
Flat No 7, Brijbhavan Co-Op Hsg Soc. Plot No 16,
S.No. 562, Salunke Vihar Road, Kondhwa Kd,
ABC Farm Building,
Pune, Maharashtra - 411 048
Email: appande@gmail.com
Email: cirp.sptpl@gmail.com
Last date for
submission of claims: April 3, 2023
SN ENGINEERING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: SN Engineering Services Private Limited
Office No. 2 Plot No D-103, TTC Industrial Area,
Turbhe, Navi Mumbai,
Thane Maharashtra 400703 India
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 12, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Pradeep Kumar Chakravarty
B-301, Jasmine, Agrawal & Doshi Complex,
Kauls Heritage City,
Bhabola Naka VasaiWest, Distt.
Paighar, Maharashtra-401202
Email: pkc195710@gmail.com
Tel No: 9619452835
Email: 2023.snengineering@gmail.com
Last date for
submission of claims: April 6, 2023
SRAVANTHI ENERGY: ICRA Withdraws D Rating on INR633.75cr Loan
-------------------------------------------------------------
ICRA has withdrawn the Long-term ratings assigned to Sravanthi
Energy Private Limited at the request of the company and based on
the Master Restructuring Agreement received from Client. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 633.75 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Withdrawn
Term Loan
Long Term- 50.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-Fund Withdrawn
Based Others
SEPL is developing a 2*225 MW gas-based power project in two phases
(Phase-I and Phase-II) at Udham Singh Nagar district In Uttarakhand
state of India. Land has been fully acquired and all clearances are
in place. The total project cost is to be funded in a debt equity
ratio of 3:1. The combined cycle for Phase-I of the project was
completed in Mar 2012.
SUPERIOR INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Superior Industries Limited
Pvt No-202, Prop No-E-57, S/floor West Vinod Nagar,
Near Shanti Marg,
New Delhi- 110092
Insolvency Commencement Date: March 23, 2023
Estimated date of closure of
insolvency resolution process: September 19, 2023
Court: National Company Law Tribunal, New Delhi Bench VI
Insolvency
Professional: Piyush Moona
Flat No. 04034 Ats Advantage, Ahinsa Khand 1,
Indirapuram, Ghaziabad - 201014
Email: piyushmoona@gmail.com
906, I-thum Tower A, Sector 62, Noida-201309
Email: cirp.superiorindustries@gmail.com
Last date for
submission of claims: April 6, 2023
SUSEE TRUCKS: ICRA Reaffirms B Rating on INR6.0cr Cash Debt
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Susee
Trucks Private Limited's ('STPL'), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 6.00 [ICRA]B (Stable); reaffirmed
Fund-based–
Cash Credit
Rationale
The rating reaffirmation on the bank lines of STPL considers its
average financial profile characterised by minimal cash accruals,
stretched liquidity position, capital structure and coverage
metrics.
The rating also considers the company's modest scale of operations,
with operating income of INR52.1 crore in 11M FY2023 and INR2.3
crore net worth as of March 31, 2022. STPL's revenues are also
exposed to the inherent cyclicality of the commercial vehicle (CV)
segment. The ratings positively factor in the company's established
position as sole authorised distributor for Tata Motor Limited's
(TML) small commercial vehicles (SCVs) and light commercial
vehicles (LCVs) in six districts in Tamil Nadu, and the experience
of the promoters/reputation of the 'Susee' brand in the auto
dealership business in Tamil Nadu. In addition, the company has
INR3.2 crore interest free unsecured loans from promoters as on
February 28, 2023, and the promoters are committed to infusing
further funds on need basis for meeting the company's operating and
financial commitments in a timely manner.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters in auto dealership business:
The promoters have over a decade of experience in the auto
dealership space. STPL is a part of the Susee Group, which is an
established brand in the automobile dealership segment in Tamil
Nadu. In addition, the company has INR3.2 crore interest free
unsecured loans from promoters as on February 28, 2023, and the
promoters are committed to infusing further funds on need basis for
meeting the company's operating and financial commitments in a
timely manner.
