/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/230427.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 27, 2023, Vol. 26, No. 85 Headlines A U S T R A L I A ECT DRAINAGE: Shaw Gidley Appointed as Administrator EVERLEDGER AUSTRALIA: Vincents Appointed as Administrators MT. MOSS PTY: First Creditors' Meeting Set for May 5 MULTIGLAZED PTY: First Creditors' Meeting Set for May 3 PACIFIC HUNTER: Restaurants Face Closure Amid Cost-Cutting Review ULTIMA UNITED: Pitcher Partners Appointed as Liquidators I N D I A AAREY DRUGS: ICRA Keeps D Debt Ratings in Not Cooperating AB SUGARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ASSORTED PLASTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating B. P. FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category CHINTAMANI GEMS: ICRA Keeps D Debt Rating in Not Cooperating DAAJ HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category DESEIN PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating FUTURE RETAIL: 48 Firms Selected as Eligible Prospective Bidders FUTURE RETAIL: NCLT Approves Plea to Allow Access to Stores GHAZIABAD MECHFAB: ICRA Keeps B+ Debt Rating in Not Cooperating GOODWILL FABRICS: ICRA Keeps B+ Debt Rating in Not Cooperating HOOGHLY SHIPBREAKERS: ICRA Keeps D Debt Rating in Not Cooperating INDIAN GEM: ICRA Keeps D Debt Ratings in Not Cooperating Category JAI DURGA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category KHODAY INDIA: ICRA Moves B+ Debt Ratings to Not Cooperating M.D. FROZEN FOOD: ICRA Keeps D Debt Ratings in Not Cooperating M.D. FROZEN: ICRA Keeps D Debt Ratings in Not Cooperating MAHESH LUMBER: ICRA Keeps D Debt Ratings in Not Cooperating PARVATI SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating PRAMUKH COPPER: ICRA Keeps D Debt Ratings in Not Cooperating SIYARAM METAL: ICRA Keeps B- Debt Rating in Not Cooperating STATUS CLOTHING: ICRA Keeps D Debt Ratings in Not Cooperating TATA MOTORS: S&P Upgrades ICR to 'BB', Outlook Stable TURQUOISE & GOLD: ICRA Keeps D Debt Ratings in Not Cooperating V.R.K. ASSOCIATES: ICRA Keeps D Debt Rating in Not Cooperating M A L A Y S I A DOLOMITE CORP: To Be Delisted From Bursa Malaysia on April 28 RIMBUNAN SAWIT: Auditor Raises Material Going Concern Uncertainty N E W Z E A L A N D AUDIO TECHNICA: Waterstone Insolvency Appointed as Receivers CLOVER TRANSPORT: Court to Hear Wind-Up Petition on May 17 GEORGE B HOLDINGS: Waterstone Insolvency Appointed as Receivers SIMPLY DEVELOPMENTS: Court to Hear Wind-Up Petition on May 5 VENI CONSTRUCTION: Court to Hear Wind-Up Petition on May 12 S I N G A P O R E ARROW WASTE: Final Meeting Set for May 26 ASIA ENVIRO: Final Meeting Set for May 26 CRYPTOMOUSE PTE: Creditors' Meetings Set for May 29 GOLDEN ENERGY: Fitch Alters Outlook on B+ LongTerm IDR to Evolving HAUS LIFESTYLE: KordaMentha Appointed as Provisional Liquidators HODLNAUT TRADING: Majority of Creditors Want Company Liquidated PUMA ENERGY: Fitch Alters Outlook on 'BB-' LongTerm IDR to Pos. TAP VENTURE: Final Meeting Set for June 16 S R I L A N K A SRI LANKA: Delays Debt Restructuring Plan Presentation to Mid-May - - - - - ================= A U S T R A L I A ================= ECT DRAINAGE: Shaw Gidley Appointed as Administrator ---------------------------------------------------- Jeffrey Allan Shute of Shaw Gidley on April 24, 2023, was appointed as administrator of ECT Drainage Pty. Ltd., formerly trading as 'East Coast Tunneling and Drainage'. EVERLEDGER AUSTRALIA: Vincents Appointed as Administrators ---------------------------------------------------------- Steven Staatz & Ashley Leslie of Vincents on April 24, 2023, were appointed as administrators of Everledger Australia Pty. Ltd. MT. MOSS PTY: First Creditors' Meeting Set for May 5 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Mt. Moss Mining Pty Ltd will be held on May 5, 2023, at 12:00 p.m. via virtual meeting only. Scott Anthony Newton of Shaw Gidley was appointed as administrator of the company on April 24, 2023. MULTIGLAZED PTY: First Creditors' Meeting Set for May 3 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Multiglazed Pty Ltd will be held on May 3, 2023, at 11:30 a.m. via virtual meeting only. Trent Andrew Devine and Peter John Moore of Jirsch Sutherland were appointed as administrators of the company on April 20, 2023. PACIFIC HUNTER: Restaurants Face Closure Amid Cost-Cutting Review ----------------------------------------------------------------- News.com.au reports that rumours are swirling that some of Australia's best-loved restaurant chains could be on the chopping block as part of major cost-cutting measures. It is understood that Quadrant Private Equity's Pacific Hunter hospitality group is currently investigating loss-making leases at Pacific Concepts, news.com.au says. According to news.com.au, Pacific Concepts is the arm of the firm behind hit eateries including Mexican-themed El Camino Cantina, Fratelli Fresh and bier hall favourite Munich Brauhaus, as well as The Bavarian, Bar Patron and The Argyle. There are 12 El Camino Cantina restaurants spread across the country, and five Fratelli Fresh branches. It is not yet known how many eateries could close as a result of the portfolio review, although it is clear that the company is forging ahead with plans to shut sites that are loss-making, the report relates. It is hoped that affected landlord partners will work with the firm to transition out of leases and locations that are no longer viable. News.com.au says Pacific Hunter Group, previously known as Rockpool Dining Group, also runs up-market restaurants Rockpool Bar & Grill, Spice Temple and Sake, and has been hit hard by the Covid pandemic, losing more than AUD75 million for the year to June 30. It lost more than AUD87 million in the last financial year, and almost AUD80 million in 2020. In the company's most recent financial report lodged with the Australian Securities and Investments Commission (ASIC), auditor KPMG revealed that: "The conditions disclosed . . . indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern and, therefore, whether it will realise its assets and discharge its liabilities in the normal course of business, and at the amounts stated in the financial report," news.com.au relays. ULTIMA UNITED: Pitcher Partners Appointed as Liquidators -------------------------------------------------------- Christopher Pattinson and Daniel Bredenkamp of Pitcher Partners on April 13, 2023, were appointed as joint and several liquidators of Ultima United Limited pursuant to an order of the Supreme Court of Western Australia. As the Company is in liquidation, all listed securities will remain suspended. Shareholders are also unable to transfer their shares during this time. The Liquidators have assumed control of the Company's assets and will work with the Board during the liquidation period to maximise the outcome for all stakeholders of the Company. Ultima United Limited operates as a residential property development company. The Company focuses on development of properties and management or subsequent sale of properties it acquires and develops. Ultima United serves customers in Australia. ========= I N D I A ========= AAREY DRUGS: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Aarey Drugs & Pharmaceuticals Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. ADPL was incorporated in the year 1990 as a private limited company in the name of Niharika Textiles & Chemicals Private Limited. In 1993, the Aarey Group, owned by Ghatalia Family, took over the company and renamed it to Aarey Drugs & Pharmaceuticals Limited. During the same year, the company was converted into a public limited company with the shares being listed on the BSE. The company was engaged in the business of manufacturing and trading of chemical products, solvents and drug intermediaries till 2009. From 2009, the company's plant at Tarapur had remained shut for upgradation cumexpansion; the company has been focusing only on trading of chemical products, solvents and drug intermediaries since then. However, the company has obtained all the requisite approvals for the upgraded plant and has resumed operations from September 2016. AB SUGARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of AB Sugars Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 110.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 25.97 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 77.22 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short Term- 30.