/raid1/www/Hosts/bankrupt/TCRAP_Public/230511.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, May 11, 2023, Vol. 26, No. 95
Headlines
A U S T R A L I A
AUSTRALIAN PRESSINGS: Second Creditors' Meeting Set for May 15
DANIEL PARKINSON: First Creditors' Meeting Set for May 17
KNIGHTHILL SECURITY: Second Creditors' Meeting Set for May 16
ONLINE HIRE: Second Creditors' Meeting Set for May 16
PROPERTY SOLUTIONS: Goes Into Voluntary Liquidation; Owes Millions
WEST END: Second Creditors' Meeting Set for May 16
C H I N A
YI'AN PROPERTY: BYD Gets Nod to Take Over Bankrupt Insurer
I N D I A
A. P. FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating
A.M. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
AMAR PRAKAASH: Insolvency Resolution Process Case Summary
ASSOTECH MILAN: Liquidation Process Case Summary
B. MELARAM: ICRA Upgrades Rating on INR7.0cr LT Loan to B+
BANGALORE BLUES: Insolvency Resolution Process Case Summary
BHARAT SINGH: CARE Lowers Rating on INR5.60cr LT Loan to B-
BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
BUSINESS BROADCAST: Insolvency Resolution Process Case Summary
DPD INDUSTRIES: Liquidation Process Case Summary
EXCEL VENTURE: CARE Keeps B+ Rating in Not Cooperating Category
GHATGE PATIL: CARE Keeps D Debt Ratings in Not Cooperating
GO FIRST: Gains Bankruptcy Protection, Moratorium Placed on Leases
GO FIRST: Pratt & Whitney to Oppose Push to Enforce Arbitration
INFRA CORPORATION: CARE Lowers Rating on INR10cr Loan to B
INSTEEL ENGINEERS: Insolvency Resolution Process Case Summary
J. V. EXPORTS: CARE Lowers Rating on INR16cr Loan to B
JAISWAL TRADING: CARE Keeps B- Debt Rating in Not Cooperating
JHARKHAND INFRA: ICRA Reaffirms D Rating on INR443.20cr Loan
JOGVICK MANUFACTURING: Insolvency Resolution Process Case Summary
JOHAL & CO: Insolvency Resolution Process Case Summary
KRISHNA PREMIUM: Insolvency Resolution Process Case Summary
MADAN’S WINE: Insolvency Resolution Process Case Summary
MAHAJAN STEEL: Liquidation Process Case Summary
MANGLAM FOODS: CARE Keeps C+ Debt Rating in Not Cooperating
NO EXIT CLOTHING: Insolvency Resolution Process Case Summary
ORAVEL STAYS: Moody's Affirms 'B3' CFR, Outlook Remains Stable
P.L VEHICALS: Insolvency Resolution Process Case Summary
PENTAGON ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
PRECISION ELECTRONIC: CARE Lowers Rating on INR6.27cr Loan to B-
PTG TECHNOPAK: ICRA Moves B+ Ratings to Not Cooperating Category
QI NETWORK: ICRA Keeps B+ Ratings in Not Cooperating Category
RADHARANI EXPORTS: Insolvency Resolution Process Case Summary
RAJASTHAN DELHI: CARE Lowers Rating on INR9cr LT Loan to B-
RAM CHANDER: CARE Keeps B- Debt Rating in Not Cooperating
RD T.M.T: ICRA Withdraws B+ Rating on INR12cr LT Loan
SETH CONSTRUCTION: CARE Keeps C/A4 Debt Ratings in Not Cooperating
SHREEVELU BUILDERS: CARE Reaffirms D Rating on INR50cr LT Loan
SHRIRAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating
SKS POWER: ICRA Keeps D Debt Ratings in Not Cooperating Category
SOHAN COPPERTECH: CARE Keeps B+ Debt Rating in Not Cooperating
SR MEDISERVICES: Liquidation Process Case Summary
SUDAL INDUSTRIES: Liquidation Process Case Summary
SUMMIT CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
TAURIAN ENGINEERING: Insolvency Resolution Process Case Summary
TEEKNITS: CARE Lowers Rating on INR0.03cr LT Loan to B-
VIKRAM STRUCTURE: Voluntary Liquidation Process Case Summary
[*] INDIA: Mulls New Framework to Put IBC Cases on Fast Track
N E W Z E A L A N D
BLUE STAR: To Close Webstar Print Site, 40 Jobs to Go
BUTCHER'S SON: Creditors' Proofs of Debt Due on June 9
C AND P INVESTMENT: Court to Hear Wind-Up Petition on May 17
HIGH COUNTRY: Cabin Company Placed Into Liquidation
JENHASH CONTRACTING: Court to Hear Wind-Up Petition on May 17
L & H FOOD: Creditors' Proofs of Debt Due on May 19
XXL BROTHERS: Creditors' Proofs of Debt Due on June 15
S I N G A P O R E
A ASSET: Court Enters Wind-Up Order
EAST MARINE: Creditors' Meetings Set for May 26
HONESTBEE PTE: Creditors' Meetings Set for May 18
TEE INT'L: Court to Hear Scheme of Arrangement Order Bid on May 11
[*] SINGAPORE: No. of Bankruptcy Filings Up to 959 in Q1 of 2023
X X X X X X X X
[*] Fitch Assigns Ex-Govt. Support Ratings to Asia-Pacific Banks
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN PRESSINGS: Second Creditors' Meeting Set for May 15
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Pressings Pty Ltd has been set for May 15, 2023 at 11:00 a.m. via
teleconference.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 12, 2023 at 4:00 p.m.
Ian Graham Grant of Vince & Associates was appointed as
administrator of the company on March 29, 2023.
DANIEL PARKINSON: First Creditors' Meeting Set for May 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Daniel
Parkinson Heating & Cooling Pty Ltd will be held on May 17, 2023,
at 12:00 p.m. at the offices of Hamilton Murphy Advisory and via
virtual meeting technology.
Brett Orzel and Stephen Dixon of Hamilton Murphy Advisory were
appointed as administrators of the company on May 5, 2023.
KNIGHTHILL SECURITY: Second Creditors' Meeting Set for May 16
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Knighthill
Security Pty Ltd has been set for May 16, 2023 at 2:00 p.m. via
online meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 5, 2023 at 12:00 p.m.
Mathew Gollant of CJG Advisory was appointed as administrator of
the company on April 3, 2023.
ONLINE HIRE: Second Creditors' Meeting Set for May 16
-----------------------------------------------------
A second meeting of creditors in the proceedings of Online Hire Pty
Limited has been set for May 16, 2023 at 11:00 a.m. via
teleconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 15, 2023 at 5:00 p.m.
Steven Arthur Gladman of Hall Chadwick Chartered Accountants was
appointed as administrator of the company on April 8, 2023.
PROPERTY SOLUTIONS: Goes Into Voluntary Liquidation; Owes Millions
------------------------------------------------------------------
Freddy Pawle for Daily Mail Australia reports that an award-winning
property developer has become the latest company in the
construction industry to have fallen into insolvency in recent
months.
According to Daily Mail, Queensland-based Property Solutions
Holdings, known for developing some of Brisbane's most prominent
urban renewal projects, went into voluntary liquidation on May 4
reportedly owing millions.
Daily Mail relates that the company fell on hard times in recent
years as it struggled to secure funding while also dealing with the
impact of the Covid pandemic and soaring construction costs.
It had also moved away from Brisbane's inner-city and started
developing in the Yatala Enterprise Area, halfway between Brisbane
and the Gold Coast.
Daily Mail says the liquidation of Property Solutions Holdings and
other connected businesses will be headed by Nick Combis, the
director of insolvency and reconstruction at Vincent's
Accountants.
Founded in 1990, Property Solutions Holdings found their niche in
successfully redeveloping large properties in Brisbane's
inner-city. During the company's peak output, it was involved in
more than 150 projects, with four major projects all in Brisbane.
Centro on Fortitude Valley's James Street, The Barracks on Petrie
Terrace and the SW1 commercial-retail project at Melbourne St,
South Brisbane are two of the projects the developer was known for,
the report notes.
One of the companies attached to Property Solutions, Nerang Street
Pty Ltd, had attempted to build a AUD500 million project, the Queen
Street Village, on the Gold Coast that ended with the businesses
owing creditors about AUD80 million.
The company's director, David Blanck, had his property placed on
auction by Hutchinson Builders, referring to their role as
financiers of the Queen St property, the Courier Mail reported.
'The company's financial circumstances included a change in
property market valuations, inability to meet funding arrangements
and prior to that the general impact of the Covid-19 pandemic,' a
report to ASIC from Nerang Street Pty Ltd reads.
Daily Mail, citing another report from Mr. Combis, says numerous
companies attached to Property Solutions Holdings owe the
Australian Tax Office more than AUD2.4 million.
Outside of property development, the company had also dealt in
property management and investment and asset and funds management.
WEST END: Second Creditors' Meeting Set for May 16
--------------------------------------------------
A second meeting of creditors in the proceedings of West End Craft
Brewery Pty Ltd has been set for May 16, 2023 at 11:00 a.m. at the
offices of SV Partners at 22 Market Street in Brisbane and via
virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 15, 2023 at 5:00 p.m.
Anne Meagher of SV Partners was appointed as administrator of the
company on March 29, 2023.
=========
C H I N A
=========
YI'AN PROPERTY: BYD Gets Nod to Take Over Bankrupt Insurer
----------------------------------------------------------
Yicai Global reports that Chinese electric vehicle titan BYD has
been given the greenlight to acquire a 100 percent stake in
bankrupt Yi'an Property and Casualty Insurance, making it the first
automaker to own an insurance firm in China.
The one billion shares held in Yi'an P&C Insurance by the seven
original shareholders, which include software developer Shenzhen
Infogem Technologies, will be transferred to unit BYD Auto
Industry, the China Banking and Insurance Regulatory Commission
said May 9, Yicai relates.
Although no price was given, rumors were swirling back in January
that BYD might bail out Yi'an P&C Insurance with an offer of CNY3.6
billion (USD519.8 million).
Yi'an P&C Insurance was taken over by regulators in July 2020 after
two straight years of losses due to mismanagement, Yicai Global
recalls. The Shenzhen-based firm filed for bankruptcy in July last
year, becoming the first insurer in China to go bust.
Yi'an P&C Insurance logged losses of CNY166.6 million (USD24.1
million) in 2019, a narrowing of 16 percent from the year before,
while revenue dipped 3 percent to CNY1.1 billion (USD158.8
million), Yicai Global discloses citing last earnings report
published by the insurer.
This is not BYD's first foray into the insurance sector, the report
notes. In March last year, the Shenzhen-based carmaker set up an
insurance brokerage, with registered capital of CNY50 million
(USD7.2 million), under BYD Auto Industry.
