/raid1/www/Hosts/bankrupt/TCRAP_Public/230524.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, May 24, 2023, Vol. 26, No. 104
Headlines
A U S T R A L I A
AUSTRALIAN METALS: First Creditors' Meeting Set for May 30
BASANITE PTY: First Creditors' Meeting Set for May 30
HUNTLEY MANAGEMENT: ASIC Suspends AFS Licence
MULTI-RES BUILDERS: Levi Consulting Appointed as Liquidator
R & M LANGHAM: First Creditors' Meeting Set for May 30
REMTECH AUSTRALIA: First Creditors' Meeting Set for May 30
SOFC PROJECTS: First Creditors' Meeting Set for June 1
C H I N A
GUIZHOU PROVINCE: Struggles to Repay Debt; Seeks Help
I N D I A
ADINATH COLD: CARE Keeps D Debt Rating in Not Cooperating
ADITYA CONSTRUCTIONS: ICRA Lowers Rating on INR10cr Loan to D
ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating
ASHTVINAYAK LEISURE: CARE Keeps C Debt Rating in Not Cooperating
B. K. EXPORTS: ICRA Keeps B- Debt Rating in Not Cooperating
BALAJI MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating
BALBIR FOOD: ICRA Reaffirms B Rating on INR6.0cr LT Loan
CHHEDA ELECTRICALS: ICRA Cuts Rating on INR18.02cr Loan to B+
EASTERN AUTOMOTIVE: CARE Keeps C Debt Rating in Not Cooperating
GO FIRST: Indian Tribunal Upholds Bankruptcy in Setback to Lessors
GOKAK POWER: ICRA Withdraws D Rating on INR86cr LT Loan
JET AIRWAYS: Faces Uncertainty as Flying Permit Expires
KADVANI FORGE: ICRA Keeps B Debt Ratings in Not Cooperating
KHODAY INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
LMJ INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
MARUTI NOUVEAUKNITS: ICRA Keeps D Debt Ratings in Not Cooperating
NAGARJUNA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating
OCEAN PEARL: ICRA Reaffirms C+/A4 Rating on INR65cr Loans
PADMASHRI DR: ICRA Lowers Rating on INR413cr Cash Loan to B+
QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
RAMA PAPER: ICRA Keeps D Debt Ratings in Not Cooperating Category
SHIV DAL: ICRA Lowers Rating on INR5cr LT Loan to B+
SIMPLEX INFRASTRUCTURES: NCLT Junks Central Bank Insolvency Plea
SOWPARNIKA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating
VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
VOLT-AGE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
ZENICA PERFORMANCE: ICRA Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
INDIKA ENERGY: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Stable
N E W Z E A L A N D
CAMERONS CLOTHING: Unsecured Creditors Will Not Be Paid
COOK ISLANDS: S&P Affirms 'B+/B' SCRs, Outlook Stable
EUROPEAN INTERIORS: Court to Hear Wind-Up Petition on June 8
IRESSURECT LIMITED: Creditors' Proofs of Debt Due on June 23
NZ FINTECH: Moola Parent Company Placed Into Liquidation
SPACE X: Court to Hear Wind-Up Petition on June 23
TOP TECH: Creditors' Proofs of Debt Due on June 10
V & J GROUP: Creditors' Proofs of Debt Due on July 17
S I N G A P O R E
EL DEVELOPMENT: Commences Wind-Up Proceedings
FJK CONSULTANTS: Members' Final Meeting Set for June 23
FR MEDIA: Final Meeting Set for June 23
FUNG ASIA: Members' Final Meeting Set for June 23
KIDORI PTE: Final Meetings Set for June 22
PHILLIP VENTURES: Creditors' Proofs of Debt Due on June 18
S R I L A N K A
SRI LANKA: Eyes Chinese Tourism to Help Ease Debt Crisis
- - - - -
=================
A U S T R A L I A
=================
AUSTRALIAN METALS: First Creditors' Meeting Set for May 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Metals Group Limited will be held on May 30, 2023, at 11:00 a.m. at
the offices of Westburn Advisory, Level 5, 115 Pitt Street, in
Sydney, NSW.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on May 18, 2023.
BASANITE PTY: First Creditors' Meeting Set for May 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Basanite
Pty. Ltd. ATF The Lipp & Crotty Family Trust (Formerly Trading as
"LIPPS 4 SQUARE") will be held on May 30, 2023, at 10:00 a.m. via
Teleconference.
Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on May 18, 2023.
HUNTLEY MANAGEMENT: ASIC Suspends AFS Licence
---------------------------------------------
Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
Huntley Management Limited (HML) for 12 months, effective March 21,
2023.
The licence authorised HML to deal in interests in managed
investment schemes to retail and wholesale clients, and to provide
general financial product advice to wholesale clients. HML is the
responsible entity of twelve registered managed investment schemes,
including RNY Property Trust (ARSN 115 585 709).
ASIC suspended the licence because HML had failed to lodge
financial statements and compliance plan audit reports for the 2021
and 2022 financial years for RNY Property Trust. ASIC found that
HML failed to comply with the financial services laws and is likely
to contravene its obligations again in the future.
HML applied to the Administrative Appeals Tribunal (AAT) on March
23, 2023 seeking a stay and review of ASIC's decision. The AAT has,
with ASIC's agreement, granted a stay of the suspension with
respect to HML's capacity to issue further interests in the Link
Mortgage Fund. This is pending the AAT's review of ASIC's decision,
so that existing investors in Link are not adversely affected by
the suspension. The stay does not apply to HML's other schemes. The
hearing for a review of ASIC's decision is set on 2 June 2023.
The terms of ASIC's suspension order permit HML to provide
financial services that are necessary for, or incidental to, the
day-to-day operations of its twelve registered managed investment
schemes but not to issue any new interests in the schemes, with the
exception of Link. The suspension order also allows HML to transfer
or wind up any of its schemes.
HML has held AFS licence no. 229754 since January 7, 2004.
MULTI-RES BUILDERS: Levi Consulting Appointed as Liquidator
-----------------------------------------------------------
The Australian reports that a Tasmanian building company has gone
into liquidation, leaving multimillion-dollar projects in the
lurch.
It is the latest in a seemingly never-ending series of building
firms collapsing as the industry faces the rising cost of labour
and construction materials.
A liquidator was appointed to Multi-Res Builders Pty Ltd on May 14,
according to a notice published on the Australian Securities and
Investments Commission.
"Notice is given that at a general meeting of the members of the
company held on May 14, 2023, it was resolved that the company be
wound up . . .," the notice read.
Levi Consulting director David Levi has been appointed to undertake
the liquidation process, The Australian discloses.
According to The Australian, the company has since wiped clean its
online presence, with its website void of any content, social media
accounts deactivated and telephone set to hold music.
Sydney-based plumbing company Limcora Pty Ltd's chief executive
Evan Graham told The Mercury they are still owed AUD100,000 from
jobs they completed for Multi-Res, The Australian relays.
He estimated a number of townhouses being built by the firm at
Glenorchy were worth up to AUD10 million.
The company's Facebook profile and Instagram account were unable to
be viewed while their LinkedIn remains online but has been wiped
almost entirely clean, The Australian notes.
R & M LANGHAM: First Creditors' Meeting Set for May 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of R & M
Langham & Sons Pty Ltd, trading as Langham Plumbing, will be held
on May 30, 2023, at 3:00 p.m. at Level 7, 151 Castlereagh Street,
in Sydney, NSW and via virtual meeting technology.
Ian James Purchas and Jason Lloyd Porter of SV Partners were
appointed as administrators of the company on May 18, 2023.
REMTECH AUSTRALIA: First Creditors' Meeting Set for May 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Remtech
Australia Pty Ltd will be held on May 30, 2023, at 12:00 p.m. at
O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney, NSW.
Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on May 18, 2023.
SOFC PROJECTS: First Creditors' Meeting Set for June 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of SOFC
Projects Pty Ltd will be held on June 1, 2023, at 10:00 a.m. via
virtual meeting only.
Anthony Elkerton and Cameron Gray of DW Advisory were appointed as
administrators of the company on May 22, 2023.
=========
C H I N A
=========
GUIZHOU PROVINCE: Struggles to Repay Debt; Seeks Help
-----------------------------------------------------
Rebecca Feng and Cao Li at the Wall Street Journal report that one
of China's poorest provinces is testing Beijing's mettle with a
mountain of debt that local borrowers are struggling to repay.
Investors worry it is a harbinger of another major debt crisis in
the country, and believe the central government will have no choice
but to defuse it.
The Journal relates that cracks have been showing in the finances
of Guizhou, a southwestern province with jaw-dropping landscapes
and some of the world's highest bridges. It was one of China's
fastest-growing local economies over the past decade - thanks in
large part to its heavy spending on infrastructure development.
According to the Journal, more than 110 state-backed entities known
as local government financing vehicles in Guizhou have outstanding
bonds, which in many cases were issued to help pay for the
construction of bridges, highways and tunnels. Including these
entities, the provincial government had the equivalent of $388
billion in outstanding debt by the end of 2022, about 1.3 times its
gross domestic product last year, according to Wind, a financial
data provider.
Last month, China Cinda Asset Management, a state-owned institution
that specializes in bad loans and distressed debt, said it would
step in and help Guizhou sort out its finances, the Journal
recalls. That followed a public admission by the local government's
official think tank that Guizhou couldn't manage its debt on its
own, and needed assistance from the central government.
