/raid1/www/Hosts/bankrupt/TCRAP_Public/230525.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, May 25, 2023, Vol. 26, No. 105
Headlines
A U S T R A L I A
ASCENTION SERVICES: First Creditors' Meeting Set for May 31
BEHEMOTH CANBERRA: First Creditors' Meeting Set for May 31
BIG VILLAGE: Second Creditors' Meeting Set for May 30
FELMERI BUILDERS: First Creditors' Meeting Set for May 31
FELMERI HOMES: Enters Into Voluntary Administration
GHIASSI PTY: First Creditors' Meeting Set for May 31
C H I N A
AIWAYS HOLDINGS: Terminates Shanghai HQ Lease
LOGAN GROUP: Creditors May Take Over HK Luxury Towers
TERA WELLNESS: Raises Funds After Rebutting Bankruptcy Rumors
I N D I A
CA MAGNUM: Moody's Affirms 'B1' CFR & Alters Outlook to Negative
COLOR PALETTE: Insolvency Resolution Process Case Summary
EXPOTEC INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
GO FIRST: DGCA to Audit Carrier for Service Restart
GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
GRITTON CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
HARI KISHAN: CRISIL Keeps D Debt Ratings in Not Cooperating
HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
INVEST CARE: Insolvency Resolution Process Case Summary
JET AIRWAYS: NCLAT to Pass Order on JKC's Plea vs. SBI on May 30
KAILASANADHA COTTON: CRISIL Keeps D Ratings in Not Cooperating
MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
MUSALE CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
NAVEEN POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
NEW WIN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
NOBLE EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
NYLES SALES: CRISIL Keeps D Debt Ratings in Not Cooperating
OPTION OXIDES: CRISIL Keeps D Debt Ratings in Not Cooperating
P.K. SULPHIKER: CRISIL Keeps D Debt Ratings in Not Cooperating
PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
PIONEER MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating
PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
PRETTY JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating
PROCESS CONTRUCTION: Insolvency Resolution Process Case Summary
RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
SADBHAV ENGINEERING: CARE Lowers Rating on INR45cr NCD to D
SIPL TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
VALTROM TECHNOLOGIES: Insolvency Resolution Process Case Summary
YATIN STEELS: Insolvency Resolution Process Case Summary
J A P A N
SOFTBANK GROUP: S&P Downgrades LT ICR to 'BB', Outlook Stable
N E W Z E A L A N D
BAYSIDE PROJECTS: Creditors' Proofs of Debt Due on July 12
MARQUE HOSPITALITY: Creditors' Proofs of Debt Due on June 15
ONILCO ENERGY: Court to Hear Wind-Up Petition on June 1
ORIGINAL CO: Creditors' Proofs of Debt Due on July 14
TG INVESTMENT: Creditors' Proofs of Debt Due on June 19
P H I L I P P I N E S
NORTHERN FOODS: DA Starts Liquidation Process for Company
S I N G A P O R E
ITNL INTERNATIONAL: Creditors' Proofs of Debt Due on June 14
LEVO PHARMA: Court to Hear Wind-Up Petition on June 16
RESOURCE INVESTMENTS: Placed Into Provisional Liquidation
ROOTS CAPITAL: Creditors' Proofs of Debt Due on June 24
SANCHI INVESTMENT: Court to Hear Wind-Up Petition on June 9
- - - - -
=================
A U S T R A L I A
=================
ASCENTION SERVICES: First Creditors' Meeting Set for May 31
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ascention
Services Pty Ltd will be held on May 31, 2023, at 11:00 a.m. via
teleconference only.
David Ingram and David Ross of I & R Advisory were appointed as
administrators of the company on May 19, 2023.
BEHEMOTH CANBERRA: First Creditors' Meeting Set for May 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Behemoth
Canberra Pty Limited will be held on May 31, 2023, at 10:10 a.m. at
Manuka House, Unit 2, 16 Bougainville Street, in Griffith, ACT.
Ezio Senatore was appointed as administrator of the company on May
19, 2023.
BIG VILLAGE: Second Creditors' Meeting Set for May 30
-----------------------------------------------------
A second meeting of creditors in the proceedings of Big Village
Australia Pty Ltd has been set for May 30, 2023, at 10:30 a.m. via
virtual technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 29, 2023, at 4:00 p.m.
Matthew Russell Hutton and Robert Bruce Smith of McGrathNicol were
appointed as administrators of the company on Jan. 26, 2023.
FELMERI BUILDERS: First Creditors' Meeting Set for May 31
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Felmeri
Builders & Developers Pty Ltd will be held on May 31, 2023, at
11:30 a.m. at the offices of Adelaide Skydeck, Level 13, 147 Pirie
Street, in Adelaide, SA.
Leigh Prior of Agile Business Advisory was appointed as
administrator of the company on May 19, 2023.
FELMERI HOMES: Enters Into Voluntary Administration
---------------------------------------------------
News.com.au reports that South Australian residential construction
company Felmeri Homes has entered into voluntary administration,
leaving customers with incomplete builds in the lurch.
The home builder, which was established in 2006, was placed under
external administration on May 19 owing creditors around AUD2
million, according to the report.
News.com.au notes the collapse comes after the family-owned
business was subject to several "serious" complaints from clients
regarding delayed and allegedly defective builds.
Consumer and Business Services SA said it was investigating the
builder.
Devastated customers have taken to social media to share their
experiences and images of their incomplete homes as they question
what their options are.
One such client, Jessica Lee Harrison, posted photos of the
unfinished development at O'Halloran Hill Estate taken by
homeowners.
"Three years on and this is what we have now," she said.
According to the report, SA Consumer and Business Services
Commissioner Dini Soulio said his organisation was working with the
builder's administrator to ascertain whether the company would
continue to trade and "what that means for customers".
While it is not known how many customers have incomplete homes with
Felmeri, CBS has taken steps to ensure the company can't sign any
new customers.
News.com.au adds that Copper Coast Mayor Roslyn Talbot, within
whose local government area the abandoned Wallaroo Shores Resort is
situated, said the 100 units were due to be completed in September
2023.
The AUD42 million project, the company's largest, was originally
scheduled to finish in 2022 but construction ran into "significant
obstacles".
"I have confidence the developers will find a solution to complete
this project," she said.
Administrator Leigh Prior from Agile Business Advisory confirmed
close to 150 unsecured creditors were owed about AUD2 million,
news.com.au relays.
Related companies also have claims in for more than AUD2 million,
while secured creditor ANZ is owed around AUD500,000.
