/raid1/www/Hosts/bankrupt/TCRAP_Public/230622.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, June 22, 2023, Vol. 26, No. 125
Headlines
A U S T R A L I A
GENESISCARE USA: EUR500M Bank Debt Trades at 80% Discount
GHIASSI PTY: Second Creditors' Meeting Set for June 26
INKPAY PTY: First Creditors' Meeting Set for June 27
INTERSTAR MILLENNIUM 2004-2G: S&P Cuts B Notes Rating to BB- (sf)
MAVI HOMES: First Creditors' Meeting Set for June 27
PANIALLY PTY: First Creditors' Meeting Set for June 27
PROVIDOOR: Celeb Chef Shane Faces Scrutiny Over Luxury Holiday
URPLA PTY: Second Creditors' Meeting Set for June 27
B A N G L A D E S H
NCC BANK: Moody's Withdraws 'B2' LT Deposit and Issuer Ratings
C H I N A
GUANGZHOU R&F: Co-Chairman Agrees to be Extradited to U.S.
I N D I A
ABBELINE IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
ABHISHEK MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
ADVANSYS (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating
ALP NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
ANNUR APA: CRISIL Keeps D Debt Rating in Not Cooperating Category
CHINGARI: Cuts 20% of Workforce in "Organisational Restructuring"
DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating
EUROLIFE HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
FPC PETRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GAYATRI SUGARS: CRISIL Hikes Rating on INR39.47cr Cash Loan to B
GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating
GO FIRST: India Aims to Resolve Discrepancy on Plane Leasing Rules
KAMAKSHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
KHUKHRAIN BUILDERS: CRISIL Cuts Long/Short Term Rating to D
LOKMANYA HOSPITALS: CRISIL Cuts Long/Short Term Rating to D
MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating
PARKER TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
PHORUM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
PRABAL ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
PRIYESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
PURE MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
QUEST LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
SANGAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
SONA SYNTHETICS: CRISIL Keeps D Debt Ratings in Not Cooperating
M A L A Y S I A
IMPIANA HOTELS: To Look Into Other Business Prospects to Recover
N E W Z E A L A N D
DOWN 'N' OUT: Creditors' Proofs of Debt Due on July 12
JET IT: Creditors' Proofs of Debt Due on July 14
NONE ENTERTAINMENT: Court to Hear Wind-Up Petition on June 23
PASSIVE FIRE: BDO Tauranga Appointed as Liquidators
VAST 9: Baker Tilly Staples Rodway Appointed as Receivers
P H I L I P P I N E S
VERMIRICH FOOD: SM Pulls Out Vermirich Products from Supermarkets
S I N G A P O R E
DIAMOND STAR: Members' Final Meeting Set for July 17
DODUCO SINGAPORE: Members' Final Meeting Set for July 17
JARDINE INTERNATIONAL: Members' Final Meeting Set for July 21
LAOF IV: Members' Final Meeting Set for July 21
QINGJIAN REALTY: Members' Final Meeting Set for July 21
S O U T H K O R E A
[*] KOREA: BOK Warns of Financial Risk as Real Estate Loans Fail
- - - - -
=================
A U S T R A L I A
=================
GENESISCARE USA: EUR500M Bank Debt Trades at 80% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Genesiscare USA
Holdings Inc is a borrower were trading in the secondary market
around 20.0 cents-on-the-dollar during the week ended Friday, June
16, 2023, according to Bloomberg's Evaluated Pricing service data.
The EUR500 million facility is a Term loan that is scheduled to
mature on May 17, 2027. The amount is fully drawn and outstanding.
About GenesisCare
GenesisCare is an integrated cancer care provider in the United
States, Australia, Spain, and the United Kingdom. One of the
world's largest integrated oncology networks, GenesisCare --
http://www.genesiscare.com-- includes 300+ locations in the U.S.,
the UK, Australia, and Spain.
Australia-based Genesis Care Pty Limited and 52 affiliates,
including GenesisCare of Texas, LLC, sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 23-90614) on June 1, 2023. The
Debtors estimated assets and debt of $1 billion to $10 billion
as of the bankruptcy filing.
The Hon. David R. Jones is the case judge.
The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel; JACKSON WALKER LLP as co-bankruptcy counsel; PJT PARTNERS
LP as investment banker; and ALVAREZ & MARSAL NORTH AMERICA, LLC,
as restructuring advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is
the claims agent in the Chapter 11 cases. HERBERT SMITH FREEHILLS
LLP is the foreign legal counsel. TENEO is the communications
advisor.
GHIASSI PTY: Second Creditors' Meeting Set for June 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Ghiassi Pty Ltd
has been set for June 26, 2023 at 10:30 a.m. via Zoom.
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 23, 2023 at 4:00 p.m.
Andrew Michael Smith of Auxilium Partners was appointed as
administrators of the company on May 19, 2023.
INKPAY PTY: First Creditors' Meeting Set for June 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of Inkpay Pty
Ltd will be held on June 27, 2023, at 11:00 a.m. at the offices of
GT Advisory & Consulting at Level 3, 140 Bundall Road in Bundall
and via virtual meeting.
Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on June 15, 2023.
INTERSTAR MILLENNIUM 2004-2G: S&P Cuts B Notes Rating to BB- (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2004-2G Trust, Interstar Millennium Series
2005-1G Trust, and Interstar Millennium Series 2006-2G Trust.
At the same time, S&P affirmed its ratings on four classes of notes
and lowered its rating on one class of notes.
The raised ratings reflect:
-- S&P said, "The recent raising of our local currency long-term
issuer credit rating (ICR) and foreign currency long-term ICR on
Barclays Bank PLC to 'A+/Stable' from 'A/Positive'. Barclays Bank
PLC is the swap counterparty to the Interstar Millennium Series
2004-2G Trust, Interstar Millennium Series 2005-1G Trust, and
Interstar Millennium Series 2006-2G Trust transactions and provides
the currency swap on these transactions. The maximum supported
ratings on the notes for these transactions are constrained under
our counterparty criteria, with regard to the documentation of the
currency swaps compared with our current counterparty criteria."
