/raid1/www/Hosts/bankrupt/TCRAP_Public/230609.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 9, 2023, Vol. 26, No. 116
Headlines
A U S T R A L I A
BIG VILLAGE: Seeks to Extend Plan Exclusivity to September 6
GANTECH PTY: Big Picture South Morang Store Placed in Liquidation
HOUR HOUSE: First Creditors' Meeting Set for June 15
JTL MANAGEMENT: Second Creditors' Meeting Set for June 14
LYGON 1B: First Creditors' Meeting Set for June 15
MKS PROPERTY: Federal Court Winds Up Firm and Restrains Director
NIL GROUP: Second Creditors' Meeting Set for June 13
PHOENIX TRAILERS: Second Creditors' Meeting Set for June 13
PORTER DAVIS: Some Customers Ineligible for Compensation Scheme
C H I N A
CHINA HONGQIAO: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
I N D I A
ATHARVA POLYMERS : Insolvency Resolution Process Case Summary
AURORA APPAREL: ICRA Withdraws B Rating on INR2.83cr Term Loan
BALKRISHNA GINNING: CRISIL Keeps B+ Ratings in Not Cooperating
CHARU CREATIVE: CRISIL Keeps B Debt Ratings in Not Cooperating
CHARU OVERSEAS: CRISIL Keeps B Debt Rating in Not Cooperating
CHORUS AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
COCHIN FROZEN: CRISIL Keeps B Debt Rating in Not Cooperating
CONSTRUCTION TECHNIQUE: CRISIL Keeps B Rating in Not Cooperating
COSTA INT'L: CRISIL Keeps B+ Debt Ratings in Not Cooperating
COUPLE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
CRAZY BAKERY: CRISIL Lowers Rating on INR2.0cr Cash Loan to B
CRAZY SNACKS: CRISIL Lowers Rating on INR5cr Cash Loan to B
DIGITAL VISION: CRISIL Keeps B Debt Rating in Not Cooperating
ECOMAISTER BEADS: Insolvency Resolution Process Case Summary
EVERGREEN DOOARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GO FIRST: NCLT Admits Insolvency Pleas Filed by Two Lessors
IMPERIAL READYMADE: CRISIL Keeps B Debt Rating in Not Cooperating
KSR PROPERTIES: ICRA Lowers Rating on INR30cr LT Loan to D
MARVEL DYERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MPS CAR: Insolvency Resolution Process Case Summary
MURUGAN AGENCIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PANNAGESHWAR SUGAR: Insolvency Resolution Process Case Summary
PERODY BUILDERS: CRISIL Moves B+ Debt Ratings to Not Cooperating
RAJESWARI INFRASTRUCTURE: Insolvency Res. Process Case Summary
RAM ROLLING: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAMESHWAR INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
RLJ CONCAST: CRISIL Hikes Rating on INR15cr Cash Loan to B
RNGLAB (INDIA): Insolvency Resolution Process Case Summary
SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
SEW LSY: CRISIL Moves D Debt Rating to Not Cooperating Category
SPICEJET LIMITED: Acres Buildwell to Withdraw Insolvency Plea
TARA EDUCATIONAL: CRISIL Moves D Debt Ratings to Not Cooperating
URANUS STONE: CRISIL Keeps B- Debt Ratings in Not Cooperating
J A P A N
TOSHIBA CORP: Board Recommends Shareholders Support JIP-led Buyout
M O N G O L I A
MONGOLIAN MINING: Moody's Puts 'B3' CFR on Review for Downgrade
N E W Z E A L A N D
BAVARIAN MOTORCYCLE: Court to Hear Wind-Up Petition on June 22
BEAUTY MEDIA: Placed in Liquidation
IMPACT CONCRETE: Court to Hear Wind-Up Petition on June 23
PIE PIPER: Popular Pie Shop Placed In Liquidation
PROBISCUS LIMITED: Creditors' Proofs of Debt Due on July 14
SPACE X: Creditors' Proofs of Debt Due on July 17
XZ NZ TRUST: Creditors' Proofs of Debt Due on July 3
S I N G A P O R E
COSMOS GROUP: Incurs $2.6 Million Net Loss in First Quarter
GEOTHRONE PTE: Members' Final Meeting Set for July 12
KGGD PTE: Court to Hear Wind-Up Petition on June 23
PANGAEA LOGISTICS: Creditors' Proofs of Debt Due on July 8
PRUDENTIAL CAPITAL: Members' Final Meeting Set for July 11
STRAITS IT: Creditors' Proofs of Debt Due on July 8
- - - - -
=================
A U S T R A L I A
=================
BIG VILLAGE: Seeks to Extend Plan Exclusivity to September 6
------------------------------------------------------------
Big Village Holding LLC and its affiliates ask the U.S. Bankruptcy
Court for the District of Delaware to extend their exclusivity
periods to file a Chapter 11 plan and to solicit acceptances
thereof to September 6, 2023 and November 6, 2023, respectively.
Big Village Holding relates that since the commencement of the
Chapter 11 cases, the Debtors have worked diligently to ensure a
smooth transition into Chapter 11, and to preserve and maximize the
value of the Debtors' estates for the benefit of all stakeholders.
To that end, the Debtors have, among other things:
(i) completed robust marketing and sale processes to sell
substantially all of their assets pursuant to the Court-approved
bidding procedures and obtained Court approval of and closed four
separate sales;
(ii) filed their schedules of assets and liabilities and
statements of financial affairs;
(iii) established claims bar dates for pre-petition claims and
claims pursuant to section 503(b)(9) of the Bankruptcy Code;
(iv) obtained entry of interim and final orders approving the
Debtors' post-petition consensual use of cash collateral;
(v) retained professionals;
(vi) worked with the U.S. Trustee and the Committee to resolve
a number of their comments with respect to the Bidding Procedures
Order and Cash Collateral Orders;
(vii) responded to various creditor inquiries and demands; and
(viii) handled various other tasks related to the administration
of the Debtors' estates and the Chapter 11 cases.
The Debtors tell the Court extensive resources have been required
of the Debtors and their professionals to achieve the measures
reached in the Chapter 11 Case to date. In light of these
circumstances, the Debtors contend the requested extensions are
both appropriate and necessary to afford the Debtors with
sufficient time to adequately prepare a viable chapter 11 plan and
related disclosure statement.
The initial Exclusive Filing Period in these chapter 11 cases
extends through and including June 8, 2023, while the initial
Exclusive Solicitation Period extends through and including August
7, 2023.
About Big Village Holding
Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia. They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global advertising
campaigns.
Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel; Portage Point Partners, LLC as restructuring advisor; and
Stephens, Inc. as investment banker. Kroll Restructuring
Administration, LLC is the claims and noticing agent and
administrative advisor.
BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's attorneys,
Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's
attorney, L. Katherine Good.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Steven Golden, Esq.
GANTECH PTY: Big Picture South Morang Store Placed in Liquidation
-----------------------------------------------------------------
David Richards at ChannelNews reports that the Big Picture People
Store at South Morang in Victoria, has been placed into liquidation
with debts in excess of AUD1.2 million.
Part of the Big Picture Group the business was placed into
liquidation back in April 2023, the liquidators are Melbourne-based
Cor Cordis.
According to Mitchell Cordis from Cor Cordis the unsecured debts
are AUD1.2 million. Secured creditors were owed AUD190,0000.
According to ChannelNews, the liquidator said claims made by one
customer who claims that he paid for goods but never got the goods,
that the business was trading while insolvent are being
investigated.
However, this is not set to go anywhere as several parties have
told ChannelNews that the owner of the business that traded as
Gantech Pty Ltd, was "ill" prior to the business collapsing.
George Christou, the CEO of the Big Picture People group of stores
that operate independently, has spoken to several customers who
lost money. He has told ChannelNews that he has worked with
suppliers to "Try and appease customers" with new deals that
minimize their losses.