Felmeri had begun construction on 43 homes and had recently signed
contracts for at least another 20 homes on which construction had
not yet started.
Mr. Felmeri Sr told The Advertiser on May 22 that all unfinished
homes would be completed, albeit at a higher cost to the homeowner,
and suggested some customer complaints had been inaccurate.
"As soon as we get insurance they will be built," the report quotes
Mr. Felmeri Sr as saying. "Everything will be coming good.
"What we priced five years ago we can't do."
News.com.au notes that the fate of the company could be determined
in a second creditors' meeting that administrators are required to
hold within five weeks of appointment.
It is expected that creditors will vote at this meeting on whether
to support a proposal by directors for a repayment plan or to
liquidate the company.
GHIASSI PTY: First Creditors' Meeting Set for May 31
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ghiassi Pty
Ltd will be held on May 31, 2023, at 10:00 a.m. via Zoom.
Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners
were appointed as administrators of the company on May 19, 2023.
=========
C H I N A
=========
AIWAYS HOLDINGS: Terminates Shanghai HQ Lease
---------------------------------------------
Yicai Global reports that Aiways Holdings, a Chinese new energy
vehicle startup backed by internet giant Tencent Holdings, has
terminated the lease of its headquarters building in Shanghai.
"The HQ has been empty for over a week, as the lease has been
canceled," a staffer at the property manager of the industrial park
where Aiways' Shanghai office is located told Yicai Global during
an on-site visit.
Moreover, an Aiways insider told Yicai Global that the carmaker's
staff in Shanghai is working from home. Yicai Global also learned
that Aiways has not yet paid salaries for March and April, with
those for this month likely to be delayed as well.
Founded in 2017 by Fu Qiang, who previously held senior positions
at Mercedes-Benz, Audi, and Volvo, Shanghai-based Aiways has raised
nearly CNY10 billion (USD1.4 billion) since then with investors
from renowned firms, such as Chinese battery maker Contemporary
Amperex Technology, car hailer Didi Global, and Tencent, Yicai
Global notes.
Since its establishment, Aiways only released two car models. As it
mainly focused on Europe, it missed growth opportunities brought
about by the fast development of the Chinese market.
Aiways' first mass-produced vehicle, the Aiways U5, was launched in
December 2019, priced from CNY197,900 to CNY292,100 (USD28,480 to
USD42,035). It sold less than 3,000 units in 2020, 2021, and in the
first eight months of last year, and only 536 in the first quarter
of this year, Yicai Global notes.
In March 2021, Aiways cut salaries, canceled year-end bonuses, and
failed to pay suppliers, says Yicai Global. Moreover, the company
was said to have salary arrears in November of that year.
Accirdubg to Yicai Global, Chen Xuanlin, chairman of Guangdong
Microholdings, which invested in Aiways several times, poured
hundreds of millions of US dollars into the carmaker early last
year to try to solve the financial difficulties brought in by poor
sales.
Chen was later named Aiways' new chairman and Zhang Yang new chief
executive officer. Soon after, the firm unveiled plans to go public
in the United States via special purpose acquisition.
But after Chen resigned last November, the company did not release
any further updates on the listing, Yicai Global relates.
Last September, China Liberal Education Holdings said it had
reached a non-binding agreement to acquire Aiways at a valuation of
between USD5 billion and USD6 billion. But China Liberal pulled out
on April 30, the provider of educational services said on May 2.
According to Yicai Global, many Chinese NEV startups, including WM
Motor, Enovate Motors, and Hengchi Automobile Trading, have hit
operational difficulties since the start of this year due to
increasingly fierce competition and frequent capital chain problems
caused by poor financing.
In the past three years, about 75 car brands in China closed,
suspended operations, merged with peers, or switched business
focus, Zhu Huarong, chairman of Changan Automobile, said earlier
this month. In the next two to three years, even by a conservative
estimate, 60 to 70 percent of brands will be eliminated, Zhu
added.
LOGAN GROUP: Creditors May Take Over HK Luxury Towers
-----------------------------------------------------
Caixin Global reports that creditors of distressed developers Logan
Group Co. and KWG Group Holdings Ltd. may take over billion-dollar
Hong Kong luxury residential towers developed by the two companies
after they defaulted on debts.
Some of the biggest banks operating in Hong Kong, including HSBC
Holdings Plc, Standard Chartered Plc and Industrial and Commercial
Bank of China (Asia) Ltd., provided HK$10.2 billion ($1.3 billion)
of loans to finance the project, Bloomberg reported May 23.
About Logan Group
Logan Group Company Limited, an investment holding company,
operates as an integrated property developer in the People's
Republic of China. It operates through four segments: Property
Development, Property Leasing, Construction and Decoration
Contracts and Others, and Urban Redevelopment Business. The
Property Development segment develops and sells residential
properties and retail shops; and sells land held for development.
The Property Leasing segment leases office units, retail shops, and
hotels. The Construction and Decoration Contracts and Others
segment constructs office premises and residential buildings; and
provides decoration services to external customers and interior
decoration services to property buyers. The Urban Redevelopment
Business segment sells land for urban redevelopment. Logan Group
Company Limited is a subsidiary of Junxi Investments Limited.
As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2022, Fitch Ratings has withdrawn China-based homebuilder Logan
Group Company Limited's Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) of 'CCC'. Fitch has also withdrawn
the senior unsecured rating and the rating on Logan's outstanding
US dollar senior notes of 'CCC', with a Recovery Rating of 'RR4'.
The 'CC' rating, with a Recovery Rating of 'RR6', on Logan's
subordinated perpetual capital securities has also been withdrawn.
Fitch is withdrawing the ratings as Logan has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Logan.
TERA WELLNESS: Raises Funds After Rebutting Bankruptcy Rumors
-------------------------------------------------------------
Yicai Global reports that Tera Wellness Management announced the
Chinese fitness chain raised CNY115 million (USD16.3 million) in a
fundraiser the day after rebutting bankruptcy rumors.
Led by Junzhuo Capital Investment, the round of financing aims to
enhance Tera outlets' operating capability and value and offer a
better experience to customers, Shanghai's largest gym chain said
on its official WeChat account on May 23.
However, Tera does not appear in the list of companies Junzhuo
Capital has invested in on corporate information platform
Tianyancha. Junzhuo Capital's last investment dates back to 2017,
according to Tianyancha.
On May 22, Tera refuted online rumors that the company was about to
bankrupt and would soon start handing back membership fees,
according to Yicai Global. Moreover, people claiming to be Tera's
employees posted on social media that the firm had salaries arrears
that wanted to pay only if they achieve certain performance
indicators. Some customers also said Tera rejected their refund
requests.
