/raid1/www/Hosts/bankrupt/TCRAP_Public/230602.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
Friday, June 2, 2023, Vol. 26, No. 111
Headlines
A U S T R A L I A
ABILITIES AND BEYOND: First Creditors' Meeting Set for June 8
CBH FRESH: First Creditors' Meeting Set for June 6
COCO TRIBE: Cor Cordis Appointed Administrators
GO2 PEOPLE: Second Creditors' Meeting Set for June 6
HOG'S BREATH: Steakhouse Shuts Doors in Two NSW Locations
INTERFACE CONSTRUCTIONS: Second Creditors' Meeting Set for June 6
SEACHANGE GLOBAL: First Creditors' Meeting Set for June 6
TRIGON TRADING: Prepares for Relaunch After FTX Fallout
B A N G L A D E S H
[*] Moody's Takes Actions on 7 Bangladeshi Banks
C H I N A
CBAK ENERGY: Posts $2.2 Million Net Loss in First Quarter
CHINA EVERGRANDE: Details US$127 Billion Pile of Liabilities
DALIAN WANDA: Creditors Chose Not to Seek Early Loan Repayments
GOLDEN EAGLE: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
SUNRISE REAL: Incurs $1.9 Million Net Loss in First Quarter
I N D I A
4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category
AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
AKS ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating Category
API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating
ASHIANA DWELLINGS: ICRA Lowers Rating on INR64.81cr OCD to D
CAPTAB BIOTEC: ICRA Keeps D Debt Ratings in Not Cooperating
CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating
CITYLIFE RETAIL: CARE Lowers Rating on INR70cr LT Loan to D
DEEPAK COSMO: CARE Lowers Rating on INR20cr LT Loan to D
FLEXITUFF VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
GO FIRST: RP Argues High Courts Shouldn't Hear Insolvency Petitions
IL&FS TAMIL: ICRA Keeps D Debt Ratings in Not Cooperating
KISH EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
KRANTHI EDIFICE: ICRA Keeps D Debt Ratings in Not Cooperating
NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category
NIKHIL UDYOG: ICRA Keeps D Debt Ratings in Not Cooperating
OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category
PATELNAGAR REFRACTORIES: ICRA Keeps D Ratings in Not Cooperating
PLUTO PLAZA: ICRA Lowers Rating on INR35cr Term Loan to D
PRECON TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating
RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
TRIGYN TECHNOLOGIES: ICRA Ups Rating on INR75cr Loan to BB-/A4
VARDEEP PETRO: CARE Lowers Rating on INR8.11cr LT Loan to D
VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating
VINAYAK INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
I N D O N E S I A
REASURANSI INDONESIA: Fitch Maintains Then Withdraws 'B' IFS Rating
N E W Z E A L A N D
AMAZING SPACES: Tiny House Builder Goes Into Liquidation
DIGITALISE IT: Creditors' Proofs of Debt Due on June 28
EPIC YACHTS: Creditors' Proofs of Debt Due on June 27
HENDA CONSTRUCTION: Creditors' Proofs of Debt Due on July 26
HUA HOLDINGS: Court to Hear Wind-Up Petition on June 9
RAMDAS LOGISTICS: Court to Hear Wind-Up Petition on June 15
S I N G A P O R E
ALLIANCE NETCOM: Commences Wind-Up Proceedings
ALPHA & OMEGA: Court Enters Wind-Up Order
ITNL INTERNATIONAL: Court Enters Wind-Up Order
RAYNET TECHNOLOGIES: Creditors' Proofs of Debt Due on July 4
SYLO PROTOCOL: Creditors' Proofs of Debt Due on July 3
S R I L A N K A
SRI LANKA: Reduces Interest Rates for 1st Time Since Bankruptcy
- - - - -
=================
A U S T R A L I A
=================
ABILITIES AND BEYOND: First Creditors' Meeting Set for June 8
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Abilities
and Beyond Pty Ltd will be held on June 8, 2023, at 11:00 a.m. via
virtual meeting technology.
Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on May 30, 2023.
CBH FRESH: First Creditors' Meeting Set for June 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of CBH Fresh
Pty Ltd will be held on June 6, 2023, at 12:00 p.m. via virtual
meeting only.
Kate Conneely and Scott Kershaw of KordaMentha were appointed as
administrators of the company on May 25, 2023.
COCO TRIBE: Cor Cordis Appointed Administrators
-----------------------------------------------
Rachel Burdett and Barry Wight of restructuring advisory firm Cor
Cordis were appointed Administrators for Coco Tribe Pty Ltd on May
26, 2023.
The directors of the company chose to place the company in
administration once the company ceased trading two weeks prior to
the appointment. The company has cited manufacturing issues and
supply chain challenges as reasons for the company's closure.
The administration process will now involve assessing the company's
intellectual property and any other assets associated with Coco
Tribe. All creditors were formally notified on May 30, 2023, and
the first meeting of creditors is scheduled for June 7, 2023.
"The directors are currently considering their position whether the
company will go into liquidation or implement a Deed of Company
Arrangement. We will be providing regular updates to stakeholders
as we work through the administration process," said the
Administrators.
Coco Tribe provides dairy-free coconut-based yoghurt and ice-cream
products.
GO2 PEOPLE: Second Creditors' Meeting Set for June 6
----------------------------------------------------
A second meeting of creditors in the proceedings of:
- The GO2 People Limited;
- The GO2 People Australia Pty Ltd;
- GO2 Recruitment Pty Ltd;
- GO2 Skills & Training Pty Ltd;
- Hunter Executive Search Consultants Pty Ltd;
- Skill Hire Australia Pty Ltd;
- Skill Hire WA Pty Ltd; and
- Nara Training and Assessing Pty Ltd
has been set for June 6, 2023 at 2:00 p.m. via virtual meeting
only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 2, 2023 at 2:00 p.m.
Robert Conry Brauer and Robert Michael Kirman of McGrathNicol were
appointed as administrators of the company on May 1, 2023.
HOG'S BREATH: Steakhouse Shuts Doors in Two NSW Locations
---------------------------------------------------------
News.com.au reports that the repercussions of the pandemic and
rising cost of living has claimed another victim in the hospitality
industry, forcing an iconic Australian restaurant to shut its doors
in two locations across NSW.
Hog's Breath Cafe in Tuggerah and Coffs Harbour reportedly entered
liquidation on May 26, after "temporarily" closing the venues for
some time in the lead up to going bust, news.com.au relates.
It's understood Tuggerah's "more than a steakhouse" store crippled
under the pressure of Covid-19 restrictions and failed to bounce
back from such a devastating time in the sector.
Cost of living pressures, rising rent, reduced customer interest
and an inability to find suitable staff further contributed to its
downfall, news.com.au says.
According to the report, the store published on its social media
that it was "temporarily closed" on May 22, with locals later
reporting that they saw the store's furniture and cooking
facilities up for sale.
The restaurant is now in the hands of liquidator Steve Naidenov
from Aston Chace Group, who told The Daily Telegraph he had been
advised by the company's director that increased supplier costs had
also taken a toll on the business, news.com.au relays.
Early investigations by Mr. Naidenov suggest at least AUD740,000 is
owed to an array of secured creditors, unsecured creditors and
staff in terms of employee entitlements, with claims expected to
rise.
As for the Coffs Harbour franchise, it's unclear what led to its
closure with news.com.au contacting the restaurants' head office
for comment. Aston Chance Group has also been approached for
comment.
Renowned for their succulent meaty dishes and curly fries, the
closures of the Tuggerah and Coffs Harbour eateries leaves only
seven sites remaining across NSW.
The stores still trading across the state are located in St Marys,
Wagga Wagga, Orange, Penrith, Port Macquarie, Nelson Bay and
Tamworth.
The two NSW venues are the latest in a string of Hog's Breath Cafe
franchises from around the country to close in recent years,
news.com.au notes.
INTERFACE CONSTRUCTIONS: Second Creditors' Meeting Set for June 6
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Interface
Constructions Victoria Pty Ltd has been set for June 6, 2023 at
11:00 a.m. at the offices of Chartered Accountants ANZ at Level 18,
600 Bourke Street in Melbourne and via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 5, 2023 at 5:00 p.m.
Richard Albarran of Hall Chadwick was appointed as administrator of
the company on May 2, 2023.
SEACHANGE GLOBAL: First Creditors' Meeting Set for June 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Seachange
Global Investments Pty Limited will be held on June 6, 2023, at
11:00 a.m. via Zoom teleconference facilities.