=========
I N D I A
=========
A. P. FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A. P.
Fashions Private Limited (APFPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.24 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 21, 2022,
placed the rating(s) of APFPL under the 'issuer non-cooperating'
category as APFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. APFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 4, 2023, February 14, 2023, February 24, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
A.P. Fashions Private Limited (APFPL) was incorporated in June,
1991 and it is currently being managed by Mr. Ashok Kumar
Jhunjhunwala and Mr. Amit Jhunjhunwala. Since its inception, the
company has been engaged in manufacturing of silk/cotton/polyester
fabrics, garments, scarves, home furnishing and other textile items
with an aggregate installed capacity of 5.75 lakh meters per annum.
Initially, the company has started with silk products; however, it
has diversified into various products like silk/cotton/polyester
fabrics, garments, scarves, home furnishing and other textile items
in last 25 years. The company mainly derives revenue from export
markets (around 80% of TOI in FY19) and rest from domestic market.
The major export destinations of the company are Europe, USA,
Australia, Japan, Taiwan, Hong Kong, Canada, South America,
Singapore, South Korea and U.A.E. The company has its own retail
store at Kolkata, West Bengal. APFPL enjoys the recognition as an
export house from the ministry of commerce, Government of India.
A.M. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A.M.
Industries (AI) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 3, 2022,
placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2023, March 29, 2023, April 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Hardoi (Uttar Pradesh) based A.M. Industries (AMI) is a partnership
firm and was established in November, 2000 and is currently being
managed by Mr. Shiv Kumar Agarwal & Mr. Ankit Mittal. AMI is
engaged in processing rice and its byproducts by processing paddy,
in its manufacturing unit located in Hardoi, Uttar Pradesh.
AMAR PRAKAASH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Amar Prakaash Developers Private Limited
No. 92, I floor, Happiness Tower,
Thirumudivakkam Main Road,
Thirumudivakkam, Kancheepuram-602109, Tamilnadu
Insolvency Commencement Date: April 18, 2023
Estimated date of closure of
insolvency resolution process: October 18, 2023 (180 Days)
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: Viswanathan Rajagopalan
Plot No.4, 1/787A, Deivanai Nagar II Street,
Madipakkam, Chennai-600091, Tamilnadu
Email: viswanathan.irp@gmail.com
Last date for
submission of claims: May 2, 2023
ASSOTECH MILAN: Liquidation Process Case Summary
------------------------------------------------
Debtor: Assotech Milan Resorts Private Ltd
7th Lane, Amala Pada,
Angul Odisha, Pin-759122, India
Liquidation Commencement Date: April 18, 2023
Court: National Company Law Tribunal Bhubaneswar Bench
Liquidator: Suresh Chandra Pattanayak
GKV-38, Gati Krushna Villa,
Tankapani Road,Bhubaneswar,
Dist: Khordha, Odisha Pin: 751018
Email: suresh_pattanayak@yahoo.co.in
341, Ground Floor, BJB Nagar, Bhubaneswar,
Dist: Khordha, Odisha, Pin: 751014
Email: assotechmilanresortcirp@gmail.com
Last date for
submission of claims: May 17, 2023
B. MELARAM: ICRA Upgrades Rating on INR7.0cr LT Loan to B+
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of B.
Melaram & Sons (BMS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 40.0 [ICRA]A4; reaffirmed
Non-fund
Based Limit–
Letter of Credit
Long-term (7.0) [ICRA]B+ (Stable); upgraded
Fund-based Limit– from [ICRA]B (Stable)
Cash Credit
Rationale
The rating action for BMS factors in its healthy revenue growth in
FY2023, supported by high demand from key end-user industries.
Moreover, given the stable demand outlook, the firm is likely to
maintain its scale of operations in the near term. The ratings also
continue to factor in the firm's established operational track
record and its promoters extensive experience of more than two
decades in steel trading and ship breaking businesses. The promoter
group also has a well-established presence in the ship breaking
business through an associate firm and is now planning to expand
the business through BMS. However, the approval for allocation of a
plot in the ship breaking yard from Gujarat Maritime Board has
witnessed delays.
The ratings, however, are constrained by BMS's modest scale of
operations, which is further exposed to volatility from the
cyclicality in the steel industry. Moreover, the high competitive
intensity of the industry coupled with the trading nature of BMS's
operations has continued to result in thin operating margins and
modest coverage metrics. ICRA also notes the risks
related to capital withdrawals, inherent in partnership firms.
The Stable outlook on the rating reflects ICRA's opinion that BMS
will continue to benefit from its established operational track
record and stable demand for steel products.
Key rating drivers and their description
Credit strengths
* Extensive experience of promoters in steel trading and ship
breaking business: The key partners of BMS, Mr. Vinodkumar M.
Agarwal and Mr. Bhupendrakumar M. Agarwal, have an extensive
experience of more than two decades in the steel trading and ship
breaking industry. Their experience has enabled the firm to
establish strong business relationships with its suppliers and
customers.
* Healthy growth in revenues in FY2023: BMS reported healthy
revenue growth to ~INR75 crore in FY2023 from INR32.6 crore in
FY2022 due to higher demand from key end-consumer industries.
Moreover, the firm is likely to maintain its revenue over the near
term.
Credit challenges
* Modest scale of operations and low profit margins: Despite
healthy growth in FY2023, the firm's scale of operations continues
to remain modest, resulting in limited economies of scale.
Moreover, the margins of the business remain low and volatile,
given the trading nature of operations.
* Exposure to cyclicality associated with steel industry: BMS'
operations and profitability are vulnerable to the cyclicality
inherent in the steel trading business. The fluctuation in global
as well as domestic demand and prices have affected the firm's
scale of operations and led to volatility in profit margins in
recent years.
* Fragmented nature of industry resulting in intense competition:
The steel trading industry is highly fragmented with low entry
barriers and BMS faces intense competition from several local
players as well as international competitors, limiting its pricing
flexibility.
* Risks inherent in partnership nature of business: Given the
partnership nature of the firm, any capital withdrawal could
adversely impact its net worth/capital structure.
Liquidity position: Adequate
The firm's liquidity profile is adequate supported by average
unutilized working capital limits of INR3.7 crore (over the last 12
months), absence of any term loan repayments and no material
debt-funded capex plans. While internal accrual generation has
remained modest due to low operating margins, steady scale up of
operations is expected to continue to support the liquidity
profile.
Rating sensitivities
Positive factors – The ratings could be upgraded if there is
sustained revenue growth, coupled with improvement in profitability
leading to adequate liquidity and comfortable coverage indicators.
Negative factors – The ratings could be downgraded if there is
any sustained decline in profitability and turnover leading to
deterioration of liquidity, or if there are any substantial
withdrawals from the capital account.
Established in 1980, BMS trades in ferrous products. Until FY2013,
the firm was also engaged in ship breaking activity in Mumbai.
However, the management discontinued its ship breaking operations
due to slowdown in the industry. In steel trading, the firm's
product profile includes hot rolled (HR) coils, HR plates and
sheets, HR alloy and non-alloy coils, and heavy melting scrap,
among others.
BANGALORE BLUES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Bangalore Blues Entertainment India Private Limited
Vikas Tech Park, 1st Floor,
#105, 1st A Cross Road,
5th Block, Koramangala Industrial Layout
Bangalore, Karnataka-56095
Insolvency Commencement Date: April 13, 2023
Estimated date of closure of
insolvency resolution process: October 10, 2023 (180 Days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Indrajit Mukherjee
Flat No. B 405, Siddhivinayak Twins,
Plot No. 9 Sector 17, Roadpali, Kalamboli,
Navi Mumbai, Raigad, Maharashtra - 410218
Email: indrajitmukherjee15@yahoo.com
Office No.502, A Wing, Shiv Chambers,
Sector 11, CBD Belapur,
Navi Mumbai, Maharashtra-400614
Email: cirpbbeipl@gmail.com
Last date for
submission of claims: April 30, 2023
BHARAT SINGH: CARE Lowers Rating on INR5.60cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bharat Singh Verma Cold Storage (BSVCS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.60 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 0.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 3, 2022,
placed the rating(s) of BSVCS under the 'issuer non-cooperating'
category as BSVCS had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BSVCS continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2023, March 29, 2023, April 8, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Uttar Pradesh based Bharat Singh Verma Cold Storage (BSVCS) was
established in September, 2004 as a partnership firm. The firm is
currently managed by Mr. Mahijeet Singh Verma, Mr. Ranjeet Singh
Verma and Mr. Surjeet Singh Verma. The firm is engaged in renting
of its cold storage facility for potatoes to the local farmers in
Etah, Uttar Pradesh. The firm has two group associate namely;
"Bharat Trading Company" (established in 1985); and "Jeet Trading
Company" (established in 1992) engaged in the trading of vegetables
(potatoes, garlic, onions, etc.) on commissioning basis.
BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Cross
Commodities Private Limited (BCCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 3, 2022,
placed the rating(s) of BCCPL under the 'issuer non-cooperating'
category as BCCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BCCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 17, 2023, January 27, 2023, February 6, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Incorporated in November 2009, Blue Cross Commodities Private
Limited (BCCPL), promoted by Mr. Prakash Bihani and his son Mr.
Siddharth Bihani (MD), is engaged in the manufacturing & trading of
bitumen & bitumen related products like cold bitumen, emulsion,
etc.
BUSINESS BROADCAST: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Business Broadcast News Private Limited
9I4, 9th Floor, B Wing, Kanakia Wall Street,
Andheri Kurla Road, Chakala,
Andheri East Mumbai 400093
Insolvency Commencement Date: April 19, 2023
Estimated date of closure of
insolvency resolution process: October 16, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Gajesh Labhchand Jain
501, Clifton Society,
Shastri Nagar, Raviraj Oberoi Marg,
Andheri West, Mumbai -400053
Email: gajeshjain@gamil.com
C-602, Remi Biz Court,
Off Veera Desai Road,
Azad Nagar, Andheri west, Mumbai -400053.
Email: cirp.businessbroadcastnews@gmail.com
Last date for
submission of claims: May 3, 2023
DPD INDUSTRIES: Liquidation Process Case Summary
------------------------------------------------
Debtor: DPD Industries Limited
Moti Bazar
Outside Hira Mandi Ferozepur PB 152002 India
Liquidation Commencement Date: April 20, 2023
Court: National Company Law Tribunal Chandigarh Bench
Liquidator: Mr. Gautam Mittal
791, Patel Nagar, Civil Lines,
Ludhiana, Punjab, 141001
Email: mittalgautam@yahoo.com
AAA Insolvency Professionals LLP
E-10A, Kailash Colony, New Delhi-110048
Email: dpindustries@aaainsolvency.com
Last date for
submission of claims: May 20, 2023
EXCEL VENTURE: CARE Keeps B+ Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Excel
Venture Construction Private Limited (EVCPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 15.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 14, 2022,
placed the rating(s) of EVCPL under the 'issuer non-cooperating'
category as EVCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. EVCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2023, February 8, 2023, February 17, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Excel Venture Construction Private Limited was established in April
1999 with its service facility located at Harmu, Near Sahjnanada
Chowk, Ranchi, Jharkhand-834002. Since its inception, the entity
has been engaged in civil construction business in the segment like
building, bridges and roads. Further, the entity is also classified
as class 'I' contractor in civil (B&R) under the department of PWD
Government of Jharkhand. Class 'I' contractor can bid for all types
and higher value of contracts of Public Works Department (PWD) in
Jharkhand. The entity is also engaged in contractor business with
Jharkhand State Building Construction Department (JSBCD), Rural
Development Department, Road Construction Department, Irrigation
department and Police Housing Corporation. Mr. Sanjit (Managing
Director) has more than two decades of experience in civil
construction industry. He looks after the day to day operations of
the entity along with other director. The promoters are ably
supported by other technical and non-technical professionals who
are having long experience in this industry.
