/raid1/www/Hosts/bankrupt/TCRAP_Public/230420.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, April 20, 2023, Vol. 26, No. 80
Headlines
A U S T R A L I A
CQ AG PARTS: Second Creditors' Meeting Set for April 27
GLOZA PTY: First Creditors' Meeting Set for April 27
INJECTABLE INSTITUTE: Cosmetic Chain Goes Into Liquidation
PORTER DAVIS: Owes AUD33 Million to CBA, Report Shows
PURELY BYRON: Directors May Be Investigated, Report Reveals
PURELY BYRON: Second Creditors' Meeting Set for April 26
SEASONS DEVELOPMENT: Second Creditors' Meeting Set for April 24
YLPG ADMINISTRATION: Second Creditors' Meeting Set for April 26
[*] AUSTRALIA: Business Insolvencies Hit 3-1/2-year High in March
C H I N A
CBAK ENERGY: Swings to $11.3 Million Net Loss in 2022
HO WAN KWOK: HK Parties Must Deliver the Lady May to Trustee
ZHEJIANG TOPOINT: Henghe's Bid to Amend Answer Granted in Part
I N D I A
EUROTEK ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
FLEXIRURAL URJA: CARE Lowers Rating on INR79.85cr LT Loan to D
HARINARAYAN KHANDELWAL: CARE Lowers Rating on INR1cr LT Loan to B
JAIPUR TUFFEN: CARE Keeps B- Debt Rating in Not Cooperating
KSHEER SAGAR: CARE Lowers Rating on INR38.99cr LT Loan to B
LAKSHANA CONSULTANTS: CARE Keeps B- Debt Rating in Not Cooperating
MAHARASHTRA THEATERS: Insolvency Resolution Process Case Summary
MH PARBHANI: CARE Lowers Rating on INR169.06cr LT Loan to D
MURAD MERCANTILE: Insolvency Resolution Process Case Summary
NAFREF ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
NAGA SINDHU: CARE Keeps B Debt Rating in Not Cooperating Category
NAVIGATOR CREATORS: Insolvency Resolution Process Case Summary
NAVIGATOR DEVELOPERS: Insolvency Resolution Process Case Summary
PRISTINE PROMOTERS: Insolvency Resolution Process Case Summary
RAGHAV INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
RAJAMANICKAM POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
ROYAL ORCHID: CARE Lowers Rating on INR38.48cr LT Loan to B
S.B. ENGINEERS: CARE Lowers Rating on INR6.50cr LT Loan to B-
SAI LEASING: CARE Keeps D Debt Rating in Not Cooperating Category
SATYA SUBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
SEASTAR REALTORS: Insolvency Resolution Process Case Summary
SELVA DEVELOPERS: Insolvency Resolution Process Case Summary
SHAFT DEVELOPERS: Insolvency Resolution Process Case Summary
SHAFT PROMOTERS: Insolvency Resolution Process Case Summary
SOHUM WORLD: CARE Keeps D Debt Rating in Not Cooperating Category
SPENTA ENCLAVE: Insolvency Resolution Process Case Summary
SUMAL INDIA: CARE Lowers Rating on INR10.00cr LT Loan to B+
SUPRIYA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
TANTIA SANJAULIPARKINGS: Insolvency Process Case Summary
TUFANGANJ AGRO: CARE Keeps B+ Debt Rating in Not Cooperating
VENUE DEVELOPERS: Insolvency Resolution Process Case Summary
VENUE PROMOTERS: Insolvency Resolution Process Case Summary
VIJAY ENGIFAB: Insolvency Resolution Process Case Summary
VINODSAI AGRI: CARE Lowers Rating on INR8.79cr LT Loan to B
XL ENERGY: Insolvency Resolution Process Case Summary
N E W Z E A L A N D
DDL ESTATES: Calibre Partners Appointed as Administrators
DUBBA DUBBA: Moroccan Restaurants Go Into Liquidation
FASHION NAILS: Creditors' Proofs of Debt Due on May 19
INFRASTRUCTURE PACIFIC: Court to Hear Wind-Up Petition on May 12
SKYSOLAR: Placed in Liquidation; Owes NZD12 Million
VEIMA TRANSPORT: Court to Hear Wind-Up Petition on May 12
S I N G A P O R E
ELITE GATEWAY: Members' Final Meeting Set for May 18
KS AGRI: Court to Hear Wind-Up Petition on April 28
KS ENERGY: Court Enters Wind-Up Order
KS NATURAL: Court to Hear Wind-Up Petition on April 28
ROOFTOP GROUP: Court to Hear Wind-Up Petition on April 28
T A I W A N
INNOLUX CORP: 1Q 2023 Net Loss Narrows to NT$7.77 Billion
V I E T N A M
VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Deposit & Issuer Ratings
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A U S T R A L I A
=================
CQ AG PARTS: Second Creditors' Meeting Set for April 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of CQ Ag Parts Pty
Ltd has been set for April 27, 2023, at 2:30 p.m. at the offices of
Worrells, Suite 5A, Level 5, at 34 East Street, in Rockhampton
City, Qld and via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 26, 2023, at 5:00 p.m.
Michael Beck of Worrells was appointed as administrator of the
company on March 16, 2022.
GLOZA PTY: First Creditors' Meeting Set for April 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of Gloza Pty
Ltd will be held on April 27, 2023, at 11:00 a.m. at the offices of
O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW, and
via virtual meeting technology.
Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on April 14, 2023.
INJECTABLE INSTITUTE: Cosmetic Chain Goes Into Liquidation
----------------------------------------------------------
Daily Mail Australia reports that a chain of cosmetic clinics has
collapsed after the sudden death of its owner, leaving hundreds of
irate customers awaiting procedures out of pocket.
Injectable Institute Australia (IIA), famous for its botox
injections, operated 16 cosmetic clinics across Sydney before it
went into liquidation on March 14, the report says.
Liquidators from Cor Cordis were appointed to IIA by the NSW
Supreme Court after a winding up application by IIA manager Juliet
Young.
Ms. Young filed the application in February, a week after the owner
and sole director, Michael Zillig's funeral, who died on January
29, aged 56.
In February, IIA customers received text messages informing them
the business was closing down due to the owner's death.
NSW Fair Trading received 138 complaints about IIA in the same
month - making it the most complained about business in the entire
state, the Daily Telegraph reported, the report relays.
Mr Zillig was originally from the Victorian town of Kyneton and a
funeral notice published in a local newspaper said he 'passed away
suddenly'.
He was an accountant and Sydney partner at Lowensteins Arts
Management.
IIA was registered as a business in 2015, and had clinics in the
Sydney CBD, the Sutherland Shire, the NSW Central Coast, and
Macarthur.
According to Daily Mail Australia, Cor Cordis said it was
'continuing to quantify the company's debts' and that a creditors'
report would be issued by June.
'There are no current office-holders of the company - the sole
director and shareholder is deceased,' a spokeswoman said.
'The company is insolvent.'
A Facebook group of frustrated customers includes posts from people
claiming they are owed as much as AUD8,900 for treatments that were
paid for but were not provided.
It has been reported that 165 people have already submitted a claim
with Cor Cordis, although this figure has not been confirmed, the
report adds.
PORTER DAVIS: Owes AUD33 Million to CBA, Report Shows
-----------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that a new
report into the collapse of Porter Davis showed the homebuilder
owes the Commonwealth Bank AUD33 million and has a debt estimated
at more than AUD20 million to a company run by founder Anthony
Roberts that is linked to his thoroughbred breeding business.
The report showed the homebuilder had zero assets and had a bank
account deficit of AUD533,664 at the time of its collapse late last
month, SMH discloses. Total debts for the main entity, PDH Group,
is shown to be AUD28.88 million.
Porter Davis, the country's 13th biggest homebuilder, appointed
liquidators from Grant Thornton on March 31, leaving 1,700 homes
unfinished in Victoria and Queensland. The group had taken deposits
from a further 779 buyers.
SMH says the collapse has sparked calls for a change in how
builders' insurance is managed after it was revealed the company
had been tardy in filing its insurance policies, leaving some
customers uninsured for their deposits.
According to SMH, Victorian Premier Daniel Andrews said on April 19
the state government was working on a package of measures to
support families caught up in the collapse of the building giant.
"I'm confident that . . . before the end of the week we'll be able
to have more to say about direct support for those families," he
said.
Two new reports filed overnight shed new light on Porter Davis'
collapse.
The first details the group's secured creditors, which include CBA
and other entities including some charities.
The report notes: "We have been advised that the total amount owing
to the major secured creditor, the Commonwealth Bank of Australia,
across all entities in the group is AUD32,939,409.
"Our investigations are ongoing to determine if these debts are
cross collateralised across the group."
Mr. Roberts' company Chesapeake Holdings is also listed as a
secured creditor, SMH says. However, no details have been provided
of the quantum owed. Chesapeake Holdings is the owner of Chesapeake
Thoroughbreds, according to company records kept with the corporate
regulator. Chesapeake Holdings holds a variety of private
investments for Roberts and his family. Sources aware of Porter
Davis' structure say Chesapeake Holdings provided a line of credit
to Porter Davis.
SMH relates that Mr. Roberts is a well-known identity in the racing
industry, operating Chesapeake Thoroughbreds for many years. He
ceased being the chief executive officer of the group several years
ago and has remained its largest shareholder and a company
director.
Asked about the size of the debt to Chesapeake, a spokesperson for
Grant Thornton said: "We are still working on reconciling the
claim, however it is understood to be in excess of AUD20 million."
Chesapeake, like CBA, is a secured creditor. Unsecured creditors
are expected to be owed more than AUD50 million, taking the total
of debts across the broader Porter Davis group to close to AUD100
million, SMH discloses.
A separate report filed overnight by liquidators to Porter Davis
showed the group was in discussions about appointing liquidators
for at least a week before its collapse without telling any
customers, according to SMH.
A document filed overnight with the corporate regulator as part of
the liquidation showed Porter Davis had engaged Deloitte to help it
find liquidators in March, SMH relays.
The report showed that on March 23, Deloitte made contact with
Grant Thornton to ask if the firm could undergo a check to ensure
it had no conflicts of interest so it could take on the
liquidation.