* Sole authorised dealer for TML's SCVs and LCVs in six districts
in Tamil Nadu: The company is the sole authorised dealer of Tata
Motors Limited's (TML) SCVs and LCVs in six districts in Tamil
Nadu, including Vellore, Thiruvannamalai, Kanchipuram, Tirupattur,
Vandavasi and Sriperumbudur. It currently has four sales, spares
and service (3S) showrooms catering to SCV and LCV demand in these
districts, and STPL has plans to expand its showroom presence going
forward, to increase its penetration. The principal original
equipment manufacturer (OEM), TML, is an established player in the
Indian CV market, with market share of 36.0% in LCVs for 9M FY2023,
and this augurs well for the company.
Credit challenges
* Weak financial profile: Inherent to the nature of dealership
business, STPL has relatively thin margins. For FY2022, the company
reported an operating margin of 1.7%. The company had adjusted
debt1 of INR6.3 crore as on February 28, 2023 1 Adjusted debt is
total debt minus promoter loans and cash and liquid investments
(excluding INR3.2 crore interest-free unsecured loans from
promoters). Owing to the weak accruals, the company's coverage
metrics are stretched, with an adjusted debt/OPBDITA of 9.8 times
for FY2022.
* Modest scale of operations: The company reported revenues of
INR45.0 crore in FY2022 and INR52.1 crore in 11M FY2023. STPL is
expected to witness healthy revenue growth, going forward, aided by
healthy demand growth in SCV and LCV sales and expansion of
showrooms for increasing penetration. Nevertheless, the revenues
are expected to remain modest over the medium term.
* STPL's sales is exposed to the inherent cyclicality in CV
segment: STPL derives its revenues from the SCV and LCV segments.
This exposes the company to the inherent cyclicality in the
industry, which is linked to economic cycles. While the healthy
demand growth anticipated for the segment in FY2024 mitigates the
risk to an extent, STPL's revenues remains susceptible to
the overall industry slowdown, akin to that witnessed in FY2020 and
FY2021. The company also faces stiff competition from dealers of
other OEMs.
Liquidity position: Stretched
The company's liquidity position is stretched as indicated by
minimal accruals, limited buffer of INR0.6 crore in working capital
lines and negligible free cash and bank balance of INR0.2 crore as
on February 28, 2023. The company's average working capital
utilisation has been relatively high at 88.9% of sanctioned limits
for the 12 months ending February 2023. Against this, the company
had repayment obligations of INR0.3 crore in FY2024 and INR0.1
crore in FY2025 on existing loans. The company has minimal capex
plans for maintenance and showroom expansion. The promoters are
committed to infusing funds on need basis, for meeting the
company's operating and financial commitments, in a timely manner.
Rating sensitivities
Positive factors – The rating may be upgraded if there is an
improvement in the company's scale of operations and profitability.
Specific credit metrics that could lead to an upward revision in
rating is interest coverage of above 1.5 times on a sustained
basis.
Negative factors – Pressure on the company's rating could arise
if there is a decline in revenues and profitability leading to
deterioration in liquidity position.
Incorporated in 2004, Susee Trucks Private Limited is the sole
authorised dealer of the SCVs and LCVs for Tata Motors Limited in
Tamil Nadu, across the six districts, namely, Vellore,
Thiruvannamalai, Kanchipuram, Tirupattur, Vandavasi and
Sriperumbudur. It has four 3S showrooms and multiple showrooms for
only sales. The company is a part of the larger Susee Group, with
interests in various businesses including logistics, packaging and
education, apart from auto dealership. The company's day-to-day
operations are managed by Mr. S. Manivannan.
TEAM INTERVENTURE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Team Interventure Exports (India) Private Limited
Banu Mansion, 1st Floor,
16 Nadirsha Sukhia Street
Off. Cawasi Padel Street,
Fort Mumbai, Maharashtra- 400001 India
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 12, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Pradeep Kumar Chakrawarty
B-301, Jasmine, Agrawal & Doshi Complex,
Kauls Herritage City,
Bhabola Naka Vasai West, Distt. Palghar
Maharashtra - 401202
Email: pikc195710@gmail.com
Email: teaminterventure.2022@gmail.com
Tel No: 9619452835
Last date for
submission of claims: April 2, 2023
VICEROY BANGALORE: Dharampal Satyapal, Salarpuria Submit Plans
--------------------------------------------------------------
The Economic Times reports that Dharampal Satyapal Group, owner of
brands such as Rajnigandha, Pulse and Catch, that also operates in
the hospitality sector with hotels in Jaipur, Guwahati, Nainital
and Jim Corbett; and Kolkata based real estate player Salarpuria
Group have submitted resolution plans for Viceroy Bangalore Hotels
Private Limited that owns Marriott's five-star Renaissance
Bengaluru Race Course hotel.