GHATGE PATIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ghatge
Patil Transports Private Limited (GPTPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.06 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 5, 2022,
placed the rating(s) of GPTPL under the 'issuer non-cooperating'
category as GPTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GPTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2023, March 31, 2023, April 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
GPTL is the flagship company of the Ghatge group and has been
operational since 1958 in the name of Ghatge & Patil (Transports)
Private Limited. During September 2002, the company was converted
into public limited (closely held) and as the name was changed to
'Ghatge Patil Transports Limited'. GPTL is engaged in logistics;
owning fleet of over 360 vehicles with over 300 branches pan India
(as on March 31, 2015). Furthermore, under the name of Chetan
Motors (Division of GPTL) the company operates as an authorized
auto dealer of Tata Motors Limited (TML).
GO FIRST: Gains Bankruptcy Protection, Moratorium Placed on Leases
------------------------------------------------------------------
Reuters reports that an Indian tribunal on May 10 granted
bankruptcy protection to Go Airlines (India) Ltd, a move that will
help the country's fourth-largest carrier attempt to revive itself
but complicate foreign lessors' efforts to repossess their planes.
Reuters relates that the low-cost carrier, recently rebranded as Go
First, has said its financial crisis was sparked by what it called
"faulty" Pratt & Whitney engines that grounded about half its 54
Airbus A320neos. The U.S. engine maker, part of Raytheon
Technologies, has said the claims are without evidence.
In granting bankruptcy protection, the National Company Law
Tribunal in New Delhi ordered a moratorium on Go First's assets and
leases, Reuters says. It also appointed Abhilash Lal of Alvarez &
Marsal as the interim resolution professional to take over
management with immediate effect.
The resolution professional "shall ensure that retrenchment of
employees is not resorted to as a matter of course," the tribunal's
41-page order said, Reuters relays. Go First has staff of around
7,000.
Reuters says the bankruptcy move adds to headaches for lessors,
which have filed requests with India's aviation regulator for the
return of about 40 Go First planes after rental payments were
missed.
India made it easier for lessors to take back planes if airlines
default on payments after joining in 2008 an international treaty
known as the Cape Town Convention. But bankruptcy protection
supersede lessors' repossession requests.
"The next step for lessors is to approach the appellate tribunal .
. . It will be a prolonged legal battle," said Ajay Kumar, managing
partner at India's KLA Legal which represents Go First lessors
including Jackson Square Aviation and Bank of China Aviation.
He added that Go First's woes will lead to higher lease premiums
for Indian airlines, Reuters relates.
That could prove to be a pain point for the sector at a time when
Indian Prime Minister Narendra Modi is touting the country's
emergence as an aviation powerhouse, with bigger rivals IndiGo and
Tata Group's Air India expanding aggressively.
Go First's lessors also include SMBC Aviation Capital and CDB
Aviation's GY Aviation Leasing.
Its voluntary seeking of bankruptcy protection to renegotiate
contracts and debt marks a first for an Indian airline, and Chief
Executive Officer Kaushik Khona, who was present as the order was
read, hailed the tribunal's decision as "historic," according to
Reuters.
Go First, which had a 7% share of the world's third-largest
aviation market in March, has currently suspended all flights due
to "operational reasons" and is not taking new bookings.
Reviving the airline - one of the hardest hit worldwide by problems
with Pratt & Whitney engines - will not be easy, said Abhirup
Dasgupta, a partner at HSA Advocates who specialises in insolvency
law but is not involved in Go First's proceedings, Reuters relays.
It will require fresh funds and lenders could be wary of investing,
he said.
Go First bankruptcy filing lists Central Bank of India Ltd, Bank of
Baroda Ltd, IDBI Bank Ltd, and Deutsche Bank among its financial
creditors which are owed INR65.21 billion ($798 million).
The airline's total liabilities to all creditors stands at
INR114.63 billion, including dues to banks, financial institutions,
vendors and aircraft lessors, Reuters discloses.
It's also not clear when the dispute with Pratt & Whitney will be
resolved, Reuters states. Go First won an arbitration case in
Singapore that ordered the U.S. firm to dispatch spare engines to
the airline and has since approached a Delaware Court to request
that it be enforced.
Pratt & Whitney plans to oppose the move, a Delaware court filing
showed on May 10.
Reuters adds that the Indian tribunal said the new resolution
professional will take "all necessary steps including the execution
of the arbitral award".
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
GO FIRST: Pratt & Whitney to Oppose Push to Enforce Arbitration
---------------------------------------------------------------
Reuters reports that Pratt & Whitney plans to oppose Go Airlines
(India) Ltd's push to enforce an arbitration ruling against the
U.S. company for the supply of spare engines, a Delaware court
filing showed.
Reuters relates that the airline, widely known as Go First,
approached the Delaware court after it won an arbitration order in
Singapore against Pratt & Whitney, which it said failed to supply
engines on time. That, the Indian airline argues, has also forced
it to file for bankruptcy in New Delhi.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
INFRA CORPORATION: CARE Lowers Rating on INR10cr Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Infra Corporation (IC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 10, 2022,
placed the rating(s) of IC under the 'issuer non-cooperating'
category as IC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2023, April 5, 2023, April 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information.
Pune based, Infra Corporation (IC), is a partnership firm
established in 2016 by Mr Pankaj Shah and Mr Kiran Shah. The entity
is engaged in trading of metal pipes, M.S pipes, Hollow sections,
Pre-galvanized pipes. IC is distributor of Maharashtra Seamless
Limited, Jindal Pipes Limited, APL Appolo Tubes Limited. The firm
is part of the Ambalal and Sons group, which has its presence in
trading, consultancy and civil work. The group caters to the
variety of end-user industries and has customer base across
Maharashtra.
INSTEEL ENGINEERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Insteel Engineers Private Limited
804/805/806 The Ambience Court,
Opp RTO Office, Sector 19D,
Vashi, Navi Mumbai Thane MH 400703 India
Insolvency Commencement Date: April 12, 2023
Estimated date of closure of
insolvency resolution process: October 9, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr.Piyush Kisanlal Jani
Om Ashra, New Laxminagar,
Behind Mazar Ring Road,
Gondia Maharashtra, 44164
Email: capiyushj@gmail.com
G-19, Shreewardhan Complex,
Mezzanine Floor,
Besides Landmark Building,
Ramdaspeth Wardha Road, Nagpur, Maharashtra, 440010
Email: cirp.insteelengineers@gmail.com
Last date for
submission of claims: May 3, 2023
J. V. EXPORTS: CARE Lowers Rating on INR16cr Loan to B
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
J. V. Exports (JVE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B+; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 9, 2022,
placed the rating(s) of JVE under the 'issuer non-cooperating'
category as JVE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JVE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2023, April 4, 2023, April 14, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of JVE have been
revised on account of non-availability of requisite information.
Established in 1996, J V Exports (JVE) is a partnership firm
engaged in the processing and export of diamonds. The operations of
the firm are managed by the partners Mr. Vaghjibhai Vadsak, Mr.
Vitthalbhai Vadsak, Mr. Arvindbhai Vadsak and Mr. Jaysukhbhai
Vadsak who are vastly experienced and managing overall operations
of the firm. The firm has its administrative office in Mumbai and
its processing plant is located in Surat.
JAISWAL TRADING: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jaiswal
Trading Company (Bhikangaon) (JTC) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 3, 2022,
placed the rating(s) of JTC under the 'issuer non-cooperating'
category as JTC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 17, 2023, January 27, 2023, February 6, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jaiswal Trading Company (Bhikangaon) (JTC) is a proprietorship firm
formed in 2012 by Mr. Amit Jaiswal. JTC is engaged into trading of
cotton products viz. cotton, cotton seed oil, oil cake and cotton
bales etc.
JHARKHAND INFRA: ICRA Reaffirms D Rating on INR443.20cr Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Jharkhand
Infrastructure Implementation Company Limited (JIICL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 443.20 [ICRA]D; reaffirmed
Fund-based–
Term loan
Rationale
The rating reaffirmation factors in the continued irregularities in
debt servicing by JIICL due to the company's stretched liquidity
position arising from delays in receipt of annuities. The company's
cash flows have been constrained on account of significant delays
in annuity payments from the Government of Jharkhand (GOJ). The
first, second and third semi-annuities were received with a delay
of 63 days, 36 days and ~8 months respectively, whereas the third,
fourth and sixth semi annuities, due in May 2020, November 2020 and
November 2021 respectively, are yet to be received. The seventh and
eighth annuities were received in March 2023. Given the delay in
annuity payments from the authority, the lenders had dipped into
the debt service reserve account (DSRA) to meet the debt servicing
obligations for September 2020 and October 2020 and had approved
the non-maintenance of major maintenance reserve (MMR). ICRA
understands from the management that the project is proposed to be
transferred to Roadstar Infra Investment Trust. The same is
awaiting requisite approval from the authorities, which is expected
by September 2023. Timely receipt of annuities, on a sustained
basis, remains critical and would remain the key from a debt
servicing perspective.
Owing to prevailing delays in receipt of the annuities, the company
was unable to maintain DSRA and MMR as per the sanctioned terms.
Consequently, JIICL's ability to ensure satisfactory maintenance of
the road is constrained. The first major maintenance cycle, falling
due in FY2024-25, at an estimated cost of INR34.3 crore is exposed
to funding risk. The profitability and cash flows of the project
remain exposed to interest rate risk owing to the floating nature
of the interest rates.
Key rating drivers and their description
Credit strengths
Not applicable
Credit challenges
* Delay in debt servicing: The company is delaying in repaying its
debt obligations on time since February 2021 due to its stretched
liquidity position on account of delays in annuity receipts and has
been classified as a non-performing asset by the lenders.
* Non-maintenance of DSRA and MMR account: As per the sanctioned
terms, JIICL is required to maintain DSRA equivalent to ensuing six
months of debt servicing obligations. The rating remains
constrained on account of non-maintenance of DSRA and MMR as per
the sanctioned terms owing to the prevailing delays in receipt of
the annuities.
* Exposure to annuity deduction in case of delay in O&M activity:
The company is exposed to operations and maintenance (O&M) related
risks as inadequate maintenance could result in lane closures
leading to potential deductions from annuity by GOJ. Its ability to
undertake routine and periodic maintenance expenditure within the
budgeted costs remains important.
* Exposed to interest rate risk: The project's cash flows and
profitability remain exposed to interest rate risk given the
floating nature of interest rates.
Liquidity position: Poor
JIICL's liquidity profile is poor as reflected by delays in debt
servicing. The company has an unencumbered cash balance of INR158
crore as on March 31, 2023. Its debt repayment obligation remains
significantly high against a backdrop of weak cash accruals.