According to SMH, the involvement of Deloitte followed a sales
process of the group that was conducted in February and run by a
different insolvency and business advisory specialist, FTI
Consulting.
The report showed that Porter Davis and Grant Thornton were in
near-daily contact between March 23 and March 31 when the group
appointed the firm as its liquidators.
SMH relates that Porter Davis director Bruno Santi held a telephone
meeting with Grant Thornton on March 24 to discuss the potential
appointment of Grant Thornton's partners as liquidators to the
companies. Grant Thornton's partners attended another meeting later
that day over Microsoft Teams with Mr. Santi, Mr. Roberts and
fellow director Paul Wolff, according to the report cited by SMH.
That evening, Grant Thornton was provided with access to Porter
Davis' books to obtain further background and other financial
information regarding the operations of the group.
After the weekend of March 25-26, the discussions continued between
the directors and the liquidators before a final meeting on March
30, the report showed.
"On Thursday, March 30, 2023, Matt Byrnes, Said Jahani and another
Grant Thornton staff member attended the head office of the PDH
Group and met in person for the first time with the directors and
senior members of the PDH Group management. The purpose of the
meeting was to obtain further background on the PDH Group, and to
discuss our potential appointment as liquidators."
SMH adds that Mr. Roberts said via text message on April 19 that he
was unaware of the report and would seek a copy of it.
CBA, which declined to comment, has appointed KPMG as receiver and
is understood to have security over Porter Davis' landbank and some
display suite properties, SMH says.
SMH notes that the reports contain no new information about the
process to replace builders for home buyers. Grant Thornton
released late last week a panel of builders who had agreed to take
on completing partly constructed homes.
On April 17, however, Porter Davis liquidators announced that up to
375 Melbourne homes would be built after selling the company's
multiple-dwelling business to Nostra Property Group (NPG).
PURELY BYRON: Directors May Be Investigated, Report Reveals
-----------------------------------------------------------
Jessica Yun at The Sydney Morning Herald reports that two directors
of collapsed skincare brand Purely Byron may be investigated for
potentially breaching their duties, according to an administrator's
report, which reveals the business "co-founded" by Elsa Pataky had
never been profitable.
The report into the collapse of the company, filed with the
Australian Securities and Investments Commission on April 17,
showed Purely Byron had been loss-making for several years, even
though the brand launched its first product in June 2022, SMH
relates.
Between 2020 and until the skincare brand folded in March, Purely
Byron's operating losses totalled nearly AUD3.6 million.
According to SMH, company directors Ido Leffler and Lance Howard
Kalish cited the corporate troubles of majority shareholder BWX,
which owned a 47% stake in Purely Byron, as the driving factor
behind the collapse. They deny allegations that they may have
breached their duties as directors.
"BWX experienced material financial complications in the last 12
months and as a result its board declared publicly it intended to
sell all of its non-core investments including Purely Byron," the
directors said in the report.
"This placed severe pressure on Purely Byron to operate during its
initial brand launch."
Collapsed cosmetics empire BWX slid into voluntary administration
earlier this month and is in the process of selling its stake in
Go-To Skincare, founded by Zoe Foster Blake, as well as e-commerce
beauty retailers Nourished Life and Flora & Fauna, SMH notes.
Purely Byron had AUD4,250 in the company bank account when
administrators DW Advisory, whose principal Cameron Gray prepared
the report, were appointed to take control of the company, SMH
discloses.
BWX, which had promised a total AUD8 million in funding, ultimately
paid the business just under AUD3.9 million - less than half the
promised amount. On February 23, BWX's legal counsel sent Purely
Byron's management team an email advising they were cutting off
funding.
Employees are owed AUD218,993, while unsecured creditors are owed
more than AUD4.9 million. More than AUD91,000 of that is owed to
the Australian Taxation Office.
According to SMH, the report showed that Purely Byron potentially
traded while insolvent before the administrators were appointed,
but said further investigation was needed to determine the size of
any losses and that Purely Byron may not have been insolvent until
BWX withdrew funding.
The report also referenced section 180 of the Corporations Act,
which states company directors and officers must perform their
duties with care and diligence, SMH relays.
The company's working capital and total net assets were deficient
by nearly $3 million across three years.
"In view of the deficiency, the directors may be in breach of this
section of the act," the report, as cited by SMH, stated.
Determinations of any breaches of the act are a matter for
liquidators.
Two companies related to directors Mr. Kalish and Mr. Leffler - TTI
2 International and Zomi Consulting - are owed AUD99,000 each for
"outstanding consulting fees", a sum the administrator said was
unlikely to be considered excessive. Both directors were paid
AUD10,000 a month by Purely Byron for performing director duties.
In a description provided by Mr. Leffler of his duties, the company
director said his responsibilities included recruiting, negotiating
and securing Elsa Pataky as "key talent" for Purely Byron.
Ms. Pataky, who was referred to as a "co-founder" of the business
on the Purely Byron website before it was taken down, was never a
board director. Her arrangement with Purely Byron was part of an
"endorsement and collaboration agreement" that engaged the Spanish
model and actress' services to promote the brand and its products.
Mr. Leffler said the report did not state that there were any
delinquencies of duties by any directors or officers of the
company.
"The creditors' report accurately reflects the situation, which is
unfortunate," Mr. Leffler told The Age and Sydney Morning Herald.
"We're waiting to see what the outcome [is] of some interested
parties the administrators are talking to."
The Age and Sydney Morning Herald does not imply Mr. Leffler or Mr.
Kalish were in breach of their director duties, but rather that
they may be investigated over allegations of potential breaches.
DW Advisory will facilitate a second meeting for creditors who will
likely vote to wind up the company, SMH notes. DW Advisory is
expected to be appointed liquidator at that meeting. It is
currently engaged in discussions to sell Purely Byron either as a
business or for its assets.
PURELY BYRON: Second Creditors' Meeting Set for April 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of Purely Byron
Pty Ltd has been set for April 26, 2023, at 3:00 p.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 24, 2023, at 5:00 p.m.
Cameron Gray and Justin Holzman of DW Advisory were appointed as
administrators of the company on March 10, 2023.
SEASONS DEVELOPMENT: Second Creditors' Meeting Set for April 24
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Seasons
Development Group Pty Ltd has been set for April 24, 2023, at 11:00
a.m. at Level 15, 175 Pitt Street, in Sydney, NSW, and via
electronic means.
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 21, 2023, at 4:00 p.m.
Louisa Sijabat of Merchants Advisory was appointed as administrator
of the company on March 9, 2022.
YLPG ADMINISTRATION: Second Creditors' Meeting Set for April 26
---------------------------------------------------------------
A second meeting of creditors in the proceedings of:
- YLPG Administration Pty Ltd;
- YLPG Tradesmen Pty Ltd;
- Your Local Plumbing Group Pty Ltd; and
- Your Local Plumbing Group Melbourne Pty Ltd
has been set for April 26, 2023, at 10:00 a.m. via Electronic
Facilities.
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 24, 2023, at 4:00 p.m.
Aaron Torline of Slaven Torline was appointed as administrator of
the company on April 13, 2022.
[*] AUSTRALIA: Business Insolvencies Hit 3-1/2-year High in March
-----------------------------------------------------------------
John Kehoe at Australian Financial Review reports that business
collapses hit a 3 1/2-year high last month, to jump back above
pre-pandemic trends for the first time, as rising interest rates
and a cooling economy hurt corporate Australia.
According to AFR, insolvency lawyers said the end of the cheap
money era, banks becoming less forgiving of distressed corporate
borrowers and the Australian Taxation Office cracking down on
company directors for unpaid tax debt are driving more businesses
to the wall.
The corporate regulator released new insolvency data on April 18,
showing that 831 companies had administrators appointed last month,
compared with an average of 720 for the same month between the
2016-17 and 2018-2019 financial years, AFR discloses.
AFR relates that insolvencies fell to record lows in the past three
years during COVID-19 because of moratoriums, unprecedented
government stimulus payments such as JobKeeper and cash flow
support, near-zero interest rates and banks temporarily waiving
repayments.
AFR says company failures have now risen sharply in construction
(1,601 administrations), accommodation and food services (808),
retail trade (373) and manufacturing (347) so far this financial
year.
These four industries combined made up about half the 5,689
corporate collapses recorded in the first nine months to March 31,
AFR discloses citing an analysis of the Australian Securities and
Investments Commission data.
Alinta Kemeny, a restructuring partner at law firm Ashurst, said
the momentum was definitely picking up in insolvency and
restructuring activity across most industries, AFR relays.
"I think we're going to continue to see an increasing amount of
distress," AFR quotes Ms. Kemeny as saying.
"It's going to be much more than a correction back to pre-COVID
levels and go beyond just dealing with zombie companies.
"It's businesses enduring the hangover of the excess of the past
decade where money's been free and underperformance was being cured
relatively easily without fundamental changes."
AFR relates that Ms. Kemeny said banks, other creditors,
shareholders and financial sponsors were less willing to extend
debt and equity funding to businesses, now that economic conditions
were tougher and liquidity tighter. Technology start-ups were
particularly hard hit, she said.
"We're seeing a change in the attitude of the large banks, whereas
previously since the royal commission they had not taken active
steps in relation to borrowers that are underperforming," she
said.
"Now we're seeing formal [administrator] appointments occur in a
way which we really hadn't before.
"We've also seen the ATO has started issuing director penalty
notices, which will often precipitate directors putting businesses
into insolvency, because they are personally liable for the debt."
=========
C H I N A
=========
CBAK ENERGY: Swings to $11.3 Million Net Loss in 2022
-----------------------------------------------------
CBAK Energy Technology, Inc. reported its unaudited financial
results for the fourth quarter and full year of 2022 ended Dec. 31,
2022.
For the year ended Dec. 31, 2022, the Company reported a net loss
of $11.33 million on $248.73 million of net revenues compared to
net income of $61.56 million on $52.67 million of net revenues for
the year ended Dec. 31, 2021.
As of Dec. 31, 2022, CBAK had $244.03 million in total assets,
$119.65 million in total liabilities, and $124.38 million in total
equity.