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. AB Sugars Limited is a private sector sugar mill with a 7,000-tonne crushed per day (TCD) capacity. It has 60-kilo litres per day (KLPD) distillery and a 33-megawatt (MW) bagasse-based cogeneration plant located in Dasuya Tehsil in the Hoshiarpur district of Punjab. In FY2016, the company derived 61% of its topline from sugar sales, 31% from the sale of liquor and the remaining from power sales and other related activities. ASSORTED PLASTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Assorted Plastics Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.93 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 5.64 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 0.43 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Established in 2005, Assorted Plastics Private Limited (APPL) is promoted by Mr. Mahabir Patwary and Mr. Sharad Kumar Bawari. The company is based out of Guwahati, Assam and is involved in the manufacture of moulded plastic products 2 namely bottles, closures, lid and jars. APPL has three manufacturing units having an aggregate installed capacity of 1847 metric tonne per annum (MTPA) in Guwahati, Assam. B. P. FOOD: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the long term and short ratings for the bank facilities of B. P. Food Products Pvt Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 61.29 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 75.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 45.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 18.71 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. B. P. Food Products Pvt Ltd, incorporated in December 1994, was engaged in the milling of wheat and manufacturing of food products like whole wheat flour, refined flour, semolina, bran for cattle feed and broken wheat. The company's promoters include Mr. Ravi Prakash Bansal and Ms. Rekha Bansal, who also serve as directors. BPFP had followed an inorganic growth strategy by acquiring unsuccessful plants and turning them around into profitable units, while expanding capacity. As per last information, the company had five plants, one each at Sanchi, Gotegaon, Jabalpur, Pithampur and Malanpur (all in Madhya Pradesh). As per feedback received from lenders, all the plants have been inoperative since July-September 2017. CHINTAMANI GEMS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the Long-Term rating of Chintamani Gems & Jewellery Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Chintamani Gems & Jewellery Private Limited (CG&JPL) was set up in 2012. Currently, it is engaged in trading of gold jewellery in the domestic market. Although the company has established a jewellery manufacturing unit in Surat SEZ, it outsources the manufacturing work to mostly job workers based in Mumbai due to non-availability of tax benefits in the SEZ. DAAJ HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the rating for the bank facilities of Daaj Hotels And Resorts Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 79.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Daaj Hotels and Resorts Private Limited was incorporated in 1998 and is promoted by Mr. B.S. Sahney and family for the development, operation and maintenance of a 5-star deluxe hotel at Banjara Hills, Hyderabad. The operation of the 157-room hotel is currently being carried out by by M/s Carlson Hotels Asia Pacific Pvt Limited under the brand name Radisson Blu Plaza. DESEIN PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long term and short term rating for the bank facilities of Desein Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term– 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Incorporated in 1965 by Late Mr. O P Gupta, DPL provides engineering consultancy services for coal/lignite/diesel as well as gas-based combined cycle power plants with unit sizes ranging up to 800 MW in both India and overseas. Its range of services includes feasibility and detailed project report, design and engineering, procurement assistance, project/construction management, inspection and expediting, supervision of construction, erection, testing and commissioning, operation and maintenance (O&M), turnkey contracting. Environmental Impact Assessment (EIA) studies, renovation and modernization of existing plants etc. DPL operates from its offices located in Delhi, Hyderabad, Kolkata and Bangalore. FUTURE RETAIL: 48 Firms Selected as Eligible Prospective Bidders ---------------------------------------------------------------- Outlook India reports that as many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani group, are in the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, on April 24 came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include WHSmith Travel Ltd, Sahara Enterprises, Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and Universal Associates, Outlook India discloses. Except Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies have been included in the final list. Bommidala Enterprises indicted that it will not be submitting a resolution plan. Earlier this month, the Mumbai-based NCLT bench had granted FRL an extension of 90 days till July 15, 2023 for concluding the Corporate Insolvency Resolution Process (CIRP), recalls Outlook India. On March 23, 2023, creditors of FRL invited new EoIs whereby prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in more than four months. Earlier, it had received EoIs and finalised 11 prospective bidders, including Reliance and April Moon Retail, but could not get a resolution plan despite two extensions in the deadline for submissions. The Committee of Creditors had provided two options in the EoI, for which the last date for submission was April 7, 2023. About Future Group Future Group operates multi-branded retail outlets. The company's retail chains include department stores, outlet stores, sportswear, home improvement and consumer durables, supermarket, and convenience stores as well as food parks. As reported in the Troubled Company Reporter-Asia Pacific in late July 2022, an Indian court agreed to send Future Retail Ltd. into bankruptcy, allowing the creditors to find a new owner for the beleaguered retailer. According to Bloomberg News, the National Company Law Tribunal on July 20 gave its verdict on a petition by Bank of India to start the bankruptcy-resolution process for the cash-strapped retailer. It dismissed allegations from the local unit of Amazon.com Inc. that Future Retail's lenders were colluding with its founders to push the firm into insolvency. The court also appointed an administrator to take over the management at Future Retail. FUTURE RETAIL: NCLT Approves Plea to Allow Access to Stores ----------------------------------------------------------- Livemint.com reports that the National Company Law Tribunal (NCLT) has allowed the resolution professional of Future Retail Ltd to request help from law enforcement authorities to gain access to stores that the company has been locked out of due to disputes with landlords. However, a detailed order has not yet been issued. Ravi Kadam, the senior counsel representing the resolution professional, told the tribunal earlier that some landlords had not granted Future Retail access to a consolidated list of stores. A plea on this matter was filed before the tribunal last week, Livemint.com relays. Future Retail sought help from relevant local authorities for access and protection under Regulation 30 of Corporate Insolvency Resolution Process. "We can request the landlords to give access to such stores or ask the police to give us access to the stores," the senior counsel said. "There are nearly 240 such stores, so we have annexed correspondence to show how many letters have been written, but no response has been sought," the report quotes Kadam as saying. Livemint.com relates that a bench led by Justice Shyam Babu Gautam, while allowing the plea, said that "Goods lying inside the storerooms pertains to the corporate debtor, which is under corporate insolvency resolution process, therefore in all interest, the resolution professional (RP) would require to protect the assets and to take over the custody of those assets hence to secure those assets the local administration/station house officer of the concerned area as indicated are directed to render all kinds of co-operation to RP in taking over such assets. We also grant permission to the police to break open such locks on the sealed stores." Meanwhile, Livemint.com reports that the resolution professional has filed a separate application seeking certain company documents from the bankrupt company's former auditors. The details of the documents sought, however, could not be ascertained. In February, the resolution professional filed an application under Section 19 (2) of the Insolvency and Bankruptcy Code against the Future Group promoters and statutory auditors for alleged non-cooperation, the report recalls. Recently, the tribunal also granted a 90-day extension to the retail firm for completing the corporate insolvency resolution process of the company. On April 13, NCLT granted the exclusion till July 15, the company informed the exchanges. Until last year, Future Group had nearly 800 stores, the report notes. Reliance Industries overnight took over the possession of many of the leased stores of the company when it acquired lease rights from the landlords. In April 2022, the Reliance–Future Group's INR24,713 crore asset sale deal collapsed after the former called off the deal, citing that the agreement "cannot be implemented" as secured creditors voted against the deal, Livemint.com says. About Future Group Future Group operates multi-branded retail outlets. The company's retail chains include department stores, outlet