He said that several brands have come to the party with pricing
that allows a consumer to "minimize their losses".
At one stage, an angry customer who claimed that he had lost money
at the South Morang store, visited the Big Picture People store in
Hoppers Crossing Victoria he had to be asked to leave the store
despite being offered a way out of his losses, ChannelNews relays.
"This is an unfortunate situation which the Big Picture People and
suppliers have been working to resolve".
HOUR HOUSE: First Creditors' Meeting Set for June 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of Hour House
Pty Ltd will be held on June 15, 2023, at 11:00 a.m. via webinar.
Duncan Clubb and Andrew Sallway of BDO in Australia were appointed
as administrators of the company on June 2, 2023.
JTL MANAGEMENT: Second Creditors' Meeting Set for June 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of JTL Management
Australia Pty Ltd has been set for June 14, 2023 at 11:00 a.m. via
teleconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 13, 2023 at 4:00 p.m.
Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on May 9, 2023.
LYGON 1B: First Creditors' Meeting Set for June 15
--------------------------------------------------
A first meeting of the creditors in the proceedings of Lygon 1B Pty
Ltd will be held on June 15, 2023, at 10:00 a.m. at the offices of
Hamilton Murphy Advisory at Level 12, 503 Kent Street in Sydney and
via virtual meeting technology.
Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of the company on June 2, 2023.
MKS PROPERTY: Federal Court Winds Up Firm and Restrains Director
----------------------------------------------------------------
The Federal Court has ordered that unlicensed financial advisor
Monica Kaur be permanently restrained from carrying on a financial
business and that her unregistered managed investment scheme be
wound up.
Ms. Kaur and her husband, Sadu Singh, were directors at various
times of MKS Property Investments/Developments Pty Ltd.
Between March 2017 and December 2020, Ms Kaur and MKS Property
encouraged around 300 investors to establish self-managed
superannuation funds (SMSFs) and advised them to invest in property
investments and developments set up by MKS Property. The Court
found both Ms. Kaur and MKS Property operated an unregistered
managed investment scheme without a licence or the required
registration.
ASIC Executive Director Financial Services Enforcement Tim Mullaly
said, 'ASIC is actively engaging with industry and consumer
advocacy groups to raise awareness about the risks associated with
unlicensed advisors and providing guidance on identifying
legitimate financial professionals.
'ASIC is committed to safeguarding the interests of consumers and
upholding the integrity of the financial services sector, sending a
clear message that unlicensed practices will not be tolerated,'
concluded Mr. Mullaly.
The Court further found that by deferring all matters regarding the
affairs of MKS Property to Ms. Kaur, Mr. Sadu Singh breached his
directors' duties by failing to exercise his powers and discharge
those duties with the degree of care and diligence that a
reasonable person would exercise.
The Court ordered that Ms Kaur be permanently restrained from
carrying on a financial services business in Australia and
operating an unregistered managed investment scheme.
Ms. Kaur has been disqualified from managing corporations for life
and Mr. Singh has been disqualified for 15 years.
In handing down his decision, Justice Jackson said, 'The venture
into which Ms. Kaur directed investor funds was risky and
speculative as is shown by the likelihood that most if not all of
the funds of many of the investors have been lost. Inadequate
record keeping and a lack of controls over what was done with the
funds are likely to exacerbate the losses and the difficulty of
making any recovery on behalf of investors. The losses are going to
be in the millions of dollars and are likely to impact on the
retirement savings of many individuals.'
MKS property will now be wound up. Mr. Hodgson and Mr. Hewitt of
Grant Thornton were appointed as receivers of the property of Ms
Kaur, Mr. Singh and the Scheme and as liquidators of the Scheme and
MKS Property.
In December 2020, ASIC obtained urgent interim travel restraint and
asset freezing orders against Ms. Kaur, MKS Property, Paradise
Property Group Pty Ltd as well as against Mr. Sadu Singh, Mr.
Melvin Paul Singh and Ms Stephanie Lee.
ASIC's Moneysmart helps Australians take control of their money
with free tools, tips and guidance. To help you make the right
decision about financial advice, find out more about choosing a
financial adviser and how to use the financial advisers register.
The liquidators can be reached at:
Grant Thornton
Level 43 Central Park
152-158 St Georges Terrace
Perth, WA 6000
NIL GROUP: Second Creditors' Meeting Set for June 13
----------------------------------------------------
A second meeting of creditors in the proceedings of Nil Group Pty
Ltd has been set for June 13, 2023 at 2:30 p.m. at the offices of
Cor Cordis at Level 29, 360 Collins Street in Melbourne and via
online video conference.
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 12, 2023 at 4:00 p.m.
Sam Kaso and Daniel P Juratowitch of Cor Cordis were appointed as
administrators of the company on May 8, 2023.
PHOENIX TRAILERS: Second Creditors' Meeting Set for June 13
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Phoenix
Trailers Pty Ltd has been set for June 13, 2023 at 10:00 a.m. at
the offices of Pearce & Heers at Level 12, 127 Creek Street in
Brisbane and via virtual meeting technology.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 11, 2023 at 2:00 p.m.
Mark William Pearce and Michael Dullaway of Pearce & Heers were
appointed as administrators of the company on May 9, 2023.
PORTER DAVIS: Some Customers Ineligible for Compensation Scheme
---------------------------------------------------------------
ABC News reports that Ankur Gupta, a 40-year-old IT worker in
Melbourne, and other customers now face the prospect of having lost
the money he paid to home builder Porter Davis, after learning they
aren't eligible for a Victorian government compensation package
established to help customers in similar situations.
Mr. Ankur had invested a significant amount of money with the major
home builder before its disastrous collapse in March.
Last November, he and his wife spent almost AUD20,000 when they
signed what the company called a "tender agreement" - a preliminary
home-building agreement that comes before an industry-standard home
contract, the report says.
According to the ABC, the AUD15 million package, unveiled in April,
was intended to reimburse about 560 customers in the pre-build
stage who signed a contract and paid a deposit, only to later learn
those deposits weren't covered by compulsory insurance.
The scheme - which opened to applications last week - does not
extend to customers who only reached the tender agreement stage,
even though it required a three per cent payment, the report
states.
The ABC relates that Mr. Gupta said the revelation was especially
devastating because he was only weeks away from signing a formal
contract when Porter Davis collapsed, and his AUD20,000 payment was
also uninsured.
"We thought there was a ray of hope and once a support package is
already announced, I'm not sure the government is going to go back
on its word to amend that package," the report quotes Mr. Gupta as
saying. "It's literally a hope gone. It's quite difficult to
fathom."
The ABC says Porter Davis's liquidators, Grant Thornton, would not
disclose how many people fell into this category, but Mr. Gupta and
other former customers who are active in online support groups
estimated it could be up to 200.
Some of them, like Justin King, have urged the government to
reconsider its rules, arguing the document he signed should be
recognised as a contract, the ABC relays.
Porter Davis appointed liquidators from Grant Thornton on March 31,
2023, leaving 1,700 homes unfinished in Victoria and Queensland.
=========
C H I N A
=========
CHINA HONGQIAO: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
---------------------------------------------------------------
On June 7, 2023, S&P Global Ratings revised its rating outlook on
China Hongqiao Group Ltd. (Hongqiao) to stable from positive. S&P
also affirmed its 'BB-' long-term issuer credit rating on the
company and its 'B+' long-term issue rating on the U.S.
dollar-denominated senior unsecured notes that Hongqiao issued.
The stable outlook reflects S&P's view that supportive aluminum
prices, stable production volume, and moderating input costs will
underpin a recovery in Hongqiao's credit metrics over the next one
to two years.
Hongqiao's profitability will only gradually improve in 2023-2024
amid sticky cost pressures, following a challenging 2022. S&P
expects costs of raw materials to gradually moderate from the highs
of 2022. The elevated costs dented the company's earnings last year
and in the first quarter of this year. Hongqiao's ramp-up of
production in Yunnan could also bring cost savings because the
facility uses lower-cost hydropower. The lower costs, together with
expanded sales of alumina following the acquisition of a
Shandong-based plant in 2022, should underpin an increase in the
company's EBITDA over the next one to two years.