Rating sensitivities
Positive factors – ICRA could upgrade the rating on successful
demonstration of timely debt repayment on a sustained basis,
following an improvement in the company's liquidity profile.
Jharkhand Infrastructure Implementation Company Limited (JIICL), a
wholly-owned subsidiary of IL&FS Transportation Networks Limited
(ITNL), was incorporated in 2015, to develop a six-lane divided
carriageway with paved shoulders on Ranchi Ring Road (section VII)
on Build, Operate and Transfer (BOT) annuity basis. The project
stretch starts from design chainage Km 0.000 near Kathitar Junction
on NH-75 via Sukurhuttu Pithora to design chainage Km. 23.575 at
Vikas on NH-33, in Jharkhand, having a length of 23.575 km. The
total project cost of INR636 crore was funded by way of equity
infusion of INR80 crore, promoter sub-debt of INR80 crore and
INR476 crore of bank debt. The project achieved provisional
completion certificate on November 21, 2018 and received the final
completion certificate on May 16, 2019.
JOGVICK MANUFACTURING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Jogvick Manufacturing and Trading Private Limited
The Millennium
235/2A, A.J.C Bose Road,
4th Floor Kolkata - 700020,West Bengal
Insolvency Commencement Date: April 17, 2023
Estimated date of closure of
insolvency resolution process: October 14, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Jitendra Lohia
2/7 Sarat Bose Road, 2nd Floor,
Vasundhara Building, Near Hindustan Club,
Kolkata-700020, West Bengal
Email Id: jitulohia@knjainco.com
Email: cirp.jogvick@gmail.com
Last date for
submission of claims: May 1, 2023
JOHAL & CO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Johal & Co (Wine Sales) Private Limited
"Rajhans Building" 6 Hastings Park Road,
Room No: 11&12 Kolkata 700027 West Bengal
Insolvency Commencement Date: April 17, 2023
Estimated date of closure of
insolvency resolution process: October 14, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr.Jitendra Lohia
2/7 Sarat Bose Road, 2nd Floor,
Vasundhara Building, Near Hindustan Club,
Kolkata-700020, West Bengal
Email Id: jitulohia@knjainco.com
Email: cirp.johalco@gmail.com
Last date for
submission of claims: May 1, 2023
KRISHNA PREMIUM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Krishna Premium Care Services LLP
H. No.1-18/1, Prabhat Nagar Colony, Dilsukhnagar
Hyderabad, Rangareddy Dist Telangana 500060
Insolvency Commencement Date: April 10, 2023
Estimated date of closure of
insolvency resolution process: October 6, 2023
Court: National Company Law Tribunal, Hyderabad Bench
Insolvency
Professional: Boga Ram Narayana
Villa 58, My Home Ankura,
Tellapur (V)RC Puram (M),
Sanga Reddy Dist.
Telangana State 502 032
Email: ramnboga@gmail.com
A-710 Usha Enclave, Navodaya Colony,
Srinagar Colony Extn, Yellareddiguda,
Nr SatyasaiNigamagamam,
Hyderabad, Telengana, 500073
Email: krisnapremiumcareirp@gmail.com
Last date for
submission of claims: April 25, 2023
MADAN’S WINE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Madan's Wine Store Private Limited
E2 Bharat Bhavan 3Chittranjan Avenue
Kolkata-700072, West Bengal
Insolvency Commencement Date: April 17, 2023
Estimated date of closure of
insolvency resolution process: October 14, 2023
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Mr. Jitendra Lohia
2/7 Sarat Bose Road, 2nd Floor,
Vasundhara Building,
Near Hindustan Club,
Kolkata-700020, West Bengal
Email Id: jitulohia@knjainco.com
Email: cirp.mwspl@gmail.com
Last date for
submission of claims: May 1, 2023
MAHAJAN STEEL: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s. Mahajan Steel Furnace Private Limited
Opp. Dhandari Kalan Railway Station,
Adjoining R.V International,
G.T Road Dhandari Kalan Ludhiana PB 141010 India
Liquidation Commencement Date: April 20, 2023
Court: National Company Law Tribunal Chandigarh Bench
Liquidator: Mr. Prem Chand Goyal
House No 1-F, Adjoining Municipal House,
Model Town Patiala, Punjab - 147001
Mobile No: 9813621782
Email: pcg47758@gmail.com
Unit No: A-204, Second Floor, Elante Offices
Plot No. 178-178A, Industrial Area Phase I,
Chandigarh – 160002
Email: ip.mahajansteel@gmail.com
Last date for
submission of claims: May 20, 2023
MANGLAM FOODS: CARE Keeps C+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Manglam
Foods (MF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.83 CARE C+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated March 3, 2022,
placed the rating(s) of MF under the 'issuer non-cooperating'
category as MF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 17, 2023, January 27, 2023, February 6, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Jabalpur (Madhya Pradesh) based Manglam Foods (MF) was formed in
2013 as a proprietorship concern by Mrs. Sapna Agrawal. Earlier MGF
was mainly engaged in the processing of rice for government
department on job work basis and was also engaged in trading of
agricultural commodities such as rahar, urad, wheat, murgi dana
etc.
NO EXIT CLOTHING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: No Exit Clothing Private Limited
#9, Madan Mohan Malaviya Road, Amritsar, Punjab
Insolvency Commencement Date: April 21, 2023
Estimated date of closure of
insolvency resolution process: October 18, 2023
Court: National Company Law Tribunal, Chandigarh Bench
Insolvency
Professional: Mrs. Sapna Gupta
H. No. 229, St. No. 5R, Khalsa School Road,
Khanna, Ludhiana, Punjab-141401
Email: sapnaarun.ca@gmail.com
Sapna Arun & Co
Upstairs Punjab Handloom
Opposite Punjab & Sindh Bank,
GT Road, Khanna - 141401
Email: cirp.noexit@gmail.com
Last date for
submission of claims: May 5, 2023
ORAVEL STAYS: Moody's Affirms 'B3' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed Oravel Stays Limited's (OYO)
B3 corporate family rating and the B3 rating of the backed senior
secured term loan issued by Oravel Stays Singapore Pte. Ltd, OYO's
wholly owned subsidiary.
The outlook remains stable.
"The rating affirmation reflects Moody's expectation that OYO
remains on track to turn EBITDA positive (after share based payment
expenses), on a full-year basis, for the fiscal year ending March
31, 2024, supported by a strong demand recovery and its various
cost reductions," says Sweta Patodia, a Moody's Assistant Vice
President and Analyst.
"The stable outlook reflects Moody's view that the company will
maintain adequate liquidity buffers to support its operations until
it turns cash flow positive over the next 12-18 months," adds
Patodia, who is Moody's Lead Analyst for OYO.
RATINGS RATIONALE
OYO's B3 rating reflects its position as one of the largest
providers of budget accommodation in its key operating markets,
good long-term growth prospects for the domestic budget travel
sector, and continued support from its key shareholders.
Strong recovery in travel demand combined with various cost
optimization measures undertaken by OYO has improved its operating
performance over the past 12-18 months. Excluding share-based
payments, OYO has been generating positive EBITDA since April
2022.
Moody's expects that the company will generate positive EBITDA for
the fiscal year ending March 31, 2024 (fiscal 2024), even after
accounting for share-based payment expenses.
This forecast is based on a further demand recovery in the
hospitality business, a higher number of storefronts on OYO's
platform and more cost reductions.
Under Moody's base-case assumptions, the agency expects OYO to
generate around $50 million-$55 million EBITDA (after shared based
payment expenses) in fiscal 2024.
In fiscal 2023, domestic passenger volumes at Indian airports had
recovered to around 98.5% of fiscal 2020 levels. Similarly,
passenger volumes carried by Indian railways have rebounded to
around 79% over the same period. India's rising population and
growing urbanization will drive continued growth in its travel and
tourism sector over the next few years, and in turn, support the
demand for hospitality assets in the country.
Likewise, the European vacation home market is recovering well with
demand and occupancy levels in 2022 already surpassing 2019
levels.
Moody's also expects OYO's operating costs to reduce further as the
company shifts some of its roles to India, which is a lower cost
location compared to Europe, and reduces its share-based payment
expenses.
Nonetheless, OYO's fiscal 2024 EBITDA will fall short of covering
its interest expenses of around $85 million, resulting in negative
cash flow from operations in the absence of any material working
capital movements. However, sustained earnings growth beyond fiscal
2024 will allow the company to cover its interest expenses and
generate positive cash flow from operations in fiscal 2025.
OYO has good liquidity. The company's existing cash and cash
equivalents will remain sufficient to support its operations until
it starts generating positive cash flow from operations over the
next 12-18 months.
In terms of environmental, social and governance (ESG) factors, OYO
is exposed to customer relations risk as there is potential for
reputational harm and business disruption from adverse publicity.
The company handles large volumes of customer data, which also
exposes it to risk of information security breaches.
However, Moody's expects OYO to benefit from changing demographic
and societal trends as increasing smartphone usage and data
consumption in its key operating markets will increase the demand
for the company's services.
OYO's privately owned status results in limited corporate
transparency and the potential that the company would adopt
financial strategies that largely favor shareholders over
creditors. The rating also incorporates OYO's aggressive financial
policy, as demonstrated by the use of debt to fund its evolving
business. While OYO also has a history of pursuing aggressive
expansion and business policies that have led to significant
losses, its shareholders have provided substantial equity capital
to cover its cash burn.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if the company generates positive
EBITDA and cash flows over a multi-year period, while maintaining
robust liquidity.
Moody's could downgrade the ratings if (1) the company's cash burn
does not reduce significantly over the next 12-18 months; or (2)
OYO has insufficient liquidity to fund its operations and
investments over at least the next 2-3 years; or (3) competition
from new entrants or changes in regulations, taxation or government
policy weaken the company's market position, cash flow or earnings
relative to current expectations.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Oravel Stays Limited (OYO) is an India-based hospitality aggregator
operating in the budget segment. The company was founded by Ritesh
Agarwal in 2013, who currently holds a 33.1% stake in the company.
SVF India Holdings (Cayman) Limited, a subsidiary of SoftBank Group
Corp. (Ba3 negative), is the largest shareholder with a 45.9%
stake.
P.L VEHICALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: PL Vehicals Private Limited
Luckier Road, Garikhana, Shillong,
East Khasi Hills, Meghalaya 793002
Insolvency Commencement Date: April 13, 2023
Estimated date of closure of
insolvency resolution process: October 10, 2023 (180 Days)
Court: National Company Law Tribunal, Guwahati Bench
Insolvency
Professional: CA Purshotam Gaggar
P Gaggar & Associates, Chartered Accountants
3rd Floor, Advika,
Opp. Sukreswar Ghat Garden,
M.G Road Panbazar, Guwahati Assam 781001
Email: pursshotamgaggar@hotmail.com
Last date for
submission of claims: April 30, 2023
PENTAGON ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pentagon
Aluminium Company Private Limited (PACPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.08 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 2, 2022,
placed the rating(s) of PACPL under the 'issuer non-cooperating'
category as PACPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PACPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 18, 2023, March 28, 2023, April 7, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi-based, Pentagon Aluminium Company Private Limited (PAPL) was
incorporated in February 2014 by Mr Amit Sharma and Ms Shakuntala
Kaushik. PAPL is setting up a manufacturing (Hot rolling mill) unit
at Una, Himachal Pradesh with the objective to manufacture
aluminium products such as aluminium sheets, plates and coils of
various shapes and sizes with proposed installed capacity of 3600
tonnes per annum. The company commenced its operations in September
2018.