Tera has not hired any third-party individual or organization to
issue refunds on its behalf, and any act that persuades its members
to join social media groups to receive refunds or download any
application in return for fees is fraudulent, it said on May 22,
Yicai Global relays.
The company has reported the matter to the authorities and will
also start legal proceedings against those spreading the rumor and
conducting online fraud, it added.
Tera, which has served over one million members since it opened 15
years ago, was on a blacklist for outstanding debts amounting to
CNY3.4 million (USD481,955) as of the end of January, Yicai Global
citing Tianyancha. It employs more than 3,000 staff.
In February, Tera had CNY98.3 million (USD13.9 million) frozen due
to borrowing disputes, according to Finance China.
=========
I N D I A
=========
CA MAGNUM: Moody's Affirms 'B1' CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of CA Magnum Holdings (CAMH) -- the special-purpose
investment holding company formed by affiliates of The Carlyle
Group Inc. to invest in IT solutions provider Hexaware Technologies
Limited.
Moody's has also affirmed the B1 rating on CAMH's $1,010 million
senior secured notes due 2026.
At the same time, Moody's has changed the outlook on all ratings to
negative from stable.
"The change in outlook to negative reflects Moody's expectation
that CAMH's credit metrics could remain weakly positioned for its
ratings for a prolonged period, if the company's revenue growth
continues to decelerate or if its margins fail to improve over the
next 12-18 months," says Sweta Patodia, a Moody's Assistant Vice
President and Analyst.
"The affirmation of CAMH's B1 CFR reflects Hexaware's very good
liquidity, strong EBITDA-to-cash flow conversion and its
longstanding customer relationships, which provide a degree of
revenue visibility and stability," adds Patodia, who is also
Moody's Lead Analyst for CAMH.
RATINGS RATIONALE
Compared with the historical average of 15% EBITA margin since
2018, Hexaware's EBITA margin declined to 12.4% for LTM March 2023.
The decline in margins have meant that company's leverage as
measured by debt/ EBITDA for last twelve months ended in March 2023
has remained at above 6.0x as against the threshold of 4.5x-5.0x
for its ratings.
The decline in margins was mainly driven by an increase in
attrition rates that resulted in higher employee costs. Increased
dependence on sub-contractors and rising travel costs also
contributed to weaker margins.
Price increases and benefits of investments made in 2022 will
result in an improvement in EBITA margins to 12.5%-13% over the
next 12-18 months but margins will remain below historical levels.
An economic slowdown in the US and Europe - on the back of rising
interest rates and higher inflation – will reduce discretionary
spending by global corporates. This in turn could reduce Hexaware's
deal wins and lower the revenue growth to 10%-11% over the next
12-18 months, which will constrain a further improvement in its
earnings and cash flows.
CAMH has very good liquidity. As of March 31, 2023, the company had
consolidated cash and cash equivalents of around $146 million.
Given Hexaware's high EBITDA-to-cash flow conversion rate, Moody's
expects it to generate around $100 million-$120 million in annual
cash flow over the next one to two years (after accounting for the
interest expenses on the bond). The company does not have any debt
maturities until 2026, which further supports its liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could revise the outlook to stable if Hexaware's earnings
improve such that consolidated leverage at CAMH, as measured by
debt/EBITDA, approaches 4.5x-5.0x. Change in outlook to stable
would also require that Hexaware continues to maintain its
liquidity.
Conversely, Moody's could downgrade the rating if Hexaware's
earnings fail to improve such that consolidated leverage at CAMH
remains above 4.5x -5.0x beyond 2023.
The ratings will also come under pressure if CAMH adopts a more
aggressive financial policy that results in higher borrowings or
reduced liquidity.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
CAMH is an investment holding company formed by affiliates of The
Carlyle Group Inc. to hold their 95.54% stake in Hexaware
Technologies Limited. The company does not have any other
operations, employees, or real investments.
Headquartered in Mumbai with 37 offices across the globe, Hexaware
is an IT and business transformation service provider. The company
provides technology solutions through several diversified service
lines, including digital product engineering, cloud transformation,
digital core transformation, enterprise and next generation
services, business process service and digital IT operations.
Hexaware recorded around $1.2 billion in revenues for LTM March
2023, comprising around 72% from customers in the Americas, 20%
from Europe and 8% from Asia-Pacific.
COLOR PALETTE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Color Palette Private Limited
Regd. Office:
H. No. 8728, Landmark Near Flimistan Cinema Hall,
Sidhi Pur, New Delhi 110005
Other Than Registered Office:
NCPL Web Tower, 3rd Floor A-4,
Sector-9, DND Road,
Noida UP 201301 India
Insolvency Commencement Date: April 24, 2023
Estimated date of closure of
insolvency resolution process: October 21, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Khushvinder Singhal
House No. 399, Sector 12-A, Panchkula, Haryana, 134112
Email: kvsinghal@gmail.com
Email: cirp.colorpalette2gmail.com
Mobile No: 9914030030
Last date for
submission of claims: May 10, 2023
EXPOTEC INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Expotec
International Private Limited (EIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 8 CRISIL D (Issuer Not
Credit & Export Cooperating)
Bills Negotiation/
Foreign Bill
discounting
Letter of credit 14 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
CRISIL Ratings has been consistently following up with EIPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EIPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 1995, EIPL executes engineering projects under a
line of credit issued by the Government of India. It exports
equipment and implements projects in industries such as
fertilisers, healthcare, textile, sugar and power transmission.
EIPL has representative offices in the UAE, Sudan, Ethiopia,
Senegal, Togo, Cote D'Ivoire and the Russian Federation.
GO FIRST: DGCA to Audit Carrier for Service Restart
---------------------------------------------------
Reuters reports that Indian aviation regulator Directorate General
of Civil Aviation (DGCA) will conduct an audit of cash-strapped Go
First Airways' preparedness to restart its operations, the company
said on May 23 in an internal memo to employees.
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.
GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Grace
International (GI) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GI for
obtaining information through letter and emails dated February 28,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GI
continues to be 'CRISIL D Issuer Not Cooperating'.
GI was set up by Mr. Vikram Jain as a proprietorship firm in 1993.
It trades in buttons, hooks, patches, zipper sliders, cufflinks,
belt buckles, and other garment accessories. Its registered office
is in Delhi.
GRITTON CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gritton
Ceramics Private Limited (GCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GCPL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2014, GCPL is promoted by Ahmedabad, Gujarat-based
Mr Ashok Garg, Mr Pervinderkumar Mechu, and Mr Rameshbhai Patel.