The National Company Law Tribunal, Hyderabad Bench ordered the
commencement of a corporate insolvency resolution process of the
Viceroy Bangalore Hotels Private Limited in August last year, ET
notes.
Edelweiss ARC filed the insolvency petition against the hotel over
unpaid dues of about INR1,000 crore.
Bengaluru Race Course hotel has total of 277 rooms comprising 246
luxury double-bed rooms, 30 suites and 1 presidential suit, all-day
dining, specialty restaurants, executive lounge, banquet hall/ball
room, conference hall, business lounge/centre, health club & spa,
swimming pool and car parking facility built to international
standards of "Renaissance" brand of Marriott International Inc.
USA.
VINTAGE COMTRADE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Vintage Comtrade Private Limited
12 3rd Floor, 10/12 Narayan Niwas,
Jabulwadi 3rd Floor, Kalbadevi
Mumbai City MH 400002 India
Insolvency Commencement Date: February 27, 2023
Estimated date of closure of
insolvency resolution process: August 26, 2023
Court: National Company Law Tribunal, Hyderabad Bench V
Insolvency
Professional: Bhavi Shreyans Shah
C 201, Embassy Appt.,
Near Ketav Petrol Pump,
Dr. V. S Road, Ahmedabad, Gujarat 380015
Emil: ca.bhavishah@gmail.com
J/1, 109, 1st Floor, A wing Siddhi Vinayak Premises,
Opp Lodha New Cuffe Parrade Gate No. 3,
Wadala Truch Terminal,
Wadala East, Mumbai 400037
Email: cirp.vintage@gmail.com
Last date for
submission of claims: April 7, 2023
=====================
N E W Z E A L A N D
=====================
20 TWENTY: Creditors' Proofs of Debt Due on May 5
-------------------------------------------------
Creditors of 20 Twenty Limited are required to file their proofs of
debt by May 5, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 3, 2023.
The company's liquidator is:
Victoria Toon
Corporate Restructuring Limited, Chartered Accountants
PO Box 10100
Dominion Road
Auckland 1446
A H CONSTRUCTION: Sells Off 350 Diggers, Excavators in Auction
--------------------------------------------------------------
Stuff.co.nz reports that a full scale sell-off of vehicles and
equipment from A H Construction Services Ltd has resulted in 350
diggers, excavators, trucks, compactors, and staff cars being sold
at a single auction on April 13.
Stuff relates that the administrator in charge of the sale, Bryan
Williams, said it was the largest lot of heavy equipment he had
ever taken to auction in one go.
"This is far from normal, this is a vast sale by anybody's
standards, certainly by New Zealand and Australia standards, by the
volume of equipment being put for auction in one day, by one
company in an insolvent circumstance," the report quotes Mr.
Williams as saying.
The equipment has taken up almost the entirety of the Ritchie Bros
newly-opened yards in Drury.
Based on minimum reserves, Mr. Williams said the auction would make
a little over NZD9.6 million, Stuff relays.
According to Stuff, Mr. Williams would not say whether the sale was
likely to be able to cover all debt that A H Construction had to
creditors.
That information, as well as how much the company owed to creditors
and subcontractors, would be released on April 18, when the first
administration report would be released.
Stuff relates that Mr. Williams said his practice, BWA Insolvency,
focused on the reconstruction of companies to allow them to
continue to function.
"We are seeing a lot of enquiry from parties in the construction
industry that are certainly in need of reconstructing their affairs
internally.
"There is definitely a need for the affairs of many many companies
to be realigned to the current economic circumstances that they
find themselves in, which is a polite way of saying many of them
are insolvent and need to reconstruct their affairs, so they can
continue to trade."
Among the pieces of kit up for auction are a number of Komatsu
track excavators, Mitsubishi flatbed trucks, portable sprayers, a
Ford tractor, drum rollers, lorries, and staff cars, including an
Audi SUV and a Suzuki Swift.
Staff vehicles would be sold without a reserve, Mr. Williams said.
Stuff notes that Mr. Williams took control of the company after it
was placed into voluntary administration on February 7.
At the time, he said the company planned to finish the 13 contracts
it had around Auckland, all of which he described as large jobs.
However, he said once word spread that A H Construction was in
administration, contractors instead chose to terminate contracts,
the report relays.