PRECISION ELECTRONIC: CARE Lowers Rating on INR6.27cr Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Precision Electronic Instruments Company (PEIC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.27 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 6.30 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 3.23 CARE B-; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable/CARE A4
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 5, 2022,
placed the rating(s) of PEIC under the 'issuer non-cooperating'
category as PEIC had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PEIC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2023, March 31, 2023, April 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of PEIC have been
revised on account of non-availability of requisite information.
Bahadurgarh, Distt. Jhajjar, Haryana based Precision Electronic
Instruments Company (PEIC) is a proprietorship firm established in
January, 1999. The firm is managed by Mr. Rajnish Kumar Aggarwal.
PEIC is engaged in manufacturing of Digital Weighing Scales, weigh
bridges, weighing systems, load cells, Auto/taxi fare meter and LED
lighting.
PTG TECHNOPAK: ICRA Moves B+ Ratings to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Ptg Technopak
Private Limited (PTG) to 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- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating'
Category
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Term Loan the 'Issuer Not Cooperating'
Category
Short-term: (5.85) [ICRA]A4; ISSUER NOT
Interchangeable COOPERATING; rating moved to
Issuer Not Cooperating
Category
As part of its process and in accordance with its rating agreement
with Ptg Technopak Private Limited, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite cooperation
and in line with SEBI's Circular No.SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, the company's rating has been moved to the
Issuer Not Cooperating category. The rating action has been taken
in accordance with ICRA's policy on non-cooperation by a rated
entity available at www.icra.in.
PTG, incorporated in 2016, is a wholly promoter Group-owned
organisation of the Padia Group, with its manufacturing facility in
Ambala, Haryana. The company commenced commercial operations in
February 2017 and manufactures high-density polyethylene (HDPE)
drums, barrels and containers. The major promoter of PTG, Mr. Amit
Padia, has ~15 years of experience in manufacturing plastic-moulded
products and the direct marketing of products for industrial
packaging.
QI NETWORK: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Qi Network
Enterprises 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- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating Moved to
Cash Credit the 'Issuer Not Cooperating'
Category
Short-term 8.00 [ICRA]A4 ISSUER NOT
Non Fund based- COOPERATING; Rating Moved to
Others the 'Issuer Not Cooperating'
category
Long Term/ 8.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating moved to the 'Issuer
Limits 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 but 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
non-cooperation by a rated entity available at www.icra.in.
QNEPL provides IT services to a varied range of customers belonging
to different sectors such as telecom, automobile, power, business
process outsourcing, service providers, etc. It supplies and
installs routers, workstations, switches, firewalls, access points,
etc. After installing these devices, the company provides annual
maintenance contract services as well. In recent years, it has
ventured into the solar power generation equipment EPC business,
however the segment's contribution towards QNEPL's revenue and
profitability remains minimal till now.
RADHARANI EXPORTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Radharani Exports Private Limited
457, Ganesh Nagar, Niwaru Road,
Jhotwara Jaipur Rajasthan - 302012
Insolvency Commencement Date: April 12, 2023
Estimated date of closure of
insolvency resolution process: October 9, 2023
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Mr. Prashant Agrawal
F-106, First Floor, Sumer Complex,
Gautam Marg, C-Scheme,
Jaipur-302001, Rajasthan
Email: cirp.repl2023@gmail.com
Email: ippagrawal@gmail.com
Building No. F-174, First Floor (F-106),
Sumer Complex, Gautam Marg, B/h Bagadia Bhawan,
C-Scheme, Jaipur-302001 Rajasthan
Last date for
submission of claims: May 2, 2023
RAJASTHAN DELHI: CARE Lowers Rating on INR9cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rajasthan Delhi Education Society (RDES), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 0.70 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 4, 2022,
placed the rating(s) of RDES under the 'issuer non-cooperating'
category as RDES had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RDES continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of RDES have been
revised on account of non-availability of requisite information.
Karauli (Rajasthan) based RDES is registered as a society on
September 02, 2002 under Rajasthan Societies Registration Act, 1958
with an objective to impart education through educational
institutions. The society is presently operating fourteen
colleges/institutes in Rajasthan and offers seven degree and
diploma courses in Engineering, Pharmacy, Arts and education.
RAM CHANDER: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ram Chander
And Sons (RCS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.70 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.90 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 5, 2022,
placed the rating(s) of RCS under the 'issuer non-cooperating'
category as RCS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RCS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2023, March 31, 2023, April 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ram Chander & Sons (RCS) was established in the year 1992 as a
partnership firm by Mr. Alok Kumar Agarwal and Mrs. Sandhya
Agarwal. The firm is engaged in trading and distribution of
photographic and computer goods viz. printers, printer accessories,
inkjet papers, photographic material, etc. The firm is a
distributor of printers of Epson Printers, printers and
photographic material for Fujifilm India Private Limited, printers
for Evolis India Private Limited and inkjet papers for Tech nova
India Private Limited. The firm caters to domestic market and the
goods are distributed within the state of Uttar Pradesh to around
250 dealers.
RD T.M.T: ICRA Withdraws B+ Rating on INR12cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
RD T.M.T Steels (India) Private Limited at the request of the
company and based on the No Due Certificate/Closure Certificate
received from the banker. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key Financial indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 6.00 [ICRA]B+(Stable); ISSUER NOT
Unallocated COOPERATING; Withdrawn
RDTMT Steels India Pvt Ltd (Erstwhile Laxmi Rocks and Stones India
Pvt Ltd) is promoted by Mr. Sanjay Agarwal, Mr. Rajesh Kumar
Agarwal and Mr. Pradeep Agarwal, who have experience in granite
business mainly in Bangalor, Karnataka since 2003. Since October
2014, RDTMT has been engaged in the manufacturing of mild steel
billets with its manufacturing facility locatedat Hindupur, Andhra
Pradesh. The company has capacity to produce 72,000 tonne per annum
and 29,000 tonne per annum of TMT bars and billets respectively.
SETH CONSTRUCTION: CARE Keeps C/A4 Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seth
Construction Company (SCC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 15.00 CARE C/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 10, 2022,
placed the rating(s) of SCC under the 'issuer non-cooperating'
category as SCC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2023, April 5, 2023, April 15, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Seth Construction Company (SCC) was established in the year 1978 as
a partnership firm by Mr. Mannu Seth, Mr. Amit Seth and Mrs.
Parveen Seth and is engaged into construction of civil engineering
projects such as roads & building construction services.
SCC undertakes such activities mainly in Nagpur district,
Maharashtra and procures orders through tender bidding process
undertaken by Public Works Department (PWD), Maharashtra Irrigation
Development Corporation (MIDC) of Govt. of Maharashtra and Military
Engineering Services (MES) of Ministry of Defense.
SHREEVELU BUILDERS: CARE Reaffirms D Rating on INR50cr LT Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Shreevelu Builders Private Limited (SBPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE D Rating removed from
Facilities ISSUER NOT COOPERATING category
and Reaffirmed
Rationale and key rating drivers
CARE Ratings Limited has previously placed the rating assigned to
the bank facilities of SBPL on 'Issuer Not Cooperating' category.
SBPL has now cooperated and provided information for undertaking
the review.
The rating assigned to the bank facilities of SBPL factors in the
delays in debt servicing and the company has applied for
restructuring with the lenders.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Satisfactory track record of timely repayment servicing of debt
obligations for a continuous period of 90 days.
* Completion of the project on time and within cost estimates along
with sustained improvement in sales and collection velocity.
Analytical approach: Standalone
Detailed description of the key rating drivers:
Key weaknesses
* Slower pace of project execution: The company is currently
undertaking 'Phase-I' of the project named as 'Sree Arpana' in
Yercaud foothills, Salem, Tamil Nadu for a total saleable area of
2.92 lakh square feet (lsf) under Joint Development with company's
share of 81.58% consisting of 26 independent villas and 220
residential apartments. Since the project's inception in June 2017,
the company has completed only 68% of its estimated project cost as
on January 2023 end, indicating slower pace of project execution.
Moreover, given that the expected completion date as per RERA is
June 2023 (which was extended from the initial estimated completion
date of December 2021) the pace of construction still remains low.
The company is still to incur remaining construction cost of INR32
Cr for this project. The company against its estimated revenue of
INR126 Cr, has sold 44% in terms of value and 52% in terms of area
as on January 31, 2023.
* Exposed to cyclical nature of real estate market and regional
concentration risk: Currently, the company is executing only one
project in Salem, thus leading to geographical concentration risk.
The real estate industry's demand volatility remains high, owing to
recent occurrences like natural disasters, the COVID-19 pandemic,
and a general slowdown in the real estate market due to rising
interest rates.
Key strengths
* Experienced promoters: SBPL's founding chairman and managing
director is NVK Velan. He has a civil engineering degree and
extensive expertise in the construction sector, and he is well
supported by the other board members in the day-to-day operations
of the company. SBPL has already developed and built about 15 lsf
of residential space in notable Chennai areas.
Liquidity: Poor
The company has been delaying its debt obligations on the availed
term loan and has approached the bakers for restructuring
of the facility.
Shreevelu Builders Private Limited, incorporated during 1994 in
Chennai, is engaged in development of real estate projects and
operates under the brand name 'Taraka'. The company has already
completed 14 different projects with a combined total area of 15
lakh square feet and SBPL's founding chairman and managing director
is NVK Velan.
SHRIRAM COTTON: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shriram
Cotton Fibers (SCF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 6, 2022,
placed the rating(s) of SCF under the 'issuer non-cooperating'
category as SCF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2023, April 1, 2023, April 11, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in the year 2008, SCF is engaged in the business of
cotton ginning & pressing and trading of cotton, cotton seeds and
cotton cake at Nandurbar, Maharashtra.
SKS POWER: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long term ratings for the bank facilities of
SKS Power Generation (Chhattisgarh) Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1600.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 330.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long -term 535.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based 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 but 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
non-cooperation by a rated entity available at www.icra.in.
SKS was originally promoted by SKS Ispat and Power Ltd for
development of a 1200-MW (4 x 300 MW) thermal power project, in two
phases of 600 MW (2 X 300 MW) capacity each, in the Raigarh
district of Chhattisgarh (CG). The company achieved CoD of the two
units under phase I in October 2017 and April 2018. Due to delayed
execution and significant escalation in project cost, the company
was unable to service its debt obligations in a timely manner.