The company manufactures ceramic wall tiles.
HARI KISHAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hari Kishan
Tejmal and Company (HTC) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Warehouse Receipts 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HTC for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HTC continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2006, HTC is engaged into trading of agro
commodities mainly including wheat, soyabean, sarso, paddy, rice,
urad, maize and dhania. The firm is also engaged into it is also
engaged in grading of wheat. The day to day operations of the firm
are managed by Mr. Rajesh Nyati.
HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himalaya
Construction Co.Pvt Limited (HCCPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with HCCPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HCCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HCCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1979 in Delhi and promoted by Mr Manjit Singh,
HCCPL is a 'Class A' civil contractor that constructs tunnels for
hydroelectric projects for irrigation purposes, power houses, dams,
roads, and railways. It also undertakes other types of heavy
construction work.
INVEST CARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Invest Care Real Estate LLP
307-308, Roots Tower 7, Laxmi Nagar District
Centre NA Delhi East Delhi
Delhi 110092
Insolvency Commencement Date: April 24, 2023
Estimated date of closure of
insolvency resolution process: October 21, 2023
Court: National Company Law Tribunal, Delhi Bench-IV
Insolvency
Professional: Mr. Rakesh Bhatia
123 New Lajpat Rai Market Delhi 110006
Email: iprakeshbhatia@gmail.com
22 FF Baldev Park Krishna Nagar Delhi 110051
Email: cirp.investcarerealestate@gmail.com
Last date for
submission of claims: May 8, 2023
JET AIRWAYS: NCLAT to Pass Order on JKC's Plea vs. SBI on May 30
----------------------------------------------------------------
The Economic Times reports that appellate tribunal NCLAT on May 22
said it will pass the order on May 30 on the winning bidder Jalan
Kalrock Consortium's plea seeking to restrain lead lender SBI from
encashing performance bank guarantees worth INR150 crore. Amid
continuing differences between lenders of bankrupt-Jet Airways and
the consortium, the appellate tribunal also asked both parties to
cooperate with each other for implementation of the resolution plan
for the airline.
Debt-ridden Jet Airways, which flew for 25 years, shuttered
operations on April 18, 2019. The insolvency resolution proceedings
against the carrier began in June 2019 and the National Company Law
Tribunal (NCLT) approved the resolution plan submitted by the
consortium in June 2021.
However, the plan is yet to be implemented, resulting in
uncertainty over the future of the once-storied carrier, ET notes.
On May 22, a two-member bench of the National Company Law Appellate
Tribunal (NCLAT) concluded its hearing on the interim application
moved by the consortium against SBI, the lead lender for Jet
Airways, regarding encashment of the guarantees.
According to ET, the appellate tribunal said it will pass the order
on the consortium's petition on May 30 and said "both the parties
will have to take steps ahead for implementation of the resolution
plan".
ET relates that Senior Advocate Ravi Shankar Prasad representing
the consortium said it will deposit INR50 crore in an escrow
account and requested NCLAT to direct SBI not to encash the
performance bank guarantees submitted by it.
Appearing for SBI, senior advocate Gopal Jain said the consortium
was to pay the money by May 15 but the bank has not received any
money, ET relays.
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.
KAILASANADHA COTTON: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Kailasanadha Cotton Syndicate Private Limited (SKS) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 2 CRISIL D (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with SKS for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKS continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as a private limited company in 2004 by Mr. T Ramkalyan, Ms.
T. Vijaya Lakshmi and Mr. T Surya Raghvendra, SKS is engaged in
ginning and pressing of raw cotton. The company's ginning unit is
based in Guntur (Andhra Pradesh).
MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Morinda Rice
and Gen. Mills (MRGM) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.75 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with MRGM for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MRGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MRGM continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1981 as a proprietorship entity and promoted by Mr.
Prem Singh, Morinda Rice & Gen. Mills (MRGM) is engaged in the
milling and processing of paddy into non-basmati rice. It has an
installed paddy milling capacity of 10 tonnes per hour (tph) at
Ropar district in Punjab.
MUSALE CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Musale
Construction continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Issuer Not
Cooperating)
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Musale for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Musale, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Musale is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Musale continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Musale was established in 1990 and is promoted by Mr. Sonba
Gulabrao Musale and his brother, Mr. Rambhau Gulabrao Musale. The
firm is engaged in civil and infrastructure construction, primarily
in the irrigation and road segments. It is registered as a "Class
1A" contractor with Maharashtra Public Works Department. About 90
per cent of its projects have been executed in Maharashtra and
remaining in Madhya Pradesh.
NAVEEN POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Naveen
Poultry Farms Private Limited (NPFL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.7 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NPFL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NPFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NPFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NPFL continues to be 'CRISIL D Issuer Not Cooperating'.
NPFL was set up in 2011 by Mr. K Kiran Kumar, Mrs. K Saritha Rao,
and Mr. V Narendra Reddy. The company produces commercial eggs at
its facility in Hyderabad.
NEW WIN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Win Win
Feeds Private Limited (NWW) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.29 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.05 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.93 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.73 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NWW for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NWW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NWW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NWW continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, NWW manufactures poultry feed, and has
capacity of 3000 tonne per month. It also undertakes broiler
chicken farming on contract. Promoters Mr Amarnath Saha and Mr
Debnath Saha look after operations.
NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nice Marine
Exportts (India) Private Limited (NMEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 3 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NMEPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NMEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NMEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in April 2012, NMEPL is based in Hyderabad, and trades
in shrimp and other fishes.
NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ninaniya
Estates Limited (NEL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 32.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NEL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NEL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in fiscal 2005 and promoted by Mr Vijay Singh Rao, NEL
operates in the real estate development and construction industry.
It is developing two projects, Prism and Prism Portico, in
Gurugram, Haryana. Prism comprises Tower A (commercial space),
Tower B (hotel), and Tower C (executive suites). The hotel will
have 162 rooms for which the company has pre-defined agreements
with M/s Starwood Hotels and Resorts Pte Ltd, Singapore, for use of
its registered brand, Four Points by Sheraton.
NOBLE EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Noble
Educational Trust (NET) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Line of Credit 1 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 0.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.25 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with NET for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NET continues to be 'CRISIL D Issuer Not Cooperating'.
NET was founded in 2003 by Dr. A S A Jerald Gnanarathinam. The
trust runs a K-12 school, Noble Matriculation Higher Secondary
School, in Aruppukottai, Tamil Nadu. The school is affiliated to
the Directorate of Matriculation Schools, Tamil Nadu.