=========
I N D I A
=========
ADINATH COLD: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adinath
Cold Storage Private Limited (ACSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.50 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 10, 2022,
placed the rating(s) of ACSPL under the ‘issuer non-cooperating'
category as ACSPL 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. ACSPL continues to
be noncooperative 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).
ACSPL, incorporated on June 29, 2010 is promoted by Mr. Ramanrao
Bholla and Mrs. Vijayalaxmi Bholla. The company is engaged in
processing of pulses and providing cold storage facility to local
farmers and traders on rental basis. The facility is located at
Nagpur district of Maharashtra.
ADITYA CONSTRUCTIONS: ICRA Lowers Rating on INR10cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Aditya
Constructions, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating downgraded
Unallocated from [ICRA]B (Stable)/[ICRA]A4
and continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated in July 2022. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Aditya Constructions was established in 2012 as a proprietorship
concern and is engaged in trading of Steel, Granite processing and
trading and execution of minor construction projects under the
capacity of subcontractor. Mr. Ramesh Reddy is the Proprietor of
the firm. Mr. Reddy is a B. Tech graduate and has prior experience
of 15 years in the same field.
ALIVELU RICE: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of Alivelu
Rice Products in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Alivelu Rice Products was established as a partnership firm in 1997
by Mr. A. Ramakrishna and other family members, who have more than
5 years of experience in trading of agricultural commodities. The
firm is located in Tanuku Mandal situated in west Godavari district
of Andhra Pradesh. The firm has started as a rice mill to produce
raw and boiled rice. However, in 2012,
the firm shifted its line of business to trading of agricultural
commodities. The firm derives its revenue primarily from trading in
maize and other agricultural commodities.
ASHTVINAYAK LEISURE: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashtvinayak
Leisure Private Limited (ALPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.58 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 April 28, 2022,
placed the rating(s) of ALPL under the ‘issuer non-cooperating'
category as ALPL 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. ALPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 14, 2023, March 24, 2023, April 3, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Indore (Madhya Pradesh) based Ashtvinayak Leisure Private Limited
(ALPL) was incorporated in 2010 by Mr. Anand Goyal along with other
family members with an objective to establish a hotel. The hotel
facility will be constructed at 4,147.24 sq. meter having total 102
rooms which includes standard, deluxe and suite. Further, the hotel
property will have a cafeteria, restaurants and three banquet halls
each with capacity of 1000, 800 and 300 persons each. ALPL
undertook the project in May, 2015 and envisaged total project cost
of INR50.90 crore towards the project to be funded through term
loan of INR20.00 crore, promoter's capital of INR25.00 crore and
remaining through unsecured loans from promoters and relatives. The
company was expected to start its operations from December, 2019.
B. K. EXPORTS: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
B. K. Exports in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
B.K. Exports was set up in 2008 as a proprietorship concern by Mr
Bellam Kotaiah. The firm is involved in trading of tobacco
comprising FCV (Flue Cured Virginia) tobacco and burley tobacco.
The firm procures FCV tobacco from Tobacco Board of Guntur and
Karnataka through auction, while burley tobacco is purchased from
farmers.
BALAJI MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of Balaji Motors in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.80 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 0.20 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Established in 2004, Balaji Motors (BM) started commercial
operations from September 25, 2015 as an authorised dealer of
Mahindra & Mahindra Limited (MML). The firm sells and services
passenger and commercial vehicles besides selling spare parts and
accessories. BM also sells used vehicles through Mahindra First
Choice. BM has one 3-S facility (salesservicesspares), located at
Jagdalpur in the Bastar district of Chhattisgarh. Apart from
Bastar, the firm also operates in other surrounding districts -
Sukma, Bijapur, and Dantewada and is the sole MML dealer in those
districts. The firm is promoted by the Jagdalpurbased Kapoor
family.
BALBIR FOOD: ICRA Reaffirms B Rating on INR6.0cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Shree
Balbir Food Product Private Limited (SBFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) Reaffirmed
Fund Based/CC
Long Term- 1.09 [ICRA]B (Stable) Reaffirmed
Fund Based/TL
Short-term
Non-fund
Based Limits 1.00 [ICRA]A4; Reaffirmed
Rationale
The ratings reaffirmation for SBFPL reflects its weak financial
risk profile, characterised by thin profitability and modest scale
of operations and net worth. While the company's dependence on
external debt reduced to INR1.34 crore in FY2023 consisting of
largely working capital facilities, the capital structure continued
to remain stretched on the back of a modest net worth. The ratings
continue to remain constrained by the highly fragmented nature of
the flour-milling industry, resulting in intense competition as
well as SBFPL's exposure to agro-climatic risks. The company also
remains exposed to regulatory risks, wherein government policies
can impact the availability and prices of raw materials, affecting
its revenues and profitability.
The ratings, however, favourably factor in the moderately
diversified customer base of the company, including established
players.
The Stable outlook on the long-term rating indicates ICRA's
expectation that the credit profile of the company will remain
supported by healthy demand outlook and interest-free unsecured
loans from the Group companies.
Key rating drivers and their description
Credit strengths
* Moderately diversified customer base: The customer base of the
company is moderately diversified with the top-10 customers
contributing 40-45% to the sales since the commencement of SBFPL's
operations. Further, it caters to major players in the food
industry such as Parle Biscuits Private Limited (PBPL) and
Britannia Industries Limited (BIL). While the company has not
entered into any long-term contract with its institutional
customers, SBFPL's products have been approved for manufacturing a
few of their products, leading to repeat orders since FY2020.
Credit challenges
* Modest scale of operations and low operating profitability due to
commoditised nature of final product: The scale of operations
remains modest with revenues of INR104.5 crore in FY2023. The
company is involved in milling wheat into wheat and refined wheat
flour, which is a low-margin business. The small scale of business
further restricts the company's profitability.
* Weak capital structure due to low net worth base; subdued
financial profile: The company's debt as on March 31, 2023 stood at
INR8.99 crore, which comprised INR7.65 crore of unsecured loans,
largely from its holding company and other Group company and
INR1.34 crore of working capital facility following repayment of
term loan in FY2023. While the company's dependence on external
debt reduced in FY2023, the capital structure continued to remain
stretched on the back of a modest net worth. The financial profile
is also subdued with total debt vis-à-vis the operating profit of
6.0 times as on March 31, 2022.
* Intense competition owing to high fragmentation in the industry
and low product differentiation; profitability exposed to
agro-climatic risks and government policies: The flour-milling
industry is very competitive with the presence of many organised
and unorganised players. Stiff competition, coupled with the
limited value-additive nature of the business, limits pricing
flexibility and margins. Moreover, the flour-milling industry is
susceptible to agro-climatic risks, which can affect the
availability of wheat in adverse weather conditions. Being an
essential commodity in India, any unfavourable change in the
policies and fluctuations in supply due to adverse weather
conditions, exposes the company to volatility in scale and
profitability.
Liquidity position: Stretched
The liquidity position of the company is stretched, given the
modest cash flows and low cash and bank balance of ~Rs. 0.19 crore
as on March 31, 2022. Moreover, the limit utilisation during the
last 12 months stood at 50%, with a modest buffer of INR4.7 crore
as on March 31, 2023. The company plans to incur maintenance capex
of INR0.5 crore each year in the near term. It has debt repayment
obligation of INR0.36 crore in FY2024, INR0.22 crore in FY2025 and
INR0.16 crore in FY2026. Going forward, the ability to increase its
turnover, backed by an increase in capacity utilisation and an
improvement in profitability along with an effective working
capital management remain critical to increase its free cash flows
and improve the liquidity profile of the company.
Rating sensitivities
Positive factors – An improvement in the net worth position along
with a sustained growth in its operating income and profitability,
thereby strengthening the coverage indicators and liquidity
position, would remain key factors for ratings
upgrade.
Negative factors – A sharp decline in its scale of operations or
profitability and/or a deterioration in the liquidity profile would
be the key triggers for ratings downgrade.
Shree Balbir Food Product Private Limited is promoted by Balbir
Vikas Bhushan Group. The Group manufactures and trades in steel
products such as thermo-mechanically-treated (TMT) bars, mild steel
angles, channels and beams, among others. The Group ventured into
manufacturing of food products with the establishment of Shree
Balbir in 2015. It is a wholly-owned subsidiary of Balbir
Structures Private Limited (BSPL). Its manufacturing facilities are
located at Silvassa (Dadra and Nagar Haveli). The mill has an
installed capacity of 200 MT per day (72,000 MTPA). The first full
year of operations for the company was FY2019.
CHHEDA ELECTRICALS: ICRA Cuts Rating on INR18.02cr Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Chheda
Electricals And Electronics Pvt. Ltd, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 18.02 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Term loan from [ICRA]BB+ (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Long Term- 16.98 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB+ (Stable)and
continues to remain in the
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade is attributable to the lack of adequate
information regarding Chheda Electricals And Electronics Pvt. Ltd.
performance and in turn, the uncertainty around its credit risk.
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity." The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the same
may not adequately reflect the credit risk profile of the entity,
despite the downgrade. As part of its process and in accordance
with its rating agreement with Chheda Electricals And Electronics
Pvt. Ltd., ICRA has been trying to seek information from the entity
to monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of the requisite
information and in line with the aforesaid policy of ICRA, a rating
view has been taken on the entity based on the best available
information.