Consequently, in accordance with the RBI circular on resolution of
stressed assets, the lenders opted for a change in management
through an open bidding process. Accordingly, the proposal of ARL,
a company listed on Hong Kong stock exchange, was accepted that
comprised payment of Rs.2,170 crore towards purchase of shares,
assignment of loan, and top-up of the outstanding BGs with 100%
cash margins. Subsequently, the management control of SKS was
passed to ARL through its step-down wholly owned subsidiary,
Entwickeln India Energy Pvt Ltd (EIPL) on March 18, 2019. EIPL had
financed the acquisition amount of INR2,170 crore through INR1,600
crore of rupee term loan and the rest through equity and compulsory
convertible debentures (CCDs). ARL has provided an unconditional
and irrevocable corporate guarantee to all the borrowings of SKS.
SOHAN COPPERTECH: CARE Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sohan
Coppertech Private Limited (SCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.00 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 04, 2022,
placed the rating(s) of SCPL under the 'issuer non-cooperating'
category as SCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
SCPL was incorporated in 2009 and is based out of Nanded
(Maharashtra). The company is a part of the Sohan Group of
companies, which has business interests spanning healthcare,
poultry and copper. SCPL is engaged in manufacturing of copper
products at its manufacturing facility located at Nanded
(Maharashtra).
SR MEDISERVICES: Liquidation Process Case Summary
-------------------------------------------------
Debtor: SR Mediservices Private Limited
Old No. 37, New No 83, Razack Garden Main Road,
MMDA Colony, Arumbakkam, Chennai
Chennai TN 600106 India
Liquidation Commencement Date: April 13, 2023
Court: National Company Law Tribunal Chennai Bench-II
Liquidator: Ca S. Kannan
No. 27, "SKYLINE CASTLE" Abdul Razack Street,
Saidapet, Chennai – 600 015
Email: charitarthkannan@gmail.com
Mobile No: 9381041949
Last date for
submission of claims: May 12, 2023
SUDAL INDUSTRIES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Sudal Industries Limited
Registered Office:
A-5, MIDC, Ambad Industrial Area,
Mumbai - Nashik Highway,
Nashik – 422 010,
Maharashtra, India
Corporate Office:
26A, Nariman Bhavan, 227 Nariman Point,
Mumbai - 400021
Maharashtra, India
Liquidation Commencement Date: April 20, 2023
Court: National Company Law Tribunal Mumbai Bench
Liquidator: Prashant Jain
A501, Shanti Heights,
Plot No. 2,3,9, B/10,
Sector 11, Koparkharine, Thane,
Navi Mumbai, Maharashtra - 400 709
Email: ipprashantjain@gmail.com
SSARVI Resolution Services LLP
IPE B610, BSEL Tech Park,
Sector 30A, Opposite Vashi Railway Station,
Vashi, Navi Mumbai - 400703
Email: sudal.ppirp@gmail.com
Last date for
submission of claims: April 24, 2023
SUMMIT CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Summit
Corporation Private Limited (SCPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 11.17 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 5, 2022,
placed the rating(s) of SCPL under the 'issuer non-cooperating'
category as SCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2023, March 31, 2023, April 10, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Pune-based, Summit Corporation Private Limited (SCPL) was
incorporated in the year 2012, formerly known as Bharat J Com India
Private Limited, which was incorporated in the year 2006. SCPL is a
part of summit group and engaged in the manufacturing of fabricated
sheet metal items for engineering and automobile companies. The
company also undertakes projects on turnkey basis for companies,
which include supply, installation and commissioning assistance,
shop fabrication and installation of pressure vessels, installation
of storage tanks and others.
TAURIAN ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Taurian Engineering Private Limited
63, 3rd Floor, 107, Anand Ashram, Dr R. G.
Thadani Marg, Poddar Hospital, Worli, Mumbai
Mumbai City MH 400018 India
Insolvency Commencement Date: February 9, 2023
Estimated date of closure of
insolvency resolution process: August 8, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Neehal Mahamulal Pathan
Plot No.27, R.S. No.825, Sahjeevan Parisar,
Near TPM Church, Behind Circuit House,
Kolhapur 416 003 MH
Email: cirp.taurian@gmail.com
Last date for
submission of claims: February 23, 2023
TEEKNITS: CARE Lowers Rating on INR0.03cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Teeknits (T), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.03 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 7.40 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 4, 2022,
placed the rating(s) of T under the 'issuer noncooperating'
category as T had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. T continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of TKN have been
revised on account of non-availability of requisite information.
TKN was established in April 1997 as a partnership firm and is
currently being managed by Mr. Rajan Puri, Ms. Alka Puri, Mr.
Sameer Tandon and Ms. Ritu Tandon as its partners having profit and
loss sharing ratio of 40%, 10%, 20% and 30%, respectively. TKN is
engaged in the manufacturing of fabric and readymade garments for
women and kids at its manufacturing facility located at Ludhiana,
Punjab. The product line of the firm mainly comprises kids'
sweaters, ladies' sweaters, socks and other hosiery items. The firm
sells its products under the brand name 'Teeknits'. The firm has in
house facility for fabrication, knitting, stitching, embroidery,
washing, finishing and packaging.
VIKRAM STRUCTURE: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: M/s. Vikram Structures Pvt. Ltd
First and Second Floor, No. 194, Sankey Road,
Sadashivnagar, Bangalore - 560080
Liquidation Commencement Date: April 13, 2023
Court: National Company Law Tribunal Bengaluru Bench
Liquidator: Surender Devasani
1436, Anasuya Nilaya, 2nd Floor, 8th Cross,
10th Main, BTM 2nd Stage, Bengaluru - 560076
Email: surenderdevasani@gmail.com
Mobile No: 99726 35711
c/o Vikram Structures Pvt Ltd.
First and Second Floor, No. 194, Sankey Road,
Sadashivnagar, Bangalore – 560080
Email: vspl.rp@gmail.com
Last date for
submission of claims: May 20, 2023
[*] INDIA: Mulls New Framework to Put IBC Cases on Fast Track
-------------------------------------------------------------
The Economic Times reports that the Indian government is
considering a creditor-led insolvency resolution mechanism under
the bankruptcy law to fast-track settlement and ease the burden on
the National Company Law Tribunal (NCLT), people aware of the
development said.
Under this mechanism, creditors and debtors can reach informal
agreements on the plans to resolve bankruptcy and then approach the
NCLT to quickly admit the cases, one of the persons said.
The details will be finalised after broader stakeholder
consultations, ET says.
"The government has studied the best practices of several
jurisdictions and a similar, if not the same, insolvency mechanism
is followed in the UK," ET quotes an official aware of details as
saying. "Various aspects and structures of the planned framework
are being examined and a final decision would be taken in due
course."
According to the report, the Insolvency and Bankruptcy Board of
India (IBBI) has set up a panel under its whole-time member
Sudhaker Shukla to firm up a 'regulatory approach' for the new
fast-track resolution process under the IBC. The panel comprises
senior bankers, a former central bank official, and an insolvency
expert.
The Corporate Insolvency Resolution Process (CIRP) mandated by the
Insolvency and Bankruptcy Code (IBC) has seen lengthening delays
amid rising legal challenges and a shortage of NCLT benches, the
report notes.
=====================
N E W Z E A L A N D
=====================
BLUE STAR: To Close Webstar Print Site, 40 Jobs to Go
-----------------------------------------------------
Piers Fuller at Stuff.co.nz reports that the decline of regular
mail-out brochures by some of New Zealand's biggest retailers is a
factor in the closure of regional printing facilities.
Stuff relates that Blue Star Print Group has decided to close its
Webstar printing plant in Masterton with the loss of about 40
jobs.
According to Stuff, the site has a storied history in the industry,
once home to one of the Government Printing Office's main
facilities with hundreds of employees.
Masterton operations manager Trevor Howard said it was a sad day
for Webstar Masterton when employees were notified late last week.
"I feel for all the people that work here and their immediate
families. That's the saddest part about the whole thing," Stuff
quotes Mr. Howard as saying. "While people were in shock, they knew
something was on the cards, but when it finally happened it was
difficult to take and a lot of people have been here a very long
time."
One staff member has worked at the plant for 40 years.
Webstar's management was confident many staff would find other
employment after the closure later in the year.
Mr. Howard said they would try to find roles for printing
tradespeople outside the region at Blue Star's other plants, Stuff
relays.
"The storemen and forklift drivers, they're going to be OK, there
will be jobs at other various places around Wairarapa," he said.
Though Masterton was outside the main centres, its plant printed a
lot of mail-out brochures from large retailers such as The
Warehouse, Bunnings and Harvey Norman -- many of which have moved
away from this type of marketing in recent years.
According to the report, the news of the possible closure was
already signalled as Blue Star announced a week of consultation
before the final decision was made.
Stuff adds that Blue Star chief executive Jill Cowling said there
were a number of factors that contributed to the decision to close
the Masterton operation.
"A reduction in print demand from our customers, the type of print
produced at the Masterton plant, and significant increases in our
operational and fixed cost base, resulting in continuing decreases
in profitability."
Mr. Cowling said the environmental impact of transport from
Wairarapa was also a consideration.
The current output of the Masterton plant will be moving to
Webstar's Auckland facility.
The Ngaumutawa Rd site on the SH2 bypass road includes 19,000sqm of
buildings with Webstar as the main tenant.
The plant opened in 1979 by the Government Printing Office which
had more than 1000 employees during its heyday in the 1980s.
It was expected to cease operating by the end of November this
year.
Webstar prints the local daily newspaper, the Wairarapa Times-Age,
Stuff notes.
BUTCHER'S SON: Creditors' Proofs of Debt Due on June 9
------------------------------------------------------
Creditors of The Butcher's Son Limited are required to file their
proofs of debt by June 9, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 2, 2023.
The company's liquidator is:
R. Mason-Thomas
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
C AND P INVESTMENT: Court to Hear Wind-Up Petition on May 17
------------------------------------------------------------
A petition to wind up the operations of C and P Investment Group
Limited will be heard before the High Court at Auckland on May 17,
2023, at 10:45 a.m.
Natural Sugars (New Zealand) Limited filed the petition against the
company on April 3, 2023.
The Petitioner's solicitor is:
T. Cooley
Tower One, 9th Floor
205 Queen Street
Auckland
HIGH COUNTRY: Cabin Company Placed Into Liquidation
---------------------------------------------------
Nadine Roberts at Stuff.co.nz reports that 'Rustling' Charlie
Thompson's cabin company is in liquidation, leaving a trail of
furious creditors who fear they will never see a cent of the money
they have lost.
According to Stuff, the Ministry of Business, Innovation and
Employment (MBIE) confirmed High Country Cabins was placed into
liquidation on May 5. A liquidator has been appointed, but it could
be weeks before the amount of money owed by the company is known
with the first report due on June 12.
Stuff says South Otago Windows and Doors managing director Laurence
McLeod decided to engage debt collection agency Crown Collections
last month in an attempt to put Mr. Thompson's cabin company into
liquidation as "a matter of principle".
Mr. McLeod is among a slew of business owners and disgruntled
customers who claim Thompson owes them money.
Mr. Thompson first came to Stuff's attention last year after being
associated with a large trail of unpaid contractors, missing
livestock, and a failed rural cabins business that saw him featured
on Fair Go.
In March, Stuff also revealed Rustling Charlie (a nickname farmers
coined because of unexplained stock disappearances on neighbouring
properties to Mr. Thompson) was at it again, leaving more customers
out of pocket after he renamed the trading name of High Country
Cabins to Tru Timber NZ.