Fourth Quarter of 2022 Financial Highlights
* Net revenues were $54.46 million, an increase of 95.9% from
$27.80 million in the same period of 2021.
* Net revenues from batteries used in light electric vehicles
were $4.51 million, up by 1035.5% from $0.40 million in the
same period of 2021.
* Net revenues from batteries used in electric vehicles were
$4.68 million, increased by 3,169.2% from $0.14 million in
the same period of 2021.
* Net revenues from uninterruptible supplies were $18.95
million, up by 101.7% from $9.40 million in the same
period of 2021.
* Net revenues from manufacturing and sales of raw materials
were $26.33 million, up by 47.4% from $17.87 million in
the same period of 2021.
* Gross profit was $3.78 million, representing an increase
of $2.74 million, or 263.1%, from gross profit of $1.04
million for the same period in 2021.
Yunfei Li, chairman and chief executive officer of the Company,
commented: "In 2022, we are pleased to see our revenues grow by
372.2% from the previous year to more than $200 million, despite
the challenges posed by COVID-19 in China. We have secured
partnerships with several key and internationally renowned clients
in the industry, including those that we have chosen to not
identify in public announcements so far to maintain our competitive
edge. As of March 31, 2023, we have in total received orders worth
$180 million to be delivered. With the market's increasing
recognition of our brand, we anticipate that our financial results
will show further growth in 2023."
Mr. Li continued: "In 2022, the price of lithium carbonate, a key
raw material for lithium batteries, skyrocketed by about 300%,
which is an important factor affecting our profitability in 2022.
However, starting from 2023, its price declined quickly, and the
momentum will remain. With that, we are optimistic about our
financial outlook this year."
Xiangyu Pei, interim chief financial officer of the Company, noted:
"Our management team is dedicated to effectively controlling our
expenses. In 2022, despite integrating a newly acquired raw
material business, our sales and marketing expenses reduced by
12.77%, and our general and administrative expenses dropped by
2.89%. As we look ahead, we believe that we can deliver a better
result in 2023."
A full-text copy of the press release is available for free at:
https://www.sec.gov/Archives/edgar/data/1117171/000121390023028695/ea176734ex99-1_cbakenergy.htm
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."
* * *
This concludes the Troubled Company Reporter's coverage of CBAK
Energy until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
HO WAN KWOK: HK Parties Must Deliver the Lady May to Trustee
------------------------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut grants the Motion for Partial Summary
Judgment on the First Counterclaim of Luc A. Despins, in his
capacity as Chapter 11 trustee for the estate of Mr. Ho Wan Kwok.
The subject of the instant adversary proceeding is the yacht known
as the Lady May, which had been the subject of contention since
before the Individual Debtor -- Ho Wan Kwok's Chapter 11 case was
filed.
On April 11, 2022, the day HK USA appeared in the Individual
Debtor's Chapter 11 case, HK International Funds Investments (USA)
Ltd., LLC filed its complaint against Pacific Alliance Asia
Opportunity Fund L.P. and the Individual Debtor, initiating the
instant adversary proceeding. The Complaint seeks a declaratory
judgment that, as of the petition date, the Lady May was property
of HK USA -- not the Individual Debtor -- and, therefore, is not
property of the Estate. The Complaint alleges that HK USA is not
collaterally estopped from arguing that the Lady May is property of
HK USA based on the Final Contempt Decision. HK USA alleged that
the Court had exclusive jurisdiction to determine HK USA's interest
in the Lady May.
The Trustee filed several counterclaims against HK USA and Ms. Mei
Guo -- the Individual Debtor's daughter and the sole member of HK
USA. The Trustee's first counterclaim seeks a declaratory judgment
that the yacht named the Lady May is property of the Estate and an
order requiring HK USA to deliver the Lady May to the Trustee.
The Court determines that in the New York State Court action,
Justice Ostrager made numerous factual findings in support of the
Final Contempt Decision, including, among others: "The testimony .
. . of defendants' witnesses clearly and convincingly demonstrated
that Kwok beneficially owns and controls the Lady May. . . Kwok has
much more than a beneficial interest in the Lady May. Not only does
Kwok control the yacht, but it also appears he provided the funds
to purchase it and he is the person who principally enjoys the use
of the yacht. . . The Individual Debtor holds a beneficial interest
in and controls the Lady May. . . Ms. Guo introduced no evidence
that she exercised dominion and control of the Lady May, and
provided no confirmation that she came into possession of the Lady
May, other than as a ruse to shield the Lady May from being levied
upon by her father's creditors."
The Court agrees with the Trustee's contention that Justice
Ostrager necessarily decided the identical issue in the Final
Contempt Decision. The Trustee relies upon the findings of fact and
conclusions of law in the Final Contempt Decision regarding the
Individual Debtor's beneficial interest in the Lady May, and the
context that the Appellate Decision and the preceding litigation
provide to the Final Contempt Decision. The Appellate Decision
clearly instructed Justice Ostrager to determine this issue.
Having so found, the Court considers the parties' arguments as to
whether the HK Parties had a full and fair opportunity to litigate
this issue in the New York Action. The Trustee admits, as the HK
Parties assert, that HK USA was not a party of record in the New
York Action.
Nevertheless, the Court is not persuaded that appellate review is
impossible in the present case. There is no due process concern in
this case because an appeal could have been taken. In particular,
the Court is not persuaded by the HK Parties' arguments on these
facts and circumstances because HK USA affirmatively opposed the
Stay Relief Motion and filed the Complaint, asserting that the
ownership of the Lady May should be decided in this Court rather
than in the New York Action. The Court concludes that the HK
Parties had a full and fair opportunity in the New York Action to
litigate whether the Individual Debtor beneficially owned and
controlled the Lady May.
Therefore, the Court concludes that, as a matter of law, the HK
Parties are collaterally estopped from contesting the Individual
Debtor's beneficial ownership and control of the Lady May. On this
basis, the Court further concludes that the Trustee is entitled to
summary judgment on the First Counterclaim, namely that: the Lady
May is property of the Estate, which the HK Parties must deliver to
the Trustee.
The adversary proceeding is captioned as In re: HO WAN KWOK, et
al., Chapter 11, Debtors. HK INTERNATIONAL FUNDS INVESTMENTS (USA)
LIMITED, LLC, Plaintiff, v. LUC A. DESPINS, CHAPTER 11 TRUSTEE FOR
THE ESTATE OF HO WAN KWOK, Defendant. LUC A. DESPINS, CHAPTER 11
TRUSTEE FOR THE ESTATE OF HO WAN KWOK, Counter-Plaintiff, v. HK
INTERNATIONAL FUNDS INVESTMENTS; (USA) LIMITED, LLC, and MEI GUO,
Counter-Defendants, Case No. 22-50073 (JAM) (Jointly Administered),
Adv. P. No. 22-05003 (JAM), (D. Conn.).
A full-text copy of the Supplemental Memorandum of Decision dated
March 30, 2023, is available https://tinyurl.com/28shxa8b from
Leagle.com.
About Ho Wan Kwok
Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge
Julie A. Manning oversees the case. Dylan Kletter, Esq., is the
Debtor's legal counsel.
Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman.
According to Reuters, Guo was a former real estate magnate who fled
China for the U.S. in 2014 ahead of corruption charges. Guo filed
for bankruptcy after a New York court ordered him to pay lender
Pacific Alliance Asia Opportunity Fund $254 million stemming from a
contract dispute. PAX had initially loaned two of Guo's companies
$100 million in 2008 for a construction project in Beijing and sued
Guo when he failed to pay off the loan.
An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Pullman & Comley, LLC.
Luc A. Despins was appointed Chapter 11 Trustee in the case.
ZHEJIANG TOPOINT: Henghe's Bid to Amend Answer Granted in Part
--------------------------------------------------------------
In the adversary proceeding captioned as In re: ZHEJIANG TOPOINT
PHOTOVOLTAIC CO., LTD., Chapter 15, Debtor. ZHEJIANG TOPOINT
PHOTOVOLTAIC CO., LTD., Plaintiff, v. ZHI CHEN and HENGHE NORTH
AMERICAN, INC., Defendants, Case No. 14-24549 (JNP), Adv. Pro. No.
16-01873, (D.N.J.), Judge Jerrold N. Poslusny, Jr. of the U.S.
Bankruptcy Court for the District of New Jersey grants in part and
denies in part Henghe North America, Inc.'s motion amend its
answer, and file counter claims and a third-party complaint against
Solergy USA, LLC.
Topoint Photovoltaic Co., Ltd. filed an action for conversion,
breach of fiduciary duty, and unjust enrichment against Zhi Chen
and Henghe North America, Inc. The Complaint is based on rights
Solergy assigned to Topoint on Dec. 8, 2014, and alleges that Chen
fraudulently induced Solergy and its president, Andy Fei, to sign
contracts allowing Henghe to purchase and resell solar panels from
Solergy, but that the Contracts were a sham allowing Henghe to
convert and sell Solergy's solar panels.
Henghe filed the instant motion seeking to amend its answer, and
file counter claims and a third-party complaint against Solergy
USA, LLC. The proposed counterclaim and third-party complaint
alleges that the Contracts were valid, and that Solergy breached
them by delivering solar panels that did not meet specifications of
the Contracts -- because they did not have the proper
certifications. Further, the Proposed Counterclaim alleges that the
Contracts had a hold harmless clause, requiring Solergy to
indemnify Henghe for any "duties, claims, lawsuits, or litigation
that may be claimed, incurred assessed, or which may arise, and
which is related to the panels purchased by Henghe from Solergy."
The Motion seeks to add the following claims and counterclaims: (1)
declaratory judgment that the Contracts were valid; (2) breach of
contract against Topoint and Solergy, including breach of warranty;
(3) breach of implied covenant of good faith and fair dealing as to
Topoint and Solergy; (4) fraudulent transfer as to Topoint and
Solergy; and (5) contractual indemnification as to Topoint and
Solergy. Although not pled as an independent count, the Proposed
Counterclaim seeks to hold Topoint liable for successor liability.