NYLES SALES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nyles Sales &
Infraprojects Private Limited (NSIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Letter of credit 5 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
CRISIL Ratings has been consistently following up with NSIPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
NSIPL, incorporated in 2014, is based in Pune (Maharashtra). NSIPL,
formerly known as Nyles Sales Agencies Pvt Ltd, is promoted by Mr.
Ramsingh Raiji and his wife- Krishna Raiji and was earlier engaged
in readymade garments business. The company in fiscal 2018 started
undertaking EPC contract for setting up substations and
transmission lines for Maharashtra State Electricity Distribution
Company Limited (MSEDCL) and repair and maintenance work for
private players.
OPTION OXIDES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Option Oxides
Private Limited (OOPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 14.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with OOPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OOPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OOPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Set up in 2008 as a partnership (Option Oxides) between Mr. Dilip
Parekh and Mrs. Jyoti Parekh, it was reconstituted as a private
limited company and renamed OOPL in 2012. The company manufactures
zinc oxide, zinc sulphate, and manganese sulphate. Zinc oxide
accounts for over 80 per cent of total sales. It has an office in
Mumbai and a manufacturing facility in Bharuch, Gujarat. Mr.
Parekh, who manages operations, has been in the chemicals business
since 1998.
P.K. SULPHIKER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P.K.
Sulphiker (PKS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.1 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 3.25 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PKS for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PKS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PKS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PKS was set up as a proprietorship firm in 1993 by Mr P K
Sulphiker. The firm undertakes civil construction, including
construction and improvement of roads and bridges, in Kerala.
PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palnadu
Infrastructure Private Limited (PIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 10.35 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'CRISIL D Issuer Not Cooperating'.
PIPL was set up in 2013 by Mr K Mahesh Reddy, Mr Rajesh Alla, and
their family members. The company develops real estate, and is
currently developing a commercial real estate project in
Hyderabad.
PIONEER MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pioneer
Motors (Kannur) Private Limited (PMPL) continue to be 'CRISIL C
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL C (Issuer Not
Cooperating)
Inventory Funding 3 CRISIL C (Issuer Not
Facility Cooperating)
Long Term Loan 0.4 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PMPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMPL continues to be 'CRISIL C Issuer Not Cooperating'.
PMPL, incorporated in 1997, is an authorised dealer of vehicles and
spare parts manufactured by Piaggio and HMSI. Wayanad Vehicles, a
subsidiary of PMPL, is one of the dealers for Piaggio vehicles. The
group is based in Kannur (Kerala).
PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Precision
Engineering Corporation (PEC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PEC for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PEC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PEC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
PEC was originally set up as a proprietorship concern by Mr. H D
Gupta in 1982, as an ancillary to Bhilai Steel Plant; it gradually
added other customers. In 2010, it was reconstituted as a
partnership firm after the founder's son, Mr. Vaibhav Gupta, joined
the business. PEC manufactures heat exchanger coils used in boilers
in power plants. Its manufacturing facility and office are in
Bhilai (Chhattisgarh).
PRETTY JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pretty
Jewellery Private Limited (PJPL, Part of Araska Group (AG))
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Documentary 5 CRISIL D (Issuer Not
Bills Purchase Cooperating)
Packing Credit 5 CRISIL D (Issuer Not
Cooperating)
Proposed Short Term 5.3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with PJPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PJPL continues to be 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has consolidated the business and financial risk
profile of ADPL and Pretty Jewellery Private Limited (PJPL). PJPL
is a wholly owned subsidiary of ADPL. Additionally, both the
companies are engaged in a similar line of business and have
operational and financial linkages amongst them and henceforth will
be referred to as AG.
Incorporated in 2007, ADPL is engaged in trading of polished
diamonds mainly exports. The company derives around 90% of its
revenues through export trading of polished diamonds while diamond
studded jewellery contribute 10% of the revenues. It was
established as a proprietorship firm in 1976 under the name of S.
R. Diamond.
Incorporated in 2002, PJPL is engaged in manufacturing and
exporting of gold and diamond studded jewellery. The company
derives 100% of its revenues from exports. The firm has its
manufacturing facility in Seepz, Mumbai with a total strength of
120-125 artisans.
PROCESS CONTRUCTION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Process Construction and Technical Services Private
Limited
Office No. 8, 9, 10, 11, 1st Floor,
Shree Ramkrishna Niwas CHS Ltd.,
Plot 46 & 47, Sector-40, Seawoods,
Nerul-West, Navi Mumbai, Thane-400706
Insolvency Commencement Date: May 1, 2023
Estimated date of closure of
insolvency resolution process: October 28, 2023
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Sunil Kumar Kabra
3rd Floor, Reegus Business Centre,
New Citylight Road, Above Mercedes Benz Showroom,
BharthanaVesu, Surat-395007
Email Id: jlnusco@gmail.com
Email Id.: ip.pcts@gmail.com
Last date for
submission of claims: May 15, 2023
RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Chick
Farms Private Limited (RCFPL; part of the Raj group) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.7 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.38 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.62 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with RCFPL for
obtaining information through letter and emails dated February 28,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCFPL continues to be 'CRISIL D Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RCFPL and Raj Breeders and
Hatcheries Private Limited (RBHPL). This is because both these
companies, together referred to as the Raj group, are under the
same management, and have considerable operational and financial
linkages with each other.
The Raj group, which comprises RBHPL (up in 1998) and RCFPL (2002),
is promoted by Mr. O P Khurana and his family. Both entities are is
in the poultry farming business.
SADBHAV ENGINEERING: CARE Lowers Rating on INR45cr NCD to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sadbhav Engineering Limited (SEL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 45.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Negative
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating of SEL under the ‘issuer non-cooperating'
category as SEL had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated May 8,
2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of CARE Ratings
expectation of likely default in rated NCD, repayment of which is
due in June 2023, owing to weak liquidity. Further, the rating
takes into account the on-going delays in the debt servicing of
sanctioned bank facilities.
Analytical approach: Combined
CARE has taken a combined view of SEL (standalone) and SIPL
(standalone) for analytical purpose. This is because majority of
the long-term debt raised in SIPL is backed by unconditional and
irrevocable corporate guarantee of SEL. Further, SEL and SIPL have
operational and financial linkages for funding investment in new
projects, bridging of shortfall in select SPVs as well as
upstreaming of cash flow of SPVs.