That said, raw material costs will still be at elevated levels, and
demand recovery is likely to stay subdued. Electricity (mainly coal
driven), alumina, and carbon anode (linked to oil prices) will
continue to account for about 90% of Hongqiao's production costs
for aluminum.
S&P said, "We forecast Hongqiao's EBITDA margin will therefore rise
moderately to 15%-17% in 2023-2024, from a decade low of 14.1% in
2022. This is still below the 2017-2021 average of 24%, even though
aluminum prices are higher now. Annual EBITDA will grow to Chinese
renminbi (RMB) 19.5 billion-RMB21.5 billion in 2023-2024, from
RMB18.6 billion in 2022 when Hongqiao reported a 40% year-on-year
decline.
"Our base case assumes aluminum prices will trend down over the
next two years from last year's record high. Yet they will stay
over 20% above the 10-year average. Our expectation of favorable
prices reflects the global supply curtailments amid elevated energy
prices, China's capacity cap on the industry as well as economic
recovery, and growing demand amid an increasing energy transition.
"Hongqiao's leverage will likely trend down from the 2022 highs on
profit recovery with a slight reduction in debt. We expect the
company's adjusted debt to dip over the next two years, after a 97%
spike in 2022. Hongqiao could generate positive discretionary
cashflow averaging about RMB3 billion annually over 2023 and 2024.
The company will benefit from faster working capital turnover and
healthier operating cashflow as raw material costs moderate and
industry demand picks up gradually. Annual capital spending will be
RMB9 billion-RMB10 billion over the period, according to our
forecasts."
Hongqiao's FFO-to-debt ratio will rise to 35%-44%, from a low of
24% in 2022 and compared with a peak of 120% in 2021.
Hongqiao's capacity expansion in Yunnan poses increasing
operational risks from unstable supply of wind and hydro power. The
company is relocating up to two-thirds of its primary aluminum
capacity, totaling four million tons per annum (mtpa), to Yunnan
from Shandong. The output contribution from Yunnan will climb to
22% in 2023 and about 30% in 2024, from 13% in 2022 (0.8 million
tons), according to S&P's estimates.
Operational risks related to unstable hydropower supply in Yunnan
have become more prominent in the past two years due to serious
droughts in the province. Power rationing has therefore affected
production at the local aluminum smelters. Hongqiao has been
largely unaffected so far, given its still small exposure. The
company is closely monitoring the power supply situation in Yunnan
to adjust the timeline of the relocation of its production base.
Hongqiao has some rating buffer against potential production
disruptions over 2023-2024. In S&P's opinion, the company can
absorb a 20%-30% drop in FFO from its base case before breaching
the downside trigger, assuming other factors remain unchanged.
Reduced supply of aluminum due to power rationing may support
domestic aluminum prices. This could partly temper the negative
impact on potential output loss.
Hongqiao aims to prioritize steady production output amid its
relocation plans. S&P's base case assumes its projects in Wenshan
and Honghe (two mtpa each) will proceed. Power supply for these
plants will be primarily from hydro and wind, respectively.
S&P said, "The stable rating outlook on Hongqiao reflects our view
that supportive aluminum prices, stable production volume, and
moderating input costs will aid recovery in the company's credit
metrics over the next one to two years. Its FFO-to-debt ratio will
likely improve to above 40% by 2024, from a low of 24% in 2022.
"We could lower the rating on Hongqiao if the company's FFO-to-debt
ratio falls below 30% over a sustained period.
"This could happen if aluminum prices are lower than our
expectation or if operating costs and capital expenditure (capex)
are well above our estimates. Much lower production output than we
expect during the capacity relocation to Yunnan and production
ramp-up there could also lead to a downgrade.
"We could raise the rating if Hongqiao's FFO-to-debt ratio exceeds
45% and its discretionary cash flow remains positive over a
sustained period. This is as the company smoothly ramps up its
Yunnan projects.
"We could also raise the rating if Hongqiao continues to show a
record of no major management and governance deficiencies."
ESG credit indicators: E-3, S-2, G-5
=========
I N D I A
=========
ATHARVA POLYMERS : Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Atharva Polymers Private Limited
WTC Tower 2, Unit No 215, Near Eon Free Zone,
Kharadi, Pune - 411014
Insolvency Commencement Date: May 12, 2023
Estimated date of closure of
insolvency resolution process: November 11, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Kalpana Kamlesh Gandh
201, Rachana CHS, Murine Street,
Kanddivali Village,
Kandivali West, Mumbai - 400 067
Email: kalpanagandhica@gmail.com
301-302, Poonam Pearls, Oppo. New India Colony,
Next to Himachal Society,
Andheri West, MUMBAI - 400 058
Email: cirp.atharvapolymers@gmail.com
Last date for
submission of claims: May 29, 2023
AURORA APPAREL: ICRA Withdraws B Rating on INR2.83cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn rating assigned to the bank facilities of Aurora
Apparel Private Limited based on the No Due Certificate (NDC)
received from its lender(s), in accordance with ICRA's policy on
withdrawal of credit ratings. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed and hence ratings also moved to
'Issuer Not Cooperating' category.
ICRA has moved the ratings for the Unallocated Limits of Aurora
Apparel Private Limited to the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term- 2.83 [ICRA]B(Stable); ISSUER NOT
Fund based– COOPERATING; Rating Moved to
Term Loan 'Issuer Not Cooperating'
category and withdrawn
Long Term/ (4.00) [ICRA]B(Stable)/[ICRA]A4;
Short Term ISSUER NOT COOPERATING;
Interchangeable Rating Moved to 'Issuer Not
Cooperating' category and
withdrawn
Short Term 6.50 [ICRA]A4; ISSUER NOT
Fund Based COOPERATING; Rating Moved to
'Issuer Not Cooperating'
category and Withdrawn
Short Term 1.00 [ICRA]A4; ISSUER NOT
Non-Fund Based COOPERATING; Rating Moved to
'Issuer Not Cooperating'
category and Withdrawn
Long term/Short 1.23 [ICRA]B(Stable)/[ICRA]A4;
Term–Unallocated ISSUER NOT COOPERATING;
Rating Moved to 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Aurora Apparel Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Incorporated in 2009, Aurora Apparel Private Limited is involved in
manufacturing cotton shirts. AAPL is an equal joint venture of
Tessitura Monti India Pvt. Ltd. and Summer Conf, Romania. Most of
its customer base is from Europe, Australia and the UAE. AAPL's
manufacturing unit is located in Nipani, Belgaum in Karnataka with
a total installed capacity of 2,000 shirts per day. The company
commenced its production activities from April 2011, and recently
expanded its production capacity from manufacturing 1,600 shirts
per day to 2,000 shirts per day.
BALKRISHNA GINNING: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balkrishna
Ginning and Pressing Factory (BGPF) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 2.16 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 0.84 CRISIL B+/Stable (Issuer Not
Cooperating)
Cash Credit 2.5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.0 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with BGPF for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BGPF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BGPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BGPF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
BGPF was set up as a partnership firm in 1999 between Mr Arvind
Raichura and his family. The firm gins and presses raw cotton to
make cotton bales, and manufactures cotton seed wash oil, cotton
seed linter, and de-oiled cakes.
CHARU CREATIVE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Charu
Creative Business Associates (CBA) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
Proposed Bank 3 CRISIL B/Stable (Issuer Not
Guarantee Cooperating)
Proposed Cash 2 CRISIL B/Stable (Issuer Not
Credit Limit Cooperating)
CRISIL Ratings has been consistently following up with CBA for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CBA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBA continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
CBA was set up in 1992 by Mr Rajeev Chawathe. The firm is engaged
in architecture designing, landscape gardening and tree plantation.