The Court explains that "determining whether Henghe is liable for
conversion of the solar panels will necessarily involve
consideration of the validity and terms of the Contracts, including
any rights and remedies that Henghe may have under the Contracts
for breaches committed by Solergy as well as for any contribution
and indemnification. The Court would need to determine the same
factual and legal issues in deciding whether to issue a declaratory
judgment on the validity and enforceability of the Contracts, as
well as to determine whether Solergy breached the Contracts, and if
so, whether Solergy was liable to Henghe for any such breaches."
Therefore, the Court concludes that "counterclaims (1)-(3), and (5)
would involve overlapping factual and legal issues and are
compulsory. As such, the statutes of limitations for those
counterclaims were tolled until at least the date Henghe filed its
Answer. However, Henghe also failed to raise any of these claims in
its Answer and is now seeking to amend that Answer more than two
years later. As such, regardless of whether the statutes of
limitations for these claims was tolled initially, these claims can
only be considered timely if they relate back to the Answer."
The Court finds that the fourth counterclaim for fraudulent
transfer of Solergy's rights against Henghe is not compulsory.
Because the fraudulent transfer claim is only a permissive
counterclaim, the Court concludes that "the statute of limitations
was not tolled and the four-year statute of limitations on that
claim would have expired on Dec. 8, 2018 (the date the Assignment
occurred). Therefore, the fraudulent transfer claim is time
barred."
The last proposed claim is for declaratory judgment. Henghe seeks a
determination of the validity of the Contracts, which it maintains
forms the basis of its obtaining the solar panels. The only
question before the Court is whether the Contracts are valid and
enforceable. Because the declaratory judgment claim relates to a
contract, the Court concludes that it is subject to a six-year
statute of limitations under New Jersey law. Henghe's Answer was
filed on May 17, 2019, which would be within the statute of
limitations. Further, the Court points out multiple allegations in
the Answer that the Contracts are valid. The Court holds that these
allegations, along with Topoint's possession of the Contracts were
sufficient to put any reasonable party on notice that Henghe
intended to litigate their legitimacy. Therefore, the Court
concludes that the declaratory judgment claim relates back to the
Answer and is not barred by the statute of limitations. The Court
grants the Motion as to the claim for declaratory judgment.
Finally, the Court turns to whether Henghe may add Solergy as a
third-party defendant. Here, the Court finds that "Henghe has not
pled sufficient facts to show there was actual notice nor does it
persuasively argue there was constructive notice via the identity
of interest methods. It appears the extent of Topoint and Solergy's
relationship is the assignment agreement. There are no allegations
of any overlap in personnel or business identity between the two
parties to support the notion that Solergy and Topoint had such a
closely intertwined relationship that notice would be imputed to
Solergy." The Court concludes that Henghe fails to satisfy the
notice and mistaken identity requirements of Rule 15(c)(1)(C) of
the Federal Rules of Civil Procedures, meaning that it cannot add
Solergy as a cross defendant to this adversary proceeding.
A full-text copy of the Opinion dated March 30, 2023, is available
at https://tinyurl.com/36bf38ty from Leagle.com.
About Zhejiang Topoint
Zhejiang Topoint Photovoltaic Co., Ltd., is engaged in the
development, manufacturing, and marketing of photovoltaic solar
panels in China for sale and export to international markets,
including the United States. Marketing of the solar panels is
performed by affiliate Zhejiang Jiutai New Energy Co. Ltd.
Manufacturing of the Topoint Group's products is generally
conducted from its facilities located in the Zhejiang Province of
the People's Republic of China.
Topoint is subject to proceedings before the People's Court of
Haining City, Zhejiang Province. Yueming Zhang is the court
appointed bankruptcy administrator.
Zhejiang Topoint and its three affiliates filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in Camden, New Jersey
(Bankr. D.N.J. Lead Case No. 14-24549) on July 16, 2014, to seek
U.S. recognition of the proceedings in China. Topoint estimated
assets of at least US$10 million and debt of less than US$10
million in the Chapter 15 petition.
Counsel in the U.S. cases is Stephen M. Packman, Esq., at Archer &
Greiner, P.C., in Haddonfield, New Jersey.
=========
I N D I A
=========
EUROTEK ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eurotek
Engineering Enterprises (EEE) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.75 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 7,
2022, placed the rating(s) of EEE under the 'issuer
non-cooperating' category as EEE 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. EEE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 24, 2022, January 3, 2023, January 13,
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).
M/s. Eurotek Engineering Enterprises (EEE) was established in the
year 1996 as a partnership firm by Mr. Baburaj (Managing Partner)
and Mrs. Saraswathi as a partner. The firm is engaged in
manufacturing of boiler related ancillaries and components at
Trichy, Tamil Nadu. The firm sells its final product to Bharat
Heavy Electrical Limited.
FLEXIRURAL URJA: CARE Lowers Rating on INR79.85cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Flexirural Urja Jalgaon Limited (FUJL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 79.85 CARE D Revised from CARE B+;
Facilities Stable
Rationale and key rating drivers
The revision in the ratings assigned to the bank facilities of FUJL
takes into account the recent delays in servicing of debt
obligations by the company. The ratings further continue to remain
constrained on account of weak operational performance in terms of
generation, low debt service coverage indicators, susceptibility of
power generation to variations in climatic conditions as well as
technological risks and exposure to interest rate risk. The rating,
however, continues to derive strength from long-term off-take
arrangement and track record of promoter group in infrastructure
segment.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Timely track record of debt servicing by the company for more
than three months
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Instance of delay in servicing of debt obligation: As confirmed
by the lenders, there was a delay of 4 days in servicing of term
loan debt obligations which were due on March 31, 2023. Sustained
lower than envisaged generation levels.
The project has an operational track record of more than 4 years
now and generation levels stood lower viz a viz envisaged level.
The project has registered PLF of 17.26% in FY22 and 17.55% in
11MFY23. Going forward, achievement of envisaged generation levels
remains crucial for the credit profile of FUJL.
* Weak debt coverage indicators & exposure to interest rate risk:
The project has leveraged capital structure as evident from initial
debt-to-equity funding of 1.54:1 for the project cost. The
projected debt coverage indicators are marginal considering the
modest generation level as well as the actual revised tariff being
lower than the previously envisaged tariff. Further, the project
has exposure to interest rate risk due to interest being the
primary cost on cash basis. Any adverse change in the cost
structure can impact the overall debt service ability of FUJL.
* Exposure to climatic conditions and technological risks:
Achievement of desired CUF going forward would be subject to
changes in climatic conditions, amount of degradation of modules as
well as other technological risks and generation at envisaged
levels remains crucial for the project.
Key Rating Strengths
* Long-term revenue visibility with off-take arrangement in the
form of PPA signed with SECI: FUJL has entered into a long term PPA
with SECI in February 2017 for supply of power for duration of 25
years at a tariff of INR4.43 per unit. However, the tariff was
revised downward to INR3.06 per unit as a consequence of the delay
in COD achievement. The same was contested by FUJL and tariff has
been revised upward to INR3.86 per unit vide the letter dated
October 8, 2020. Nonetheless, presence of off-take arrangement
provides long term revenue visibility of the project. Further, the
payment from off-taker is received on timely basis as per terms of
PPA.
* Experienced promoters with portfolio of geographically
diversified assets: Essel Group has developed an aggregate capacity
of about 645 MW in Solar PV generation under various Special
Purpose Vehicles (SPVs) floated by EGEPL spread across Uttar
Pradesh, Karnataka, Punjab and Maharashtra.
Liquidity: Poor
The company's liquidity position is poor as reflected by instance
of delay in servicing of term loan debt obligations.
Flexirural Urja Jalgaon Limited is a Special purpose vehicle (SPV)
of Essel Green Energy Private Limited and has developed solar PV
project of total capacity 20 MW in Parbhani District, Maharashtra.
The Power Purchase Agreement (PPA) has been executed between FUJL
and the power distribution company- Solar Energy Corporation of
India Limited (SECI) for the purchase of solar power for a period
of 25 years. The project has achieved COD in Jan 2019 as against
SCOD of Dec 2017.
HARINARAYAN KHANDELWAL: CARE Lowers Rating on INR1cr LT Loan to B
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Harinarayan Khandelwal (HK), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Short Term Bank 19.00 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 March 14, 2022,
placed the rating(s) of HK under the 'issuer non-cooperating'
category as HK 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. HK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2023, February 8, 2023, February 17, 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 HK have been revised
on account of non-availability of requisite information.
Jaipur (Rajasthan) based HNK was formed in 1985 by Mr. Hari Narayan
Khandelwal as a proprietorship concern. Subsequently, it changed
its constitution to partnership concern in 1995 with the family
members joining the firm as partners. HNK is mainly engaged in the
business of civil construction for Government and private sectors
It is registered AA class contractor with JDA and RHB.
JAIPUR TUFFEN: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jaipur
Tuffen Glass Industries Private Limited (JTGIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.02 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 March 9, 2022,
placed the rating(s) of JTGIPL under the 'issuer non-cooperating'
category as JTGIPL 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. JTGIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a
letter/email dated January 23, 2023, February 2, 2023, February 12,
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).
Jaipur-based (Rajasthan) Jaipur Tuffen Glass Industries Private
Limited (JTPL) was incorporated in November, 2013 by Mr. Shailesh
Shah, Mr. Bal Kishan Shah, Mr. Satish Shah and Mrs. Vimla Shah. The
company has commenced its commercial operations from July, 2017.
JTPL is engaged in manufacturing of toughened glass,
heat-strengthened glass, laminated glass and insulated glass.
Toughened glass finds its applications in automobiles, buildings &
structures, food service & restaurants, etc. whereas insulated
glass finds its applications in commercial & residential fixed &
operable windows, curtain walls, storefronts, sloped/overhead
glazing etc. The products manufactured by the company are sold
across India.