Domenic Calabretta and Mitchell Ball of Mackay Goodwin were
appointed as administrators of the company on May 25, 2023.
TRIGON TRADING: Prepares for Relaunch After FTX Fallout
-------------------------------------------------------
Crypto News reports that Australian crypto exchange TrigonX is
preparing for a comeback after its December collapse after the FTX
meltdown, where it incurred debts exceeding $50 million.
Crypto News relates that the revival of TrigonX comes after
creditors approved a deed of company arrangement, as reported by
The Australian on May 29.
Established in 2014, TrigonX was among the casualties of the sudden
and tumultuous collapse of FTX in November, which sent shockwaves
throughout the cryptocurrency industry. Struggling to meet
withdrawal demands, TrigonX sought the assistance of administrators
on December 16.
However, company director Matteo Salerno believes that the approved
arrangement offers a more favorable alternative to liquidation,
Crypto News relays.
According to Crypto News, Mr. Salerno stated that a return to a
"better, more certain and expedient dividend" for creditors would
be preferable to a prolonged liquidation process, which could have
significantly depleted funds earmarked for distribution to
creditors.
Crypto News, citing a report by legal firm Kroll, says the collapse
of TrigonX was attributed to various factors, including the
downfall of FTX. Legal action initiated by customers seeking the
return of their funds further exacerbated the situation.
Crypto News relates that Kroll's investigation also scrutinized
several substantial transactions involving Mr. Salerno and his wife
that occurred before FTX's collapse. Mr. Salerno clarified that
these payments were made within the context of addressing employee
entitlements, considering an imminent sale of the company.
Among the creditors seeking to recover their investments from
TrigonX is Sydney-based investor King River Capital. According to
reports in April, The firm is currently engaged in a battle to
reclaim $9 million, representing funds not authorized for trading
on FTX, Crypto News notes.
Trigon Trading, which trades as TrigonX, was founded in 2016 and
billed itself as an over-the-counter trading desk dealing primarily
in digital assets and cryptocurrencies including bitcoin, ethereum,
stablecoins and foreign currencies.
William Roland Robson and William Paul Cotter of Robson Cotter
Insolvency Group were appointed as administrators of the company on
Dec. 16, 2022.
===================
B A N G L A D E S H
===================
[*] Moody's Takes Actions on 7 Bangladeshi Banks
------------------------------------------------
Moody's Investors Service has downgraded the long-term (LT)
local-currency (LC) and foreign-currency (FC) deposit and issuer
ratings of BRAC Bank Limited (BRAC Bank), The City Bank Limited
(CBL), Dutch-Bangla Bank Limited (DBBL), Eastern Bank Limited
(EBL), NCC Bank Limited (NCC), and The Premier Bank Limited (PBL).
Moody's has also confirmed Mercantile Bank Ltd. (MBL)'s B2 LT LC
and FC deposit and issuer ratings.
At the same time, Moody's has changed the outlooks to stable from
ratings under review for downgrade on the LT deposit ratings and
issuer ratings of the seven Bangladeshi banks.
Moody's has confirmed the Baseline Credit Assessments (BCA) of all
the other banks except for NCC and PBL. NCC's and PBL's BCAs are
downgraded to b3 from b2.
The rating actions follow Moody's downgrade on May 30, 2023 of the
long-term issuer rating of the Government of Bangladesh to B1 from
Ba3 and change in the outlook to stable from ratings under review.
The downgrade of the sovereign rating was driven by Bangladesh's
heightened external vulnerability and liquidity risks that are
persistent, and the sovereign's institutional weaknesses uncovered
during the ongoing crisis.
Moody's rating action concludes the review for downgrade initiated
on December 12, 2022.
The ratings of Social Islami Bank Limited (Caa1 negative, caa2) are
not affected by these rating actions.
A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=1sQd5X
RATINGS RATIONALE
DOWNGRADE OF LONG-TERM DEPOSIT AND ISSUER RATINGS OF BRAC BANK,
CBL, DBBL, EBL, PBL and NCC
The downgrade of the LT deposit ratings of BRAC Bank, CBL, DBBL and
EBL is driven by the downgrade of Government of Bangladesh's
rating, which measures the government's capability to provide
support to the banks in times of stress. Moody's incorporates a
moderate probability of receiving government support in the banks'
ratings, based on the banks' private ownerships and modest market
shares.
The downgrade of PBL's and NCC's LT deposit ratings to B2 from B1
reflects the downgrade of the banks' BCAs to b3 from b2 and a
moderate likelihood of support from the Government of Bangladesh is
times of need, which results in a one-notch uplift from their b3
BCAs.
CONFIRMATION OF BCAs OF BRAC BANK, CBL, DBBL, AND EBL; DOWNGRADE OF
PBL's and NCC's BCAs
The confirmation of BRAC Bank's b1 BCA reflects its
better-than-peer-average asset quality and capital compared with
peers', strong deposit franchise and access to funding, and good
liquidity.
The confirmation of CBL's, DBBL's and EBL's b2 BCAs reflects their
moderate asset quality, profitability and capitalization, support
by their stable deposit franchises and adequate liquidity.
The downgrade of PBL's and NCC's BCAs reflects their deteriorating
asset quality. The b3 BCAs also consider the banks' modest deposit
franchise and higher costs of funding compared with other rated
Bangladeshi banks.
CONFIRMATION OF MBL's BCA AND LONG-TERM DEPOSIT AND ISSUER RATINGS
The confirmation of MBL's B2 LT deposit and issuer ratings reflects
the bank's b3 BCA and Moody's expectation of a moderate probability
of support from the Government of Bangladesh in times of need,
which results in one-notch uplift incorporated in its B2 ratings.
MBL's b3 BCA reflects the bank's deteriorating asset quality and
profitability, balanced by stable capital, funding and liquidity.
STABLE OUTLOOK
The stable outlooks on the LT deposit and issuer ratings of the
seven Bangladeshi banks are in line with the stable outlook of
Bangladesh's sovereign rating. The stable outlooks also reflect
Moody's expectation that the banks' credit fundamentals will remain
stable as gradual improvements in funding conditions will balance
rising asset risks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
WHAT COULD MOVE THE RATINGS UP
Moody's is unlikely to upgrade BRAC Bank's LT deposit and issuer
ratings and its BCA because these are already at the same level as
the sovereign rating.
Moody's could upgrade the other banks' ratings and BCAs if there
are material improvements in their standalone credit profiles,
which include strengthened solvency due to lower asset risk and
better capitalization as well as an improvement in the bank's
funding and liquidity.
WHAT COULD MOVE THE RATINGS DOWN
Moody's could downgrade the banks' ratings and BCAs if there is (1)
a deterioration in the sovereign's credit profile, or (2) weakening
in the banks' operating environment, or (3) material deterioration
in the banks' solvency or funding.
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
BRAC Bank Limited is headquartered in Dhaka and reported total
assets of BDT563 billion as of December 31, 2022.
The City Bank Limited is headquartered in Dhaka and reported total
assets of BDT515 billion as of December 31, 2022.
Dutch-Bangla Bank Limited is headquartered in Dhaka and reported
total assets of BDT555 billion as of December 31, 2022.
Eastern Bank Limited is headquartered in Dhaka and reported total
assets of BDT456 billion as of December 31, 2022.
NCC Bank Limited is headquartered in Dhaka and reported total
assets of BDT302 billion as of December 31, 2022.
The Premier Bank Limited is headquartered in Dhaka and reported
total assets of BDT385 billion as of December 31, 2022.
Mercantile Bank Ltd. is headquartered in Dhaka and reported total
assets of BDT384 billion as of December 31, 2022.
=========
C H I N A
=========
CBAK ENERGY: Posts $2.2 Million Net Loss in First Quarter
---------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.20 million on $42.40 million of net revenues for the three
months ended March 31, 2023, compared to net income of $680,503 on
$80.20 million of net revenues for the three months ended March 31,
2022.
As of March 31, 2023, the Company had $252.17 million in total
assets, $129.24 million in total liabilities, and $122.93 million
in total equity.
CBAK Energy said, "The Company has accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of March 31, 2023. These
conditions raise substantial doubt about the Company ability to
continue as a going concern. The Company's plan for continuing as
a going concern included improving its profitability, and obtaining
additional debt financing, loans from existing directors and
shareholders for additional funding to meet its operating needs.