The registered office is situated at Mumbai.
CHARU OVERSEAS: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Charu
Overseas Private Limited (COPL: part of Swastik Group) continue to
be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
Letter of Credit 20 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with COPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of COPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on COPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
COPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of COPL, Swastik Plaschem Pvt
Ltd (SPPL) and Kaycee Polymer Pvt Ltd (KPPL) together referred to
as the Swastik group. This is because both the companies have a
common management/promoter, are engaged in the same business.
About the Group
Incorporated in 1995, COPL trades in various grades of polymer
products such as PE, PP, EVA HDPE, LDPE, LLDPE, HMHDPE, and PVC in
the domestic market.
KPPL was set up in 2005 and trades in PVC resign in the domestic
market.
SPPL was incorporated in 2010, but started operations in July 2017.
It trades in various grades of polymer products such as PE, PP, EVA
HDPE, LDPE, LLDPE, HMHDPE, and PVC, in the domestic market.
CHORUS AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chorus Agro
Private Limited (CAPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.25 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 2.75 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CAPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CAPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
CAPL, established in fiscal 2008, is a Karnal (Jharkhand)-based
company that mills non-basmati parboiled rice. Mr Om Prakash
Bajoria and Mr Pawan Kumar Kanoi are the promoters.
COCHIN FROZEN: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cochin Frozen
Foods (CFF) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 3 CRISIL A4 (Issuer Not
Cooperating)
Bill Discounting 0.5 CRISIL A4 (Issuer Not
Cooperating)
Packing Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
Packing Credit 1 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CFF for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CFF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CFF continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
CFF, set up in 2000, processes and exports seafood. It is based in
Kochi, Kerala, and its daily operations are being managed by the
proprietor Mr K Prabhakaran.
CONSTRUCTION TECHNIQUE: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Construction
Technique (CT) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (Issuer Not
Cooperating)
Cash Credit 4.5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with CT for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of CT
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
CT was established in 1992 as a partnership firm by Mr. Harish
Ruparel and Mr. Bipin Fafadia. The firm undertakes construction of
factories and residential and commercial buildings, along with
restoration of heritage monuments.
COSTA INT'L: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Costa
International (CI) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL B+/Stable (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL A4 (Issuer Not
Cooperating)
Proposed Long Term 4.5 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with CI for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of CI
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
CI, established in 2012, trades in double-charged ceramic tiles. It
is a partnership firm owned and managed by Mr. Ashok Patel, Mr.
Bharat Patel, and Mr. Narsinh Patel, who have industry experience
of more than a decade.
COUPLE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Couple
International Private Limited (CIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 5.9 CRISIL D (Issuer Not
Credit Cooperating)
Term Loan 0.1 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.02 CRISIL D (Issuer Not
Cooperating)
Term Loan 0.36 CRISIL D (Issuer Not
Cooperating)
Working Capital 0.09 CRISIL D (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with CIPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CIPL continues to be 'CRISIL D Issuer Not Cooperating'.
CIPL, incorporated in 1998, manufactures and exports ready-made
garments, primarily shirts, tops, skirts, and blouses, among
others. It has a manufacturing capacity of 1 million pieces per
annum at its facility in Noida (Uttar Pradesh). The operations are
managed by the promoter, Mr. Rituraj Gupta.
CRAZY BAKERY: CRISIL Lowers Rating on INR2.0cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Crazy
Bakery Udyog (CBU; part of Crazy Snacks group) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B /Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Long Term Loan 1.26 CRISIL B /Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Long Term Loan 5.54 CRISIL B /Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
Proposed Fund- 1.20 CRISIL B /Stable (ISSUER NOT
Based Bank Limits COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER
NOT COOPERATING')
CRISIL Ratings has been consistently following up with CBU for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CBU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBU Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has consolidated the
business and financialrisk profiles of CSPL with its group entities
Crazy Bakers Private Limited (CBPL), CBU and Crazyfun Foods Pvt.
Ltd. (CFPL), together referred to as the Crazy Snacks group. This
is because all the companies are promoted by the same promoter
family. Further, the management of the entities is common and there
are significant operational synergies as well business synergies in
all the firms.
About the Group
Crazy group is promoted by Ms. Upma Agarwal, Mr. Sachin Agarwal and
Mr. Navin k. Agarwal, with the incorporation of Crazy Snacks
Private Limited (CSPL) in 1995, followed by the incorporation of
Crazy Bakers Private Limited and Crazy Funfoods Private Limited in
2007 and 2014, respectively and later on CBU was established in
2017. The group has integrated operations for the manufacturing of
foods products ranging from Bakery items to Snacks food items.
CSPL was incorporated in 1995 by Ms. Upma Agarwal, Mr. Sachin
Agarwal and Mr. Navin k. Agarwal. The company is engaged in the
manufacturing of bakery products like bread, rusk, bun, cookies,
layer cake and cupcake etc. The company has a total capacity of 70
to 80 tonnes of breads, rusks and buns per day.
CBU is established as a partnership by Ms. Upma Agarwal, Mr. Sachin
Agarwal and Mr. Navin k. Agarwal in fiscal 2017 however the
operation are started from fiscal 2021. The management has
established automatic plant for the manufacturing of Namkeen,
Potato Chips, Rusk, 2d Fryums etc.
CRAZY SNACKS: CRISIL Lowers Rating on INR5cr Cash Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Crazy
Snacks Private Limited (CSPL; part of Crazy Snacks group) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Long Term Loan 1.27 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Long Term Loan 6.87 CRISIL B/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Fund- 1.86 CRISIL B/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with CSPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CSPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
For arriving at the rating, CRISIL Ratings has consolidated the
business and financialrisk profiles of CSPL with its group entities
Crazy Bakers Private Limited (CBPL), Crazy Bakery Udyog (CBU) and
Crazyfun Foods Pvt. Ltd. (CFPL), together referred to as the Crazy
Snacks group. This is because all the companies are promoted by the
same promoter family. Further, the management of the entities is
common and there are significant operational synergies as well
business synergies in all the firms.
Crazy Snacks group is promoted by Ms. Upma Agarwal, Mr. Sachin
Agarwal and Mr. Navin k. Agarwal. CSPL was set up in 1995, followed
by the incorporation of Crazy Bakers Private Limited and Crazy
Funfoods Private Limited in 2007 and 2014, respectively. Crazy
Bakery Udyog was established in 2017. The group has integrated
operations for the manufacturing of foods products ranging from
Bakery items to Snacks food items.
CSPL was incorporated in 1995 by Ms. Upma Agarwal, Mr. Sachin
Agarwal and Mr. Navin k. Agarwal. The company is engaged in the
manufacturing of bakery products like bread, rusk, bun, cookies,
layer cake and cupcake etc. The company has a total capacity of 70
to 80 tonnes of breads, rusks and buns per day.
Crazy Bakery Udyog is established as a partnership by Ms. Upma
Agarwal, Mr. Sachin Agarwal and Mr. Navin k. Agarwal in fiscal 2017
however the operation are started from fiscal 2021. The management
has established automatic plant for the manufacturing of Namkeen,
Potato Chips, Rusk, 2d Fryums etc.
DIGITAL VISION: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Digital Vision
(DV) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DV for
obtaining information through letter and emails dated February 28,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DV is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of DV
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Established in 2009, DV, a partnership concern of Mr Konic Goyal,
Mr Manic Goyal and Mr Parshotam Goyal, manufactures pharmaceutical
drugs. Its facility is located at Kala Amb (Himachal Pradesh).