stores, sportswear, home improvement and consumer durables, supermarket, and convenience stores as well as food parks. As reported in the Troubled Company Reporter-Asia Pacific in late July 2022, an Indian court agreed to send Future Retail Ltd. into bankruptcy, allowing the creditors to find a new owner for the beleaguered retailer. According to Bloomberg News, the National Company Law Tribunal on July 20 gave its verdict on a petition by Bank of India to start the bankruptcy-resolution process for the cash-strapped retailer. It dismissed allegations from the local unit of Amazon.com Inc. that Future Retail's lenders were colluding with its founders to push the firm into insolvency. The court also appointed an administrator to take over the management at Future Retail. GHAZIABAD MECHFAB: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Ghaziabad Mechfab Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. GMPL, incorporated in 1996 and promoted by Mr. Subodh Gupta, manufactures pre-engineered buildings and components. The manufacturing facility of the company is located at Ghaziabad in Uttar Pradesh. GOODWILL FABRICS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the long term and Short-term rating of Goodwill Fabrics Private Limited in the 'Issuer Not Cooperating' category. The rating Is denoted as "[ICRA]B+(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 23.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Promoted by the Baheria family in 1999, GFPL manufactures readymade garments (RMG) including woven wear for men, women and children. Under men's wear, while the company mostly manufactures bottoms, under ladies' wear, it specializes in embroidery tops, skirts and bottom wear with different types and kinds of washing and printing. With negligible domestic sales, the company derives almost 98% per cent of its revenues from exports to countries including the USA, Australia, Europe, UK, Germany, and France. The company has six units - five in Bangalore and one in Dharmapuri (Tamil Nadu) along with one subsidiary in Bhilwara, Rajasthan. Out of five units in Bangalore, one unit caters to only embroidery, while the remaining facilities are stitching units. Apart from this, it also outsources washing, embroidery and printing to dedicated units. HOOGHLY SHIPBREAKERS: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has retained the long-term and Short-Term rating for the bank facilities of Hooghly Shipbreakers Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (2.55) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 70.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Incorporated in 1998, HSL was a joint venture between Mr. Russi Mody (Ex-Chairman Tata Steel Ltd., MOBAR Group) and the partners of a family-owned shipbreaking firm, M/s. Ganpatrai Jaigopal Group. However, in 2007, the Mobar Group withdrew from the joint venture and 100% holding came to Mr. Ramesh Aggarwal and family from the M/s. Ganpatrai Jaigopal Group. At present, the Aggarwal family owns 54% of the shares of the firm. At present, HSL has been allotted plot no. V-2 at AlangSosiya ship re-cycling yard by the Gujarat Maritime Board and is involved in ship-breaking activities. INDIAN GEM: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term rating of Indian Gem & Jewellery Imperial Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term 5.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Incorporated in November 2006 by Mr. Prasanna Dugar, IGJIPL is involved in manufacturing and trading of gold, diamond and stone-studded jewellery. The promoter was earlier involved in the jewellery business through Indian Gem & Jewellery Private Limited. However, the same was demerged in FY2007 and accordingly, IGJIPL was formed. The company earns revenue from both wholesale and retail sales. JAI DURGA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the Long-Term rating of Jai Durga Oil Extraction Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.57 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.68 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Jai Durga Oil Extraction Private Limited (JDOEPL) was incorporated in 2004 and has its registered office at Bilaspur, Chhattisgarh. The company is involved in extraction and refining of oil from rice bran. The plant is located in 'Sirgitti Industrial Area' in Bilaspur district of Chhattisgarh. It started with an installed capacity of 45,000 MTPA and over the years, it expanded the capacity to 105,000 MTPA having two solvent-extraction plants and a refinery with an installed capacity of 15,000 MTPA. The company has also set-up a cattle-feed plant in FY2018, having an installed capacity of 45,000 MTPA. KHODAY INDIA: ICRA Moves B+ Debt Ratings to Not Cooperating ----------------------------------------------------------- ICRA has moved the ratings for the bank facilities of Khoday India Limited (KIL) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating Moved to 'Issuer Not Cooperating' Category Fund based TL 20.00 [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating Moved to 'Issuer Not Cooperating' Category Fund based–CC 15.00 [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating Moved to 'Issuer Not Cooperating' Category The rating is based on limited cooperation from Khoday India Limited since the time it was last rated in February 2022. As part of its process and in accordance with its rating agreement with Khoday India Limited, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. However, despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite cooperation and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the firm's rating has been moved to the "Issuer Not Cooperating" category. Khoday India Limited (KIL), incorporated on September 28, 1965, as Khoday Distilleries Limited, primarily manufactures and markets IMFL such as malt whisky, gin, brandy and rum. Some of its alcohol brands include Peter Scot Whiskey, Red Knight Whiskey, Khodays XXX Rum, Hercules XXX Rum, Hercules XXX White Rum, Hercules Beer, Sovereign Brandy and Hercules XXX Deluxe Rum, among others. KIL is a part of the Bangalore-based Khoday Group, which was founded in 1906 by Mr. Khoday Eshwarsa. The Khoday Group of companies includes Khoday Engineering, Khoday Contact Center, Ram Mohan Travels, Khoday Biotech, Khoday Agro, Khoday Technologies, Khoday Glass, Khodays Silks and Khoday LK Power, among others. M.D. FROZEN FOOD: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the Long-Term rating of M.D. Frozen Food Exports Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 28.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 0.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long Term 26.75 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Incorporated in 1996, M.D. Frozen Food Exports Private Limited (MDPL) is engaged in processing and export of frozen meat to the Commonwealth of Independent States (CIS) and countries in Africa, Asia and the Middle East. MDPL purchases raw meat from various local butchers and government-run slaughter houses. The meat is then processed by associate concerns, Sushil Ice Factory & Cold Storage Private Limited (SPL) and MDF (prior to FY15) on job work basis. SPL has its processing plant and cold storage at Lawrence Road in New Delhi. M.D. FROZEN: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the Long-Term rating of M.D. Frozen Food Exports in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 54.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term– 7.63 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 0.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term– 2.37 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Formed in 1992 as a partnership firm, M.D. Frozen Food Exports is engaged in processing and export of frozen meat to various countries in Africa, Asia and the Middle East. MDF purchases live animals from traders and farmers and sends it to the Meem Agro slaughter house. The meat is then processed at its facilities in Dasna, Ghaziabad (UP), stored at Dasna or at Lawrence road facility of M/s Sushil Ice Factory & Cold Storage (another promoter concern), dispatched to Mumbai by train from where it is shipped overseas. The meat is sold under its own brand name 'Hanian' or other generic brands as desired by buyers. MDF also used to processes meat on a contractual basis for its group concern, MD Frozen Food Exports Private Limited (MDPL) but has not done so in FY15. MAHESH LUMBER: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has retained the Long-Term and Short-Term ratings of Mahesh Lumber Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 20.