There can be no assurance that the Company will be successful in
the plans described above or in attracting equity or alternative
financing on acceptable terms, or if at all."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1117171/000121390023039358/f10q0323_cbakenergy.htm
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.
CBAK Energy reported a net loss of $11.33 million for the year
ended Dec. 31, 2022, compared to net income of $61.56 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$244.03 million in total assets, $119.65 million in total
liabilities, and $124.38 million in total equity.
Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 14, 2023, citing that the Company has
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2022. All these factors raise substantial doubt about its
ability to continue as a going concern.
CHINA EVERGRANDE: Details US$127 Billion Pile of Liabilities
------------------------------------------------------------
Elise Mak at South China Morning Post reports that China Evergrande
Group said on May 29 that its overdue debt, unpaid bills, and
payments involved in lawsuits have piled up to nearly 900 billion
yuan (US$127 billion), revealing the depth of the debt and legal
woes the mainland Chinese developer faces amid its restructuring
struggle.
The Post relates that the embattled developer said its overdue
debts, excluding onshore and offshore bonds, amounted to around
CNY272.5 billion as of April, according to a Shenzhen Stock
Exchange filing concerning its major litigation and failure to
repay due debts. Its overdue commercial bills amounted to around
CNY246 billion.
On the legal front, Evergrande is also facing 1,426 unresolved
lawsuits involving a total of CNY349.6 billion as of April,
according to the filing.
The Post says the developer was named a dishonest debtor in six
cases in April by courts around the country for failing to "fulfil
the obligations determined by effective legal documents despite its
capability". It was also ordered to pay out CNY2.92 billion in 130
new enforcement notices.
Evergrande's stakes in some of its subsidiaries and joint-stock
companies were also frozen in accordance with 27 court orders, the
report notes.
As of April, Evergrande had completed the transfer of a total of 65
real estate projects via various means including equity transfer,
trust, and transfer of land and construction in progress.
According to the Post, Evergrande revealed some of its legal woes
in a May 12 Hong Kong stock exchange filing, which said the
company, its Guangzhou subsidiary and its chairman Hui Ka-yan were
ordered by the court to make a hefty payment to Hexin Hengju
Shenzhen Investment Holding Center, which had injected CNY5 billion
into Evergrande's real estate arm.
The payment included CNY204 million for outstanding dividends from
Hengda Real Estate, CNY51.53 million for liquidated damages, CNY770
million as compensation for equity interest, and CNY35.53 million
for legal fees, the Post discloses.
Meanwhile, Evergrande is waiting to begin its massive US$19 billion
offshore debt restructuring plan, which has so far failed to gain
enough support from creditors, the Post reports.
The developer got approval from only 30 per cent of debtors holding
Class C debt and over 64 per cent of those holding debt instruments
guaranteed by its offshore financing arm Tianji Holding, failing to
meet the 75 per cent requirement of the amount owed to each group,
the report notes.
It extended the deadline to hit that threshold to May 18, but it
has yet to issue an update on the process, adds the Post.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021. Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.
Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.
As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.
DALIAN WANDA: Creditors Chose Not to Seek Early Loan Repayments
---------------------------------------------------------------
Iris Ouyang at The South China Morning Post reports that Chinese
conglomerate Dalian Wanda's dollar bonds jumped to a new high on
May 29 after it said creditors of loans worth US$1.3 billion had
not demanded early repayments following the failed initial public
offering (IPO) of unit Zhuhai Wanda Commercial Management Group.
Its US$400 million 6.875 per cent dollar bond due on July 23 this
year was indicated at 87.271 cents on a dollar on May 29, its
highest level in two weeks, rising from 77.875 cents on a dollar on
May 26, according to Bloomberg data.
According to the Post, the IPO of Zhuhai Wanda, which is 66.96 per
cent owned by Dalian Wanda Commercial Management (DWCM), Dalian
Wanda's property management arm, lapsed for a third time at the end
of April after it failed to submit relevant listing documents
within six months of a mandatory deadline. If Zhuhai Wanda failed
to list by May 8, banks with more than 66.67 per cent of Dalian
Wanda loans could demand repayments, DWCM said in a statement on
May 26, adding that none had done so as of date.
About Dalian Wanda
Dalian Wanda Commercial Management Group Co., Ltd. operates as a
commercial property developer, owner, and operator. The Company
develops and manages mixed-use property projects including retail,
office, hotel, residential, restaurant, entertainment, and other
projects. Dalian Wanda Commercial Management Group conducts
businesses in China.
As reported in the Troubled Company Reporter-Asia Pacific in early
May 2023, Moody's Investors Service has downgraded Dalian Wanda
Commercial Management Group Co., Ltd.'s (DWCM) corporate family
rating to Ba2 from Ba1.
GOLDEN EAGLE: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed China-based department store operator
Golden Eagle Retail Group Limited's Long-Term Issuer Default Rating
(IDR) at 'BB+'. The Outlook is Stable. Fitch has also affirmed
Golden Eagle's senior unsecured rating at 'BB+'.
Simultaneously, Fitch is withdrawing the ratings of Golden Eagle as
it is no longer considered by Fitch to be relevant to the agency's
coverage after the company repaid its US dollar bond on 22 May
2023.
KEY RATING DRIVERS
The ratings are supported by Golden Eagle's resilient performance
following efforts to offer more relevant retail formats and
sustained positive free cash flow. The ratings are constrained by
its relatively small scale and geographic concentration, with the
bulk of revenue generated from the Yangtze River Delta area.
DERIVATION SUMMARY
Golden Eagle has a weaker market position and significantly smaller
scale than higher-rated US department store peers such as Macy's
Inc. (BBB-/Stable) and Kohl's Corporation (BBB-/Negative). Golden
Eagle has more resilient performance than its US peers due to its
flexible cost structure with a high proportion of self-owned
stores, and efforts to add more relevant retail formats and build
online capacity. Its strong financial profile with sustained
positive free cash flow supports its ratings.
Golden Eagle and Dillard's, Inc. (BBB-/Stable) are both regionally
concentrated. Golden Eagle has stronger profitability than
Dillard's with a more resilient performance over the past few
years. However, Golden Eagle has a smaller EBITDAR scale and store
footprint than Dillard's and is more geographically concentrated.
Golden Eagle also has higher leverage than Dillard's.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Gross sales proceeds to increase by the low teens in 2023 before
moderating to a low single digit in 2026
- EBITDA margin in the range of 45%-46% in 2023-2026
- Capex of CNY0.6 billion to CNY1.2 billion (including capex for
projects under development) in 2023-2026
- Resume 50% dividend payout rate from 2023
RATING SENSITIVITIES
No longer relevant. The ratings are withdrawn.
LIQUIDITY AND DEBT STRUCTURE
Net Cash Position: Golden Eagle reported cash and cash equivalents
of CNY7.8 billion at end-2022, against short-term debt obligations
of CNY2.9 billion. Golden Eagle also had unutilised banking
facilities of CNY16 billion at end-2022.
ISSUER PROFILE
Golden Eagle is a China-based retail store operator with a
nationwide network of 30 department stores and lifestyle centres,
with most stores located in Jiangsu province.
SUMMARY OF FINANCIAL ADJUSTMENTS
- Fitch has adjusted debt by adding an 8x annual fixed operating
lease expense (2022: fixed rental expense of CNY32 million)
- Fitch subtracts customer prepayments and 85% of trade payables
from readily available cash. This metric applies mainly to Chinese
department stores operating under the concessionaire model
- Fitch treats the sale of properties and cost of properties sold
as non-operating items and cash flow from the sale of properties as
non-operating cash flow
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
Following the withdrawal of ratings for Golden Eagle, Fitch will no
longer be providing the associated ESG Relevance Scores.
Entity/Debt Rating Prior
----------- ------ -----
Golden Eagle
Retail Group
Limited LT IDR BB+ Affirmed BB+
LT IDR WD Withdrawn BB+
senior
unsecured LT BB+ Affirmed BB+
senior
unsecured LT WD Withdrawn BB+
SUNRISE REAL: Incurs $1.9 Million Net Loss in First Quarter
-----------------------------------------------------------
Sunrise Real Estate Group, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $1.89 million on $5.73 million of net revenues for the
three months ended March 31, 2023, compared to a net loss of $3.44
million on $10.82 million of net revenues for the three months
ended March 31, 2022.
As of March 31, 2023, the Company had $281.88 million in total
assets, $137.12 million in total liabilities, and $144.76 million
in total shareholders' equity.