Mr. Williams said the reason for the company's ultimate entry into
administration would also be disclosed next week, adds Stuff.
CPMC VICTORIA: Creditors' Proofs of Debt Due on May 19
------------------------------------------------------
Creditors of CPMC Victoria Limited, MK Tours NZ Limited and Pt
Gibstopping Limited are required to file their proofs of debt by
May 19, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 4, 2023.
The company's liquidator is:
Craig Andrew Young
PO Box 87340
Auckland
SCARBRO BUILD: Creditors' Proofs of Debt Due on May 17
------------------------------------------------------
Creditors of Scarbro Build Limited, Scarbro Construction Limited
and Scarbro Construction Holdings Limited are required to file
their proofs of debt by May 17, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 6, 2023.
The company's liquidators are:
Andrew John Grenfell
Conor John McElhinney
McGrathNicol
Level 17, 41 Shortland Street
Auckland
SWANSON PROJECT: Court to Hear Wind-Up Petition on April 21
-----------------------------------------------------------
A petition to wind up the operations of Swanson Project Limited
will be heard before the High Court at Auckland on April 21, 2023,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 14, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
WAIKLEEN WATERBLASTING: Court to Hear Wind-Up Petition on April 28
------------------------------------------------------------------
A petition to wind up the operations of Waikleen Waterblasting
Limited will be heard before the High Court at Auckland on April
28, 2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 23, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
HEALTHVEGIE HOLDING: Creditors' Proofs of Debt Due on May 12
------------------------------------------------------------
Creditors of Healthvegie Holding Pte. Ltd. are required to file
their proofs of debt by May 12, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 4, 2023.
The company's liquidators are:
Wee Phui Gam
c/o 111 Somerset Road #13-33
Singapore 238164
HUNTINGTON GROUP: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 31, 2023, to
wind up the operations of The Huntington Group Pte Ltd.
Huntington Search Partners Pte. Ltd. filed the petition against the
company.
The company's liquidators are:
Cameron Lindsay Duncan
David Dong-Won Kim
KordaMentha Pte. Ltd.
16 Collyer Quay
#30-01 Collyer Quay Centre
Singapore 049318
KREUZ SUBSEA: Placed in Provisional Liquidation
-----------------------------------------------
Mr Farooq Ahmad Mann of M/s Mann & Associates PAC on April 3, 2023,
was appointed as provisional liquidator of Kreuz Subsea Pte. Ltd.
and Kreuz Subsea Technologies Pte. Ltd.
PYH (RP): Commences Wind-Up Proceedings
---------------------------------------
Members of PYH (RP) Pte Ltd, on April 3, 2023, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidators are:
Mr. Paresh Tribhovan Jotangia
Ms. Ho May Kee
Grant Thornton Singapore
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960
THRIVE FAMILY: Court to Hear Wind-Up Petition on April 21
---------------------------------------------------------
A petition to wind up the operations of Thrive Family Pte Ltd will
be heard before the High Court of Singapore on April 21, 2023, at
10:00 a.m.
Waddington Emma Maria filed the petition against the company on
March 28, 2023.
The Petitioner's solicitors are:
Legis Point LLC
16 Collyer Quay #20-01
Singapore 049318
=====================
S O U T H K O R E A
=====================
DAEWOO DEVELOPMENT: Prosecutors Raid Firm Over Accounting Fraud
---------------------------------------------------------------
Yonhap News Agency reports that prosecutors on April 13 raided
Daewoo Development Engineering Construction, a medium-sized general
construction company, and its former and current top executives
over suspected accounting fraud involving tens of billions of won.
According to Yonhap, the Seoul Central District Prosecutors Office
sent prosecutors and investigators to 10 places, including the
company's headquarters in Incheon, a Seoul office, and the homes of
Chairman Lee Sang-young and former CEO Han Jae-jun, to secure
documents related to the alleged irregularities.
Lee and Han are also suspected of embezzlement of company money and
breach of trust.
Earlier in January, a civic group filed complaints against them
with police, alleging that the company appears to have committed
accounting fraud of about KRW100 billion (US$76.4 million), Yonhap
recalls.
Yonhap says police opened an investigation into the allegations
before sending the cases of Han and a company financial official to
the prosecution.
Prosecutors then launched an additional investigation suspecting
that Lee and Han had committed embezzlement and breach of trust in
the process of the alleged accounting fraud, Yonhap relates.
*********
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 ***