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Mahesh Lumber Private Limited (MLPL) is a privately owned company that was incorporated in September 2014. The company is managed by Mr. Ashok Mittal and is a part of the Mahesh Group, which has been trading timber since 1952. The company trades particularly in German Pine Timber. The timber is procured either directly from Germany or from various third party importers in India. PARVATI SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term ratings for the bank facilities of Parvati Solvent Extraction Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 2.71 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Incorporated in 2009, Parvati Solvent Extraction Private Limited (PSEPL) is engaged in solvent extraction from soya seed into soybean oil and soya de-oiled cake (DOC). The company commenced its operations Aug 27, 2019 from July 2010 at its manufacturing unit located in Jalna, Maharashtra with crushing capacity intake of 250 MT per day. The company normally undertakes the extraction operation over a 9 month period (October to June) while, it remains shut during July-September on account of soybean cropping season during which the maintenance of machinery is undertaken. PSEPL has facility of express fitter line (350KVA) in its factory unit for continuous electricity supply. PRAMUKH COPPER: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the long term and short term ratings for the bank facilities of Pramukh Copper Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 1.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 6.10 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 2.15 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term– 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Pramukh Copper Private Limited (PCPL) was incorporated in January 2011 by Mr. Ronak Chaudhary, Mr. Arvind Patel, Mr. Jayantbhai Patel, Mr. Dashrath Chaudhary, and Mrs. Subhadhraben Chaudhari. The commercial production of the company started in mid of FY2012. PCPL is engaged in manufacturing of rectangular copper bus bar and profiles, round copper rods, copper strips and copper coils from copper cathodes and scrap of copper. PCPL also procures the copper rods from outside and makes modification in terms of sizing and length and then sale to end customers. The manufacturing unit of the company is located at Silvassa, Dadra Nagar Haveli with an installed capacity of around 1500 MT. PCPL's plant location at Dadra enjoys various fiscal Benefits like–no sales tax, low cost of power @ Rs. 3.40/unit and proximity to the seaports. Mr. Ronak has five years of experience in copper line of business. He is also director in Shreejji Housing Projects Private Limited engaged in real estate business located in Gandhinagar. SIYARAM METAL: ICRA Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the long term rating of Siyaram Metal Udyog Private Limited in the 'Issuer Not Cooperating' category. The rating Is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Siyaram Metal Udyog Private Limited (SMUPL) is a metal merchant based in Jamnagar, Gujarat and has been in operations for the last two decades. The company primarily trades non-ferrous metallic scrap in and around Jamnagar. SMUPL imports nonferrous scrap. The product profile includes brass scrap, ingots and other copper alloys, as well as zinc. STATUS CLOTHING: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has retained the long-term rating for the bank facilities of Status Clothing Company Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 5.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term– 9.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Status Clothing Company Limited was set up in 1996 as a partnership firm. In July 2011, the firm was converted into a private limited company and the name was changed to its current name. It is engaged in manufacturing and trading of greige fabric i.e. fabric for shirting and suiting. The registered office and manufacturing plant of the company is located in Tarapur, Thane. The manufacturing plant is spread over an area of 45,000 square feet with installed capacity of 5.60 lakh meters per month. The company primarily sells greige fabric mainly to exporters and local traders. It is also an outsourcing house for other branded finished fabric players. The company has an in-house design team and also manufactures as per customer's design specifications. TATA MOTORS: S&P Upgrades ICR to 'BB', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised the long-term issuer and issue credit ratings on Tata Motors Ltd. and its core subsidiary, TML Holdings Pte. Ltd., to 'BB' from 'BB-'. The stable rating outlook reflects S&P's view that Tata Motors' cash flow and leverage will steadily improve over the next 12-18 months, with support from improved operational performances, especially at JLR. Tata Motors' leverage will likely decline over the next 12-18 months, driven by positive FOCF at JLR. S&P said, "We expect improved volumes, profitability, and positive working capital flow to support JLR's FOCF in fiscal 2024 (year-end March 31, 2024), which may exceed GB{P750 million. This is despite our expectation that the company's capital expenditure (capex) could climb to about GB{P3 billion. JLR's wholesale volumes could increase to 390,000-420,000 units in fiscal 2024." Tata Motors' Indian operations should maintain their recent solid performance. Both commercial vehicle (CV) and passenger vehicle (PV) volumes could increase about 10% year on year in fiscal 2024. This follows two successive years of very strong growth. The company's CV and PV volumes increased at compounded annual rates of about 30% and over 50% in the last two fiscal years. But given that CV volumes expanded from a small base, volumes in fiscal 2024 could still remain about 7% below the previous peak of about 500,000 units in fiscal 2019. FOCF at the Indian operations will likely be immaterial for overall deleveraging. This is given increased capex. S&P expects capex of about Indian rupee (INR) 70 billion in fiscal 2024, up from about INR45 billion in fiscal 2023. EBITDA (adjusted for capitalized development expenses) should rise about 10% year on year to INR65 billion, reflecting the group's underlying operating health and its expectation of improved profitability. S&P expects Tata Motors' financial policy to aid deleveraging. The company intends to turn net auto debt-free by fiscal 2024. Achieving this over the next 12-18 months would need substantial inorganic transactions, in our view. Tata Motors is preparing to list its 75%-owned subsidiary, Tata Technologies. S&P estimates the sale of a 20% stake as part of the initial public offer (IPO) will bring in cash of INR30 billion-INR35 billion (about US$400 million). The remaining 55% stake worth about US$1 billion should enhance financial flexibility and provide future monetization opportunities. Any other transaction could help the company achieve its debt reduction target, in S&P's view. Such an initiative is not part of its base case yet. S&P said, "The stable rating outlook reflects our expectation that Tata Motors's earnings and cash flow will improve over the next 12-18 months. This would support deleveraging such that the company's consolidated funds from operations (FFO) to debt ratio remains well above 20%. "We may lower the ratings if Tata Motors' earnings decline materially and its cash flow drop such that its consolidated FFO to debt ratio remains below 20% on a sustained basis. "We believe a significant fall in the earnings at JLR could be a trigger for such a sustained deterioration. "In a less likely scenario, a major increase in capex beyond our base case could also put pressure on the ratings." Upward rating pressure could emerge if Tata Motors continues to deleverage, either through operational cash flow or inorganically, driven by its commitment to reduce debt. A financial performance at JLR that is better than our expectation as it recovers from chip shortages or asset monetization/equity-raising could support such deleveraging. S&P believes a reduction in debt such that Tata Motors' FFO increases to about 40% sustainably will be indicative of a higher rating. ESG credit indicators: To E-3, S-2, G-2; From E-4, S-2, G-2 S&P has revised Tata Motor's environmental factor score to E-3 (moderately negative) from E-4 (negative). The company's monetization of its Indian electric vehicle business and the potential to unlock more value offset the greater environmental risks at JLR (E-4). Tata Motors raised about US$1 billion through compulsorily convertible instruments that would translate to an 11%-15% stake in the EV business. The company has an about an 80% share of the current electric PV industry in India. This positions it for capturing potential strong industry growth. On the other hand, JLR presents greater environment concerns. The company has higher emissions for its European fleet than peers, although the impact on profitability has been modest, at less than GB{P100 million of provisions annually. In 2021, JLR also joined an emissions pool to meet compliance requirements in the U.K. and EU. S&P sees JLR as lagging peers in the electrification of its product line-up. The company intends to address this via Project Reimagine over the next few years. Under the project, JLR intends to be a fully electric vehicle company by 2030. Social and governance factors remain neutral considerations in our credit rating analysis of Tata Motors. TURQUOISE & GOLD: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the long term and Short-term rating of Turquoise & Gold Apparels Private Limited in the 'Issuer Not Cooperating' category. The rating Is denoted as "[ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 1.