ECOMAISTER BEADS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ecomaister Beads India Private Limited
B-3, Vrindavan Colony, Bhagwanpur
Dhimrapur Bypass Road, RAIGARH - 496001
Insolvency Commencement Date: May 15, 2023
Estimated date of closure of
insolvency resolution process: November 11, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Prasad Kamalakar Dharap
47 "Prasad", New Ramdaspeth, Nagpur,
Maharashtra - 440 010
Email: dharap65@rediffmail.com
Email: cirp.ecomaister@gmail.com
Last date for
submission of claims: May 29, 2023
EVERGREEN DOOARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Evergreen
Dooars Tea Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.16 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Short Term- 0.30 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term/ 12.54 [ICRA]B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain
under issuer not cooperating
category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Evergreen Dooars Tea Pvt. Ltd. was incorporated in the year 1998 to
set up a bought leaf plant for manufacturing Crush Tear Curl (CTC)
variety of tea. However, there were no operations within the
company. In 2011, the current management, Mr. Rajeev Baid and Mr.
RajKaran Pincha, took over the company to establish a tea
processing plant. The manufacturing facility of the company is
located in Jalpaiguri, West Bengal with an installed annual tea
manufacturing capacity of 25 lakh kgs. Commercial production at the
manufacturing facility commenced from September 2013 and the
company produced 22.26 lakh kgs of tea during FY15.
GO FIRST: NCLT Admits Insolvency Pleas Filed by Two Lessors
-----------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) on June 5 admitted applications filed by Go First lessors
Jackson Square Aviation Private Ltd and Engine Lease Finance BV and
directed the insolvency resolution professional (IRP) to reply
within a week.
According to ET, Jackson Square had filed an interlocutory
application asking the court to restrain Go First from flying the
eight aircraft leased by the company to the airline. In contrast,
ELFBV placed a request to be allowed inspection of four engines
leased to the airline and sought that the moratorium by the NCLAT
order on May 22, upholding the NCLT order for voluntary insolvency,
not be applied in this case.
Both argued that they had terminated the leases with the corporate
debtor prior to the admission of the resolution process on May 10,
which placed a moratorium on the assets of the airline, ET relays.
ET relates that Jackson Square argued that Go First had defaulted
on rent payments on Aug. 18, 2022, following which the company sent
notices and finally cancelled the contract on May 3, a day after Go
First had filed a Section 10 application under the Insolvency and
Bankruptcy Code, 2016, for initiation of voluntary insolvency.
The Wadia Group-owned airline said that it could no longer meet its
financial obligations, blaming US company Pratt & Whitney's 'faulty
engines' for grounding 50% of its fleet.
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.
IMPERIAL READYMADE: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Imperial
Readymade Garments Factory India Private Limited (IRMG) continue to
be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Export Packing 5.5 CRISIL B/Stable (Issuer Not
Credit Cooperating)
Letter of Credit 3.5 CRISIL A4 (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with IRMG for
obtaining information through letter and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IRMG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IRMG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IRMG continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
IRMG was set up in 2006 by Mr Ali George in Tamil Nadu. The company
manufactures readymade garments for women and men, and caters to
both domestic and export markets.
KSR PROPERTIES: ICRA Lowers Rating on INR30cr LT Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of KSR
Properties Private Limited (KSR), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 30.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating downgraded from
[ICRA]C and continues to remain
under 'Issuer Not Cooperating'
category
Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in CIBIL website as on 31st March 2023. Since there was a lack of
cooperation by the entity in terms of information sharing, no
intimation of default was received from the client or the lender at
the occurrence of the default on time. ICRA checked and found
information of default on 25th May, 2023.
The rating is based on limited information on the entity's
performance since the time it was last rated in July 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
KSR Properties Private Limited (KSR) was incorporated in 1999 and
Mr. Ramana Reddy Kunduru is the Managing Director. The entity is
involved in the business of real-estate development and has
completed three projects since its inception. The company's main
areas of activities are apartments and luxury villas. At present,
the company is involved in execution of two residential apartment
projects named KSR Cordelia and KSR Basil in KR Puram and Old
Madras Road, respectively in Bangalore. In the future, the company
plans to launch one row house project with an aggregate saleable
area of 1.41 lakh square feet (sqft). In FY2017, the company
reported a net profit of INR0.5 crore on an operating income of
INR14.8 crore compared to a net profit of INR0.6 crore on an
operating income of INR12.0 crore in the previous year.
MARVEL DYERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term rating of Marvel Dyers and
Processors Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan 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.
Marvel Dyers and Processors Private Limited (MDPPL), promoted by
Mr. S R Rupal, was initially incorporated as Friends Dyeing &
Finishing Mills Private Limited in 1986, the name was subsequently
changed to the current one in December 2004. The company is
primarily involved in dyeing and processing of all kinds of knitted
and textile fabric at its unit in Ludhiana, Punjab with a total
installed processing capacity of nearly ~24 tonnes of fabric per
day. The company possesses a vertically integrated unit comprising
knitting, dyeing, printing, finishing and garmenting.
MPS CAR: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: MPS Car Care & Services Private Limited
Office No. 201 & 202, N-3 Wing, Empire Estate,
Pune-Mumbai Road, Chinchwand,
Pune Maharashtra 411019
Insolvency Commencement Date: April 11, 2023
Estimated date of closure of
insolvency resolution process: November 11, 2023 (180 days)
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Sandeep D. Maheshwari
1, Shree Ram Laxmi Niwas CHS,
Near Anthony Bakery,
Kolbad, Thane (W) 400601
Email: ayunish@yahoo.com
Street Credit Resolution Private Limited,
G-7, Satyam Shivan Sunderam CHS,
Sion Circle, Sion East,
Mumbai 400022
Email: mpscarcare.cirp@gmail.com
Last date for
submission of claims: May 29, 2023
MURUGAN AGENCIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Murugan
Agencies (SMA) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 0.25 CRISIL B+/Stable (Issuer Not
Cooperating)
Secured Overdraft 6.25 CRISIL B+/Stable (Issuer Not
Facility Cooperating)
Working Capital 1.50 CRISIL B+/Stable (Issuer Not
Term Loan Cooperating)
CRISIL Ratings has been consistently following up with SMA for
obtaining information through letters and emails dated April 29,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of SMA continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 06, 2023.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
SMA was established in 1990 as proprietorship firm. It is engaged
in wholesale and retailing of starch, sago, tapioca flour, etc. The
firm is based in Attur-Tamil Nadu and owned by Mr. P. Periyasamy.
PANNAGESHWAR SUGAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pannageshwar Sugar Mills Limited
Renapur Road, Pangaon, Tal, Renapur,
Dist. Latur - 000000
Insolvency Commencement Date: May 12, 2023
Estimated date of closure of
insolvency resolution process: November 8, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Kamal Kishor Gurnani
Flat No. 402, Building No. 23E,
Palazzio CHS Ltd.,
Mahada Housing Society,
Powai, Mumbai-400076
Email Id: kamalgurnaniip@gmail.com
Renascence Insolvency Resolution
Professionals Private Limited,
101, Kanakia Atrium 2, Cross Road A,
Chakala MIDC,
Andheri East, Mumbai-400093
Email: cirp.psml@rirp.co.in
kamal@rirp.co.in
Last date for
submission of claims: May 27, 2023
PERODY BUILDERS: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Perody
Builders Private Limited (PBPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 14 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with PBPL for
obtaining information through letter and emails dated April 29,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of PBPL to 'CRISIL B+/Stable Issuer not
cooperating'.
Established in 2001 by Mr. P Ramakantha Shetty and his family, PBPL
undertakes residential real estate development in Bengaluru.
RAJESWARI INFRASTRUCTURE: Insolvency Res. Process Case Summary
--------------------------------------------------------------
Debtor: Rajeswari Infrastructure Limited
Plot No. 248, Door No. 18/23,
2nd Cross Street, East CIT Nagar,
(Near CIT Nagar Market), Nandanam
Chennai Tamil Nadu-600035
Insolvency Commencement Date: May 10, 2023
Estimated date of closure of
insolvency resolution process: November 6, 2023
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Sanjay Mehra
B-11, Third Floor, Geetanjali Enclave,
Opp Aurbindo College, New Delhi-110017
Email: sanjay.mehra64@gmail.com
rajeswari.cirp@gmail.com
Last date for
submission of claims: May 24, 2023
RAM ROLLING: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Shri Ram Rolling Mill in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 5.09 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 1.40 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
Shri Ram Rolling Mill (SRRM) was established as a partnership firm
by the Raipur-based Gidwani family in 2006. SRRM's plant is located
at Rawabhata Industrial Area in Raipur, Chhattisgarh. SRRM has
facilities for manufacturing mild steel (MS) ingots/billets and
steel structurals with an annual capacity of 40,000 metric tonnes
(MT) and 10,000 MT per annum, respectively.