Outlook: Not Applicable
Detailed description of the key rating drivers
At the time of last rating on September 7, 2022, the following were
the rating strengths and weaknesses:
Key Weaknesses
* Sustained delay in the execution of various HAM projects: As
against the expectation of gradual ramp-up in the pace of
execution, it continued to remain slow leading to delay in all its
on-going HAM projects. The physical progress of works as on March
31, 2022 in respect of Sadbhav Vidarbha Highway Private Limited
(SVHPL), Sadbhav Kim Expressway Private Limited (SKEPL) and Sadbhav
Nainital Highway Private Limited (SNHPL) continued to remain
delayed as mentioned by statutory auditor. In addition, NHAI has
also issued notice of intention to terminate CA in one of the HAM
projects - SBHPL due to delay in completion of work beyond EOT.
Inordinate delay in project execution along with curing such delays
beyond permitted extension of time (EOT) heightens risk related to
levy of damages by authority as per contractual terms which is
further expected to deteriorate the credit profile of the group.
Inordinate delays in projects execution is expected to deteriorate
financial performance of the company in the medium term.
* Inordinate delay in receipt of various stake sale proceeds:
During last review, materialization of various fund-raising plans
including ARIL, MBCNL and stake sale in various operational
HAM projects was envisaged to improve the liquidity position of the
group. The stake sale transaction in ARIL was expected to be
concluded by Q4FY22. However, the same is still awaited despite
receipt of NOC from Authority during November 2020. As indicated by
the management, ARIL has received cash inflow of around INR98 crore
during Q1FY23 towards payment compensation of exempted cars from
the authority, majority of which have been used towards working
capital requirements. Sadbhav group had also entered into stake
sale agreement with Adani group for sale of its entire stake in
MBCNL and the part proceeds from the same were envisaged to be
received by October 2021. Management has indicated receipt of part
tranche of INR290 crore during Q4FY22 while balance tranche of
INR260 crore is envisaged post receipt of approval from Government
of Maharashtra (GoM) and completion of balance residual work by
Q2FY23. Furthermore, there is no movement with respect to stake
sale deals of operational HAM projects.
Key Strengths
* Established track record of the Sadbhav group in Indian
construction sector: SEL has a track record of over two decades in
the Indian road construction sector. SEL has successfully completed
construction of more than 8,400 lane km of road projects since its
establishment.
* GoI initiatives to improve prospects of road construction: The
GoI, through the NHAI, has taken various steps to improve the
prospects of the road segment. These include premium rescheduling
for stressed projects, bidding of tenders only after 80% of land
has been acquired for the project, release of 75% of arbitration
award against submission of bank guarantee, and 100% exit within
six months from the COD. NHAI has also made favourable changes in
the clauses of the model concession agreement (CA) of HAM projects
and linked interest annuities to the average MCLR of the top five
scheduled commercial banks in place of bank rate. Furthermore, to
ease the funding and smoothen the cash flows of the projects during
the construction phase due to the COVID19 pandemic, NHAI has also
permitted disbursal of monthly grants and bills against the works
billed, as against the previous milestone-based payments until
October 30, 2022. The relaxation in the bidding criteria such as
the waiver of bid bond guarantee led to stiff competition in the
road segment since Q3FY21. However, with the sizeable order inflows
to mid-sized EPC contractors as well as tightening of norms by the
NHAI, the competition is expected to relax.
Liquidity: Stretched
Gross current asset days elongated to 637 days during FY21 owing
large proportion of receivables for ongoing HAM projects. Stretched
current assets levels, sustained delay in scaling up of operations
owing to large proportion of slow-moving order book and cost
overrun in ongoing HAM projects are the prominent reasons for the
stretched liquidity. Liquidity position was earlier expected to
ease out gradually with improvement in the pace of execution and
receipt of large cash inflow of around INR1100 crore in H1FY22 to
shore up liquidity. Nevertheless, the liquidity of the group
continued to remain stretched indicating no meaningful improvement
in the gross current asset days. Utilization of the fund based
working capital limits for the trailing twelve months ended April
2022 stood high. Liquidity is expected to remain weak given
execution delays and in ordinate delay in materialization of
various fund-raising plans.
Incorporated in 1988 and founded by Late Shri Vishnubhai Patel, SEL
is an Engineering Procurement and Construction (EPC) contractor
executing projects in roads, irrigation and mining segment. SEL had
floated a wholly-owned subsidiary - SIPL as a holding company of
build-operate-transfer (BOT) projects in 2007. During FY20, SIPL
executed share purchase agreement with IndInfravit Trust
(IndInfravit) and sold its entire stake in eight operational build
operate transfer (BOT) special purpose vehicles (SPV), while the
stake sale is awaited in one operational SPV. Post the transaction,
Sadbhav Group had a portfolio of 14 BOT projects (four operational
toll road projects, ten under construction HAM projects of which
five HAM projects have received PCOD on partial length). Further,
as per stock exchange announcement dated October 19, 2019, SIPL
would be merged with SEL with effect from April 1, 2019 subject to
various statutory and regulatory approvals including approval of
National Company Law Tribunal (NCLT). Most of the requisite
approvals have been obtained as per stock exchange announcement in
January 2021.
SIPL TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SIPL Textiles
Private Limited (SIPL; earlier Saurer Embroidery Systems India Pvt
Ltd) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.75 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.59 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.2 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.86 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 1997, SIPL embroiders fabric. It was the sole
marketing and servicing agent for Switzerland-based Oerlikon Saurer
(manufacturer of shuttle embroidery machines) products in India.
However, this business was discontinued in fiscal 2016. SIPL's
manufacturing plant is in Gurgaon, Haryana.
VALTROM TECHNOLOGIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Valtrom Technologies Private Limited
Plot-1, Block-A, G/F, Gali No.2 Mahipalpur
New Delhi South West Delhi
Insolvency Commencement Date: April 20, 2023
Estimated date of closure of
insolvency resolution process: October 17, 2023 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Satish Kumar Chugh
111-B, Pocket-F, Mayur Vihar Phase-II, Delhi-110091
Email: skchugh111@gmail.com
Email: cirp.valtromtechnologies@gmail.com
Last date for
submission of claims: May 4, 2023
YATIN STEELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Yatin Steels India Private Limited
1st Floor, 50A Iron Market, Baroda Street,
Near Hanuman Mandir, Carnac Bunder,
Masjid Bunder (E) Mumbai City 400009
Insolvency Commencement Date: April 28, 2023
Estimated date of closure of
insolvency resolution process: October 25, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Ramchandra Dallaram Choudhary
9B, Vardan Tower, Nr. Vimal House, Lakhudi Circle,
Navrangpura, Ahmedabad, Gujarat- 380014
Email: rdc_rca@yahoo.com
Email: cirp.yatinsteel@gmail.com
Last date for
submission of claims: May 14, 2023
=========
J A P A N
=========
SOFTBANK GROUP: S&P Downgrades LT ICR to 'BB', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered by one notch its long-term issuer credit
and senior unsecured debt ratings on SoftBank Group Corp. to 'BB'
and its issue rating on its subordinated bonds to 'B'.