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term– 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 3.20 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Incorporated in 2008, TGAPL is promoted and managed by Ms. Dimple Varma along with her sisters, Ms. Samara Mahindra and Ms. Natasha Mahindra. The company manufactures readymade garments primarily, for the exports market and specializes in children's wear and women's wear. It has a presence in the domestic market through its showrooms in Bangalore and Goa. It has three manufacturing facilities in Bangalore, with a total workforce of around 1,700 and a total production capacity of 17 lakh garments per month. V.R.K. ASSOCIATES: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has retained the long-term ratings of V.R.K. Associates Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Incorporated in 2001 as a private limited company, VRK is involved in various activities which include prepaid card distribution of Vodafone, retailing of mobile phones and running an eight-room hotel in Sarnath, Uttar Pradesh. In addition to that, the company has an Indane Gas Agency business and a retail jewellery shop. Furthermore, the company has been constructing a new hotel in Sarnath for which it has taken the term loan. =============== M A L A Y S I A =============== DOLOMITE CORP: To Be Delisted From Bursa Malaysia on April 28 ------------------------------------------------------------- theedgemarkets.com reports that Dolomite Corporation Bhd will be delisted from Bursa Malaysia on April 28 after the company was ordered by the High Court to wind up due to its failure to repay US$38.19 million (MYR177.38 million) of debt in October 2022. "The entire issued share capital of Dolomite will be removed from the official list of Bursa Securities," the company said in a filing on April 25. According to the report, Dolomite was sued by Maybank International's Labuan branch over the debt in September 2020, and the court gave the company until Oct. 4, to settle the outstanding amount or be wound up. theedgemarkets.com relates that the debt is in relation to a term loan facility granted by Maybank to Dolomite Power-Shandong (HK) Ltd, a wholly owned subsidiary of Dolomite Technology (HK) Ltd, which in turn is a wholly owned unit of Dolomite. The High Court on Oct. 4, 2022 appointed Datuk Adam Primus as its liquidator. On Nov. 2, 2022, the liquidator said there are no plans to formulate a regularisation plan. On Jan. 20, 2021, the Court of Appeal made a landmark decision that a listed company must be delisted once it has been served with a winding-up order. The appeals court made the ruling when dismissing an appeal against the decision handed down by the High Court in a suit brought by Bursa Malaysia against Mohd Afrizan Husain as liquidator for Wintoni Group Bhd, theedgemarkets.com notes. Dolomite Corporation is principally involved in property development, construction and sand mining activities. As reported in the Troubled Company Reporter-Asia Pacific in early October 2021, Dolomite Corporation has been classified as an affected listed issuer under Practice Note 17 after it was unable to pay its debts as its liabilities have far exceeded its assets. The company has been classified as an affected listed issuer under Practice Note 17 after it was unable to pay its debts as its liabilities have far exceeded its assets. As of Dec. 31, 2020, the investment company, which is the parent of 14 subsidiaries has net liabilities of MYR59.57 million, The Star said. The PN17 classification followed the Judicial Management Order made on Sept. 23, 2021. RIMBUNAN SAWIT: Auditor Raises Material Going Concern Uncertainty ----------------------------------------------------------------- theedgemarkets.com reports that Rimbunan Sawit Bhd's auditor Messrs Crowe Malaysia PLT has raised a material uncertainty related to the going concern of the Main Market-listed plantation group in respect of the financial statement for the fiscal year ended Dec. 31, 2022 (FY2022). Nonetheless, Crowe Malaysia expressed an unmodified audit opinion, which means the auditor is satisfied that Rimbunan Sawit's financial statements provide a true and fair view of the group's financial position, performance and cash flow for FY2022. According to theedgemarkets.com, the going concern's uncertainty in FY2022 was due to Rimbunan Sawit's current liabilities exceeding current assets by MYR225.4 million, coupled with a net loss of MYR5.8 million last year. These financial conditions coupled with a tax dispute with the Inland Revenue Board, Malaysia indicate that a material uncertainty exists that may cast "significant doubt" on the group's ability to continue as a going concern, said Crowe Malaysia, the report relays. Despite the loss suffered, Crowe Malaysia pointed out that Rimbunan Sawit still recorded earnings before interest, tax, depreciation and amortisation (Ebitda) of MYR84.8 million in FY2022, up from MYR82.9 million in FY2021. "As at the end of the reporting period, the group has available approved unutilised credit facilities of MYR86.3 million, to meet the shortfall in working capital requirements, if any," said the auditor. Shares of Rimbunan Sawit closed half sen or 3.2% lower at 15 sen on April 25, giving it a market capitalisation of MYR306.26 million, theedgemarkets.com notes. ===================== N E W Z E A L A N D ===================== AUDIO TECHNICA: Waterstone Insolvency Appointed as Receivers ------------------------------------------------------------ Damien Grant and Adam Botterill of Waterstone Insolvency on April 13, 2023, were appointed as Receivers of Audio Technica Solutions Limited, Vishal Kumar, And Romika Sharp. The Receivers may be reached at: Damien Grant Adam Botterill Waterstone Insolvency PO Box 352 Auckland 1140 CLOVER TRANSPORT: Court to Hear Wind-Up Petition on May 17 ---------------------------------------------------------- A petition to wind up the operations of Clover Transport Limited will be heard before the High Court at Auckland on May 17, 2023, at 10:00 a.m. New Zealand Transport Agency filed the petition against the company on March 29, 2023. The Petitioner's solicitor is: M.D. Arthur Chapman Tripp Level 34, PwC Tower 15 Customs Street West Auckland 1010 GEORGE B HOLDINGS: Waterstone Insolvency Appointed as Receivers --------------------------------------------------------------- Damien Grant and Adam Botterill of Waterstone Insolvency on March 22, 2023, were appointed as receivers of George B Holdings Limited and Tony Robert Dennison. The Receivers may be reached at: Damien Grant Adam Botterill Waterstone Insolvency PO Box 352 Auckland 1140 SIMPLY DEVELOPMENTS: Court to Hear Wind-Up Petition on May 5 ------------------------------------------------------------ A petition to wind up the operations of Simply Developments Limited (now RVD Limited) will be heard before the High Court at Auckland on May 5, 2023, at 10:45 a.m. Auckland Council filed the petition against the company on Feb. 7, 2023. The Petitioner's solicitor is: Kelly Frances Quinn 135 Albert Street Auckland VENI CONSTRUCTION: Court to Hear Wind-Up Petition on May 12 ----------------------------------------------------------- A petition to wind up the operations of Veni Construction 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 March 24, 2023. 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 ================= ARROW WASTE: Final Meeting Set for May 26 ----------------------------------------- Members and creditors of Arrow Waste Management Pte. Ltd. will hold their final meeting on May 26, 2023, at 10:00 a.m., via via audio visual communication. At the meeting, Abuthahir Abdul Gafoor and Yessica Budiman, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ASIA ENVIRO: Final Meeting Set for May 26 ----------------------------------------- Members and creditors of Asia Enviro Holdings Pte. Ltd. will hold their final meeting on May 26, 2023, at 10:00 a.m., via electronic means. At the meeting, Kon Yin Tong and Aw Eng Hai, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. CRYPTOMOUSE PTE: Creditors' Meetings Set for May 29 --------------------------------------------------- Cryptomouse Pte. Ltd., which is in liquidation, will hold a meeting for its creditors on May 29, 2023, at 11:30 a.m., at 63 Market Street, #05-01A Bank of Singapore Centre, in Singapore through an audio-visual conference on the Zoom Platform. Agenda of the meeting includes: a. to lay an account before the creditors showing how the winding up has been conducted and an explanation of the account; b. to approve the Final Statement of Account, provisions for finalization expenses, and the application to the Court for the release of the Liquidator, and the dissolution of the Company; c. to resolve that the books, accounts and documents of the Company be destroyed pursuant to Section 195(2) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018); and d. to appoint