Established in 1995, CEPL is engaged in manufacturing products like
flywheel magneto, electronic ignition unit (CDI+ ignition coil),
regulator-rectifier, solid state flasher, ignition module, ignition
coils, and ultra- capacitor-based battery for two-wheeler
automotive applications. The company was founded by Mr. Vijay
Chheda and primarily provides electronic components to
major two-wheeler manufacturers in India, such as TVS Motors, Bajaj
Auto Limited and Hero Motocorp Limited, among others. CEPL's two
manufacturing plants are located at Palshi near Pune, Maharashtra,
and at Roorkee in Uttarakhand.
EASTERN AUTOMOTIVE: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eastern
Automotive (EA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 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 21, 2022,
placed the rating(s) of EA under the ‘issuer non-cooperating'
category as EA 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. EA continues to be
non-cooperative 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).
Eastern Automotive was established in March 2007. The objective of
the entity is to manufacture different types of automobile
components like beam, MS channel, MS sheet, axle, rim, suspension,
rim, hydraulic cylinder, fasteners etc. The manufacturing unit of
the entity is located at NH-33, Beliguma, Mango, Dist: East
Singhbhum, Jamshedpur-831018 with an installed capacity of 500
complete trailers per annum of various automobile components. The
entity is also involved in trading of automobile components. Mr.
Sanjay Dubey (Proprietor), who has 20 years of experience in the
similar line of business, looks after the day to day operation of
the entity. The entity is further supported by a team of
experienced professionals.
GO FIRST: Indian Tribunal Upholds Bankruptcy in Setback to Lessors
------------------------------------------------------------------
Reuters reports that the National Company Law Appellate Tribunal
(NCLAT) upheld insolvency proceedings against Go First on May 22,
throwing a spanner in the works for the airline's lessors, who are
attempting to take back their planes.
At least three leasing companies, including SMBC Aviation Capital,
had challenged a tribunal ruling granting Go Airlines (India),
widely known as Go First, bankruptcy protection earlier this month,
Reuters says.
In granting bankruptcy protection, the tribunal had ordered a
moratorium on Go First's assets and leases, making it tougher for
the lessors, who have filed requests with India's aviation
regulator for the return of at least 42 Go First planes after
rental payments were missed, according to Reuters.
The airline has blamed its financial woes on problems with engines
from Raytheon-owned Pratt & Whitney, which it said had led to the
grounding of nearly half its fleet of Airbus A320 neos. The U.S.
engine maker has said the claims are "without merit".
According to Reuters, the appeals tribunal said on May 22 the
National Company Law Tribunal will decide whether lessors who
terminated their leases before the bankruptcy proceedings began can
repossess aircraft.
Despite the development, lessors cannot afford not to do business
with Indian airlines, said Mark Martin, CEO at aviation consulting
firm Martin Consulting, Reuters relays.
India is "lucrative" because it represents the world's largest,
fastest-growing aviation market, he added.
Lessors, however, have warned that the Go First bankruptcy makes
India a 'risky' jurisdiction which will lead to higher leasing
costs for domestic carriers when striking new deals.
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.
On May 10, the National Company Law Tribunal (NCLT) accepted Go
First's voluntary insolvency petition. The NCLT bench appointed
Abhilash Lal as the interim resolution professional to look after
the affairs of Go First and also suspended its board as part of the
insolvency resolution process.
GOKAK POWER: ICRA Withdraws D Rating on INR86cr LT Loan
-------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank lines of Gokak
Power & Energy Limited at the request of the company and as there
is no debt outstanding against the rated limit. The rating action
is in accordance with ICRA's policy on withdrawal of credit
rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 86.00 [ICRA]D; withdrawn
Unallocated
GPEL is a subsidiary of Gokak Textiles Limited (GTL). GTL holds 51%
equity stake and Shapoorji Pallonji and Infrastructure Capital
Company Limited (SPICCL) holds the remaining 49%. GPEL was
incorporated in January 2012 for the generation, transmission,
distribution and trading of hydropower and other renewable and
non-renewable sources of energy. On September 20, 2012, the
hydropower business of Gokak Textiles Limited (10.8 MW aggregate
capacity) was transferred to GPEL by way of slump sale for INR120
crore. The power plants are in Karnataka, at the foothills of the
Sahyadri hills on river Ghataprabha, 70 km from Belgaum city and 6
km away from Gokak town. The 10.8-MW hydropower capacity is
distributed into three units viz. Old Power House that has a
capacity of 3.5 MW, D.J. Madan Power House of 2.8 MW capacity and
the new unit with 4.5-MW capacity. The power generation from all
the three hydropower units is primarily supplied to Gokak Textiles
Limited for in-house consumption and the surplus power is sold to
Hubli Electricity Supply Company Limited (HESCOM) and traded in the
open market. GPEL has a firm PPA with GTL for the sale of
electricity for 20 years.
JET AIRWAYS: Faces Uncertainty as Flying Permit Expires
-------------------------------------------------------
The Economic Times reports that uncertainty continues over the
revival of grounded Jet Airways as the validity of the airline's
air operator's certificate expires on May 19. There was no word
from the Jalan Kalrock Consortium (JKC), which emerged as the
winning bidder for the carrier under the insolvency resolution
proceedings, on the status of the airline's flying permit.
The Air Operator's Certificate (AOC) of the airline, which has not
flown since April 18, 2019, was revalidated on May 20 last year for
a one-year period and the validity ended on May 19, ET relates.
However, it could not be immediately ascertained whether the
consortium has sought any relaxation from aviation regulator DGCA
with respect to the AOC, which is the most crucial requirement for
operating an airline.
A query sent to Ankit Jalan, a board member of the JKC, on whether
the consortium has sought renewal of the AOC remained unanswered,
ET notes.
According to the report, the ownership transfer of Jet Airways to
the JKC is yet to happen amid continuing differences with the
lenders of the airline.
Last week, the Consortium reportedly approached the NCLT asking it
to grant more time to pay the creditors and implement the revival
plan, ET says.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal. It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.
Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.
On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case. Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.
Creditors have filed claims worth INR30,907 crore, according to
Financial Express. The RP has so far admitted claims worth over
INR14,000 crore.
In July 2021, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June 2021, the NCLT approved the
consortium's resolution plan for the troubled carrier.
KADVANI FORGE: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Kadvani
Forge 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- 1.48 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 26.30 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 5.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Short Term- 3.50 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1995, Kadvani Forge Limited (KFL) is involved in
manufacturing of closed die steel forged products in carbon, alloy
and stainless steel, as per the customer specifications.KFL was
initially promoted by Kadvani family and was taken over by Mr.
Vitthal Dhaduk in February 2009. The company supplies its products
in forged, heat treated, partially or fully machined condition as
per the requirement of the customers. The company's manufacturing
facility is located at GIDC
Lodhika in Rajkot, Gujarat and has an installed capacity of 30,000
MTPA. The marketing and sales office of the company is located at
Rajkot. The company also has its marketing teams operating from
Bangalore and Chennai.
KHODAY INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term ratings of Khoday India Limited
(KIL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based TL 20.00 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based–CC 15.00 [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Khoday India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
retained in the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Khoday India Limited (KIL), incorporated on September 28, 1965, as
Khoday Distilleries Limited, primarily manufactures and markets
IMFL such as malt whisky, gin, brandy and rum. Some of its alcohol
brands include Peter Scot Whiskey, Red Knight Whiskey, Khodays XXX
Rum, Hercules XXX Rum, Hercules XXX White Rum, Hercules Beer,
Sovereign Brandy and Hercules XXX Deluxe Rum, among others. KIL is
a part of the Bangalore-based Khoday Group, which was founded in
1906 by Mr. Khoday Eshwarsa. The Khoday Group of companies includes
Khoday Engineering, Khoday Contact Center, Ram Mohan Travels,
Khoday Biotech, Khoday Agro, Khoday Technologies, Khoday Glass,
Khodays Silks and Khoday LK Power, among others.
LMJ INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of LMJ
International Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 69.45 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term– 104.25 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 330.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 43.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, 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.
Established as a partnership firm in 1968, LIL was converted into a
closely-held public limited company in 1992. The company is
primarily involved in the trading of agro and non-agro commodities
in domestic as well as international markets. Besides, the company
is involved in the processing of few agro products like rice,
wheat, pulses and coffee. The company has its processing units
located in Kushalnagar (Karnataka), Coimbatore (Tamil Nadu), Vizag
(Andhra Pradesh), Panipat (Haryana) and Sankrail (West Bengal).
Apart from these, LIL also provides storage facilities to various
parties with its warehouses located at Kushalnagar (Karnataka),
Vizag (Andhra Pradesh), Panipat (Haryana), Sankrail (West Bengal)
and Kolkata (West Bengal). The company is an ISO 22000:2005
certified and a Government-recognised export house.
MARUTI NOUVEAUKNITS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term and Short-Term rating for the bank
facilities of Maruti Nouveauknits Private Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 4.50 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 0.35 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term/ 3.37 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term- COOPERATING; Rating Continues to
Unallocated remain under issuer not
Cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Gujarat Hiflow Yarn Limited ('GHYL') was incorporated in 1993 by
the Aggarwal group and was engaged in texturing of yarn. On May
2009 the company was acquired by Mr. Anil Chaudhary and Mr. Keshari
Chand Chhajer. The entire business was revamped and GHYL started
manufacturing metallic films, hot stamping foil and sequin foil.