RAMESHWAR INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Rameshwar Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 7.00 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term– 0.67 [ICRA]D; ISSUER NOT
COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 1.08 [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.
Established in May 2013 as a partnership firm, Rameshwar Industries
(RI) is in the business of ginning and pressing of raw cotton and
cotton seed crushing. The firm commenced its commercial operations
in January 2014. Its manufacturing facility is located at Tankara
in Rajkot, Gujarat and is equipped with 24 ginning machines, 1
pressing machine and 5 crushing machines with processing capacity
of ~17,740 Metric Tonnes Per Annum (MTPA) of cotton bales and
~13,140 MTPA of cotton seed oil. The promoters of the firm have
extensive experience in the cotton industry.
RLJ CONCAST: CRISIL Hikes Rating on INR15cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has upgraded the ratings on the bank facilities of
RLJ Concast Private Limited (RLJC) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 11 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 15 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Proposed Cash 4 CRISIL B/Stable (Upgraded
Credit Limit from 'CRISIL D')
Proposed Term Loan 10 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The ratings upgrade is driven by timely servicing of debt, leading
to improvement in the financial risk profile.
The ratings also reflect its exposure to intense competition and
cyclicality in the steel industry and susceptibility to raw
material rate fluctuations. These weaknesses are partially offset
by the extensive experience of promoters in the iron and steel
industry and above average capital structure.
Key Rating Drivers & Detailed Description
Weaknesses:
* Exposure to intense competition and cyclicality in the steel
industry: The steel industry is highly fragmented, leading to high
competition. Furthermore, since demand for steel is closely linked
to economic activity, players are susceptible to cyclicality in
demand and fluctuations in realisations.
* Susceptibility to volatility in steel prices: Profitability
remains susceptible to fluctuations in raw material prices and
changes in government regulations. The key input materials are
sponge iron and iron ore, prices of which have been volatile over
the past few years which impacts the profitability of the company.
The operating margin has been fluctuated between 6- 10.5% in the
last 3 years ended March 31, 2022. Operating margins are likely to
reduce to ~5.3% in fiscal 2023.
Strengths:
* Extensive industry experience of the promoters: A presence of
more than a decade in the iron and steel industry has enabled the
promoters to understand market dynamics and establish a healthy
relationship with suppliers and customers. They have, over the
years, weathered the cyclicality inherent in the industry.
* Above average capital structure: The company's capital structure
is above average as a result of networth of INR49.2 crore as on
March 31, 2022 leading to gearing and TOL/TNW of 0.92 time and 1.17
times respectively and expected at similar levels as on March 31,
2023. CRISIL Ratings believes that its capital structure will
continue to remain at comfortable levels going forward.
Liquidity: Stretched
Bank limits of INR15 crore have utilisation of 97% in 6 months
ended February 2023. Further, it had instances of full utilisation
in certain months. Net cash accruals of over INR6 crore in fiscal
2024 are likely to be sufficient against repayment obligations.
Outlook: Stable
CRISIL Ratings believes that the company will continue to benefit
from extensive experience of the promoters.
Rating Sensitivity factors
Upward Factors
* Improvement in liquidity profile of the company with reduction in
bank limit utilization below 90%
* Sustenance of scale of operations with increased margins
resulting in higher cash accruals
Downward Factors
* Large debt funded capex resulting in deterioration of financial
risk profile and/or liquidity profile
* Deterioration in scale of operations or profitability leading to
lower cash accruals below INR3 crore
RLJC is a private limited company set up in 2008. It was earlier
set up as a closely held public limited company but was converted
into a private limited company in 2015. The company is managed by
Mr. Arun Jain and is engaged in the manufacturing of sponge iron
and ingots/ billets from iron ore and also operates a captive power
plant. The manufacturing facilities of the company are located in
Village Baragaon, Mirzapur (UP).
RNGLAB (INDIA): Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: RNGLAB (India) Private Limited
P N 14/A, S.No. 486, Shop No. 13,
Namjoshi Building, L.B.S. Road,
Sadashiv Peth Pune
Pune MH 411030 India
Insolvency Commencement Date: May 16, 2023
Estimated date of closure of
insolvency resolution process: November 12, 2023
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: IP Ashok Mittal
Banglow No 1, Aai Shree Khodiyar Krupa,
Datta Pada Road, Rajendra Nagar,
Borivali East, Near Jai Santoshi Maa Tower,
Mumbai City, Maharashtra 400066
E-mail: ashokmittal2020@gmail.com
E-mail: cirp.rnglab@gmail.com
Last date for
submission of claims: June 3, 2023
SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures of
Samruddhi Realty Limited (SRL) continue to be on 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 75 CRISIL D (ISSUER NOT
Debentures COOPERATING)
CRISIL Ratings has been following up with SRL for getting
information through emails and letters, dated February 28, 2023,
April 29, 2023 and May 10, 2023. However, the issuer has continued
to be non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of the company, which restricts CRISIL Ratings'
ability to take a forward-looking view on its credit quality.
CRISIL Ratings believes that the rating action is consistent with
'Assessing Information Adequacy Risk'
Based on the last available information, the rating on the
non-convertible debentures of SRL continues to be on 'CRISIL D
Issuer Not Cooperating'. Also, the company has been under
liquidation process since March 2020.
Analytical Approach
For arriving at the rating, CRISIL Ratings has taken a standalone
view on the company.
SRL was set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal and Mr
Ravindra Madhudi. The company develops real estate in Bengaluru and
currently undertakes only residential projects. It has around 17
lakh square foot (sq ft) of ongoing and has 23 lack sq ft of
planned projects. It is listed on the Bombay Stock Exchange in the
small and medium enterprise segment.
SEW LSY: CRISIL Moves D Debt Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of SEW
LSY Highways Limited (SLHL) to 'CRISIL D; Issuer not cooperating'
from 'CRISIL D'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating 1,700 CRISIL D (ISSUER NOT
COOPERATING; Rating migrated)
CRISIL Ratings has been consistently following up with SLHL for
obtaining information through letters and emails dated May 02,
2023, May 12, 2023, and May 18, 2023 apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLHL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that ratings action on SLHL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SLHL to 'CRISIL D; Issuer not cooperating' from
'CRISIL D'.
Analytical Approach
CRISIL Ratings has taken a standalone view on SLHL, as this is the
only project in the special purpose vehicle (SPV) and there is no
fungible cash flow with other projects in the group.
Incorporated in July 2011, SLHL is a SPV promoted by SEW
Infrastructure Ltd and Prasad And Company Project Works Ltd (rated
'CRISIL B+/Stable/CRISIL A4'), which own 83% and 17% stakes,
respectively. SLHL was awarded a contract by UPSHA for converting
the current two lanes of the 206-kilometre (km) stretch into four
lanes, from 10.91 km to 217.00 km on the Delhi-Saharanpur-Yamunotri
section of state highway 57 in Uttar Pradesh, up to the Uttarakhand
border. The contract was on a design, build, finance, operate, and
transfer toll basis. However, the project has been terminated
because of delays in loan disbursement and continuing ROW issues.
SPICEJET LIMITED: Acres Buildwell to Withdraw Insolvency Plea
-------------------------------------------------------------
Moneycontrol reports that real estate company Acres Buildwell
Private Limited has filed an application in the National Company
Law Tribunal (NCLT) to withdraw its insolvency application against
SpiceJet, sources close to the development said.