The Company ended the period with a cash position of $33,536,791.
The Company's operating activities provided cash in the amount of
$2,660,805, which was primarily attributable to the receipts in
advance and account payable from its property development
projects.
The Company's investing activities provided cash resources of
$2,672,598, which was primarily attributable to the withdrawal of
transactional financial assets.
The Company's financing activities used cash resources of
$3,859,604, which was primarily attributable to restricted cash.
The Company said the potential cash needs for 2023 would include
the investment of transactional financial assets, the rental
guarantee payments and promissory deposits for various property
projects as well as its development of the Linyi project and the
HATX project.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1083490/000141057823001329/srre-20230331x10q.htm
About Sunrise Real
The principal activities of Sunrise Real Estate Group, Inc. and its
subsidiaries offer real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the People's
Republic of China.
Sunrise Real Estate Group reported a net loss of $9.39 million for
the year ended Dec. 31, 2022, compared to net income of $46.28
million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the
Company had $274.09 million in total assets, $129.35 million in
total iabilities, and $144.74 million in total stockholders'
equity.
* * *
This concludes the Troubled Company Reporter's coverage of Sunrise
Real Estate Group until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
=========
I N D I A
=========
4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long-term ratings of 4 Genius Minds in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 45.00 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Unallocated 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2006 as a partnership firm by Mr. Aditya Agarwal
and Mr. Abhishek Agarwal, 4 Genius Minds (4GM) was an Apple
Solution Expert; one of the 14 partners authorized by Apple Inc. in
India till FY16. In current financial year the firm has been listed
as an Apple System Integrator (one among the 4 all over India). The
firm has centres across India with two centres
in Delhi while one each in Hyderabad, Shimla, Kolkata, Bangalore
and Jalandhar. The firm also has a group firm named 4 Genius Minds
Private Limited which majorly caters to the retail clients.
AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Akasva Infrastructure
Pvt Ltd in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 50.50 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund based 37.50 [ICRA]D; ISSUER NOT COOPERATING;
Others Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in January 2007, AIPL is promoted by Mr. Viren Jain,
who is a first-generation entrepreneur. The company undertakes
civil construction for industrial spaces, housing, hydropower and
thermal power projects. The completed projects consist of building
and other industrial construction. The future work orders exhibit
projects from diverse sectors, including civil construction for
power projects and railways.
AKS ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of AKS Alloys
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 14.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short Term- (5.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 2000, AKS Alloys Private Limited is engaged in
manufacturing steel ingots and trading steel scrap/ingots. The
Company operates a steel ingot manufacturing facility with a
capacity of 18,000 tonnes per annum (TPA), at Pondicherry.
API ASSOCIATES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long term and Short-term ratings of Api
Associates Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6.61 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 0.39 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
API is a part of Mr. Anil Aggarwal faction within the larger Action
group that has been in the footwear business for more than three
decades. The company was incorporated in 1986 and is engaged in
manufacturing of PVC footwear, it has set up its manufacturing
facilities in Delhi. API reported an OI of INR13.88 crore in FY2017
as against INR22.28 crore in FY2016 and a net loss of INR11.98
crore in FY2017 as against a net profit of INR0.06 crore in FY2016.
ASHIANA DWELLINGS: ICRA Lowers Rating on INR64.81cr OCD to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ashiana
Dwellings Private Limited (ADPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Optionally 64.81 [ICRA]D; ISSUER NOT COOPERATING;
Convertible Rating downgraded from [ICRA]C
Debentures and continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The rating downgrade reflects Delay in Debt services as mentioned
in publicly available Documents. The rating is based on limited
information on the entity's performance since the time it was last
rated in May 2022. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
ADPL is an SPV of Ashiana Homes Private Limited (AHPL),
incorporated in 2014 for the purpose of development of Ashiana
Mulberry project. AHPL, which holds majority stake in the company,
was incorporated in 1987, with presence mostly in north India, and
has developed more than 3.4 msf (million square feet) of area.
Ashiana Mulberry is a residential project located in Sector 2,
Sohna, Gurugram with total saleable area of 0.95 msf.
CAPTAB BIOTEC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Captab Biotec Unit – II in the 'Issuer
NoCooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 6.50 [ICRA]D ISSUER NOT COOPERATING;
Cash Credit Rating continues to remain under
'Issuer Not Cooperating'
Category
Fund Based– 1.53 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating'
Category
Unallocated 1.47 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-fund based 3.50 [ICRA]D; ISSUER NOT COOPERATING;
Others Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Captab, incorporated in 2015, manufactures formulations of generics
in oral dosage forms such as capsules, tablets and dry syrup. It
also manufactures injectibles. Promoted by Mr. Sushil Goel, Mr.
Pawan Goel and Mr. Kapish Goel, the firm's manufacturing facilities
are located in Baddi, Himachal Pradesh. Associate concerns –
Total Healthcare and Shiv Industries – are also involved in the
same line of business.
CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Cheema
Spintex Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 33.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 15.70 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in 1994, CSL was set up as a 100% export-oriented unit
by Mr. Harbhajan Singh Cheema and Mr. Hardyal Singh Cheema, in
association with Punjab State Industrial Development Corporation
(PSIDC). The company manufactures combed and carded cotton yarn in
counts ranging from 20s to 30s; and has an installed capacity of
30,240 spindles. CSL exports its products mainly to Hong Kong,
Taiwan, Bangladesh, China, South Korea, Singapore, Thailand,
Malaysia, and Canada. In 2009- 10, due to erosion of 100% of its
net worth, the company had filed an application with the Board for
Industrial and Financial Reconstruction (BIFR) for declaration of
the company as sick under the Sick Industrial Companies Act
(SICA).
CITYLIFE RETAIL: CARE Lowers Rating on INR70cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
CityLife Retail Private Limited (CRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 10, 2022,
placed the rating(s) of CRPL under the 'issuer non-cooperating'
category as CRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2023, April 5, 2023, April 15, 2023 and May 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of CRPL have been
revised on account of liquidation process initiated against the
company recognized from publicly available information i.e. NCLT
order.
CRPL, incorporated in 2006, started retailing under the CityLife
brand since 2013. CRPL is a family lifestyle store having 118
stores in Northern and Eastern India across states of Uttar
Pradesh, West Bengal, Odisha, Bihar, Jharkhand, Delhi, Assam,
Tripura, Madhya Pradesh, Haryana and Nagaland covering an area of
around 11.14 lakh sq. ft. CRPL mainly retails in apparels,
however other products include accessories, home-furnishing and
households goods. CRPL is currently managed by cofounders and joint
CMDs- Mr Manish Kakrania, Mr Rajesh Baid and Mr Ritesh Kedia. The
co-founders have past experience in manufacturing readymade
garments. The directors are also jointly present in various real
estate businesses.
DEEPAK COSMO: CARE Lowers Rating on INR20cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Deepak Cosmo Limited (DCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B; Stable
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 31, 2022,
placed the rating(s) of DCL under the 'issuer non-cooperating'
category as DCL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 16, 2023, April 26, 2023, May 6, 2023, May 17,2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned bank facilities of DCL have been revised on
account of non – availability of requisite information. The
rating also considers ongoing delays in debt servicing as
recognized from publicly available information i.e., FY22 audit
report available from ROC filings.
Incorporated in 1981, DCL is engaged in the manufacturing and
trading of various types of synthetic yarns since 1995 when it
acquired a spinning unit in Nalagarh, Himachal Pradesh. The company
manufactures various types of synthetic yarns like acrylic,
polyester, nylon, blended etc. as well as knitted cloth.
FLEXITUFF VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Flexituff
Ventures International Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 37.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term– 289.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 293.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Flexituff Ventures International Limited (FVIL) was formed in 1966
as a partnership firm. Subsequently, the firm was converted into a
private limited company in 1985 and the company got listed on the
Indian Bourses in 2011. FVIL is engaged in the business of
manufacturing Flexible Intermediate Bulk Container (FIBC), reverse
printed BiaxiallyOriented Polypropylene (BOPP) woven bags, Leno
Bags (small packaging bags, primarily for domestic markets),
geotextile fabrics and ground cover (used for prevention of
landslides, control of soil erosion and riverbank protection) and
polymer compounds (used for wires and cables) and drippers. The
main product of the company is FIBC, which is used in bulk
packaging and transportation requirement for multiple industries
like cement, chemical, pharmaceutical, food processing consumer
goods, sugar and meat products. The company has two manufacturing
facilities, located at Pithampur (Madhya Pradesh) and Kashipur
(Uttarakhand), and two wholly-owned subsidiaries in U.K. and the
USA. The manufacturing facility at Kashipur commenced operations in
December 2015 and has a capacity of 22,000 metric tonne per annum
(MTPA).