The outlook is stable.
SoftBank Group's investment portfolio is becoming more susceptible
to changes in its external environment. The proportion of SoftBank
Group's fund business, including SoftBank Vision Funds (SVFs) that
invest in unlisted shares, has risen to nearly 40%. Unlisted
companies are less competitive and more susceptible to the external
environment, including financial market developments, than listed
companies. SoftBank Group has therefore become more susceptible to
the external environment than we had previously assumed. Unlisted
companies made up 69% of SVF1's investment assets and 85% of SVF2's
as of March 31, 2023.
The fund business invests intensively in global technology
companies. These tend to be highly volatile. Cumulative investment
losses of SVF1 and SVF2 since launch further widened to $8.5
billion as of March 31, 2023. The cumulative losses were $1.5
billion at the end of September 2022. S&P attributes the rise in
losses to lower stock prices for companies in which SVF1 and SVF2
have invested and significant declines in the corporate value of
unlisted companies.
The asset liquidity of SoftBank Group's investment portfolio is
likely to remain substantially below the tolerance range for our
previous 'BB+' long-term issuer credit rating on the company. The
proportion of listed shares in its portfolio (including listed
assets in SVF1 and SVF2 unless otherwise noted) has been declining
rapidly and significantly. Ongoing sales of shares in China-based
Alibaba Group Holding Ltd. (A+/Stable/--), previously a major asset
for the company, have eroded the proportion of listed assets in its
portfolio. Furthermore, the technology stocks in which the company
has primarily invested have been depressed for a prolonged period.
The proportion of listed assets in the company's investment
portfolio is likely to remain low for now. Arm, its largest
investment asset, would need to go public for the proportion of
listed assets to rise markedly, in our view. The proportion of
listed assets declined to about 38% as of March 31, 2023. It was
43% in November 2022 (using Sept. 30, 2022, figures), when S&P
revised to negative the outlook on its then 'BB+' long-term issuer
credit rating on SoftBank Group. S&P assumes the ratio will likely
be 35%-40% over the next six to 12 months.
S&P said, "Asset liquidity should improve greatly if Arm is listed,
in our view. Arm confidentially submitted a draft registration
statement on its initial public offering plan with the U.S.
Securities and Exchange Commission on April 29, 2023. This marks
progress for a listing. However, the timing and value of a listing
remain uncertain. Therefore, we do not incorporate a listing of Arm
in our base-case scenario. Arm accounts for 26% of the investment
portfolio as of March 31, 2023.
"We regard SoftBank Group's holding of Arm shares as the largest
asset in the portfolio as positive factor. This is because Arm as a
listed stock would be a sizable listed asset. Listing would improve
asset liquidity in the future.
SoftBank Group aims for disciplined financial management even in a
difficult operating environment. This is likely to continue to
underpin the company's creditworthiness, in our view. SoftBank
Group secured a total of JPY5.7 trillion in cash mainly through the
monetization of Alibaba shares. It repaid JPY2.4 trillion debt in
fiscal 2022 (ended March 31, 2023). Throughout this period, stock
markets were on a downward trend globally. Moreover, it secured
JPY4.5 trillion in cash as of the end of fiscal 2022 by
considerably curbing new investments. As a result, the company's
loan-to-value (LTV) ratio improved to about 24% as of the end of
fiscal 2022 from 31.7% a year earlier. Although asset value remains
depressed, we expect the company to control its LTV ratio at
25%-30% over the next year or so.
SoftBank Group will likely gradually increase investments, mainly
in its fund business, using the abundant cash that it gained by
monetizing Alibaba shares. The company has articulated a very
aggressive growth strategy. In fiscal 2021, the company invested
US$44.3 billion, mainly in the fund business. Conversely, in fiscal
2022 when financial stress intensified, it sharply reduced its
investment to US$3.1 billion.
Negative factors for the group far outweigh supporting factors. S&P
therefore downgraded the company. The volatility of its investment
portfolio and rising asset risk drive the negatives for the group.
Meanwhile, financial management capability; a high level of cash;
and holdings of shares in Arm, which could be listed, are
positives.
S&P said, "We revised down our assessment of SoftBank Group's
business risk profile by one notch to weak from fair.This is
because the proportion of listed assets in its investment portfolio
worsened further. Meanwhile, we affirmed our assessment of its
financial risk profile as significant. We based this on the
company's improved LTV ratio in severe business circumstances. We
think the improved ratio will allow the group to control leverage
at a level commensurate with our rating, even though it is resuming
investments. The significant assessment reflects our view that,
despite recent improvement in its LTV ratio, the ratio could
potentially move, given the high volatility of technology and
unlisted stocks as the main investment assets.
"We maintain our positive assessment of the company's comparable
rating analysis. We have incorporated the likelihood of the company
maintaining a high level of cash and the likelihood of Arm going
public in the next six to 12 months into our positive assessment of
the company's comparable rating analysis.
"The stable outlook reflects our view that SoftBank Group will
continue to maintain a high level of cash and deposits as well as
financial management that focuses on the LTV ratio. This is despite
harsh financial market conditions. We expect the company's LTV
ratio will remain 25%-30% (as we define it) if the company makes
investments in risky fund business with a degree of discipline and
does not suffer material deterioration of asset liquidity of its
investment portfolio. Furthermore, we have incorporated into the
outlook the likelihood of Arm going public in the next six to 12
months."
S&P might consider lowering the rating on SoftBank Group if it sees
a heightened likelihood of either of the scenarios below.
-- SoftBank Group spends a large amount of cash on investments and
share repurchases and, at the same time, listing Arm is
significantly delayed.
-- SoftBank Group's LTV ratio approaches 40%. This could happen if
a rapid and significant deterioration in market conditions causes a
material decline in its asset value.
S&P might consider upgrading the company if both of the scenarios
below look likely to occur.
-- The company manages its LTV ratio at 25%-30% through a cycle of
the stock market by maintaining disciplined financial management.
-- Its proportion of listed assets (including listed assets in
SVF1 and SVF2) in the value of its investment portfolio increases
to over 60% and remains at that level.