KSHEER SAGAR: CARE Lowers Rating on INR38.99cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ksheer Sagar Developers Private Limited (KSDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 38.99 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable
Rationale and key rating drivers
CARE had, vide its press release dated September 13, 2019, placed
the rating of KSDPL under the 'issuer non-cooperating' category as
KSDPL had failed to provide information for monitoring of the
rating as agreed to in its rating agreement. KSDPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 3, 2023,
April 6, 2023 and April 7, 2023.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE'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:
The revision in the rating factors in continuing non-cooperation by
ROHL in sharing the information with CARE. CARE views inadequate
information availability risk as major hindrance to conduct a
proper credit risk assessment. Further, CARE has been unable to
interact with company's lenders and auditors to understand ROHL's
credit profile to ascertain company's ability to service the debt
repayments in timely manner. CARE also takes note of SEBI's interim
order and show cause notice issued to the company on account of
de-consolidating Ksheersagar Developers Private Limited. CE suffix
has been removed as CARE is unable to ascertain whether the
corporate guarantee extended by ROHL still exists and therefore CE
suffix has been removed.
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Continued loss making operations: Ksheersagar Developers P Ltd.
continue to report net losses and have reported net loss of INR0.39
cr in FY22.
Key strengths
* Experienced Promoters and long track record of hotel operations:
The promoter, Mr. C K Baljee is an MBA from IIMA and has over three
decades of experience in hospitality industry. The company,
operating since 1986, has established market presence and over the
years has expanded its base to 67 hotels with 4888 keys.
Ksheer Sagar Developers Private Limited operates a 5-star hotel
under Hotel Royal Orchid, Jaipur established in April 2011. The
hotel having 139 keys is a 50:50 JV between Royal Orchid Hotels
Limited (ROHL) and Tambi family based out of Jaipur.
LAKSHANA CONSULTANTS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshana
Consultants And Hoteliers Private Limited (LCHPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.80 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.20 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 3,
2022, placed the rating(s) of LCHPL under the 'issuer
non-cooperating' category as LCHPL 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. LCHPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 20, 2022, December
30, 2022, April 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).
Lakshana Consultants & Hoteliers Private Limited (LCHPL) was
incorporated on October 22nd 1980 by Mr. R. Vijayakumar, as a
private limited company to carry on the business of consultancy
services, hoteliers, resorts and hotels. The company was initially
established with the object of doing consultancy work and
third-party inspection services for engineering and other
industries. Subsequently, the company entered into MoU with hotel
chains for developing and construction of 3 to 5-star hotels.
MAHARASHTRA THEATERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Maharashtra Theaters Private Limited
RNA Corporate Park
Next to Collector's Office,
Kalanagar, Bandra (East)Mumbai- 400051
Insolvency Commencement Date: March 24, 2023
Estimated date of closure of
insolvency resolution process: September 27, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench-V
Insolvency
Professional: Shailesh Desai
708, Raheja Centre, Nariman Point,
Mumbai- 400021, Maharashtra
Email: ip10362.desai@gmail.com
Email: mtplcirp@gmail.com
Last date for
submission of claims: April 17, 2023
MH PARBHANI: CARE Lowers Rating on INR169.06cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
MH Parbhani Power Private Limited (MHPPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 169.06 CARE D Revised from CARE BB-;
Facilities Stable
Rationale and key rating drivers
The revision in the ratings assigned to the bank facilities of
MHPPPL takes into account the delays in servicing of debt
obligations by the company. The ratings further remain constrained
on account of weak operational performance in terms of generation,
low debt service coverage indicators, susceptibility of power
generation to variations in climatic conditions as well as
technological risks and exposure to interest rate risk. The rating,
however, continues to derive strength from long-term off-take
arrangement and track record of promoter group in infrastructure
segment.
Rating sensitivities: Factors likely to lead to rating actions.
Positive factors
* Timely track record of debt servicing by the company for
continuous 3 months
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Instance of delay in servicing of debt obligation: As confirmed
by the lenders, there was a delay of 6 days in servicing of debt
obligation which were due on March 31, 2023. Sustained lower than
envisaged generation levels. The project has an operational track
record of more than 4 years now and generation levels stood lower
viz a viz envisaged level. The project has registered PLF of 18.02%
in FY22 and 18.58% in 11MFY23. Going forward, achievement of
envisaged generation levels remains crucial for the credit profile
of MHPPPL.
* Weak debt coverage indicators & exposure to interest rate risk:
The project has leveraged capital structure as evident from initial
debt to equity funding of 1.73:1 for the project cost. The
projected debt coverage indicators are marginal considering the
modest generation level as well as the actual revised tariff being
lower than the previously envisaged tariff. Further, the project
has exposure to interest rate risk due to interest being the
primary cost on cash basis. Any adverse change in the cost
structure can impact the overall debt service ability of MHPPPL.
* Exposure to climatic conditions and technological risks:
Achievement of desired CUF going forward would be subject to
changes in climatic conditions, amount of degradation of modules
as well as other technological risks and generation at envisaged
levels remains crucial for the project.
Key strengths
* Long-term revenue visibility with off-take arrangement in the
form of PPA signed with SECI: MHPPPL has entered into a long term
PPA with SECI in February, 2017 for supply of power for duration of
25 years at a tariff of INR4.43 per unit. However, the tariff was
revised downward to INR3.06 per unit as a consequence of the delay
in COD achievement. Same was contested by MHPPPL and tariff has
been revised upward to INR3.86 per unit vide the letter dated
November 09, 2020. Nonetheless, presence of off-take arrangement
provides long term revenue visibility of the project. Further, the
payment from off-taker is received on timely basis as per terms of
PPA.
* Long term O&M agreement with Sterling and Wilson Solar Limited
(SWSL): MHPPPL has entered into a 10-year contract with SWSL in
October 2019 for operation and maintenance (O&M) work of the plant.
As per the O&M agreement there will be no escalation in price till
initial five years of the agreement and then 2% escalation
thereafter till the tenor of the agreement.
* Experienced promoters with portfolio of geographically
diversified assets: Essel Group has developed an aggregate capacity
of about 645 MW in Solar PV generation under various Special
Purpose Vehicles (SPVs) floated by EGEPL spread across Uttar
Pradesh, Karnataka, Punjab and Maharashtra.
Liquidity: Poor
The company's liquidity position is poor as reflected by delay in
service of debt obligation instalment.
MH Parbhani Power Private Limited is a Special purpose vehicle
(SPV) of Essel Green Energy Private Limited and has developed solar
PV project of total capacity 40 MW in Parbhani District,
Maharashtra. The Power Purchase Agreement (PPA) has been executed
between MHPPPL and the power distribution company- Solar Energy
Corporation of India Limited (SECI) for the purchase of solar power
for a period of 25 years. The project has achieved COD in Jan 2019
as against SCOD of Dec 2017.
MURAD MERCANTILE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Murad Mercantile Private Limited
Office No. 307, Maker Chamber
V Nariman Point Mumbai
Mumbai City MH 400021 India
Insolvency Commencement Date: March 17, 2023
Estimated date of closure of
insolvency resolution process: September 13, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Kumar Raghavan
A-15, Windmill Village,
Sr.no.61-75, Paud Road,
Bavdhan Budruk, Pune - 411021
Email: rkumar56.ip@gmail.com
B-610, BSEL Techpark,, Sector 30 A, Opp.
Vashi Railway Station,
Navi Mumbai – 400703
Email: murad.cirp@gmail.com
Last date for
submission of claims: April 14, 2023
NAFREF ENGINEERS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nafref
Engineers Private Limited (NEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.50 CARE C; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.70 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 March 7, 2022,
placed the rating(s) of NEPL under the 'issuer non-cooperating'
category as NEPL 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. NEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 21, 2023, January 31, 2023, February 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).
Nafref Engineers Private Limited (NEPL), based in Amritsar, was
established as a proprietorship firm in 1979, later incorporated in
2013 as a private limited company. The company is currently being
managed by Mr. Sital Singh Bal, Mr. Amanpreet Singh Bal and Mr.
Jashanjeet Singh Bal. NEPL is engaged in procurement, designing and
commissioning of Air conditioning and heating plants. The firm gets
100% of its business orders through the tendering process. Post
2013, the company has also started to undertake civil construction
work; however, has now suspended undertaking the same. NEPL
procures Air conditioning and heating components from reputed
manufacturers like Voltas, Daikin, Delta Cooling tower, Rapid Cool
etc. and installs the system as per requirement of the client.
NAGA SINDHU: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Naga Sindhu
Spinning And Ginning Mills Private Limited (NSSGMPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 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 March 14, 2022,
placed the rating(s) of NSSGMPL under the 'issuer non-cooperating'
category as NSSGMPL 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. NSSGMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 28, 2023, February 8, 2023, February 17,
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).
Andhra based, Naga Sindhu Spinning and Ginning Mills Private
Limited (NSSGMPL) was incorporated in the year 2006 and is promoted
by Mr. Satyanarayana and his family members. Company's registered
office located in Managalagiri, Andhra Pradesh. Factory premise of
the company is situated at Konduru Mandal, Krishna District
covering an area of 15 acres. The company is engaged in
manufacturing of cotton Yarn, polyester yarn and blended yarn with
an installed capacity of 19200 spindles per month. NSSM purchases
raw cotton from ginning companies and traders located in Guntur and
from other districts in the state of Telangana. The company sells
(75%) to the customers located in Maharashtra, Gujarat and
remaining exports to turkey through merchant exporters.
NAVIGATOR CREATORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Navigator Creators Private Limited
2/1B/3, North Block, Ganesh Nagar Palayamkottai Road,
West Tuticorin Thoothukudi,
Tamil Nadu - 628003
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Prakul Thadi
Flat No. 1405, J Block, Rainbow Vistas,
Green Hills Road, Moosapet,
Hyderabad, Telangana - 500018
Email: prakulthadi@hotmail.com
D.No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad - 500044
Email: cirp.navigatorcreators@gmail.com
Last date for
submission of claims: April 17, 2023
NAVIGATOR DEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Navigator Developers Private Limited
C-98, SIPCOT Industrial Complex,
Harbour Express Road,
Tuticorin, Thoothukudi
Tamil Nadu - 628008
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Prakul Thadi
Flat No. 1405, J Block, Rainbow Vistas,
Green Hills Road, Moosapet,
Hyderabad, Telangana – 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad – 500044
Email: cirp.navigatordevelopers@gmail.com
Last date for
submission of claims: April 17, 2023
PRISTINE PROMOTERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pristine Promoters Private Limited
C-98, SIPCOT Industrial Complex, Harbour Express Road,
Tuticorin, Thoothukudi
Tamil Nadu - 628008
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Prakul Thadi
Flat No. 1405, J Block, Rainbow Vistas,
Green Hills Road, Moosapet,
Hyderabad, Telangana – 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad – 500044
Email: cirp.pristinepromoters @gmail.com
Last date for
submission of claims: April 17, 2023
RAGHAV INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raghav
Industries Limited (RIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 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 February 4,
2022, placed the rating(s) of RIL under the 'issuer
non-cooperating' category as RIL 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. RIL
continues to be non-cooperative 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).