-- The build-up of credit support for the notes, facilitated by
the current sequential principal repayment structure. S&P expects
Interstar Millennium Series 2004-2G Trust and Interstar Millennium
Series 2005-1G Trust to continue to pay sequentially for the
remainder of their transaction lives.
-- The credit support provided to the senior-ranking and mezzanine
notes is more than sufficient to withstand stresses at their
respective raised rating levels.
-- The strong cash flow available to each of these notes, despite
the relatively small size of the pools.
-- The lenders' mortgage insurance provided for all loans in each
of the portfolios.
The affirmed ratings reflect:
-- The sufficient credit support provided by note subordination,
excess spread, and LMI at their current rating levels to mitigate
risks such as elevated arrears levels, borrower concentrations, and
potential event risk.
-- The adequate cash flow available to these notes and the ability
of the trusts to generate sufficient levels of excess spread under
S&P's cash-flow modeling, despite the relatively small size of the
pools.
-- The lenders' mortgage insurance provided for all loans in each
of the portfolios.
-- The assumptions S&P applies in its cash flow analysis and
comparability across the smaller pool RMBS transactions that it
rates, in terms of pool sizes, number of consolidated loans,
arrears levels, excess spread positions, seasoning and
loan-to-value ratios.
The lowered rating reflects:
-- The small and increasingly concentrated nature of the Interstar
Millennium Series 2004-2G Trust pool. As outstanding assets and
notes decrease significantly, tail risk takes greater precedence in
transactional performance and S&P's rating analysis.
-- A greater risk from increased borrower concentrations. For
Interstar Millennium Series 2004-2G Trust, loans to the top 10
borrowers account for about 23.3% of the pool balance as of April
30, 2023.
-- That the asset pool continues to amortize, increasing the
susceptibility of the notes to event-driven tail risks.
S&P said, "Our concerns over a potential increase in arrears and
defaults as well as unexpected losses, resulting in strain on the
transactions' cash flows. Since our previous review, arrears for
this transaction have increased but remain below 10%. However, a
significant proportion of these arrears remain long-dated (greater
than 90 days) and therefore have a significantly higher risk of
default, in our view.
"For each of the transactions, we assessed pool concentrations by
sizing an alternate loss scenario. Under this scenario, the top
eight loans at a 'AA' rating level, top six loans at an 'A' rating
level, top four loans at a 'BBB' rating level, and top two loans at
a 'BB' rating level default and are recovered upon. We assume the
loss severity for each loan to be the higher of 50%, the loan's
loss severity, and the pool's weighted-average loss severity. The
expected loss for the pool is the higher of that number, and the
number sized by applying our standard credit analysis as per our
"Australian RMBS Rating Methodology And Assumptions" criteria,
published Sept. 1, 2011.
"Some of the classes of notes on which we affirmed our ratings
share the same or similar risks faced by the class on which we
lowered our rating. These risks include elevated arrears levels,
borrower concentrations, and potential event risk. However, the
notes on which we affirmed our ratings have sufficient credit
support provided by note subordination, excess spread, and LMI at
their current rating levels to mitigate these risks."
Ratings Raised
Interstar Millennium Series 2004-2G Trust
Class A: to AA- (sf) from A+ (sf)
Interstar Millennium Series 2005-1G Trust
Class A: to A+ (sf) from A (sf)
Interstar Millennium Series 2006-2G Trust
Class A-1: to A+ (sf) from A (sf)
Class A-2: to A+ (sf) from A (sf)
Class AB: to A+ (sf) from A (sf)
Rating Lowered
Interstar Millennium Series 2004-2G Trust
Class B: to BB- (sf) from BB (sf)
Ratings Affirmed
Interstar Millennium Series 2004-2G Trust
Class AB: BBB+ (sf)
Interstar Millennium Series 2005-1G Trust
Class AB: A (sf)
Class B: BB+ (sf)
Interstar Millennium Series 2006-2G Trust
Class B: BBB- (sf)
MAVI HOMES: First Creditors' Meeting Set for June 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of Mavi Homes
Projects Pty Ltd will be held on June 27, 2023, at 10:30 a.m. via
Microsoft Teams.
John Lindholm of KPMG was appointed as administrator of the company
on June 16, 2023.
PANIALLY PTY: First Creditors' Meeting Set for June 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of Panially Pty
Ltd, St Bernards Village Investments, Mt Cotton Village Child Care
Centre Pty Ltd, and St Bernards Village Child Care Centre Pty Ltd
will be held on June 27, 2023, at 10:00 a.m., 10:15 a.m., 10:30
a.m., and 10:45 a.m. respectively, at the offices of Hall Chadwick
Chartered Accountants at Level 4, 240 Queen Street in Brisbane and
via virtual meeting technology.
Marcus Watters, Richard Albarran, and Kathleen Vouris of Hall
Chadwick Chartered Accountants were appointed as administrators of
the company on June 15, 2023.
PROVIDOOR: Celeb Chef Shane Faces Scrutiny Over Luxury Holiday
--------------------------------------------------------------
News.com.au reports that celebrity chef Shane Delia, known for his
Melbourne-based Middle Eastern restaurant, Maha, has faced scrutiny
over a luxury trip after his gourmet delivery service collapsed
while millions in debt to creditors.
News.com.au says Mr. Delia's extravagant and luxurious lifestyle,
which he proudly showcased on social media, including red-carpet
events and business class trips to lavish Dubai resorts, has only
fuelled the public's anger.
The downfall of Providoor, initially established by Mr. Delia as a
lifeline to the struggling hospitality industry during the Covid
lockdowns, shocked and disappointed customers who had placed their
trust in the service.
According to news.com.au, the company entered external
administration last month, revealing financial records that exposed
debts amounting to more than AUD6.3 million.
The most significant portion of this debt was the AUD4.4 million
owed to gift cardholders, a loss that has left many upset and
frustrated.