The name of the company was changed to Maruti Holostic Limited and
subsequently to Maruti Holostic Private Limited in April 2015 to
align its name with the line of business. The company started
manufacturing holographic items from February 2016; the products
manufactured included holographic labels, films, and stickers. The
company was also involved in trading of solar panels and finished
fabrics from FY2016. The finished fabrics comprised sarees and
dress materials which were procured from Surat and sold in
different parts of India.
NAGARJUNA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
Nagarjuna Warehousing in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.78 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.22 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Nagarjuna Warehousing, a partnership concern established in 2015,
is engaged in the construction of go-downs and leasing out to
FCI/CCI. The firm is in the process of constructing 3 godowns with
aggregate capacity of 24,000 MT at Gajalpuram village, Thripuraram
Mandal of Nalgonda district, which are expected to commence
operations in September, 2017. The total cost of the project is
estimated at Rs.10.54 crore which is to be funded through INR7.78
crore of term loans and equity of INR2.76 crore.
OCEAN PEARL: ICRA Reaffirms C+/A4 Rating on INR65cr Loans
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Ocean
Pearl Hotels Private Limited (OPHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term/ 65.00 [ICRA]C+/ [ICRA]A4; reaffirmed
Short term–
Fund Based limit
Rationale
The rating action on the bank lines of OPHPL reflects the stretched
financial risk profile, characterised by weak debt coverage
indicators and liquidity position. The adverse impact of the
pandemic had impacted the company's cash flows and liquidity
position severely during FY2021-FY2022; the company had opted for
moratorium till August 31, 2020, under the RBI's Covid-19
Regulatory Package, and availed additional borrowings from banks in
the form of Guaranteed Emergency Credit Line (GECL) loan and demand
loan to help service its debt obligations and meet its fixed
expenses. Despite improvement in profitability in FY2023, the
company is expected to continue to have a stretched capital
structure and coverage indicators with DSCR estimated to be
0.6-0.7x over the medium term because of high debt repayment
obligations.
ICRA notes the extensive experience of the promoter in the
hospitality industry and an improvement in the company's scale of
operations aided by recovery in demand in the hospitality industry.
OPHPL reported revenues of ~INR51 crore and operating profit margin
(OPM) of 10.4% in H1 FY2023. Despite the improvement in
performance, ICRA expects the company to remain dependent on
additional borrowings/ refinancing or financial support from
promoters, over the medium term, to meet its debt servicing
obligations in a timely manner. In this regard, deleveraging of the
company's balance sheet would remain key in helping improve the
credit profile of the company.
Key rating drivers and their description
Credit strengths
* Extensive experience of the management in the hospitality
industry, with Mr. Jayaram Banan being a renowned businessman in
the restaurant and hospitality industry: OPHPL is spearheaded by
Mr. Jayaram Banan, who has extensive experience in the catering and
hospitality business. Mr. Banan is the promoter of various
restaurant chains, such as Sagar Ratna and Swagath. The extensive
experience of the promoter is likely to help the company improve
its scale of operations, as the demand scenario improves.
Credit challenges
* Stretched financial risk profile; dependent on continuous support
from group concerns: OPHPL had acquired ~77% equity stake in Sagar
Ratna Restaurant Private Limited (SRRPL) in May 2017, which was
entirely funded through debt. This had led to deterioration in the
company's capital structure. Further, the low cash accruals during
FY2021-FY2022, led by the significant adverse impact of the
pandemic, impacted the company's liquidity position severely. The
company had opted for moratorium till August 31, 2020, under the
RBI's Covid-19 Regulatory Package, and availed additional
borrowings from banks in the form of GECL loan and demand loan to
service its debt obligations and meet its fixed expenses. The
second Covid-19 wave and consequent lockdowns, however, impacted
the company's cash flows, leading to delays from April 2021.
Nevertheless, an uptick in performance, coupled with additional
lines of credit from banks, helped the company correct its delays
in debt servicing from October 2021. The company, however,
continues to have a stretched capital structure and coverage
indicators with gearing ratio at 45x and DSCR at 0.5x in FY2022,
necessitating dependence on additional borrowings/refinancing or
financial support from promoters.
* Cyclical industry vulnerable to general economic slowdown and
exogenous factors: Due to its presence in the hospitality industry,
the company is susceptible to risks arising from its inherent
cyclicaliy. Hotel revenues are also vulnerable to general economic
slowdown and exogenous shocks (such as geopolitical crises, disease
outbreaks and natural calamities, among others). Due to the
outbreak of Covid-19, the operational metrics of the company were
severely impacted.
* Intense competition: OPHPL faces stiff competition from other
hotels and banquet facilities in proximity to its properties, which
is likely to exert pressure on the margins. Moreover, the same may
constrain a material improvement in the company's credit metrics
over the near to medium term.
Liquidity position: Poor
The company's liquidity position is poor, characterised by near
full utilisation of its OD limit, modest cash flows and high debt
repayment obligations. A healthy ramp up in operations or infusion
of equity remain critical for improvement in the liquidity position
of the company.
Rating sensitivities
Positive factors – ICRA could upgrade OPHPL's rating if the
company demonstrates improvement in its liquidity position and
credit and profitability indicators on a sustained basis.
Negative factors – ICRA could downgrade OPHPL's rating in case of
further deterioration in the credit metrics or liquidity position
leading to delays in debt servicing.
Mr. Jayaram Banan began operating OPHPL from 1986 with a restaurant
called Sagar Ratna in Defence Colony, New Delhi. In 2010, the
company opened an 84-room, four-star luxury hotel in Mangalore,
Karnataka. In FY2012, the company hived off its restaurant business
and transferred its assets and liabilities to its wholly-owned
subsidiary, SRRPL. Later it sold its ~76% equity stake in SRRPL to
a private equity (PE) firm. Subsequently, in 2012, OPHPL started
banqueting services at a leased farmhouse in Chhatarpur, New Delhi,
and named it Ocean Retreat. In May 2017, OPHPL bought back the ~76%
stake in SRRPL from the PE firm, which was entirely funded by debt.
At present, OPHPL operates an 84-room hotel in Mangalore, two
banquet halls in New Delhi, two restaurants at Ashoka Hotel, New
Delhi, a 50-room hotel at Udupi, Karnataka, with an adjacent
banquet hall with a 300-pax capacity, a 68-room hotel in Bejai
(Mangalore) and a 29-room hotel in Hubli, Karnataka. Further, OPHPL
owns the Sagar Ratna restaurant chain via its 100% subsidiary,
SRRPL.
PADMASHRI DR: ICRA Lowers Rating on INR413cr Cash Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Padmashri Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana
Limited (PSSK), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 135.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating upgraded
Term loan from [ICRA]D and removed from
Issuer Not Cooperating
category and simultaneously
withdrawn
Long Term- 413.00 [ICRA]B+ (Stable) ISSUER NOT
Fund-based- COOPERATING; Rating upgraded
Cash Credit from [ICRA]D and removed from
Issuer Not Cooperating
category and simultaneously
withdrawn
Rationale
The rating upgrade for PSSK factors in the timely repayment of debt
obligations over the last one year along with an improvement in its
profitability and liquidity position with the liquidation of sugar
inventory. The rating favorably factors in PSSK's extensive track
record of operations, along with adequate cane availability over
the years, ensuring sufficient crushing levels. Further, the
forward-integrated operations into distillery and cogeneration
along with a bottling plant of Indian Made Indian Liquor (IMIL)
provide cushion against the cyclical sugar revenues. ICRA notes
that around 50% of the company's revenue is derived from distillery
and IMIL, moderating the impact of seasonality in cash flows from
sugar crushing operations that are limited to the second half of
any fiscal.
ICRA notes that sustained favourable Government policies, such as
the introduction of minimum selling price (MSP), interest
subvention loans for ethanol capacity creation/expansion and timely
price revisions for ethanol support the company's financial
profile.
The rating, however, continues to be constrained by PSSK's weak
financial risk profile, characterised by its high leverage and weak
coverage indicators due to high reliance on external debt even as
the company has reduced the debt levels over the previous years.
Further, the repayment obligations remain high for the company,
though it is expected to be met through cash
accruals, free liquid balance and unsecured loan infusion by the
promoters. The rating also considers the inherent cyclicality and
agro-climatic risks in sugar operations, along with its
vulnerability to Government regulations.
The Stable outlook on the rating reflects ICRA's expectation that
the company will benefit from stable cash flows on the back of
increased revenue contribution from the distillery, where the
credit period is shorter. A favourable ethanol pricing regime and
higher-than-expected production of ethanol from B-heavy molasses
and sugar juice that have better realisations are likely
to support the company's operating profitability, going forward.
The long-term rating assigned to the bank facilities of PSSK has
been withdrawn at the request of the company following the
submission of a no-objection certificate from the bankers, and in
accordance with ICRA's policy on withdrawal.
Key rating drivers and their description
Credit strengths
* Long operating track record in sugar business: PSSK has had
strong operating efficiencies over the years. The promoters have a
long-standing experience in the sugar industry and wide acceptance
among local farmers, which facilitates adequate and timely cane
procurement, ensuring an adequate crushing period. The established
relationships with farmers in its command area, the various support
initiatives and timely payments ensure good quality supply.
* Forward integration of operations cushions against cyclicality in
sugar business: The company's 7,000-tonnes-crushed-perday (TCD)
sugar operations are fully integrated with its 30-megawatt (MW)
power generation plant and a 120-KLPD distillery. The company also
has an IMIL bottling plant. Nearly 50% of the company's revenue is
derived from ethanol, power sales and IMIL bottling. The company
also has committed supplies for ethanol from oil marketing
companies (OMCs), which provides comfort.