GO FIRST: RP Argues High Courts Shouldn't Hear Insolvency Petitions
-------------------------------------------------------------------
Livemint.com reports that High courts should not entertain
insolvency-related petitions, the resolution professional of Go
First argued before the Delhi High court on May 31.
Livemint.com relates that the high court is hearing a batch of writ
petitions filed by multiple lessors seeking the court's
intervention to direct the Directorate General of Civil Aviation
(DGCA) to deregister the aircraft leased to Go First. The matter
was taken up by the high court on June 1.
On May 10, the National Company Law Tribunal (NCLT) in its order
admitted Go First under insolvency. Due to the imposition of the
moratorium under the Insolvency and Bankruptcy Code, 2016, the
lessors do not have a legal position to take back possession of the
aircraft leased to the cash-strapped airline, thereby leading to a
dispute between the two.
However, according to lessors they are entitled to take possession
of the aircraft from Go First and this has led to lessors writing
to the DGCA to deregister the aircraft, Livemint.com relays.
After NCLT order was passed, lessors then approached appeals court
seeking relief. NCLAT, however, upheld the NCLT order allowing
initiation of voluntary insolvency of Go First.
Ramji Srinivasan, senior counsel representing the Interim
Resolution Professional (IRP) of Go First, argued that if the
lessors had opportunity to approach Supreme Court as directed by
NCLAT then why did they knock on the doors of the high court,
according to Livemint.com.
Citing a previous Supreme Court order, the senior counsel argued
that the top court has already clarified that IBC applications need
to be entertained by the adjudicating authorities (NCLT and NCLAT)
and not by the high courts.
"There is no doubt that IBC is clearly a special statute and a
single guide for all issues pertaining to the issues of
insolvency," Livemint.com quotes the senior counsel as saying
citing the top court's order.
"As per the NCLT directions, I (speaking on behalf of IRP) have
been asked to take care of the 7,000 employees and not retrench
them," the senior counsel said.
Meanwhile, DGCA counsel informed court that it will submit before
court all documents pertaining to lessors' request for
deregistering the aircraft, Livemint.com adds.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
On May 10, the National Company Law Tribunal (NCLT) accepted Go
First's voluntary insolvency petition. The NCLT bench appointed
Abhilash Lal as the interim resolution professional to look after
the affairs of Go First and also suspended its board as part of the
insolvency resolution process.
IL&FS TAMIL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating and Non-Convertible
Debenture Programme of IL&FS Tamil Nadu Power Company Limited in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 6,080.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Non-Convertible 500.00 [ICRA]D; ISSUER NOT COOPERATING;
Debenture Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
ITPCL is a special purpose vehicle promoted by IL&FS Energy
Development Company Limited (IEDCL), which is a subsidiary of IL&FS
Limited, for the development of a 3180-MW coal-based thermal power
plant at Cuddalore in Tamil Nadu. The project would be implemented
in phases and in the first phase, the company has set up a 1200 MW
(2x600 MW) power plant based on imported coal with sub-critical
technology. IL&FS has an established track record of financing
various infrastructure projects as well as developing projects
through the SPV route. IEDCL is a subsidiary of IL&FS and the
holding company for project SPVs in the power domain. The total
project cost in the first phase, which was estimated at INR6371
crore initially, was revised by the lenders to INR9116 crore
because of execution delays and increase in project scope and was
financed be INR6080 crore of term loans and balance through equity.
KISH EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Kish
Exports Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 10.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
KEL was incorporated in 1993. The company, promoted by Mr. M.K.
Lakhwani and Ms. Sanjana Samtani, manufactures and exports all
types of woven garments for ladies and kids segments. KEL derives
90% of its revenues from sales of ladies garments, 5% from kids
garments and the remaining 5% from accessories. The company deals
in garments made of different fabrics like cotton, linen, silk,
mosscrepe, georgette, Y/D plaids etc., which are procured from
Surat and South India and some from Delhi NCR. The designing of
garments is done in-house based on the instructions/designs
approved by customers. Most of the garment manufacturing for KEL is
done by Ishvar International, which is a Group company
(proprietorship firm with Mrs. Lakhwani as proprietor). The entire
cutting, finishing and packing of garments is done in-house. The
company mainly exports to the US, the UK and South Africa.
KRANTHI EDIFICE: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
Kranthi Edifice Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 12.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 110.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Kranthi Edifice Private Limited (KEPL), formerly Kranthi
Constructions a partnership firm formed in 1983 and converted to
private limited company in May 2012. KEPL is promoted by Mr. M
Pratap Reddy and is in to the construction business for the past 30
years. KEPL is predominantly into irrigation projects and has
executed contracts for various dams, lift irrigation projects,
canals, aqueducts etc. Kranthi is Special Class & Class I
contractor for Andhra Pradesh, Telangana and Karnataka Government
state irrigation projects.
NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of New Sapna
Granite Industries (NSGI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 20, 2022,
placed the rating(s) of NSGI under the 'issuer non-cooperating'
category as NSGI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NSGI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2023, April 15, 2023, April 25, 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).
Godhra-based New Sapna Granite Limited (NSGI) established in 2011
is a proprietorship firm engaged in cutting and polishing of raw
granite stones. The installed capacity of the plant is processing
6,00,000 square feet of stone per annum as on March 31, 2018. The
proprietor Mr. Jabar Choudhary has an experience of over a decade
in stone cutting and polishing. He was earlier engaged in cutting
and polishing of marble, granite and kota stone through a firm
named Sapna Kota Stone. The granite stones are sold to traders and
real estate builders in and around Gujarat, Rajasthan and
Maharashtra.
NIKHIL UDYOG: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long term and Short-term ratings of Nikhil
Udyog in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.27 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 6.23 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short Term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Nikhil Udyog is a proprietorship firm established in 1985. It is a
part of the Mr. Anil Aggarwal group within the larger Action Group,
that has been in the footwear business for more than three decades.
Nikhil Udyog has its manufacturing facilities located in Delhi,
Baddi (Himachal Pradesh), Haridwar (Uttarakhand) and is setting up
another unit at Bahadurgarh (Haryana). The firm manufactures and
sells sport shoes under the brand name Synergy.
OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Sai
Resorts (OSR) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 18, 2022,
placed the rating(s) of OSR under the 'issuer non-cooperating'
category as OSR had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OSR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2023, April 13, 2023, April 23, 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).
Om Sai Resorts (OSR) is a Goa based proprietorship, engaged in
setting up a 38 rooms hotel owned by Mr. Akshay Govekar. The hotel
is proposed to operate in an area of 2125 sq mt and have facilities
viz. multispecialty restaurant, banquet hall, swimming pool,
banquet hall, gym and others along with stay facility. The hotel is
proposed to have 38 AC rooms comprising of 35 standard rooms and 3
luxury suites for stay purpose.
PATELNAGAR REFRACTORIES: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Patelnagar
Refractories Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 1.10 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 12.91 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 0.25 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 0.74 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Patelnagar Refractories Private Limited was incorporated in 2012.
The company manufactures calcined clay, which is required to
manufacture refractories, with a production capacity of 28,800
metric tonnes per annum (MTPA). PRPL's calcination unit is located
in Patelnagar, West Bengal. The day-to-day operations of the
company are looked after by Mr. Swapan Kanti Ghosh, the Promoter of
the company, along with a team of experienced professionals.
PLUTO PLAZA: ICRA Lowers Rating on INR35cr Term Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pluto
Plaza Private Limited (PPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 35.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating downgraded from
Term Loan [ICRA]B+ (Stable) and continues
to remain under 'Issuer Not
Cooperating' category
Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.
Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on March 17, 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in August 2005 as a private limited company, Pluto
Plaza Private Limited (PPPL) is developing a shopping mall
'Plutone' over 3.88 acres of land at Chhend, which is adjacent to
the Ring Road in Rourkela, Odisha. The proposed shopping mall is
likely to host a multiplex, restaurants, food court, shops and an
anchor store. The mall will be partially sold out and the balance
part will be put on rent. The proposed shopping mall-cum-multiplex
is scheduled to start operations from April 2019.