While acknowledging the justifiability of the customers'
grievances, Mr. Delia attempted to shift blame onto a major
investor who decided to withdraw millions of dollars, leading to
the company's collapse, news.com.au relays.
He claimed that Providoor's demise could have been prevented if not
for a technical breach in reporting, which the investor used as an
excuse to pull out their financial support.
News.com.au relates that Mr. Delia firmly believes that, had the
breach been rectified, the business would have persevered and
overcome the challenges faced.
However, despite the mounting debts and the negative impact on his
customers, Mr. Delia continued to flaunt his lavish lifestyle on
social media.
Instagram stories screenshotted and published by the Daily Mail
showed opulent trips to Dubai, where he and his wife, Maha, enjoyed
business class flights.
They stayed at the luxurious Atlantis, The Palm resort, known for
its exorbitant room rates reaching up to $39,000 per night.
News.com.au says the displays have only added fuel to the fire of
criticism.
"Hopefully you can continue to enjoy your luxurious lifestyle.
While you owe more than AUD6 million. I know it happens all the
time but it doesn't make it right," one person commented on a post
from Dubai.
"It's great to see you're enjoying your life whilst owing us all
millions in gift cards," another added.
In addition to his vacations, Mr. Delia has been hosting grand
events, and promoting his newly-opened restaurant - Jayda.
He recently organised a lavish celebration for the 15th anniversary
of his flagship restaurant, where more than 100 guests were treated
to a red-carpet entrance, live music, and a sit-down dinner.
News.com.au relates that prominent personalities such as The
Project host Waleed Aly and his wife, Dr Susan Carland, comedian
Kate Langbroek and her husband, Peter Lewis, and Channel 9 TV
presenter Lauren Philips were among the attendees at the AUD185 per
head event.
According to the report, RSM Australia Partners, the liquidator
handling Providoor's affairs, has made efforts to salvage what
remains of the brand.
It is attempting to sell the company's intellectual property,
including the customer database, as part of the liquidation
process.
Mr. Delia, in his announcement of Providoor's closure, expressed
his pride in what the service had achieved, emphasising that it
provided more than a million meals during the darkest days of the
pandemic, according to news.com.au.
"We served more than one million meals and built something that
made a difference during some very dark days," he wrote.
"I created Providoor during lockdown, when the hospitality world
was in disarray and we needed to find a way to survive. Providoor
meant we could secure and create jobs as well as give people a
little bit of restaurant joy during a pretty dismal time."
Mr. Delia cited economic pressures hindering many across the
hospitality industry as the cause for the collapse.
Jonathan Colbran and Tristana Steedman from RSM Australia Partners
on April 28, 2023, appointed Liquidators for Providoor (Aus) Pty
Ltd, an online food preparation and delivery service operating in
Melbourne, Sydney and Canberra.
URPLA PTY: Second Creditors' Meeting Set for June 27
----------------------------------------------------
A second meeting of creditors in the proceedings of Urpla Pty Ltd
has been set for June 27, 2023 at 2:00 p.m. at the offices of GT
Advisory & Consulting at Level 3, 140 Bundall Road in Bundall and
via virtual meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 26, 2023 at 4:00 p.m.
Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on May 23, 2023.
===================
B A N G L A D E S H
===================
NCC BANK: Moody's Withdraws 'B2' LT Deposit and Issuer Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings and
assessments of NCC Bank Limited:
Long-term Counterparty Risk Ratings (foreign and local currency)
of B2
Short-term Counterparty Risk Ratings (foreign and local currency)
of NP
Long-term bank deposit ratings (foreign and local currency) of B2
Short-term bank deposit ratings (foreign and local currency) of
NP
Long-term Counterparty Risk Assessment of B2(cr)
Short-term Counterparty Risk Assessment of NP(cr)
Long-term issuer ratings (foreign and local currency) of B2
Short-term issuer ratings (foreign and local currency) of NP
Baseline Credit Assessment (BCA) and Adjusted BCA of b3
Prior to withdrawal, the outlook on the bank's long-term deposit
and issuer ratings was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
NCC Bank Limited is headquartered in Dhaka and reported total
assets of BDT302 billion as of December 31, 2022.
=========
C H I N A
=========
GUANGZHOU R&F: Co-Chairman Agrees to be Extradited to U.S.
----------------------------------------------------------
Reuters reports that the billionaire co-chairman and CEO of Chinese
developer Guangzhou R&F Properties Co Ltd on June 14 agreed to be
extradited from London to the United States, where he is facing
bribery charges.
Zhang Li, who co-founded Hong Kong-listed R&F, is wanted on a
provisional warrant issued in the Northern District of California
that accuses him of participating in a scheme to bribe public
officials between 2015 and 2020, according to Reuters.
Reuters relates that the 69-year-old, who is currently worth $1.6
billion, according to Forbes magazine, is alleged to have paid
kickbacks to obtain permits for a construction project in San
Francisco.
He appeared at London's Westminster Magistrates' Court on June 14,
where he agreed to be extradited to the U.S.
Zhang's case will now be sent to Britain's interior minister to
decide whether to approve his extradition, the report notes.
Lawyers representing U.S. prosecutors told the court at a hearing
in December that Zhang was involved in the payment of bribes to
officials in San Francisco for the benefit of R&F's U.S. affiliate,
Z&L Properties Inc, Reuters recalls.
Reuters relates that R&F previously said that Zhang was accused of
bribery because of provision of "banquet dinner and hotel
accommodation" to the former San Francisco public affairs chief who
was visiting China.
In December, Zhang was granted bail on the condition that he pay a
security of GBP15 million ($19 million), the joint-largest security
that an English court has ever accepted.
About Guangzhou R&F
Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.
As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) on Guangzhou R&F Properties Co. Ltd. and its
subsidiary, R&F Properties (HK) Company Limited (RFHK), at 'RD'
(Restricted Default). It has also affirmed RFHK's senior unsecured
rating and the rating on the RFHK-guaranteed notes issued by Easy
Tactic Limited at 'C', with the Recovery Ratings of 'RR5'.
At the same time, Fitch has chosen to withdraw the ratings on
Guangzhou R&F and RFHK for commercial reasons.