* Favourable policy framework: The Government of India (GoI) has
been supporting the sugar industry through various measures such as
introduction of MSP, interest subvention loans for ethanol capacity
creation and expansion and export subsidy, besides soft loans for
clearing cane dues and creation of sugar buffer stock in the
previous years. Additionally, the GoI preponed the ethanol-blending
programme timeline to 2025 from 2030 for 20% mandatory blending of
ethanol with petrol and introduced additional excise duty on
unblended petrol, effective from October 1, 2022. Over the years,
the GoI has supported the blending programme by fixing the prices
of ethanol manufactured through varied sugarcane-based feedstocks
at the beginning of each ethanol supply year and has also announced
annual price revisions. Favourable pricing, coupled with a shorter
credit period for ethanol supplies, has supported the profits and
cash accruals of various medium to large-sized sugar mills, besides
reducing their working capital intensity to some extent.
Credit challenges
* High gearing and weak debt coverage indicators: The gearing of
PSSK remained high at 3.1 times as on December 31, 2022 though
improving from 8.1 times as on March 31, 2022, owing to an improved
net worth position and lower debt levels. Further, the coverage
indicators remained weak with total debt/OPBIDTA of 5.0 times,
NCA/TD at 20% and interest coverage of 2.2 times as on December 31,
2022, due to high debt levels, though the company is making
conscious efforts to improve the coverage metrics in the near to
medium term. The repayment obligations remain high for the company,
though it is expected to be met through net cash accruals and
unsecured loan infusion by the directors. Further, with increasing
operating efficiency, the company will be able to improve its
operating profit margin in the near to medium term.
* Risks in regulated industry: PSSK's profitability is vulnerable
to the Government's policies and schemes such as creation of buffer
stock, export subsidies, mandatory blending of ethanol and its
pricing, sugar pricing, etc. Hence, cessation of any
subsidies/schemes or any material decrease in sugar or ethanol
pricing will have an impact on the company's financials.
Nonetheless, the Central and state Government's recent measures
supported the financial performance and liquidity of sugar
mills.
* Agro-climatic risks and cyclical trends in sugar business: Being
an agri-commodity, the sugarcane crop depends on climatic
conditions and is vulnerable to pests and diseases, which may
affect the yield per hectare and the recovery rate. These factors
can have a significant impact on the company's profitability. In
addition, the cyclicality in sugar production results in a
volatility in sugar prices. However, the sharp fluctuations in
sugar prices have been curtailed after GoI introduced MSP for the
sweetener in June 2018. Over the long term, higher ethanol
production with increased use of B-heavy molasses and direct sugar
juice is expected to help curtail the excess sugar inventory,
resulting in lower volatility in sugar prices and in turn, cash
flows from the business.
Padmashri Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana
Limited was set up in 1950 under the Maharashtra Cooperative
Societies Act, 1960, as a role model for the development of a newly
independent India through the cooperative movement. PSSK, the first
sugar factory set up in the cooperative sector in Asia, is located
in the Pravaranagar village in Ahmednagar (Maharashtra). The
company has over 12,500 cane grower members and over 18,000
non-producer members. It undertook its first crushing in 1950-1951
with a crushing capacity of 500 tonnes crushed per day (TCD). The
crushing capacity was subsequently enhanced in stages, with the
present installed capacity of 7,000 TCD. The company also has a
multipressure distillery unit with a capacity of 120 KLPD.
QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadsel
Systems Private Limited (QSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.35 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 26, 2022,
placed the rating(s) of QSPL under the ‘issuer non-cooperating'
category as QSPL 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. QSPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2023, March 22, 2023, April 1, 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).
Quadsel Systems Private Limited (QSPL) is a Chennai based company
which was incorporated in the year 1995 by Mr. Girish Madhavan
(Managing Director) and other 3 directors. Later in the year 1998,
the constitution of QSPL changed and the current directors are Mr.
Girish Madhavan and Mrs. Dhanamani Madhavan. The registered office
of QSPL is located at Chennai, whereas the company has branches in
Hyderabad, Kerala and Bengaluru. QSPL is engaged in the business of
IT Infrastructure i.e., software development and various IT
services such cloud management, network management, printing
services, DBMS, ERP's etc., providing end to end solutions and
products and services to various organizations. DSPL is an ISO
9001:2015 Certification and ISO 27001:2013 Certification certified
company. QSPL is a dealer and channel partner of HewlettPackard,
Microsoft, and DELL etc.
RAMA PAPER: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
Rama Paper Mills Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 53.81 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 18.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Rama Paper Mills Limited (RPML), which is in the business of
manufacturing and selling of paper and board related products was
established in December 1985 at Kiratpur, (District Bijnor, Uttar
Pradesh). The company has been promoted by Mr. Pramod Agarwal and
his brother Mr. Arun Goel, who are professionally qualified. While
RPML started off with an initial installed capacity of 3300 Metric
Ton (MT); over the years, the company has increased its installed
capacity to 61,000 MT with capacity additions and modernization of
existing lines. With four production lines, RPML has a presence in
product segments such as Newsprint, cream woven paper, duplex board
and poster paper.
SHIV DAL: ICRA Lowers Rating on INR5cr LT Loan to B+
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of M/S Shiv
Dal Mill, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; downgraded from
Cash Credit [ICRA]BB- (Stable) and moved
to the 'Issuer Not
Cooperating' category
Long Term- 1.18 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; downgraded from
Term Loan [ICRA]BB- (Stable) and moved
to the 'Issuer Not
Cooperating' category
Long Term- 3.82 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; downgraded from
Limit [ICRA]BB- (Stable) and moved
to the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding M/S Shiv Dal Mill's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with M/S Shiv Dal Mill, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
M/S Shiv Dal Mill was established as a partnership firm in August
2014 by Mr. Jakir Hossain and Mr. Montu Rahaman for milling of
pulses. In April 2016, Mrs. Mira Bibi joined as a partner. SDM is
involved in pulse milling at its manufacturing facility located at
Murshidabad, West Bengal. The commercial operations of the facility
commenced in April 2017.
SIMPLEX INFRASTRUCTURES: NCLT Junks Central Bank Insolvency Plea
----------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) in Kolkata has dismissed an insolvency application filed by
Central Bank of India against Simplex Infrastructures.
A bench comprising Bidisha Banerjee and Balraj Joshi, in an order
on May 4, said the application might create larger harm to the
corporate debtor (Simplex Infrastructures), the report relates.
Relying on the Supreme Court's Vidarbha Industries Power judgment
that stressed upon the discretionary power of the adjudicating
authority, the NCLT bench said that the case before it was a
financial failure while the business model was sound in keeping
with the general industry practice, according to Business Standard.
"Having said that, it is not likely that any new management would
be in a position to do something better which the current
management is not able to do," it said.
Business Standard relates that the bench noted that Simplex
Infrastructures' balance sheets do not show negative net worth "and
as such cannot be termed as insolvent". A list totaling to an
amount of Rs.554.17 crore had been provided in the application by
Simplex on the strength to trade receivables.
Simplex worked as a construction company on engineering,
procurement and construction (EPC) and the order mentioned "the
larger issue of the quality of the tender documents, the
competition in the sector, the delay in the execution of the works
due to various hinderances - both attributable to the owner and
attributable to the corporate debtor and also various permutations
thereof - remains unchanged even after the change of management
through the resolution process," the report relays.
Central Bank filed on July 15, 2021 a petition for initiating a
corporate insolvency resolution process (CIRP) against Simplex
Infrastructures. It was filed on the ground that Simplex had
defaulted in the payment of around INR105 crore, Business Standard
notes.
Simplex Infrastructures Ltd. introduced the Simplex system of
piling in India and South East Asia. The Company also undertakes
other civil & structural construction projects besides its
activities related to water & sewerage plant treatment
technologies, environmental engineering, cooling towers, mechanized
building construction and construction of roads & express ways.
SOWPARNIKA PROJECTS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term ratings of Sowparnika Projects And
Infrastructure Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable): ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 41.30 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 88.70 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
NCD/DebtBonds/ 80.00 [ICRA]B+(Stable); ISSUER NOT
NCD/LTD COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
Incorporated in 2003, Sowparnika Projects and Infrastructure
Private Limited (SPIPL), is a closely-held private limited company
involved in real-estate development. The company is the flagship
entity of the Sowparnika Group, which comprises a group of
companies owned and managed by Ms. Meenakshi Ramji, Mr. Ramji
Subramaniam and associates. Till date, the company has
completed 32 projects in Bengaluru, Trivandrum, Coimbatore, Mysore
and Chenganassery, aggregating to 2.4 million sq. ft.
VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long Term and Short-Term ratings for the bank
facilities of The Vasista Educational Society in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 2.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 8.20 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term/ 11.80 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due 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.
The Vasista Educational Society was established in August 2000 at
Seetharampuram village, West Godavari District of Andhra Pradesh by
Mr. K.V. Satyanarayana & Mr. S. Ramesh Babu to promote technical
education. The Society runs two engineering colleges Swarnandhra
College of Engineering & Technology (SCET) and Swarnandhra
Institute of Engineering & Technology (SIET) offering Diploma, B.
Tech, M. Tech, MBA and MCA courses.
VOLT-AGE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Volt-Age
Infra Private Limited (VIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 10, 2022,
placed the rating(s) of VIPL under the ‘issuer non-cooperating'
category as VIPL 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. VIPL 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).