Tamil Nadu based Raghav Industries Limited (RIL) was incorporated
in November 1987 by Mr. Rajendra Kumar Kanodia (Director). RIL is
currently being managed by him and his family members who are also
directors of the company. The company is engaged in the manufacture
of textile yarn in polyester, viscose, cotton, and various blends,
and trading in polyester staple fibre (PSF) and viscose staple
fibre with branches located in Mumbai, Surat and Ludhiana and
supplies the yarn to local weavers throughout the country.
RAJAMANICKAM POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Rajamanickam Poultry Farm (RPF) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 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 RPF under the 'issuer
non-cooperating' category as RPF 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. RPF
continues to be non-cooperative 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).
Rajamanickam Poultry Farm (RPF) was established in the year 2002 by
Mr. Rajamanickam Gurram along with his family members. The partners
have more than two decades of experience in poultry business. The
firm is engaged in farming of egg, laying poultry birds (chickens)
and trading of eggs, cull birds and their Manure. The firm mainly
buys chicks from Venky's India Limited. The firm purchases raw
materials for feeding of birds like rice brokens, maize, sun flower
oil cake, shell grit, minerals and soya from its associate concerns
(Guna Poultry Feeds). The firm sells all its products like eggs and
cull birds to local traders. The firm has installed capacity of
3,00,000 number of birds.
ROYAL ORCHID: CARE Lowers Rating on INR38.48cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Royal Orchid Hotels Limited (ROHL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 38.48 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE BB; Stable
Rationale and key rating drivers
CARE had, vide its press release dated September 13, 2019, placed
the rating of ROHL under the 'issuer non-cooperating' category as
ROHL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. ROHL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 3, 2023,
April 6, 2023 and April 7, 2023. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE'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:
The revision in the rating factors in continuing non-cooperation by
ROHL in sharing the information with CARE. CARE views inadequate
information availability risk as major hindrance to conduct a
proper credit risk assessment. Further, CARE has been unable to
interact with company's lenders and auditors to understand ROHL's
credit profile to ascertain company's ability to service the debt
repayments in timely manner. CARE also takes note of SEBI's interim
order and show cause notice issued to the company on account of
de-consolidating Ksheersagar Developers Private Limited.
Key weaknesses
* Continued losses in certain subsidiaries/JVs: Icon Hospitality
Private Limited and Ksheersagar Developers P Ltd. continue to
report net losses and have reported net loss of INR5.13 cr and
INR0.39 cr respectively in FY22.
Key strengths
* Experienced Promoters and long track record of hotel operations:
The promoter, Mr C K Baljee is an MBA from IIMA and has over three
decades of experience in hospitality industry. The company,
operating since 1986, has established market presence and over the
years has expanded its base to 67 hotels with 4888 keys.
Macro Economic Indicator Sector Industry Basic Industry Consumer
Discretionary Consumer Services Leisure Services Hotels & Resorts
ROHL is promoted by Mr. CK Baljee, to carry on the business and
management of hotels/ hospitality business. The group largely
operates 5-Star/4-Star hotels having presence in 38 locations and
11 states under the brand name Royal Orchid and Regenta. As on
March 31, 2022, on consolidated basis, ROHL along with its
subsidiaries, associates and JVs, owns/operates/manages 67 hotels
with 4888 keys.
S.B. ENGINEERS: CARE Lowers Rating on INR6.50cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S.B. Engineers (SE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 43.35 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 March 17, 2022,
placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE 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. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 31, 2023, February 10, 2023, February 20, 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.
Established in 2005, S.B. Engineers (SBE) is an Aurangabad based
proprietorship firm managed by Mr. Basawaraj V Mangrule. The firm
is mainly engaged in the business of civil construction in the
state of Maharashtra.
SAI LEASING: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai Leasing
Company (SLC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.28 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated February 14,
2022, placed the rating(s) of SLC under the 'issuer
non-cooperating' category as SLC 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. SLC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 31, 2022, January 10, 2023, January 20,
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).
Sai Leasing Company (SLC) was established in September, 2016 as a
partnership firm by Mr. Mohit Dabra and Mrs. Pakija Arora sharing
profit and losses equally. SLC is engaged in providing of
construction material like aluminum scaffoldings, shuttering
plates, planks and other equipment's such as cranes to various
contractors, builders and developers located in the Chandigarh
Tricity area (Chandigarh, Panchkula and Mohali) on rental basis.
The premises of the firm are based in Zirakpur, Punjab. The firm
started its commercial operations in April, 2019.
SATYA SUBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satya Subal
Himghar Private Limited (SSHPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.17 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 March 17, 2022,
placed the rating(s) of SSHPL under the 'issuer non-cooperating'
category as SSHPL 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. SSHPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 31, 2023, February 10, 2023, February 20, 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).
SSHPL was incorporated in April 2012, to set up a cold storage unit
by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka Sekhar Ghosh
and Mr. Shankar Ghosh. SSHPL is into providing cold storage
services primarily for potatoes to local farmers and traders on
rental basis with an aggregate storage capacity of 172000 quintals.
The cold storage facility is located at Paschim
Medinipur, West Bengal. Besides providing cold storage facility,
the company also provides interest bearing advances to farmers for
their agricultural activities against the receipts of the potatoes
stored.
SEASTAR REALTORS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Seastar Realtors Private Limited
III Floor, Selva Towers 320/4,
Avinashi Road,
Coimbatore, Tamil Nadu - 641004
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Prakul Thadi
Flat No. 1405, J Block, Rainbow Vistas,
Green Hills Road, Moosapet,
Hyderabad, Telangana – 500018
Email: prakulthadi@hotmail.com
D.No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad – 500044
Email: cirp.seastar @gmail.com
Last date for
submission of claims: April 17, 2023
SELVA DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Selva Developers Private Limited
No. 106J/88E, Millerpuram road, Palai Road,
West Tuticorin, Thoothukudi,
Tamil Nadu – 628008
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Mr. Anil Kumar Khicha
No. 184 Poonamalle High Road, 6- FF,
Golden Enclave, 1st Floor, Kilpauk,
Chennai, Tamil Nadu – 600010
E-mail: knpchennai@gmail.com
E-mail: cirp.selva@gmail.com
Last date for
submission of claims: April 17, 2023
SHAFT DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Shaft Developers Private Limited
C-98, SIPCOT Industrial Complex,
Harbour Express Road, Tuticorin,
Tamil Nadu - 628008
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Mr. Anil Kumar Khicha
No. 184 Poonamalle High Road, 6- FF,
Golden Enclave, 1st Floor, Kilpauk,
Chennai, Tamil Nadu - 600010
E-mail: knpchennai@gmail.com
E-mail: cirp.shaft@gmail.com
Last date for
submission of claims: April 17, 2023
SHAFT PROMOTERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shaft Promoters Private Limited
C-98, SIPCOT Industrial Complex,
Harbour Express Road, Tuticorin,
Thoothukudi Tamil Nadu - 628008
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Prakul Thadi
Flat No. 1405, J Block, Rainbow Vistas,
Green Hills Road, Moosapet,
Hyderabad, Telangana – 500018
Email: prakulthadi@hotmail.com
D. No. 470/12, HIG-1, Block-5, APHB,
Baghlingampally, New Nallakunta,
Hyderabad – 500044
Email: cirp.shaftpromoters@gmail.com
Last date for
submission of claims: April 17, 2023
SOHUM WORLD: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sohum World
Foundation (SWF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.49 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 March 14, 2022,
placed the rating(s) of SWF under the 'issuer non-cooperating'
category as SWF 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. SWF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2023, February 8, 2023, February 17, 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).
Established on November 21, 2003, SWF was promoted by Mr. Pragyan
Ranjan Gharai, Mrs. Priyabrata Gharai and Mrs. Nandini Gharai for
imparting educations from Standard XI to XII in science stream
under the school name of "Vivekananda Institute of Social Work &
Social Science (VISWASS) Higher Secondary School" which was
established in 2009-10 and also B. Sc. (Nursing), M. Sc. (Nursing),
GNM & PBBSc. under the college name of "VISWASS School & College of
Nursing" which was established in 2005-06 in the city of
Bhubaneswar, Odisha. Currently SWF has total sanctioned seats of
298 students with 81.20% occupancy rate and around 90 teachers
during the academic session 2020-21. SWF also provide hostel
facilities to its students. Currently, the entity has 860
cumulative students strength. SWF is currently constructing two
buildings at its existing campus which will increase its intake
capacity to 439 students from its existing capacity of 313
students.
SPENTA ENCLAVE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Spenta Enclave Private Limited
Altavista Sales Building,
Near Lal Dongar,
CTS No. 343 Chembur
Mumbai City MH 400071 India
Spenta Corporation 3rd Floor,
304/305 Raheja Chambers,
Free Press Journal Road,
213 Nariman Point,
Mumbai 400021
Insolvency Commencement Date: March 24, 2023
Estimated date of closure of
insolvency resolution process: September 20, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench-IV
Insolvency
Professional: Mr. Pranav Damania
407, Sanjar Enclave,
Opposite PVR Milap Cinema,
S.V Road, Kandivali (West),
Mumbai 400067
Email: pranav@winadvisors.co.in
Email: spentaenclavecirp@gmail.com
Mr. Atul Naik
Mr. Devang Thakkar
Mr. Modilal Pamecha
Last date for
submission of claims: May 11, 2023
SUMAL INDIA: CARE Lowers Rating on INR10.00cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sumal India (SI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 10.00 CARE B+; Stable/CARE A4;
Term Bank ISSUER NOT COOPERATING;
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB-; Stable/CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 16, 2022,
placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI 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. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 30, 2023, February 9, 2023, February 19, 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.