Sources further said that the parties have resolved the dispute, as
a result of which the application for withdrawal has been filed,
Moneycontrol relates. The application is likely to come up for
consideration in July. It is to be noted that in March, SpiceJet
informed the tribunal that it was making efforts for amicably
resolving the matter.
Despite the withdrawal, SpiceJet will still have to fight
insolvency pleas filed by aircraft leasors Willis Lease and
Aircastle alleging that the domestic budget carrier has not made
payments, Moneycontrol says.
Acres Buildwell filed the insolvency plea in September 2022, on the
ground that SpiceJet owed outstanding dues to the tune of INR3.25
crore, the report notes. The NCLT had sought SpiceJet's response to
the plea and issued notice to the airline.
About SpiceJet
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.
On April 28, 2023, Ireland-based Aircastle moved the National
Company Law Tribunal (NCLT) seeking the initiation of insolvency
proceedings against the airline under Section 9(application for
initiation of corporate insolvency resolution process by the
operational creditor) of the Insolvency and Bankruptcy Code.
TARA EDUCATIONAL: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Tara
Educational Trust (TET) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 6 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 0.5 CRISIL D (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
Term Loan 1.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL Ratings has been consistently following up with TET for
obtaining information through letter and emails dated April 29,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TET
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of TET to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Set up in 1998 as Pioneer Public School Management Committee by Mr
Jaswant Singh, the trust got renamed as TET in 2010. It runs three
schools -- Pioneer Public School, Pioneer Convent School and Tara
Convent School -- and one college -- Tara Vivek College -- in
Sangrur, Punjab.
URANUS STONE: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Uranus Stone
Products And Co. (USPC) continues to be 'CRISIL B-/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B-/Stable (Issuer Not
Cooperating)
Term Loan 5 CRISIL B-/Stable (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with USPC for
obtaining information through letters and emails dated February 28,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of USPC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USPC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USPC continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.
Operations beginning in March, 2017, USPC is engaged in stone
crushing activity in Meghalaya. Mr Ankit Mittal, Mr. Rohit Mittal
and Mr. Comforme Mukhim are the partners of the firm. USPC's stone
crushing unit with a capacity of 300 tonnes per hour is situated
near Killing, Meghalaya.
=========
J A P A N
=========
TOSHIBA CORP: Board Recommends Shareholders Support JIP-led Buyout
------------------------------------------------------------------
The Japan Times reports that Toshiba Corp. said on June 8 its board
of directors has decided to recommend shareholders take up a tender
offer from a consortium led by private equity firm Japan Industrial
Partners (JIP).
The board earlier this year accepted the buyout offer, which would
value the conglomerate at JPY4,620 a share or JPY2 trillion ($14.29
billion), but did not go as far as recommending shareholders tender
their shares, The Japan Times relates.
On June 8, it said, "as a result of the transaction, the company
would build a stable management base to implement a consistent
business strategy to reform and grow the company over the medium to
long term."
Since 2015, Toshiba has been battered by accounting scandals -
suffering heavy loss - and came close to being de-listed. It was
then engulfed in a series of corporate governance scandals.
Toshiba disclosed the buyout price is at the low end of estimates
from outside experts based on financial projections, but said that
its business outlook remains shaky. JIP's bid was the only "fully
competitive and fair" offer it received, it said, the report
relays.
Chief Executive Office Taro Shimada "has stated his concern
regarding the achievability of the projected figures for FY2024 and
FY2025 in the budget of FY2023 if the company's management base
continues to be unstable," the company said, The Japan Times
relays.
Once celebrated for its technology innovations, Toshiba paid what
was Japan's largest-ever penalty for falsifying financial
statements in 2015, the report recalls. It then suffered a
disastrous foray into the nuclear business that forced it to take a
$6.3 billion writedown and sell off its crown jewel memory-chip
business, now reorganized as Kioxia Holdings.
The Japan Times relates that activists began circling the troubled
company and, in 2021, it announced plans to split into three units,
only to revise that plan in favor of a two-way split in 2022. The
chief executive at the time resigned to take responsibility for the
chaos, after which the company's board began soliciting bids to
take the company private.
That auction process had dragged on as bidders tried to arrange
financing and win government approval. In February, Akihiro
Watanabe, chairperson of the board, said as the company cut its
profit forecast that there is an urgent need to transform the
company.
At the same time as those financial results, Chief Operating
Officer Goro Yanase stepped down from his position to take
responsibility for inappropriate entertainment expense claims while
he was a manager at Toshiba Energy Systems in 2019.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.
===============
M O N G O L I A
===============
MONGOLIAN MINING: Moody's Puts 'B3' CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the B3 corporate family rating
of Mongolian Mining Corporation (MMC) on review for downgrade.
At the same time, Moody's has revised the rating outlook to ratings
under review from stable.
"The review for downgrade reflects Moody's concern over MMC's
liquidity planning as the maturity of its 2024 notes draws near.
Given its delay in issuing new debt, the company's liquidity is
weak to address the notes repayment and its other cash needs over
the next 12-18 months," says Shawn Xiong, a Moody's Vice President
and Senior Analyst.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATING
In April 2023, MMC stopped its exchange and tender offer with
respect to its 9.25% senior notes due 2024 and cancelled the
concurrent bond issue. While Moody's expects MMC to reengage the
market, its new debt issuance plan is subject to timing and
execution uncertainties.
Based on MMC's first-quarter 2023 operational data, the company
sold 1.6 million tons of washed coking coal, up 343% from the same
period last year and 9% from the previous quarter. Although the
solid production and sales performance likely contributed to its
strong earnings and increased its cash balance in Q1 2023, the
recent decline of met coal prices has likely slowed the momentum of
strong positive free cash flow generation markedly since Q2 2023.
Under such conditions and without new debt issuance, Moody's
estimates that MMC's liquidity, including its operational cash
flows over next several quarters, cash balance and committed
facilities, will be weak, with limited buffers to fully cover its
cash needs during this period, including capital expenditures and
the repayment of its USD350 million notes due in April 2024.
MMC's rating, which is under review for downgrade, reflects the
company's integrated coking coal operations with long reserves,
competitive cost position, and improving operations and moderate
debt leverage. These strengths are counterbalanced by its small
scale with high concentration, emerging market risks and exposure
to carbon transition risks.
MMC's rating also reflects the company's exposure to environmental
and social risks stemming from its coal mining operations.
The rating action reflects Moody's concern over MMC's ability to
execute on its financial management plan satisfactorily and well
ahead of a major debt maturity.
In its review, the agency will over the next few months monitor the
progress and completion of MMC's refinancing plan for its USD350
million notes due 2024. A failure to complete the refinance plan on
time could lead to a downgrade of MMC's rating.
At the same time, Moody's will also review MMC's business plan for
its mining operations amid ongoing industry volatilities.
Moody's could confirm MMC's rating if the company completes its
refinancing plan on time and with satisfactory terms and
conditions, which in turn could improve its debt maturity profile.
The principal methodology used in this rating was Mining published
in October 2021.
PROFILE
With its operation commenced in 2009, Mongolian Mining Corporation
is the largest producer and exporter of high-quality washed hard
coking coal in Mongolia (B3 stable). It has fully integrated coking
coal operations, comprising mining, processing, transportation, and
sales and marketing of coking coal and other coal products. In the
first quarter of 2023, the company's total run-of-mine coal
production was 3.9 million tonnes.
MMC, which listed on the Stock Exchange of Hong Kong (HKEX) in
2010, owns and operates two open-pit coking coal mines in the Gobi
Desert – the main UHG mine and the BN mine. All of the company's
coal operations are located in Mongolia, while most of its coal
products are sold to industrial end-users in China.
=====================
N E W Z E A L A N D
=====================
BAVARIAN MOTORCYCLE: Court to Hear Wind-Up Petition on June 22
--------------------------------------------------------------
A petition to wind up the operations of Bavarian Motorcycle
Services Limited will be heard before the High Court at
Christchurch on June 22, 2023, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on April 28, 2023.