ESG credit indicators: E-2, S-3, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of SoftBank Group. Its
largest shareholder (29% ownership, as of the end of September
2022) is Masayoshi Son, the growth-focused founder, chairman of the
supervisory board, and CEO. He will continue to exert meaningful
influence on the company's corporate culture and financial policy,
in our view. On the other hand, we consider SoftBank Group's
management to have strong management and execution capabilities. We
also acknowledge that the company has been enhancing its governance
structure in recent years, including by increasing the ratio of
external members on its board of directors to 55.5% and hiring a
chief risk officer.
Social factors are also a moderately negative consideration. We
think SoftBank Group is still exposed to social risk related to
Chinese antitrust laws because it has invested 14% of investment
portfolio assets (as of March 31, 2023) in Chinese corporations,
mainly through its Vision Funds. We hold this view even after
recognizing that SoftBank Group has reduced its exposure to Chinese
internet companies by diversifying its investment portfolio and
proceeding with the sale of Alibaba shares. The company also
focuses on investments in unlisted technology companies utilizing
artificial intelligence. These factors lead us to believe SoftBank
Group is exposed to social risk through privacy and data security
regulations."
=====================
N E W Z E A L A N D
=====================
BAYSIDE PROJECTS: Creditors' Proofs of Debt Due on July 12
----------------------------------------------------------
Creditors of Bayside Projects Limited are required to file their
proofs of debt by July 12, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators on May 17, 2023.
MARQUE HOSPITALITY: Creditors' Proofs of Debt Due on June 15
------------------------------------------------------------
Creditors of Marque Hospitality Limited are required to file their
proofs of debt by June 15, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Adam Botterill and Damien
Grant of Waterstone Insolvency as liquidators on May 11, 2023.
ONILCO ENERGY: Court to Hear Wind-Up Petition on June 1
-------------------------------------------------------
A petition to wind up the operations of Onilco Energy Limited will
be heard before the High Court at Auckland on June 1, 2023, at
10:00 a.m.
Nicholls & Maher (NZ) Limited filed the petition against the
company on March 7, 2023.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19
191 Queen Street
Auckland
ORIGINAL CO: Creditors' Proofs of Debt Due on July 14
-----------------------------------------------------
Creditors of The Original Co Limited and Innovate Civil And
Construction Limited are required to file their proofs of debt by
July 14, 2023, to be included in the company's dividend
distribution.
The High Court at Auckland appointed Garry Whimp of Blacklock Rose
Limited as liquidators on May 17, 2023.
TG INVESTMENT: Creditors' Proofs of Debt Due on June 19
-------------------------------------------------------
Creditors of TG Investment Limited are required to file their
proofs of debt by June 19, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 12, 2023.
The company's liquidator is:
Kevyn Andrew Botes
i-Business Recovery Limited
PO Box 302612
North Harbour
Auckland
=====================
P H I L I P P I N E S
=====================
NORTHERN FOODS: DA Starts Liquidation Process for Company
---------------------------------------------------------
Danessa Rivera at The Philippine Star reports that the Department
of Agriculture (DA) has started the liquidation process for the
unviable Northern Foods Corp. (NFC).
In a recent special order, the DA formed a transition management
committee (TMC) to facilitate the liquidation of the affairs of the
NFC.
According to the Inquirer, the TMC will oversee the winding down
activities and such other activities related to the liquidation of
the affairs of NFC.
It will also review the plan of liquidation (POL) of NFC and
endorse the same to the DA Secretary for submission to the
Governance Commission for Government Owned and Controlled
Corporations (GCG).
The Inquirer relates that the TMC will likewise coordinate with the
GCG on matters related to the approval and implementation of the
NFC Plan of Liquidation.
In an interview, DA assistant secretary and deputy spokesperson Rex
Estoperez said the TMC would conduct an assessment on the NFC and
would recommend actions on the abolition of the state-run firm.
"If it's not functioning as expected, then it should be abolished.
We have problems in processing tomato, supposedly NFC is doing
that," the Inquirer quotes Mr. Estoperez as saying.
Ilocos Norte-based NFC supplies tomato paste for manufacturers of
tomato sauce or ketchup, as well as to other food chains in the
country.
It was a subsidiary of the National Livelihood Development Corp.,
which later had its assets and liabilities transferred to the Land
Bank of the Philippines.
NFC has been incurring losses since its founding in the 1980s,
except in 1989, 1995 and 2010.
However, it was only in December 2021 under then president Rodrigo
Duterte when government decided to abolish NFC.
Two years after the order, the Commission on Audit said GCG has
failed to convene the technical working group (TWG) for NFC's
abolition that resulted in unresolved issues on compensation,
liquidation of assets, settlement of liabilities, and further
depletion of the financial resources of NFC, according to the
Inquirer.
The TWG is composed of the DA and Department Budget and Management,
as well as the Land Bank of the Philippines and the Privatization
Management Office under the Department of Finance.
But earlier this year, the GCG said it had already started taking
necessary steps to abolish NFC amid its non-performance and losses,
adds the Inquirer.
=================
S I N G A P O R E
=================
ITNL INTERNATIONAL: Creditors' Proofs of Debt Due on June 14
------------------------------------------------------------
Creditors of ITNL International Pte. Ltd. are required to file
their proofs of debt by June 14, 2023, to be included in the
company's dividend distribution.
The company's liquidator is:
Yit Chee Wah
One Raffles Quay, #27-10
Singapore 048583
LEVO PHARMA: Court to Hear Wind-Up Petition on June 16
------------------------------------------------------
A petition to wind up the operations of Levo Pharma Pte Ltd will be
heard before the High Court of Singapore on June 16, 2023, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
May 18, 2023.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
RESOURCE INVESTMENTS: Placed Into Provisional Liquidation
---------------------------------------------------------
Goh Tiong Hong on May 15, 2023, was appointed as provisional
liquidator of Resource Investments Austral-Asia Pte Ltd.
ROOTS CAPITAL: Creditors' Proofs of Debt Due on June 24
-------------------------------------------------------
Creditors of Roots Capital Investment Pte. Ltd. are required to
file their proofs of debt by June 24, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 18, 2023.
The company's liquidator is:
Mitani Masatoshi
c/o 10 Anson Road
#14-06 International Plaza
Singapore 079903
SANCHI INVESTMENT: Court to Hear Wind-Up Petition on June 9
-----------------------------------------------------------
A petition to wind up the operations of Sanchi Investment Pte Ltd
will be heard before the High Court of Singapore on June 9, 2023,
at 10:00 a.m.
World Peak Holdings Limited filed the petition against the company
on May 15, 2023.
The Petitioner's solicitors are:
PK Wong & Nair LLC
2 Shenton Way
#16-02 SGX Centre 1
Singapore 068804
*********
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 ***