Under the moniker John, Mr. Thompson lured new customers, including
Jason Flynn from Nelson who was NZD40,000 out of pocket after Mr.
Thompson failed to build two huts, according to Stuff. Mr. Flynn
was in the first stages of legal action when he received
communication from Mr. Thompson in mid-March claiming he'd had a
nervous breakdown and was having a few "quiet weeks".
Stuff relates that Mr. Flynn is furious the court has liquidated
High Country Cabins, saying the entire "saga demonstrates the total
disregard for due diligence".
He also criticised New Zealand's "weak and incompetent" justice
system.
"The Rustling Charlie story has been an all too common scenario in
New Zealand in the past few years."
Stuff says the liquidation comes at the same time as MBIE's
integrity and enforcement team is reviewing two instances involving
incorrect information being provided to the Companies Registrar by
Mr. Thompson for High Country Cabins and for his farming company
Miners Creek Limited.
On April 2, Mr. Thompson changed High Country Cabins' company
address from his Miners Creek Central Otago farm to a Nelson
address belonging to Legal Focus.
According to the report, Legal Focus director Grant Pearson
confirmed the firm had "taken issue" with Mr. Thompson using its
address for his company. Mr. Pearson said he reported the issue
"accordingly".
A source said Mr. Thompson had claimed he was moving into the same
building complex and had asked Legal Focus if he could redirect his
mail to them in the meantime.
Mr. Pearson refused to comment further, except to say that the firm
had never acted for Mr. Thompson or his company, Stuff states.
Stuff adds that Mr. Thompson also changed the address to a property
he owned in Central Otago, but had since changed it again to his
mother's address in Lawrence.
JENHASH CONTRACTING: Court to Hear Wind-Up Petition on May 17
-------------------------------------------------------------
A petition to wind up the operations of Jenhash Contracting and
Consultants Limited will be heard before the High Court at Auckland
on May 17, 2023, at 10:45 a.m.
Fairbairn Manukau Holdings Limited filed the petition against the
company on March 8, 2023.
The Petitioner's solicitor is:
T. J. G. Allan (Kirstin Wakelin acting)
Grove Darlow & Partners, Lawyers
Level 9, 2 Commerce Street
Auckland
L & H FOOD: Creditors' Proofs of Debt Due on May 19
---------------------------------------------------
Creditors of L & H Food Traders Limited are required to file their
proofs of debt by May 19, 2023, to be included in the company's
dividend distribution.
The High Court at New Plymouth appointed Janet Sprosen and Leon
Francis Bowker of KPMG as liquidators on April 28, 2023.
XXL BROTHERS: Creditors' Proofs of Debt Due on June 15
------------------------------------------------------
Creditors of XXL Brothers Limited are required to file their proofs
of debt by June 15, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 28, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
=================
S I N G A P O R E
=================
A ASSET: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on May 5, 2023, to
wind up the operations of A Asset Automobile Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidator is:
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
EAST MARINE: Creditors' Meetings Set for May 26
-----------------------------------------------
East Marine Pte Ltd will hold a meeting for its creditors on May
26, 2023, at 2:00 p.m. via electronic means.
Agenda of the meeting includes:
a. to receive a statement of the Company’s affairs together
with a list of creditors and the estimated amounts of their
claims;
b. to appoint liquidators;
c. to form a committee of inspection of not more than
5 members, if thought fit; and
d. any other business.
HONESTBEE PTE: Creditors' Meetings Set for May 18
-------------------------------------------------
Honestbee Pte Ltd, which is in liquidation, will hold a meeting for
its creditors on May 18, 2023, at 4:00 p.m., via Zoom.
Agenda of the meeting includes:
a. to update the creditors on the status of the liquidation of
the Company;
b. to appoint a Committee of Inspection, if thought fit; and
c. any other business.
TEE INT'L: Court to Hear Scheme of Arrangement Order Bid on May 11
------------------------------------------------------------------
A petition for an order that the proposed Scheme of Arrangement
dated Feb. 24, 2023, between Tee International Limited and its
Creditors be sanctioned and approved by the General Division of the
High Court of the Republic of Singapore will be heard before the
High Court of Singapore on May 11, 2023, at 5:30 p.m.
The Applicant's solicitors are:
Oon & Bazul LLP
36 Robinson Road
#08-01/06, City House
Singapore 068877
[*] SINGAPORE: No. of Bankruptcy Filings Up to 959 in Q1 of 2023
----------------------------------------------------------------
Singapore Business Review reports that the number of bankruptcy
filings in Singapore has increased year-on-year, jumping to 959 in
Q123 from 912 in Q122.
Responding to the Parliament, Alvin Tan, Minister of State,
Ministry of Trade and Industry, said applications could also pick
up further “as a small segment of more vulnerable borrowers faces
higher risks of financial distress amid higher interest rates and
slower economic growth,” SBR relates.
Meanwhile, the minister also revealed that there has not been a
pick up in property-related foreclosures so far, SBR says.
In Q123, only five commercial and five residential loans were
foreclosed by financial institutions. The average last year was
four commercial and 12 residential foreclosures per quarter.
===============
X X X X X X X X
===============
[*] Fitch Assigns Ex-Govt. Support Ratings to Asia-Pacific Banks
----------------------------------------------------------------
Fitch Ratings has assigned ex-government support 'xgs' ratings to
banks in the Asia-Pacific (APAC) region. Ex-government support
ratings, where an 'xgs' suffix is added to the corresponding
existing rating - for example, 'AAA(xgs)' - have been assigned to
banks that are not rated as public-sector policy banks and whose
Long-Term Issuer Default Ratings (IDRs) incorporate assumptions of
government support.
This follows the publication of Fitch's Bank Ex-Government Support
Ratings Criteria on April 11, 2023 and does not affect banks'
underlying ratings.
KEY RATING DRIVERS
The ex-government support ratings exclude assumptions of
extraordinary government support from the underlying ratings.
In line with the Bank Ex-Government Support Ratings Criteria, the
following non-subsidiary banks have been assigned a Long-Term
Foreign-Currency IDR (xgs) at the level of their Viability Ratings
(VRs). The ex-government support ratings of branches are aligned
with the ex-government ratings of the respective main home-country
banks.
- Agricultural Bank of China Limited
- Agricultural Bank of China Limited, Dubai Branch
- Agricultural Bank of China Limited, Hong Kong Branch
- Agricultural Bank of China Limited, New York Branch
- Axis Bank Limited
- Bank of Baroda
- Bank of Beijing Co., Ltd.
- Bank of China Limited
- Bank of Communications Co., Ltd.
- Bank of Communications Co., Ltd. Hong Kong Branch
- Bank of Communications Co., Ltd. Macau Branch
- Bank of Communications Co., Ltd. Sydney Branch
- Bank of India
- Bank of Kaohsiung Co., Ltd.
- Bank of the Philippine Islands
- BDO Unibank, Inc.
- Canara Bank
- China CITIC Bank Corporation Limited
- China Construction Bank Corporation
- China Everbright Bank Company Limited
- China Guangfa Bank Co., Ltd.
- China Merchants Bank Co., Ltd.
- China Minsheng Banking Corp., Ltd.
- Hua Xia Bank Co., Limited
- ICICI Bank Limited
- Industrial and Commercial Bank of China Limited
- Industrial Bank Co., Ltd.
- Joint Stock Commercial Bank For Foreign Trade of Vietnam
- KASIKORNBANK Public Company Limited
- KEB Hana Bank
- KEB Hana Bank New York Agency
- KEB Hana Bank Sydney Branch
- Kiwibank Limited
- Krung Thai Bank Public Company Limited
- Metropolitan Bank & Trust Company
- Military Commercial Joint Stock Bank
- NongHyup Bank
- Ping An Bank Co., Ltd.
- PT Bank Mandiri (Persero) Tbk
- PT Bank Negara Indonesia (Persero) Tbk
- Punjab National Bank
- Shanghai Pudong Development Bank Co., Ltd.
- State Bank of India
- The Siam Commercial Bank Public Company Limited
- TMBThanachart Bank Public Company Limited
- Union Bank of India
- Vietnam Joint Stock Commercial Bank for Industry and Trade
- Woori Bank
The Long-Term Foreign-Currency IDRs (xgs) of the following
subsidiary banks have been assigned at the higher of their VRs
(where assigned) and the rating obtained by notching from the
parent banks' Long-Term IDRs (xgs) in accordance with the
shareholder support notching considerations as outlined in the
relevant master criteria.
- Bank of Baroda (New Zealand) Limited
- Bank of China (Australia) Limited
- Bank of Communications (Hong Kong) Limited
- Bank of India (New Zealand) Limited
- China Construction Bank (New Zealand) Limited
- Industrial and Commercial Bank of China (Macau) Limited
- PT Bank Syariah Indonesia Tbk
- Tai Fung Bank Limited
- China Construction Bank (Asia) Corporation Limited
Long-Term Local-Currency IDRs (xgs) have been assigned in line with
the Long-Term Foreign-Currency IDRs (xgs) where underlying
Long-Term Local-Currency IDRs exist.
For issuers with Short-Term Foreign- and Local-Currency IDRs, Fitch
has assigned Short-Term Foreign- and Local-Currency IDRs (xgs) in
accordance with the respective Long-Term Foreign- and
Local-Currency IDRs (xgs) and Fitch's short-term rating mapping. In
the case of non-subsidiary banks and subsidiary banks where
ex-government support ratings are driven by VRs, Short-Term IDRs
(xgs) take into account the banks' funding and liquidity factor
scores. In the case of the other subsidiary banks, Short-Term IDRs
(xgs) reflect the respective parents' Short-Term IDRs (xgs).
Senior unsecured long-term ratings (xgs), including for debt issued
out of branches and SPVs, have been assigned at the level of the
respective Long-Term IDRs (xgs). Senior unsecured short-term
ratings (xgs) have been assigned based on the senior unsecured
long-term ratings (xgs) in accordance with the short-term rating
mapping and in line with respective Short-Term IDR (xgs).
The 'BBB(xgs)' long-term rating (xgs) of Bank of China (Australia)
Limited's guaranteed AUD1.5 billion transferable certificate of
deposit programme, which is guaranteed by its parent, Bank of China
Limited, is on Rating Watch Negative (RWN). This reflects the
possible removal of the parent's guarantee due to new rules on
related-party transactions for Chinese banks. Fitch will resolves
the RWN when Fitch resolves the RWN on the underlying ratings,
which could take longer than six months.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The Long-Term IDRs (xgs) of non-subsidiary banks and of subsidiary
banks where the Long-Term IDRs (xgs) are driven by VRs could be
downgraded if the VRs are downgraded. See each issuer's last full
rating action commentaries for VR sensitivities.
The Long-Term IDRs (xgs) of subsidiary banks where the Long-Term
IDRs (xgs) are driven by expectations of shareholder support could
be downgraded if the respective parent bank's ability or propensity
to provide support weakens, as assessed by Fitch. The former could
stem from a downgrade of the respective parent bank's Long-Term
IDRs (xgs).