=========
I N D I A
=========
ABBELINE IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Abbeline Impex
Private Limited (AIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer Credit Limit 7.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated March 25, 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D Issuer Not Cooperating'.
AIPL, incorporated in November 2009, is promoted by Mr. Manish
Gupta and his wife Mrs. Poorvi Gupta. It import heavy metal and
copper scrap in which it trades in the domestic market. Mr. Gupta
and his father-in-law, Mr. Anil Garg, manage business operations.
The registered office of the company is in Mumbai.
ABHISHEK MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abhishek
Motors Private Limited (AMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1.6 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AMPL for
obtaining information through letter and email dated March 25, 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 AMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL continues to be 'CRISIL D Issuer Not Cooperating'.
AMPL, incorporated in 1998 by Guwahati (Assam)-based Mr. Pulak
Goswami, is an authorised dealer of Tata Motor Ltd's passenger cars
in several districts of Assam. The company is also in the
transportation business.
ADVANSYS (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Advansys
(India) Private Limited (AIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 2.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated March 31, 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D Issuer Not Cooperating'.
AIPL, promoted by Mr. Pankaj Balwani, is setting up a plant in Pune
for manufacturing healthcare and fitness products. The promoter has
experience of around a decade in manufacturing and trading of
wellness and healthcare products.
ALP NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ALP Non Woven
Private Limited (ANWPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.4 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.15 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ANWPL for
obtaining information through letter and email dated March 25, 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 ANWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ANWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ANWPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
ANWPL, incorporated in 2012, is promoted by the Modasa
(Gujarat)-based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D
Patel. The company manufactures technical textile fabric from
polypropylene. The plant is located in Modasa and has a total
installed capacity of 2400 tonnes per annum.
ANNUR APA: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Annur A P A
Spinners Private Limited (ASPL) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 8.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letter and email dated March 25, 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 ASPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2014, Annur A P A Spinners Private Limited (ASPL)
is engaged in the manufacturing of cotton yarn. The manufacturing
unit is located in Tamil Nadu. The company is promoted by Mr. A P
Annamalai, and his wife Mrs. A Kokila.
CHINGARI: Cuts 20% of Workforce in "Organisational Restructuring"
-----------------------------------------------------------------
BQ Prime reports that short video app Chingari has laid off 20% of
its workforce, or about 50 employees, in an "organisational
restructuring", the company said on June 20.
"We deeply regret the need for these workforce reductions of 20% as
a part of Chingari's organisational restructuring," BQ Prime quotes
a Chingari spokesperson as saying in a statement. "These were one
of the toughest decisions for our management, and we understand the
impact they have on our employees. We are appreciative of their
contributions and commitment to Chingari."
According to BQ Prime, the layoffs come barely a month after the
company's Chief Executive Officer Aditya Kothari resigned from the
organisation.
Earlier in February, the social media app had also raised an
undisclosed amount from blockchain company Aptos Labs.
Its last known valuation was around $500 million after it raised
$15 million, or about Rs 112 crore, in an extended funding round
led by Republic Capital in January 2022, the report says.
DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deesan
Ginning and Pressing Private Limited (DGPPL) continue to be 'CRISIL
C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL C (Issuer Not
Cooperating)
Term Loan 1.8 CRISIL C (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with DGPPL for
obtaining information through letter and email dated March 25, 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 DGPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DGPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DGPPL continues to be 'CRISIL C Issuer Not Cooperating'.
DGPPL was incorporated in 1995 by Mr. Bhupesh Rasiklal Patel, Mr.
Chintan Amarish Patel, and Mr. Tapan Mukesh Patel. The company
processes raw cotton into lint at its manufacturing facility at
Dhule, Maharashtra.
EUROLIFE HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eurolife
Healthcare Private Limited (EHPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
External Commercial 16.6 CRISIL D (Issuer Not
Borrowings Cooperating)
External Commercial 15 CRISIL D (Issuer Not
Borrowings Cooperating)
Letter of Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
CRISIL Ratings has been consistently following up with EHPL for
obtaining information through letter and email dated March 25, 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 EHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EHPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
EHPL, incorporated in 1987 by Mr S S Toshniwal and Mr Mahendra
Singhi, manufactures pharmaceutical formulations. The company
started operations in 2001 and has its manufacturing facilities at
Roorkee in Uttarakhand and at Waluj in Maharashtra.
FPC PETRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of FPC Petro
Energy Private Limited (FPC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 12 CRISIL D (Issuer Not
Cooperating)
Proposed Cash
Credit Limit 6.5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with FPC for
obtaining information through letter and email dated March 25, 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 FPC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FPC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FPC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
FPC (formerly, Fortrec Petrochem Pvt Ltd) was promoted in 2002 by
Mr. Surya Kumar Shikha. The company trades in petrochemical
products, mainly heavy aromatics and toluene, and is based in
Hyderabad.
GAYATRI SUGARS: CRISIL Hikes Rating on INR39.47cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Gayatri Sugars Limited (GSL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'. The rating on the proposed long term bank
loan facility of INR68.41 crore was 'Withdrawn' at the company's
request which is in line with CRISIL Ratings policy on withdrawal
of ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 39.47 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Cash Credit 11.22 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Cash Credit 13.43 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Cash Credit 3.47 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Proposed Long Term
Bank Loan Facility 68.41 CRISIL B/Stable (Withdrawn)
The upgrade reflects the sustained improvement in credit risk
profile, supported by healthy operating performance and expected
improvement in financial risk profile. Improvement in business
performance is reflected in operating income of INR389 crore in
fiscal 2023; operating margin improved to around 10.4%. The upgrade
also takes into account the expected inflow of funds in the form of
convertible warrants of INR41.50 crore, which will provide cushion
to liquidity. Write-off of cumulative interest on preference shares
and interest on the Sugar Development Fund (SDF) loan, totalling
INR25.85 crore, helped to improve the financial risk profile.