VIPL is engaged in design, supply, erection, testing and
commissioning of E.H.V. (Extra High Voltage), Turnkey outdoor
substation projects, hydropower projects, switchyard station, power
transmission lines and industrial lines, testing of electrical
equipment's, live line/hot line and offline maintenance on an
Engineering, Procurement and Construction (EPC) basis. The company
was originally established as Voltage Infra & Power Projects Pvt.
Ltd. in May 2003. Later, the name of the company was changed to
Voltage Infra Pvt. Ltd w.e.f. 12th January, 2005. The company
started its operation since 2005 -06. The firm undertakes projects
on tender basis for various customers including government,
semi-government and private industrial entities.
ZENICA PERFORMANCE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Zenica
Performance Cars Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 40.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short term– 10.00 [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, 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.
Incorporated in 2013, Zenica Performance Cars Private Limited
("ZPCPL or Company") was the first authorised dealership of Porsche
in Indian automotive market with its sales showroom cum service
workshop, Porsche Centre Gurgaon, located in Gurgaon, Haryana (Golf
Course Road). In addition, company also has a Porsche workshop in
Chandigarh. The company is a part of the Zenica Group which also
operates an Audi dealership, Zenica Cars India Private Limited, in
Delhi NCR comprising two Audi showrooms, one Audi Approved Plus
(pre-owned cars showroom) and one Audi Service Gurgaon. Further,
the group has diversified interest with presence of iZenica stores
(Zenica Lifestyle Private Limited) across the country which are
engaged in reselling of Apple, Inc. products.
=================
I N D O N E S I A
=================
INDIKA ENERGY: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed PT Indika Energy Tbk's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) and
rating on the outstanding notes at 'BB-'. The Outlook on the IDRs
is Stable. At the same time, Fitch Ratings Indonesia has affirmed
the National Long-Term Rating at 'A+(idn)' with a Stable Outlook.
The affirmation and the Stable Outlook reflect Fitch's expectations
that Indika's financial profile will remain strong over the next
three years, even as Fitch factors in lower coal-price assumptions
along with an increase in the company's diversification investments
to raise non-coal revenue. High coal prices over the past two years
have supported improvement in Indika's financial profile, reflected
in its net cash position at end-2022 (2021: EBITDA net leverage
0.7x).
The net cash position also enhances Indika's flexibility to manage
bond maturities over the next three years despite investments, and
mitigates the risks from tightening of funding access for thermal
coal companies. The ratings continue to reflect its position as a
leading Indonesian coal producer and the modest cost position of
its coal mining operations at its 91%-owned subsidiary, PT Kideco
Jaya Agung.
'A' National Long-Term Ratings denote expectations of low default
risk relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.
KEY RATING DRIVERS
Large Cash Buffer Supports Investments: Fitch expects Indika's
large cash balance of USD1.2 billion at end-March 2023 to support
its investments over the next three years. Indika plans to invest
about USD450 million during 2023-2025 in mainly new business
ventures, as the company works towards its target of 50% of revenue
from non-coal businesses by 2025 (2022: 12%, 2021: 13%). Indika's
existing operations, including Kideco, Tripatra and Indika
Indonesia Resources, have modest capex requirements, averaging at
about USD50 million-100 million a year in 2023-2025.
Earnings to Moderate: Fitch expects Indika's EBITDA to decline to
USD300 million-360 million in 2024- 2026, from about USD540 million
in 2023 (2022: USD 1.27 billion), as Fitch factors in lower
coal-price assumptions, a new royalty and tax structure under their
converted IUPK (special mining business permit) licence and a
reduction in coal production to about 30 million tonnes per annum
(mtpa) (2022: 34.8mtpa) over the medium term, in line with
management guidance. Fitch forecasts EBITDA of USD20 million-45
million from new investments in 2023-2024 with most businesses
still ramping up operations.
Fitch expects Indika's EBITDA after 2024 to start rising modestly.
Fitch factors in EBITDA of USD117 million in 2025 and USD157
million in 2026 from Indika's new businesses, mainly the Awakmas
gold project, Interport and the EMITS solar project.
Coal Mining Business Remains Key: Fitch expects Kideco to continue
to underpin Indika's credit profile over the next two to three
years, contributing robust cash flow to the group until earnings
from its new investments ramp up. Fitch expects Kideco to
contribute about 85% of the group's EBITDA in 2023, before
declining to about 67% in 2024 and 60% in 2025 as Indika's
diversification projects contribute more.
Evolving Business Profile: Indika's business profile should evolve
over the next two to three years as it works towards increasing
non-thermal coal earnings. Some of Indika's investments are in
emerging industries, which means its position in those evolving
competitive landscapes will affect Fitch's assessment of the future
credit profile. Still, Fitch believes that Indika's strategy to
diversify beyond thermal coal should help mitigate the challenges
arising from tightening funding access for thermal coal players
from increasing environmental, social and governance (ESG)
considerations.
Risks to Diversification Targets: Fitch expects non-coal revenues
to gradually rise closer to Indika's target during 2025-2026, on
lower thermal coal prices and as revenue from Indika's new projects
starts to pick up. Even so, the risk to Indika's target of 50%
non-coal revenue remains; a slower ramp up than Fitch expects of
new businesses or higher coal prices could delay the revenue
diversification target.
Manageable Execution Risk: Fitch expects the execution risks of
Indika's diversification in greenfield investments to be largely
manageable, given its cautious approach. The company has also been
partnering with strategic investors, with more experience in the
respective industries when entering a new and evolving industry.
Management also has a solid record of managing commodity
downcycles, Consequently, Fitch treats the new investments as
neutral to Indika's credit profile.
Kideco's Strong Operations: Indika benefits from Kideco's long
record of stable volumes, robust cost position and ability to
curtail operating costs during periods of low coal prices. Kideco
was able to sustain its EBITDA per tonne above USD4, even during
the previous market downturn in. Fitch expects Kideco's EBITDA per
tonne to range around USD18 in 2023 and thereafter be around
USD6-10 over the next three years.
Kideco's reserve life is also adequate for the rating, at over 15
years based on its expected production. The conversion of Kideco's
mining licence to IUPK in December 2022 has also reduced regulatory
uncertainty.
Comfortable Rating Headroom: Fitch forecasts Indika's net leverage
to remain below 0.1x in 2023-2026 (2022: net cash position),
remaining comfortably below its negative rating sensitivity of
2.5x, driven by stable earnings from its coal mining operations,
manageable investment outlays and a gradual increase in earnings
contribution from new projects. In its rating case, Fitch expects
the rating headroom to be maintained despite significantly lower
coal-price assumptions in line with Fitch's commodity price deck.
DERIVATION SUMMARY
Indika's closest peer is PT Golden Energy Mines Tbk Tbk (GEMS,
BB-/Stable). Fitch thinks both Indika and GEMS have a competitive
cost position with demonstrated ability to manage costs in line
with coal price movements and an adequate reserve life for their
key mines. Fitch expects GEMS's scale to increase beyond Indika's,
given the former's plans to continue to increase production. This
is offset by Indika's stable and well-established operations with a
much longer record, in its view.
Fitch believes Indika's diversification strategy beyond thermal
coal would help mitigate the challenges arising from tightening
funding access for thermal coal players from increasing ESG
considerations. However, Fitch thinks this difference is offset by
GEMS's more conservative financial profile with a consistent net
cash position and limited dependence on external funding,
justifying rating both at the same level.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Kideco's average coal selling prices in line with Fitch's coal
price deck as follows for the Newcastle 6000 index:
2023: USD190/tonne
2024: USD90/tonne
2025: USD83/tonne
2026 and beyond: USD63/tonne
- Kideco's coal mining volume to be 31 million tonnes in 2023
(2022: 34.8 million tonnes) and further reduce to 30mtpa from 2024,
in line with management guidance.
- Kideco's strip ratios to stay at around 4.7x-5.8x over the next
four years, and cash production costs (excluding royalty) of around
USD27/tonne to USD35/tonne.
- New royalty structure to be applicable from 2023, following the
conversion from a coal contract of work to an IUPK in December
2022.
- New investment spending of USD190 million-195 million a year in
2023 and 2024; EBITDA from new investments at USD20 million in
2023, USD45 million in 2024, USD120 million in 2025 and USD160
million in 2026. Its assumptions are 10%-20% lower than management
guidance.
- Capex for existing operations of USD11 million-20 million a
year.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch does not expect an upgrade in the near term, as the
company's business profile is still evolving as it transitions
towards a more diversified earnings base;
- An upgrade may be considered if Indika demonstrates a record of
successful execution of non-coal investments resulting in
improvement of the overall business profile while maintaining a
prudent financial structure.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Net debt/EBITDA of above 2.5x and fund flows from operations net
leverage of above 3.0x;
- Indications of an overly aggressive approach to investment for
achieving its non-coal diversification strategy;
- Weakening of the overall business risk profile driven by new
businesses;
- Evidence of weakened external funding access.
LIQUIDITY AND DEBT STRUCTURE
Net Cash Position Support Liquidity: Indika's net cash position
supports its strong liquidity profile. The company has a cash
balance of USD1.15 billion against short-term debt of USD100
million. Indika has done some early liability management, partly
buying back two outstanding bonds and has USD323 million (reduced
from USD575 million) senior unsecured note due in November 2024 and
USD568 million (reduced from USD675 million) due in October 2025.
Fitch expects Indika's cash balance together with internal cash
flow to be adequate to repay its bond maturities.