The Petitioner's solicitor is:
Nanette Cunningham
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
BEAUTY MEDIA: Placed in Liquidation
-----------------------------------
Stuff.co.nz reports that the owner of online fashion news website
FashioNZ, has been placed in liquidation. Beauty Media was placed
in liquidation on May 25, with Heath Gair of Palliser Insolvency
appointed liquidator.
FashionNZ claimed to be New Zealand's first fashion site, launching
in August 1998. It changed hands last year, acquired by Jon Drumm
and Amanda Basher.
Beauty Media also owns sister print title The Beauty Book, an
annual collectors' beauty magazine.
The Beauty Book was founded in 2005.
According to Stuff, Mr. Gair said both publications continued to
operate and its five staff remained employed while the liquidators
worked to find a buyer.
Beauty Media had been affected by recent flooding in the Hawke's
Bay, and the new owners' plans for the business had been impacted
by higher than expected costs, he said.
"The company purchased Fashionz last year to bolster the digital
readership of Beauty Media along with its other brand, The Beauty
Book. However, a delayed publication along with higher than
forecasted costs placed cash flow pressure on the business that was
being supported financially by the shareholders," Stuff quotes Mr.
Gair as saying. "A few weeks out from closing sales for the Beauty
Book, the company, with a Hawkes Bay HQ, was massively impacted by
the Napier floods and resulting disruption. Faced with higher than
anticipated costs and reduced revenue, the shareholders made the
difficult decision to wind up the company in the proper manner."
Beauty Media owed creditors approximately NZD90,000, he said.
Stuff relates that Evelyn Ebrey, a former co-owner of FashioNZ with
her sister Carolyn Ebrey, said the site was still publishing for a
bit longer, but the business behind it had since stopped trading.
Evelyn Ebrey was the editor of FashioNZ.
The sisters were the fourth owners of the business, and owned it
for six years.
According to Stuff, Evelyn Ebrey said FashioNZ's assets and debts
were being assessed by the liquidator, and "the business was being
readied for sale to a new owner, provided that one can be found".
"To say that Carolyn and I are deeply disappointed with this
outcome is an understatement after six years of work and dedication
we and our team put into it, but it's out of our control," the
report quotes Ms. Ebrey as saying. "We have put forward a list of
possible buyers to the liquidator and are hopeful that someone else
will buy it."
She said she was not considering buying the business back.
"Carolyn and I have both moved on to other projects so aren't
considering buying it back ourselves, hopefully it finds a new ome
and can flourish again for many more years."
FashioNZ was due to turn 25 in August, Ms. Ebrey said.
Stuff adds that the liquidator's first report said Beauty Media's
sales came from a range of website and social-media channels,
driven from paid content and advertising, a hard-copy publication
and partnership activities and promotions.
The report stated difficult trading conditions "characterised by
increasing costs and static advertising revenue" had resulted in
the company being unable to meet its obligations, Stuff relays.
In addition to this, the shareholders were unable to provide
ongoing investment necessary to grow and support the company's core
brands, Stuff notes.
"On taking professional advice the shareholders resolved to place
the company into liquidation."
The liquidators said they would try to sell the brands, adds
Stuff.
IMPACT CONCRETE: Court to Hear Wind-Up Petition on June 23
----------------------------------------------------------
A petition to wind up the operations of Impact Concrete Limited
will be heard before the High Court at Auckland on June 23, 2023,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 5, 2023.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PIE PIPER: Popular Pie Shop Placed In Liquidation
-------------------------------------------------
NZ Herald reports that a popular Auckland central bakehouse has
been declared insolvent after the family-owned business was unable
to recover losses incurred during Covid lockdowns.
Karangahape Rd's Pie Piper was placed in liquidation by its sole
director, the Herald says.
PROBISCUS LIMITED: Creditors' Proofs of Debt Due on July 14
-----------------------------------------------------------
Creditors of Probiscus Limited and Shining Trading Limited are
required to file their proofs of debt by July 14, 2023, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 6, 2023.
The company's liquidator is:
Craig Andrew Young
PO Box 87340
Auckland
SPACE X: Creditors' Proofs of Debt Due on July 17
-------------------------------------------------
Creditors of Space X Limited are required to file their proofs of
debt by July 17, 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:
Daran Nair
Heiko Draht
Nair Draht Limited
97 Great South Road
Greenlane
Auckland 1051
XZ NZ TRUST: Creditors' Proofs of Debt Due on July 3
----------------------------------------------------
Creditors of XZ NZ Trust Limited 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 June 2, 2023.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
=================
S I N G A P O R E
=================
COSMOS GROUP: Incurs $2.6 Million Net Loss in First Quarter
-----------------------------------------------------------
Cosmos Group Holdings Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.62 million on $2.15 million of net revenue for the three
months ended March 31, 2023, compared to a net loss of $62.40
million on $4.18 million of net revenue for the three months ended
March 31, 2022.
As of March 31, 2023, the Company had $37.12 million in total
assets, $32.91 million in total liabilities, and $4.21 million in
total stockholders' equity.
Cosmos said, "The Company has suffered from an accumulated deficit
of $130,723,542 and working capital of $11,392,082 at March 31,
2023. The continuation of the Company as a going concern in the
next twelve months is dependent upon the continued financial
support from its stockholders. Management believes the Company is
currently pursuing additional financing for its operations.
However, there is no assurance that the Company will be successful
in securing sufficient funds to sustain the operations. These and
other factors raise substantial doubt about the Company's ability
to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1706509/000121390023041949/f10q0323_cosmos.htm
About Cosmos Group
Headquartered in Singapore, Cosmos Group is a Nevada holding
company with operations conducted through its subsidiaries based in
Singapore and Hong Kong. The Company, through its subsidiaries, is
engaged in two business segments: (i) the physical arts and
collectibles business, and (ii) the financing/money lending
business. The Company currently does not have any customers that
are from the United States or any U.S. person nor is the Company
specifically targeting customers from the United States. However,
the Company's operation of an online market place for collectibles
and fine art is accessible online by interested parties and may
potentially be accessed by users located in the United States.
Cosmos Group reported a net loss of $104.13 million for the year
ended Dec. 31, 2022, compared to a net loss of $25.15 million for
the year ended Dec. 31, 2021.
GEOTHRONE PTE: Members' Final Meeting Set for July 12
-----------------------------------------------------
Members of Geothrone Pte. Ltd will hold their final general meeting
on July 12, 2023, at 2:00 p.m., at 141 Cecil Street #10-01, in
Singapore.
At the meeting, Jeremy Kong Ming Tat and Oscar Kong Ming Fai, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
KGGD PTE: Court to Hear Wind-Up Petition on June 23
---------------------------------------------------
A petition to wind up the operations of KGGD Pte Ltd will be heard
before the High Court of Singapore on June 23, 2023, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
May 30, 2023.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
PANGAEA LOGISTICS: Creditors' Proofs of Debt Due on July 8
----------------------------------------------------------
Creditors of Pangaea Logistics Pte. Ltd. are required to file their
proofs of debt by July 8, 2023, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 6, 2023.
The company's liquidator is Tan Chin Ren of Tan, Chan & Partners.
PRUDENTIAL CAPITAL: Members' Final Meeting Set for July 11
----------------------------------------------------------
Members of Prudential Capital (Singapore) Pte. Ltd. will hold their
final general meeting on July 11, 2023, at 10:00 a.m., at One
Raffles Quay, North Tower Level 18, Singapore.
At the meeting, Aaron Loh Cheng Lee, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
STRAITS IT: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------
Creditors of Straits IT Development Pte. Ltd. are required to file
their proofs of debt by July 8, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 31, 2023.
The company's liquidators are:
Lim Soh Yen
Tan Suah Pin
c/o 133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***