The rating reflects the weak financial risk profile of GSL, large
working capital requirement and susceptibility to risks related to
regulatory changes and cyclicality in the sugar industry. These
weaknesses are partially offset by the extensive experience of the
promoters, integrated nature of operations and the improving
business performance.
Key rating drivers & detailed description
Weaknesses:
* Weak financial risk profile: Adjusted networth continued to be
negative at around INR116.3 crore as on March 31, 2023, due to
sizeable accumulated losses in the past. Debt protection metrics
improved in the past two fiscals due to better operational
performance, with interest coverage ratio of 1.69 times in fiscal
2023.
* Susceptibility to regulatory changes and cyclicality in the sugar
industry: Production and availability of sugarcane depend highly on
monsoon, cane prices and prices of alternative crops. The sugar
industry is cyclical and highly fragmented. Government regulates
the domestic demand-supply scenario by restricting imports and
exports and also controls cane procurement prices. Any adverse
change in sugarcane prices or realisations on sugar sales can
adversely impact profitability. Furthermore, unlike last fiscal,
sugar export shall be based on quota provided to each unit and
hence its impact on sugar realisation and stock levels remains to
be seen.
Strengths:
* Extensive experience of the promoters: The two-decade-long
experience of the promoters and their funding support will continue
to aid business risk profile.
* Integrated operations: The company has sugar mills, distillery
and power generation units, which enables it to convert by-products
of sugar such as molasses and bagasse into ethanol/rectified spirit
and power, respectively. Also, recovery rate has remained above
average at 10.5-11.5% in the past.
* Improving business performance: Improvement in the past two
fiscals is reflected in revenue of INR388 crore and operating
margin of 10.4% for fiscal 2023. Better recovery and operating
efficiency will further improve business performance in fiscal
2024.
Liquidity: Stretched
Bank limit are highly utilised (at 97%) in the 12 months through
March 2023, with no enhancement in the pipeline. However, INR41.50
crore to be raised from issue of warrants will provide comfort to
liquidity, though its timely availability will remain critical. The
company has no term loan outstanding and repayment of the SDF loan
starts from fiscal 2025 and the company is expected to generate
adequate cash accruals to take care of the repayment obligations
Outlook: Stable
The company will continue to benefit from the extensive experience
of its promoters and integrated nature of operations.
Rating sensitivity factors
Upward factors
* Sustenance of healthy operating performance driven by higher
crushing and healthy sugar recovery rate resulting in operating
margin of 10-11%
* Timely inflow of funds from issue of warrants providing cushion
to liquidity
Downward factors
* Lower-than-expected revenue and decline in operating margin to
6-7%
* Any large debt-funded capex or lower than expected fund inflow
impacting the financial profile and liquidity
Based in Hyderabad, GSL was incorporated in 1995 and is promoted by
Ms Indira Subbarami Reddy, Mr Sandeep Reddy and Ms Sarita Reddy.
The company manufactures white crystal sugar and rectified
spirit/extra neutral alcohol. It has sugarcane crushing capacity of
7,000 tonne per day, while the distillery and co-generation units
have 45 kilolitre per day and 25-megawatt capacities, respectively.
The company is listed on the Bombay Stock Exchange.
GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Globsyn
Knowledge Foundation (GKF) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 3.55 CRISIL D (Issuer Not
Cooperating)
Term Loan 12.7 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with GKF for
obtaining information through letter and email dated March 31, 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 GKF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GKF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GKF continues to be 'CRISIL D Issuer Not Cooperating'.
GKF was founded in December 2004 in Kolkata by Mr. Bikram Dasgupta.
The trust is managed by parent Globsyn Technologies Ltd
(incorporated in 1997; engaged in the software and education
industries). GKF offers Post Graduate Diploma in Management (PGDM)
and Bachelor of Business Administration (BBA) courses through its
institute, Globsyn Business School, in Bishnupur (West Bengal).
GO FIRST: India Aims to Resolve Discrepancy on Plane Leasing Rules
------------------------------------------------------------------
Reuters reports that India is working to resolve discrepancies
between global aircraft leasing rules and its national bankruptcy
laws, the country's aviation secretary told Reuters on June 19 on
the sidelines of the Paris Airshow.
A resolution could help lessors to Go First airline reclaim their
planes and fly them out of the country after the carrier filed for
bankruptcy protection in May, a move that resulted in a freeze on
all its assets including the jets, according to Reuters.
Reuters relates that the freeze came even though some lessors had
already terminated leases and placed requests with the aviation
regulator to repossess dozens of planes prior to granting of
bankruptcy protection.
The repossession requests, however, were put on hold as local laws
supersede global aircraft leasing rules under the Cape Town
Convention - a treaty designed to protect repossession rights,
Reuters says. India has ratified the treaty but there was no local
legislation enforcing it, rendering it ineffective.
According to Reuters, the government is working to resolve the
discrepancy between the Cape Town Convention and India's bankruptcy
rules which may involve an amendment to the national laws, aviation
secretary Rajiv Bansal said, adding that he expected to have
clarity in the next few weeks.
Reuters notes that lessors have warned that India's decision to
block leasing firms from reclaiming Go First planes will jolt the
market and raise costs for all airlines, while also making the
world's fastest-growing aviation market a 'risky jurisdiction'.
About Go First
Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra. Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.
As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.
The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.
Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.
On May 10, the 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.
KAMAKSHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamakshi
Cotton Industries Ginning and Pressing Unit (KCI) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 3.25 CRISIL D (Issuer Not
Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KCI for
obtaining information through letter and email dated March 25, 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 KCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCI continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 2008 as a partnership concern, KCI gins and presses
raw cotton, and sells cotton lint and cotton seeds. The firm also
undertakes extraction of cottonseed oil. It is promoted by J.
Bhaskar Rao and his family members and is based in Karimnagar
(Telangana).
KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KGEPL
Engineering Solutions Private Limited (KIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 100 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 60 CRISIL D (Issuer Not
Cooperating)
Cash Credit 75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 52.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 20.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 5 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with KIPL for
obtaining information through letter and email dated March 31, 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 KIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated on October 20, 2007, and promoted by the Kalyani
group, KIPL manufactures, assembles, erects, and installs wind
turbine generators, and also develops wind farms. The company
focuses on multi-megawatt onshore turbines. It has two platforms, K
82- 2.0 megawatt (MW) and K110- 2.4 MW, in India. KIPL has a
full-scale assembling facility in Baramati, Maharashtra, with
annual capacity of 220 MW.
KHUKHRAIN BUILDERS: CRISIL Cuts Long/Short Term Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Khukhrain Builders (KB) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' as the entity has delayed servicing its debt
obligation, as per publicly available information.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B/Stable ISSUER NOT
COOPERATING')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4 ISSUER NOT
COOPERATING')
CRISIL Ratings has been consistently following up with KB for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 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 of KB,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on AIPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'.
KB was formed as a partnership firm in 1979 at Delhi. The firm is
engaged in the civil construction business, and mainly undertakes
installation of water and sewerage lines. Operations are managed by
the partners, Mr Sunil Anand and his son, Mr Piyush Anand.
LOKMANYA HOSPITALS: CRISIL Cuts Long/Short Term Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Lokmanya Hospitals Private Limited (LHPL) to 'CRISIL D/CRISIL D
(Issuer not cooperating)' from 'CRISIL BB+/Negative/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL BB+/Negative')
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL A4+')
CRISIL Ratings has been consistently following up with LHPL for
obtaining information through letters and emails dated May 8, 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 has failed to receive any information on either the
financial performance or strategic intent of LHPL, which restricts
CRISIL Ratings's ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes information
available on LHPL is consistent with 'Assessing Information
Adequacy Risk'.
Based on the best available information, CRISIL Ratings has
downgraded its ratings on the bank facilities of LHPL to 'CRISIL
D/CRISIL D (Issuer not cooperating)' from "CRISIL
BB+/Negative/CRISIL A4+' as there have been delay in repayment of
debt obligations."
Incorporated in 2009, LHPL provides healthcare services through its
hospitals in Maharashtra. It currently operates five tertiary,
multi-specialty hospitals across the Pune and Kolhapur. LHPL is
promoted by Dr V G Vaidya, Dr Narendra Vaidya and Dr Meetali
Vaidya.
MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manaf P.B.
(MPB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.9 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1.6 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with MPB for
obtaining information through letter and email dated March 25, 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 MPB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPB continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
MPB was set up as a proprietorship firm at Aluva (Kerala) in 2004.
The firm undertakes civil contracts for the PWD of Kerala. Daily
operations are managed by the proprietor, Mr PB Manaf.
PARKER TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parker Tiles
Private Limited (PTPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Term Loan 10.24 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PTPL for
obtaining information through letter and email dated March 25, 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 PTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Incorporated in 2003, PTPL was registered as Nova Gold Floor Tiles
Pvt Ltd and was renamed Nova Gold Sanitaryware Pvt Ltd in 2005. The
company got its present name in 2011. Initially, it manufactured
sanitary ware. The business was discontinued in fiscal 2012 and the
company replaced machinery with that for manufacturing digitally
printed wall tiles. The unit is at Muli near Surendranagar, and has
installed capacity of 10,000 square metre per day. The company
manufactures digitally printed glazed wall tiles of various sizes
which are sold under the SOL brand.
PHORUM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Phorum Jewels
Limited (PJL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 4 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PJL for
obtaining information through letter and email dated March 25, 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 PJL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PJL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PJL continues to be 'CRISIL D Issuer Not Cooperating'.
PJL was incorporated in 2001 by Mr. Bharat Mewawala and his family.
The company retails in plain gold and diamond-studded gold
jewellery. PJL has two retail showrooms - one in Byculla and
another in the Opera House (both in Mumbai).
PRABAL ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prabal Roller
Flour Mill (PRFM) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.9 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PRFM for
obtaining information through letter and email dated March 25, 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 PRFM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PRFM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PRFM continues to be 'CRISIL D Issuer Not Cooperating'.
PRFM incorporated in 2017. The firm is setting up a Flour Mill with
a capacity of 54000 MTPA in Etah (Uttar Pradesh). The firm is
promoted by Mr Prabal Pratap Singh.
PRIYESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Priyesh Agro
Industries (PAI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with PAI for
obtaining information through letter and email dated March 25, 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 PAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAI continues to be 'CRISIL D Issuer Not Cooperating'.
PAI was set up in 2012 as a partnership firm. It processes sesame,
wheat, chana (chickpea), and groundnut at its production facility
in Veraval (Gujarat); the firm also undertakes jobwork for
processing these products. The operations are managed by the
Virapara family which has experience of over five decades.
PURE MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pure Milk
Products Private Limited (PMPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 37.48 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.98 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 8.54 CRISIL D (Issuer Not
Cooperating)
Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Working Capital 11 CRISIL D (Issuer Not
Demand Loan Cooperating)
CRISIL Ratings has been consistently following up with PMPPL for
obtaining information through letter and email dated March 25, 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 PMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMPPL continues to be 'CRISIL D Issuer Not Cooperating'.
PMPPL was established in 1989 as a partnership firm, and was
reconstituted as a private limited company. It was acquired by Mr.
Charanjit Singh and his wife in 1993. PMPPL processes milk at its
plant in Ludhiana (Punjab), which has capacity of 0.4 million
litres per day.
QUEST LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quest Life
Sciences Private Limited (Quest) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.35 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2.5 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 1.45 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with Quest for
obtaining information through letter and email dated March 25, 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 Quest, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Quest
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Quest continues to be 'CRISIL D Issuer Not Cooperating'.
Quest, incorporated in 2005 at Chennai, is a contract research
organisation that provides services such as clinical trials and
bio-equivalent studies. Mr T S Jayashankar and his wife, Ms Rajam
Jayashankar, are the promoters.
SANGAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sangam
Construction (SC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SC for
obtaining information through letter and email dated March 25, 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 SC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SC
continues to be 'CRISIL D Issuer Not Cooperating'.