solicitors to assist the Liquidator; and e. Any other business. The company's liquidator is: Mr. Don M Ho c/o DHA+ pac 63 Market Street #05-01A Bank of Singapore Centre Singapore 048942 GOLDEN ENERGY: Fitch Alters Outlook on B+ LongTerm IDR to Evolving ------------------------------------------------------------------ Fitch Ratings has revised the Rating Watch on Golden Energy and Resources Limited's (GEAR) 'B+' Long-Term Foreign-Currency Issuer Default Rating and 'B+' senior bonds to Evolving from Negative. The senior bonds have a Recovery Rating of 'RR4'. The Watch revision reflects the high uncertainty caused by the delay in segregating GEAR's 62.5% shareholding in PT Golden Energy Mines Tbk (GEMS, BB-/Stable) and GEMS' improved credit profile, with Fitch upgrading the company to 'BB-'/Stable from 'B+'/Positive on 9 April 2023. Fitch will affirms GEAR's rating at 'B+'/Stable post segregation, provided its financial profile remains adequate against its negative sensitivities. Should the ongoing transaction fail to proceed, Fitch may upgrades the rating to 'BB-' to be at the same level as that of GEMS, though Fitch believes the likelihood of this event to be low. KEY RATING DRIVERS Transaction Delay Raises Uncertainty: GEAR's proposed delisting and the intended transfer of its stake in GEMS to its parent company, has been delayed from its originally expected timeline, reflecting uncertainties. GEAR has raised the cash consideration offer price by 15% in March 2023 to SGD97.3 cents. Fitch anticipates that the transaction will be completed within the next six months, given the long stop date. Nevertheless, Fitch believes there is still risk to the completion of transaction given that it needs to be approved by GEAR's shareholders. Improved Business Profile at Subsidiary: Fitch expects GEAR to benefit from the improved business profile of its subsidiary, Stanmore Resources Limited, following Stanmore's May 2022 BHP Mitsui Coal Pty Ltd (now Stanmore SMC Pty Ltd) acquisition, which enhanced its operational scale. Fitch believe Stanmore's post-acquisition business profile is comparable with that of 'bb-' rated peers, which is further supported by the mine's competitive cost position and adequate reserve life. Fitch expects Stanmore to be among Australia's top-10 metallurgical coal producers, with sales of 12 million-13 million tonnes per annum (mtpa) (2022: 9.4mtpa, reflecting eight months of Stanmore SMC integration). Stanmore's mines are on average in the second quartile of the cost curve as per CRU, supporting its profitability. Adequate Reserve Life: GEAR's reserve life remains adequate for its key mines, even after GEMS' segregation from the group structure. Stanmore's average marketable proved reserve life, including the acquired mines, is about 14 years. Fitch is monitoring Stanmore's plan to substitute production from its Poitrel mine, which has a proved reserve life of close to five years. Accelerated Deleveraging at Stanmore: Fitch expects Stanmore to continue to prepay acquisition debt during 2023, supported by robust cash flow, despite its lower coking coal price assumptions. Fitx]ch expects debt at Stanmore SMC to fall to about USD180 million by 1Q24 after it repays USD130 million, as per its estimate, for its next cash sweep after the scheduled repayment of USD45 million in 2022. Fitch estimates Stanmore's consolidated EBITDA in 2023, which would be the first full-year of consolidating the acquired Stanmore SMC mines, to be around USD980 million (2022: USD1.1 billion). Stanmore repaid USD249 million of debt in 2022 and USD252 million in February 2023, reducing its outstanding debt to about USD360 million as of March 2023, supported by strong cash flow amid elevated coking coal prices. Stanmore had incurred about USD800 million of debt - USD170 million at Stanmore (now fully repaid) and USD625 million at Stanmore SMC. Fitch expects Stanmore SMC to deleverage further in 2024-2025, fully repaying the acquisition loan by 2025, ahead of its scheduled maturity in 2026. Structural Subordination Risk: The full repayment of debt at Stanmore and significant reduction of debt at Stanmore SMC has eased structural subordination risk at the Stanmore level. However, structural subordination risk at GEAR remains, with holding-company interest cover declining to about 2x in 2024-2026, from 10x in 2022, based on Fitch coal-price assumptions. Consequently, Fitch will continues to notch down GEAR's rating by one notch from its assessment of Stanmore's credit profile. Strong Liquidity at Holding Company: Fitch expects GEAR's strong cash balance of USD204 million at end-2022 to support its comfortable liquidity buffer in the medium term, offsetting lower dividends from Stanmore beyond 2023. Fitch expects dividend income to decline for about three years starting 2024, driven by its lower coal-price assumptions and debt repayments at Stanmore SMC, in line with the acquisition debt repayment structure and its cash-sweep mechanism. However, a large acquisition without adequate cash income or shareholder returns could tighten GEAR's standalone liquidity. No Dividends From GEMS: Fitch does not expect any further dividends from GEMS under its rating case, despite the delay in the completion of the proposed transaction. Large dividends from GEMS during 2022 of USD347 million had augmented GEAR's cash balance. However, should the proposed transaction fail, Fitch expects to align GEAR's rating with that of GEMS, as the company will benefit from its subsidiary's dividends. DERIVATION SUMMARY The successful segregation of GEMS is likely to reduce GEAR's operating scale, which constrains the likelihood for a rating upgrade to above 'B+'. However, should the transaction fail, Fitch expects GEAR's rating to be upgraded in line with the rating of GEMS. This reflects the Rating Watch Evolving on the rating. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: Stanmore Standalone: - Annual sales volume at 2.2-2.7mtpa until 2025, declining to 1.8mt in 2026. - Coal price in line with the hard coking coal price deck at USD220/tonne (t) in 2023, USD150/t in 2024 and 2025 and USD140/t thereafter. - Total free on board (FOB) cost (excluding royalties) at about USD70/t in 2023, increasing to USD82-89/t in 2024-2026. - Capex of USD16 million in 2023 and USD9 million-13 million in 2024-2026 with no major expansionary capex requirements. Stanmore SMC: - Annual sales volume at the Poitrel mine of 4.7mt in 2023, 4.3mt in 2024 and 2025 and 4.1mt in 2026. - Annual sales volume for South Water Creek at 5.8mt in 2022 and 6.2-6.4mt in 2023-2026. - Coal price in line with the hard coking coal price deck at USD220/t in 2023, USD150/t in 2024 and 2025 and USD140/t thereafter. - Poitrel's total FOB cost (excluding royalties) at USD80-90/t. South Creek's FOB cost at USD63-73/t. - Total capex of USD138 million in 2023, USD50 million-70 million in 2024-26 and USD37 million in 2027. - Payment of the acquisition loan in line with the repayment terms, including payment of principal based on the cash-sweep feature. GEAR Standalone: - Dividend payments of about USD50 million in 2024-2027 to factor in the uncertainty regarding the potential change in GEAR's shareholders. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - GEAR's rating could be upgraded to 'BB-' should the segregation of GEMS' stake not proceed to reflect GEMS' improved credit profile. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Fitch will affirms GEAR's rating at 'B+' and assign a Stable Outlook once the segregation of GEMS' stake is completed, provided GEAR's holding company standalone (cash + EBITDA)/interest cover remains above 2.0x and net debt/EBITDA at below 3x, based on proportionate consolidation of Stanmore. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: GEAR's consolidated large cash balance of USD972.8 million as of end-2022 supports its adequate liquidity in the near term. If the GEMS' segregation is successful, Fitch expects GEAR's holding company liquidity to remain adequate over the next 12-18 months, given an extended debt maturity profile and strong dividend from Stanmore in in 2023 supported by strong coal prices. Thereafter Fitch expects the dividends to decline based on its lower coal price expectations and higher amortising payments for the acquisition debt. Fitch expects Stanmore's liquidity to be robust over the next 12-24 months, given its expectations of accelerated debt repayment by 2025 against the scheduled debt maturity of 2026. ISSUER PROFILE GEAR is a Singapore-listed holding company. It owns a 62.5% stake in the Indonesia-based thermal coal mining company, GEMS, and a 64.0% stake in the Australia-based metallurgical coal mining company, Stanmore. GEAR's subsidiary Stanmore acquired an 80% stake in Stanmore SMC (previously BHP Mitsui Coal) in May 2022 and the remaining 20% stake from Mitsui & Co. in October 2022. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Golden Energy and Resources Limited LT IDR B+ Rating Watch Revision B+ senior unsecured LT B+ Rating Watch Revision RR4 B+ HAUS LIFESTYLE: KordaMentha Appointed as Provisional Liquidators ---------------------------------------------------------------- Cameron Duncan and David Kim of KordaMentha on April 21, 2023, were appointed as Provisional Liquidators of Haus Lifestyle Pte Ltd. The Provisional Liquidators can be reached at: KordaMentha Pte Ltd 16 Collyer Quay #30-01, Singapore 049318 HODLNAUT TRADING: Majority of Creditors Want Company Liquidated --------------------------------------------------------------- Cointelegraph reports that creditors of Singapore-based cryptocurrency lender Hodlnaut have again expressed their desire to liquidate the company, which has been under judicial management since August 2022. There is no white knight investor on the horizon, interim judicial manager (IJM) Aaron Loh Cheng Lee explained in a circular updating the case. A circular from the IJMs dated April 25 said users representing approximately 55.38% of creditors, with claims of 228.3 million Singapore dollars (about US$170.5 million), have indicated they would favor liquidation over restructuring, Cointelegraph relates. No source of fresh capital has been found, the letter noted, despite the founders' efforts to find new investors: "There appears to be no indication of a white knight investor to date, and hence no prospect of any fresh capital injection." Only users with 2.42% of claims supported restructuring, and almost all of those claims comprised company directors. A mediation proposal was opposed by the "major" creditors. The major creditors include Samtrade Custodian and S.A.M. Fintech, both in liquidation, and the Algorand Foundation, Cointelepgrap discloses. Algorand has $35 million exposure to Hodlnaut. The Singapore court directed the IJMs to petition to "wind-up" the company and apply to discharge themselves, according to the letter cited by Cointelepgraph. Hodlnaut announced it was suspending withdrawals on Aug. 8, 2022, due to a liquidity crisis, recalls Cointelepgrap. It applied for judicial management the following week, which under Singaporean law temporarily protected it against legal claims. "We are aiming to avoid a forced liquidation of our assets as it [. . .] will require us to sell our users' cryptocurrencies such as BTC, ETH and WBTC at these current depressed asset prices," the company said at the time. Loh Cheng Lee and another IJM are affiliated with Ernst & Young corporate advisors, the report notes. Cointelepgraph says Hodlnaut was reportedly under police investigation for misrepresenting its exposure to the Terra stablecoin now called TerraUSD Classic (USTC). On-chain data indicates the company held at least $150 million worth of the defunct coin, despite claims to the contrary. Company executives deleted thousands of documents to hide their exposure. Creditors began seeking the company's liquidation in January, the report states. About Hodlnaut Trading Hodlnaut Trading Limited -- https://www.hodlnaut.com/ -- is a Singapore-based platform that provides innovative financial services for individual investors who can earn interest on their cryptocurrencies. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 6, 2022, the Singapore High Court granted judicial management to Hodlnaut, giving the struggling crypto lender additional breathing space to come up with a recovery plan. According to Bloomberg, Justice Aedit Abdullah approved Angela Ee and Aaron Loh of EY Corporate Advisors Pte as the interim judicial managers, Hodlnaut said in a statement on its website on Aug. 30. In an earlier application, Hodlnaut had proposed Tam Chee Chong of Kairos Corporate Advisory Ltd. as the interim judicial manager. The court announced the decision on Aug. 29, Hodlnaut added. The TCR-AP reported in late January 2023 that key creditors of Hodlnaut rejected a proposed restructuring plan and prefer to liquidate the company. They said their interests are best served by winding the firm up, according to a Jan. 11 filing by Hodlnaut's court-appointed interim judicial managers seen by Bloomberg News. PUMA ENERGY: Fitch Alters Outlook on 'BB-' LongTerm IDR to Pos. --------------------------------------------------------------- Fitch Ratings has revised Puma Energy Holdings Pte. Ltd's (Puma Energy) Outlook to Positive from Stable, and has affirmed its Long-Term Issuer Default Rating (IDR) at 'BB-'. It has also affirmed Puma International Financing S.A.'s senior unsecured instruments at 'BB-' with a Recovery Rating at 'RR4'. The Outlook revision is driven by lower forecast EBITDAR net leverage at about 3.0x (adjusted for leases and readily marketable inventory) and improved, albeit still relatively weak, coverage metrics compared with its previous rating case under the assumption that infrastructure business disposal proceeds are fully applied to debt reduction. Both metrics support a possible rating upgrade, despite the moderate contraction of the company's business scale. Fitch assumes that the refinancing of bank facilities currently in progress will be completed at least at existing levels. Continued adherence to its financial policy and a record of improved financial flexibility, including positive free cash flow (FCF) generation and adequate medium-term liquidity, would be positive for Puma Energy's rating. The ratings continue to reflect the group's geographical and business diversification as well as strong underlying demand drivers, which are partly offset by inherent cash flow volatility from its sizeable emerging market (EM) exposure. Fitch continues to view Puma Energy's parent Trafigura as more akin to a supportive financial investor looking to dispose of its controlling stake in the foreseeable future. Fitch may reassesses its approach if the parent's behaviour changes, leading to a detrimental impact on Puma Energy's creditor group. KEY RATING DRIVERS Better Leverage Metrics: Fitch now expects Readily Marketable Inventory (RMI) and lease adjusted net debt/ EBITDAR leverage post the completion of disposals to remain under 3.0x, which is below its previously expected 4.0x and the average 5.0x recorded over 2018-2021. Its view that leverage will reset to a lower level is supported by the company's decision to no longer apply part of the divestment proceeds to prepay a portion of the subordinated shareholder loan to Trafigura (USD285 million under its previous forecasts) and the company's target 2.5x net debt/ EBITDA (pre-IFRS 16). Lower Lease-based Debt: Compared with its initial expectation upon the transaction's announcement, Fitch now expects about USD0.8 billion lower lease capitalisation debt as a result of the somewhat smaller scale of the transaction (a small part of which is still expected to complete in 2Q23), a lower Fitch-estimated rental proxy to be capitalised and IFRS16 not applied to a part of the transaction. Fitch has applied a slightly higher 6.8x weighted lease multiple, reflecting changes in the right-of-use-assets composition to an expected rental cost estimate of about USD160 million. Disposal Reduces Earnings: Fitch expects EBITDA to decline by about 30% to USD300 million in 2023 as the impact from infrastructure business disposal, most of which was completed in 4Q22, annualises. Puma Energy will now pay rents or storage service cost to use the terminals that it disposed of. Puma Energy outperformed Fitch's rating case by nearly 20% at EBITDAR level in 2022, mainly due to higher gross profit margin and slightly higher volumes, in particular in Latin America. The infrastructure disposal reduces the scale of the business, but Fitch's forecast EBITDAR at about USD450 million remains close to the USD500 million 'bb' mid-point level for scale in its Non-Food Retail Navigator. Weak Coverage Metrics: Fitch expects relatively weak RMI-adjusted EBITDAR/interest + rents cover at about 2.0x, but improved from 1.5x under its previous rating case and in line with positive rating sensitivities. This takes into account rental costs and additional service costs that affect EBITDA but are not captured under rents and thus are not capitalised. A higher share of fixed (rental) costs is a burden on Puma Energy's credit profile, but it is slightly mitigated by greater clarity on the group's financial policy, suggesting some financial discipline. Path to Improved Financial Flexibility: Fitch believes Puma Energy is on a path to improved financial flexibility with lower expected financial debt (post expected debt reduction from disposal proceeds) to service and refinance in future, and higher liquidity amid a cleared revolving credit facility (RCF) and following no funds up-streamed to Trafigura. Its rating action captures bank facility refinancing at the current levels at least, including a portion with a two-year tenor. Puma Energy's adherence to its recently announced leverage policy, which Fitch expects to be met with no material headroom along with sufficient medium-term standalone liquidity will be key to a rating upgrade. Standalone Rating Approach Retained: Fitch continues to view Trafigura's 96.6% shareholding in Puma Energy as more aligned with an investment held temporarily and that it may look to fully/partly dispose of over the four-year rating horizon rather than a fully integrated business. Therefore, Fitch