Indika will not require any funding at its coal business after the
sale of its coal mining contracting and logistics businesses in
2022. Fitch expects Kidecco to generate neutral to positive free
cash flow, given its cost position and absence of any material
investments requirements. It recently signed a loan of USD250
million for its Awakmas gold mine project investment, reflecting
continued funding access.
ISSUER PROFILE
Indika is an Indonesia-based conglomerate, whose main asset is
Indonesia's fifth-largest thermal coal mine, Kideco, in which it
owns a 91% stake. Indika also has direct and indirect ownership of
100% in Awakmas (gold mine), 100% in EMI (electric vehicles), 100%
in interport (port terminal), 51% in EMITS (roof-top solar), 46% in
Natura (essential oil) and 100% in Mekko (bauxite mine)
ESG CONSIDERATIONS
Indika's ESG Relevance score for Greenhouse Gas Emissions and Air
Quality was changed to '4' from '3' due to Indika's revenue
concentration in thermal coal, which faces the risk of declining
demand in the medium term because of its high carbon footprint.
Funding access for thermal coal companies has progressively
tightened, which has a negative impact on Indika's credit profile
and is relevant to the rating in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
PT Indika
Energy Tbk LT IDR BB- Affirmed BB-
Natl LT A+(idn) Affirmed A+(idn)
LC LT IDR BB- Affirmed BB-
Indika Energy
Capital III
Pte. Ltd.
senior
unsecured LT BB- Affirmed BB-
Indika Energy
Capital IV
Pte. Ltd.
senior
unsecured LT BB- Affirmed BB-
=====================
N E W Z E A L A N D
=====================
CAMERONS CLOTHING: Unsecured Creditors Will Not Be Paid
-------------------------------------------------------
Brooke Black at Stuff.co.nz reports that unsecured creditors left
out of pocket when Timaru-based retailer Camerons Clothing Limited
went into liquidation last year will not be paid.
In his final report, liquidator Iain Nellies of Dunedin-based
Insolvency Management Limited, listed "industry restructuring" and
"poor economic conditions" as the reasons for the liquidation of
the long-running family business which still owes more than
$163,000 to unsecured creditors, Stuff relates.
"The liquidator has completed a review of the records.
Investigations confirmed no further assets were available for the
liquidation."
According to Stuff, Mr. Nellies said his investigations had not
uncovered any actions that "would have proven economic to pursue to
provide a return for the unsecured creditors . . ."
The company, which had stores in Timaru, Ōamaru and Waimate, was
put into liquidation in March 2022 owing NZD908,000 to creditors
across New Zealand and Australia, Stuff recalls. In the weeks
leading up to that, Camerons Clothing shareholder and director
Warren Park said the lack of foot traffic since Covid had been
"heartbreaking".
Mr. Park was one of four shareholders of the company alongside
fellow director Wendy Collings, Elizabeth Park and Kenneth
Collings.
Stuff, citing Mr. Nellies' final report, says almost all the funds
owed to preferential and secured creditors had been paid.
"There is still a shortfall to the first secured creditor which has
been guaranteed by the directors as well as the amount secured to
the second secured creditor.
"There are a few book debts that are unpaid and have been written
off as uneconomic to recover."
At the time the company was put into liquidation, there were 67
known unsecured creditors owed a total of NZD189,403. Unsecured
creditors included Hills Hats, Home-Lee, Levi Strauss NZ, NZ Post,
and Timaru companies Corporate Print, Dowells Office Supplies,
Screw U Poles, Post Haste, Perpetual Guardian, SPF Websites and
Multimedia, and Target Apparelmaster, Stuff discloses.
As of Sept. 25, 2022, the liquidator had received 29 claims from
unsecured creditors owed NZD163,735.84.
In his final report, Mr. Nellies said a closing down sale had been
successful with remaining stock sold to a third party.
Stuff relates that the sale of stock, assets and other realised
funds netted NZD317,139.69. That was distributed and covered almost
NZD50,000 in preferential wages, a secured creditor payment of
NZD160,000, and payments to the IRD of more than NZD66,000.
Mr. Nellies had hoped to have the liquidation completed by
Christmas, however he said it had taken a bit longer than hoped to
chase book debts, Stuff notes.
The liquidator has requested the company be removed from the
registrar of companies, adds Stuff.
COOK ISLANDS: S&P Affirms 'B+/B' SCRs, Outlook Stable
-----------------------------------------------------
On May 23, 2023, S&P Global Ratings affirmed its 'B+/B' sovereign
credit ratings on Cook Islands. The outlook is stable, and the
transfer and convertibility (T&C) assessment is 'AAA'.
Outlook
The stable outlook on S&P's long-term rating on Cook Islands
reflects its expectation that, over the next 12 months or so, the
economic recovery will narrow fiscal deficits, and reduce net debt
relative to GDP.
Downside scenario
S&P could lower its ratings if Cook Islands' public finances were
to materially underperform our forecasts. This could occur if
fiscal deficits do not narrow and the resulting increase in debt
increases the budgetary interest burden to above 5% of government
revenues annually.
Upside scenario
S&P could raise its ratings if there is a sustained improvement in
the government's fiscal outlook or economic wealth and diversity
improve.
Rationale
S&P expects Cook Islands' fiscal outlook to improve as the
reopening of borders spurs strong tourism flows. The important
tourism sector has driven a meaningful improvement in the Cook
Islands economy over the past 12-18 months.
Tourism nevertheless remains below pre-pandemic levels. S&P
forecasts the improvement in tourism numbers and consequently
improvement in government revenues from tourism receipts will lower
the ratio of net debt to GDP to about 30% over its forecast period.
Fiscal deficits have meaningfully contracted; S&P expects these to
improve to 4.3% of GDP in fiscal year 2023 (year ending June 30),
from a high of 23.1% in fiscal 2021. A growing economy and smaller
deficits have resulted in slower growth in debt. Cook Islands' debt
burden remains modest compared with its peers', and the country
owes most of its debt to official lenders.
S&P's ratings on Cook Islands also reflect the vulnerabilities
associated with a weak institutional setting and capacity for
making policies, lack of an independent monetary policy, and a
narrow economic base. Partly offsetting these factors are the
government's supportive relationship and high labor mobility with
New Zealand (AA+/Stable/A-1+), financial and technical assistance
from donor agencies, and the country's sound financial system.
Institutional and economic profile: Post-pandemic economic rebound
under way as international tourists return
S&P expects economic growth to average 4.7% over 2024-2026 after
two years of rapid expansion. The economy contracted by 19% in
fiscal 2021 when borders closed, shutting down the tourism
industry.
Weak policymaking culture and institutional settings constrain the
ratings.
S&P said, "As we previously expected, Cook Islands is seeing a
strong recovery in the tourism sector; the country is benefiting
from its proximity to its largest tourism source market, New
Zealand, and pent-up demand. We expect real GDP growth of 11.6% in
2023, spurred by tourism. Borders are now fully opened. In January
2022, Cook Islands reopened to tourists from New Zealand, who
historically comprised about 65% of arrivals, and Australia in
April 2022, which previously accounted for 15%-20% of arrivals.
Tourism numbers had collapsed to zero when the government shut
borders to stem the COVID-19 pandemic. Immediately prior to the
pandemic Cook Islands enjoyed several years of strong tourism
growth. The economy centers on tourism, which is the country's
major revenue earner. In our view, this concentration makes the
economy particularly vulnerable to tourist preferences, weather
events, and downturns in major tourism markets."
The vulnerabilities associated with Cook Islands' relatively weak
policymaking culture and institutional settings are a key ratings
constraint. The outcome of the 2022 election continued the
country's history of political uncertainty. Parliament was unable
to sit for six months due to contentions around election polling.
The fragmentation leaves Cook Islands vulnerable to policy shifts
driven by populist sentiment, which has hampered previous
development and much-needed reforms. Shortages of skilled labor
continue to weigh on institutional capacity. The policymaking
settings derive support from a vigorous free press, an outspoken
business community, and efforts by major aid donors to promote
sound financial and economic public policies and stronger
administration.
In April, 2023, Cook Islands renegotiated terms regarding its
developing nation status with the Asian Development Bank (ADB).
This allows Cook Islands access to the ADB's concessional funding
window. In contrast, Cook Islands no longer qualified to receive
official development assistance through the Organization for
Economic Co-operation and Development's (OECD) development
assistance committee. On Jan. 1, 2020, Cook Islands acquired the
status of a developed country from the OECD. Official technical
assistance provides vital help to the islands. Additionally, S&P
expects New Zealand--the country's largest aid donor--to maintain
its historical support, reflecting long-standing political and
social ties. Throughout the pandemic, the New Zealand government
provided the nation with additional budget support in the form of
grants to support the government's economic response plan and
economic recovery plans.
Cook Islands is a self-governing country with a free association
with New Zealand. Cook Islanders are citizens of New Zealand. The
country achieved self-governance in 1965, but New Zealand controls
its foreign policy, defense, and continues to provide budgetary
support. The country benefits from a close and comprehensive
political and economic relationship with New Zealand.
Flexibility and performance profile: Growing economy supports
smaller deficits and slowing debt accumulation
-- The growing economy is supporting the government's fiscal
outlook and reducing net debt as a proportion of GDP.
-- The lack of data on balance of payments and net international
investment position continues to constrain our sovereign analysis.
-- There is an absence of independent monetary policy since the
Cook Islands uses the New Zealand Dollar.