PRECON TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Precon
Technology and Castings Ltd in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 8.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Precon Technology and Castings Ltd manufactures steel and alloy
steel castings. The company commenced commercial operations in May
2013 and has a manufacturing unit in Bhiwadi (Rajasthan), with an
installed capacity of 3,600 tonnes per annum (TPA). The plant is
capable of producing castings, with individual weight of 50 Kgs to
2500 Kgs. At present, the plant supplies castings mainly for OEMs
of heavy construction equipment, earth moving equipment, mining
equipment, power equipment etc.
RATNA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratna
Engineering Work (REW) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated April 27, 2022,
placed the rating(s) of REW under the 'issuer non-cooperating'
category as REW had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. REW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2023, March 23, 2023, April 2, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 2007, Ratna Engineering Work (REW) was promoted by
Mr. A.N. Reddy and Mr. Sanjay Kumar based out of Raipur,
Chhattisgarh. Since its inception, the firm has been engaged in
structural fabrication and rural electrification works on turnkey
basis.
TRIGYN TECHNOLOGIES: ICRA Ups Rating on INR75cr Loan to BB-/A4
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Trigyn
Technologies Ltd. (TTL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 75.00 [ICRA]D/[ICRA]D; downgraded from
Short Term- [ICRA]B+ (Stable)/[ICRA]A4
Unallocated ISSUER NOT COOPERATING and
simultaneously upgraded/assigned
to [ICRA]BB- (Stable)/[ICRA]A4;
Removed from ISSUER NOT
COOPERATING category
Rationale
The downgrade in the rating notes the irregularity in debt
servicing by TTL in Q3 FY2023 (as conveyed by the lender). The
irregularity in debt servicing was towards an unrated loan
facility. The rated entity has not been cooperating with ICRA since
December 20, 2019, and was not sharing the monthly No Default
Statement (NDS).
The rating has been simultaneously upgraded and factors-in the
regularisation of debt servicing after January 2023 as well as
improvement in the company's credit profile, aided by steady
business performance. Also, the rating is removed from the 'Issuer
Not Cooperating' category on account of resumption of information
sharing by the entity, enabling ICRA to carry out the credit
assessment.
The ratings factor in TTL's established business position and
extensive experience of its management in the information
technology (IT) services/solutions and staff augmentation business
from its US subsidiary, especially for various organizations under
United Nations and other Government bodies in the USA. Moreover,
TTL's growing presence in domestic IT infrastructure industry
especially in the Government sectors as witnessed from healthy
revenue growth from domestic business in 9M FY2023 and strong order
pipeline providing future revenue visibility. The company's
financial profile is adequate, as marked by steady internal accrual
generation, sizeable net worth, debt-free status, and comfortable
coverage metrics. TTL's liquidity on a consolidated level is
adequate; however, most of the surplus funds are housed in the US
subsidiary and TTL's standalone liquidity has remained stretched.
ICRA noted the delay in debt repayments in the past, despite having
adequate liquidity at a consolidated level, shows the inadequate
financial controls at the group level. In the absence of any
existing fund-based working capital bank lines, timely funding
support from the US subsidiary remains key, to meet elevated
funding requirements of a growing order book of the domestic
business and to manage any cash flow mismatches at the standalone
level.
TTL's ratings are also constrained by its moderate scale of
operations and profitability compared to other mid-sized IT
services players and its exposure to intense competition from other
established industry participants in India and other low-cost
locations. Additionally, TTL's revenue is concentrated on a few
clients including the United Nations and government bodies in
the USA exposing it to client concentration risk to an extent.
However, TTL's established relationships with its key clients
mitigate this risk to an extent. Moreover, in line with other
industry participants, TTL remains exposed to challenges pertaining
to wage cost inflation, foreign currency fluctuations, talent
acquisition and retention. ICRA noted the weak financial profile of
United Telecoms Limited (UTL), which is the largest shareholder
with 46% stake in TTL. However, there has been no material funding
support provided by TTL to UTL in the past.
The Stable outlook on the rating reflects ICRA's opinion that TTL
will maintain its credit profile, supported by higher internal
accrual generation and continued debt free status.
Key rating drivers and their description
Credit strengths
* Established operational track record in the IT services industry:
Incorporated in 1986, TTL has an established operational track
record of more than 35 years in the IT solutions and IT consultancy
industry. In 2006, UTL acquired majority stake in TTL (~44.5% as on
March 31, 2023).
* Reputed client base: TTL generates about 90% of its revenue from
its US subsidiary, and has established strong relationships with
its key clientele, which includes international organisations like
the United Nations and local and state governments in the US, which
enables the company to generate repeat business. Moreover, in the
past two years, TTL has developed as a strong systems integrator in
the domestic market. This has enabled the company to secure healthy
orders from various state government entities.
* Healthy order book position in domestic market provides revenue
visibility: TTL had a healthy order book of ~Rs. 408 crore as of
December 31, 2022, which provides healthy revenue visibility for
FY2024. Moreover, TTL faces lower counterparty risk as most orders
are from state government bodies/ public sector enterprises in the
domestic market.
* Comfortable capital structure and coverage metrics: Over the
years, TTL's net worth has strengthened to INR655.0 crore (as on
September 30, 2022), supported by steady internal accruals.
Moreover, with repayment of the outstanding term loan in January
2023, TTL has become debt free. Supported by the same TTL's capital
structure and coverage indicators (including lease liability)
remain comfortable with TD/TNW 0.01x and TD/OPBITDA of 0.29x as on
September 30, 2022. ICRA expects the capital structure and coverage
metrics to remain comfortable in the short to medium term,
supported by steady internal accruals generation and continued net
debt free status.
Credit challenges
* Stretched liquidity at standalone level: TTL's liquidity on a
consolidated level is adequate (cash and cash equivalent of ~Rs.
267 crore as on September 30, 2022, including encumbered); however,
most of the surplus funds are housed in the US subsidiary and TTL's
standalone liquidity has remained stretched (cash and cash
equivalent of ~Rs. 30.9 crore as on September 30, 2022, including
encumbered). At a standalone level, the company had minimal free
cash and liquid investments. In the absence of any existing
fund-based working capital bank lines, timely funding support from
the US subsidiary remains key to meet elevated funding requirements
of a growing order book of the domestic business and to manage any
cash flow mismatches at the standalone level.
* Moderate scale of operations and operating margins compared to
mid-sized IT services players: With revenues of INR1,040.6 crore in
FY2022, TTL's scale of operations remains moderate relative to the
size of industry, thereby restricting its pricing flexibility and
margins. The company's operating profit margin (5-6% in last two
fiscals) remains moderate compared to mid-sized IT service players
owing to healthy share of consolidated revenue being generated from
lower value-added staff augmentation business, investment in
building capabilities and manpower, and high expected credit loss
provision at a standalone level. The company has also made
provisions of ~Rs. 31 crore till December 31, 2022 (over the last
two fiscals) toward receivable of INR61.5 crore from Andhra Pradesh
State Fibernet Limited (APDSL), which has been outstanding for more
than three years. ICRA expects steady growth in revenue from both
the domestic and US businesses in the medium term, supported by the
long-term nature of contracts in the US subsidiary and strong
domestic order book. The margins are expected to improve in the
medium term owing to the increasing economies of scale, supported
by healthy growth in the domestic
business.
* Exposed to relatively high client concentration risk: TTL's
healthy share of revenue is generated from the United Nations (~63%
of revenue of US subsidiary), which shows strong dependence of the
company's revenue on a single customer. However, it provides
services to the United Nations across 25 countries and has a strong
track record of 15 years of service to the
organisation, reducing the risk to an extent.
* Vulnerability to competitive pressure, wage cost inflation and
forex risks inherent in the IT services industry: Given the intense
competition in the industry, DGSL's profit margins are susceptible
to pricing pressures and wage inflation. Further, the company's
revenues and margins are exposed to forex risks, although the
company has a natural hedge to the tune of revenue
and expense in Dollars, which mitigate the risk to an extent. Being
in a highly labour-intensive business, the availability and
retention of a skilled workforce are the key challenges in line
with the trend across the industry.
Liquidity position: Stretched
TTL's liquidity is stretched owing to moderate free cash and bank
balance at the standalone entity. As on September 30, 2022, at a
standalone level, the company had minimal free cash and liquid
investments. ICRA notes the adequate liquidity at a consolidated
level with cash and cash equivalent of INR267 crore (including
encumbered); although the majority is housed
under the US subsidiary. The improvement in TTL's standalone
liquidity profile, supported by steady internal accrual generation
and timely support from the US subsidiary to support the working
capital requirement of the growing domestic order book will remain
a key monitorable.