Sumal India was incorporated as proprietorship concern in the year
1985 by Mr Vardhaman M. Lunkad at Nashik (Maharashtra) with effect
from April 01, 2015. SI was converted into partnership firm and
admitted two more partners namely, Mr. Sandeep Lunkad and Mr Ashok
C. Chopda. SI is engaged in export trading of agricultural
products, primarily onion, maize, potatoes, sugar etc. The firm
procures agro commodities directly from the traders in the local
market and then exports the same to overseas market such as
Malaysia, Sri Lanka, U.A.E, Muscat and others places as well.
SUPRIYA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: M/s. Supriya Pharmaceuticals Limited
Registered Office:
Khesra No 238/13 Ambit Education LLP
Gram Thada, Tehsil Tizara
Bhiwadi Alwar RJ 301019
India
Other Address:
810, Arunachalam Building,
19, Barakhamba Road, New Delhi-11001
Insolvency Commencement Date: March 22, 2023
Estimated date of closure of
insolvency resolution process: September 18, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Sanjeet Kumar Sharma
BE 149, Street No 5, Hari Nagar,
Delhi- 110064
Email: sansharma1975@gmail.com
Email: cirp.supriyapharmaceuticals@gmail.com
Last date for
submission of claims: April 10, 2023
TANTIA SANJAULIPARKINGS: Insolvency Process Case Summary
--------------------------------------------------------
Debtor: Tantia Sanjauliparkings Private Limited
DD 30, 7th Floor Sector 1, Salt Lake City
Kolkata Kolkata WB 700064 India
Insolvency Commencement Date: March 23, 2023
Estimated date of closure of
insolvency resolution process: September 19, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ravi Bagri
No 1401, Lokhandwala Township,
Kandivali (East), Mumbai - 400101
Email: ravibagri@yahoo.com
Email: cirp.tantiasanjauliparkings@gmail.com
Last date for
submission of claims: May 6, 2023
TUFANGANJ AGRO: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tufanganj
Agro Industries Private Limited (TAIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.79 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.75 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 March 4, 2022,
placed the rating(s) of TAIPL under the 'issuer non-cooperating'
category as TAIPL 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. TAIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 18, 2023, January 28, 2023, February 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).
Tufanganj Agro Industries Pvt. Ltd. (TAIPL) is a West Bengal based
company incorporated in June 2012 to initiate a rice milling
business. The company has installed a processing unit at Tufanganj
in Cooch Behar with an installed capacity of 24,000 MTPA. The
company produces rice and rice bran. The day-to-day affairs of the
company are looked after by Mr. Ranjit Shil (director), along with
three other directors and a team of experienced personnel.
VENUE DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Venue Developers Private Limited
2/1B/3, North Block, Ganesh Nagar Palayamkottai Road,
West Tuticorin, Thoothukudi,
Tamil Nadu – 628003
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Mr. Anil Kumar Khicha
No. 184 Poonamalle High Road, 6- FF,
Golden Enclave, 1st Floor, Kilpauk,
Chennai, Tamil Nadu – 600010
E-mail: knpchennai@gmail.com
E-mail: cirp.venuedevelopers@gmail.com
Last date for
submission of claims: April 17, 2023
VENUE PROMOTERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Venue Promoters Private Limited
#10, First Floor, Parsn Samrudi Mahal,
Opp. Fatima College,
Madurai, Tamil Nadu - 625018
Insolvency Commencement Date: March 31, 2023
Estimated date of closure of
insolvency resolution process: September 26, 2023
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Mr. Anil Kumar Khicha
No. 184 Poonamalle High Road, 6- FF,
Golden Enclave, 1st Floor, Kilpauk,
Chennai, Tamil Nadu - 600010
E-mail: knpchennai@gmail.com
E-mail: cirp.venue@gmail.com
Last date for
submission of claims: April 17, 2023
VIJAY ENGIFAB: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vijay Engifab India PrivateLimited
Gat No. 357/16/3, Kharabwadi.
Tal Khed Pune-410501 Maharashtra
Insolvency Commencement Date: March 28, 2023
Estimated date of closure of
insolvency resolution process: September 24, 2023 (180 Days)
Court: National Company Law Tribunal, Nagpur Bench
Insolvency
Professional: Mr. Kanhaiya Maheshwari
506, Amlesh Apartment, Malviya Nagar,
Behind Indraprastha Hall, Khamla
Nagpur - 440025
Email: kanhaiya_maheshwarica@yahoo.com
Email: cirp.veipl@gmail.com
Last date for
submission of claims: May 11, 2023
VINODSAI AGRI: CARE Lowers Rating on INR8.79cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vinodsai Agri Cold Storage LLP (VACSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.79 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 3,
2022, placed the rating(s) of VACSL under the 'issuer
non-cooperating' category as VACSL 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. VACSL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 20, 2022, December
30, 2022, April 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).
The ratings assigned to the bank facilities of VACSL have been
revised on account of non-availability of requisite information.
The ratings also factored decline in scale of operations,
profitability as well as weak debt coverage indicators during FY21
compare to FY20.
Chennai based, Vinodsai Agri Cold Storage LLP (VACSL) was
established in 2015 with its registered office in Chennai and
promoted by Mr. P Chandrasekar, Mr. M Gopinath and Mr. M Madhavaiah
and others. The firm has 9 designated partners and 10 other
partners. The firm started its business operations in June 2017 and
is currently running a cold storage for preserving agricultural
products such as pulses, chillies, grains, tamarind etc. at Nallur
village, Thiruvallur District, Tamil Nadu with a total installed
capacity of 12500 MT as on February 28, 2021.The major customers of
the firm are farmers, local traders, exporters and importers. The
firm derives 75% of the revenue from local traders, 10% from
exporters of agricultural products like chillies and remaining from
farmers and importers of spices.
XL ENERGY: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. XL Energy Limited
H.No. 19-66/11/D-4, Laxmipuram Colony,
Opp: Dr. A.S. Rao Nagar,
ECIL, Kapra, Hyderabad - 500062
Insolvency Commencement Date: March 27, 2023
Estimated date of closure of
insolvency resolution process: September 23, 2023
Court: National Company Law Tribunal, Mumbai Bench-V
Insolvency
Professional: Mr. Vijay P. Lulla
201, Satchitanand Bldg., 12th Road,
Opp. Ram Mandir, Khar (West),
Mumbai - 400 052
Email: vijayplulla@rediffmail.com
203B, Arcadia Building,
2nd floor, Nariman Point,
Mumbai – 400021 or
201, Satchitanand Bldg.,
12th Road, Opp. Ram Mandir,
Khar (West), Mumbai - 400 052
Last date for
submission of claims: April 15, 2023
=====================
N E W Z E A L A N D
=====================
DDL ESTATES: Calibre Partners Appointed as Administrators
---------------------------------------------------------
Neale Jackson and Brendon Gibson on April 17, 2023, were appointed
as administrators of DDL Estates Limited and Rua Whare Limited.
The administrators may be reached at:
Calibre Partners
Level 21
88 Shortland Street
Auckland
DUBBA DUBBA: Moroccan Restaurants Go Into Liquidation
-----------------------------------------------------
Stuff.co.nz reports that a chain of Moroccan takeaway restaurants
in Christchurch have gone out of business and are estimated to owe
more than $1.1 million.
Three businesses behind four Dubba Dubba (also known as Dubba
Deluxe) restaurants in the central city, Bush Inn, Moorhouse Ave
and Ferrymead are being liquidated, Stuff discloses citing the New
Zealand Companies Register.
Stuff says liquidator reports blame the failure of the restaurants
on the Covid-19 pandemic. They closed throughout the second half of
2022.
All three businesses have one director, Adel Aberkane. They are all
owned by Now Now Brands Limited, which Aberkane is the sole
director and shareholder of. Now Now Brands Limited is not in
liquidation.
The three businesses went into liquidation in August, December and
last week, Stuff notes. The liquidation of all three businesses is
being handled by Brenton Hunt of Insolvency Matters.
According to Stuff, the first report for the business that owns the
Moorhouse and Ferrymead restaurants estimates it owes about
NZD310,000 to Inland Revenue, NZD300,000 to unsecured creditors and
NZD62,000 to secured creditors.
It is also estimated that NZD10,000 in staff wages and holiday pay
are owed.
The report said the business struggled with Covid-19 restrictions,
which put pressure on cashflow. Recent trade had not been as strong
as Aberkane expected, it said.
The first report for the Bush Inn business also said it struggled
through the Covid-19 pandemic and had cashflow issues.
The business bank account was in overdraft when it was liquidated.
The business was not making money and Aberkane tried to sell it,
but could not find a buyer, the report said.
It said the company owed about NZD374,000 to secured creditors and
was also estimated to owe about NZD80,000 of wages and holiday pay
to staff.
Meanwhile, the final liquidator's report for the Hereford St
business said no distributions were made to any creditors because
no funds were recovered during the liquidation, adds Stuff.
FASHION NAILS: Creditors' Proofs of Debt Due on May 19
------------------------------------------------------
Creditors of Fashion Nails 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 14, 2023.
The company's liquidators are:
Iain Bruce Shephard
Jessica Jane Kellow
BDO Wellington
Level 1, 50 Customhouse Quay
Wellington 6011
INFRASTRUCTURE PACIFIC: Court to Hear Wind-Up Petition on May 12
----------------------------------------------------------------
A petition to wind up the operations of Infrastructure Pacific
Limited will be heard before the High Court at Auckland on May 12,
2023, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Dec. 1, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
SKYSOLAR: Placed in Liquidation; Owes NZD12 Million
---------------------------------------------------
Radio New Zealand reports that a company behind a major solar power
project in Hawke's Bay is in liquidation, with creditors owed more
than NZD12 million.
SkySolar has been a registered business since 2013 and traded for a
number of years providing small to medium-sized solar
installations.
Late last year, the company revealed a major solar project in
Ongaonga, which was reported to be one of New Zealand's largest.
According to RNZ, the company ran into financial trouble as it
tried to raise money for the project and liquidators were appointed
by the High Court in Auckland in March.