analyses Puma Energy on a standalone basis despite Trafigura's 96.6% ownership. Any changes in Trafigura's behaviour, leading to a material cash leakage from Puma Energy, or tighter integration, may lead us to reassess its view of linkage under its Parent and Subsidiary Linkage (PSL) Rating Criteria. Strong Demand Drivers: Puma Energy benefits from strong underlying demand drivers in EM. It has operations in over 30 countries, mainly in EM, with Latin America being its largest segment by sales and sites. Exposure to EM can make cash flow more volatile due to currency movements. Limited Oil Price Risk: Puma Energy hedges its physical fuel supply. All of its supply stock is either pre-sold or hedged against price fluctuations. Therefore, in evaluating leverage and interest coverage ratios, Fitch excludes debt associated with financing RMI and reclassifies the related interest costs as cost of goods sold. The difference between RMI lease-adjusted and RMI-unadjusted lease-adjusted EBITDAR net leverage is about 1.5x. DERIVATION SUMMARY Puma Energy's closest peer is Vivo Energy Ltd. (BBB-/RWN), which operates on a smaller scale and with a higher concentration in Africa (over 20 countries). Vivo Energy's IDR benefits from a one-notch uplift for parental support from its 'bb+' Standalone Credit Profile. The Rating Watch Negative (RWN) reflects the potential impact on Vivo Energy's credit profile from the announced material acquisition of African peer Engen Ltd (74%), which will materially increase its scale, but if funded by debt could lead to a downgrade. Fitch expects Puma Energy's RMI lease-adjusted net EBITDAR leverage below 3.0x following the infrastructure business disposal with proceeds applied to debt reduction. This is still above the leverage of Vivo Energy, whose rating is supported by a cash-generative (FCF margin of 1%) and conservative financial profile, with RMI lease-adjusted net leverage below 2x, post the USD600 million bridge loan that it raised in 2022, but before considering any impact from the acquisition and its financing. Both companies are expected to generate similar levels of EBITDAR, but due to higher rents Puma's EBITDA will be lower than Vivo Energy's. Higher rents and higher financial debt lead to weaker coverage ratio for Puma at about 2.0x vs Vivo Energy's 3.0x on RMI lease-adjusted basis. Puma Energy's retail operations can be compared, to some extent, with those of EG Group Limited (B-/Stable), a global petrol filling stations and convenience retail/ food services operator. EG Group is larger than Puma Energy, its overall scale and diversification have improved through acquisitions and the group is present in mature European, US and Australian markets. EG Group has a higher exposure to more profitable convenience and food-to-go retail than Puma Energy, leading to higher expected EBITDA and FFO margins of about 5% and 3%, respectively, versus about 2% and 1.5% for Puma Energy. EG Group's rating reflects a weaker financial profile following a period of mainly debt-funded acquisitions, with EBITDAR lease-adjusted gross leverage falling by about 8.0x. KEY ASSUMPTIONS - Sales volumes at about 17,100,000 cubic metres (m3) for 2023, growing low single digits thereafter - Stable gross profit unit margin over 2023-2026 at USD57-58/m3 - Working capital outflow of USD48 million in 2023 - Capex of USD125 million per year through the rating horizon - No foreign-exchange impact - Viable dividend distribution from 2024 onwards - No further M&A (post infrastructure disposal) - Divestment of infrastructure assets over 2022-2023 with about USD1 billion proceeds, fully applied to debt reduction RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Evidence of sustained unit margins and FFO margin while maintaining EBITDAR at about USD500 million - RMI- and lease- adjusted net debt/EBITDAR sustained below 4.0x in combination with a record of compliance with its financial policy - RMI-adjusted EBITDAR/interest + rents cover sustainably above 2.0x - Enhanced financial flexibility translated into a record of positive FCF generation and a sustainable standalone liquidity profile with reduced refinancing risk, following the application of disposal proceeds to debt repayment and adequate medium-term committed RCF Factors that could, individually or collectively, lead to a Stable Outlook: - No visibility that net leverage, post application of disposal proceeds towards debt repayment, may lead to RMI- and lease- adjusted net debt/EBITDAR sustained at or below 4.0x and RMI-adjusted EBITDAR/interest + rents cover sustainably above 2.0x Factors that could, individually or collectively, lead to negative rating action/downgrade: - Non-completion of RCF and term loan refinancing (expected shortly) - RMI- and lease- adjusted net debt/EBITDAR sustained above 5.0x - Change in Trafigura's behaviour or policy towards Puma Energy leading to a potential material cash leakage from the subsidiary, resulting in Fitch reviewing the linkage with Trafigura under its PSL Rating Criteria. The assessment of open legal ring-fencing permitting value extraction from the subsidiary combined with free potential access and effective control of the subsidiary's cash by the parent, especially in combination with the above-mentioned factors, could result in a negative rating action LIQUIDITY AND DEBT STRUCTURE Comfortable Liquidity: As of 31 December 2022, Puma Energy had USD736 million cash, after deducting about USD17 million cash that is pledged as collateral and USD83 million restricted cash largely relating to the sale of its Australian business, which has been released post end-2022. Puma Energy is yet to fully apply the USD850 million disposal proceeds received in 2022 to debt reduction. It has used USD300 million to clear the RCF and to repay the US dollar private placement that was due January 2023, while Opco's debt was also reduced by nearly USD150 million in 4Q22 with the balance placed on deposit. Fitch expects the company to reduce and simplify its financial debt further, thus reducing interest cost compared with previous years. Fitch assumes the refinancing of Puma Energy's USD700 million committed bank facilities to be completed shortly, at a potentially higher level. This will continue to incorporate a two-year RCF tranche, currently at USD132.5 million, which Fitch includes in the liquidity score calculation. The available pro forma liquidity (cash and RCF available for over a year) is about USD0.9 billion, compared with about USD770 million Holdco debt due over 2023-2024, in addition to USD726 million notes maturing in 2026. Debt documentation prescribes pro-rata repayment among notes due in 2024 and 2026 and the euro private placement in applying disposal proceeds, which may potentially leave refinancing risk on 2024 maturities that could be funded from the available RCF. Subsequent to the full completion of the infrastructure disposal and use of proceeds to reduce outstanding credit facilities, Puma Energy will materially reduce the levels of debt and interest costs compared with a few years ago when the company embarked on divesting assets to reduce leverage. Puma Energy also relies on local banks to provide operating company debt (USD68 million at end-2021), which are drawings under uncommitted facilities, though the level of utilisation has reduced. ISSUER PROFILE Puma Energy Holdings Pte. Ltd (Puma Energy) is a global oil group with operations in over 30 countries worldwide across Africa, Americas Europe and Asia Pacific. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Puma International Financing S.A. senior unsecured LT BB- Affirmed RR4 BB- Puma Energy Holdings Pte. Ltd LT IDR BB- Affirmed BB- TAP VENTURE: Final Meeting Set for June 16 ------------------------------------------ Members and creditors of Tap Venture Fund I Pte Ltd will hold their final meeting on June 16, 2023, at 10:30 a.m., via Zoom tele-conference. At the meeting, Andrew Grimmett, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ================= S R I L A N K A ================= SRI LANKA: Delays Debt Restructuring Plan Presentation to Mid-May ----------------------------------------------------------------- Ronojoy Mazumdar and Asantha Sirimanne at Bloomberg News report that Sri Lanka pushed back the release of its debt restructuring plan to investors to the middle of May from this month. According to Bloomberg, the government will present a comprehensive plan for treating the island nation's foreign as well as local debt, P. K. G. Harischandra, director of economic research at the central bank, said on April 25, without explaining the delay. Bloomberg relates that the setback underscores the difficulty Sri Lanka faces in balancing the demands of its bondholders, raising the risks surrounding the International Monetary Fund's bailout. Overseas investors are demanding that domestic bond holders share billions of dollars of losses, but the government's proposal for a voluntary restructuring of its local debt is finding few takers from banks worried about a hit to their capital, Bloomberg says. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***