The long-term rating (xgs) of Bank of China (Australia) Limited's
guaranteed debt is sensitive to changes in the guarantor's
Long-Term IDR (xgs). The long-term rating (xgs) of its AUD1.5
billion transferable certificate of deposit programme could also be
downgraded should the guarantee be removed.
Short-term ex-government support ratings are primarily sensitive to
changes in the long-term ex-government support ratings and could be
downgraded if the latter are downgraded and the new Long-Term
ratings map to lower Short-Term ratings in accordance with Fitch's
criteria.
A downgrade in the banks' Long-Term IDRs (xgs) would lead to a
downgrade of their senior unsecured long-term ex-government
ratings, and a corresponding downgrade of the senior unsecured
short-term ex-government ratings if the new long-term ratings map
to lower short-term ratings in accordance with Fitch's criteria.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of long-term ex-government support ratings would require
the VRs to be upgraded in the case of non-subsidiary banks and
subsidiary banks where Long-Term IDRs (xgs) are driven by VRs.
An upgrade of long-term ex-government support ratings would require
an upgrade of the parent banks' Long-Term IDRs (xgs) in the case of
subsidiary banks where Long-Term IDRs (xgs) are driven by
expectations of shareholder support, provided Fitch's view on the
parent bank's ability and propensity to provide support remains
unchanged.
Short-term ex-government support ratings are primarily sensitive to
changes in the long-term ex-government support ratings and could be
upgraded if the latter are upgraded and the new long-term ratings
map to higher short-term ratings in accordance with Fitch's
criteria.
An upgrade in the banks' Long-Term IDRs (xgs) would lead to an
upgrade of the senior unsecured long-term ex-government ratings,
and a corresponding upgrade of the banks' senior unsecured
short-term ex-government ratings if the new long-term ratings map
to higher short-term ratings in accordance with Fitch's criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Ex-government support ratings of Bank of Baroda (New Zealand)
Limited are linked to ex-government support ratings of Bank of
Baroda.
Ex-government support ratings of Bank of China (Australia) Limited
and its guaranteed programme are linked to ex-government support
ratings of Bank of China Limited.
Ex-government support ratings of Bank of Communications (Hong Kong)
Limited are linked to ex-government support ratings of Bank of
Communications Co., Ltd.
Ex-government support ratings of Bank of India (New Zealand)
Limited are linked to ex-government support ratings of Bank of
India.
Ex-government support ratings of China Construction Bank (New
Zealand) Limited are linked to ex-government support ratings of
China Construction Bank Corporation.
Ex-government support ratings of Industrial and Commercial Bank of
China (Macau) Limited are linked to ex-government support ratings
of Industrial and Commercial Bank of China Limited.
Ex-government support ratings of PT Bank Syariah Indonesia Tbk are
linked to ex-government support ratings of PT Bank Mandiri
(Persero) Tbk.
Ex-government support ratings of senior unsecured debt of Amipeace
Limited are linked to ex-government support ratings of Bank of
China.
Ex-government support ratings of senior unsecured debt of China
Everbright Bank Co., Ltd., Hong Kong Branch are linked to
ex-government support ratings of China Everbright Bank.
ESG CONSIDERATIONS
ESG considerations have remained unchanged since the last rating
review. Please refer to the corresponding latest Rating Action
Commentary for the ESG Relevance Scores.
Entity/Debt Rating
----------- ------
Agricultural
Bank of China
Limited,
Dubai Branch LT IDR (xgs) BBB-(xgs) New Rating
Bank of
Kaohsiung Co.,
Ltd. LT IDR (xgs) BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Agricultural
Bank of China
Limited, New
York Branch LT IDR (xgs) BBB-(xgs) New Rating
KEB Hana Bank
Sydney Branch LT IDR (xgs) A-(xgs) New Rating
ST IDR (xgs) F2(xgs) New Rating
China Everbright
Bank Co., Ltd.,
Hong Kong Branch
senior
unsecured LT (xgs) BB-(xgs) New Rating
Joint Stock
Commercial Bank
For Foreign
Trade of Vietnam LT IDR (xgs) BB-(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Bank of
Communications
Co., Ltd. Hong
Kong Branch LT IDR (xgs) BB+(xgs) New Rating
senior
unsecured ST (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB+(xgs) New Rating
senior
unsecured ST (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB+(xgs) New Rating
NongHyup Bank LT IDR (xgs) BBB+(xgs) New Rating
ST IDR (xgs) F2(xgs) New Rating
senior
unsecured LT (xgs) BBB+(xgs) New Rating
Bank of
Communications
Co., Ltd. Macau
Branch LT IDR (xgs) BB+(xgs) New Rating
senior
unsecured LT (xgs) BB+(xgs) New Rating
Tai Fung Bank
Limited LT IDR (xgs) BBB-(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
Industrial and
Commercial Bank
of China (Macau)
Limited LT IDR (xgs) BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
Military
Commercial Joint
Stock Bank LT IDR (xgs) B+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Bank of
Communications
Co., Ltd.
Sydney Branch LT IDR (xgs) BB+(xgs) New Rating
Bank of India
(New Zealand)
Limited LT IDR (xgs) B+(xgs) New Rating
LC LT IDR (xgs)B+(xgs) New Rating
Amipeace Limited
senior
unsecured LT (xgs) BBB(xgs) New Rating
KASIKORNBANK
Public Company
Limited LT IDR (xgs) BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
Krung Thai
Bank Public
Company Limited LT IDR (xgs) BBB-(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB-(xgs) New Rating
PT Bank Mandiri
(Persero) Tbk LT IDR (xgs) BB+(xgs) New Rating
LC LT IDR (xgs)BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured ST (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB+(xgs) New Rating
senior
unsecured ST (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB+(xgs) New Rating
Woori Bank LT IDR (xgs) A-(xgs) New Rating
ST IDR (xgs) F2(xgs) New Rating
The Siam
Commercial
Bank Public
Company Limited LT IDR (xgs) BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
TMBThanachart
Bank Public
Company Limited LT IDR (xgs) BBB-(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB-(xgs) New Rating
Bank of China
(Australia)
Limited LT IDR (xgs) BBB-(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
guaranteed LT (xgs) BBB(xgs) New Rating
guaranteed ST (xgs) F3(xgs) New Rating
Guaranteed LT (xgs) BBB(xgs) New Rating
guaranteed ST (xgs) F3(xgs) New Rating
Bank of Baroda
(New Zealand)
Limited LT IDR (xgs) BB-(xgs) New Rating
KEB Hana Bank
New York Agency LT IDR (xgs) A-(xgs) New Rating
ST IDR (xgs) F2(xgs) New Rating
senior
unsecured ST (xgs) F2(xgs) New Rating
senior
unsecured LT (xgs) A-(xgs) New Rating
senior
unsecured ST (xgs) F2(xgs) New Rating
senior
unsecured LT (xgs) A-(xgs) New Rating
China
Construction
Bank Corporation LT IDR (xgs) BBB(xgs) New Rating
LC ST IDR (xgs)F3(xgs) New Rating
LC LT IDR (xgs)BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
PT Bank Negara
Indonesia
(Persero) Tbk LT IDR (xgs) BB+(xgs) New Rating
LC LT IDR (xgs)BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Hua Xia Bank
Co., Limited LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
China Merchants
Bank Co., Ltd. LT IDR (xgs) BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Ping An Bank
Co., Ltd. LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
China CITIC
Bank Corporation
Limited LT IDR (xgs) BB-(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Axis Bank
Limited LT IDR (xgs) BB(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB(xgs) New Rating
Bank of China
Limited LT IDR (xgs) BBB(xgs) New Rating
LC ST IDR (xgs)F3(xgs) New Rating
LC LT IDR (xgs)BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
China Minsheng
Banking Corp.,
Ltd. LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Bank of Beijing
Co., Ltd. LT IDR (xgs) B+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Vietnam Joint
Stock
Commercial Bank
for Industry
and Trade LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
China
Construction
Bank
(New Zealand)
Limited LT IDR (xgs) BBB(xgs) New Rating
LC ST IDR (xgs)F3(xgs) New Rating
LC LT IDR (xgs)BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
Metropolitan
Bank & Trust
Company LT IDR (xgs) BB+(xgs) New Rating
LC LT IDR (xgs)BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Union Bank of
India LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Canara Bank LT IDR (xgs) BB-(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB-(xgs) New Rating
Bank of India LT IDR (xgs) B+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) B+(xgs) New Rating
China Everbright
Bank Company
Limited LT IDR (xgs) BB-(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Bank of Baroda LT IDR (xgs) BB-(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB-(xgs) New Rating
Bank of the
Philippine
Islands LT IDR (xgs) BB+(xgs) New Rating
LC LT IDR (xgs)BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
KEB Hana Bank LT IDR (xgs) A-(xgs) New Rating
ST IDR (xgs) F2(xgs) New Rating
senior
unsecured LT (xgs) A-(xgs) New Rating
Kiwibank
Limited LT IDR (xgs) BBB+(xgs) New Rating
LC ST IDR (xgs)F2(xgs) New Rating
LC LT IDR (xgs)BBB+(xgs) New Rating
ST IDR (xgs) F2(xgs) New Rating
senior
unsecured LT (xgs) BBB+(xgs) New Rating
senior
unsecured ST (xgs) F2(xgs) New Rating
China
Construction
Bank (Asia)
Corporation
Limited LT IDR (xgs) BBB+(xgs) New Rating
ST IDR (xgs) F2(xgs) New Rating
senior
unsecured ST (xgs) F2(xgs) New Rating
senior
unsecured LT (xgs) BBB+(xgs) New Rating
senior
unsecured ST (xgs) F2(xgs) New Rating
senior
unsecured LT (xgs) BBB+(xgs) New Rating
PT Bank
Syariah
Indonesia Tbk LT IDR (xgs) BB(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
BDO Unibank,
Inc. LT IDR (xgs) BB+(xgs) New Rating
LC LT IDR (xgs)BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Bank of
Communications
(Hong Kong)
Limited LT IDR (xgs) BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Bank of
Communications
Co., Ltd. LT IDR (xgs) BB+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Agricultural
Bank of China
Limited, Hong
Kong Branch LT IDR (xgs) BBB-(xgs) New Rating
ICICI Bank
Limited LT IDR (xgs) BB(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Shanghai Pudong
Development
Bank Co., Ltd. LT IDR (xgs) BB-(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB-(xgs) New Rating
Agricultural
Bank of China
Limited LT IDR (xgs) BBB-(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB-(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB-(xgs) New Rating
Industrial and
Commercial Bank
of China Limited LT IDR (xgs) BBB(xgs) New Rating
ST IDR (xgs) F3(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
senior
unsecured ST (xgs) F3(xgs) New Rating
senior
unsecured LT (xgs) BBB(xgs) New Rating
China Guangfa
Bank Co., Ltd. LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Punjab National
Bank LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
Industrial
Bank Co., Ltd. LT IDR (xgs) B+(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
State Bank
of India LT IDR (xgs) BB(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
senior
unsecured LT (xgs) BB(xgs) New Rating
*********
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 ***