RNZ relates that the first liquidators' report, by Colin Sanderson
and Iain McLennan of insolvency practitioners McDonald Vague, said
SkySolar was involved with other entities in planning and the
initial development steps of the Ongaonga project.
SkySolar's involvement included meeting the initial costs of the
project in return for a 49.9% share of the project.
The liquidators said the project advanced through the resource
consent process.
But delays in securing the next stage of project funding affected
the company's resources to move forward, leaving a number of unpaid
creditors.
The report said just over NZD12.3 million was owed to creditors,
including NZD10.2 million relating to a land purchase, RNZ relays.
It said SkySolar's sole director, Cameron King, indicated his
intention to have creditors paid and for an application to be made
to the High Court to terminate the liquidation.
According to RNZ, the liquidators said the company did not have any
employees, but it was assessing claims for three parties claiming
to be contractors.
It also said SkySolar owed NZD132,000 to Inland Revenue, including
penalties and interest.
RNZ relates that liquidator Iain McLennan said if creditors were
repaid, it was possible the company could be brought out of
liquidation.
"What we've got here is a company that has a near 50 percent stake
[in the solar project], was pursuing funds and ran out of time."
He said a High Court application to terminate the liquidation could
not be made until after the creditors were repaid.
VEIMA TRANSPORT: Court to Hear Wind-Up Petition on May 12
---------------------------------------------------------
A petition to wind up the operations of Veima Transport Limited
will be heard before the High Court at Auckland on May 12, 2023, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Nov. 25, 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
=================
ELITE GATEWAY: Members' Final Meeting Set for May 18
----------------------------------------------------
Members of Elite Gateway Holdings Pte. Ltd. will hold their final
general meeting on May 18, 2023, at 11:00 a.m., via via electronic
means.
At the meeting, Aw Eng Hai, the company's liquidators, will give a
report on the company's wind-up proceedings and property disposal.
KS AGRI: Court to Hear Wind-Up Petition on April 28
---------------------------------------------------
A petition to wind up the operations of KS Agri Resources Pte Ltd
will be heard before the High Court of Singapore on April 28, 2023,
at 10:00 a.m.
Boardroom Corporate & Advisory Services Pte. Ltd. filed the
petition against the company on April 6, 2023.
The Petitioner's solicitors are:
Jacque Law LLC
61 Robinson Road #14-01A
61 Robinson
Singapore 068893
KS ENERGY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on April 10, 2023, to
wind up the operations of KS Energy Limited.
The company's liquidators are:
Mr. Andrew Grimmett
Mr. Lim Loo Khoon
c/o Deloitte & Touche LLP
6 Shenton Way, #33-00
OUE Downtown 2
Singapore 068809
KS NATURAL: Court to Hear Wind-Up Petition on April 28
------------------------------------------------------
A petition to wind up the operations of KS Natural Resources Pte
Ltd will be heard before the High Court of Singapore on April 28,
2023, at 10:00 a.m.
Boardroom Corporate & Advisory Services Pte. Ltd. filed the
petition against the company on April 6, 2023.
The Petitioner's solicitors are:
Jacque Law LLC
61 Robinson Road #14-01A
61 Robinson
Singapore 068893
ROOFTOP GROUP: Court to Hear Wind-Up Petition on April 28
---------------------------------------------------------
A petition to wind up the operations of Rooftop Group International
Pte Ltd will be heard before the High Court of Singapore on April
28, 2023, at 10:00 a.m.
Boardroom Corporate & Advisory Services Pte. Ltd. filed the
petition against the company on April 6, 2023.
The Petitioner's solicitors are:
Jacque Law LLC
61 Robinson Road #14-01A
61 Robinson
Singapore 068893
===========
T A I W A N
===========
INNOLUX CORP: 1Q 2023 Net Loss Narrows to NT$7.77 Billion
---------------------------------------------------------
Lisa Wang at Taipei Times reports that Innolux Corp on April 18
said its losses narrowed to NT$7.77 billion (US$254.5 million) last
quarter from the prior quarter's NT$12.39 billion, thanks to an
unusual uptick in average selling prices (ASP) during the
industry's slow season.
Blended ASP climbed to US$240 per square meter, from US$235 in the
prior quarter, the company said in a statement.
Innolux had expected prices to remain steady last quarter.
Gross margin improved to minus-7 percent last quarter, from
minus-15 percent in the previous quarter.
According to Taipei Times, Innolux expects the price uptrend to
carry into the current quarter, benefiting from improving inventory
buildup ahead of a shopping festival in China in June.
Panel shipments are expected to increase this quarter, Innolux
said, adding that demand would continue improving from the second
quarter.
The company also expects TV panel prices to climb further this
quarter, while prices of some panels used in monitors would see a
modest rebound, as customers' inventory depletion is coming to an
end.
Improving demand is expected to drive up blended ASP by about 5
percent this quarter from the previous quarter, the company said.
Shipments of TV, computer and monitor panels are to expand 12 to 13
percent sequentially this quarter, while those of small and medium
panels would likely grow 12 to 13 percent, it said.
Taipei Times meanwhile reports that Innolux chairman Jim Hung said
the company's board of directors has approved a 5% capital
reduction in cash to enhance shareholders' return on equity and to
improve the company's capital structure.
Shareholders would receive a payback of NT$0.5 per common share
after the share cancelation, Mr. Hung told a news conference at the
Taiwan Stock Exchange on April 18.
Innoloux's capital would decline to NT$90.79 billion following the
capital reduction, he said.
Taipei Times says the capital reduction proposal is subject to
approval by shareholders during the annual shareholder's meeting on
May 31.
Innolux also decided not to distribute dividends this year after
reporting a loss of NT$27.99 billion for last year, its first
annual loss in about a decade, amid an industry slump caused by
oversupply, Mr. Hung said.
=============
V I E T N A M
=============
VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Deposit & Issuer Ratings
------------------------------------------------------------------
Moody's Investors Service has affirmed Vietnam Prosperity Joint
Stock Commercial Bank's (VPBank) Ba3 long-term (LT) foreign
currency (FC) and local currency (LC) bank deposit and issuer
ratings, its Ba2 LT FC and LC Counterparty Risk Ratings (CRR), its
ba3 Baseline Credit Assessment (BCA) and Adjusted BCA, the Not
Prime (NP) short-term (ST) FC and LC bank deposit and issuer
ratings and CRR, as well as the (P)Ba3 senior unsecured medium-term
note program rating. Moody's has also affirmed VPBank's Ba2(cr) and
NP(cr) LT and ST Counterparty Risk Assessments, respectively.
At the same time, Moody's has changed the outlook on the ratings,
where applicable, to stable from positive.
RATINGS RATIONALE
The affirmation of VPBank's ratings and the change in outlook to
stable from positive reflect Moody's view that the positive impact
on the bank's capital following its planned stake sale to Sumitomo
Mitsui Banking Corporation (SMBC, A1 stable, a3) will be balanced
by its aggressive growth plan in 2023. Moody's also expects the
stress faced by Vietnam's real estate sector and in the bank's
consumer finance subsidiary to worsen its asset quality.
VPBank announced on March 27, 2023 that it has entered into an
agreement with SMBC to sell 15% of its equity stake for about
VND35.9 trillion. The stake sale is pending approval from the State
Bank of Vietnam and State Securities Commission, and the bank
expects the transaction to be completed between the second and
third quarter of 2023. On a pro-forma basis, VPBank's capital, as
measured by tangible common equity as a percentage of risk-weighted
assets (TCE ratio), will increase to 18.7% from 13.6% as of the end
of 2022 – the highest among Moody's rated banks in Vietnam.
While the immediate uplift in the bank's TCE ratio following the
planned stake sale is substantial, Moody's expects the improvement
to narrow because of the bank's aggressive plan to grow its total
assets by 39% in 2023. The bank also plans to pay cash dividends
amounting to 47% of its 2022 profit after tax in 2023, which will
weigh on capital.
The bank's nonperforming loan (NPL) ratio increased to 5.7% as of
the end of 2022 from 4.6% a year earlier, driven by slippages from
loans restructured into NPL categories because of the pandemic as
well as consumer finance loans extended through its subsidiary.
Moody's expects the bank's asset quality to weaken over the next 12
– 18 months because of its high exposure to the struggling real
estate sector in Vietnam.
VPBank's profitability is higher than other rated Vietnamese banks
and is a key credit strength. Moody's expects the bank's return on
tangible assets (ROTA) to be stable over the next 12 – 18 months
as improvement in top line revenue gets offset by higher loan loss
provisions because of weaker asset quality.
VPBank's funding and liquidity are adequate given the current
environment. Market funds as a percentage of tangible banking
assets were 33% as of the end of 2022, down from 37% a year
earlier, but remained higher compared with other rated Vietnamese
banks because of the non-deposit-taking nature of its consumer
finance subsidiary. High-quality liquid assets such as cash,
balances with the central bank and government securities declined
to 7% of VPBank's total assets as of the end of 2022 from 9% a year
earlier, providing limited buffers in times of need.
While Moody's assumes a moderate probability of government support
for VPBank in times of need, this assumption this does not lead to
a rating uplift from the bank's ba3 BCA.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
WHAT COULD MOVE THE RATINGS UP
Moody's could upgrade VPBank's ratings if its BCA is upgraded. The
BCA could be upgraded if (1) there is a sustained improvement in
the bank's asset quality, with the problem asset ratio, including
any restructured assets, at less than 2% and (2) the bank reduces
its reliance on market funds while strengthening the share of
high-quality liquid assets to more than 15% of its tangible banking
assets on a sustainable basis.
WHAT COULD MOVE THE RATINGS DOWN
Moody's could downgrade VPBank's if its BCA is downgraded. The BCA
could be downgraded if there is a significant increase in problem
assets, which in turn, reduces its profitability and capital.
Specifically, a decline in ROTA to less than 2% or a drop in the
TCE ratio to less than 12.5% will be negative for the BCA.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Headquartered in Hanoi, Vietnam Prosperity Joint Stock Commercial
Bank reported total assets of VND588 trillion as of December 31,
2022.
*********
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
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*** End of Transmission ***