Rating sensitivities
Positive factors – ICRA could upgrade TTL's ratings if the
company demonstrates increased revenue diversification and
sustained revenue growth along with improvement in operating
margins, resulting in strengthening of its credit profile and
liquidity position.
Negative factors – Negative pressure on TTL's ratings could arise
if there is a considerable decline in revenue and profit margins or
stretch in the working capital cycle, exerting pressure on the
company's credit metrics. Further, any considerable funding support
extended to any group company and/or any sizeable debt-funded
inorganic acquisition, resulting in deterioration of
liquidity profile, could also result in a rating downgrade.
TTL was incorporated on March 25, 1986, as a private limited
company in Maharashtra, India. It was converted into a public
limited company on August 8, 1994. Trigyn Technologies is an
innovative, software-led solutions provider and systems integrator
providing IT solutions and services to global clients. TTL's
offshore software development centre is located in Mumbai, while it
operates in the US through its wholly owned subsidiary, Trigyn
Technologies Inc., headquartered in Edison,
USA. The company offers a comprehensive range of services including
offshore development and maintenance solutions and services, staff
augmentation, managed services, and business process outsourcing.
VARDEEP PETRO: CARE Lowers Rating on INR8.11cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vardeep Petro Chemical Private Limited (VPCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.11 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE C
Short Term Bank 14.17 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Rationale & Key Rating Drivers
CARE Ratings Ltd. had, vide its press release dated May 11, 2022,
placed the rating(s) of VPCPL under the 'issuer non-cooperating'
category as VPCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VPCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2023, April 06, 2023, April 16, 2023, May 18, 2023.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of VPCPL have been
revised on account of delays in debt servicing recognised from
publicly available information. i. e. CIBIL check.
Vardeep Petro Chemical Pvt Ltd (VPCPL) was incorporated on July 23,
2003 in the name of Vardeep Trade Links Private Limited by Mr.
Deepu Babu Abraham who has a long-standing experience in trading of
bitumen and bitumen emulsion. On September 25, 2015 Vardeep Trade
Links Private Limited changed its name to VPCPL. The company is now
managed by Mr. Deepu Babu Abraham and Mrs. Shaly Deepu Abraham.
VPCPL trades bitumen in bulk and in barrels, with most of the sales
are concentrated in barrels using 43 outlets spanning across Tamil
Nadu, Karnataka, Assam and Orissa.
VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Vichitra Prestressed Concrete Udyog (P) Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C+/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 5.00 [ICRA]C+; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 15.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Based in Delhi, Vichitra Prestressed Concrete Udyog (P) Ltd. (VPC)
was incorporated on 27th March 1989. The company is closely held by
promoters. The company undertakes contracts for manufacture and
lying and water and sewerage pipes for various government agencies
like Haryana Urban Development Authority (HUDA), U.P. Jal Nigam,
Rajasthan Urban Sector Development Investment Program (RUSDIP),
etc. VPC undertakes manufacturing of different types of pipes like
Prestressed
Concrete Pipes, RCC Pipes and MS Pipes. The main manufacturing
facility of the firm is located in Gurgaon,Haryana. Apart from
this, the company also has two other manufacturing units –located
at Nashik (Maharashtra) and Unnav (U.P.).
VINAYAK INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings for the bank
facilities of Vinayak International in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 20.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Incorporated in the year 2005, Vinayak international is a
proprietorship concern of Mr. Vikas Agarwal engaged in
manufacturing and processing of (i) Cold rolled sheets (CR
sheets/coils) used in manufacturing of bicycles, furniture,
electrical panels etc as CR sheets have high strength, dent
resistance and tensile property (ii) Hot rolled sheets (HR
sheets/coils) mainly used in construction industry, manufacturing
of bicycles frames, engineering and military equipments, LPG
cylinders, Shuttering plates etc (iii) Galvanized Plain Coils (GP
Coils) used in manufacturing of automobiles, washers , vending
machines, microwaves etc. Along with this, the firm is also engaged
in generation of wind energy having installed capacity of 600 Kw
located at Khala site in Jaisalmer which has been recently started
by the firm in November 2015.
=================
I N D O N E S I A
=================
REASURANSI INDONESIA: Fitch Maintains Then Withdraws 'B' IFS Rating
-------------------------------------------------------------------
Fitch Ratings Indonesia has maintained the Rating Watch Negative
(RWN) on PT Reasuransi Indonesia Utama (Persero)'s (Indonesia Re)
Insurer Financial Strength (IFS) Rating of 'B' and National IFS
Rating of 'BBB(idn)'. Fitch has simultaneously withdrawn Indonesia
Re's ratings.
The ratings reflect the company's thin regulatory capital buffer,
weak underwriting performance in light of its exposure to the
long-tail life and credit insurance business, and reserve
volatility. The RWN reflects high near-term downside risks to the
ratings in light of Indonesia Re's weak capitalisation.
'BBB' National IFS ratings denote an adequate capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country or monetary union, across all
industries and obligation types.
Fitch has chosen to withdraw the ratings of Indonesia Re for
commercial reasons.
KEY RATING DRIVERS
Thin Capital Buffer: Indonesia Re's regulatory risk-based capital
ratio of 131%, based on audited end-2022 financials, was only
moderately above the 120% regulatory requirement and a decline from
the 145% at end-2021, reflecting reserve top-ups and a net loss.
The ratio dropped again to 121% based on end-1Q23 financials. The
company says it expects to receive a capital injection from its
immediate parent, the Ministry of State-Owned Enterprises, in 3Q23.
Fitch also assesses Indonesia Re's Fitch Prism Model score as
'Weak' based on 2022 audited financials.
Volatile Reserving: Indonesia Re's reserves have been volatile due
to claim reserve top-ups for its long-tail life and non-life credit
insurance businesses since 2021. The company's premiums for the
non-life credit insurance business fell by 19% in 2022 (2021:
-36%), but the net claim reserve increased by 16% (2021: 57%). At
the same time, the life business' premiums dropped by 16% (2021:
-2%) with the net claim reserve decreasing by 77% (2021: increased
by 287%). The company has been strengthening its reserves since
2022 through a re-assessment of its method and assumptions in
collaboration with an external consultant.
Weak Underwriting Performance: Indonesia Re's underwriting losses
narrowed in 2022, despite losses from the credit insurance and fire
businesses, resulting in a combined ratio of 103% (2021: 111%),
with a three-year average combined ratio of 106% over 2020-2022.
The loss ratio from the credit insurance business remained high at
163% in 2022 (2021: 146%). In addition, the life business, which
constitutes about 31% of total premiums in 2022 (2021: 33%), saw
higher mortality and medical-related claims in 2021 due to Covid-19
pandemic.
An unresolved IDR291 billion tax dispute following its merger with
PT Reasuransi Internasional Indonesia, which was completed in 2016,
caused Indonesia Re to book a net loss of IDR219 billion in 2022
(2021: -IDR518 billion).
'Moderate' Company Profile: Fitch ranks Indonesia Re's company
profile as 'Moderate' based on a 'Moderate' business profile and
'Less Favourable' corporate governance, compared with that of other
Indonesian insurers. The 'Moderate' business profile reflects the
company's adequate business franchise, exposure to the long-tail
life business and non-life credit insurance business, which have
long claim periods, and a somewhat diversified business.
Fitch continues to assess Indonesia Re's corporate governance as
'Less Favourable' as its financial transparency has historically
lagged behind that of its peers. The company has started disclosing
more comprehensive financial statements on a quarterly basis since
4Q22, while it only did so on an annual basis previously.
RATING SENSITIVITIES
No longer relevant, as the ratings have been withdrawn.
ESG CONSIDERATIONS
Indonesia Re has an ESG Relevance Score of '4' for Financial
Transparency as its financial transparency has historically lagged
behind that of its peers. The company has started disclosing
comprehensive financial statements on a quarterly basis since 4Q22,
from an annual basis previously. This has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.