Established in the 2004, SC is proprietorship firm of Mr. Shanker
Bajirao. The firm is engaged in executing civil construction
contracts mainly for Government of Goa.
SONA SYNTHETICS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sona
Synthetics (SS) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 2 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SS for
obtaining information through letter and email dated March 31, 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 SS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SS
continues to be 'CRISIL D Issuer Not Cooperating'.
Set up as a partnership firm in 1999 by Mumbai (Maharashtra)-based
Mr. Nathalal Shah and family, SS manufactures synthetic yarn and
fabrics, including embroidered fabrics. The firm has its factory at
Bhivandi in Thane district, near Mumbai.
===============
M A L A Y S I A
===============
IMPIANA HOTELS: To Look Into Other Business Prospects to Recover
----------------------------------------------------------------
New Straits Times reports that Impiana Hotels Bhd may need to look
into alternative business opportunities in an effort to turn things
around and avoid being classified as an affected listed issuer
under Practice Note 17 (PN17) of the Main Market Listing
Requirements.
The hotel owner and operator aborted plans to purchase a 70% equity
interest in Cafelink (M) Sdn Bhd to expand its food and beverage
(F&B) operations.
Impiana had hoped to increase the size of its F&B operation by
adding Cafelink's SOULed OUT and WIP restaurant franchises to its
current portfolio.
In a bourse filing on June 16, the hotelier said the company and
Cafelink's major shareholder and director, Choo Kok Yeow, mutually
agreed to terminate the Memorandum of Understanding (MOU) signed on
May 10, NST relays.
"The termination is due to the change of business plan of the
parties and is not expected to have any effect on the issued share
capital and substantial shareholding of the company," it said.
During the signing of the MoU, Impiana Interim chief executive
officer Datuk Voon Him Hoo reportedly said that the company was
eager to explore numerous synergistic potential opportunities in
order to improve long-term value for its shareholders.
According to NST, Impiana has been considering business options
outside of the hotel and resort industry in order to increase its
revenue stream, earnings, and cash flow.
In 2020, it asked shareholders for approval to diversify into
property development and projected the new business to contribute
at least 25% of its net profit.
The company had identified the redevelopment of Impiana Resort &
Residences Cherating, with a gross development value of MYR413.1
million, as its first foray into the real estate market.
This, according to Impiana, will enable it to create a new revenue
stream from the sale of the service suites at the Impiana
Residences Cherating, undertaken by a subsidiary of its company,
Impiana Cherating Sdn Bhd, NST states.
NST says Impiana Cherating sits on 30-acre beachfront land and will
be developed in three phases, with expected completion this year,
according to a statement released by the company in September
2021.
NST relates that the company said that phase one, with an estimated
GDV of MYR154.4 million, saw 126 units purchased by Silver Max Asia
Pacific Labuan Ltd., with the remaining 18 units and eight villas
being purchased by an unidentified buyer.
Phases two and three, with a projected GDV of MYR225 million, would
be developed in partnership with Artha Global Sdn Bhd, it said.
Impiana had anticipated the entire redevelopment project to provide
a total pre-tax profit of MYR116 million after deducting gross
development expenditures projected to be MYR297.1 million.
Despite diversifying into property development, the company's net
loss widened from MYR2.86 million to MYR3.63 million during the
first quarter ending March 31, 2023. This is despite the fact that
revenue increased by 61% as a result of fees and costs related to
the redeemable convertible notes.
Impiana told Bursa last week that Public Bank Bhd is suing the
company's subsidiary Astaka Mekar Sdn Bhd for MYR44.36 million over
an alleged failure to settle the outstanding amounts owing under
four term loan facilities and an overdraft facility, adds NST.
Impiana Hotels Berhad, formerly Bio Osmo Berhad, is a
Malaysia-based company that owns and operates hotels and resorts.
The Company's hotels include Impiana Private Villas Kata Noi,
Phuket, Impiana Resort Patong, Impiana Resort Chaweng Noi, Koh
Samui, Impiana KLCC Hotel, Impiana Hotel Ipoh, Impiana Hotel Senai,
Impiana, Private Villas Seminyak and Impiana Private Villas Cemagi.
The Company also provides spa services to the customer. Its hotels
and resorts are located in Malaysia and Thailand.
=====================
N E W Z E A L A N D
=====================
DOWN 'N' OUT: Creditors' Proofs of Debt Due on July 12
------------------------------------------------------
Creditors of Down 'N' Out Logging Limited are required to file
their proofs of debt by July 12, 2023, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 14, 2023.
The company's liquidators are:
Kare Johnstone
Andrew Grenfell
McGrathNicol
Level 17, 41 Shortland Street
Auckland
JET IT: Creditors' Proofs of Debt Due on July 14
------------------------------------------------
Creditors of Jet It Concepts 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 14, 2023.
The company's liquidator is David Edward Thomas.
NONE ENTERTAINMENT: Court to Hear Wind-Up Petition on June 23
-------------------------------------------------------------
A petition to wind up the operations of None Entertainment Limited
will be heard before the High Court at Auckland on June 23, 2023,
at 10:00 a.m.
Fairfield Trustee Management Limited filed the petition against the
company on May 8, 2023.
The Petitioner's solicitor is:
Graeme Skeates
Skeates Law
Unit 1, 19 Edwin Street
Mt Eden
Auckland
PASSIVE FIRE: BDO Tauranga Appointed as Liquidators
---------------------------------------------------
Thomas Lee Rodewald and Paul Thomas Manning of BDO Tauranga on June
13, 2023, were appointed as liquidators of The Passive Fire Company
Limited.
The liquidators may be reached at:
C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3144
VAST 9: Baker Tilly Staples Rodway Appointed as Receivers
---------------------------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly
Staples Rodway Auckland on June 14, 2023, were appointed as
receivers and managers of Vast 9 Investment Limited and Dabin
Wang.