The growing Cook Islands economy is helping to reduce the
government's fiscal deficits. S&P expects fiscal deficits to
improve to 4.3% of GDP in 2023 and continue to narrow thereafter.
The government scrapped previous fiscal targets during the
pandemic, replacing them with rules that outline fiscal prudence
while supporting the economic recovery.
A fall in taxation revenues has caused the government to shift its
expenditure planning over the next three years. It has paused new
programs and focused on maintaining core community services.
S&P expects it will take a few years before this has a meaningful
effect on public finances. The government has not announced any new
revenue streams, and it does not anticipate substantive new taxes.
The pandemic interrupted three years of fiscal surpluses in Cook
Islands. In fiscal 2021, the general government deficit blew out to
23% of GDP when borders closed.
The narrowing of fiscal deficits means net general government debt
will peak at about 33% of GDP in 2023, before receding to about 30%
of GDP in 2026. Net debt rose sharply during the pandemic as the
government used its cash reserves to fund its large deficit. The
concessional and long-term nature of current government borrowings,
as well as the government's relatively low debt mean, that the
ratio of the general government interest expenditure to revenues is
low; we estimate it will average 4.5% of revenues in 2023 and 2025.
Typically, borrowings are over 15 years in maturity. About 1% of
general government debt is commercial. This is entirely borrowed
through its airport authority.
Poor coverage and timeliness of statistical releases prevent a
robust analysis of Cook Islands' economic and external accounts.
S&P considers New Zealand to be the starting point, and S&P also
recognizes limitations to Cook Islands' external data gaps.
The country's monetary policy flexibility is limited because of the
absence of a central bank and its use of the New Zealand dollar.
This arrangement means it forfeits monetary independence, which is
an important lever for promoting economic and financial stability.
It can also make it difficult for the country to control inflation,
even though the use of the New Zealand dollar previously enabled
Cook Islands to benefit from lower inflation than its peers.
S&P equalizes the local currency rating with the foreign currency
rating, reflecting Cook Islands' absence of monetary policy
flexibility, its use of the New Zealand dollar, and its lack of a
domestic capital market.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED
COOK ISLANDS
Sovereign Credit Rating B+/Stable/B
Transfer & Convertibility Assessment
Local Currency AAA
EUROPEAN INTERIORS: Court to Hear Wind-Up Petition on June 8
------------------------------------------------------------
A petition to wind up the operations of European Interiors Limited
will be heard before the High Court at Christchurch on June 8,
2023, at 10:00 a.m.
Blair Roger Cunningham and Kate Elizabeth Sarah Cunningham filed
the petition against the company on April 26, 2023.
The Petitioner's solicitor is:
Susan Mary Bevin
Emma Louise Pearce
Cavell Leitch Limited
BNZ Centre, Level 3
111 Cashel Mall
Christchurch 8011
IRESSURECT LIMITED: Creditors' Proofs of Debt Due on June 23
------------------------------------------------------------
Creditors of Iressurect Limited are required to file their proofs
of debt by June 23, 2023, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 15, 2023.
The company's liquidators are:
Trevor Laing
Emma Laing
Laing Insolvency Specialists Limited
PO Box 2468
Dunedin 9044
NZ FINTECH: Moola Parent Company Placed Into Liquidation
--------------------------------------------------------
NBR reports that NZ Fintech Group Holdings, the parent company of
failed controversial payday lender, Moola, has been placed into
liquidation.
Thomas Rodewald, from Rodewald Consulting, was appointed as
receiver of NZ Fintech Group Holdings on Dec. 5, 2022, following an
application from its creditor, US-based Partners for Growth (PFG).
The holding company is the parent of NZ Fintech Group and NZ
Fintech Solutions which are also in receivership. It also owns
Zooma Car Finance which has gone into liquidation.
NZ Fintech Group owns six further companies including Moola.co.nz,
all of which have gone into liquidation.
Moola offered short-term loans through online applications.
SPACE X: Court to Hear Wind-Up Petition on June 23
--------------------------------------------------
A petition to wind up the operations of Space X Limited will be
heard before the High Court at Auckland on June 23, 2023, at 10:00
a.m.
Quick Earth Moving Limited filed the petition against the company
on May 8, 2023.
The Petitioner's solicitor is:
James Patrick Nolen
K3 Legal Limited
83 Albert Street (entrance on Kingston Street)
Auckland Central
Auckland
TOP TECH: Creditors' Proofs of Debt Due on June 10
--------------------------------------------------
Creditors of Top Tech Plumbing Limited and Pro Fascia & Spouting
Limited are required to file their proofs of debt by June 10, 2023,
to be included in the company's dividend distribution.
Top Tech Plumbing Limited commenced wind-up proceedings on May 10,
2023.
Pro Fascia & Spouting Limited commenced wind-up proceedings on May
11, 2023.
The company's liquidator is:
Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240
V & J GROUP: Creditors' Proofs of Debt Due on July 17
-----------------------------------------------------
Creditors of V & J Group Limited are required to file their proofs
of debt by July 17, 2023, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on May 17, 2023.
=================
S I N G A P O R E
=================
EL DEVELOPMENT: Commences Wind-Up Proceedings
---------------------------------------------
Members of EL Development (Yishun) Pte. Ltd. Pte Ltd, on May 19,
2023, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Ms. Koh Geok Hoon
Ms. Koh Ee Koon
380 Jalan Besar
#06-06, ARC 380
Singapore 209000
FJK CONSULTANTS: Members' Final Meeting Set for June 23
-------------------------------------------------------
Members of FJK Consultants Pte Ltd will hold their final general
meeting on June 23, 2023, at 10:00 a.m. via Zoom.
At the meeting, Dr. Knut Unger, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
FR MEDIA: Final Meeting Set for June 23
---------------------------------------
Members and creditors of FR Media Pte. Ltd will hold their final
meeting on June 23, 2023, 4:00 p.m. via video-conference.
At the meeting, Chee Fung Mei, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
FUNG ASIA: Members' Final Meeting Set for June 23
-------------------------------------------------
Members of Fung Asia Development Pte Ltd will hold their final
general meeting on June 23, 2023, at 10:00 a.m., at 80 Robinson
Road, #02-00, in Singapore.
At the meeting, Tay Tuan Leng, the company's liquidators, will give
a report on the company's wind-up proceedings and property
disposal.
KIDORI PTE: Final Meetings Set for June 22
------------------------------------------
Members and creditors of Kidori Pte. Ltd. and Umbrella Ventures
Pte. Ltd. will hold their final meeting on June 22, 2023, at 2:00
p.m., and 4:00 p.m., respectively, via video-conference.
At the meeting, Chee Fung Mei, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
PHILLIP VENTURES: Creditors' Proofs of Debt Due on June 18
----------------------------------------------------------
Creditors of Phillip Ventures Enterprise Fund 5 Ltd are required to
file their proofs of debt by June 18, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 12, 2023.
The company's liquidators are:
Timothy James Reid
Ng Yau Yee Theresa
c/o Baker Tilly Reid
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778
=================
S R I L A N K A
=================
SRI LANKA: Eyes Chinese Tourism to Help Ease Debt Crisis
--------------------------------------------------------
Bloomberg News reports that Sri Lanka is mulling measures to lure
back Chinese tourists in a bid to alleviate an unprecedented debt
crisis, its tourism minister said, as the South Asian nation tries
to stabilize the economy.
The country is targeting half a million Chinese tourists in 2024,
nearly double its pre-Covid visitor levels, Tourism Minister Harin
Fernando said at a press briefing in Beijing on May 22, Bloomberg
relays.
If each Chinese tourist spent $5,000 that could raise a figure
comparable to the recent International Monetary Fund bailout, he
said. "If you really look at it, tourism can get Sri Lanka out of
this mess," the minister added.
Sri Lanka clinched a $3 billion bailout loan from the IMF in March
after six months of negotiations. It is still trying to reach a
debt restructuring agreement that would help the release of the
next round of funds. China has been an observer to those talks.
Paris Club members account for $4.8 billion, or more than 10% of
Sri Lanka's external debt, according to IMF data. That's slightly
higher than China, which stands at $4.5 billion, while India is
owed $1.8 billion. Palitha Kohona, Sri Lanka's ambassador to China,
who was also at the event in Beijing, said bilateral debt talks
were ongoing, Bloomberg relays.
According to Bloomberg, Mr. Fernando said he'd presented a plan to
Sri Lanka's government that included free tourist visas for Chinese
travelers until November. "They can just walk into Sri Lanka with a
Chinese passport," he said.
Bloomberg relates that the minister also said he was holding talks
with Chinese carriers, including China Southern Airlines and Air
China, asking them to increase the number of flights to Sri Lanka.
This month, carriers are operating 92 flights between the two
countries, down from 174 in the same month in 2019, according to
flight data provider Cirium.
Sri Lanka has battled its worst economic problems since
independence in recent years, after protests over soaring
inflation, food shortages and lengthy power cuts toppled the
government, Bloomberg says. A series of deadly terror blasts in
2019 also hit tourism arrivals, along with the subsequent Covid
pandemic.
Before all that, Sri Lanka saw some 266,000 Chinese arrivals in
2018, according to the Sri Lanka Tourism Development Authority.
That fell sharply to 167,863 the following year, according to the
authority.
Bloomberg says the return of Chinese tourists is considered
essential to the rebound of global tourism, but outbound travel is
still lagging pre-pandemic levels. More than half of Chinese
travelers said they hadn't set plans to go abroad this year in a
survey published last month.
*********
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 ***