Indonesia Re has an ESG Relevance Score of '4' for Exposure to
Environmental Impacts as the company sources most of its premium
income from Indonesia, a geographically widespread market, which
faces multiple hazards, including flooding, earthquakes,
landslides, tsunamis and volcanic eruptions. This has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
PT Reasuransi
Indonesia
Utama
(Persero) LT IFS B Rating Watch Maintained B
Natl LT IFS BBB(idn)Rating Watch Maintained BBB(idn)
LT IFS WD Withdrawn B
Natl LT IFS WD(idn) Withdrawn BBB(idn)
=====================
N E W Z E A L A N D
=====================
AMAZING SPACES: Tiny House Builder Goes Into Liquidation
--------------------------------------------------------
Stuff.co.nz reports that Amazing Spaces NZ, a tiny house company
based in Morrinsville, has gone into liquidation, leaving around 14
clients waiting for houses secured with deposits between NZD100,000
and NZD130,000. Liquidators say the total debt owing is expected to
be in excess of NZD1 million.
The company was founded by director Michael Christopher Goodall in
2019. Mr. Goodall is a director of the controlling company LKN
Group, which is also in liquidation.
According to Stuff, four days before Amazing Spaces NZ went into
liquidation on May 29, 2023, Mr. Goodall resigned as a director of
Modular Spaces, a separate company specialising in small
prefabricated homes and studios. That company was established in
August 2021.
A spokesperson for a company that has regular dealings with Amazing
Spaces NZ (no connection to the TV series of the same name) told
Stuff clients pay large deposits to cover the cost of manufacture
(in China) and shipping to New Zealand. The balance, paid on
arrival in New Zealand, goes towards the cost of fitting out the
steel-framed tiny homes, which are priced from NZD205,000,
including GST.
"I know of four people who have paid large deposits, and two of
those have been waiting 14 months for their houses," Stuff quotes
the spokesperson as saying. "At this stage they don't want to talk
publicly. Michael is an extremely good salesperson, and he always
manages to assure his clients everything is under control."
Speaking to Stuff, Mr. Goodall said he takes the blame for the
business collapse, and appointed the liquidators himself: "At the
end of the day, I've got to own the problem. I've caused the
problem. However it washes up, I am going to be paying this off for
the rest of my life."
Stuff relates that Mr. Goodall said the company first had problems
after Covid hit, when freight costs for the tiny homes jumped from
NZD15,000 per unit to between NZD45,000 and NZD50,000. "We honoured
our customers [contracts] and didn't pass those costs on."
The director also said he contracted throat cancer as things were
starting to get going after the Covid lockdowns, Stuff relays. "The
company was in a bit of hiatus because of my medical condition. But
by wanting to help everybody and honouring everything I probably
dug myself a bigger hole.
"It's a very difficult market right now. It seems one [tiny home
builder] a week is going under. But I am not a person to blame
things - it is what it is. And it has been a big learning curve for
me. I have had sleepless nights when you think of the hurt you've
put on people that wasn't meant to be. I am sitting here right now
with less than NZD200 in my bank account. My family has lost their
investments, and my partner, who also put her inheritance money
into the business has lost that."
Steven Khov of Khov Jones liquidators said it is too early to
determine at this stage whether customers will get their money
back, as they are still in the initial stages of the liquidation.
"We have contacted all the customers and asked them to complete a
claim form to lodge their claim in the liquidation. Part of our
duties as liquidators is to investigate the affairs of the company
and the director's conduct. This includes whether the director has
breached their directors duties and may include a recovery from the
director for the benefit of creditors."
According to Stuff, Mr. Khov said there are a number of homes in
the company's yard. "We have engaged with those customers and are
working through the process with them to determine their rights,
and getting access to their homes to those customers if
appropriate.
"We are also aware of some customers that have paid deposits for
homes that have not arrived into the country or have not yet been
built. These customers will be creditors of the liquidation."
Stuff spoke to a tiny house towing company that will shortly be
removing one partially completed tiny home and two cabins from the
company's yard and taking them to a client in Gisborne. "The houses
are unfinished and not watertight."
The move to reclaim specific buildings under construction follows a
recent High Court decision following the liquidation of NZ Tiny
Homes in New Plymouth, last November, Stuff notes.
DIGITALISE IT: Creditors' Proofs of Debt Due on June 28
-------------------------------------------------------
Creditors of Digitalise It Limited are required to file their
proofs of debt by June 28, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 29, 2023.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
EPIC YACHTS: Creditors' Proofs of Debt Due on June 27
-----------------------------------------------------
Creditors of Epic Yachts NZ Limited are required to file their
proofs of debt by June 27, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 26, 2023.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
HENDA CONSTRUCTION: Creditors' Proofs of Debt Due on July 26
------------------------------------------------------------
Creditors of Henda Construction Limited are required to file their
proofs of debt by July 26, 2023, to be included in the company's
dividend distribution.
The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on May 26, 2023.
HUA HOLDINGS: Court to Hear Wind-Up Petition on June 9
------------------------------------------------------
A petition to wind up the operations of Hua Holdings Limited will
be heard before the High Court of Auckland on June 9, 2022, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 30, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
RAMDAS LOGISTICS: Court to Hear Wind-Up Petition on June 15
-----------------------------------------------------------
A petition to wind up the operations of Ramdas Logistics Limited
will be heard before the High Court at Auckland on June 15, 2023,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 6, 2022.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
=================
S I N G A P O R E
=================
ALLIANCE NETCOM: Commences Wind-Up Proceedings
----------------------------------------------
Members of Alliance Netcom & Electrical Pte Ltd, on May 26, 2023,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Seah Chee Wei
60 Paya Lebar Road
#08-05 Paya Lebar Square
Singapore 409051
ALPHA & OMEGA: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 19, 2023, to
wind up the operations of Alpha & Omega Engineering Services Pte.
Ltd.
Kim Chuan Gas, Sanitary & Construction Pte. Ltd. filed the petition
against the company.
The company's liquidators are:
Technic Inter-Asia Pte Ltd
50 Havelock Road
#02-767 The Beo Crescent
Singapore 160050
ITNL INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on May 19, 2023, to
wind up the operations of ITNL International Pte. Ltd.
The company's liquidator is:
Yit Chee Wah
FTI Consulting (Singapore)
1 Raffles Quay, #27-10
Singapore 048583
RAYNET TECHNOLOGIES: Creditors' Proofs of Debt Due on July 4
------------------------------------------------------------
Creditors of Raynet Technologies Pte. Ltd. are required to file
their proofs of debt by July 4, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 24, 2023.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
c/o BDO Advisory Pte. Ltd.
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
SYLO PROTOCOL: Creditors' Proofs of Debt Due on July 3
------------------------------------------------------
Creditors of Sylo Protocol Pte. Ltd. are required to file their
proofs of debt by July 3, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 23, 2023.
The company's liquidator is:
Ong Kok Yeong David
c/o Tricor Singapore
80 Robinson Road #02-00
Singapore 068898
=================
S R I L A N K A
=================
SRI LANKA: Reduces Interest Rates for 1st Time Since Bankruptcy
---------------------------------------------------------------
Krishan Francis at Associated Press reports that the Central Bank
of Sri Lanka reduced its interest rates on June 1 for the first
time since the island nation declared bankruptcy, after stern
fiscal controls, improved foreign currency income and help from an
International Monetary Fund program resulted in inflation slowing
faster than expected.
The AP relates that the Central Bank said in a statement that the
lending and deposit interest rates were reduced by 250 basis points
to 14% and 13%.
The hope is that lowering the rates would "provide an impetus for
the economy to rebound from the historic contraction activity
witnessed in 2022, while easing pressures in the financial
markets," the statement said.
According to the AP, Central Bank said the headline inflation stood
at 35.3% in April, was reduced to 25.2% in May and is expected to
reach single-digit territory by the the third quarter.
Sri Lanka declared bankruptcy in April 2022 and said it is
suspending repayment of its foreign debt. It reached an agreement
in March with the IMF for a nearly NZD3 billion bailout program
over four years and started negotiations with its creditors on debt
restructuring.
Inflows of foreign money have been robust since the agreement with
the IMF, aided by import controls, increased income from tourism
and worker remittances, allowing the Central Bank to strengthen its
reserves, the statement, as cited by the AP, said.
The AP says the interest rate reduction is expected to allow the
private sector better access to credit facilities - a key demand of
the small and medium enterprises that have cut jobs or closed
during the unprecedented crisis.
"The economy is projected to rebound gradually from late 2023,
supported by the easing of monetary conditions, improvements in
business and investor sentiments along with the realization of
improved foreign exchange inflows, the faster recovery of the
tourism sector, and the implementation of growth promoting policy
measures," the Central Bank said.
*********
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
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***