The receivers may be reached at:
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
=====================
P H I L I P P I N E S
=====================
VERMIRICH FOOD: SM Pulls Out Vermirich Products from Supermarkets
-----------------------------------------------------------------
Bilyonaryo.com reports that SM Markets of the Sy family has
withdrawn all products manufactured by Vermirich Food Corp. from
its shelves amid the Bureau of Internal Revenue's crackdown on the
sweetened beverage manufacturer.
Bilyonaryo.com relates that the BIR has conducted raids on the
supermarkets, operated by Supervalue Inc. and Super Shopping Market
Inc. within the SM City North Mall in Quezon City following the
discovery of boxes of SM Bonus Apple Juice Drink and SM Bonus
Orange Juice Drink in the warehouse of Vermirich.
Supervalue Inc. manages SM Supermarket, while Super Shopping Market
Inc. oversees SM Hypermarket.
Vermirich was also responsible for manufacturing S&R's Lemon Tea
and Raspberry Tea, which were seized by the BIR during its raid on
the membership shopping club's branch in Taguig last week,
Bilyonaryo.com relays.
"Due to the ongoing BIR investigation, products supplied by
Vermirich have been pulled from our shelves," SM Markets said in a
statement,
Bilyonaryo.com says the SM Group maintained that it is fully
compliant with the rules and regulations of the BIR.
"SM Markets remains fully compliant with policies and guidelines of
the BIR," the statement said
Bilyonaryo.com, citing BIR records, notes that Vermirich failed to
file excise tax returns and pay the required excise taxes for the
sweetened beverages it manufactured from 2018 onwards. The company
also failed to obtain the necessary permit to operate as a
manufacturer of sweetened beverage products subject to excise
taxes.
According to Bilyonaryo.com, the BIR estimates that Vermirich has
incurred a deficiency in excise taxes totaling around PHP800
million, including interest, surcharges, fines, and the 12%
value-added tax on sweetened beverages, for the specified period.
"Since both enterprises possessed the said goods, they failed to
exercise due diligence in ascertaining whether the appropriate
taxes had been paid by Vermirich on the sweetened beverages in
question. Consequently, Supervalue and Super Shopping Market can
both be held liable for violations of Section 4, Revenue
Regulations No. 20-2018, and Sections 130, 150-B, and 263 of the
NIRC, as possessors of untaxed articles that are subject to excise
taxes," the BIR said.
"The bureau will continue to look into other manufacturers of
sweetened beverages, to determine whether they have secured the
appropriate permits to produce such goods and paid the correct
excise taxes thereon," the agency added.
Vermirich Foods Corporation manufactures beverage products.
=================
S I N G A P O R E
=================
DIAMOND STAR: Members' Final Meeting Set for July 17
----------------------------------------------------
Members of Diamond Star Shipping Pte. Ltd. will hold their final
general meeting on July 17, 2023, at 10:00 a.m., at 6 Shenton Way,
OUE Downtown 2, #33-00, in Singapore.
At the meeting, Lau Chin Huat, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
DODUCO SINGAPORE: Members' Final Meeting Set for July 17
--------------------------------------------------------
Members of Doduco Singapore Holdings Pte. Ltd. will hold their
final meeting on July 17, 2023, at 10:00 a.m., via video
conference.
At the meeting, Chew Ee Ling of Alvarez & Marsal (SE Asia), the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.
JARDINE INTERNATIONAL: Members' Final Meeting Set for July 21
-------------------------------------------------------------
Members of Jardine International Motors (S) Pte. Limited will hold
their final meeting on July 21, 2023, at 11:00 a.m., at 80 Robinson
Road, #02-00, in Singapore.
At the meeting, Tay Tuan Leng, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
LAOF IV: Members' Final Meeting Set for July 21
-----------------------------------------------
Members of Laof IV China Logistics III Pte. Ltd. and Laof IV China
Logistics VI Pte. Ltd. will hold their final meeting on July 21,
2023, at 10:00 a.m. and 10:30 a.m., respectively, at 80 Robinson
Road, #02-00, in Singapore.
At the meeting, Tay Tuan Leng, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
QINGJIAN REALTY: Members' Final Meeting Set for July 21
-------------------------------------------------------
Members of Qingjian Realty (Edgefield Plains) Pte. Ltd will hold
their final general meeting on July 21, 2023, at 3:00 p.m., at at
380 Jalan Besar, #06-06 ARC 380, in Singapore.
At the meeting, Koh Geok Hoon and Koh Ee Koon, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
=====================
S O U T H K O R E A
=====================
[*] KOREA: BOK Warns of Financial Risk as Real Estate Loans Fail
----------------------------------------------------------------
Bloomberg News reports that Bank of Korea Governor Rhee Chang-yong
flagged growing financial sector risks amid a rise in real estate
loan delinquencies - even as the broader housing market slowly
recovers.
"In the mid- to long-term, it is necessary to find a way to
smoothly deleverage household debt in cooperation with relevant
institutions so that financial imbalances don't accumulate again,"
Rhee said in the text of a speech he gave on June 5 to mark the
central bank's 73rd anniversary.
Bloomberg relates that the BOK's ability to address this risk may
be more limited today since a bigger chunk of loans and assets has
shifted to non-bank financial firms, which the BOK doesn't oversee.
The share of deposits by these alternative institutions has already
exceeded that of banks, and they're highly interconnected, he said
in the text.
"As the importance of non-banking and the complexity of the system
have increased, it is difficult to achieve the goal of financial
stability for the entire national economy by targeting only banks,"
Bloomberg quotes Rhee as saying. He urged strengthened cooperation
with supervisory authorities and "if necessary, measures to achieve
financial stability goals should be devised."
According to Bloomberg, Rhee also spoke about overall economic
conditions, saying that it's yet too early to be confident that
inflation is easing as core inflation is taking longer to cool. A
"sophisticated policy response" is needed to address the changing
dynamics of growth and price pressures, adding that the BOK needs
to prepare for the possibility of changes in current account
balance and appropriate liquidity levels.
Bloomberg says the central bank held policy rates at its May
meeting for a third straight meeting, while reinforcing a message
that another hike may be possible amid sticky inflation. Consumer
prices eased in May, though core inflation remains elevated.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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 ***